Document:

SMART ABS Series 2015-1US Trust US$ Note Trust Deed

 Exhibit 4.5 

EXECUTION VERSION 
  

SMART ABS SERIES 2015-1US TRUST 

US$ NOTE TRUST DEED 

MACQUARIE SECURITIES MANAGEMENT PTY LIMITED 

ABN 26 003 435 443 

MACQUARIE LEASING PTY LIMITED 

ABN 38 002 674 982 

PERPETUAL TRUSTEE COMPANY LIMITED 

ABN 42 000 001 007 
 THE
BANK OF NEW YORK MELLON 
  
  
 

 

 CONTENTS 
  

							
	Clause	  	 	  	Page	 
	1.	  	Definitions and Interpretation	  	 	1	  
	2.	  	The US$ Note Trust	  	 	11	  
	3.	  	Denomination, Form and Issue of US$ Notes	  	 	12	  
	4.	  	Note Registers	  	 	17	  
	5.	  	Representations and Warranties	  	 	18	  
	6.	  	Covenants by Issuer, Manager and MLPL	  	 	22	  
	7.	  	Enforcement	  	 	25	  
	8.	  	US$ Note Trustee’s Powers, Protections Etc.	  	 	27	  
	9.	  	Duties of the US$ Note Trustee	  	 	37	  
	10.	  	Application of Moneys	  	 	39	  
	11.	  	Continuing Security and Releases	  	 	40	  
	12.	  	Remuneration and Expenses of US$ Note Trustee	  	 	41	  
	13.	  	Additional US$ Note Trustees	  	 	42	  
	14.	  	Retirement or Removal of US$ Note Trustee	  	 	43	  
	15.	  	Amendment	  	 	46	  
	16.	  	Reports	  	 	47	  
	17.	  	Currency Indemnity	  	 	48	  
	18.	  	Expenses and Stamp Duties	  	 	49	  
	19.	  	Trust Indenture Act	  	 	50	  
	20.	  	Governing Law and Jurisdiction	  	 	53	  
	21.	  	Notices	  	 	53	  
	22.	  	Issuer’s Limited Liability	  	 	57	  
	23.	  	Miscellaneous	  	 	58	  
	
	Schedule	 
			
	1.	  	Form of Class A-1 Book-Entry Note	  	 	63	  
	2.	  	Form of Class A-2[a/b] Book-Entry Note	  	 	70	  
	3.	  	Form of Class A-3[a/b] Book-Entry Note	  	 	77	  
	4.	  	Form of Note Terms and Conditions	  	 	84	  
	5.	  	Provisions for Meetings of US$ Noteholders	  	 	117	  
	6.	  	Assertion of Compliance with Applicable Servicing Criteria	  	 	123	  
		
	Signatories	  	 	128	  

 TRUST INDENTURE ACT—CROSS REFERENCE TABLE 

 

							
	Trust Indenture Act                    
Section	 	 	 	 	  	 US$ Note Trust
Deed                    

clause reference

	310 (a) (1)	 		 		  	5.4(h), 9.6, 14.2, 14.3, 14.4
	       (a) (2)	 		 		  	9.6, 9.9
	       (a) (3)	 		 		  	13.2
	       (a) (4)	 		 		  	N.A.
	       (a) (5)	 		 		  	14.10
	       (b)	 		 		  	9.6(b), 14.11
	       (c)	 		 		  	N.A.
	311 (a)	 		 		  	9.5
	       (b)	 		 		  	9.5
	       (c)	 		 		  	N.A.
	312 (a)	 		 		  	4.2(a), 4.2(b)
	       (b)	 		 		  	4.2(b)
	       (c)	 		 		  	4.2(c)
	313 (a)	 		 		  	16.1
	       (b)	 		 		  	16.1
	       (c)	 		 		  	16.1
	       (d)	 		 		  	16.1
	314 (a) (1)	 		 		  	16.2(a)
	       (a) (2)	 		 		  	16.2(b)
	       (a) (3)	 		 		  	16.2(c)
	       (a) (4)	 		 		  	6.3(c)(i)
	       (b)	 		 		  	6.3(f)
	       (c)	 		 		  	19.1(a)
	       (d)	 		 		  	19.1(b)
	       (e)	 		 		  	19.1(c)
	       (f)	 		 		  	N.A.
	315 (a)	 		 		  	9.2(a), 9.2(b)
	       (b)	 		 		  	7.1(a)
	       (c)	 		 		  	9.3
	       (d)	 		 		  	9.4, 8.1(e)
	       (e)	 		 		  	19.2
	316 (a) (1)	 		 		  	19.3
	       (a) (2)	 		 		  	N.A.
	       (b)	 		 		  	19.4
	       (c)	 		 		  	21.5
	317 (a) (1)	 		 		  	7.3(a)
	       (a) (2)	 		 		  	7.3(b)
	       (b)	 		 		  	6.3(i)
	318 (a)	 		 		  	19.5

 This Cross Reference Table is not part of this US$ Note Trust Deed. 

 THIS US$ NOTE TRUST DEED is made in Sydney on 10 March 2015 

PARTIES: 
  

	(1)	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 expression the US$ Note Trustee). 

 

	(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
by incorporation in the expression the Manager). 

  

	(3)	MACQUARIE LEASING PTY LIMITED ABN 38 002 674 982, a company incorporated in Australia and having its office at Level 1, 50 Martin Place, Sydney, New South Wales 2000, Australia (MLPL). 

 

	(4)	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 (hereinafter included in the expression the Issuer). 

 BACKGROUND: 

 

	(A)	The Issuer is the trustee, and the Manager is the manager, of the Series Trust. 

  

	(B)	The Issuer proposes to issue, at the direction of the Manager, securities, including the US$ Notes to be constituted, issued and authenticated pursuant to this Deed. 

 

	(C)	The US$ Note Trustee has agreed to act as trustee for the benefit of the US$ Noteholders on the terms of this Deed. 

  

	(D)	This Deed is an indenture qualified under, and subject to the mandatory provisions of, the Trust Indenture Act 1939 of the United States of America, which are incorporated by reference in and made part of this Deed.

 OPERATIVE PROVISIONS 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Deed, unless the contrary intention appears: 

Additional Note Trustee means each person from time to time appointed under Clause 13.1 to act as a co-trustee with the US$ Note
Trustee. 
 Agent has the same meaning as in the Agency Agreement. 

Authorised Officer means: 
  

	 	(a)	 in relation to the US$ Note Trustee, any vice president, director, managing director or corporate trust officer within the Corporate Trust Office of
the US$ Note Trustee or any other officer of the US$ Note Trustee to whom this corporate trust matter is referred because 

  
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of such person’s knowledge of and familiarity with the particular subject and who has direct responsibility for the administration of this Deed; 

 

	 	(b)	in relation to the Manager, an Authorised Officer of the Manager for the purposes of the Master Trust Deed; 

  

	 	(c)	in relation to MLPL, any person appointed by MLPL to act as an Authorised Officer of MLPL for the purposes of the Transaction Documents; and 

 

	 	(d)	in relation to the Issuer, a director, secretary or any person whose title contains the word or words “manager”, “counsel”, “Head of Business Unit” or “chief executive officer” or
a person performing the functions of any of them. 

 Benefit Plan Investor has the meaning given to it in Clause
3.10(c)(i)(C). 
 Book-Entry Note means, as the context requires, a Class A-1 Book-Entry Note, a Class A-2a
Book-Entry Note, a Class A-2b Book-Entry Note, a Class A-3a Book-Entry Note, a Class A-3b Book-Entry Note or each of the foregoing. 

Class A-1 Book-Entry Note means a Class A-1 Note issued or to be issued, as the case may be, by the Issuer in accordance with
Clauses 3.2(a), 3.3 and 3.4 to the Depository in relation to the Class A-1 Notes or its nominee or subsequently transferred to a replacement Depository or its nominee. 

Class A-1 Definitive Note means a Class A-1 Note issued or to be issued, as the case may be, by the Issuer in accordance with
Clauses 3.2(a), 3.4 and 3.5. 
 Class A-1 Note means a Note forming part of the Sub-Class of Notes described in clause 4.2
of the Series Supplement as a Class A-1 Note and issued pursuant to clause 4.1 of the Series Supplement. 
 Class A-1
Note Owner means, with respect to a Class A-1 Book-Entry Note, the person who is the beneficial owner of such Class A-1 Book-Entry Note, as reflected in the books of the Depository in respect of the Class A-1 Notes or in the books
of a person maintaining an account with that Depository (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of that Depository). 

Class A-1 Noteholder in relation to a Class A-1 Note at any given time means the person then appearing in the US$ Note
Register as the holder of the Class A-1 Note. 
 Class A-2 Noteholder includes a Class A-2a Noteholder and a
Class A-2b Noteholder or both. 
 Class A-2a Book-Entry Note means a Class A-2a Note issued or to be issued, as
the case may be, by the Issuer in accordance with Clauses 3.2(a), 3.3 and 3.4 to the Depository in relation to the Class A-2a Notes or its nominee or subsequently transferred to a replacement Depository or its nominee. 

Class A-2a Definitive Note means a Class A-2a Note issued or to be issued, as the case may be, by the Issuer in accordance
with Clauses 3.2(a), 3.4 and 3.5. 
 Class A-2a Note means a Note forming part of the Sub-Class of Notes described in
clause 4.2 of the Series Supplement as a Class A-2a Note and issued pursuant to clause 4.1 of the Series Supplement. 

Class A-2a Note Owner means, with respect to a Class A-2a Book-Entry Note, the person who is the beneficial owner of such
Class A-2a Book-Entry Note, as reflected in the books of the Depository in respect of the Class A-2a Notes or in the books of a person maintaining an account  

  
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with that Depository (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of that Depository). 

Class A-2a Noteholder in relation to a Class A-2a Note at any given time means the person then appearing in the US$ Note
Register as the holder of the Class A-2a Note. 
 Class A-2b Book-Entry Note means a Class A-2b Note issued or
to be issued, as the case may be, by the Issuer in accordance with Clauses 3.2(a), 3.3 and 3.4 to the Depository in relation to the Class A-2b Notes or its nominee or subsequently transferred to a replacement Depository or its nominee.

 Class A-2b Definitive Note means a Class A-2b Note issued or to be issued, as the case may be, by the Issuer in
accordance with Clauses 3.2(a), 3.4 and 3.5. 
 Class A-2b Note means a Note forming part of the Sub-Class of Notes
described in clause 4.2 of the Series Supplement as a Class A-2b Note and issued pursuant to clause 4.1 of the Series Supplement. 

Class A-2b Note Owner means, with respect to a Class A-2b Book-Entry Note, the person who is the beneficial owner of such
Class A-2b Book-Entry Note, as reflected in the books of the Depository in respect of the Class A-2b Notes or in the books of a person maintaining an account with that Depository (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of that Depository). 
 Class A-2b Noteholder in relation to a
Class A-2b Note at any given time means the person then appearing in the US$ Note Register as the holder of the Class A-2b Note. 

Class A-3 Noteholder includes a Class A-3a Noteholder and a Class A-3b Noteholder or both. 

Class A-3a Book-Entry Note means a Class A-3a Note issued or to be issued, as the case may be, by the Issuer in accordance
with Clauses 3.2(a), 3.3 and 3.4 to the Depository in relation to the Class A-3a Notes or its nominee or subsequently transferred to a replacement Depository or its nominee. 

Class A-3a Definitive Note means a Class A-3a Note issued or to be issued, as the case may be, by the Issuer in accordance
with Clauses 3.2(a), 3.4 and 3.5. 
 Class A-3a Note means a Note forming part of the Sub-Class of Notes described in
clause 4.2 of the Series Supplement as a Class A-3a Note and issued pursuant to clause 4.1 of the Series Supplement. 

Class A-3a Note Owner means, with respect to a Class A-3a Book-Entry Note, the person who is the beneficial owner of such
Class A-3a Book-Entry Note, as reflected in the books of the Depository in respect of the Class A-3a Notes or in the books of a person maintaining an account with that Depository (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of that Depository). 
 Class A-3a Noteholder in relation to a
Class A-3a Note at any given time means the person then appearing in the US$ Note Register as the holder of the Class A-3a Note. 

Class A-3b Book-Entry Note means a Class A-3b Note issued or to be issued, as the case may be, by the Issuer in accordance
with Clauses 3.2(a), 3.3 and 3.4 to the Depository in relation to the Class A-3b Notes or its nominee or subsequently transferred to a replacement Depository or its nominee. 

Class A-3b Definitive Note means a Class A-3b Note issued or to be issued, as the case may be, by the Issuer in accordance
with Clauses 3.2(a), 3.4 and 3.5. 

  
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 Class A-3b Note means a Note forming part of the Sub-Class of Notes described in
clause 4.2 of the Series Supplement as a Class A-3b Note and issued pursuant to clause 4.1 of the Series Supplement. 

Class A-3b Note Owner means, with respect to a Class A-3b Book-Entry Note, the person who is the beneficial owner of such
Class A-3b Book-Entry Note, as reflected in the books of the Depository in respect of the Class A-3b Notes or in the books of a person maintaining an account with that Depository (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of that Depository). 
 Class A-3b Noteholder in relation to a
Class A-3b Note at any given time means the person then appearing in the US$ Note Register as the holder of the Class A-3b Note. 

Clearing Agency means in relation to the US$ Notes, an organisation registered as a clearing agency pursuant to Section 17A of the
Exchange Act appointed by the Manager and the Issuer to hold US$ Notes (directly or through a Depository), and initially means The Depository Trust Company. 

Clearing Agency Participant means a broker, dealer, bank, other financial institution or other person for whom from time to time a
Depository effects book-entry transfers and pledges of securities deposited with that Depository. 
 Code has the meaning given
to it in Clause 3.10(c)(i)(B).  
 Commission means the Securities and Exchange Commission of the United States of America, as
from time to time constituted, created under the Exchange Act, or if at any time after the execution of this Deed that Commission is not existing and performing the duties now assigned to it under the TIA, then the body performing those duties.

 Corporate Trust Office means the office of The Bank of New York Mellon entitled the “Corporate Trust Office, International
Corporate Trust, Global Americas” at 101 Barclay Street, Floor 7-East, New York, New York 10286. 
 Counsel’s Opinion
means one or more written opinions of legal counsel (who may, except as otherwise expressly provided in this Deed, be employees or counsel of the Issuer, the Manager or MLPL) acceptable to the US$ Note Trustee which: 

 

	 	(a)	are addressed to the US$ Note Trustee (and which may also be addressed to other persons); 

  

	 	(b)	are in a form satisfactory to, and are subject to such qualifications and assumptions as are acceptable to, the US$ Note Trustee; and 

 

	 	(c)	comply, where applicable, with the TIA, 

 and which state, in the opinion of the legal counsel,
the matter to be opined upon. 
 Definitive Note means, as the context requires, a Class A-1 Definitive Note, a Class A-2a
Definitive Note, a Class A-2b Definitive Note, a Class A-3a Definitive Note, a Class A-3b Definitive Note, or each of the foregoing. 

Depository means in relation to the US$ Notes, Cede & Co, as nominee for The Depository Trust Company, or any other nominee for
The Depository Trust Company or any Clearing Agency appointed from time to time to hold any Book-Entry Note. 

  
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 Eligible Trust Corporation means any person eligible for appointment as an institutional
trustee under an indenture to be qualified pursuant to the TIA as prescribed in section 310(a) of the TIA. 
 ERISA means the
United States Employee Retirement Income Security Act of 1974, as amended. 
 Event of Default in relation to the Series Trust
has the same meaning as in the Master Security Trust Deed. 
 Exchange Act means the United States Securities Exchange Act of
1934, as amended. 
 Extraordinary Resolution has the meaning given to it in Schedule 5. 

Interested Persons means a collective reference to the Issuer, the US$ Note Trustee in its personal capacity, the US$ Noteholders, the
Manager, MLPL and all persons claiming through them and Interested Person means a several reference to all Interested Persons. 

Issuer means Perpetual Trustee Company Limited ABN 42 000 001 007 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), any then Substitute Trustee. 
 Master Security
Trust Deed means The SMART ABS Trusts Master Security Trust Deed dated 27 February 2007 between the Issuer, the Manager and P.T. Limited ABN 67 004 454 666, as amended and supplemented from time to time. 

Master Trust Deed means The SMART ABS Trusts 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. 

Paying Agent has the same meaning as in the Agency Agreement. 

Principal Paying Agent has the same meaning as in the Agency Agreement. 

Regulation AB means Subpart 229.1100—Asset Backed Securities (Regulation AB), 17 C.F.R. Sections 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. 
 Resolution has the meaning given to it in Schedule 5. 

Secured Creditor has the same meaning as in the General Security Deed. 

Secured Property has the same meaning as in the General Security Deed.  

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

Security has the same meaning as in the General Security Deed. 

Security Release Date has the same meaning as in the Master Security Trust Deed. 

  
 5 

 Security Trust in relation to the Series Trust has the same meaning as in the Master
Security Trust Deed. 
 Series Supplement means the SMART ABS Series 2015-1US Trust Series Supplement dated on or about the
date of this Deed between MLPL, Macquarie Bank Limited ABN 46 008 583 542, the Manager and the Issuer. 
 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, as such may be amended from time to time. 
 Similar Law has the meaning given to it in
Clause 3.10(c)(i)(D). 
 Statute means any legislation now or hereafter in force of the Parliament of the Commonwealth of
Australia or of any State or Territory thereof or of any legislative body of any other country or political subdivision thereof and any rule, regulation, ordinance, by-law, statutory, instrument, order or notice now or hereafter made under such
legislation. 
 Substitute US$ Note Trustee means at any given time the entity then appointed as US$ Note Trustee under Clause
14. 
 Support Facility Provider means the person or persons providing any applicable Support Facility to the Issuer as trustee
of the Series Trust. 
 The Depository Trust Company means The Depository Trust Company, a New York Corporation. 

TIA means the Trust Indenture Act of 1939 of the United States of America, as amended. 

Trust Creation Deed means the trust creation deed in relation to the Series Trust dated 23 February 2015 and executed by Perpetual
Trustee Company Limited ABN 42 000 001 007. 
 Underwriters has the same meaning as in the Underwriting Agreement. 

Underwriting Agreement means the US$ Underwriting Agreement relating to the Series Trust dated on or about 12 March 2015 made
between the Issuer, MLPL, the Manager and the Underwriters. 
 US$ Note means a Class A-1 Note, a Class A-2a Note, a
Class A-2b Note, a Class A-3a Note and a Class A-3b Note. 
 US$ Note Conditions means the terms and conditions
applicable to the US$ Notes substantially in the form of Schedule 4. 
 US$ Note Owner means, as the context requires, a
Class A-1 Note Owner, a Class A-2a Note Owner, a Class A-2b Note Owner, a Class A-3a Note Owner, a Class A-3b Note Owner or any or all of the foregoing. 

US$ Note Register has the same meaning as in the Agency Agreement. 

US$ Note Registrar has the same meaning as in the Agency Agreement. 

US$ Note Trust means the trust established under Clause 2.2 of this Deed. 

US$ Note Trust Fund means: 

  
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	 	(a)	the US$ Note Trustee’s and the US$ Noteholders’ rights, remedies and powers, in relation to the US$ Notes, under this Deed, the Master Security Trust Deed, the General Security Deed and each other Transaction
Document to which the US$ Note Trustee is expressed to be a party or which the US$ Note Trustee or the US$ Noteholders are bound by; 

  

	 	(b)	the US$ Note Trustee’s and the US$ Noteholders’ right, title and interest, in relation to the US$ Notes, as a beneficiary of the Security Trust; and 

 

	 	(c)	any other property and benefits which the US$ Note Trustee holds on trust for the US$ Noteholders under this Deed, 

but in each case, excluding any rights, remedies, powers, title and interest of the US$ Note Trustee held in its personal capacity. 

US$ Note Trustee means BNY or if BNY retires or is removed as US$ Note Trustee, any then Substitute US$ Note Trustee. 

US$ Noteholder means each Class A-1 Noteholder, Class A-2 Noteholder and Class A-3 Noteholder and the expression US$
Noteholders will be construed accordingly. 
  

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

Subject to Clause 1.7, unless otherwise defined in this Deed or unless otherwise indicated in this Deed, 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 Deed. Where there is any inconsistency in a
definition between this Deed (on the one hand) and the Master Trust Deed, the Master Sale and Servicing Deed or the Series Supplement (on the other hand), this Deed prevails. Where there is any inconsistency in a definition between the Master Trust
Deed or the 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 Deed. Where there is any
inconsistency in a definition between the Master Trust Deed (on the one hand) and 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 Deed. Subject to
Clause 1.7, where words or phrases used but not defined in this Deed 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 Deed, where necessary, as being used only in relation to the Series Trust (as defined in this Deed). 
  

	1.3	Interpretation 

 In this Deed unless the contrary intention appears: 

 

	 	(a)	the expression person includes an individual, a corporation and a Governmental Agency; 

  

	 	(b)	the expression owing includes amounts that are owing whether such amounts are liquidated or not or are contingent or presently accrued due and includes all rights sounding in damages only; 

 

	 	(c)	the expression power in relation to a person includes all powers, authorities, rights, remedies, privileges and discretions conferred upon that person by the Transaction Documents, by any other deed, agreement,
document, or instrument, by any Statute or otherwise by law; 

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

 

	 	(e)	subject to Clause 1.7, a reference to this Deed, the Master Trust Deed or to any other deed, agreement, document or instrument includes respectively this Deed, the Master Trust Deed or such other deed, agreement,
document or instrument as amended, novated, supplemented, varied or replaced from time to time; 

  

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

  

	 	(g)	a reference to a Related Body Corporate includes a corporation which is or becomes a Related Body Corporate during the currency of this Deed; 

 

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

  

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

  

	 	(j)	a reference to a Clause is a reference to a Clause of this Deed; 

  

	 	(k)	a reference to a Schedule is a reference to a Schedule to this Deed; 

  

	 	(l)	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; 

 

	 	(m)	all accounting terms used in this Deed have the same meaning ascribed to those terms under accounting principles and practices generally accepted in Australia from time to time; 

 

	 	(n)	a reference to a party is a reference to a party to this Deed; 

  

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

  

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

  

	 	(q)	a reference to any thing is a reference to the whole and each part of it and a reference to a group of persons is a reference to all of them collectively, to any two or more of them collectively and to each of them
individually; 

  

	 	(r)	if an act prescribed under this Deed to be done by a party on or by a given day is done after 5.30 p.m. on that day, it is to be taken to be done on the following day; 

 

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

  

	 	(t)	a reference to wilful default in relation to the Issuer, the US$ Note Trustee or the Manager means, subject to Clause 1.3(u), any wilful failure to comply with, or wilful breach of any of their respective
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 it or any other person referred to in Clause 1.3(u) in relation to it; and

  
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	 	(B)	the performance of the action (the non-performance of which gave rise to such breach) is a pre-condition to the Issuer, the US$ Note Trustee or the Manager (as the case may be) performing the said obligation;

  

	 	(ii)	is in accordance with a lawful court order or direction or required by law; or 

  

	 	(iii)	is: 

  

	 	(A)	in accordance with any proper instruction or direction of the Voting Secured Creditors given at a meeting of Voting Secured Creditors convened pursuant to the Master Security Trust Deed; 

 

	 	(B)	in accordance with any proper instruction or direction of a Resolution (or an Extraordinary Resolution) of the US$ Noteholders, given in accordance with this Deed; or 

 

	 	(C)	in accordance with any proper instruction or direction of the Investors given at a meeting convened under the Master Trust Deed (as amended by the Series Supplement); 

 

	 	(u)	a reference to the fraud, negligence, wilful default or breach of trust of the Issuer, the US$ Note Trustee or the Manager means the fraud, negligence, wilful default or breach of trust of
the Issuer, the US$ Note Trustee or the Manager (as the case may be) and of its officers or employees or any of its agents, delegates or any other person for whom the Issuer, the US$ Note Trustee or the Manager (as the case may be) is liable under
the terms of any Transaction Document; 

  

	 	(v)	subject to the mandatory provisions of the TIA and Clause 21.2 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) 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, the US$ Note Trust or this Deed, 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). In
addition, notice, knowledge or awareness of an Event of Default, Servicer Default, Perfection of Title Event, Trustee Default or Manager Default means notice, knowledge or awareness of the occurrence of the events or circumstances constituting an
Event of Default, Servicer Default, Perfection of Title Event, Trustee Default or Manager Default, as the case may be; and 

  

	 	(w)	a reference to prospective liabilities includes the liabilities of the Issuer under the Transaction Documents. 

  

	1.4	Issuer’s capacity 

 In this Deed, unless expressly specified otherwise: 

 

	 	(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 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). 

  
 9 

	1.5	Benefit of Covenants under this Deed 

 Unless the context indicates a contrary intention,
the US$ Note Trustee holds the covenants, undertakings and other obligations and liabilities of MLPL, the Issuer and the Manager under this Deed on trust for the benefit of the US$ Noteholders on the terms and conditions of this Deed. 

 

	1.6	Obligations Several 

 The obligations of the parties under this Deed are several. 

 

	1.7	Incorporated Definitions and other Provisions 

 Where in this Deed 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, to that
Transaction Document or to that provision (as the case may be) will be of no effect for the purposes of this Deed unless and until the amendment is consented to by all parties to this Deed and: 

 

	 	(a)	(Not prejudicial): if the US$ Note Trustee is of the opinion that the amendment will not be materially prejudicial to the interests of the US$ Noteholders, is consented to by the US$ Note Trustee; or

  

	 	(b)	(Prejudicial): otherwise, approved by an Extraordinary Resolution of the US$ Noteholders. 

  

	1.8	Interpretation of provisions incorporated from the TIA 

 Where a provision of the TIA is
incorporated into this Deed in accordance with the TIA (as described in Clause 19.5) the following terms used in that provision have the following meanings in this Deed: 

Commission has the meaning given to that term in Clause 1.1. 

Default means an Event of Default. 

Indenture Securities means the US$ Notes. 

Indenture Security Holder means a US$ Noteholder. 

Indenture to be qualified means this Deed. 

Indenture Trustee or Institutional Trustee means the US$ Note Trustee. 

Obligor upon the Indenture Securities means the Issuer. 

Any other term, expression or provision which is used in this Deed in respect of a section or provision of the TIA and which is defined in the
TIA, defined in the TIA by reference to another Statute or defined by or in any rule of or issued by the Commission, will have the meaning assigned to it by such definitions. Any term or expression that is used in both: 

 

	 	(a)	(TIA): a mandatory provision of the TIA; and 

  

	 	(b)	(This Deed): a clause of this Deed, that, on its face, appears to satisfy or reflect that mandatory provision of the TIA, 

  
 10 

 will be construed and interpreted as a Federal court of the United States of America would
construe and interpret the term or expression. 
  

	2.	THE US$ NOTE TRUST 

  

	2.1	Appointment of US$ Note Trustee 

 The US$ Note Trustee is hereby appointed and agrees to
act as trustee of the US$ Note Trust (with effect from the constitution of the US$ Note Trust) on the terms and conditions in this Deed. 
  

	2.2	Declaration of US$ Note Trust 

 The US$ Note Trustee declares that it holds the US$ Note
Trust Fund on trust for itself in its personal capacity and those persons who are US$ Noteholders from time to time. 
  

	2.3	Duration of US$ Note Trust 

 The US$ Note Trust commences on the date of this Deed and
terminates on the first to occur of: 
  

	 	(a)	(Redemption of US$ Notes): the date six months after the US$ Note Trustee has been satisfied that all moneys owing by the Issuer or the Manager in respect of or in relation to US$ Notes or this Deed have been
duly paid; 

  

	 	(b)	(Security Release Date): the Security Release Date; 

  

	 	(c)	(80th anniversary): the 80th anniversary of the date of this Deed; and 

  

	 	(d)	(Closing Date): the Closing Date (if the Issuer does not issue US$ Notes on the Closing Date). 

  

	2.4	Benefit of US$ Note Trust 

 Each US$ Noteholder is entitled to the benefit of the US$
Note Trust on the terms and conditions contained in this Deed. 
  

	2.5	Interested persons bound 

 The provisions of this Deed, the US$ Notes (including the US$
Note Conditions), the Master Trust Deed, the Trust Creation Deed, the Series Supplement, the Master Security Trust Deed and the General Security Deed are binding upon every Interested Person. 

 

	2.6	Obligations in respect of US$ Note Trust 

 Notwithstanding any other provision of this
Deed, the US$ Note Trustee will not have any obligations under this Deed or any other Transaction Documents in respect of the US$ Note Trust if the US$ Notes are not issued by the Issuer on the Closing Date. The Issuer will not issue the US$ Notes
on the Closing Date unless opinions in relation to the validity and enforceability of the obligations of MLPL, Macquarie Bank Limited, the Manager, the Issuer and the Security Trustee under the Transaction Documents, reasonably satisfactory to the
US$ Note Trustee, have been delivered to the US$ Note Trustee on or prior to the Closing Date and the Manager confirms to the Issuer that all of the other conditions precedent set out in the Transaction Documents have been satisfied. 

  
 11 

	3.	DENOMINATION, FORM AND ISSUE OF US$ NOTES 

  

	3.1	Aggregate amount and denomination 

  

	 	(a)	(Principal amount): Unless the Manager provides written notice to each of the Issuer and the US$ Note Trustee that the US$ Notes will be issued in aggregate principal amounts other than as set out in this Clause
3.1(a), the Class A-1 Notes will be issued in an aggregate principal amount of US$104,000,000, the Class A-2a Notes and the Class A-2b Notes, collectively, will be issued in an aggregate principal amount of US$127,000,000 and the
Class A-3a Notes and the Class A-3b Notes, collectively, will be issued in an aggregate principal amount of US$119,000,000. 

  

	 	(b)	(Denominations): The Class A-1 Book-Entry Notes, the Class A-2a Book-Entry Notes, the Class A-2b Book-Entry Notes, the Class A-3a Book Entry Notes and the Class A-3b Book-Entry Notes will
be issued in minimum denominations of US$1,000 and integral multiples of US$1,000 thereafter. 

  

	3.2	Description and form of US$ Notes 

  

	 	(a)	(Form of US$ Notes): Each US$ Note must be serially numbered and typewritten or printed (in the case of a Book-Entry Note) or typewritten, printed, lithographed or engraved or produced by any combination of these
methods and with or without steel borders (in the case of Definitive Notes) and in the case of a Book-Entry Note, in the form or substantially in the form set out in: 

 

	 	(i)	Schedule 1 in respect of Class A-1 Book-Entry Notes; 

  

	 	(ii)	Schedule 2 in respect of Class A-2a Book-Entry Notes and Class A-2b Book-Entry Notes; and 

  

	 	(iii)	Schedule 3 in respect of Class A-3a Book-Entry Notes and Class A-3b Book-Entry Notes. 

  

	 	(b)	(Signed on behalf of Issuer): Each US$ Note must be signed manually or in facsimile on behalf of the Issuer by an Authorised Officer or other duly appointed representative of the Issuer on behalf of the Issuer.

  

	 	(c)	(Authentication of US$ Notes): Each US$ Note must be authenticated by or on behalf of the US$ Note Trustee. No US$ Note will be valid for any purpose unless and until so authenticated. 

 

	 	(d)	(Dating of US$ Notes): The US$ Notes must be dated the date of their authentication. 

  

	3.3	Initial issue as Book-Entry Notes 

  

	 	(a)	(Issue as Book-Entry Notes): The US$ Notes will upon issue be represented by one or more Book-Entry Notes for each Sub-Class of the US$ Notes and will be initially
registered in accordance with Clause 4 in the name of Cede & Co, as nominee of The Depository Trust Company as the initial Depository in respect of the US$ Notes. 

 

	 	(b)	(Delivery of Book-Entry Notes): The Issuer must on the date of this Deed deliver or procure the delivery of the Book-Entry Notes to the Principal Paying Agent as custodian for the relevant Depository.

  
 12 

	 	(c)	(Exchange etc): Subject to this Deed, the procedures relating to the exchange, authentication, delivery, surrender, cancellation, presentation, marking up or down of any Book-Entry Note and any other matters to
be carried out by the relevant parties upon exchange of any Book-Entry Note will be made in accordance with the US$ Note Terms and Conditions, the provisions of the Book-Entry Notes and the normal practice of the relevant Depository’s nominee,
the US$ Note Registrar and the rules and procedures of the relevant Depository from time to time. 

  

	 	(d)	(Rights attaching to Book-Entry Notes): A Book-Entry Note executed and authenticated in accordance with Clause 3.2 will constitute binding and valid obligations of the Issuer. Until a Book-Entry Note has been exchanged pursuant to this Deed, it will in all respects be entitled to the same benefits as a Definitive Note (of the same Sub-Class) except as specifically provided to the contrary in this
Deed or the provisions of the Book-Entry Note (of the same Sub-Class). 

  

	 	(e)	(Dealings with Depository): The following provisions apply in relation to Book-Entry Notes: 

  

	 	(i)	the Issuer, the Manager, each Agent and the US$ Note Trustee will be entitled to deal with the relevant Depository for all purposes whatsoever (including the payment of principal of and interest on the US$ Notes and the
giving of instructions or directions under this Deed) as the absolute holder of the Book-Entry Notes and none of the Issuer, the Manager, any Agent or the US$ Note Trustee will be affected by notice to the contrary; 

 

	 	(ii)	whenever a notice or other communication to the US$ Noteholders in relation to Book-Entry Notes is required under this Deed (other than in accordance with Clause 3.5(a)) or any other Transaction Document all such
notices and communications must be given to the relevant Depository and are not required to be given to the US$ Note Owners; 

  

	 	(iii)	the rights of US$ Note Owners in relation to Book-Entry Notes may be exercised only through the relevant Depository and are limited to those established by law and agreements between such US$ Note Owners and the
relevant Depository and/or the Clearing Agency Participants; and 

  

	 	(iv)	the Issuer, the Manager, each Agent and the US$ Note Trustee may conclusively rely upon any statement from the relevant Depository or any Clearing Agency Participant as to the votes, instructions or directions it has
received from US$ Note Owners and/or Clearing Agency Participants. 

 To the extent that the provisions of this Clause 3.3
conflict with any other provisions of this Deed, the provisions of this Clause 3.3 prevail. 
  

	3.4	Issue of Book-Entry Notes and Definitive Notes 

 The Book-Entry Notes and the Definitive
Notes will be issued, exchanged and delivered in accordance with the Agency Agreement and the provisions of the relevant Book-Entry Notes and the Definitive Notes, respectively. 

 

	3.5	Replacement of Book-Entry Notes with Definitive Notes 

  

	 	(a)	(Events leading to exchange): If: 

  
 13 

	 	(i)	The Depository Trust Company or any replacement clearing agency advises the Issuer or the US$ Note Trustee in writing that The Depository Trust Company or such replacement clearing agency is no longer willing or able to
discharge properly its responsibilities as Depository for the US$ Notes, which advice must be promptly forwarded by the Issuer or the US$ Note Trustee (as the case may be) to the Manager, and following receipt of a copy of that advice by the
Manager, the Manager is not able to locate a qualified successor; or 

  

	 	(ii)	an Event of Default under the Master Security Trust Deed and the General Security Deed has occurred and is subsisting and the US$ Note Owners with an aggregate Invested Amount of greater than 50% of the aggregate
Invested Amount of all US$ Notes advises the Issuer, through The Depository Trust Company or any replacement clearing agency, in writing that the continuation of a book-entry system is no longer in the best interests of the beneficial owners of the
US$ Notes, 

 then the Issuer, on the direction of the Manager, must within 30 days of the date of occurrence of either such
event instruct The Depository Trust Company or any replacement clearing agency to notify all of the appropriate US$ Note Owners of the occurrence of such event and of the availability of Definitive Notes to such US$ Note Owners. Upon the surrender
of the Book-Entry Notes to the Issuer by The Depository Trust Company or any replacement clearing agency, and the delivery by The Depository Trust Company or any replacement clearing agency of the relevant registration instructions to the Issuer,
the Issuer (with the assistance of the Manager) shall issue and execute and procure the US$ Note Trustee to authenticate and deliver the Definitive Notes in accordance with the instructions of The Depository Trust Company or any replacement clearing
agency. 
 (b)   (No other entitlement): No US$ Noteholder will be entitled to receive a Definitive
Note representing such interest in a US$ Note, except as provided in this Clause 3.5. 
 (c)  
(No liability): Neither the US$ Note Trustee, the US$ Note Registrar nor the Issuer shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.

  

	3.6	Indemnity for non-issue of Definitive Notes 

 If the Issuer is required to issue
Definitive Notes following an event specified in Clause 3.5 but fails to do so within 30 days of delivery to the Issuer of the Book-Entry Notes in accordance with Clause 3.5, then the Issuer must, subject to Clause 22, indemnify the US$ Note Owners,
and keep them indemnified, against any loss or damage incurred by any of them if the amount received by them is less than the amount that would have been received had Definitive Notes been issued. If the Issuer breaches its obligations under Clause
3.5, it is acknowledged and agreed that damages alone will not be an adequate remedy for such a breach and that, in addition to any other rights they may have, the US$ Note Owners are entitled to sue the Issuer for specific performance, injunctive
relief or other equitable relief to enforce the Issuer’s obligations under Clause 3.5. 
  

	3.7	Transfer and exchange of Book-Entry Notes 

 The transfer and exchange of Book-Entry Notes
or beneficial interests in Book-Entry Notes shall be effected through the relevant Depository, as provided in Clause 3.3, and the procedures of the relevant Depository for such transfer and exchange. 

  
 14 

	3.8	Transfer and exchange from Definitive Notes to other Definitive Notes 

 When Definitive
Notes are presented by a US$ Noteholder to the US$ Note Registrar with a request to register the transfer or exchange of Definitive Notes in the form of other Definitive Notes, the US$ Note Registrar must not register the transfer or the exchange
unless such request is accompanied by any additional documents required pursuant to clause 5.3 of the Agency Agreement in relation to such a transfer or exchange. 
  

	3.9	Restrictions on transfer and exchange of Book-Entry Notes 

 Notwithstanding any other
provision of this Deed, a Book-Entry Note may not be transferred as a whole except by the relevant Depository to a nominee of the relevant Depository or by a nominee of the relevant Depository to the relevant Depository or another nominee of the
relevant Depository or by the relevant Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 
  

	3.10	Deemed representation by acquisition 

 Each purchaser of a US$ Note, by its acceptance
thereof, will be deemed to have acknowledged, represented to, warranted and agreed with the Issuer, the Manager, MLPL, the Security Trustee, the US$ Note Trustee and the Underwriters as follows: 

 

	 	(a)	(Not a retail client): the purchaser is not a “retail client” within the meaning of section 761G of the Corporations Act, who received its offer in any state or territory of Australia;

  

	 	(b)	(Not an associate): the purchaser is not an “associate” (as defined in Section 128F of the Income Tax Assessment Act of 1936 of Australia) of the Issuer, MLPL or Macquarie Bank Limited;

  

	 	(c)	(Employee Benefit Plans): either: 

  

	 	(i)	the purchaser is not acquiring such US$ Notes (or an interest therein) with the plan assets of: 

  

	 	(A)	an “employee benefit plan” as defined in Section 3(3) of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of ERISA;

  

	 	(B)	a “plan” as defined in Section 4975(e)(1) of the United States Internal Revenue Code of 1986, as amended (the “Code”) that is subject to Section 4975 of the Code; 

 

	 	(C)	an entity deemed to hold “plan assets” of the foregoing under 29 C.F.R. 2510.3-101 as modified by Section 3(42) of ERISA (each such entity, and each plan described in (1) or (2), a “Benefit
Plan Investor”); or 

  

	 	(D)	a non–U.S., governmental or church plan that is subject to any non-U.S. or U.S. federal, state or local law that is similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”); or 

  

	 	(ii)	 the acquisition and holding of such US$ Notes will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code (due to the applicability of a statutory or administrative exemption from the prohibited transaction rules) or a violation of any Similar Law; provided, further,

  
 15 

	 	
that if, at the time of acquisition of the US$ Notes, the ratings on the US$ Notes are below investment grade or the US$ Notes have been characterized as other than indebtedness for applicable
local law purposes, the purchaser or transferee shall be deemed to represent and warrant that it is not a Benefit Plan Investor; and 

  

	 	(d)	(Legends): each Book-Entry Note will bear legends in substantially the forms set out in Clauses 3.11(a)(i) and 3.11(a)(ii) and each Definitive Note will bear a legend in substantially the form set out in Clause
3.11(a)(i). 

  

	3.11	Legending of Notes 

  

	 	(a)	(Legends for US$ Notes): 

  

	 	(i)	Each Definitive Note and each Book-Entry Note must bear a legend in substantially the following form: 

  

	 	“BY	ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 

  

	 	(A)	SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING THIS NOTE (OR INTEREST THEREIN) WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE UNITED
STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA; A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, OR AN ENTITY DEEMED TO HOLD “PLAN ASSETS” OF THE FOREGOING UNDER 29 C.F.R. 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA (EACH SUCH PLAN OR ENTITY, A
“BENEFIT PLAN INVESTOR”); OR A NON-U.S. GOVERNMENTAL OR CHURCH PLAN THAT IS SUBJECT TO ANY NON-U.S. OR U.S. FEDERAL STATE OR LOCAL LAW THAT IS SIMILAR TO SECTION 406 OF THE ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”); OR (B) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (DUE TO THE APPLICABILITY OF A
STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION RULES) OR A VIOLATION OF ANY SIMILAR LAW; PROVIDED, FURTHER, THAT IF, AT THE TIME OF ACQUISITION OF THIS NOTE, THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR THIS NOTE HAS
BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES, THE PURCHASER OR TRANSFEREE OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT A BENEFIT PLAN INVESTOR; AND

  

	 	(B)	AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND”; 

  
 16 

	 	(ii)	each Book-Entry Note must bear a legend in substantially the following form: 

      “UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE BANK OF NEW YORK MELLON OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”. 
  

	 	(b)	(Initial sale): The Underwriters will not be required to deliver, and neither the Issuer nor the US$ Note Trustee shall demand, any of the certifications described in this Clause 3.11 in connection with the
initial issuance of the US$ Notes and the delivery of those US$ Notes by the Issuer on the Closing Date. 

  

	3.12	Purchase and resale restrictions 

 Each purchaser of US$ Notes, by its acceptance
thereof, will be deemed to have agreed with each of the Issuer, the Manager, MLPL, the Security Trustee, the US$ Note Trustee and the Underwriters that any transfer of the US$ Notes in violation of Clause 3.10(a), 3.10(b) or 3.10(c) is prohibited
and will be void. 
 No purchaser of a US$ Note may offer to resell or resell that US$ Note unless the offer or sale (i) is made to a
person who is not a “retail client” within the meaning of section 761G of the Corporations Act, receiving its offer in any state or territory of Australia and (ii) complies with any applicable laws in all jurisdictions in which the
offer or sale is made. 
  

	4.	NOTE REGISTERS 

  

	4.1	Maintenance of Note Register 

 The Issuer must appoint the US$ Note Registrar to maintain
the US$ Note Register and to transfer, exchange, replace, redeem and cancel the US$ Notes, all in accordance with the provisions of the US$ Notes (including the US$ Note Conditions) and the Agency Agreement. 

 

	4.2	Preservation of Noteholder information 

  

	 	(a)	(Provision of information): The Manager (on behalf of the Issuer) must provide or procure the provision to the US$ Note Trustee (if the US$ Note Trustee is not the US$ Note Registrar) at intervals of not more
than six months (commencing as from the Closing Date), and at such other times as the US$ Note Trustee 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 Manager (on behalf of the Issuer) will not have any obligations pursuant to this Clause 4.2(a) while the US$ Notes are all Book-Entry Notes. 

 

	 	(b)	(Preservation): The US$ Note Trustee must preserve, in as current a form as is reasonably practicable, the names and addresses of the US$ Noteholders provided to it pursuant to Clause 4.2(a) or otherwise received
by it in any capacity and must comply with its obligations pursuant to section 312(b) of the TIA. 

  
 17 

	 	(c)	(Protection): The Manager, the Issuer, the US$ Note Trustee and the Note Registrar will have the protection of section 312(c) of the TIA in relation to the disclosure of information in accordance with this Clause
4.2. 

  

	4.3	Note Register conclusive 

 A US$ Note is not a certificate of title and the US$ Note
Register is the only conclusive evidence of title to US$ Notes. 
  

	4.4	Consent or voting by Book-Entry Note beneficiary 

 Notwithstanding the foregoing or any
other provision of any other Transaction Document, each US$ Note Owner will only be permitted to exercise consent or voting rights with respect to the US$ Notes to the extent such US$ Note Owner has completed the appropriate proxy forms directing
the direct or indirect Clearing Agency Participants through whom it holds its beneficial interests in the US$ Notes. For the avoidance of doubt, neither the Clearing Agency nor the Depository will consent or vote with respect to the US$ Notes unless
authorised by a direct Clearing Agency Participant in accordance with the procedures of the Clearing Agency. Under its usual procedures, the Clearing Agency mails an omnibus proxy to the US$ Note Trustee as soon as possible after the relevant record
date, which assigns the consent or voting rights of the Depository to those Clearing Agency Participants to whose accounts the US$ Notes are credited on the record date, identified in a listing attached to the proxy. 

 

	5.	REPRESENTATIONS AND WARRANTIES 

  

	5.1	By the Issuer 

 The Issuer represents and warrants to the US$ Note Trustee that: 

 

	 	(a)	(Due incorporation): it is duly incorporated and has the corporate power to own its property and to carry on its business as is now being conducted; 

 

	 	(b)	(Constitution): its execution, delivery and performance of any Transaction Document to which it is a party does not violate its constitution; 

 

	 	(c)	(Corporate power): it has the power and has taken all corporate and other action required to enter into each Transaction Document to which it is a party and to authorise the execution and delivery of each such
Transaction Document and the performance of its obligations under each such Transaction Document; 

  

	 	(d)	(Filings): all corporate notices and all registrations with the Australian Securities and Investments Commission or similar office in its jurisdiction of incorporation and in any other jurisdiction required to be
filed or effected, as applicable, by it in connection with the execution, delivery and performance of each Transaction Document to which it is a party, have been filed or effected, as applicable, and all such filings and registrations are current,
complete and accurate; 

  

	 	(e)	(Legally binding obligation): its obligations under each Transaction Document to which it is a party are valid, legally binding and enforceable obligations in accordance with their terms except as such
enforceability may be limited by any applicable bankruptcy, insolvency, reorganisation, moratorium or trust or general principles of equity or other similar laws affecting creditors’ rights generally; 

  
 18 

	 	(f)	(Execution, delivery and performance): its execution, delivery and performance of each Transaction Document to which it is a party does not violate any existing law or regulation in any applicable jurisdiction or
any document or agreement to which it is a party or which is binding upon it or any of its assets; 

  

	 	(g)	(Authorisation): all consents, licences, approvals and authorisations of every Governmental Agency required to be obtained by it in connection with the execution, delivery and performance of each Transaction
Document to which it is a party have been obtained and are valid and subsisting; 

  

	 	(h)	(Series Trust validly created): the Series Trust has been validly created and is in existence at the date of this Deed; 

  

	 	(i)	(Sole trustee): it has been validly appointed as trustee of the Series Trust and is presently the sole trustee of the Series Trust; 

 

	 	(j)	(Master Trust Deed and the Trust Creation Deed): the Series Trust is solely constituted by the Master Trust Deed and the Trust Creation Deed; 

 

	 	(k)	(No proceedings to remove): it has received no notice and to its knowledge no resolution has been passed or direction or notice has been given, removing it as trustee of the Series Trust; 

 

	 	(l)	(No breach): it is not in breach of any material provision of the Master Trust Deed, the Series Supplement or any other Transaction Document; and 

 

	 	(m)	(Legal proceedings): there are no legal proceedings pending (or to its knowledge or awareness (as described in Clause 1.3(v)), contemplated by governmental authorities) against it (either in its personal capacity
or in its capacity as trustee of the Series Trust), or of which any of its property is the subject, that are material to US$ Noteholders. 

  

	5.2	By the Manager 

 The Manager represents and warrants to the US$ Note Trustee that: 

 

	 	(a)	(Due incorporation): it is duly incorporated and has the corporate power to own its property and to carry on its business as is now being conducted; 

 

	 	(b)	(Constitution): its execution, delivery and performance of each Transaction Document to which it is a party does not violate its constitution; 

 

	 	(c)	(Corporate power): it has the power and has taken all corporate and other action required to enter into each Transaction Document to which it is a party and to authorise the execution and delivery of each such
Transaction Document and the performance of its obligations under each such Transaction Document; 

  
 19 

	 	(d)	(Filings): all corporate notices and all registrations with the Australian Securities and Investments Commission, the Commission or similar office in its jurisdiction of incorporation and in any other
jurisdiction required to be filed or effected, as applicable, by it in connection with the execution, delivery and performance of each Transaction Document to which it is a party, have been filed or effected, as applicable, and all such filings and
registrations are current, complete and accurate; 

  

	 	(e)	(Legally binding obligation): its obligations under each Transaction Document to which it is a party are valid, legally binding and enforceable obligations in accordance with its terms except as such
enforceability may be limited by any applicable bankruptcy, insolvency, re-organisation, moratorium or trust or general principles of equity or other similar laws affecting creditors’ rights generally; 

 

	 	(f)	(Execution, delivery and performance): its execution, delivery and performance of each Transaction Document to which it is a party does not violate any existing law or regulation in any applicable jurisdiction or
any document or agreement to which it is a party or which is binding upon it or any of its assets; 

  

	 	(g)	(Authorisation): all consents, licences, approvals and authorisations of every Governmental Agency required to be obtained by the Manager in connection with the execution, delivery and performance of each
Transaction Document to which it is a party have been obtained and are valid and subsisting; 

  

	 	(h)	(Investment company): the Series Trust is not, and after giving effect to the issuance and sale of the US$ Notes and application of the proceeds of such issuance in accordance with the Transaction Documents, the
Series Trust will not become, an “investment company” as that term is defined in the Investment Company Act of 1940 (as amended) of the United States of America; 

 

	 	(i)	(Legal proceedings): there are no legal proceedings pending (or to its knowledge or awareness (as described in Clause 1.3(v)), contemplated by governmental authorities) against it, or of which any of its property
is the subject, that are material to US$ Noteholders; and 

  

	 	(j)	(Compliance with TIA): this Deed has been duly qualified under the TIA. 

  

	5.3	By MLPL 

 MLPL represents and warrants to the US$ Note Trustee that: 

 

	 	(a)	(Due incorporation): it is duly incorporated and has the corporate power to own its property and to carry on its business as is now being conducted; 

 

	 	(b)	(Constitution): its execution, delivery and performance of each Transaction Document to which it is a party does not violate its constitution; 

 

	 	(c)	(Corporate power): it has the power and has taken all corporate and other action required to enter into each Transaction Document to which it is a party and to authorise the execution and delivery of each such
Transaction Document and the performance of its obligations under each such Transaction Document; 

  

	 	(d)	 (Filings): all corporate notices and all registrations with the Australian Securities and Investments Commission, the Commission or similar
office in its jurisdiction of incorporation and in any other jurisdiction required to be filed or effected, as applicable, by 

  
 20 

 
it in connection with the execution, delivery and performance of each Transaction Document to which it is a party, have been filed or effected, as applicable, and all such filings and
registrations are current, complete and accurate; 
  

	 	(e)	(Legally binding obligation): its obligations under each Transaction Document to which it is a party are valid, legally binding and enforceable obligations in accordance with its terms except as such
enforceability may be limited by any applicable bankruptcy, insolvency, re-organisation, moratorium or trust or general principles of equity or other similar laws affecting creditors’ rights generally; 

 

	 	(f)	(Execution, delivery and performance): its execution, delivery and performance of each Transaction Document to which it is a party does not violate any existing law or regulation in any applicable jurisdiction or
any document or agreement to which it is a party or which is binding upon it or any of its assets; 

  

	 	(g)	(Authorisation): all consents, licences, approvals and authorisations of every Governmental Agency required to be obtained by it in connection with the execution, delivery and performance of each Transaction
Document to which it is a party have been obtained and are valid and subsisting; and 

  

	 	(h)	(Legal proceedings): there are no legal proceedings pending (or to its knowledge or awareness (as described in Clause 1.3(v)), contemplated by governmental authorities) against it, or of which any of its property
is the subject, that are material to US$ Noteholders. 

  

	5.4	By the US$ Note Trustee 

 The US$ Note Trustee represents and warrants to the Issuer, the
Manager and MLPL that: 
  

	 	(a)	(Due incorporation): it is duly incorporated and has the corporate power to own its property and to carry on its business as is now being conducted; 

 

	 	(b)	(Constitution): its execution, delivery and performance of each Transaction Document to which it is a party does not violate its constitution; 

 

	 	(c)	(Corporate power): it has the power and has taken all corporate and other action required to enter into each Transaction Document to which it is a party and to authorise the execution and delivery of each such
Transaction Document and the performance of its obligations under each such Transaction Document; 

  

	 	(d)	(Filings): all corporate notices and all registrations with the Australian Securities and Investments Commission, the Commission or similar office in its jurisdiction of incorporation and in any other
jurisdiction required to be filed or effected, as applicable, by it in connection with the execution, delivery and performance of each Transaction Document to which it is a party have been filed or effected, as applicable, and all such filings and
registrations are current, complete and accurate; 

  

	 	(e)	(Legally binding obligation): its obligations under this Deed are valid, legally binding and enforceable obligations in accordance with the terms of this Deed except as such enforceability may be limited by any
applicable bankruptcy, insolvency, re-organisation, moratorium or trust or general principles of equity or other similar laws affecting creditors’ rights generally; 

  
 21 

	 	(f)	(Execution, delivery and performance): its execution, delivery and performance of each Transaction Document to which it is a party does not violate any existing law or regulation in any applicable jurisdiction or
any document or agreement to which it is a party or which is binding upon it or any of its assets; 

  

	 	(g)	(Authorisation): all consents, licences, approvals and authorisations of every Governmental Agency required to be obtained by the US$ Note Trustee in connection with the execution, delivery and performance of
this Deed have been obtained and are valid and subsisting; 

  

	 	(h)	(Minimum capitalisation): it satisfies the requirement set out in Clause 9.9; 

  

	 	(i)	(Eligible Trust Corporation): it is an Eligible Trust Corporation; and 

  

	 	(j)	(Legal proceedings): there are no actions, suits or proceedings pending, or to the best of the knowledge of an Authorised Officer of the US$ Note Trustee, threatened against the US$ Note Trustee 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 US$ Note Trustee, as the case may be, to perform its obligations under this Deed.

  

	6.	COVENANTS BY ISSUER, MANAGER AND MLPL 

  

	6.1	Covenant to Pay 

  

	 	(a)	(Covenant to Pay): Subject to and in accordance with the provisions of this Deed, the Series Supplement, each applicable Currency Swap and the US$ Notes (including Clause 6.1(b) and Clause 22 of this Deed and
Condition 12 of the US$ Note Conditions), the Issuer covenants in favour of the US$ Note Trustee for the benefit of the US$ Noteholders that it will duly and punctually repay the principal of and pay interest and all other amounts owing in relation
to the US$ Notes to, or to the order of, the US$ Note Trustee in immediately available funds in US$ as and when the same fall due for repayment or payment. 

  

	 	(b)	(Satisfaction of Covenant): Subject to clause 6.1(b) of the Agency Agreement, the US$ Note Trustee acknowledges and agrees that: 

 

	 	(i)	the Issuer may direct certain third parties, including the Currency Swap Provider and/or a Paying Agent, to make payments, which it is obliged to make under Clause 6.1(a), to or at the order of the US$ Note Trustee (the
Directed Payments); and 

  

	 	(ii)	to the extent of any Directed Payments actually received by the US$ Note Trustee or such other person to whom the US$ Note Trustee may direct that payment be made, the Issuer’s payment obligation under Clause
6.1(a) will be satisfied. 

  

	6.2	Covenant of Compliance 

  

	 	(a)	(US$ Notes): The Issuer and the Manager each severally covenants in favour of the US$ Note Trustee that it will comply with all of its obligations under the US$ Notes (as if the provisions of the US$ Notes,
including the US$ Note Conditions, were set out in full in this Deed). 

  

	 	(b)	(Transaction Documents): The Issuer, the Manager and MLPL each severally covenants in favour of the US$ Note Trustee that it will: 

  
 22 

	 	(i)	comply with, perform and observe all of its material obligations under all the other Transaction Documents to which it is a party (in any capacity); and 

 

	 	(ii)	in the case of the Manager only, use reasonable endeavours, within the scope of its powers under the Transaction Documents, to procure that each other party to a Transaction Document (other than the US$ Note Trustee) to
which it is a party complies with its material obligations under that Transaction Document. 

  

	6.3	Other Covenants 

 The Issuer and the Manager each severally covenants in favour of the
US$ Note Trustee that so long as any US$ Notes remain outstanding, and unless the US$ Note Trustee agrees otherwise in accordance with this Deed, it will: 
  

	 	(a)	(Assistance to US$ Note Trustee): subject to any confidentiality laws, privacy laws or general law obligations owed by the Issuer or the Manager to any person, provide to the US$ Note Trustee, as the US$ Note
Trustee may reasonably require to enable the US$ Note Trustee to perform its duties and functions under this Deed and the other Transaction Documents, such information, copies of any accounting records and other documents, statements and reports
required to be maintained by, or that are otherwise in the possession of, the Issuer or the Manager, as the case may be, or which it is entitled to obtain from any person and execute such documents and do such things, which the Issuer or the Manager
has the power to do under the Transaction Documents, as may be necessary, in the reasonable opinion of the US$ Note Trustee, to give effect to this Deed or any other Transaction Documents to which the US$ Note Trustee is a party or of which it has
the benefit; 

  

	 	(b)	(Notify Events of Default etc.): promptly notify the US$ Note Trustee upon becoming aware of the occurrence of an Event of Default, Servicer Default, Perfection of Title Event, Trustee Default or Manager Default
and provide the US$ Note Trustee with details of such occurrence; 

  

	 	(c)	(Certificate as to compliance): provide to the US$ Note Trustee, within 120 days after the end of each fiscal year of the Series Trust and within 14 days of any written request from the US$ Note Trustee:

  

	 	(i)	in accordance with section 314(a)(4) of the TIA, and, in the case of the Issuer, at the direction of the Manager, a brief certificate from its principal executive officer, principal financial officer or principal
accounting officer as to his or her knowledge of the activities of the Issuer or the Manager in respect of the Series Trust during that year and of the Issuer’s or the Manager’s, as the case may be, compliance with all conditions,
covenants and other provisions under this Deed (including under Clause 6.2(b) and determined without regard to any period of grace or requirement of notice under this Deed or any other Transaction Document) and giving reasonable details about any
non-compliance; and 

  

	 	(ii)	in the case of the Manager only, a certificate (which may be part of the certificate referred to in Clause 6.3(c)(i)) from an Authorised Officer of the Manager, stating whether to the best of his or her knowledge of the
activities of the Manager in the period since the date of execution of this Deed (in the case of the first such certificate) or since the provision of the most recent certificate under this Clause 6.3(c) (in the case of any other such certificate),
an Event of Default, Perfection of Title Event, Servicer Default, Manager Default, Trustee Default or any other event required to be notified to the US$ Note Trustee under this Deed has occurred and, if any such event has occurred, giving reasonable
details of that event; 

  
 23 

	 	(d)	(Copy notices): in the case of the Issuer only, provide, or procure that there is provided, to the US$ Note Trustee a copy of each notice given to US$ Noteholders by the Issuer (at the same time as such notice is
given); 

  

	 	(e)	(Access to records): allow the US$ Note Trustee, and any person appointed by the US$ Note Trustee to whom it has no reasonable objection, access at all times during normal business hours, upon reasonable notice,
to the accounting records of the Series Trust held by it or in its control; 

  

	 	(f)	(Opinion as to filing): in the case of the Manager (on behalf of the Issuer) only, procure that there is provided to the US$ Note Trustee in accordance with section 314(b) of the TIA: 

 

	 	(i)	on the Closing Date, Counsel’s Opinion either stating that such action has been taken with respect to the execution, recording and filing of the Master Security Trust Deed and the General Security Deed and the
Security intended to be created thereunder so as to make the Security effective, and reciting the details of such action, or stating that no such action is necessary to make such Security effective; and 

 

	 	(ii)	within 120 days after the end of each fiscal year of the Series Trust, Counsel’s Opinion either stating that such action has been taken with respect to the recording, filing, re-recording and re-filing of the
Master Security Trust Deed and the General Security Deed and the Security created thereunder as is necessary to maintain the Security and reciting the details of such action or stating that no such action is necessary to maintain such Security;

  

	 	(g)	(Change of Manager): in the case of the Issuer only, promptly notify the US$ Note Trustee of any retirement or replacement of the Manager pursuant to clause 20 of the Master Trust Deed and of the appointment of a
Substitute Manager; 

  

	 	(h)	(Transaction Documents): in the case of the Manager only, provide to the US$ Note Trustee, on or prior to the Closing Date on which the US$ Notes are to be issued, one copy of each Transaction Document as at that
Closing Date and provide to the US$ Note Trustee a copy of any Transaction Document executed after that Closing Date or a copy of any amendments to any Transaction Document promptly after its execution; 

 

	 	(i)	(Paying Agents trust): ensure that each Paying Agent agrees, as a term of its appointment, to hold in trust for the benefit of the US$ Noteholders or the US$ Note Trustee all sums held by such Paying Agent for
the payment of the principal of or interest on the US$ Notes and to promptly give to the US$ Note Trustee notice of any default by the Issuer (without regard to any grace period) in the making of any such payment; 

 

	 	(j)	(Maintenance of Office or Agency): in relation to the Manager only, maintain in the Borough of Manhattan, The City of New York, an office or agency where US$ Notes may be surrendered for registration of transfer
or exchange, and where notices and demands to or upon the Issuer in respect of the US$ Notes and this Deed may be served and the Principal Paying Agent acting through its office at 101 Barclay Street, Floor 7-East, New York, New York 10286 is
initially appointed for this purpose. 

  

	6.4	Amendment to, and termination of, a Currency Swap 

  

	 	(a)	(Amendment): Subject to Clause 6.4(b), the Issuer and the Manager agree not to amend any Currency Swap without the prior written consent of the US$ Note Trustee. 

  
 24 

	 	(b)	(Rating Agencies): No consent is required from the US$ Note Trustee or the US$ Noteholders where the Manager certifies to the US$ Note Trustee in writing that amendments to any Currency Swap are required by a
Rating Agency to maintain the initial ratings on the US$ Notes. 

  

	 	(c)	(Termination): The Issuer must not (and the Manager must not direct it to) designate an Early Termination Date (as defined in the Currency Swap Agreement) without the prior written consent of the US$ Note
Trustee. The US$ Note Trustee may either grant such a consent in its discretion or await an Extraordinary Resolution from the US$ Noteholders directing the US$ Note Trustee to grant such a consent. 

 

	6.5	Covenants between Issuer, MLPL and the Manager 

  

	 	(a)	(Obligation of MLPL): Without limiting any other obligations of MLPL pursuant to any Transaction Document, MLPL covenants in favour of the Issuer to prepare and submit to the Issuer all documents required to be
filed with or submitted to the Commission by the Issuer in relation to the US$ Notes, the Series Trust or this Deed at least, where possible, 10 Business Days before such filing or submission is required and to take such other actions as may
reasonably be taken by MLPL to perform or ensure the performance by the Issuer of its obligations under the Exchange Act in relation to the US$ Notes, the Series Trust or this Deed. No breach by the Issuer of any obligation under the Exchange Act or
this Deed will be considered to be fraudulent, negligent or wilful default for the purposes of Clause 22.3 to the extent that it results from a breach by MLPL of this Clause 6.5(a). 

 

	 	(b)	(Obligation of the Manager): Without limiting any other obligations of the Manager pursuant to any Transaction Document, the Manager covenants in favour of the Issuer to take such actions as may reasonably be
taken by the Manager to perform or ensure the performance by the Issuer of its obligations under the TIA in relation to the US$ Notes, the Series Trust or this Deed. No breach by the Issuer of any obligation under the TIA or this Deed will be
considered to be fraudulent, negligent or wilful default for the purposes of Clause 22.3 to the extent that it results from a breach by the Manager of this Clause 6.5(b). 

 

	 	(c)	(Obligation of Issuer): Subject to compliance by MLPL with Clause 6.5(a), the Issuer covenants in favour of MLPL to sign all documents and do all things reasonably requested by MLPL in relation to the compliance
by the Issuer or MLPL with its obligations under the Exchange Act in relation to the US$ Notes, the Series Trust or this Deed. Subject to compliance by the Manager with Clause 6.5(b), the Issuer covenants in favour of the Manager to sign all
documents and do all things reasonably requested by the Manager in relation to the compliance by the Issuer or the Manager with its obligations under the TIA in relation to the US$ Notes, the Series Trust or this Deed. 

 

	7.	ENFORCEMENT 

  

	7.1	Notice Following an Event of Default 

 If an Event of Default has occurred and the US$
Note Trustee has received notice of the occurrence from the Manager, the Security Trustee or the Issuer in accordance with clause 8.1 of the Master Security Trust Deed or Clause 6.3(b) of this Deed or otherwise becomes aware of the occurrence of an
Event of Default pursuant to Condition 9.5 of the US$ Note Conditions, the US$ Note Trustee must: 
  

	 	(a)	 (Notify US$ Noteholders): notify the US$ Noteholders (with a copy to the Issuer and the Manager) and such other persons as are specified in
Section 313(c) of the TIA of the Event of Default within ten days of receiving such notice or otherwise becoming aware of such 

  
 25 

	 	
occurrence, or such shorter period as may be required by the rules of any stock exchange on which the US$ Notes are listed and as notified to the US$ Note Trustee in writing by the Manager
provided that except in the case of a default in payment of principal or interest on any US$ Note, the US$ Note Trustee may withhold such notice from the US$ Noteholders if and so long as the board of directors, the executive committee or a trust
committee of its directors and/or Authorised Officers in good faith determine that withholding the notice is in the interest of the US$ Noteholders; 

  

	 	(b)	(Determine Whether to Seek Directions): if a meeting of Voting Secured Creditors is to be held under the Master Security Trust Deed and the General Security Deed, convene a meeting of all the US$ Noteholders to
seek directions from the US$ Noteholders as to how to vote at that meeting; and 

  

	 	(c)	(Vote at Meeting of Secured Creditors): subject to Clause 7.2, vote at any meeting of Voting Secured Creditors held under the Master Security Trust Deed and the General Security Deed in accordance with Clause
9.7. 

  

	7.2	Restrictions on Enforcement 

  

	 	(a)	(US$ Notes Outstanding): If any of the US$ Notes remain outstanding and are due and payable otherwise than by reason of a default in payment of any amount due on those US$ Notes, the US$ Note Trustee must not
vote at a meeting of Voting Secured Creditors under the Master Security Trust Deed, or otherwise direct the Security Trustee, to dispose of the Secured Property unless: 

 

	 	(i)	the US$ Note Trustee is so directed by an Extraordinary Resolution of the US$ Noteholders (as a single Class); or 

  

	 	(ii)	if the US$ Noteholders fail to provide direction to the US$ Note Trustee as to how to vote under the Master Security Trust Deed or to otherwise direct the Security Trustee and the US$ Note Trustee is of the opinion,
reached after considering at any time and from time to time the advice of an investment bank or other financial adviser selected by the US$ Note Trustee in good faith and with due care, that: 

 

	 	(A)	a sufficient amount would be realised to discharge in full all amounts owing to the relevant US$ Noteholders and any other amounts owing by the Issuer to any other person ranking in priority to or equally with the US$
Notes; or 

  

	 	(B)	the cash flow receivable by the Issuer (or the Security Trustee under the Master Security Trust Deed and the General Security Deed) if the Secured Property is not disposed of will not (or that there is a significant
risk that it will not) be sufficient, having regard to any other relevant actual, contingent or prospective liabilities of the Issuer, to discharge in full in due course all the amounts referred to in Clause 7.2(a)(ii)(A). 

 

	 	(b)	 (Liability for Enforcement): Each of the parties to this Deed acknowledges and agrees that the US$ Note Trustee does not owe any duty of care
to any person in relation to the Secured Property. Subject to Clauses 8.3, 9.2, 9.3 and 9.4 and the mandatory provisions of the TIA, the US$ Note Trustee will not be liable for any decline in the value, nor any loss realised upon any sale or other
dispositions made under the Master Security Trust Deed and the General Security Deed, of any Secured Property. Without limiting the foregoing, the US$ Note Trustee will not be liable for any such decline or loss directly or indirectly arising from
its acting, or failing to act, as a consequence of an opinion reached by it in good faith based on advice received by it in accordance with Clause 7.2(a)(ii) or a direction by an 

  
 26 

	 	
Extraordinary Resolution of the US$ Noteholders (as a single Class) in accordance with Clause 7.2(a)(i). 

  

	7.3	US$ Note Trustee may Enforce and Perform under Hedge Agreements 

 The US$ Note Trustee
has the power, subject to clause 9.4 of the Master Security Trust Deed: 
  

	 	(a)	(Enforce Following Default): in the event of a default in repayment of the principal or payment of interest by the Issuer in respect of any US$ Note when and as the same shall become due and payable, which
default has continued for a period of ten days, to recover judgment, in its own name and as trustee of the US$ Note Trust, against the Issuer upon the US$ Notes for the whole amount of such principal and interest remaining unpaid and amounts payable
to the US$ Note Trustee; 

  

	 	(b)	(File Proofs): to file such proofs of claim and other payments or documents as may be necessary or advisable in order to have the claims of the US$ Note Trustee and the US$ Noteholders allowed in any judicial
proceedings in relation to the Issuer upon the US$ Notes, the Creditors in relation to the Series Trust or the Assets of the Series Trust; 

  

	 	(c)	(Collect Moneys): to collect and receive any moneys or other property payable or deliverable on any of those claims and to distribute those moneys in accordance with this Deed; 

 

	 	(d)	(Hedge Agreements): to exercise and carry out its rights or duties (if any) under the Hedge Agreements; and 

  

	 	(e)	(Enforce Rights): if an Event of Default occurs and is subsisting, to proceed to protect and enforce its rights and the rights of the US$ Noteholders by such appropriate judicial proceedings as the US$ Note
Trustee deems most effectual to protect and enforce any such rights, whether for the performance of any provision of this Deed or in aid of the exercise of any power under this Deed or to enforce any other proper remedy. 

 

	7.4	US$ Note Trustee alone may Enforce 

 Subject to the Master Security Trust Deed, the
General Security Deed and the mandatory provisions of the TIA, only the US$ Note Trustee may enforce, or direct the Security Trustee to enforce, the obligations of the Issuer or the Manager to the US$ Noteholders under the US$ Notes, this Deed or
any other Transaction Document, unless the US$ Note Trustee has become bound to take steps or to proceed under this Deed and fails to do so within a reasonable time and such failure is continuing. No US$ Noteholder is entitled to proceed directly
against the Issuer, the Manager or MLPL in respect of the US$ Notes, this Deed or any other Transaction Document. If the US$ Note Trustee takes any action to enforce any of the provisions of the US$ Notes, proof that the Issuer has not paid any
principal or interest due in respect of any US$ Note will (unless the contrary is proved) be sufficient evidence that the Issuer has not paid that principal or interest on all other US$ Notes in respect of which the relevant payment is then due.

  

	8.	US$ NOTE TRUSTEE’S POWERS, PROTECTIONS ETC. 

  

	8.1	US$ Note Trustee’s Additional Powers, Protections, etc. 

 By way of supplement to
any Statute regulating the US$ Note Trust and in addition to the powers, rights and protections which may from time to time be vested in or available to the US$ Note Trustee by the general law it is expressly declared, notwithstanding anything to
the contrary in this 

  
 27 

 
Deed (subject only to Clauses 8.3(c), 9.3 and 9.4 and the mandatory provisions of the TIA) or any other Transaction Documents as follows. 

 

	 	(a)	(Liability to account): The US$ Note Trustee is under no obligation to any Interested Person to pay to or account for any moneys other than those received by the US$ Note Trustee from the Issuer or received or
recovered by the US$ Note Trustee under this Deed or any other Transaction Document, subject always to such deductions and withholdings by the US$ Note Trustee as are authorised by this Deed or any other Transaction Documents. The obligations of the
US$ Note Trustee to any Interested Person or any other person under or in connection with this Deed or any other Transaction Documents can only be enforced against the US$ Note Trustee to the extent to which they can be satisfied out of such moneys
in accordance with this Deed or any other Transaction Documents. 

  

	 	(b)	(US$ Notes): The US$ Note Trustee is not responsible for the receipt or application of the proceeds of issue of any of the US$ Notes or (except when acting as US$ Note Registrar to the extent specifically
provided in this Deed or the Agency Agreement) for the exchange, transfer or cancellation of any US$ Note. 

  

	 	(c)	(Act on professional advice): Subject to Clause 9.2(b), the US$ Note Trustee may act on the opinion or advice of, or information obtained from, any lawyer, valuer, banker, broker, accountant or other expert
appointed by the US$ Note Trustee, or by a person other than the US$ Note Trustee, where that opinion, advice or information is addressed to the US$ Note Trustee or by its terms is expressed to be capable of being relied upon by the US$ Note
Trustee. Subject to Clause 9.2(b), the US$ Note Trustee will not be responsible to any person for any loss occasioned by so acting or refraining from acting in reliance on such advice. Any such opinion, advice or information may be sent or obtained
by letter, telex, email or facsimile transmission and the US$ Note Trustee will not be liable to any person for acting on any such opinion, advice or information conforming with any applicable requirements of this Deed and the TIA even though it
contains some error which is not a manifest error or is not authentic. 

  

	 	(d)	(No enquiry): Unless specifically required under this Deed, the US$ Note Trustee is not bound to give notice to any person of the execution of this Deed or to take any steps to ascertain whether there has
occurred any Event of Default, Perfection of Title Event, Servicer Default, Manager Default or Trustee Default or event which, with the giving of notice or the lapse of time, would constitute a Perfection of Title Event, Servicer Default, Manager
Default or Trustee Default or to keep itself informed about the circumstances of the Issuer or the Manager and, until it has actual knowledge or actual notice to the contrary, the US$ Note Trustee may assume that no Event of Default, Perfection of
Title Event, Servicer Default, Manager Default or Trustee Default has occurred and that the Issuer, the Manager and each other party to the Transaction Documents (other than the US$ Note Trustee) are observing and performing all the obligations on
their part contained in the Transaction Documents and need not inquire whether that is, in fact, the case (but nothing in this Clause 8.1(d) is to be construed as limiting the US$ Note Trustee’s right to make such inquiries, in its
absolute discretion, and to exercise its powers under this Deed so to do). 

  

	 	(e)	 (Acts pursuant to directions): The US$ Note Trustee will not be responsible for having acted in good faith upon a direction given or purporting
to have been given by a Resolution or Extraordinary Resolution of the US$ Noteholders, even though it may subsequently be found that for any reason such direction was not valid or binding upon the US$ Note Trustee. However, for the purposes of
determining whether the US$ Noteholders have given a direction by way of a Resolution or Extraordinary Resolution which the US$ Note Trustee may rely upon, US$ Notes with respect to which the US$ Note Trustee has received actual written notice that
such US$ Notes are owned by the Issuer or the Manager or by any 

  
 28 

	 	
person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or the Manager, shall be disregarded. Nothing in this Deed or any other
Transaction Documents shall prohibit, or be construed to prohibit, the right of the US$ Note Trustee to seek the direction of the US$ Noteholders in connection with the performance of its duties and powers under this Deed or any Transaction
Documents. 

  

	 	(f)	(Reliance): Subject to Clause 9.2(b), the US$ Note Trustee is, for any purpose and at any time, entitled to rely on, act upon, accept and regard as conclusive and sufficient (without being in any way bound to
call for further evidence or information or being responsible for any loss that may be occasioned by such reliance, acceptance or regard) any of the following: 

  

	 	(i)	any information, report, balance sheet, profit and loss account, certificate or statement supplied by the Issuer, the Security Trustee, the Manager or MLPL or by any officer, auditor, solicitor or attorney of the
Issuer, the Security Trustee, the Manager or MLPL; 

  

	 	(ii)	any information or statement provided to it in relation to the US$ Notes and the US$ Noteholders or the US$ Note Owners by the relevant Depository; 

 

	 	(iii)	all statements (including statements made or given to the best of the maker’s knowledge and belief or similarly qualified) contained in any information, report, balance sheet, profit and loss account, certificate
or statement given pursuant to or in relation to any Transaction Document; 

  

	 	(iv)	all accounts supplied to the US$ Note Trustee pursuant to any Transaction Document and all reports of the Auditor supplied to the US$ Note Trustee pursuant to any Transaction Document; and 

 

	 	(v)	notices and other information supplied to the US$ Note Trustee under any Transaction Document, 

provided the US$ Note Trustee is acting in good faith and with due care and save, in each case, when it is actually aware that the information
supplied pursuant to Subclauses (i) to (v) is incorrect or incomplete. 
  

	 	(g)	(Director’s certificates): Without limiting Clause 9.2(b), the US$ Note Trustee may call for and may accept as sufficient evidence of any fact or matter or of the expediency of any dealing, transaction, step
or thing a certificate signed by any two directors or Authorised Officers of the Issuer, the Manager or MLPL as to any fact or matter upon which the US$ Note Trustee may, in the exercise of any of its duties, powers, authorities and discretions
under this Deed or any other Transaction Documents, require to be satisfied or to have information to the effect that in the opinion of the person or persons so certifying any particular dealing, transaction, step or thing is expedient and the US$
Note Trustee will not be bound to call for further evidence and will not be responsible for any loss that may be occasioned by acting on any such certificate (but nothing in this Clause 8.1(g) is to be construed as either limiting the US$ Note
Trustee’s right to call for such evidence, in its discretion, and to exercise its powers under this Deed to do so or permitting the US$ Note Trustee to rely on evidence of compliance with conditions precedent where such reliance is not
permitted by section 314 of the TIA). 

  

	 	(h)	 (Signatures): The US$ Note Trustee may rely in good faith on the validity of any signature on any US$ Note, transfer, form of application or
other instrument or document which the US$ Note Trustee in good faith believes to be genuine. The US$ Note Trustee is not liable 

  
 29 

	 	
to make good out of its own funds any loss incurred by any person if a signature is forged or otherwise fails to bind the person whose signature it purports to be or on whose behalf it purports
to be made. 

  

	 	(i)	(Custody of documents): The US$ Note Trustee may hold or deposit this Deed and any deed or documents relating to this Deed or to the Transaction Documents in any part of the world, and with any banker or banking
company or entity whose business includes undertaking the safe custody of deeds or documents or with any lawyer or firm of lawyers reasonably believed by it to be of good repute and the US$ Note Trustee will not be responsible for any loss incurred
in connection with any such holding or deposit and may pay all sums to be paid on account of or in respect of any such deposit. 

  

	 	(j)	(Discretion): The US$ Note Trustee, as regards to all the powers, trusts, authorities and discretions vested in it pursuant to this Deed, any other Transaction Document or otherwise, has, subject to any express
provision to the contrary contained in this Deed or any other Transaction Document to which it is a party, absolute and uncontrolled discretion as to the exercise of such powers, authorities, trusts and discretions and will be in no way responsible
to any person for any loss, costs, damages, expenses or inconvenience which may result from the exercise or non-exercise of such powers, authorities, trusts and discretions. Without limiting the foregoing, any consent or approval given by the US$
Note Trustee for the purposes of this Deed or any other Transaction Document may be given on such terms and subject to such conditions (if any) as the US$ Note Trustee thinks fit and, notwithstanding anything to the contrary in this Deed, may be
given retrospectively. 

  

	 	(k)	(Employ agents): Wherever it considers it expedient in the interests of the US$ Noteholders, the US$ Note Trustee may, instead of acting personally, employ and pay an agent selected by it, whether or not a lawyer
or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts required to be done by the US$ Note Trustee (including the receipt and payment of money under this
Deed). The US$ Note Trustee will not be responsible to any person for any acts, omissions, misconduct, or default on the part of any such person appointed by it under this Deed or any other Transaction Documents or be bound to supervise the
proceedings or acts of any such person, provided that the US$ Note Trustee has exercised good faith and due care in such appointment and that any such person will be a person who is in the opinion of the US$ Note Trustee appropriately qualified to
do any such things. Any such agent being a lawyer, banker, broker or other person engaged in any profession or business will be entitled to charge and be paid all usual professional and other charges for business transacted and acts done by him or
her or any partner of his or her or by his or her firm in connection with this Deed or any other Transaction Documents and also his or her reasonable charges in addition to disbursements for all other work and business done and all time spent by him
or her or his or her partners or firm on matters arising in connection with this Deed or any other Transaction Documents including matters which might or should have been attended to in person by a trustee not being a lawyer, banker, broker or other
professional person. 

  

	 	(l)	(Delegation): The US$ Note Trustee may whenever it thinks it expedient in the interests of the US$ Noteholders, delegate: 

  

	 	(i)	to a Related Body Corporate of the US$ Note Trustee, all or any of the duties, powers, authorities, trusts and discretions vested in the US$ Note Trustee by this Deed or any other Transaction Documents; or

  

	 	(ii)	to any person agreed to by the Manager: 

  
 30 

	 	(A)	subject to paragraph (B) below, any non-material part of the duties, powers, authorities, trusts and discretions vested in the US$ Note Trustee by this Deed or any other Transaction Documents; and

  

	 	(B)	following the occurrence of an Event of Default, any of the duties, powers, authorities, trusts and discretions vested in the US$ Note Trustee by this Deed or any other Transaction Documents which are to be exercised or
performed in Australia. 

 Any such delegation may be by power of attorney or in such other manner as the US$ Note Trustee may
think fit and may be made upon such terms and conditions (including power to subdelegate) and subject to such regulations as the US$ Note Trustee may think fit. Provided that the US$ Note Trustee has exercised good faith and due care in the
selection of such delegate, and subject to Clause 8.5, 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, misconduct or default on the
part of any such delegate or subdelegate. 
  

	 	(m)	(Apply to court): The US$ Note Trustee may, whenever it thinks it expedient in the interests of the US$ Noteholders, apply to any court for directions in relation to any question of law or fact arising either
before or after an Event of Default and assent to or approve any applications of any US$ Noteholder, the Issuer or the Manager. 

  

	 	(n)	(Disclosure): Subject to this Deed, any applicable laws and any duty of confidentiality owed by or to any Interested Person to or by any other person, the US$ Note Trustee may, for the purpose of meeting its
obligations under this Deed, disclose to any US$ Noteholder any confidential, financial or other information made available to the US$ Note Trustee by an Interested Person or any other person in connection with this Deed. 

 

	 	(o)	(Determination): The US$ Note Trustee, as between itself and the US$ Noteholders, has full power to determine (acting reasonably and in good faith) all questions and doubts arising in relation to any of the
provisions of this Deed or any other Transaction Documents and every such determination, whether made upon such a question actually raised or implied in the acts or proceedings of the US$ Note Trustee, will be conclusive and will bind the US$ Note
Trustee and the US$ Noteholders. 

  

	 	(p)	(Interests of US$ Noteholders): In connection with the exercise by it of any of its trusts, powers, authorities and discretions under this Deed or any other Transaction Document (including any modification,
waiver, authorisation or determination), the US$ Note Trustee must, subject to this Deed and the following paragraphs, where it is required to have regard to the interests of the US$ Noteholders, unless expressly provided otherwise, have regard to
the interests of the US$ Noteholders as a Class. 

  

	 	(q)	 (Validity of Transaction Documents): The US$ Note Trustee is not responsible for the execution, delivery, legality, effectiveness, adequacy,
genuineness, validity, performance, enforceability, admissibility in evidence, form or content of this Deed or any other Transaction Document (other than the execution and delivery by it of this Deed and each other Transaction Document to which it
is expressed to be a party and the performance of those obligations expressed to be binding on it under this Deed and such Transaction Documents) and is not liable for any failure to obtain any licence, consent or other authority for the execution,
delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of this Deed or any other Transaction Document except to the extent specifically provided in this Deed or such Transaction
Document. The US$ Note Trustee is not responsible for recitals, statements, 

  
 31 

	 	
warranties or representations of any party (other than itself) contained in any Transaction Document (and is entitled to assume the accuracy and correctness thereof). 

 

	 	(r)	(Defect in Security): The US$ Note Trustee is not bound or concerned to examine or enquire into nor is it liable for any defect in or failure to perfect any Security Interest created or purported to be created by
the Master Security Trust Deed or the General Security Deed and the US$ Note Trustee may accept without enquiry, requisition or objection such title as the Issuer or the Security Trustee may have to the Secured Property or any part thereof from time
to time and shall not be bound to investigate or make any enquiry into the title of the Issuer or the Security Trustee to the Secured Property or any part thereof from time to time. 

 

	 	(s)	(US$ Noteholders Responsible): Each US$ Noteholder is solely responsible for making its own independent appraisal of and investigation into the financial condition, creditworthiness, condition, affairs, status
and nature of the Issuer and the Series Trust and the US$ Note Trustee does not at any time have any responsibility for the same and no US$ Noteholder may rely on the US$ Note Trustee in respect of such appraisal and investigation.

  

	 	(t)	(Limit on Obligations): No provision of this Deed or any other Transaction Document requires the US$ Note Trustee to: 

  

	 	(i)	do anything which may be contrary to any applicable law or regulation; or 

  

	 	(ii)	expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers (including complying with any Resolution or direction of
US$ Noteholders) unless it is personally indemnified by the US$ Noteholders to its reasonable satisfaction against all actions, proceedings, claims and demands to which it may render itself liable, and all costs, charges, damages and expenses which
it may incur, in relation to such action and put in funds to the extent to which it may become liable (including costs and expenses). 

Except for the obligations imposed on it under this Deed, the US$ Notes or any other Transaction Document, the US$ Note Trustee is not obliged
to do or omit to do any thing, including entering into any transaction or incurring any liability, unless the US$ Note Trustee’s liability is limited in a manner satisfactory to the US$ Note Trustee in its absolute discretion. 

 

	 	(u)	(No duty to provide information): Subject to the express requirements of this Deed or otherwise as required by any law, the US$ Note Trustee has no duty (either initially, or on a continuing basis) to consider or
provide any US$ Noteholders with any information made available by the Issuer, the Manager or any other person under or in connection with this Deed or any Transaction Document (whenever coming into its possession) and no US$ Noteholder is entitled
to take any action to obtain from the US$ Note Trustee any such information. 

  

	 	(v)	(No liability for breach): The US$ Note Trustee is not to be under any liability whatsoever for a failure to take any action in respect of any breach by the Issuer of its duties as trustee of the Series Trust or
by the Security Trustee of its duties as trustee of the Secured Property or in respect of any Event of Default other than to give notice of that Event of Default to US$ Noteholders, and (subject to Clause 8.1(t)) to act in accordance with and give
effect to any Resolution. 

  

	 	(w)	 (Dispute or Ambiguity): In the event of any dispute or ambiguity as to the construction or enforceability of this Deed or any other Transaction
Document, or the US$ Note Trustee’s 

  
 32 

	 	
powers or obligations under or in connection with this Deed or any other Transaction Documents or the determination or calculation of any amount or thing for the purpose of this Deed or any other
Transaction Documents or the construction or validity of any direction from US$ Noteholders, provided the US$ Note Trustee is using reasonable endeavours to resolve such ambiguity or dispute, the US$ Note Trustee, in its absolute discretion, may
(but will have no obligation to) refuse to act or refrain from acting in relation to matters affected by such dispute or ambiguity and the US$ Note Trustee shall have no liability for so refusing or refraining to act. 

 

	 	(x)	(Loss to Secured Property): Without limiting Clause 7.2(b), the US$ Note Trustee shall not be responsible for any loss, expense or liability occasioned to the Secured Property or any other property or in respect
of all or any of the moneys which may stand to the credit of the Collections Account from time to time however caused (including where caused by an act or omission of the Security Trustee) unless that loss is occasioned by the fraud, negligence or
wilful default of the US$ Note Trustee. 

  

	 	(y)	(Conversion of Money): Where necessary or expedient in order to fulfil its obligations under this Deed or any Transaction Document the US$ Note Trustee may convert any moneys forming part of the US$ Note Trust
Fund from one currency into another at such market exchange rate or rates as are reasonably determined by the US$ Note Trustee. 

  

	 	(z)	(Ratings): The US$ Note Trustee has no responsibility for the maintenance of any rating of the US$ Notes by any Rating Agency or any other person. 

 

	 	(aa)	(No liability for tax on payments): The US$ Note Trustee has no responsibility whatsoever to any US$ Noteholder or any other person in relation to any deficiency in a payment by the US$ Note Trustee to any US$
Noteholder if that deficiency arises as a result of the US$ Note Trustee or the Issuer being subject to any Tax in respect of that payment, the Secured Property, the Master Security Trust Deed, this Deed or any income or proceeds from them.

  

	 	(bb)	(Conflicts of interest): The Issuer hereby irrevocably waives, in favour of the US$ Note Trustee, any conflict of interest which may arise by virtue of the US$ Note Trustee acting in various capacities under this
Deed or for other customers of the US$ Note Trustee. The Issuer acknowledges that the US$ Note Trustee and its 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 US$ Note Trustee acting as trustee hereunder, that the US$ Note Trustee may not
be entitled to share with the Issuer. The US$ Note Trustee will not disclose (without the Issuer’s consent) confidential information obtained from the Issuer to any of the US$ Note Trustee’s other customers nor will the US$ Note Trustee
disclose confidential information to the Issuer which the US$ Note Trustee has obtained from any other customer. Without prejudice to the foregoing, the Issuer agrees that the US$ Note Trustee and its affiliates may deal (whether for their own or
their respective customers’ account) in, or advise on, securities of any party and that such dealing or giving of advice will not constitute a conflict of interest for the purposes of this Deed. 

 

	8.2	Waivers 

 Subject to Clause 7.1, the US$ Note Trustee may (without the consent of any of
the US$ Noteholders) or, if directed to do so by a Resolution of all the US$ Noteholders must, on such terms and conditions as it may deem reasonable, and without prejudice to its rights in respect of any subsequent breach, agree to any waiver or
authorisation of any breach or proposed breach of any of 

  
 33 

 
the terms and conditions of the Transaction Documents by the Issuer, the Manager or any other person which is not, in the opinion of the US$ Note Trustee, materially prejudicial to the interests
of the US$ Noteholders when taken as a whole or to the interests of the US$ Noteholders in respect of a Class or Sub-Class of US$ Notes only (unless the US$ Note Trustee is acting on the direction of a Resolution of the US$ Noteholders when taken as
a whole or the US$ Noteholders in respect of the relevant Class or Sub-Class of US$ Notes only, as the case may be, in which case the US$ Note Trustee must agree to the waiver or authorisation of any breach or proposed breach notwithstanding any
such material prejudice). No such waiver, authorisation or determination may be made in contravention of any prior direction by a Resolution of the US$ Noteholders when taken as a whole or of the US$ Noteholders in respect of a Class or Sub-Class of
US$ Notes only, as the case may be. No direction of the US$ Noteholders when taken as a whole or of the US$ Noteholders in respect of a Class or Sub-Class of US$ Notes only, as the case may be, shall affect any such waiver, authorisation or
determination previously given or made. Any such waiver, authorisation or determination will be notified to the Rating Agencies and, if the US$ Note Trustee so requires, be notified to the US$ Noteholders in accordance with Condition 11 of the US$
Note Conditions by the US$ Note Trustee, at the expense of the Issuer (as directed by the Manager) as soon as practicable after it is made in accordance with this Deed. 
  

	8.3	Limitation of the US$ Note Trustee’s liability 

  

	 	(a)	(Limitation on US$ Note Trustee’s Liability): This Deed applies to the US$ Note Trustee only in its capacity as trustee of the US$ Note Trust and in no other capacity. A liability incurred by the US$ Note
Trustee acting in its capacity as trustee of the US$ Note Trust arising under or in connection with this Deed or any other Transaction Documents is limited to and can be enforced against the US$ Note Trustee only to the extent to which it can be
satisfied out of assets of the US$ Note Trust out of which the US$ Note Trustee is actually indemnified for the liability. This limitation of the US$ Note Trustee’s liability applies despite any other provision of this Deed (other than Clause
8.3(c)) or any other Transaction Documents and extends to all liabilities and obligations of the US$ Note Trustee in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this Deed or any other
Transaction Documents. 

  

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

 

	 	(c)	(Fraud, Negligence or Wilful Default): The provisions of this Clause 8.3 will not apply to any obligation or liability of the US$ Note Trustee to the extent that it is not satisfied because under this Deed or any
other Transaction Documents or by operation of law there is a reduction in the extent of the US$ Note Trustee’s indemnification out of the assets of the US$ Note Trust, as a result of the US$ Note Trustee’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 US$ Note Trust. No act or omission of the US$ Note Trustee (including any related failure to satisfy its obligations or any breach of representation or warranty under this Deed) will be considered fraudulent, negligent or
a wilful default for the purpose of Clause 8.3(c) 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 US$ Note Trustee under any Transaction Document
(other than a person whose acts or omissions the US$ Note Trustee is 

  
 34 

	 	
liable for in accordance with any Transaction Document) to fulfil its obligations relating to the US$ Note Trust or by any other act or omission of a Relevant Party or any other such person.

  

	 	(e)	(No authority): No attorney or agent appointed in accordance with this Deed or any other Transaction Documents has authority to act on behalf of the US$ Note Trustee in a way which exposes the US$ Note Trustee to
any personal liability and no act or omission of any such person will be considered fraud, negligence or wilful default of the US$ Note Trustee for the purposes of Clause 8.3(c). 

 

	 	(f)	(No obligation): The US$ Note Trustee is not obliged to enter into any commitment or obligation under this Deed or any Transaction Document (including incur any further liability) unless the US$ Note
Trustee’s liability is limited in a manner which is consistent with this Clause 8.3 or otherwise in a manner satisfactory to the US$ Note Trustee in its absolute discretion. 

 

	 	(g)	(No liability for acts beyond its control): In no event will the US$ Note Trustee be personally liable for any failure or delay in the performance of its obligations under any Transaction Document because of
circumstances beyond its control including, but not limited to: acts of God; flood; war (whether declared or undeclared); terrorism; fire; riot; embargo; general labour dispute; any statute, ordinance, code or other law which restricts or prohibits
the US$ Note Trustee from performing its obligations under any Transaction Document; the inability to obtain equipment or the failure of equipment or the interruption of communications or computer facilities to the extent, in each case, that these
occurrences are beyond the control of the US$ Note Trustee and any other causes beyond the US$ Note Trustee’s control. 

  

	 	(h)	(No liability for consequential loss): Notwithstanding any provision of this Deed to the contrary, the US$ Note Trustee shall not 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 US$ Note Trustee has been advised of the likelihood of such loss or
damage. 

  

	8.4	Dealings with Series Trust 

 None of the: 

 

	 	(a)	(US$ Note Trustee): US$ Note Trustee in its personal or any other capacity; 

  

	 	(b)	(Related Bodies Corporate): Related Bodies Corporate of the US$ Note Trustee; 

  

	 	(c)	(Directors etc): directors or officers of the US$ Note Trustee or its Related Bodies Corporate; or 

  

	 	(d)	(Shareholders): shareholders of the US$ Note Trustee or its Related Bodies Corporate, 

is prohibited from: 
  

	 	(e)	(Subscribing for): subscribing for, purchasing, holding, dealing in or disposing of US$ Notes; 

  

	 	(f)	(Contracting with): at any time: 

  

	 	(i)	contracting with; 

  
 35 

	 	(ii)	acting in any capacity as representative or agent for; or 

  

	 	(iii)	entering into any financial, banking, agency or other transaction with, 

 any other of them, the
Issuer, the Manager or any Secured Creditor (including any US$ Noteholder); or 
  

	 	(g)	(Being interested in): being interested in any contract or transaction referred to in paragraphs (e) or (f). 

None of the persons mentioned is liable to account to the US$ Noteholders for any profits or benefits (including bank charges, commission,
exchange brokerage and fees) derived in connection with any contract or transaction referred to in paragraphs (e) or (f). The preceding provisions of this Clause 8.4 only apply if the relevant person, in connection with the action, contract or
transaction, acts in good faith to all US$ Noteholders and, in the case of the US$ Note Trustee, complies with section 311(a) of the TIA. 
  

	8.5	Related Body Corporate of the US$ Note Trustee 

 Where, pursuant to Clause 8.1(l), the
US$ Note Trustee delegates any of its trusts, duties, powers, authorities and discretions to any person who is a Related Body Corporate of the US$ Note Trustee, the US$ Note Trustee 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 Deed had it been an act or omission of the US$ Note Trustee 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. 
  

	8.6	Indemnity regarding exercise of powers 

  

	 	(a)	(Indemnity): Without prejudice to the right of indemnity given to trustees by law or pursuant to Clause 8.1(t), the US$ Note Trustee and each agent or delegate appointed by the US$ Note Trustee in accordance
with this Deed is, except to the extent caused by fraud, negligence or wilful default of the US$ Note Trustee, such agent or delegate (unless provided otherwise in this Deed) entitled to be indemnified out of the assets of the US$ Note Trust in
respect of all reasonable costs, disbursements, expenses, liabilities, Taxes and losses properly incurred by it in the exercise of any power or obligation under this Deed or the Transaction Documents, and against all actions, proceedings, costs,
claims, losses, liabilities and demands in respect of any matter or thing done or omitted relating to the US$ Note Trust or the Transaction Documents (including relating to the Hedge Agreements). 

 

	 	(b)	(Determination by US$ Note Trustee): A determination by the US$ Note Trustee in its sole discretion made in good faith and in writing (and delivered to the Issuer and the Manager) with respect to any costs,
claims, losses, income, assets or other amounts payable or receivable in relation to the US$ Note Trust is conclusive and binding as between the US$ Note Trustee, the US$ Noteholders and the Issuer. 

 

	 	(c)	(Survival): The provisions of this Clause 8.6 shall survive the termination of this Deed and any other Transaction Document and the resignation or removal of the US$ Note Trustee. 

  
 36 

	9.	DUTIES OF THE US$ NOTE TRUSTEE 

  

	9.1	US$ Note Trustee’s general duties 

 The US$ Note Trustee must comply with the duties
imposed on it by this Deed, the provisions of the US$ Notes (including the US$ Note Conditions) and each other Transaction Document to which it is a party and must: 
  

	 	(a)	(Act continuously): act continuously as trustee of the US$ Note Trust until the US$ Note Trust is terminated in accordance with this Deed or until it has retired or been removed in accordance with this Deed; and

  

	 	(b)	(Have regard to the interests of US$ Noteholders): in the exercise of all discretions vested in it by this Deed and all other Transaction Documents, except where expressly provided otherwise, have regard to the
interest of the US$ Noteholders as a Class. 

  

	9.2	Liability of the US$ Note Trustee 

  

	 	(a)	(US$ Note Trustee not liable): Prior to an Event of Default, the US$ Note Trustee shall not be liable except for the performance of such duties as are specifically set out in this Deed, the provisions of the US$
Notes (including the US$ Note Conditions) or any other Transaction Document to which it is a party and no implied covenants or obligations on the part of the US$ Note Trustee are to be read into this Deed. 

 

	 	(b)	(Reliance on certificates): Prior to an Event of Default, the US$ Note Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, in the absence of bad
faith on the part of the US$ Note Trustee, upon certificates or opinions furnished to the US$ Note Trustee and conforming to the requirements of this Deed or any other Transaction Documents, provided that the US$ Note Trustee shall examine, where
applicable, the evidence furnished to it pursuant to any provision of this Deed or such other Transaction Documents to determine whether or not such evidence conforms to the requirements of this Deed or such other Transaction Documents.

  

	 	(c)	(Acting on directions): The US$ Note Trustee will not be liable for acting in accordance with a Resolution or an Extraordinary Resolution of the US$ Noteholders in accordance with Clause 8.1(e).

  

	 	(d)	(Failing to act on directions): The US$ Note Trustee will not be liable for failing to act in accordance with a Resolution or an Extraordinary Resolution of the US$ Noteholders in accordance with Clause 8.1(e)
where the US$ Note Trustee has, in good faith, formed the view that it has not been adequately indemnified or put in funds to its satisfaction by or on behalf of the US$ Noteholders against any liability that it is likely to suffer as a result of
taking such action. 

  

	 	(e)	(Certain limitations of liability where acting in good faith): The US$ Note Trustee will not be liable under this Deed or any Transaction Document for any error of judgment made in good faith by an officer of the
US$ Note Trustee unless it is proved that the US$ Note Trustee was negligent, fraudulent or in wilful default in ascertaining the pertinent facts. 

  

	9.3	Duties of the US$ Note Trustee following an Event of Default 

 If an Event of Default has
occurred and is subsisting, the US$ Note Trustee must exercise the rights and powers vested in it by this Deed and use the same degree of care and skill in their exercise as a 

  
 37 

 
prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  

	9.4	US$ Note Trustee not relieved of liability for negligence etc 

 Subject to Clause 9.2,
nothing in this Deed will relieve the US$ Note Trustee from liability for its own fraud, negligence or wilful default. Section 315(d)(3) of the TIA is expressly excluded by this Deed. 

 

	9.5	Preferred collection of claims against the Issuer 

 The US$ Note Trustee must comply with
section 311(a) of the TIA and the rules thereunder other than with respect to any creditor relationship excluded from the operation of section 311(a) by section 311(b) of the TIA. Following its retirement or removal pursuant to Clause 14, the US$
Note Trustee will remain subject to section 311(a) of the TIA to the extent required by the TIA. 
  

	9.6	Compliance with section 310 of the TIA 

  

	 	(a)	(Section 310(a) of the TIA): The US$ Note Trustee must ensure that it at all times satisfies the requirements of section 310(a) of the TIA. In the event that the US$ Note Trustee can no longer comply with the
obligation set out in this Clause 9.6(a), the US$ Note Trustee must notify the Issuer and the Manager and must retire pursuant to Clause 14.1(f). 

  

	 	(b)	(Section 310(b) of the TIA): The US$ Note Trustee must at all times comply with section 310(b) of the TIA, provided that any indenture or indentures under which other securities of the Issuer are outstanding will
be excluded from the operation of section 310(b)(1) of the TIA if the requirements for such exclusion set out in section 310(b)(1) of the TIA are met. 

  

	9.7	Voting at meetings under Master Trust Deed or Master Security Trust Deed 

 If the US$
Note Trustee is entitled under the Master Trust Deed (as varied by clause 1.13 of the Series Supplement), the Master Security Trust Deed or the General Security Deed to vote at any meeting, or to give any consent or direction, on behalf of the US$
Noteholders or any Class or Sub-Class of US$ Noteholders, the US$ Note Trustee must vote, consent or direct in accordance with the directions of the US$ Noteholders or the relevant Class or Sub-Class of US$ Noteholders given by Resolution or
Extraordinary Resolution, as the case may be (whether or not solicited and whether or not all US$ Noteholders have provided such directions) and, in the event that such directions are not forthcoming, in its absolute discretion. In acting in
accordance with the directions of the US$ Noteholders or any Class or Sub-Class of US$ Noteholders, the US$ Note Trustee must exercise its votes for or against any proposal to be put to a meeting in the same proportion (rounded to the nearest whole
vote) as that of the votes cast for or against such a proposal at a meeting of the US$ Noteholders or the relevant Class or Sub-Class of US$ Noteholders convened in accordance with this Deed by the US$ Note Trustee for the purpose of seeking
directions. 
  

	9.8	Transaction Documents 

 The US$ Note Trustee must make available at the US$ Note
Trustee’s registered office for inspection by the US$ Noteholders a copy of each Transaction Document in accordance with Condition 3 of the US$ Note Conditions (provided that the US$ Note Trustee will not be in default of its obligations
pursuant to this Clause 9.8 in respect of any Transaction Document, a copy of which has not been provided to the US$ Note Trustee). 

  
 38 

	9.9	Capital Adequacy 

 Without limiting Clause 9.6(a), the US$ Note Trustee will ensure that,
for so long as it acts as US$ Note Trustee, it has a combined capital and surplus (as those terms are used in the TIA) of at least US$50,000,000 as set forth in its most recent published annual report of condition. In the event that the US$ Note
Trustee can no longer comply with the obligation set out in this Clause 9.9, the US$ Note Trustee will notify the Issuer and the Manager and will retire pursuant to Clause 14.1(f). 

 

	9.10	Reporting of repurchase demands 

 The US$ Note Trustee must: 

 

	 	(a)	notify MLPL as soon as practicable, and in any event within five Business Days, of all demands or requests received from any US$ Noteholder by an Authorised Officer of the US$ Note Trustee for the repurchase of any
SMART Receivable pursuant to clause 6 of the Master Sale and Servicing Deed; 

  

	 	(b)	promptly upon request by MLPL, provide to MLPL any other information which is in the possession or control of the US$ Note Trustee that has been reasonably requested to facilitate compliance by MLPL with Rule 15Ga-1
under the Exchange Act; and 

  

	 	(c)	if requested by MLPL within a reasonable time before the US$ Note Trustee is required to perform any obligation under this Clause 9.10(c), provide a written certification no later than fifteen days following the end of
any calendar quarter or calendar year that the US$ Note Trustee has not received any repurchase demands from any US$ Noteholder for such period, or if repurchase demands have been received during such period, that the US$ Note Trustee has provided
all the information reasonably requested under Clause 9.10(b) above. 

 In no event will the US$ Note Trustee have any
responsibility or liability in connection with any filing required to be made by a securitiser under Rule 15Ga-1 under the Exchange Act. 
  

	10.	APPLICATION OF MONEYS 

  

	10.1	Moneys received 

 The US$ Note Trustee must hold all moneys received by it in its
capacity as trustee of the US$ Note Trust under this Deed or any other Transaction Document upon trust to apply them: 
  

	 	(a)	(Fees and expenses): first, towards payment of all amounts which are or which the US$ Note Trustee considers in good faith may become owing to the US$ Note Trustee under or in respect of this Deed in respect of
the US$ Note Trust (other than amounts owing to the US$ Note Trustee for the US$ Noteholders under Clause 6.1); and 

  

	 	(b)	(US$ Noteholders): secondly, to the US$ Noteholders towards repayment of principal and payment of interest and all other amounts owing to them by the Issuer in respect of the US$ Notes to be applied in accordance
with the priorities set out in the Series Supplement, the Master Security Trust Deed and the General Security Deed. 

  

	10.2	Investment of Moneys Held 

  

	 	(a)	(Investment): An amount which under this Deed ought to or may be invested by the US$ Note Trustee in respect of a US$ Note Trust may be invested in the name or control of the US$ Note Trustee in:

  
 39 

	 	(i)	Authorised Short-Term Investments; 

  

	 	(ii)	any investment denominated in the Foreign Currency in which the US$ Notes of the relevant US$ Note Trust are denominated which has assigned to it the highest short-term credit rating from each Rating Agency or in
respect of which the Manager has issued a Rating Notification; or 

  

	 	(iii)	any other asset in respect of which the Manager has issued a Rating Notification, 

 and the US$
Note Trustee may at any time vary any such investments and is not responsible for any loss resulting from such investments whether due to depreciation in value, fluctuations in exchange rates or otherwise. 

 

	 	(b)	(Maturity): The US$ Note Trustee must ensure that any amount invested under Clause 10.2(a), to the extent that it represents money required for the payment of amounts to another party, has a maturity on a date on
or before the due date for the payment of those amounts. 

  

	 	(c)	(Income): The US$ Note Trustee agrees and acknowledges that any income derived by it from any investments made pursuant to Clause 10.2(a) is an asset of the US$ Note Trust. 

 

	 	(d)	(Investment instruction): In the absence of a written investment instruction from the Manager, the US$ Note Trustee is under no obligation to invest any funds in respect of a US$ Note Trust which under this Deed
ought to or may be invested by the US$ Note Trustee. The US$ Note Trustee has no liability for interest on any such uninvested funds. 

  

	11.	CONTINUING SECURITY AND RELEASES 

  

	11.1	Issuer’s liability not affected 

 This Deed and the liability of the Issuer under
this Deed will not be affected or discharged by any of the following: 
  

	 	(a)	(Indulgence): the granting to the Issuer or to any other person of any time or other indulgence or consideration; 

  

	 	(b)	(Delay in recovery): subject to Condition 8.5 of the US$ Note Conditions, the US$ Note Trustee failing or neglecting to recover any amounts owing in respect of the US$ Notes; 

 

	 	(c)	(Laches): any other laches, acquiescence, delay, act, omission or mistake on the part of the US$ Note Trustee or any other person; or 

 

	 	(d)	(Release): the release, discharge, abandonment or transfer whether wholly or partially and with or without consideration of any other security, judgment or negotiable instrument held from time to time or
recovered by the US$ Note Trustee from or against the Issuer or any other person. 

  

	11.2	Waiver by Issuer 

 The Issuer, the Manager and MLPL each waives in favour of the US$ Note
Trustee all rights whatsoever against the US$ Note Trustee and any other person, estate or assets to the extent necessary to give effect to anything in this Deed. 

  
 40 

	12.	REMUNERATION AND EXPENSES OF US$ NOTE TRUSTEE 

  

	12.1	Payment of fee 

 The Issuer must pay to the US$ Note Trustee during the period that any
of the US$ Notes remain outstanding the fee separately agreed by the US$ Note Trustee, the Manager and the Issuer on or before the Closing Date (at such times and upon such terms as are agreed on or before the Closing Date between the Issuer, the
Manager and the US$ Note Trustee and notified to the Rating Agencies). If the US$ Note Trustee retires or is removed under this Deed, the US$ Note Trustee must refund to the Issuer that proportion of the fee (if any) which relates to the period
during which the US$ Note Trustee will not be the US$ Note Trustee. 
  

	12.2	Payment of expenses 

 The Issuer (at the direction of the Manager) must pay or reimburse
to the US$ Note Trustee all reasonable costs, expenses, charges, stamp duties and other Taxes and liabilities properly incurred by the US$ Note Trustee, or its agents or delegates properly appointed in accordance with this Deed, in the performance
of the obligations of the US$ Note Trustee under this Deed or any other Transaction Document including all costs and expenses (including legal costs and expenses) incurred by the US$ Note Trustee in the enforcement of any obligations or exercise of
any powers or discretions under this Deed or any other Transaction Documents. Without limiting any right of indemnity available by law to the US$ Note Trustee, the US$ Note Trustee is entitled to be indemnified from the US$ Note Trust Fund from and
against all such costs, expenses, charges, stamp duties and other Taxes and liabilities. Nothing in this Clause 12.2 entitles or permits the US$ Note Trustee to be reimbursed or indemnified for general overhead costs and expenses of the US$ Note
Trustee (including rents and any amounts payable by the US$ Note Trustee to its employees in connection with their employment) incurred directly or indirectly in connection with the business activities of the US$ Note Trustee or in the exercise of
its rights, powers and discretions or the performance of its duties and obligations under this Deed or any Transaction Document. 
  

	12.3	Additional duties 

 In the event of the occurrence of: 

 

	 	(a)	an Event of Default; 

  

	 	(b)	an event which with the passage of time or the giving of notice or both would constitute an Event of Default; or 

  

	 	(c)	any other circumstance as a result of which the US$ Note Trustee considers it expedient or necessary, or is requested pursuant to any Transaction Document to which it is a party, to undertake duties which the US$ Note
Trustee and the Manager (on behalf of the Issuer) agree to be of an exceptional nature or otherwise outside the scope of the normal duties of the US$ Note Trustee under this Deed or the other Transaction Documents, 

the Issuer must pay to the US$ Note Trustee such additional remuneration as is agreed between the Manager and the US$ Note Trustee (and
notified to the Rating Agencies). In determining the rights of the US$ Note Trustee to additional remuneration following an Event of Default, regard shall be had to any amounts paid to the US$ Note Trustee following an event described in Clause
12.3(b). 
  

	12.4	Dispute as to additional duties 

 In the event of the Manager and the US$ Note Trustee
failing to agree: 

  
 41 

	 	(a)	upon the amount of any additional remuneration referred to in Clause 12.3; or 

  

	 	(b)	upon whether duties of the US$ Note Trustee are of an exceptional nature or otherwise outside the scope of the normal duties of the US$ Note Trustee for the purposes of Clause 12.3(c), 

such matters shall be determined by a merchant or investment bank (acting as an expert and not as an arbitrator) selected by the US$ Note
Trustee and approved by the Manager or, failing such approval, nominated (on the application of the US$ Note Trustee) by the President for the time being of The Law Society of New South Wales (the expenses involved in such nomination and the fees of
such merchant or investment bank being payable by the Issuer as a Series Trust Expense) and the determination of any such merchant or investment bank shall be final and binding upon the US$ Note Trustee, the Manager and the Issuer (and notified to
the Rating Agencies). 
  

	12.5	Currency and value added tax 

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

	12.6	No other fees or expenses 

 Except as provided in Clauses 12.1, 12.2, 12.3, 12.4 and 12.5
or as expressly provided elsewhere in this Deed or any other Transaction Document, none of the Issuer, the Manager and MLPL has any liability in respect of any fees, commissions or expenses of the US$ Note Trustee in connection with this Deed or any
Transaction Document. 
  

	12.7	Fees are Series Trust Expenses 

 Notwithstanding any other provision of this Deed, the
fees referred to in Clause 12.1 (including any value added tax on such fees) and any other amounts payable by the Issuer under this Clause 12 or Clauses 18.1 and 18.2 are Series Trust Expenses and will be paid on the first Distribution Date
following the due date for the relevant fee or other amount or, where there is no agreed due date, following demand by the US$ Note Trustee, in each case from funds available for this purpose and in accordance with the Series Supplement. 

 

	12.8	Non-discharge 

 Unless otherwise specifically stated in any discharge of the US$ Note
Trust the provisions of this Clause 12 will continue in full force and effect despite such discharge. 
  

	13.	ADDITIONAL US$ NOTE TRUSTEES 

  

	13.1	Appointment and removal 

 The US$ Note Trustee may, upon giving prior notice to the
Issuer and the Manager (but without the consent of the Issuer, the Manager or the US$ Noteholders), appoint any person (an Additional Note Trustee) (other than the Issuer or a Related Body Corporate of the Issuer) established or resident in
any jurisdiction to act as a co-trustee of a US$ Note Trust jointly with the US$ Note Trustee (subject to Clause 13.2): 
  

	 	(a)	(Interests of US$ Noteholders): if the US$ Note Trustee considers such appointment to be in the interests of the US$ Noteholders as a Class; 

  
 42 

	 	(b)	(Legal Requirements): for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act or acts is or are to be performed; or 

 

	 	(c)	(Obtaining Judgment): for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction of either a judgment already obtained or any of this Deed or any other Transaction
Document. 

 The Issuer, for valuable consideration, irrevocably appoints the US$ Note Trustee to be its attorney in its name
and on its behalf to execute an instrument of appointment of any such Additional Note Trustee. Such Additional Note Trustee will (subject always to the provisions of this Deed) have such trusts, powers, authorities and discretions (not exceeding
those conferred on the US$ Note Trustee by this Deed or any other Transaction Document) and such duties and obligations as are conferred or imposed by the instrument of appointment. Such reasonable remuneration as the US$ Note Trustee may pay to any
Additional Note Trustee, together with any costs and expenses properly incurred by any Additional Note Trustee in performing its functions as such, are expenses of the US$ Note Trustee recoverable by it pursuant to Clause 12.2. The US$ Note Trustee,
upon giving prior notice to the Issuer and the Manager, has the power to remove any Additional Note Trustee. The Issuer, for valuable consideration, irrevocably appoints the US$ Note Trustee to be its attorney in its name and on its behalf to
execute an instrument of removal of any such Additional Note Trustee. 
  

	13.2	Joint exercise of powers 

 All rights, powers, duties and obligations conferred or
imposed upon an Additional Note Trustee are conferred or imposed upon and exercised or performed by the US$ Note Trustee and the Additional Note Trustee jointly (it being understood that an Additional Note Trustee is not authorised to act separately
without the US$ Note Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the US$ Note Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations shall be exercised and performed singly by such Additional Note Trustee (but subject to the direction of the US$ Note Trustee). 

 

	13.3	Notice 

 The US$ Note Trustee must promptly notify the Issuer, the Security Trustee, the
Principal Paying Agent, the US$ Noteholders and the Rating Agencies of each appointment or removal of an Additional Note Trustee pursuant to this Clause 13. 
  

	14.	RETIREMENT OR REMOVAL OF US$ NOTE TRUSTEE 

  

	14.1	Retirement of US$ Note Trustee 

 The US$ Note Trustee covenants that it will retire as
the US$ Note Trustee if: 
  

	 	(a)	(Insolvency): an Insolvency Event occurs in relation to the US$ Note Trustee in its personal capacity or in respect of its personal assets (and not in its capacity as trustee of any trust or in respect of any
assets it holds as trustee); 

  

	 	(b)	(Ceases to carry on business): it ceases to carry on business; 

  

	 	(c)	(Ceases to be an Eligible Trust Corporation): it ceases to be an Eligible Trust Corporation; 

  
 43 

	 	(d)	(US$ Noteholders require retirement): it is so directed by an Extraordinary Resolution of the US$ Noteholders; 

  

	 	(e)	(Breach of duty): when required to do so by the Manager or the Issuer by notice in writing, it fails or neglects within 20 Business Days after receipt of such notice to carry out or satisfy any material duty
imposed on it by this Deed or any Transaction Document provided that the US$ Note Trustee is not required to retire in such circumstances if there is an Extraordinary Resolution from the US$ Noteholders affirming its appointment notwithstanding such
notice from the Issuer or Manager; or 

  

	 	(f)	(Minimum capitalisation): at any time it ceases to satisfy the requirement set out in Clause 9.9. 

  

	14.2	Removal by Manager 

 If the US$ Note Trustee refuses to retire when it is required to do
so under clause 14.1, the Manager is entitled to remove the US$ Note Trustee from office immediately by notice in writing at the expense of the US$ Note Trustee. On the retirement or removal of the US$ Note Trustee under the provisions of Clause
14.1 or this Clause 14.2: 
  

	 	(a)	(Notify Rating Agencies): the Manager must promptly notify the Rating Agencies of such retirement or removal; and 

  

	 	(b)	(Appoint Substitute US$ Note Trustee): subject to any approval required by law, the Manager is entitled to and must use reasonable endeavours to appoint in writing some other Eligible Trust Corporation, provided
that the Manager has first provided the Issuer with a Rating Notification in respect of the appointment of the proposed Substitute US$ Note Trustee. 

  

	14.3	US$ Note Trustee may retire 

 The US$ Note Trustee may retire at any time, at its own
expense, as trustee of the US$ Note Trust upon giving three months (or such lesser time as the Manager, the Issuer and the US$ Note Trustee agree) notice in writing to the Issuer, the Manager and the Rating Agencies, without giving any reason and
without being responsible for any liabilities of any other person incurred by reason of such retirement provided that such retirement is in accordance with this Deed and provided that no such period of notice of retirement may expire within the
period of 15 days preceding each Distribution Date. Upon such retirement the US$ Note Trustee, subject to any approval required by law, may appoint in writing any other Eligible Trust Corporation as US$ Note Trustee in its stead provided that the
Manager has first provided the Issuer with a Rating Notification in relation to the appointment of the replacement US$ Note Trustee. If the US$ Note Trustee does not propose a replacement by the date which is one month prior to the date of its
proposed retirement, the Manager is entitled to appoint a Substitute US$ Note Trustee, which must be an Eligible Trust Corporation, as of the date of the proposed retirement provided that the Manager has first provided the Issuer with a Rating
Notification in relation to the appointment of the proposed Substitute US$ Note Trustee. 
  

	14.4	Appointment of Substitute US$ Note Trustee by US$ Noteholders 

 Notwithstanding Clauses
14.1, 14.2 and 14.3, no retirement or removal of the US$ Note Trustee will be effective until a Substitute US$ Note Trustee that is an Eligible Trust Corporation and that satisfies the requirement set out in Clause 9.9 has been appointed in its
place. If a Substitute US$ Note Trustee has not been appointed under Clauses 14.2 or 14.3 at a time when the position of US$ Note Trustee would, but for this Clause 14.4, become vacant in accordance with those Clauses, the Issuer must promptly
advise the US$ Noteholders and the US$ Noteholders may by an Extraordinary 

  
 44 

 
Resolution appoint an Eligible Trust Corporation nominated by any of them to act as US$ Note Trustee. All costs and expenses incurred by any party, other than the US$ Note Trustee, associated
with the appointment of a Substitute US$ Note Trustee will be borne by the Issuer as costs and expenses of the Series Trust. 
  

	14.5	Release of US$ Note Trustee 

 Upon retirement or removal of the US$ Note Trustee as
trustee of the US$ Note Trust, the US$ Note Trustee is released from all obligations under this Deed and the other Transaction Documents arising after the date of the retirement or removal except for its obligation to vest the US$ Note Trust Fund in
the Substitute US$ Note Trustee and to deliver all books and records relating to the US$ Note Trust to the Substitute US$ Note Trustee. The Manager and the Issuer may settle with the US$ Note Trustee the amount of any sums payable by the US$ Note
Trustee to the Manager or the Issuer or by the Manager or the Issuer to the US$ Note Trustee and may give to or accept from the US$ Note Trustee a discharge in respect of those sums which will be conclusive and binding as between the Manager, the
Issuer and the US$ Note Trustee but not as between the US$ Note Trustee and the US$ Noteholders. 
  

	14.6	Vesting of US$ Trust Fund in Substitute US$ Note Trustee 

 The US$ Note Trustee, on its
retirement or removal, must vest the US$ Note Trust Fund or cause it to be vested in the Substitute US$ Note Trustee and must deliver and assign, at the expense of the US$ Note Trustee, to such Substitute US$ Note Trustee as appropriate all books,
documents, records and other property whatsoever relating to the US$ Note Trust. 
  

	14.7	Substitute US$ Note Trustee to execute deed 

 Each Substitute US$ Note Trustee must upon
its appointment execute a deed in such form as the Manager may require whereby such Substitute US$ Note Trustee must undertake to the US$ Noteholders to be bound by all the covenants on the part of the US$ Note Trustee under this Deed from the date
of such appointment. 
  

	14.8	Rating Agencies advised 

 The Manager must promptly: 

 

	 	(a)	(Retirement): approach and liaise with each Rating Agency in respect of any consents and confirmations or Rating Notifications required from it in relation to the replacement of the US$ Note Trustee pursuant to
Clauses 14.2 or 14.3; and 

  

	 	(b)	(Change of ownership): notify the Rating Agencies of it becoming aware of a change in ownership of 50% or more of the issued equity share capital of the US$ Note Trustee from the position as at the date of this
Deed or effective control of the US$ Note Trustee altering from the date of this Deed. 

  

	14.9	Retention of Lien 

 Notwithstanding any release of the outgoing US$ Note Trustee under
this Clause 14, the outgoing US$ Note Trustee will remain entitled to the benefit of the indemnities granted by this Deed to the outgoing US$ Note Trustee in respect of any liability, cost or other obligation incurred by it while acting as US$ Note
Trustee, as if it were still the US$ Note Trustee under this Deed. 

  
 45 

	14.10	Issuer and Manager Cannot be Appointed 

 Notwithstanding the preceding provisions of this
Clause 14, none of the Manager, the Issuer, any Support Facility Provider nor any of their Related Bodies Corporate may be appointed as US$ Note Trustee. 
  

	14.11	No limitation of TIA 

 Nothing in this Clause 14 is to be construed as limiting any right
of a US$ Noteholder to take any action to remove the US$ Note Trustee in accordance with section 310(b) of the TIA. 
  

	15.	AMENDMENT 

  

	15.1	Amendment by US$ Note Trustee 

 Subject to this Clause 15, Clause 19.4 and to any
approval required by law, the US$ Note Trustee, the Manager, MLPL and the Issuer may together agree, without the consent or sanction of any US$ Noteholder (other than in the case of paragraph (d)(ii) below), by way of supplemental deed to amend, add
to or revoke any provision of this Deed, the US$ Notes (including the US$ Note Conditions) or any other Transaction Document to which the US$ Note Trustee is a party, so long as such amendment, addition or revocation, in the opinion of the Manager
(or of a barrister, solicitor or attorney instructed by the Manager): 
  

	 	(a)	(Necessary or expedient): is necessary or expedient to comply with the provisions of any Statute or regulation or with the requirements of any Governmental Agency; 

 

	 	(b)	(Manifest error): is made to correct a manifest error or ambiguity or is of a formal, technical or administrative nature only; 

 

	 	(c)	(Amendment to law): is appropriate or expedient as a consequence of an amendment to any Statute or regulation or altered requirements of any Governmental Agency or any decision of any court (including, without
limitation, an amendment, addition or revocation which is in the opinion of the Manager appropriate or expedient as a consequence of the enactment of a Statute or regulation or an amendment to any Statute or regulation or ruling by the Commissioner
or Deputy Commissioner of Taxation or any governmental announcement or statement or any decision of any court, in any case which has or may have the effect of altering the manner or basis of taxation of trusts generally or of trusts similar to the
Series Trust or the US$ Note Trust); or 

  

	 	(d)	(Otherwise desirable): is otherwise desirable for any reason and: 

  

	 	(i)	is not in the opinion of the Manager likely, upon coming into effect, to be materially prejudicial to the interests of the US$ Noteholders when taken as a whole or to the interests of the US$ Noteholders in respect of
any Class or Sub-Class of US$ Notes; or 

  

	 	(ii)	 if it is in the opinion of the Manager likely, upon coming into effect, to be materially prejudicial to the US$ Noteholders when taken as a whole or
to the interests of the US$ Noteholders in respect of any Class or Sub-Class of US$ Notes, the consent of the US$ Noteholders as a whole or of the US$ Noteholders in respect of the relevant Class or Sub-Class of US$ Notes (as the case may be), by an
Extraordinary Resolution, to the amendment, addition or revocation has been obtained. For the purpose of determining whether the US$ Noteholders as a whole or of the US$ Noteholders in respect of the relevant Class or Sub-Class of US$ Notes (as the
case 

  
 46 

	 	
may be) have consented, by an Extraordinary Resolution, to an amendment, addition or revocation, US$ Notes with respect to which the US$ Note Trustee has received actual written notice that such
US$ Notes are owned by the Issuer or the Manager or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or the Manager, shall be disregarded, 

provided that the US$ Note Trustee, the Manager, MLPL and the Issuer may not amend, add to or revoke any provision of this Deed or any US$
Notes (including the US$ Note Conditions) unless the Manager has notified the Rating Agencies five Business Days in advance. 
  

	15.2	Notification of amendments 

 The US$ Note Trustee must, in accordance with Condition 11,
notify all US$ Noteholders that an amendment has been made pursuant to this Clause 15 as soon as reasonably practicable after the making of such amendment and the US$ Note Trustee must make a copy of such amendment available at its offices to the
US$ Noteholders. 
  

	15.3	Amendments binding on US$ Noteholders 

 Any amendment, addition or revocation of a
provision of this Deed or the US$ Notes made pursuant to this Clause 15 is binding on all US$ Noteholders. 
  

	15.4	Compliance with the TIA 

 Any supplemental deed amending, adding to or revoking any
provision of this Deed or the US$ Notes (including the US$ Note Conditions) referred to in this Clause 15 must conform, to the extent applicable, with the requirements of the TIA. 

 

	16.	REPORTS 

  

	16.1	Reports by US$ Note Trustee 

  

	 	(a)	At intervals of not more than 12 months (commencing as from the Closing Date), the US$ Note Trustee must prepare and provide to each US$ Noteholder a brief report of the events referred to in section 313(a) of the TIA
that have occurred within the preceding 12 months, but only if such report is required pursuant to section 313(a) of the TIA. The US$ Note Trustee must prepare and provide to US$ Noteholders any report required by section 313(b) of the TIA at the
times specified in that section. The US$ Note Trustee must also provide any report delivered to US$ Noteholders pursuant to this Clause 16.1(a) to such additional persons specified in section 313(c) of the TIA. 

 

	 	(b)	The US$ Note Trustee must deliver to the Issuer and the Manager, and must file with the Commission and each stock exchange, if any, on which the US$ Notes are listed, a copy of each report delivered pursuant to Clause
16.1(a) at the time of its provision to US$ Noteholders. The Manager (on behalf of the Issuer) will notify the US$ Note Trustee of any listing of the US$ Notes on any stock exchange. 

 

	16.2	Reports by the Issuer 

 MLPL covenants that it will, on behalf of the Issuer: 

 

	 	(a)	(Copy Exchange Act reports to US$ Note Trustee): file: 

  
 47 

	 	(i)	with the Commission at such times as are required under the Exchange Act; and 

  

	 	(ii)	with the US$ Note Trustee, within 15 days after it is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations prescribe), if any, which the Issuer may be required to file with the Commission pursuant to section 13 or 15(d) of the Exchange Act; 

 

	 	(b)	(Other reports): file with the US$ Note Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with
respect to compliance by it with the conditions and covenants of this Deed as may be required from time to time by such rules and regulations; and 

  

	 	(c)	(Summaries to US$ Noteholders): supply to the US$ Note Trustee for transmittal to US$ Noteholders, and such other persons as are required by section 314(a)(3) of the TIA, such summaries of any information,
documents and reports required to be filed by the Issuer or MLPL pursuant to Clauses 16.2(a) and 16.2(b) as may be required by rules and regulations prescribed from time to time by the Commission. The US$ Note Trustee shall transmit such reports in
accordance with this Clause 16.2(c) and section 314(a)(3) of the TIA. 

  

	16.3	U.S. Commodity Exchange Act reporting 

 To the extent the Fixed Rate Swap Provider and/or
the Currency Swap Provider does not report in respect of the Fixed Rate Swap and/or the Currency Swap on a timely basis in accordance with Section 2(h)(5) of the U.S. Commodity Exchange Act and other applicable reporting requirements under such
Act and the rules and regulations thereunder, the Manager on behalf of the Issuer must make or cause to be made all such reports. 
  

	17.	CURRENCY INDEMNITY 

  

	17.1	Improper currency receipts 

 If any payment is made by the Issuer under this Deed or the
US$ Notes or if the US$ Note Trustee or any US$ Noteholder receives or recovers any money under or pursuant to this Deed or the US$ Notes in a currency (Receipt Currency) other than the currency in which the money was payable pursuant to the
terms of this Deed or the US$ Notes (Agreed Currency), the Issuer must (as directed by the Manager), as a separate and additional liability of the Series Trust, pay to the recipient such additional amount so that after conversion from the
Receipt Currency into the Agreed Currency of such money so paid, received or recovered and after the payment of all commission and expenses in relation to such conversion the recipient will receive net in its hands an amount in the Agreed Currency
equal to the amount of the money payable under this Deed or the US$ Notes in the Agreed Currency. 
  

	17.2	Currency indemnity 

 If a judgment or an order is rendered by any court or tribunal for
the payment of any amount payable by the Issuer or the US$ Note Trustee under this Deed or the US$ Notes or for the payment of damages in respect of any breach by the Issuer or the US$ Note Trustee of this Deed or the US$ Notes or any Insolvency
Event in relation to the Issuer or the US$ Note Trustee occurs resulting in money being payable or receivable in respect of any proof or other claim, and such judgment, order, proof or claim is expressed in a currency (Judgment Currency)
other than the currency in which the money was payable pursuant to the terms of this Deed or the US$ Notes (Agreed Currency), the 

  
 48 

 
Issuer or the US$ Note Trustee (as the case may be) must indemnify and hold harmless and keep indemnified the person with the benefit of the judgment, order, proof or claim (as the case may be)
(the Receiving Party) against any deficiency in the Agreed Currency in the amount received by the Receiving Party arising or resulting from any variation as between: 
  

	 	(a)	(Judgment Rate): the rate of exchange at which the Agreed Currency is converted to the Judgment Currency for the purposes of such judgment, order, proof or claim; and 

 

	 	(b)	(Actual Rate): the rate of exchange which the Receiving Party is able to purchase the Agreed Currency with the amount of the Judgment Currency actually received by the Receiving Party, 

and such indemnity will continue in full force and effect notwithstanding any such judgment, order, proof or claim. 

 

	17.3	Failure to pay proper currency 

 Any payment purportedly pursuant to the terms of this
Deed or the provisions of a US$ Note in a currency other than the currency in which it is required to be paid will not discharge or satisfy the relevant obligation of the payer to make the payment except to the extent that, and insofar as, the
currency in which the payment is required to be made is acquired by sale of the currency in which the payment was actually made. 
  

	18.	EXPENSES AND STAMP DUTIES 

  

	18.1	Expenses 

 Subject to Clause 22, the Issuer will following a demand from the US$ Note
Trustee and at the times specified in and in accordance with the provisions of Clause 12.7, reimburse the US$ Note Trustee for and keep the US$ Note Trustee indemnified against all reasonable costs, disbursements, expenses, liabilities and Taxes
including legal costs and disbursements (on a full indemnity basis) reasonably and properly incurred by the US$ Note Trustee in connection with: 
  

	 	(a)	(Preparation): the preparation and execution of this Deed and the other Transaction Documents and any subsequent consent, agreement, approval or waiver under this Deed and the other Transaction Documents or
amendment to this Deed and the other Transaction Documents; 

  

	 	(b)	(Enforcement): the exercise, enforcement, preservation or attempted exercise enforcement or preservation of any rights under this Deed and the other Transaction Documents including any expenses incurred in the
evaluation of any matter of material concern to the US$ Note Trustee; 

  

	 	(c)	(Governmental Agency): any enquiry by a Governmental Agency concerning the Issuer or the Assets of the Series Trust or a transaction or activity the subject of the Transaction Documents; and 

 

	 	(d)	(Performance): the exercise of any power or obligation under this Deed or any Transaction Documents, 

and against all actions, proceedings, costs, claims, losses, liabilities and demands in respect of any matter or thing done or omitted relating
to the US$ Note Trust or the Transaction Documents except to the extent that such actions, proceedings, costs, claims, liabilities and demands arise as a result of the US$ Note Trustee’s fraud, negligence or wilful default. 

  
 49 

	18.2	Stamp duties and other taxes 

 The Issuer must (at the direction of the Manager) pay any
stamp and other duties and Taxes, including fines and penalties, payable in Australia or the United States on or in connection with: 
  

	 	(a)	(Execution of Deed): the execution, delivery and performance of this Deed or any payment, receipt or other transaction contemplated by this Deed; 

 

	 	(b)	(Issue of US$ Notes): the constitution and original issue and delivery of the US$ Notes; and 

  

	 	(c)	(Proceedings): any action taken by the US$ Note Trustee or (where in accordance with this Deed, the Master Security Trust Deed or the General Security Deed the US$ Noteholders are entitled to do so) the US$
Noteholders to enforce the provisions of the US$ Notes, this Deed, the Master Trust Deed, the Series Supplement, the Master Security Trust Deed or the General Security Deed. 

The Issuer must indemnify and keep indemnified the US$ Note Trustee against any loss or liability incurred or suffered by it as a result of the
delay or failure by the Issuer to pay any such stamp and other duties and Taxes. 
  

	19.	TRUST INDENTURE ACT 

  

	19.1	Certificates and opinions 

  

	 	(a)	(Conditions precedent): Upon any application or request by the Issuer or the Manager to the US$ Note Trustee to take any action under any provision of this Deed, the Manager (on behalf of the Issuer) must furnish
to the US$ Note Trustee: 

  

	 	(i)	a certificate from two Authorised Officers of the Manager (on behalf of the Issuer) stating that all conditions precedent, if any, provided for in this Deed relating to the proposed action have been complied with;

  

	 	(ii)	Counsel’s Opinion stating that all such conditions precedent, if any, have been complied with; and 

  

	 	(iii)	if required by the TIA, a certificate from an accountant meeting the applicable requirements of section 314(c)(3) of the TIA, 

provided that in the case of any such application or request as to which the furnishing of such documents is specifically required by any other
provision of this Deed no additional certificate or opinion need be furnished. 
  

	 	(b)	(Fair value): The Manager (on behalf of the Issuer) must furnish to the US$ Note Trustee a certificate or opinion of an engineer, appraiser or other expert as to the fair value: 

 

	 	(i)	 of any property or securities to be released from the Security created by the Master Security Trust Deed and the General Security Deed, where this is
required by section 314(d)(1) of the TIA, which certificate or opinion must state that in the opinion of the person making the same the proposed release will not impair the Security under the Master Security Trust Deed and the General Security Deed
in contravention of the provisions thereof, and requiring further that such certificate or opinion must be made by an independent engineer, appraiser, or other expert, if the fair value of such property or securities and of all other property or
securities released since the commencement of the then current calendar year, as set forth in 

  
 50 

	 	
the certificates or opinions required by this Clause 19.1(b)(i), is 10% or more of the aggregate principal amount of the US$ Notes at the time outstanding; but such a certificate or opinion of an
independent engineer, appraiser, or other expert will not be required in the case of any release of property or securities, if the fair value thereof as set forth in the certificate or opinion required by this Clause 19.1(b)(i) is less than $25,000
or less than 1% of the aggregate principal amount of the US$ Notes at the time outstanding; 

  

	 	(ii)	to the Issuer of any securities the deposit of which with the Issuer is to be made the basis for the withdrawal or release of any property or securities subject to the Security created by the Master Security Trust Deed
and the General Security Deed, and requiring further that if the fair value to the Issuer of such securities and of all other such securities made the basis of any such withdrawal or release since the commencement of the then current calendar year,
as set forth in the certificates or opinions required by this Clause 19.1(b)(ii), is 10% or more of the aggregate principal amount of the US$ Notes at the time outstanding, such certificate or opinion must be made by an independent engineer,
appraiser, or other expert, in each case where this is required by section 314(d)(2) of the TIA; but such a certificate of an independent engineer, appraiser, or other expert will not be required with respect to any securities so deposited, if the
fair value thereof to the Issuer as set forth in the certificate or opinion required by this Clause 19.1(b)(ii) is less than $25,000 or less than 1% of the aggregate principal amount of the US$ Notes at the time outstanding; and 

 

	 	(iii)	to the Issuer of any property the subjection of which to the Security created by the Master Security Trust Deed and the General Security Deed is to be made the basis for the release of any property or securities subject
to the Security created by the Master Security Trust Deed and the General Security Deed, and requiring further that if the fair value to the Issuer of such property as forth in such certificate or opinion is not less than $25,000 and not less than
1% of the aggregate principal amount of the US$ Notes at the time outstanding, such certificate or opinion shall be made by an independent engineer, appraiser, or other expert, where this is required by section 314(d)(3) of the TIA,

 and every such certificate or opinion must comply with the relevant provisions of section 314(d) of the TIA (and, except as
provided otherwise in section 314 of the TIA, may be given by an Authorised Officer of the Manager (on behalf of the Issuer) ). Notwithstanding the foregoing, the Issuer (at the direction of the Manager) (or the Servicer or the Manager on the
Issuer’s behalf) may, without compliance with the requirements of the other provisions of this Clause 19.1(b), (i) collect, liquidate, sell or otherwise dispose of SMART Receivables and any corresponding Mortgage or First Layer of
Collateral Security in the ordinary course of its business provided that all proceeds, Recoveries and related amounts and proceeds of such dispositions are applied in accordance with the provisions of the Transaction Documents and (ii) make
cash payments out of the Collections Account, in each case, as and to the extent permitted or required by the Transaction Documents. 
  

	 	(c)	(Form of certificates and opinions): Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Deed (other than the certificate referred to in Clause 6.3(c)(i))
shall include: 

  

	 	(i)	a statement that each signatory of such certificate or opinion has read such covenant or condition and the definitions used therein; 

  
 51 

	 	(ii)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

 

	 	(iii)	a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such
covenant or condition has been complied with; and 

  

	 	(iv)	a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

  

	19.2	Undertaking for costs 

  

	 	(a)	(Undertaking): Subject to Clause 19.2(b), all parties to this Deed agree, and each US$ Noteholder by such US$ Noteholder’s acceptance of the US$ Notes is deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Deed, or in any suit against the US$ Note Trustee for any action taken, suffered or omitted by it as the US$ Note Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defences made by such party litigant. 

  

	 	(b)	(Exceptions): The provisions of Clause 19.2(a) shall not apply to: 

  

	 	(i)	any suit instituted by the US$ Note Trustee; 

  

	 	(ii)	any suit instituted by any US$ Noteholder, or group of US$ Noteholders, in each case holding in the aggregate US$ Notes with an Invested Amount of more than 10% of the then aggregate Invested Amount of all US$ Notes; or

  

	 	(iii)	any suit instituted by any US$ Noteholder for the enforcement of the payment of principal or interest on any US$ Note on or after the respective due dates expressed in such US$ Note and in this Deed. 

 

	19.3	Exclusion of section 316(a)(1) 

 Section 316(a)(1) of the TIA is expressly excluded
by this Deed. 
  

	19.4	Unconditional rights of US$ Noteholders to receive principal and interest 

Notwithstanding any other provisions in this Deed, any US$ Noteholder shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on each US$ Note held by it on or after the respective due dates thereof expressed in such US$ Note or in this Deed or to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such US$ Noteholder, except to the extent that this Deed or the Master Security Trust Deed and General Security Deed contain provisions limiting or denying the right of any US$ Noteholder to institute any such
suit, if and to the extent that the institution or prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver, or loss of the Security created by the Master Security Trust Deed and
General Security Deed upon any property subject to such Security. 

  
 52 

	19.5	Conflict with Trust Indenture Act 

 The provisions of sections 310 to 317 (inclusive) of
the TIA are incorporated into, are a part of and govern this Deed, whether or not contained in this Deed, unless expressly excluded by this Deed in accordance with the TIA. If any provision of this Deed limits, qualifies or conflicts with any
provision that is deemed to be included in this Deed by virtue of any of the provisions of the TIA, such provision deemed to be included in this Deed will prevail. 
  

	20.	GOVERNING LAW AND JURISDICTION 

  

	20.1	Governing law 

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

	20.2	Jurisdiction 

  

	 	(a)	(Submission to jurisdiction—ACT): The Issuer, the US$ Note Trustee, the Manager, MLPL and each of the US$ Noteholders each irrevocably submits to and accepts generally and unconditionally the
non-exclusive jurisdiction of the Courts and appellate Courts of the Australian Capital Territory with respect to any legal action or proceedings which may be brought at any time relating in any way to this Deed. 

 

	 	(b)	(Submission to jurisdiction—NY): The Issuer, the US$ Note Trustee and each of the US$ Noteholders each irrevocably submits to and accepts generally and unconditionally the non-exclusive jurisdiction of the
New York State and United States Federal Courts sitting in the Borough of Manhattan in the City of New York with respect to any legal action or proceedings which may be brought at any time relating in any way to this Deed. 

 

	 	(c)	(Waiver of inconvenient forum): The Issuer, the US$ Note Trustee, the Manager, MLPL and each of the US$ Noteholders each irrevocably waives any objection it may now or in the future have to the venue of
any action or proceeding brought in the jurisdiction of any court to which it has submitted under this Clause 20, and any claim it may now or in the future have that any such action or proceedings have been brought in an inconvenient forum.

  

	21.	NOTICES 

  

	21.1	Method of delivery 

 Subject to Clauses 21.3, 21.4 and 21.5, any notice, request,
certificate, approval, demand, consent or other communication to be given under this Deed other than to or by a US$ Noteholder must: 
  

	 	(a)	(Authorised Officer): be in writing and, except in the case of 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; 

  

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

  

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

  
 53 

	 	(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 21.7 or as otherwise notified in writing by the relevant addressee from time to time to the other parties
to this Deed as its address for service pursuant to this Deed. 
  

	21.2	Deemed receipt 

 A notice, request, certificate, demand, consent or other communication
under this Deed other than to or by a US$ Noteholder is deemed to have been received: 
  

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

  

	 	(b)	(Post): where sent by post, on the 3rd (or 7th if posted internationally) 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. 

 

	21.3	Email 

 A notice, request, certificate, approval, demand, consent or other communication
to be given under this Deed may only be given by email where the recipient has separately agreed in writing 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 must be in writing and refer specifically to this Clause 21.3, 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 Deed. 
  

	21.4	Notices to US$ Noteholders 

 Subject to Clause 3.3(e)(ii), any notice, request,
certificate, approval, demand, consent or other communication to be given under this Deed to a US$ Noteholder: 
  

	 	(a)	(Delivery): will be effectively given if it is given in accordance with Condition 11 of the US$ Note Conditions; and 

  

	 	(b)	(Time): is deemed to have been given at the time specified in Condition 11 of the US$ Note Conditions. 

  

	21.5	Notices from US$ Noteholders 

 Subject to Clause 21.3, any notice, request, certificate,
approval, document, consent, direction or other communication to be given under this Deed by a US$ Noteholder to any person must: 
  

	 	(a)	(Signed): except in the case of a communication by email, be in writing and signed by the US$ Noteholder or an attorney of the US$ Noteholder; 

  
 54 

	 	(b)	(Delivery): be: 

  

	 	(i)	left at the address of the addressee; 

  

	 	(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 US$ Noteholder giving the same to the addressee’s specified email address, 

as set out in the US$ Note Conditions or otherwise as notified by that addressee to the US$ Noteholders from time to time; and 

 

	 	(c)	(Evidence): be accompanied by such evidence as to its proper execution by the US$ Noteholder as the addressee may reasonably require, 

and will only be effective upon actual receipt by the addressee. For the purposes of seeking any consent, direction or authorisation from US$
Noteholders or a Class or Sub-Class of US$ Noteholders pursuant to this Deed, the TIA (including section 316 of the TIA) or any Transaction Document, the US$ Note Trustee may by notice to the relevant US$ Noteholders specify a date (not earlier than
the date of the notice) upon which the relevant US$ Noteholders for the purposes of that consent, direction or authorisation will be determined and, if it does so, the persons who are the relevant US$ Noteholders and the A$ Equivalent of the
Invested Amount in relation to the US$ Notes held by them will, for the purposes of that consent, direction or authorisation, be determined based upon the details recorded in the US$ Note Register as at 5.00 p.m. New York time on that date. 

 

	21.6	Issuer and US$ Note Trustee 

 Each of the Issuer and the US$ Note Trustee must maintain
an office or an agency in New York where any legal proceedings in respect of this Deed or the US$ Notes may be served on it. The Issuer initially appoints CT Corporation System (of 111 Eighth Avenue, New York, NY 10011) as its agent for this
purpose. As at the date of this Deed, the US$ Note Trustee’s office for service is located at 101 Barclay Street, Floor 7-East, New York, New York 10286. 
  

	21.7	Contact information 

 The initial address, facsimile number and email address of the
parties to this Deed 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 
 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 

  
 55 

 
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 
 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 

  
 56 

 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 
  

	22.	ISSUER’S LIMITED LIABILITY 

  

	22.1	Limitation on Issuer’s Liability 

 This Deed 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 Deed is limited to and can be enforced against the
Issuer only to the extent to which it can be satisfied out of 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
Deed (other than Clause 22.3) 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 Deed. 

 

	22.2	Claims against Issuer 

 The parties other than the Issuer may not sue the Issuer in
respect of 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 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). 

 

	22.3	Fraud, Negligence or Wilful Default 

 The provisions of this Clause 22 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 Issuer’s fraud, negligence or wilful default. 
  

	22.4	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 representation or warranty under this Deed)
will be considered fraudulent, negligent or a wilful default for the purpose of Clause 22.3 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 

  
 57 

 
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. 

 

	22.5	No authority 

 No attorney or agent appointed in accordance with this Deed 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 fraud, negligence or wilful default of the Issuer for the purposes of Clause 22.3. 

 

	22.6	No obligation 

 The Issuer is not obliged to enter into any commitment or obligation
under this Deed 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 22 or otherwise in a manner satisfactory to the Issuer in its absolute
discretion. 
  

	23.	MISCELLANEOUS 

  

	23.1	Assignment by Issuer 

 The Issuer will not assign or otherwise transfer the benefit of
this Deed or any of its rights, duties or obligations under this Deed except to a Substitute Trustee which is appointed as a successor trustee of the Series Trust under and in accordance with the Master Trust Deed. 

 

	23.2	Assignment by Manager 

 The Manager will not assign or otherwise transfer the benefit of
this Deed or any of its rights, duties or obligations under this Deed except to a Substitute Manager which is appointed as a successor manager of the Series Trust under and in accordance with the Master Trust Deed. 

 

	23.3	Assignment by MLPL 

 MLPL will not assign or otherwise transfer the benefit of this Deed
or any of its rights, duties or obligations under this Deed except with the prior written consent of the other parties hereto. 
  

	23.4	Assignment by US$ Note Trustee 

 The US$ Note Trustee will not assign or otherwise
transfer all or any part of the benefit of this Deed or any of its rights, duties and obligations under this Deed except to a Substitute US$ Note Trustee which is appointed as a successor trustee under and in accordance with this Deed. 

 

	23.5	Certificate of US$ Note Trustee 

 A certificate in writing signed by an Authorised
Officer of the US$ Note Trustee certifying any act, matter or thing relating to this Deed or any other Transaction Documents is conclusive and binding on the Issuer in the absence of manifest error on the face of the certificate. 

 

	23.6	Continuing obligation 

 This Deed is a continuing obligation notwithstanding any
settlement of account, intervening payment, express or implied revocation or any other matter or thing whatsoever until a final discharge of this Deed has been given to the Issuer. 

  
 58 

	23.7	Settlement conditional 

 Any settlement or discharge between the Issuer and the US$ Note
Trustee is conditional upon any security or payment given or made to the US$ Note Trustee by the Issuer or any other person in relation to the Secured Moneys (as defined in the Master Security Trust Deed) not being avoided, repaid or reduced by
virtue of any provision or enactment relating to bankruptcy, insolvency or liquidation for the time being in force and, in the event of any such security or payment being so avoided, repaid or reduced, the US$ Note Trustee is entitled to recover the
value or amount of such security or payment avoided, repaid or reduced from the Issuer subsequently as if such settlement or discharge had not occurred. 
  

	23.8	Interest on judgment 

 If a liability under this Deed (other than a liability for
negligence, fraud or wilful default of the Issuer under the Transaction Documents) becomes merged in a judgment or order then the Issuer, as an independent obligation, will pay interest to the US$ Note Trustee on the amount of that liability at a
rate being the higher of the rate payable pursuant to the judgment or order and the highest rate payable on the US$ Notes from the date it becomes payable until it is paid. 
  

	23.9	Severability of provisions 

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

	23.10	Remedies cumulative 

 The rights and remedies conferred by this Deed upon the US$ Note
Trustee or the Issuer are cumulative and in addition to all other rights or remedies available to the US$ Note Trustee or the Issuer by Statute or by general law. 
  

	23.11	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 Deed by the US$ Note Trustee or the Issuer will not in any way preclude or operate as a waiver of any further exercise or enforcement of such right, remedy, power or
privilege or the exercise or enforcement of any other right, remedy, power or privilege under this Deed or provided by law. 
  

	23.12	Written waiver, consent and approval 

 Any waiver, consent or approval given by the US$
Note Trustee or the Issuer under this Deed will only be effective and will only be binding on the US$ Note Trustee or the Issuer, as the case may be, if it is given in writing or given verbally and subsequently confirmed in writing and executed by
the US$ Note Trustee or the Issuer, as the case may be, or on behalf of the US$ Note Trustee or the Issuer by an Authorised Officer for the time being of the US$ Note Trustee or the Issuer, as the case may be. 

 

	23.13	Time of essence 

 Time is of the essence in respect of the Issuer’s, the
Manager’s, MLPL’s and the US$ Note Trustee’s obligations under this Deed. 

  
 59 

	23.14	Moratorium legislation 

 To the fullest extent permitted by law, the provisions of all
Statutes operating directly or indirectly: 
  

	 	(a)	(Lessen obligations): to lessen or otherwise to vary or affect in favour of the Issuer any obligation under this Deed; or 

  

	 	(b)	(Delay exercise of powers): to delay or otherwise prevent or prejudicially affect the exercise of any powers conferred on the US$ Note Trustee under this Deed, 

are expressly waived, negatived and excluded. 
  

	23.15	Binding on each signatory 

 This Deed binds each of the signatories to this Deed
notwithstanding that any one or more of the named parties to this Deed does not execute this Deed, that there is any invalidity, forgery or irregularity touching any execution of this Deed or that this Deed is or becomes unenforceable void or
voidable against any such named party. 
  

	23.16	Counterparts 

 This Deed may be executed in a number of counterparts and all such
counterparts taken together are deemed to constitute one and the same instrument. 
  

	23.17	Contra Proferentem 

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

	23.18	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 Deed (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 Deed 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 23.18 or any similar clause in any
other Transaction Document. 

  
 60 

	23.19	 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 US$ Note Trustee 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 US$ Note Trustee’s assessment of compliance with the
Servicing Criteria, including disclosure of any material instance of non-compliance identified by the US$ Note Trustee. Such report must be signed by an Authorised Officer of the US$ Note Trustee, and must be substantially in the form of Schedule 6,
and address (A) each of the Servicing Criteria marked in Appendix A to Schedule 6 as “Applicable Servicing Criteria” and (B) any unmarked Servicing Criteria in Appendix A to Schedule 6, to the extent that the US$ Note Trustee is
involved in servicing activities relating to such Servicing Criteria, as mutually agreed upon by MLPL and the US$ Note Trustee 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 US$ Note Trustee and delivered pursuant to
paragraph (i) above. Such attestation will 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 US$ Note Trustee 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 23.19(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 US$ Note Trustee shall cause each such
delegate, if any, to comply with paragraphs (a)(i) and (ii) above as if references to the US$ Note Trustee in those paragraphs were references to such delegate, except that any assessment of compliance or accounting reports delivered by a
delegate of the US$ Note Trustee under paragraph (a)(i) or (ii) above need not address any elements of the Servicing Criteria other than those specified by the US$ Note Trustee to such delegate pursuant to Clause 23.19(a)(iii)(B).

  

	 	(c)	The US$ Note Trustee represents, warrants and agrees that each report required pursuant to this Clause 23.19 to be provided by the US$ Note Trustee 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 US$ Note Trustee or any delegate of the US$ Note Trustee to deliver any information, report, certification, accountant’s letter or other material when and as required under this Clause 23.19,
shall immediately and automatically, without notice or grace period, entitle the Manager, in its sole discretion: 

  
 61 

	 	(i)	to remove the US$ Note Trustee or direct the US$ Note Trustee to remove such delegate from the performance of any activities which MLPL reasonably determines to 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 US$ Note Trustee or such delegate with respect to such activities; 

provided that if directed by MLPL, the Manager shall so remove and replace the US$ Note Trustee 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. 

  
 62 

 SCHEDULE 1 

FORM OF CLASS A-1 BOOK-ENTRY NOTE 
  

					
	 Registered
		        CUSIP No:		$[    ]
	 No.
		        ISIN No:		
			        Common Code:		

 BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER
(A) IT IS NOT ACQUIRING THIS NOTE (OR INTEREST THEREIN) WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA; A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975
OF THE CODE, OR AN ENTITY DEEMED TO HOLD “PLAN ASSETS” OF THE FOREGOING UNDER 29 C.F.R. 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA (EACH SUCH PLAN OR ENTITY, A “BENEFIT PLAN INVESTOR”); OR A NON-U.S.
GOVERNMENTAL OR CHURCH PLAN THAT IS SUBJECT TO ANY NON-U.S. OR U.S. FEDERAL STATE OR LOCAL LAW THAT IS SIMILAR TO SECTION 406 OF THE ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”); OR (B) THE ACQUISITION AND
HOLDING OF THIS NOTE (OR INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (DUE TO THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED
TRANSACTION RULES) OR A VIOLATION OF ANY SIMILAR LAW; PROVIDED, FURTHER, THAT IF, AT THE TIME OF ACQUISITION OF THIS NOTE, THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR
APPLICABLE LOCAL LAW PURPOSES, THE PURCHASER OR TRANSFEREE OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT A BENEFIT PLAN INVESTOR. 

The following legend to appear on each Class A-1 Book-Entry Note: 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE BANK OF NEW YORK MELLON OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 The principal of this Class A-1
Note is payable in instalments as set forth below, in the US$ Note Trust Deed and in the US$ Note Conditions. Accordingly, the outstanding principal amount of this Class A-1 Note at any time may be less than the amount shown on the face of this
Class A-1 Note. 
 PERPETUAL TRUSTEE COMPANY LIMITED, ABN 42 000 001 007 (a limited liability company 

incorporated in Australia and registered in New South Wales)  

  
 63 

 in its capacity as trustee of the SMART ABS Series 2015-1US Trust (the SMART ABS
Trust)  
 (the Issuer) 

Class A-1 Note 
 This
Class A-1 Note is issued by the Issuer in an initial aggregate principal amount of US$[—] (the Class A-1 Note) and is: 

 

	(a)	constituted by a US$ Note Trust Deed dated 10 March 2015 (the US$ Note Trust Deed) made between the Issuer, Macquarie Leasing Pty Limited ABN 38 002 674 982 (MLPL), Macquarie Securities Management Pty
Limited ABN 26 003 435 443 as manager and The Bank of New York Mellon as trustee for the holders of the US$ Notes; and 

  

	(b)	issued subject to, and with the benefit of, amongst other things: 

  

	 	(i)	a Master Trust Deed (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, as
amended and supplemented from time to time; 

  

	 	(ii)	a Trust Creation Deed (Trust Creation Deed) dated 23 February 2015 executed by the Issuer; 

  

	 	(iii)	a Master Sale and Servicing Deed (Master Sale and Servicing Deed) dated 27 February 2007 between the Manager, the Issuer and MLPL, as amended and supplemented from time to time; 

 

	 	(iv)	a Series Supplement (the Series Supplement) dated 10 March 2015 between MLPL, Macquarie Bank Limited ABN 46 008 583 542, the Issuer and the Manager; 

 

	 	(v)	a Master Security Trust Deed (the Master Security Trust Deed) dated 27 February 2007 made between the Issuer, the Manager and P.T. Limited ABN 67 004 454 666, as amended and supplemented from time to time;

  

	 	(vi)	a General Security Deed (the General Security Deed) dated 23 February 2015 between the Manager, the Issuer, the US$ Note Trustee and P.T. Limited ABN 67 004 454 666; 

 

	 	(vii)	an Agency Agreement (the Agency Agreement) dated 10 March 2015 made between the Issuer, the Manager and The Bank of New York Mellon as US$ Note Trustee, Principal Paying Agent, the US$ Note Registrar and
Agent Bank; 

  

	 	(viii)	the US$ Note Trust Deed; and 

  

	 	(ix)	the Note Conditions in relation to the Class A-1 Notes as set out in the Annex to this Class A-1 Note (the Note Conditions). 

Unless defined in this Class A-1 Note, words and phrases defined in either or both of the US$ Note Trust Deed and the US$ Note Conditions have the same
meaning in this Class A-1 Note. Where there is any inconsistency in a definition between the US$ Note Trust Deed and the US$ Note Conditions, the US$ Note Trust Deed prevails. 

If this Class A-1 Note is a Class A-1 Book-Entry Note and the Issuer is obliged to issue Class A-1 Definitive Notes under Clause 3.5(a) of the
US$ Note Trust Deed, this Class A-1 Note will be exchangeable in whole upon its surrender at the offices of the US$ Note Registrar as specified in the US$ Note Conditions or notified to Class A-1 Noteholders from time to time (or such
other place as the US$ Note Trustee may agree) 

  
 64 

 
for Class A-1 Definitive Notes and the Issuer shall execute and procure that the US$ Note Trustee authenticates and delivers in full exchange for this Class A-1 Note, Class A-1
Definitive Notes in aggregate principal amount equal to the then Invested Amount of this Class A-1 Note subject to and in accordance with Clause 3.5(b) of the US$ Note Trust Deed and in accordance with the Agency Agreement. The Issuer is not
obliged to issue Class A-1 Definitive Notes until 30 days after the occurrence of an event set out in Clause 3.5(a) of the US$ Note Trust Deed. The Class A-1 Definitive Notes to be issued on that exchange will be in registered form
each in the denomination of US$1,000 and integral multiples of US$1,000 thereafter. 
 The Issuer, in its capacity as trustee of the SMART ABS Trust,
subject to and in accordance with this Class A-1 Note, the US$ Note Conditions, the Agency Agreement, the Master Trust Deed, the Series Supplement and the US$ Note Trust Deed, promises to pay to the nominee of the Clearing Agency (initially,
such nominee to be Cede & Co.), as the registered holder of this Class A-1 Note, or to registered assigns of this Class A-1 Note, the principal sum of US$[—] (or such part of
that amount as may become repayable under the US$ Note Conditions, the Series Supplement and the US$ Note Trust Deed) on such date(s) as that principal sum (or any part of it) becomes repayable in accordance with the US$ Note Conditions, the Series
Supplement and the US$ Note Trust Deed and to pay interest in arrears on each Distribution Date on the Invested Amount of this Class A-1 Note at rates determined in accordance with Condition 6 of the US$ Note Conditions. If the Issuer fails to
meet its obligations to issue Class A-1 Definitive Notes, this shall be without prejudice to the Issuer’s obligations with respect to the Class A-1 Notes under the US$ Note Trust Deed, the Master Trust Deed, the Series Supplement, the
Agency Agreement and this Class A-1 Note. 
 Payments of interest on this Class A-1 Note due and payable on each Distribution Date, together with
the instalment of principal, if any, shall be payable in accordance with Condition 8.1 of the US$ Note Conditions and the Agency Agreement. If this Class A-1 Note is a Class A-1 Book-Entry Note such payments will be made to the nominee of
the Clearing Agency (initially, such nominee to be Cede & Co.) and each of the persons appearing from time to time in the records of the Depository as the holder of a beneficial interest in a Class A-1 Note will be entitled to receive
any payment so made in respect of that Class A-1 Note only in accordance with the respective rules and procedures of the Depository. Such persons will have no claim directly against the Issuer in respect of payments due on the Class A-1
Notes which must be made by the holder of this Class A-1 Note, for so long as this Class A-1 Note is outstanding. 
 On any payment of
principal and/or interest on the Class A-1 Notes details of that payment shall be endorsed by or on behalf of the Issuer in the US$ Note Register and, in the case of payments of principal, the Invested Amount of the Class A-1 Notes shall
be reduced for all purposes by the amount so paid and endorsed in the US$ Note Register. Any such record shall be prima facie evidence that the payment in question has been made. 

This Class A-1 Note shall not become valid for any purpose unless and until the Certificate of Authentication attached has been signed by an Authorised
Officer or other duly appointed representatives of the US$ Note Trustee. 
 This Class A-1 Note is governed by, and shall be construed in accordance
with, the laws of the Australian Capital Territory, Australia. 
 If this Class A-1 Note is a Class A-1 Book-Entry Note, this Class A-1 Note
is a global note. 
 In Witness the Issuer has caused this Class A-1 Note to be signed manually by a person duly authorised on its behalf 

  

	
	Perpetual Trustee Company Limited by:

  
 65 

	
	   

	Authorised Officer/duly appointed representative

 Important Notes: 
 Neither
the Manager nor the Issuer is under any obligation at any time to repurchase any Class A-1 Notes from Class A-1 Noteholders. 
 This
Class A-1 Note is not a certificate of title and the US$ Note Register on which these Class A-1 Notes are registered is the only conclusive evidence of the title of the abovementioned person to the Class A-1 Notes. 

The Issuer issues this Class A-1 Note only in its role as trustee of the SMART ABS Trust. Any obligation or liability of the Issuer arising under or in
any way connected with the SMART ABS Trust under the Master Trust Deed, the Series Supplement, the US$ Note Trust Deed, this Class A-1 Note or any other Transaction Document to which the Issuer is a party is limited to the extent to which it
can be satisfied out of the assets of the SMART ABS Trust out of which the Issuer is actually indemnified for the obligation or liability. This limitation will not apply to any obligation or liability of the Issuer only to the extent that it is not
so satisfied because of any fraud, negligence or wilful default on the part of the Issuer. The Issuer will have no liability for any act or omission of the Manager or of any other person (other than a person whose acts or omissions the Issuer is
liable for in accordance with any Transaction Document). 
 Transfers of the Class A-1 Notes must be pursuant to the annexed form of assignment and
otherwise in accordance with clause 5.3 of the Agency Agreement. 
 None of the Manager or any other member of the Macquarie Bank group or the Issuer in its
personal capacity or as trustee of any other trust guarantees the payment or repayment of any principal, interest or other amounts owing in respect of the Class A-1 Notes. 

The Class A-1 Notes do not represent deposits or other liabilities of the Manager or any other member of the Macquarie Bank group. The holding of the
Class A-1 Notes is subject to investment risk, including possible delays in payment and loss of income and principal invested. None of the Manager or any other member of the Macquarie Bank group stand in any way behind the capital value and/or
performance of the Class A-1 Notes, or the assets held by the SMART ABS Trust. 
 There is a risk that, for the purposes of ERISA and the Code, the
Class A-1 Notes may be recharacterised as equity interests in the SMART ABS Trust after their initial issuance. In the event of a withdrawal or downgrade to below investment grade of the rating of the Class A-1 Notes or a characterization
of the Class A-1 Notes as other than indebtedness under applicable local law, the subsequent purchase of the Class A-1 Notes or any interest therein by or with the assets of a Benefit Plan Investor is and shall be prohibited. 

  
 66 

 Certificate of Authentication 

This Class A-1 Note is authenticated by The Bank of New York Mellon as US$ Note Trustee and until so authenticated shall not be valid for any purpose.

  

	
	The Bank of New York Mellon by:
	
	   

	  
 Authorised Officer/duly appointed representative

	
	Dated:                                    
                                         
       

  
 67 

 Assignment 

Social Security or taxpayer I.D., or other identifying number of assignee: 

For value received, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Class A-1 Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                , attorney, to transfer said Class A-1 Note
on the books kept for registration thereof, with full power of substitution in the premises. 
  

							
	 Dated:
		 				*
				
							Signature Guaranteed:
				
							 
				
							Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the US$ Note Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the US$ Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  

	*Note:	The signatures to this assignment must correspond with the name of the registered owner as it appears on the face of the within Class A-1 Note in every particular without alteration, enlargement or any change
whatsoever. 

  
 68 

 ANNEX 

[Insert completed US$ Note Conditions] 

  
 69 

 SCHEDULE 2 

FORM OF CLASS A-2[A/B] BOOK-ENTRY NOTE 
  

					
	 Registered
		        CUSIP No:		$[    ]
	 No.
		        ISIN No:		
			        Common Code:		

 BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER SHALL BE DEEMED TO REPRESENT AND WARRANT THAT
EITHER (A) IT IS NOT ACQUIRING THIS NOTE (OR INTEREST THEREIN) WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA; A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS
SUBJECT TO SECTION 4975 OF THE CODE, OR AN ENTITY DEEMED TO HOLD “PLAN ASSETS” OF THE FOREGOING UNDER 29 C.F.R. 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA (EACH SUCH PLAN OR ENTITY, A “BENEFIT PLAN
INVESTOR”); OR A NON-U.S. GOVERNMENTAL OR CHURCH PLAN THAT IS SUBJECT TO ANY NON-U.S. OR U.S. FEDERAL STATE OR LOCAL LAW THAT IS SIMILAR TO SECTION 406 OF THE ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”); OR (B) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (DUE TO THE APPLICABILITY OF A
STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION RULES) OR A VIOLATION OF ANY SIMILAR LAW; PROVIDED, FURTHER, THAT IF, AT THE TIME OF ACQUISITION OF THIS NOTE, THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR THIS NOTE HAS
BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES, THE PURCHASER OR TRANSFEREE OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT A BENEFIT PLAN INVESTOR. 

The following legend to appear on each Class A-2[a/b] Book-Entry Note: 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE BANK OF NEW YORK MELLON OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 70 

 The principal of this Class A-2[a/b] Note is payable in instalments as set forth below, in the US$ Note
Trust Deed and in the US$ Note Conditions. Accordingly, the outstanding principal amount of this Class A-2[a/b] Note at any time may be less than the amount shown on the face of this Class A-2[a/b] Note. PERPETUAL TRUSTEE COMPANY LIMITED,
ABN 42 000 001 007 (a limited liability company  
 incorporated in Australia and registered in New South Wales)  

in its capacity as trustee of the SMART ABS Series 2015-1US Trust (the SMART ABS Trust)  

(the Issuer) 

Class A-2[a/b] Note 
 This
Class A-2[a/b] Note is issued by the Issuer in an initial aggregate principal amount of US$[—] (the Class A-2[a/b] Note) and is:  

 

	(a)	constituted by a US$ Note Trust Deed dated 10 March 2015 (the US$ Note Trust Deed) made between the Issuer, Macquarie Leasing Pty Limited ABN 38 002 674 982 (MLPL), Macquarie Securities Management Pty
Limited ABN 26 003 435 443 as manager and The Bank of New York Mellon as trustee for the holders of the US$ Notes; and 

  

	(b)	issued subject to, and with the benefit of, amongst other things: 

  

	 	(i)	a Master Trust Deed (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, as
amended and supplemented from time to time; 

  

	 	(ii)	a Trust Creation Deed (Trust Creation Deed) dated 23 February 2015 executed by the Issuer; 

  

	 	(iii)	a Master Sale and Servicing Deed (Master Sale and Servicing Deed) dated 27 February 2007 between the Manager, the Issuer and MLPL, as amended and supplemented from time to time; 

 

	 	(iv)	a Series Supplement (the Series Supplement) dated 10 March 2015 between MLPL, Macquarie Bank Limited ABN 46 008 583 542, the Issuer and the Manager; 

 

	 	(v)	a Master Security Trust Deed (the Master Security Trust Deed) dated 27 February 2007 made between the Issuer, the Manager and P.T. Limited ABN 67 004 454 666, as amended and supplemented from time to time;

  

	 	(vi)	a General Security Deed (the General Security Deed) dated 23 February 2015 between the Manager, the Issuer, the US$ Note Trustee and P.T. Limited ABN 67 004 454 666; 

 

	 	(vii)	an Agency Agreement (the Agency Agreement) dated 10 March 2015 made between the Issuer, the Manager and The Bank of New York Mellon as US$ Note Trustee, Principal Paying Agent, the US$ Note Registrar and
Agent Bank; 

  

	 	(viii)	the US$ Note Trust Deed; and 

  

	 	(ix)	the Note Conditions in relation to the Class A-2[a/b] Notes as set out in the Annex to this Class A-2[a/b] Note (the Note Conditions). 

Unless defined in this Class A-2[a/b] Note, words and phrases defined in either or both of the US$ Note Trust Deed and the US$ Note Conditions have the
same meaning in this Class A-2[a/b] Note. Where there is 

  
 71 

 
any inconsistency in a definition between the US$ Note Trust Deed and the US$ Note Conditions, the US$ Note Trust Deed prevails. 

If this Class A-2[a/b] Note is a Class A-2[a/b] Book-Entry Note and the Issuer is obliged to issue Class A-2[a/b] Definitive Notes under Clause
3.5(a) of the US$ Note Trust Deed, this Class A-2[a/b] Note will be exchangeable in whole upon its surrender at the offices of the US$ Note Registrar as specified in the US$ Note Conditions or notified to Class A-2 Noteholders from time to
time (or such other place as the US$ Note Trustee may agree) for Class A-2[a/b] Definitive Notes and the Issuer shall execute and procure that the US$ Note Trustee authenticates and delivers in full exchange for this Class A-2[a/b] Note,
Class A-2[a/b] Definitive Notes in aggregate principal amount equal to the then Invested Amount of this Class A-2[a/b] Note subject to and in accordance with Clause 3.5(b) of the US$ Note Trust Deed and in accordance with the Agency
Agreement. The Issuer is not obliged to issue Class A-2[a/b] Definitive Notes until 30 days after the occurrence of an event set out in Clause 3.5(a) of the US$ Note Trust Deed. The Class A-2[a/b] Definitive Notes to be issued on that
exchange will be in registered form each in the denomination of US$1,000 and integral multiples of US$1,000 thereafter. 
 The Issuer, in its capacity as
trustee of the SMART ABS Trust, subject to and in accordance with this Class A-2[a/b] Note, the US$ Note Conditions, the Agency Agreement, the Master Trust Deed, the Series Supplement and the US$ Note Trust Deed, promises to pay to the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), as the registered holder of this Class A-2[a/b] Note, or to registered assigns of this Class A-2[a/b] Note, the principal sum of US$[—] (or such part of that amount as may become repayable under the US$ Note Conditions, the Series Supplement and the US$ Note Trust Deed) on such date(s) as that principal sum (or any part of it) becomes
repayable in accordance with the US$ Note Conditions, the Series Supplement and the US$ Note Trust Deed and to pay interest in arrears on each Distribution Date on the Invested Amount of this Class A-2[a/b] Note at rates determined in
accordance with Condition 6 of the US$ Note Conditions. If the Issuer fails to meet its obligations to issue Class A-2[a/b] Definitive Notes, this shall be without prejudice to the Issuer’s obligations with respect to the
Class A-2[a/b] Notes under the US$ Note Trust Deed, the Master Trust Deed, the Series Supplement, the Agency Agreement and this Class A-2[a/b] Note. 

Payments of interest on this Class A-2[a/b] Note due and payable on each Distribution Date, together with the instalment of principal, if any, shall be
payable in accordance with Condition 8.1 of the US$ Note Conditions and the Agency Agreement. If this Class A-2[a/b] Note is a Class A-2[a/b] Book-Entry Note such payments will be made to the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.) and each of the persons appearing from time to time in the records of the Depository as the holder of a beneficial interest in a Class A-2[a/b] Note will be entitled to receive any payment so made in respect
of that Class A-2[a/b] Note only in accordance with the respective rules and procedures of the Depository. Such persons will have no claim directly against the Issuer in respect of payments due on the Class A-2[a/b] Notes which must be
made by the holder of this Class A-2[a/b] Note, for so long as this Class A-2[a/b] Note is outstanding. 
 On any payment of principal
and/or interest on the Class A-2[a/b] Notes details of that payment shall be endorsed by or on behalf of the Issuer in the US$ Note Register and, in the case of payments of principal, the Invested Amount of the Class A-2[a/b] Notes shall
be reduced for all purposes by the amount so paid and endorsed in the US$ Note Register. Any such record shall be prima facie evidence that the payment in question has been made. 

This Class A-2[a/b] Note shall not become valid for any purpose unless and until the Certificate of Authentication attached has been signed by an
Authorised Officer or other duly appointed representatives of the US$ Note Trustee. 
 This Class A-2[a/b] Note is governed by, and shall be construed
in accordance with, the laws of the Australian Capital Territory, Australia. 

  
 72 

 If this Class A-2[a/b] Note is a Class A-2[a/b] Book-Entry Note, this Class A-2[a/b] Note is a
global note. 
 In Witness the Issuer has caused this Class A-2[a/b] Note to be signed manually by a person duly authorised on its behalf 

  

	
	Perpetual Trustee Company Limited by:
	
	   

	Authorised Officer/duly appointed representative

 Important Notes: 
 Neither
the Manager nor the Issuer is under any obligation at any time to repurchase any Class A-2[a/b] Notes from Class A-2 Noteholders. 
 This
Class A-2[a/b] Note is not a certificate of title and the US$ Note Register on which these Class A-2[a/b] Notes are registered is the only conclusive evidence of the title of the abovementioned person to the Class A-2[a/b] Notes. 

The Issuer issues this Class A-2[a/b] Note only in its role as trustee of the SMART ABS Trust. Any obligation or liability of the Issuer arising under or
in any way connected with the SMART ABS Trust under the Master Trust Deed, the Series Supplement, the US$ Note Trust Deed, this Class A-2[a/b] Note or any other Transaction Document to which the Issuer is a party is limited to the extent to
which it can be satisfied out of the assets of the SMART ABS Trust out of which the Issuer is actually indemnified for the obligation or liability. This limitation will not apply to any obligation or liability of the Issuer only to the extent that
it is not so satisfied because of any fraud, negligence or wilful default on the part of the Issuer. The Issuer will have no liability for any act or omission of the Manager or of any other person (other than a person whose acts or omissions the
Issuer is liable for in accordance with any Transaction Document). 
 Transfers of the Class A-2[a/b] Notes must be pursuant to the annexed form of
assignment and otherwise in accordance with clause 5.3 of the Agency Agreement. 
 None of the Manager or any other member of the Macquarie Bank group or
the Issuer in its personal capacity or as trustee of any other trust guarantees the payment or repayment of any principal, interest or other amounts owing in respect of the Class A-2[a/b] Notes. 

The Class A-2[a/b] Notes do not represent deposits or other liabilities of the Manager or any other member of the Macquarie Bank group. The holding of
the Class A-2[a/b] Notes is subject to investment risk, including possible delays in payment and loss of income and principal invested. None of the Manager or any other member of the Macquarie Bank group stand in any way behind the capital
value and/or performance of the Class A-2[a/b] Notes, or the assets held by the SMART ABS Trust. 
 There is a risk that, for the purposes of ERISA and
the Code, the Class A-2[a/b] Notes may be recharacterised as equity interests in the SMART ABS Trust after their initial issuance. In the event of a withdrawal or downgrade to below investment grade of the rating of the Class A-2[a/b]
Notes or a characterization of the Class A-2[a/b] Notes as other than indebtedness under applicable local law, the subsequent purchase of the Class A-2[a/b] Notes or any interest therein by or with the assets of a Benefit Plan Investor is
and shall be prohibited. 

  
 73 

 Certificate of Authentication 

This Class A-2[a/b] Note is authenticated by The Bank of New York Mellon as US$ Note Trustee and until so authenticated shall not be valid for any
purpose. 
  

	
	The Bank of New York Mellon by:
	
	   

	Authorised Officer/duly appointed representative
	
	Dated:                                    
                                         
       

  
 74 

 Assignment 

Social Security or taxpayer I.D., or other identifying number of assignee: 

For value received, the undersigned hereby sells, assigns and transfers unto 
  

			
	 
	(name and address of assignee)

 the within Class A-2[a/b] Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        ,
attorney, to transfer said Class A-2[a/b] Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

									
	Dated:		 				*
							Signature Guaranteed:
				
							 
							Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the US$ Note Registrar, which requirements include membership or participation in STAMP or such other
“signature guarantee program” as may be determined by the US$ Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  

	* Note:  	The signatures to this assignment must correspond with the name of the registered owner as it appears on the face of the within Class A-2[a/b] Note in every particular without alteration, enlargement or any change
whatsoever. 

  
 75 

 ANNEX 

[Insert completed US$ Note Conditions] 

  
 76 

 SCHEDULE 3 

FORM OF CLASS A-3[A/B] BOOK-ENTRY NOTE 
  

							
	Registered				CUSIP No:		$[     ]
	No.				ISIN No:		
					Common Code:		

 BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER SHALL BE DEEMED TO REPRESENT AND WARRANT THAT
EITHER (A) IT IS NOT ACQUIRING THIS NOTE (OR INTEREST THEREIN) WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA; A “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE
CODE, OR AN ENTITY DEEMED TO HOLD “PLAN ASSETS” OF THE FOREGOING UNDER 29 C.F.R. 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA (EACH SUCH PLAN OR ENTITY, A “BENEFIT PLAN INVESTOR”); OR A NON-U.S. GOVERNMENTAL OR CHURCH
PLAN THAT IS SUBJECT TO ANY NON-U.S. OR U.S. FEDERAL STATE OR LOCAL LAW THAT IS SIMILAR TO SECTION 406 OF THE ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”); OR (B) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST
THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (DUE TO THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION RULES) OR A VIOLATION OF
ANY SIMILAR LAW; PROVIDED, FURTHER, THAT IF, AT THE TIME OF ACQUISITION OF THIS NOTE, THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES, THE PURCHASER
OR TRANSFEREE OF THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT A BENEFIT PLAN INVESTOR.  

The following legend to appear on each Class A-3[a/b] Book-Entry Note: 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
BANK OF NEW YORK MELLON OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 77 

 The principal of this Class A-3[a/b] Note is payable in instalments as set forth below, in the US$ Note
Trust Deed and in the US$ Note Conditions. Accordingly, the outstanding principal amount of this Class A-3[a/b] Note at any time may be less than the amount shown on the face of this Class A-3[a/b] Note. PERPETUAL TRUSTEE COMPANY LIMITED,
ABN 42 000 001 007 (a limited liability company  
 incorporated in Australia and registered in New South Wales)  

in its capacity as trustee of the SMART ABS Series 2015-1US Trust (the SMART ABS Trust)  

(the Issuer) 

Class A-3[a/b] Note 
 This
Class A-3[a/b] Note is issued by the Issuer in an initial aggregate principal amount of US$[•] (the Class A-3[a/b] Note) and is:  
  

	(a)	constituted by a US$ Note Trust Deed dated 10 March 2015 (the US$ Note Trust Deed) made between the Issuer, Macquarie Leasing Pty Limited ABN 38 002 674 982 (MLPL), Macquarie Securities Management Pty Limited ABN
26 003 435 443 as manager and The Bank of New York Mellon as trustee for the holders of the US$ Notes; and 

  

	(b)	issued subject to, and with the benefit of, amongst other things, 

  

	 	(i)	a Master Trust Deed (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, as
amended and supplemented from time to time; 

  

	 	(ii)	a Trust Creation Deed (Trust Creation Deed) dated 23 February 2015 executed by the Issuer; 

  

	 	(iii)	a Master Sale and Servicing Deed (Master Sale and Servicing Deed) dated 27 February 2007 between the Manager, the Issuer and Macquarie MLPL, as amended and supplemented from time to time;

  

	 	(iv)	a Series Supplement (the Series Supplement) dated 10 March 2015 between MLPL, Macquarie Bank Limited ABN 46 008 583 542, the Issuer and the Manager; 

 

	 	(v)	a Master Security Trust Deed (the Master Security Trust Deed) dated 27 February 2007 made between the Issuer, the Manager and P.T. Limited ABN 67 004 454 666, as amended and supplemented from time to time;

  

	 	(vi)	a General Security Deed (the General Security Deed) dated 23 February 2015 between the Manager, the Issuer, the US$ Note Trustee and P.T. Limited ABN 67 004 454 666; 

 

	 	(vii)	an Agency Agreement (the Agency Agreement) dated 10 March 2015 made between the Issuer, the Manager, The Bank of New York Mellon as US$ Note Trustee, Principal Paying Agent, the US$ Note Registrar and Agent
Bank; 

  

	 	(viii)	the US$ Note Trust Deed; and 

  

	 	(ix)	the Note Conditions in relation to the Class A-3[a/b] Notes as set out in the Annex to this Class A-3[a/b] Note (the Note Conditions). 

Unless defined in this Class A-3[a/b] Note, words and phrases defined in either or both of the US$ Note Trust Deed and the US$ Note Conditions have the
same meaning in this Class A-3[a/b] Note. Where there is 

  
 78 

 
any inconsistency in a definition between the US$ Note Trust Deed and the US$ Note Conditions, the US$ Note Trust Deed prevails. 

If this Class A-3[a/b] Note is a Class A-3[a/b] Book-Entry Note and the Issuer is obliged to issue Class A-3[a/b] Definitive Notes under Clause
3.5(a) of the US$ Note Trust Deed, this Class A-3[a/b] Note will be exchangeable in whole upon its surrender at the offices of the US$ Note Registrar as specified in the US$ Note Conditions or notified to Class A-3 Noteholders from time to
time (or such other place as the US$ Note Trustee may agree) for Class A-3[a/b] Definitive Notes and the Issuer shall execute and procure that the US$ Note Trustee authenticates and delivers in full exchange for this Class A-3[a/b] Note,
Class A-3[a/b] Definitive Notes in aggregate principal amount equal to the then Invested Amount of this Class A-3[a/b] Note subject to and in accordance with Clause 3.5(b) of the US$ Note Trust Deed and in accordance with the Agency
Agreement. The Issuer is not obliged to issue Class A-3[a/b] Definitive Notes until 30 days after the occurrence of an event set out in Clause 3.5(a) of the US$ Note Trust Deed. The Class A-3[a/b] Definitive Notes to be issued on that
exchange will be in registered form each in the denomination of US$1,000 and integral multiples of US$1,000 thereafter. 
 The Issuer, in its capacity as
trustee of the SMART ABS Trust, subject to and in accordance with this Class A-3[a/b] Note, the US$ Note Conditions, the Agency Agreement, the Master Trust Deed, the Series Supplement and the US$ Note Trust Deed, promises to pay to the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), as the registered holder of this Class A-3[a/b] Note, or to registered assigns of this Class A-3[a/b] Note, the principal sum of US$[•] (or such part of that
amount as may become repayable under the US$ Note Conditions, the Series Supplement and the US$ Note Trust Deed) on such date(s) as that principal sum (or any part of it) becomes repayable in accordance with the US$ Note Conditions, the Series
Supplement and the US$ Note Trust Deed and to pay interest in arrears on each Distribution Date on the Invested Amount of this Class A-3[a/b] Note at rates determined in accordance with Condition 6 of the US$ Note Conditions. If the Issuer
fails to meet its obligations to issue Class A-3[a/b] Definitive Notes, this shall be without prejudice to the Issuer’s obligations with respect to the Class A-3[a/b] Notes under the US$ Note Trust Deed, the Master Trust Deed, the
Series Supplement, the Agency Agreement and this Class A-3[a/b] Note. 
 Payments of interest on this Class A-3[a/b] Note due and payable on each
Distribution Date, together with the instalment of principal, if any, shall be payable in accordance with Condition 8.1 of the US$ Note Conditions and the Agency Agreement. If this Class A-3[a/b] Note is a Class A-3[a/b] Book-Entry Note
such payments will be made to the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.) and each of the persons appearing from time to time in the records of the Depository as the holder of a beneficial interest in a
Class A-3[a/b] Note will be entitled to receive any payment so made in respect of that Class A-3[a/b] Note only in accordance with the respective rules and procedures of the Depository. Such persons will have no claim directly against the
Issuer in respect of payments due on the Class A-3[a/b] Notes which must be made by the holder of this Class A-3[a/b] Note, for so long as this Class A-3[a/b] Note is outstanding. 

On any payment of principal and/or interest on the Class A-3[a/b] Notes details of that payment shall be endorsed by or on behalf of the Issuer in
the US$ Note Register and, in the case of payments of principal, the Invested Amount of the Class A-3[a/b] Notes shall be reduced for all purposes by the amount so paid and endorsed in the US$ Note Register. Any such record shall be prima
facie evidence that the payment in question has been made. 
 This Class A-3[a/b] Note shall not become valid for any purpose unless and
until the Certificate of Authentication attached has been signed by an Authorised Officer or other duly appointed representatives of the US$ Note Trustee. 

This Class A-3[a/b] Note is governed by, and shall be construed in accordance with, the laws of the Australian Capital Territory, Australia. 

  
 79 

 If this Class A-3[a/b] Note is a Class A-3[a/b] Book-Entry Note, this Class A-3[a/b] Note is a
global note. 
 In Witness the Issuer has caused this Class A-3[a/b] Note to be signed manually by a person duly authorised on its behalf 

 Perpetual Trustee Company Limited by: 
  

	
	
	   

	Authorised Officer/duly appointed representative

 Important Notes: 
 Neither
the Manager nor the Issuer is under any obligation at any time to repurchase any Class A-3[a/b] Notes from Class A-3 Noteholders. 
 This
Class A-3[a/b] Note is not a certificate of title and the US$ Note Register on which these Class A-3[a/b] Notes are registered is the only conclusive evidence of the title of the abovementioned person to the Class A-3[a/b] Notes. 

The Issuer issues this Class A-3[a/b] Note only in its role as trustee of the SMART ABS Trust. Any obligation or liability of the Issuer arising under or
in any way connected with the SMART ABS Trust under the Master Trust Deed, the Series Supplement, the US$ Note Trust Deed, this Class A-3[a/b] Note or any other Transaction Document to which the Issuer is a party is limited to the extent to
which it can be satisfied out of the assets of the SMART ABS Trust out of which the Issuer is actually indemnified for the obligation or liability. This limitation will not apply to any obligation or liability of the Issuer only to the extent that
it is not so satisfied because of any fraud, negligence or wilful default on the part of the Issuer. The Issuer will have no liability for any act or omission of the Manager or of any other person (other than a person whose acts or omissions the
Issuer is liable for in accordance with any Transaction Document). 
 Transfers of the Class A-3[a/b] Notes must be pursuant to the annexed form of
assignment and otherwise in accordance with clause 5.3 of the Agency Agreement. 
 None of the Manager or any other member of the Macquarie Bank group or
the Issuer in its personal capacity or as trustee of any other trust guarantees the payment or repayment of any principal, interest or other amounts owing in respect of the Class A-3[a/b] Notes. 

The Class A-3[a/b] Notes do not represent deposits or other liabilities of the Manager or any other member of the Macquarie Bank group. The holding of
the Class A-3[a/b] Notes is subject to investment risk, including possible delays in payment and loss of income and principal invested. None of the Manager or any other member of the Macquarie Bank group stand in any way behind the capital
value and/or performance of the Class A-3[a/b] Notes, or the assets held by the SMART ABS Trust. 
 There is a risk that, for the purposes of ERISA and
the Code, the Class A-3[a/b] Notes may be recharacterised as equity interests in the SMART ABS Trust after their initial issuance. In the event of a withdrawal or downgrade to below investment grade of the rating of the Class A-3[a/b]
Notes or a characterization of the Class A-3[a/b] Notes as other than indebtedness under applicable local law, the subsequent purchase of the Class A-3[a/b] Notes or any interest therein by or with the assets of a Benefit Plan Investor is
and shall be prohibited. 

  
 80 

 Certificate of Authentication 

This Class A-3[a/b] Note is authenticated by The Bank of New York Mellon as US$ Note Trustee and until so authenticated shall not be valid for any
purpose. 
  

			
	The Bank of New York Mellon by:
		
		 	 
	Authorised Officer/duly appointed representative
	
	Dated:                              
                                         
             

  
 81 

 Assignment 

Social Security or taxpayer I.D., or other identifying number of assignee: 

For value received, the undersigned hereby sells, assigns and transfers unto 
  

	
	 
	(name and address of assignee)

 the within Class A-3[a/b] Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                    , attorney, to transfer
said Class A-3[a/b] Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

									
	Dated:		 				*
							Signature Guaranteed:
				
							 
							Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the US$ Note Registrar, which requirements include membership or participation in STAMP or such other
“signature guarantee program” as may be determined by the US$ Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  

	* Note:	The signatures to this assignment must correspond with the name of the registered owner as it appears on the face of the within Class A-3[a/b] Note in every particular without alteration, enlargement or any
change whatsoever. 

  
 82 

 ANNEX 

[Insert completed US$ Note Conditions] 

  
 83 

 SCHEDULE 4 

FORM OF NOTE TERMS AND CONDITIONS 
 US$
Note Terms and Conditions 
 The following, subject to amendments, are the terms and conditions (as applicable) of the Class A-1 Notes, the
Class A-2 Notes and the Class A-3 Notes, substantially as they will appear on the reverse of any Class A-1 Note, Class A-2 Note or Class A-3 Note. Class A-1 Notes, Class A-2 Notes and Class A-3 Notes will
initially be issued in book-entry form. Class A-1 Notes, Class A-2 Notes and Class A-3 Notes in definitive form will only be issued in limited circumstances. While the Class A-1 Notes, Class A-2 Notes and Class A-3
Notes remain in book-entry form, the same terms and conditions govern them, except to the extent that they are appropriate only to the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes in definitive form. 

 

	1.	General 

 The issue of the: 

 

	 	(a)	US$[104,000,000] Class A-1 Asset Backed Fixed Rate Notes due March 2016 (the “Class A-1 Notes”); 

  

	 	(b)	US$[•] Class A-2a Asset Backed Fixed Rate Notes due August 2017 (the “Class A-2a Notes”); 

  

	 	(c)	US$[•] Class A-2b Asset Backed Floating Rate Notes due August 2017 (the “Class A-2b Notes” and together with the Class A-2a Notes, the “Class A-2 Notes”);

  

	 	(d)	US$[•] Class A-3a Asset Backed Fixed Rate Notes due September 2018 (the “Class A-3a Notes” and together with the Class A-1 Notes and the Class A-2a Notes, the “US$ Fixed Rate
Notes”); 

  

	 	(e)	US$[•] Class A-3b Asset Backed Floating Rate Notes due September 2018 (the “Class A-3b Notes” and together with the Class A-3a Notes, the “Class A-3 Notes”; the
Class A-3b Notes together with the Class A-2b Notes, the “US$ Floating Rate Notes”; the Class A-3 Notes together with the Class A-1 Notes and the Class A-2 Notes, the “US$ Notes”);

  

	 	(f)	A$[193,000,000] Class A-4 Asset Backed Floating Rate Notes due March 2022 (the “Class A-4 Notes”, together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the
“Class A Notes”); 

  

	 	(g)	A$[14,752,000] Class B Asset Backed Floating Rate Notes due March 2022 (the “Class B Notes”); and 

  

	 	(h)	A$[ 81,137,000] Seller Note Asset Backed Floating Rate Notes due March 2022 (the “Seller Notes”, together with the Class A-4 Notes and the Class B Notes, the “A$ Notes” ),

  
 84 

 by Perpetual Trustee Company Limited ABN 42 000 001 007, (“Perpetual”) in
its capacity as trustee of the SMART ABS Series 2015-1US Trust (the “Series Trust”) (Perpetual in such capacity, the “Issuer Trustee”) has been authorised. 

The US$ Notes: (a) are constituted by a US$ Note Trust Deed (the “US$ Note Trust Deed”) dated 10 March 2015
made between the Issuer Trustee, Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”), Macquarie Leasing Pty Limited ABN 38 002 674 982 (“MLPL”) and The Bank of New York Mellon (the
“US$ Note Trustee”) as trustee for the several persons who are for the time being registered holders of the US$ Notes (each a “US$ Noteholder” and together the “US$ Noteholders”); and (b) are
issued subject to, and with the direct or indirect benefit of, amongst other things (i) a Master Trust Deed (the “Master Trust Deed”) dated 11 March 2002 made between the Manager and Permanent Custodians Limited ACN 001
426 384, the rights and obligations of which were assumed by the Issuer Trustee, as amended and supplemented from time to time; (ii) a Trust Creation Deed (“Trust Creation Deed”) dated 23 February 2015 executed by the
Issuer Trustee; (iii) a Master Sale and Servicing Deed (“Master Sale and Servicing Deed”) dated 27 February 2007 between the Manager, the Issuer Trustee and MLPL, as amended and supplemented from time to time; (iv) a
Series Supplement (the “Series Supplement”) dated 10 March 2015 between the Manager, the Issuer Trustee, MLPL and Macquarie Bank Limited ABN 46 008 583 542; (v) a Master Security Trust Deed (the “Master Security
Trust Deed”) dated 27 February 2007 between the Issuer Trustee, the Manager and P.T. Limited ABN 67 004 454 666 (the “Security Trustee”), as amended and supplemented from time to time; (vi) a General Security Deed
(the “General Security Deed”) dated 23 February 2015 between the Manager, the Issuer Trustee, the US$ Note Trustee and the Security Trustee; (vii) the US$ Note Trust Deed; (viii) these terms and conditions (the
“Conditions”); and (ix) the Agency Agreement (as defined below). 
 The Class A Notes will in turn be
divided into the following 4 sub-classes: Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes. 
 The
Class A-2 Notes will be further divided into 2 sub-classes: the Class A-2a Notes (being fixed interest bearing Class A-2 Notes) and the Class A-2b Notes (being floating interest bearing Class A-2 Notes). 

The Class A-3 Notes will be further divided into 2 sub-classes: the Class A-3a Notes (being fixed interest bearing Class A-3
Notes) and the Class A-3b Notes (being floating interest bearing Class A-3 Notes). 
 The Class A-4 Notes, the Class B Notes
and the Seller Notes to be issued on the Closing Date will be issued under and in accordance with the Series Supplement. 
 Certain
provisions of these Conditions (including the definitions herein) are summaries of the Transaction Documents (as defined in Condition 2.2) and are subject to the detailed provisions of the Transaction Documents, a copy of which may be
inspected as indicated in Condition 3. 
 Payments of interest and principal, and the calculation of certain amounts and
rates, under these Conditions in respect of the US$ Notes will be made pursuant to an Agency Agreement (the “Agency Agreement”) dated 10 March 2015 between the Issuer Trustee, the Manager and The Bank of New York Mellon as the
US$ Note Trustee, the initial principal paying agent (the “Principal Paying Agent”) (together with any other paying agent appointed from time to time under the Agency Agreement, the “Paying Agents”), the initial
agent bank (the “Agent Bank”) and the initial US$ note registrar (the “US$ Note Registrar”). 
 The
Issuer Trustee has entered into an ISDA Master Agreement together with a schedule (the “Currency Swap Agreement”) with Australia and New Zealand Banking Group Limited ABN 11 005 357 522 and the Manager. Pursuant to the ISDA Master
Agreement, Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (the “Currency Swap Provider”) has entered into currency swap transactions relating to each of the Class A-1 Notes (the “Class A-1
Currency 

  
 85 

 
Swap”), the Class A-2a Notes (the “Class A-2a Currency Swap”), the Class A-2b Notes (the “Class A-2b Currency Swap”), the Class A-3a
Notes (the “Class A-3a Currency Swap”) and the Class A-3b Notes (the “Class A-3b Currency Swap”). 

The Issuer Trustee has entered into an ISDA Master Agreement together with a schedule (the “Fixed Rate Swap Agreement”)
with Macquarie Bank Limited ABN 46 008 583 542 and the Manager. Pursuant to the ISDA Master Agreement, Macquarie Bank Limited ABN 46 008 583 542 (the “Fixed Rate Swap Provider”) has entered into a fixed rate swap transaction (the
“Fixed Rate Swap”).  
 “US$” and “US dollars” means the lawful currency for the
time being of the United States of America and “A$” means the lawful currency for the time being of the Commonwealth of Australia. 
  

	2.	Definitions and interpretation 

  

	2.1	Incorporated terms 

 Unless otherwise defined herein or the context requires
otherwise, and subject to Condition 2.2 words and expressions which are defined in the Master Trust Deed, the Master Sale and Servicing Deed or the Series Supplement have the same meanings herein. Where there is any inconsistency in a
definition between the Master Trust Deed and the Master Sale and Servicing Deed (on the one hand) and the Series Supplement (on the other hand), the Series Supplement prevails. Where there is any inconsistency in a definition between the Master
Trust Deed (on the one hand) and 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 these Conditions. 

 

	2.2	Incorporated Definitions and other Provisions 

 Where in these Conditions 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, to
that other Transaction Document or to that other provision (as the case may be) will be of no effect for the purposes of these Conditions unless and until the amendment is either: 

 

	 	(a)	if the US$ Note Trustee is of the opinion that the amendment will not be materially prejudicial to the interests of the Class A-1 Noteholders, the Class A-2 Noteholders and the Class A-3 Noteholders,
consented to in writing by the US$ Note Trustee; or 

  

	 	(b)	otherwise approved by an Extraordinary Resolution (as defined in the US$ Note Trust Deed) of the Class A-1 Noteholders, the Class A-2 Noteholders and the Class A-3 Noteholders under the US$ Note Trust
Deed. 

 “Transaction Documents” means the Master Trust Deed in so far as it relates to the Series Trust, the
Trust Creation Deed, the Series Supplement, the Fixed Rate Swap Agreement and the swap confirmation entered into under such agreement, the Currency Swap Agreement, the Class A-1 Currency Swap, the Class A-2a Currency Swap, the
Class A-2b Currency Swap, the Class A-3a Currency Swap, the Class A-3b Currency Swap, , the Master Sale and Servicing Deed in so far as it relates to the Series Trust, each Letter of Offer and Transfer Proposal relating to the Series
Trust, the Master Security Trust Deed in so far as it relates to the Series Trust, the General Security Deed, the US$ Note Trust Deed, each Note, the US$ Note Conditions, the Agency Agreement and any other

  
 86 

 
document which is agreed from time to time by the Manager and the Issuer Trustee to be a Transaction Document in relation to the Series Trust. 

 

	2.3	Interpretation 

 In these Conditions, unless the context otherwise requires:
(a) a reference to a party includes that party’s executors, administrators, successors, substitutes and assigns, including any person replacing that party by way of novation; (b) a reference to any regulation or to any section or
provision thereof includes any statutory modification or re-enactment or any statutory provision substituted therefor and all ordinances, by-laws, regulations and other statutory instruments issued thereunder; (c) subject to Condition
2.2, a reference to any document or agreement is a reference to such document or agreement as amended, varied, supplemented or replaced from time to time; (d) words importing the singular include the plural (and vice versa); (e) words
denoting a given gender include all other genders; and (f) headings are for convenience only and do not affect the interpretation of these Conditions. 
  

	2.4	Calculations 

 Except as expressly provided otherwise in these Conditions, all
calculations in a given currency under these Conditions will be rounded to the nearest cent (half a cent being rounded upwards) in that currency and all other calculations and percentages determined hereunder will be rounded down to the nearest 3
decimal places. 
  

	3.	US$ Noteholders bound 

 The US$ Noteholders are bound by, and are deemed to have notice
of, all the provisions of the Transaction Documents. A copy of each Transaction Document is available for inspection upon reasonable prior notice and during normal business hours on New York City business days at the New York City office of the US$
Note Trustee (which is, at the date of these Conditions, 101 Barclay Street, Floor 7-East, New York N.Y. 10286). 
  

	4.	Form, denomination and title of and to, and the issue of definitive, US$ Notes 

  

	4.1	Form and denomination 

 The US$ Notes will initially be issued in registered
book-entry form, without interest coupons, in a minimum denomination of US$1,000 and integral multiples of US$1,000 thereafter. The initial principal amount of each US$ Note (the “Initial Invested Amount” in relation to that US$
Note) will be stated on its face. 
 The US$ Notes will be issued in definitive form in limited specific circumstances only, as
provided for in the US$ Note Trust Deed. 
  

	4.2	Title 

 Title to the US$ Notes will only be shown on, and will only pass by
registration in, the register maintained by the US$ Note Registrar (the “US$ Note Register”) in accordance with the Agency Agreement. US$ Notes may be transferred, or may be exchanged for other US$ Notes of the same Class or
Sub-Class in any authorised denominations and a like Invested Amount (as defined in the Series Supplement), upon the surrender of the US$ Notes to be transferred or exchanged duly endorsed with or accompanied by a written instrument of transfer and
exchange duly executed (with 

  
 87 

 
such execution guaranteed by an eligible guarantor institution) and the provision of such other documents as the US$ Note Registrar may reasonably require, to a specified office of the US$
Note Registrar (as set out at the end of these Conditions or otherwise notified to US$ Noteholders) subject to and in accordance with the Agency Agreement. No service charge may be made for any transfer or exchange, 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. The US$ Note Registrar need not register transfers or exchanges of
US$ Notes for a period of, in the case of book-entry notes, 2 Business Days or, in the case of definitive notes, 20 days preceding the due date for any payment with respect to the US$ Notes or for a period, not exceeding 20 days, specified by the
US$ Note Trustee prior to any meeting, which includes US$ Noteholders, under the Master Trust Deed or the Master Security Trust Deed. The Issuer Trustee, the US$ Note Trustee, the Manager, the Agent Bank and each Paying Agent 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 Trustee, the US$ Note Trustee, the Manager, the Agent Bank, any Paying Agent
or 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. 

 

	5.	Status, security and relationship between the Class A Notes, the Class B Notes and the Seller Notes 

  

	5.1	Status of the Notes 

 The A$ Notes and the US$ Notes (together with the A$ Notes,
the “Notes”) are direct, secured (as described in Condition 5.2) and limited recourse (as described in Condition 5.3) obligations of the Issuer Trustee.  

 

	5.2	Security 

 The obligations of the Issuer Trustee under the Notes are (amongst the
other payment obligations of the Issuer Trustee comprising the Secured Moneys (as defined in the General Security Deed)) secured, pursuant to the Master Security Trust Deed and the General Security Deed in favour of the Security Trustee as trustee
for the Secured Creditors (as defined in the General Security Deed), against all of the assets (including choses in action, covenants, agreements, undertakings, representations, warranties and other rights), tangible and intangible, present or
future, held by the Issuer Trustee from time to time, of the Series Trust (the “Secured Property”) by virtue of a combination of: 
  

	 	(a)	a security interest (as defined in the PPS Act) over all Secured Property which is subject to the PPSA; and 

  

	 	(b)	a floating charge over all Secured Property which is not subject to the PPSA (such charge, together with the security interest, being the “Security”). 

The Secured Property includes an equitable interest in certain receivables arising under or pursuant to a Lease Contract, a Loan Contract or a
Hire Purchase Contract and the asset or assets the subject of those Lease Contracts or Hire Purchase Contracts sold on the Closing Date to the Issuer Trustee by Perpetual as trustee of each of the three warehouse trusts established under the Master
Trust Deed and/or by the Seller. The Security is a first ranking security, subject only to the Prior Interest (as defined in the Master Security Trust Deed) in the Secured Property. 

  
 88 

	5.3	Limited recourse 

 The liability of the Issuer Trustee to make interest and
principal payments on the US$ Notes is limited, except in certain limited circumstances described in Condition 12, to the extent to which the Issuer Trustee is actually indemnified from the Assets of the Series Trust available for this
purpose in accordance with, and subject to the order of priority of payments in, the Series Supplement (prior to enforcement of the Security) or the Master Security Trust Deed and the General Security Deed (following enforcement of the Security).

 The net proceeds of realisation of the available assets and property of the Series Trust (including following enforcement of the
Security) may be insufficient to pay all amounts due to the US$ Noteholders and any other amounts ranking in priority to or equally with amounts due to the US$ Noteholders. Except in the limited circumstances described in Condition 12, the
assets of Perpetual held in its personal capacity will not be available for payment of any shortfall arising and all claims in respect of such shortfall will be extinguished. The assets of Perpetual held in its capacity as trustee of any other trust
(including any other series trust established pursuant to the Master Trust Deed) will not in any circumstances be available to pay any amounts due to US$ Noteholders. 

None of Macquarie Bank Limited, the Manager, the Seller, the Servicer, the US$ Note Trustee, the Security Trustee, the Paying Agent, the Agent
Bank, the Currency Swap Provider or the Unitholders, amongst others, has any obligation to any US$ Noteholder for payment of any amount owed by the Issuer Trustee in respect of the US$ Notes. 

 

	5.4	No preference within the Classes of US$ Note 

 The Class A-1 Notes rank equally and
rateably and without any preference or priority among themselves. The Class A-2 Notes rank equally and rateably and without any preference or priority among themselves. The Class A-3 Notes rank equally and rateably and without any
preference or priority among themselves. 
  

	5.5	Ranking of interest payments of Notes prior to enforcement 

 Prior to the enforcement of
the Security, under the Series Supplement the payment of the relevant A$ amount by the Issuer Trustee in respect of the US$ Notes to: 
  

	 	(a)	if a Currency Swap is in place for the relevant US$ Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, the Currency Swap Provider (which in each case will in turn be
applied under the Class A-1 Currency Swap, the Class A-2a Currency Swap, the Class A-2b Currency Swap, the Class A-3a Currency Swap and the Class A-3b Currency Swap to meet the payment of interest on the Class A-1
Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes and/or the Class A-3b Notes, as the case may be, as explained in Conditions 6.10 to 6.14 (inclusive)); or 

 

	 	(b)	if a Currency Swap is not in place for the relevant US$ Notes or if a Currency Swap is in place for the relevant US$ Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, to
the Principal Paying Agent in accordance with the Agency Agreement (after exchanging such A$ amount for US$ in the spot exchange market) (which in each case will in turn be applied to meet the payment of interest on the Class A-1 Notes, the
Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes and/or the Class A-3b Notes, as the case may be, as explained in Conditions 6.10 to 6.14 (inclusive)), 

  
 89 

 will rank equally with the Class A-4 Notes and ahead of the payment of interest on the Class
B Notes and the Seller Notes. 
 “Currency Swap Provider Payment Default” has the same meaning as in the Series
Supplement. 
  

	5.6	Ranking of principal payments of Notes prior to enforcement 

 Prior to the enforcement of
the Security, under the Series Supplement the payment of the relevant A$ amounts by the Issuer Trustee in respect of the US$ Notes to: 
  

	 	(a)	if a Currency Swap is in place for the relevant US$ Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, the Currency Swap Provider (which in each case will in turn be
applied under the Class A-1 Currency Swap, the Class A-2a Currency Swap, the Class A-2b Currency Swap, the Class A-3a Currency Swap and the Class A-3b Currency Swap to meet the repayment of principal on the Class A-1
Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes and/or the Class A-3b Notes (as the case may be)); or 

  

	 	(b)	if a Currency Swap is not in place for the relevant US$ Notes or if a Currency Swap is in place for the relevant US$ Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, the
Principal Paying Agent in accordance with the Agency Agreement (after exchanging such A$ amount for US$ in the spot exchange market) (which in each case will in turn be applied to meet the repayment of principal on the Class A-1 Notes, the
Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes and/or the Class A-3b Notes (as the case may be)), 

will: 
  

	 	(c)	to the extent required to reduce the A$ Invested Amount of the relevant US$ Notes to zero (subject to not making any payment or allocation toward the relevant US$ Notes in excess of the amount required to reduce the
Invested Amount of the relevant US$ Notes to zero), rank ahead of the repayment of principal on the Class A-4 Notes, and to the extent required to reduce any remaining Invested Amount of the relevant US$ Notes (after reduction of the A$
Invested Amount of the relevant US$ Notes to zero) to zero, rank after repayment of principal on the Class A-4 Notes; and 

  

	 	(d)	rank ahead of the repayment of principal on the Class B Notes and the Seller Notes, 

 only for
so long as the Pro Rata Paydown Test continues to not be satisfied on the relevant Distribution Date. 
 As between the US$ Notes, to the
extent required to reduce the A$ Invested Amount of the relevant US$ Notes to zero: 
  

	 	(e)	the Class A-1 Notes will rank ahead of the Class A-2 Notes and the Class A-3 Notes for the repayment of principal; and 

 

	 	(f)	the Class A-2 Notes will rank ahead of the Class A-3 Notes for the repayment of principal, 

on each Distribution Date prior to enforcement of the Security. To the extent required to reduce any remaining Invested Amount of the relevant
US$ Notes (after reduction of the A$ Invested Amount 

  
 90 

 of the relevant US$ Notes to zero) to zero, all US$ Notes will rank on a pari passu and rateable
basis for the repayment of principal on each Distribution Date prior to enforcement of the Security. 
 Prior to enforcement of the Security,
if the Pro Rata Paydown Test is satisfied, the repayment of principal on the Class A Notes, the Class B Notes and the Seller Notes will be on a pari passu and rateable basis (determined by reference to the aggregate Adjusted Invested Amount of
each Sub-Class of US$ Notes and the A$ Invested Amount of each Class of A$ Notes, with the Class A Notes to be considered in aggregate for the purpose of determining the amount allocable to the Class A Notes). As between the Class A
Notes, the Class A-1 Notes will (to the extent required to reduce the A$ Invested Amount of the Class A-1 Notes to zero but subject to not making any payment or allocation toward the Class A-1 Notes in excess of the amount required to
reduce the Invested Amount of the Class A-1 Notes to zero) rank ahead of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes for the repayment of principal; and the Class A-2 Notes will (to the extent required
to reduce the A$ Invested Amount of the Class A-2 Notes to zero but subject to not making any payment or allocation toward the Class A-2 Notes in excess of the amount required to reduce the Invested Amount of the Class A-2 Notes to
zero) rank ahead of the Class A-3 Notes and the Class A-4 Notes for the repayment of principal; and the Class A-3 Notes will (to the extent required to reduce the A$ Invested Amount of the Class A-3 Notes to zero but subject to
not making any payment or allocation toward the Class A-3 Notes in excess of the amount required to reduce the Invested Amount of the Class A-3 Notes to zero) rank ahead of the Class A-4 Notes for the repayment of principal. To the
extent required to reduce any remaining Invested Amount of the relevant US$ Notes (after reduction of the A$ Invested Amount of the relevant US$ Notes to zero) to zero, the US$ Notes will rank after repayment of principal on the Class A-4
Notes. 
 The “Pro Rata Paydown Test” is satisfied at any time on a Distribution Date if: 

 

	 	(a)	the Subordination Percentage at that time (after any application of Total Principal Collections prior to that Distribution Date and prior to that time on that Distribution Date) is greater than or equal to 18.9%; and

  

	 	(b)	the Total Collateralised Amount on the immediately preceding Determination Date when expressed as a percentage of the aggregate of the Initial Invested Amount of the A$ Notes and the A$ Equivalent of the Initial
Invested Amount of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes is greater than 10%, 

otherwise, the Pro Rata Paydown Test is not satisfied at that time. 

“A$ Invested Amount” has the same meaning as in the Series Supplement. 

“Currency Swap Provider Payment Default” has the same meaning as in the Series Supplement. 

 

	5.7	Ranking of Notes following enforcement 

 Following the enforcement of the Security, the
payment of amounts owing in relation to the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes will rank ahead of amounts owing in respect of the Class B Notes and the Seller Notes and, as amongst
themselves, in the order of priority set out in the General Security Deed. However, for the purposes of determining distributions to, and allocations between, the US$ Noteholders and other Secured Creditors, amounts owing in respect of the US$ Notes
will be determined in accordance with the General Security Deed. 
 The Master Security Trust Deed contains provisions requiring the Security
Trustee, subject to other provisions of the Master Security Trust Deed, to give priority to the interests of the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders and the Class A-4 Noteholders if there
is a conflict between the interests of those Noteholders (on the one hand) and any other Secured Creditor, including the Class B Noteholders and the Seller Noteholders (on the other hand). 

  
 91 

 
In determining the interests of the US$ Noteholders, the Security Trustee may rely on a determination of the US$ Note Trustee. 

A failure to pay accrued interest in respect of the Class B Notes and the Seller Notes does not constitute an Event of Default under the Master
Security Trust Deed or the General Security Deed while there are any Class A Notes outstanding. 
  

	5.8	The Notes rank equally except as provided in the Transaction Documents 

 The Notes enjoy
the same rights, entitlements, benefits and restrictions except as expressly provided in the Transaction Documents. 
  

	6.	Interest 

  

	6.1	Period of accrual 

 Each US$ Note accrues interest from (and including)
20 March 2015 (the “Closing Date”) and ceases to accrue interest on (but excluding) the earliest of: 
  

	 	(a)	the date on which the Invested Amount of that US$ Note is reduced to zero and all accrued but previously unpaid interest is paid in full; 

 

	 	(b)	the date on which that US$ Note is redeemed or repaid in full in accordance with Condition 7 (other than Condition 7.6) unless, upon presentation, payment is improperly withheld or refused in which case
that US$ Note will continue to bear interest in accordance with this Condition 6 (both before and after judgment) until (but excluding) the day on which all sums due in respect of that US$ Note up to that day are received by or on behalf of
that US$ Noteholder; and 

  

	 	(c)	the date on which the US$ Note is deemed to be redeemed in accordance with Condition 7.6. 

  

	6.2	Interest Periods 

 The period that a US$ Note accrues interest in accordance with
Condition 6.1 is divided into periods (each an “Interest Period”). The first Interest Period for the US$ Notes commences on (and includes) the Closing Date and ends on (but does not include) the first Distribution Date
thereafter. Each succeeding Interest Period for a US$ Note commences on (and includes) a Distribution Date and ends on (but does not include) the next Distribution Date. The final Interest Period for a US$ Note ends on (but does not include) the
date on which interest ceases to accrue on the US$ Note pursuant to Condition 6.1.  
 “Distribution
Date” means the 14th day of each calendar month up to and including the Maturity Date, provided that where any of these dates is not a Business Day the Distribution Date will be the next following Business Day. The first Distribution Date
is 14 April 2015 (or if that is not a Business Day, the next Business Day) 
 “Business Day” means any day on
which banks are open for business in Sydney, Melbourne, New York City and London, other than a Saturday, a Sunday or a public holiday in Sydney, Melbourne, New York City or London. 

  
 92 

	6.3	Interest Rate for US$ Notes 

 The rate of interest payable from time to time in respect
of a US$ Note and an Interest Period is the Interest Rate in relation to the US$ Note. 
 “Interest Rate” means in relation
to:  
  

	 	(a)	a US$ Fixed Rate Note which is: 

  

	 	(i)	a Class A-1 Note, [•]% per annum; 

  

	 	(ii)	a Class A-2a Note, [•]% per annum; and 

  

	 	(iii)	a Class A-3a Note, [•]% per annum; and 

  

	 	(b)	a US$ Floating Rate Note, the aggregate of USD-LIBOR-ICE (as hereinafter defined) for that Interest Period plus the Margin (as hereinafter defined) in relation to the US$ Floating Rate Note. 

“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). 

  
 93 

 “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. 
 “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. 
 “Margin” means in relation to:  

 

	 	(a)	a Class A-2b Note, [•]% per annum; and 

  

	 	(b)	a Class A-3b Note, [•]% per annum. 

 There is no maximum or minimum Interest Rate for
the Class A-2b Notes or the Class A-3b Notes. 
  

	6.4	Calculation of interest on the US$ Notes 

  

	 	(a)	(US$ Fixed Rate Notes): Interest on each US$ Fixed Rate Note for an Interest Period in relation to a US$ Fixed Rate Note (the “US$ Fixed Rate Interest Amount”) is calculated in accordance with
the following formula: 

  

	 	FXIA	= IA x IR x N  

	 	    	                    360 

  

							
			where:				
			FXIA		=  		the US$ Fixed Rate Interest Amount in respect of that US$ Fixed Rate Note for that Interest Period;
			IA		=  		the Invested Amount of that US$ Fixed Rate Note on the first day of that Interest Period (after taking into account any reductions in the Invested Amount of that US$ Fixed Rate Note on that day); and
			IR		=  		the Interest Rate for that US$ Fixed Rate Note.
			N		=  		 in relation to the Class A-1 Notes, the number of days in that Interest Period and, in relation to the Class
A-2a Notes and the Class A-3a Notes, 30 except in relation to:
  

(a)    the first Interest Period; and

 
 (b)    if the last Interest
Period does not end on a Distribution Date, the last Interest Period,
  
 in which case, N
will be the number of days in that Interest Period assuming a 30/360 day count convention.

  

	 	(b)	(US$ Floating Rate Notes): Interest on each US$ Floating Rate Note for an Interest Period in relation to a US$ Floating Rate Note (the “US$ Floating Rate Interest Amount”) is calculated in
accordance with the following formula: 

  
 94 

	 	    	FLIA = IA x IR x N  

	 	    	                    360 

  

							
			where:				
			FLIA		=  		the US$ Floating Rate Interest Amount in respect of that US$ Floating Rate Note for that Interest Period;
			IA		=  		the Invested Amount of that US$ Floating Rate Note on the first day of that Interest Period (after taking into account any reductions in the Invested Amount of that US$ Floating Rate Note on that day);
			IR		=  		  the Interest Rate for that US$ Floating Rate Note;
			N		=  		the number of days in that Interest Period.

  

	6.5	Determination of Interest Rate and US$ Floating Rate Interest Amounts 

 The Agent Bank
will, as soon as practicable after 11.00am (London time or, if applicable, New York City time) on each US$ Floating Rate Set Date: 
  

	 	(a)	determine the Interest Rates; and 

  

	 	(b)	calculate the US$ Floating Rate Interest Amount, 

 in relation to each of the
Class A-2b Notes and the Class A-3b Notes for the immediately succeeding Interest Period in relation to those Class A-2b Notes and Class A-3b Notes, respectively, in accordance with Condition 6.3 (in the case of paragraph
(a)) and Condition 6.4(b) (in the case of paragraph (b)). The determination of the Interest Rate in relation to the Class A-2b Notes and the Class A-3b Notes, and the calculation of the US$ Floating Rate Interest Amount in relation
to the Class A-2b Notes and the Class A-3b Notes, by the Agent Bank in accordance with, respectively, Conditions 6.3 and 6.4(b) will (in the absence of manifest error, wilful default or bad faith) be final and binding upon all
parties. 
  

	6.6	Determination of US$ Fixed Rate Interest Amounts 

 The Agent Bank will, on or
before each Determination Date, calculate the US$ Fixed Rate Interest Amount in relation to each of the Class A-1 Notes, the Class A-2a Notes and the Class A-3a Notes for the Interest Period in which that Determination Date falls in
accordance with Condition 6.4(a). The determination of the US$ Fixed Rate Interest Amount in relation to the Class A-1 Notes, the Class A-2a Notes and the Class A-3a Notes by the Agent Bank in accordance with Condition
6.4(a) will (in the absence of manifest error, wilful default or bad faith) be final and binding upon all parties. 
  

	6.7	Notification and publication of Interest Amounts 

 The Agent Bank will cause: 

 

	 	(a)	the US$ Fixed Rate Interest Amount for each of the Class A-1 Notes and the Class A-2a Notes, the Class A-3a Notes for each Interest Period in respect of the Class A-1 Notes, the Class A-2a Notes
and the Class A-3a Notes, respectively (such amount also to be expressed as an amount with respect to each US$100,000 in principal amount of each Sub-Class of the US$ Notes); and 

  
 95 

	 	(b)	the Interest Rate and the US$ Floating Rate Interest Amount in relation to each of the Class A-2b Notes and the Class A-3b Notes for each Interest Period in respect of the Class A-2b Notes and the
Class A-3b Notes, respectively (such amount also to be expressed as an amount with respect to each US$100,000 in principal amount of each Sub-Class of the US$ Notes); and 

 

	 	(c)	the date of the next Distribution Date, 

 to be notified to the Issuer Trustee, the
Manager, the US$ Note Trustee, the Currency Swap Provider and the Paying Agents as soon as practicable after the Agent Bank has calculated those US$ Fixed Rate Interest Amounts, those Interest Rates and those US$ Floating Rate Interest Amounts and
will cause the same to be published in accordance with Condition 11.2 as soon as practical after that notification. The calculation of the US$ Fixed Rate Interest Amounts, the US$ Floating Rate Interest Amounts and the Distribution Date may
subsequently be amended (or appropriate alternative arrangements made by way of adjustment), without notice, in the event of an extension or shortening of any Interest Period that affects those US$ Fixed Rate Interest Amounts, US$ Floating Rate
Interest Amounts or that Distribution Date (as applicable). If, following the occurrence of an Event of Default under the Master Security Trust Deed or the General Security Deed, the Security Trustee declares in accordance with the Master Security
Trust Deed that the US$ Notes are immediately due and payable, the US$ Fixed Rate Interest Amounts, the Interest Rates and the US$ Floating Rate Interest Amounts will nevertheless continue to be calculated by the Agent Bank in accordance with this
Condition, but no publication of the US$ Fixed Rate Interest Amounts, the Interest Rates or the US$ Floating Rate Interest Amounts so calculated needs to be made unless, in the case of the US$ Fixed Rate Interest Amounts, the Interest Rates or US$
Floating Rate Interest Amounts in respect of the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes and the Class A-3b Notes (as applicable), the US$ Note Trustee otherwise requires.

  

	6.8	Determination or calculation by the US$ Note Trustee 

 If the Agent Bank for any
reason does not determine by close of business on the relevant US$ Floating Rate Set Date the Interest Rate in relation to a US$ Floating Rate Note or calculate the US$ Fixed Rate Interest Amounts (in relation to the Class A-1 Notes, the
Class A-2a Notes and the Class A-3a Notes) or the US$ Floating Rate Interest Amounts (in relation to the Class A-2b Notes and the Class A-3b Notes) in accordance with this Condition 6, the US$ Note Trustee will do so and
each such determination or calculation by the US$ Note Trustee will be as if made by the Agent Bank. In doing so, the US$ Note Trustee will apply the foregoing provisions of this Condition 6, with any necessary consequential amendments, to
the extent that it can and in all other respects it will do so in such a manner as it considers to be fair and reasonable in all the circumstances. 
  

	6.9	Agent Bank 

 The Issuer Trustee will procure that, for so long as any of the US$
Notes remain outstanding, there will at all times be an Agent Bank. The Issuer Trustee, at the direction of the Manager, may with the prior written approval of the US$ Note Trustee, terminate the appointment of the Agent Bank immediately on the
occurrence of certain events specified in the Agency Agreement in relation thereto or, otherwise, by giving not less than 60 days’ notice in writing to, amongst others, the Agent Bank. Notice of that termination will be given by the Issuer
Trustee to the US$ Noteholders in accordance with Condition 11.1. If any person is unable or unwilling to continue to act as the Agent Bank, or if the appointment of the Agent Bank is terminated, the Issuer Trustee, at the direction of the
Manager, will appoint a successor Agent Bank to act as such in its place, provided that neither the resignation nor removal of the Agent Bank will take effect until a successor approved by the US$ Note Trustee has been appointed and notice of the
appointment of the successor has been given by 

  
 96 

 
the Issuer Trustee to the US$ Noteholders in accordance with Condition 11.1. The initial Agent Bank and its specified office are set out at the end of these Conditions. 

 

	6.10	Payment of the US$ Class A-1 Interest Amounts 

 The US$ Fixed Rate Interest
Amount in relation to a Class A-1 Note (“US$ Class A-1 Interest Amount”) for each Interest Period in relation to that Class A-1 Note is payable in arrears in US$ on the Distribution Date which is the day on which the
Interest Period in relation to the Class A-1 Notes ends.  
 On each Distribution Date prior to the enforcement of the Security,
the Issuer Trustee must: 
  

	 	(a)	to the extent that there are funds available for this purpose in accordance with the Series Supplement: 

  

	 	(i)	if a Currency Swap is in place for the Class A-1 Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap: 

 

	 	(1)	pay, in accordance with the Series Supplement and directions of the Manager, the A$ Class A-1 Floating Amount in relation to that Distribution Date to the Currency Swap Provider in accordance with the
Class A-1 Currency Swap and any unpaid A$ Class A-1 Floating Amounts with respect to prior Distribution Dates together with any accrued and unpaid interest on such amounts; and 

 

	 	(2)	direct the Currency Swap Provider (which direction may be contained in the Class A-1 Currency Swap) to pay the Class A-1 Floating Payments on each Distribution Date to the Principal Paying Agent in accordance
with the Agency Agreement; or 

  

	 	(ii)	if a Currency Swap is not in place for the Class A-1 Notes or if a Currency Swap is in place for the Class A-1 Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap,
in accordance with the Series Supplement and directions of the Manager, exchange for US$ such amount in Australian dollars as is required to be exchanged for US$ in the spot exchange market in order to pay the US$ Class A-1 Interest Amount due
on that Distribution Date plus any US$ Class A-1 Interest Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount and pay such US$ amount to the Principal Paying Agent in accordance with the Agency
Agreement; and 

  

	 	(b)	direct the Principal Paying Agent (which direction may be contained in the Agency Agreement) to pay the Class A-1 Floating Payment received by it from the Currency Swap Provider or the US$ Class A-1 Interest
Amount received by it from the Issuer Trustee, in each case on a Distribution Date rateably amongst the Class A-1 Notes towards the US$ Class A-1 Interest Amount in relation to each Class A-1 Note in relation to the Interest Period
ending on that Distribution Date and any then Unpaid US$ Class A-1 Interest Amount (as defined in Condition 6.15) in relation to each Class A-1 Note, based on those US$ Class A-1 Interest Amounts and Unpaid US$ Class A-1
Interest Amounts, in accordance with, and subject to, these Conditions and the Agency Agreement. 

  
 97 

 “A$ Class A-1 Floating Amount” has the same meaning as in the Series
Supplement. “Class A-1 Floating Payment” in relation to a Distribution Date, provided that the Issuer Trustee has paid the amount described in clause (a)(i) above in full, means the US$ Fixed Rate Interest Amount with respect to the
Class A-1 Notes (plus the Unpaid US$ Class A-1 Interest Amount in accordance with Condition 6.15). 
  

	6.11	Payment of the US$ Class A-2a Interest Amounts 

 The US$ Fixed Rate Interest
Amount in relation to a Class A-2a Note (“US$ Class A-2a Interest Amount”) for each Interest Period in relation to that Class A-2a Note is payable in arrears in US$ on the Distribution Date which is the day on which
the Interest Period in relation to the Class A-2a Notes ends.  
 On each Distribution Date prior to the enforcement of the
Security, the Issuer Trustee must: 
  

	 	(a)	to the extent that there are funds available for this purpose in accordance with the Series Supplement: 

  

	 	(i)	if a Currency Swap is in place for the Class A-2a Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap: 

 

	 	(1)	pay, in accordance with the Series Supplement and directions of the Manager, the A$ Class A-2a Floating Amount in relation to that Distribution Date to the Currency Swap Provider in accordance with the
Class A-2a Currency Swap and any unpaid A$ Class A-2a Floating Amounts with respect to prior Distribution Dates together with any accrued and unpaid interest on such amounts; and 

 

	 	(2)	direct the Currency Swap Provider (which direction may be contained in the Class A-2a Currency Swap) to pay the Class A-2a Floating Payments on each Distribution Date to the Principal Paying Agent in
accordance with the Agency Agreement; or 

  

	 	(ii)	if a Currency Swap is not in place for the Class A-2a Notes or if a Currency Swap is in place for the Class A-2a Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency
Swap, in accordance with the Series Supplement and directions of the Manager, exchange for US$ such amount in Australian dollars as is required to be exchanged for US$ in the spot exchange market in order to pay the US$ Class A-2a Interest
Amount due on that Distribution Date plus any US$ Class A-2a Interest Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount and pay such US$ amount to the Principal Paying Agent in accordance with the
Agency Agreement; and 

  

	 	(b)	 direct the Principal Paying Agent (which direction may be contained in the Agency Agreement) to pay the Class A-2a Floating Payment received by
it from the Currency Swap Provider or the US$ Class A-2a Interest Amount received by it from the Issuer Trustee, in each case on a Distribution Date rateably amongst the Class A-2a Notes towards the US$ Class A-2a Interest Amount in
relation to each Class A-2a Note in relation to the Interest Period ending on that Distribution Date and any then Unpaid US$ Class A-2a Interest Amount (as defined in Condition 6.15) in relation to each Class A-2a Note, based
on those 

  
 98 

	 	
US$ Class A-2a Interest Amounts and Unpaid US$ Class A-2a Interest Amounts, in accordance with, and subject to, these Conditions and the Agency Agreement. 

“A$ Class A-2a Floating Amount” has the same meaning as in the Series Supplement. “Class A-2a Floating
Payment” in relation to a Distribution Date, provided that the Issuer Trustee has paid the amount described in clause (a)(i) above in full, means the US$ Fixed Rate Interest Amount with respect to the Class A-2a Notes (plus the Unpaid
US$ Class A-2a Interest Amount in accordance with Condition 6.15). 
  

	6.12	Payment of the US$ Class A-2b Interest Amounts 

 The US$ Floating Rate
Interest Amount in relation to a Class A-2b Note (“US$ Class A-2b Interest Amount”) for each Interest Period in relation to that Class A-2b Note is payable in arrears in US$ on the Distribution Date which is the day
on which the Interest Period in relation to the Class A-2b Notes ends.  
 On each Distribution Date prior to the enforcement of
the Security, the Issuer Trustee must: 
  

	 	(a)	to the extent that there are funds available for this purpose in accordance with the Series Supplement: 

  

	 	(i)	if a Currency Swap is in place for the Class A-2b Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap: 

 

	 	(1)	pay, in accordance with the Series Supplement and directions of the Manager, the A$ Class A-2b Floating Amount in relation to that Distribution Date to the Currency Swap Provider in accordance with the
Class A-2b Currency Swap and any unpaid A$ Class A-2b Floating Amounts with respect to prior Distribution Dates together with any accrued and unpaid interest on such amounts; and 

 

	 	(2)	direct the Currency Swap Provider (which direction may be contained in the Class A-2b Currency Swap) to pay the Class A-2b Floating Payments on each Distribution Date to the Principal Paying Agent in
accordance with the Agency Agreement; or 

  

	 	(ii)	if a Currency Swap is not in place for the Class A-2b Notes or if a Currency Swap is in place for the Class A-2b Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency
Swap, in accordance with the Series Supplement and directions of the Manager, exchange for US$ such amount in Australian dollars as is required to be exchanged for US$ in the spot exchange market in order to pay the US$ Class A-2b Interest
Amount due on that Distribution Date plus any US$ Class A-2b Interest Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount and pay such US$ amount to the Principal Paying Agent in accordance with the
Agency Agreement; and 

  

	 	(b)	 direct the Principal Paying Agent (which direction may be contained in the Agency Agreement) to pay the Class A-2b Floating Payment received by
it from the Currency Swap Provider or the US$ Class A-2b Interest Amount received by it from the Issuer Trustee, in each case on a Distribution Date rateably amongst the Class A-2b Notes towards the US$

  
 99 

	 	
Class A-2b Interest Amount in relation to each Class A-2b Note in relation to the Interest Period ending on that Distribution Date and any then Unpaid US$ Class A-2b Interest
Amount (as defined in Condition 6.15) in relation to each Class A-2b Note, based on those US$ Class A-2b Interest Amounts and Unpaid US$ Class A-2b Interest Amounts, in accordance with, and subject to, these Conditions and the
Agency Agreement. 

 “A$ Class A-2b Floating Amount” has the same meaning as in the Series Supplement.
“Class A-2b Floating Payment” in relation to a Distribution Date, provided that the Issuer Trustee has paid the amount described in clause (a)(i) above in full, means the US$ Floating Rate Interest Amount with respect to the
Class A-2b Notes (plus the Unpaid US$ Class A-2b Interest Amount in accordance with Condition 6.15). 
  

	6.13	Payment of the US$ Class A-3a Interest Amounts 

 The US$ Fixed Rate Interest
Amount in relation to a Class A-3a Note (“US$ Class A-3a Interest Amount”) for each Interest Period in relation to that Class A-3a Note is payable in arrears in US$ on the Distribution Date which is the day on which
the Interest Period in relation to the Class A-3a Notes ends.  
 On each Distribution Date prior to the enforcement of the
Security, the Issuer Trustee must: 
  

	 	(a)	to the extent that there are funds available for this purpose in accordance with the Series Supplement: 

  

	 	(i)	if a Currency Swap is in place for the Class A-3a Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap: 

 

	 	(1)	pay, in accordance with the Series Supplement and directions of the Manager, the A$ Class A-3a Floating Amount in relation to that Distribution Date to the Currency Swap Provider in accordance with the
Class A-3a Currency Swap and any unpaid A$ Class A-3a Floating Amounts with respect to prior Distribution Dates together with any accrued and unpaid interest on such amounts; and 

 

	 	(2)	direct the Currency Swap Provider (which direction may be contained in the Class A-3a Currency Swap) to pay the Class A-3a Floating Payments on each Distribution Date to the Principal Paying Agent in
accordance with the Agency Agreement; or 

  

	 	(ii)	if a Currency Swap is not in place for the Class A-3a Notes or if a Currency Swap is in place for the Class A-3a Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency
Swap, in accordance with the Series Supplement and directions of the Manager, exchange for US$ such amount in Australian dollars as is required to be exchanged for US$ in the spot exchange market in order to pay the US$ Class A-3a Interest
Amount due on that Distribution Date plus any US$ Class A-3a Interest Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount and pay such US$ amount to the Principal Paying Agent in accordance with the
Agency Agreement; and 

  

	 	(b)	 direct the Principal Paying Agent (which direction may be contained in the Agency Agreement) to pay the Class A-3a Floating Payment received by
it from the Currency Swap 

  
 100 

	 	
Provider or the US$ Class A-3a Interest Amount received by it from the Issuer Trustee, in each case on a Distribution Date rateably amongst the Class A-3a Notes towards the US$
Class A-3a Interest Amount in relation to each Class A-3a Note in relation to the Interest Period ending on that Distribution Date and any then Unpaid US$ Class A-3a Interest Amount (as defined in Condition 6.15) in relation to
each Class A-3a Note, based on those US$ Class A-3a Interest Amounts and Unpaid US$ Class A-3a Interest Amounts, in accordance with, and subject to, these Conditions and the Agency Agreement. 

“A$ Class A-3a Floating Amount” has the same meaning as in the Series Supplement. “Class A-3a Floating
Payment” in relation to a Distribution Date, provided that the Issuer Trustee has paid the amount described in clause (a)(i) above in full, means the US$ Fixed Rate Interest Amount with respect to the Class A-3a Notes (plus the Unpaid
US$ Class A-3a Interest Amount in accordance with Condition 6.15). 
  

	6.14	Payment of the US$ Class A-3b Interest Amounts 

 The US$ Floating Rate
Interest Amount in relation to a Class A-3b Note (“US$ Class A-3b Interest Amount”) for each Interest Period in relation to that Class A-3b Note is payable in arrears in US$ on the Distribution Date which is the day
on which the Interest Period in relation to the Class A-3b Notes ends.  
 On each Distribution Date prior to the enforcement of
the Security, the Issuer Trustee must: 
  

	 	(a)	to the extent that there are funds available for this purpose in accordance with the Series Supplement: 

  

	 	(i)	if a Currency Swap is in place for the Class A-3b Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap: 

 

	 	(1)	pay, in accordance with the Series Supplement and directions of the Manager, the A$ Class A-3b Floating Amount in relation to that Distribution Date to the Currency Swap Provider in accordance with the
Class A-3b Currency Swap and any unpaid A$ Class A-3b Floating Amounts with respect to prior Distribution Dates together with any accrued and unpaid interest on such amounts; and 

 

	 	(2)	direct the Currency Swap Provider (which direction may be contained in the Class A-3b Currency Swap) to pay the Class A-3b Floating Payments on each Distribution Date to the Principal Paying Agent in
accordance with the Agency Agreement; or 

  

	 	(ii)	if a Currency Swap is not in place for the Class A-3b Notes or if a Currency Swap is in place for the Class A-3b Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency
Swap, in accordance with the Series Supplement and directions of the Manager, exchange for US$ such amount in Australian dollars as is required to be exchanged for US$ in the spot exchange market in order to pay the US$ Class A-3b Interest
Amount due on that Distribution Date plus any US$ Class A-3b Interest Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount and pay such US$ amount to the Principal Paying Agent in accordance with the
Agency Agreement; and 

  
 101 

	 	(b)	direct the Principal Paying Agent (which direction may be contained in the Agency Agreement) to pay the Class A-3b Floating Payment received by it from the Currency Swap Provider or the US$ Class A-3b Interest
Amount received by it from the Issuer Trustee, in each case on a Distribution Date rateably amongst the Class A-3b Notes towards the US$ Class A-3b Interest Amount in relation to each Class A-3b Note in relation to the Interest Period
ending on that Distribution Date and any then Unpaid US$ Class A-3b Interest Amount (as defined in Condition 6.15) in relation to each Class A-3b Note, based on those US$ Class A-3b Interest Amounts and Unpaid US$
Class A-3b Interest Amounts, in accordance with, and subject to, these Conditions and the Agency Agreement. 

 “A$
Class A-3b Floating Amount” has the same meaning as in the Series Supplement. “Class A-3b Floating Payment” in relation to a Distribution Date, provided that the Issuer Trustee has paid the amount described in clause
(a)(i) above in full, means the US$ Floating Rate Interest Amount with respect to the Class A-3b Notes (plus the Unpaid US$ Class A-3b Interest Amount in accordance with Condition 6.15). 

 

	6.15	Interest on Unpaid Interest Amounts 

 If interest in respect of a US$ Note is not paid on
the date when due and payable, that unpaid interest will itself bear interest at the Interest Rate in relation to that US$ Note applicable from time to time until (but excluding the date of payment) the unpaid interest, and any interest on it, is
paid in full in accordance with Conditions 6.10 to 6.14, as applicable (the unpaid interest, and any interest on that unpaid interest, in relation to a Class A-1 Note is an “Unpaid US$ Class A-1 Interest
Amount”, the unpaid interest, and any interest on that unpaid interest, in relation to a Class A-2a Note is an “Unpaid US$ Class A-2a Interest Amount”, the unpaid interest, and any interest on that unpaid
interest, in relation to a Class A-2b Note is an “Unpaid US$ Class A-2b Interest Amount” (and together with the Unpaid US$ Class A-2a Interest Amount, the “Unpaid US$ Class A-2 Interest Amount”),
the unpaid interest, and any interest on that unpaid interest, in relation to a Class A-3 Note is an “Unpaid US$ Class A-3a Interest Amount”, the unpaid interest, and any interest on that unpaid interest, in relation to a
Class A-3b Note is an “Unpaid US$ Class A-3b Interest Amount” (and together with the Unpaid US$ Class A-3a Interest Amount, the “Unpaid US$ Class A-3 Interest Amount”)). 

 

	7.	Redemption of the US$ Notes 

  

	7.1	Final redemption of the US$ Notes 

 Unless previously redeemed (or deemed to be redeemed)
in full, the Issuer Trustee will redeem the US$ Notes at their then Invested Amount, together with all then accrued but unpaid interest: 
  

	 	(a)	in relation to the Class A-1 Notes, on the Distribution Date occurring in March 2016; 

  

	 	(b)	in relation to the Class A-2 Notes, on the Distribution Date occurring in August 2017; and 

  

	 	(c)	in relation to the Class A-3 Notes, on the Distribution Date occurring in September 2018, 

each such date being the “Maturity Date” for that Sub-Class of Notes. 

  
 102 

	7.2	Partial Redemption from Total Principal Collections 

 In relation to each
Sub-Class of US$ Notes, subject to Conditions 7.1, 7.3 and 7.4, on each Distribution Date prior to the enforcement of the Security until the Invested Amount of the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes,
the Class A-3a Notes or the Class A-3b Notes (as the case may be) is reduced to zero, the Issuer Trustee must, in accordance with the directions of the Manager: 

 

	 	(a)	if a Currency Swap is in place in respect of the relevant Sub-Class of US$ Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, pay the amount allocated to the
Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes or the Class A-3b Notes (as the case may be) in accordance with clause 9 of the Series Supplement for that Distribution Date:

  

	 	(i)	to the Currency Swap Provider in relation to that Sub-Class of US$ Notes in accordance with the relevant Currency Swap; and 

  

	 	(ii)	direct the Currency Swap Provider (which instruction may be contained in a Currency Swap) to pay to the Principal Paying Agent in accordance with the Agency Agreement the US$ Equivalent of the amount referred to in
paragraph (a)(i) above in relation to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes or the Class A-3b Notes (as the case may be) to be received by the Currency Swap Provider from the
Issuer Trustee on the Distribution Date; or 

  

	 	(b)	if a Currency Swap is not in place in respect of the relevant Sub-Class of US$ Notes or if a Currency Swap is in place in respect of the relevant Sub-Class of US$ Notes but a Currency Swap Provider Payment Default is
subsisting in respect of that Currency Swap, exchange the Australian dollar amounts allocated to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes or the Class A-3b Notes (as the case may
be) in accordance with clause 9 of the Series Supplement for that Distribution Date for US$ in the spot exchange market and then pay such US$ to the Principal Paying Agent in accordance with the Agency Agreement; and 

 

	 	(c)	direct the Principal Paying Agent (which direction may be contained in the Agency Agreement) to pay on such Distribution Date the US$ denominated amount received by it pursuant to either of paragraphs (a)(ii) or
(b) above (such amount in respect of a Sub-Class of US$ Notes being the “Principal Amount” in respect of the relevant Sub-Class of US$ Notes) amongst the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
Notes, the Class A-3a Notes or the Class A-3b Notes (as the case may be, with that part of the Principal Amount relating to a Sub-Class of US$ Notes being applied pari passu and rateably amongst the Notes in such Sub-Class) towards
repayment of the Collateralised Amount of the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes or the Class A-3b Notes (as the case may be) in accordance with, and subject to, these
Conditions and the Agency Agreement. Such a payment of the Collateralised Amount of a Class A-1 Note, a Class A-2a Note, a Class A-2b Note, a Class A-3a Note or a Class A-3b Note will constitute a redemption of the
Class A-1 Note, the Class A-2a Note, the Class A-2b Note, the Class A-3a Note or the Class A-3b Note (as the case may be) in part to the extent of such repayment and the obligation of the Issuer Trustee with respect to that
Class A-1 Note, Class A-2a Note, Class A-2b Note, Class A-3a Note or Class A-3b Note will be discharged to the extent of such repayment. 

No amount will be paid or allocated to any Sub-Class of US$ Notes pursuant to clause 9 of the Series Supplement or this Condition in excess of
the amount required to reduce the Invested Amount of the relevant Sub-Class of US$ Notes to nil. 

  
 103 

 “Invested Amount” has the same meaning as in the Series Supplement. 

 

	7.3	Call Option 

 The Issuer Trustee will, subject to the other provisions of this
Condition 7 and prior to the enforcement of the Security, when directed by the Manager (at the Manager’s option), redeem all, but not some only, of the Notes at their then Invested Amount, subject to the following provisions, together
with all accrued but unpaid interest in respect of the Notes to (but excluding) the date of redemption, on any Distribution Date falling on or after the Distribution Date on which the aggregate principal balance of the SMART Receivables expressed as
a percentage of the aggregate principal balance of the SMART Receivables on the Closing Date is below the Clean-Up Percentage (as defined in the Series Supplement) (the “Call Date”). 

Notwithstanding the foregoing, the Issuer Trustee may redeem the Notes at their Collateralised Amount, instead of their Invested Amount,
together with accrued but unpaid interest in respect of the Notes to (but excluding) the date of redemption, if the redemption of the Notes at their Collateralised Amount is approved by an Extraordinary Resolution (as defined in the Master Trust
Deed) of the Noteholders at a meeting convened under the Master Trust Deed. 
 The Manager will not direct the Issuer Trustee to, and the
Issuer Trustee will not, so redeem the Notes on such a Distribution Date unless the Issuer Trustee is in a position on the Distribution Date to repay in respect of the Notes their then Invested Amount or Collateralised Amount (as required), together
with all accrued but unpaid interest to (but excluding) the date of redemption and to discharge all its liabilities in respect of amounts which are required under the Master Security Trust Deed and the General Security Deed to be paid in priority to
or pari passu with the Notes of each Class if the Security were enforced. 
 The Issuer Trustee, at the direction of the Manager, will give
not more than 30 nor less than 10 days’ notice (which will be irrevocable) of the Distribution Date on which a proposed redemption under this Condition 7.3 will occur to the Seller, the US$ Note Trustee, the Principal Paying Agent, the
Agent Bank and to the US$ Noteholders (in accordance with Condition 11.1) and the A$ Noteholders (in accordance with clause 18.5 of the Series Supplement). 
  

	7.4	Redemption for taxation reasons 

 If the Manager satisfies the Issuer Trustee by
delivering to it an opinion of counsel immediately prior to giving the notice referred to below that by virtue of a change in law of the Commonwealth of Australia or any of its political subdivisions or any of its authorities or any other
jurisdiction to which the Issuer Trustee becomes subject (or the application or official interpretation thereof) (a “Relevant Jurisdiction”) from that in effect on the Closing Date, either: 

 

	 	(a)	on the next Distribution Date the Issuer Trustee will be required to deduct or withhold from any payment of principal or interest in respect of the Notes any amount for or on account of any present or future taxes,
duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by a Relevant Jurisdiction; or 

  

	 	(b)	the total amount payable in respect of interest in relation to any of the SMART Receivables for a Monthly Period ceases to be receivable (whether or not actually received) by the Issuer Trustee during such Monthly
Period by reason of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by a Relevant Jurisdiction, 

  
 104 

 the Issuer Trustee must, when so directed by the Manager (at the Manager’s option), redeem
all, but not some only, of the Notes on any subsequent Distribution Date at their Invested Amount together with accrued but unpaid interest to (but excluding) the date of redemption. Notwithstanding the foregoing, the Issuer Trustee may redeem the
Notes at their Collateralised Amount, instead of their Invested Amount, together with accrued but unpaid interest in respect of the Notes to (but excluding) the date of redemption if so approved by an Extraordinary Resolution of the Noteholders at a
meeting convened under the Master Security Trust Deed. 
 The Manager will not direct the Issuer Trustee to, and the Issuer Trustee will not,
so redeem the Notes unless each of the following conditions is satisfied: 
  

	 	(c)	the redemption of the Notes is to occur on a Distribution Date on which date the aggregate principal balance of the SMART Receivables expressed as a percentage of the aggregate principal balance of the SMART Receivables
on the Closing Date is below 25%; and 

  

	 	(d)	it is in a position on such Distribution Date to repay in respect of the Notes their then Invested Amount or Collateralised Amount, as required, together with all accrued but unpaid interest to (but excluding) the date
of redemption and to discharge all its liabilities in respect of amounts which are required under the Master Security Trust Deed and the General Security Deed to be paid in priority to or pari passu with the Notes of each Class if the Security were
enforced. 

 The Issuer Trustee, at the direction of the Manager, will give not more than 30 nor less than 10 days’ notice
(which will be irrevocable) of the Distribution Date on which a proposed redemption under this Condition 7.4 will occur to the Seller, the US$ Note Trustee, the Principal Paying Agent, the Agent Bank, the US$ Noteholders (in accordance with
Condition 11.1) and the A$ Noteholders (in accordance with clause 18.5 of the Series Supplement). 
  

	7.5	Certification 

 For the purpose of any redemption made under Condition 7.3 or
7.4, the Issuer Trustee and the US$ Note Trustee may rely on any certificate of an Authorised Signatory (as defined in the Master Trust Deed) of the Manager that the Issuer Trustee will be in a position to repay in respect of the Notes their
then Invested Amount or Collateralised Amount, as required, together with all accrued but unpaid interest to (but excluding) the date of redemption and to discharge all its liabilities in respect of amounts required under the Master Security Trust
Deed and the General Security Deed to be paid in priority to or pari passu with the Notes of each Class if the Security were enforced. 
  

	7.6	Redemption on final payment 

 Upon a final distribution being made in respect of the US$
Notes under clause 15.12 of the Series Supplement and these Conditions or clause 13.1 of the Master Security Trust Deed (and clause 4 of the General Security Deed), the US$ Notes will thereupon be deemed to be redeemed and discharged in full and any
obligation to pay any accrued but then unpaid Interest Amount or any then unpaid Invested Amount, Collateralised Amount or other amounts in relation to the US$ Notes will be extinguished in full. 

 

	7.7	Cancellation 

 All US$ Notes redeemed in full (or deemed to be redeemed in full) pursuant
to the above Conditions will be cancelled and may not be resold or reissued. 

  
 105 

	7.8	No payment in excess of Invested Amount 

 No amount of principal will be repaid in
respect of a US$ Note in excess of the Invested Amount of the US$ Note. 
  

	7.9	Application of Defaulted Amount Insufficiency as a Principal Charge-Off 

 If on a
Distribution Date any Defaulted Amount Insufficiency (as defined in the Series Supplement) is allocated to the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes in accordance with clause 11.1(c)(i) of the Series Supplement,
the Manager will reduce the Collateralised Amount of the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes (as the case may be) (pari passu and rateably) until the Collateralised Amount of the Class A-1 Notes, the
Class A-2 Notes or the Class A-3 Notes (as the case may be) is reduced to zero. 
  

	7.10	Reimbursement of Charge-Offs 

 If on a Distribution Date part of the Available Income is
allocated to the reimbursement of Charge-Offs (as defined in the Series Supplement) on the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes in accordance with clause 11.2(a)(i)(A) of the Series Supplement, the Manager will
increase pari passu the Collateralised Amount of each Class A-1 Note, Class A-2 Note or Class A-3 Note (as the case may be) by the US$ Equivalent of the amount so allocated. 

 

	7.11	Calculation of Principal Amounts, Invested Amounts, Collateralised Amounts and other Amounts 

  

	 	(a)	On each Determination Date immediately preceding a Distribution Date, the Manager will determine (i) the amount of any Principal Amount payable in respect of each Class A-1 Note, Class A-2 Note and
Class A-3 Note; (ii) the Collateralised Amount and Invested Amount of each Class A-1 Note, Class A-2 Note or Class A-3 Note as at the first day of the next following Interest Period in relation to the Class A-1 Notes,
the Class A-2 Notes or the Class A-3 Notes (as the case may be) (after deducting any Principal Amounts due to be paid in respect of such Class A-1 Note, Class A-2 Note or Class A-3 Note on that Distribution Date (as the case
may be) and after making any other adjustments to the Collateralised Amount or Invested Amount (as the case may be) of the Class A-1 Note, Class A-2 Note or Class A-3 Note in accordance with these Conditions on or with effect from
that Distribution Date); (iii) the Note Factor as at that Determination Date for each of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes; and (iv) the amount of the interest payment to be made on the next
Distribution Date applicable to each Class A-1 Note, Class A-2 Note or Class A-3 Note (as the case may be) (such amount also to be expressed as an amount with respect to each US$100,000 in principal amount of each Sub-Class the US$
Notes). 

  

	 	(b)	 The Manager will notify the Issuer Trustee, the US$ Note Trustee, the Principal Paying Agent, the Agent Bank and the US$ Note Registrar by not later
than the Determination Date immediately preceding the relevant Distribution Date of each determination of an amount or percentage referred to in Condition 7.11(a) and will as soon as practicable (and in any event by no later than the relevant
Distribution Date) cause details of each of those determinations to be published in accordance with Condition 11. If no Principal Amount is due to be paid on the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes on
any Distribution Date (as the case may be) a notice to this effect will be given by the Manager to the Class A-1 Noteholders, the Class A-2 Noteholders or the Class A-3 Noteholders (as the case may be)

  
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in accordance with Condition 11 as soon as practicable (and in any event by no later than the relevant Distribution Date). 

 

	 	(c)	If the Manager does not at any time for any reason make one or more of the determinations referred to in this Condition 7.11, the Agent Bank (or, failing the Agent Bank, the US$ Note Trustee) must make such
determinations in accordance with this Condition 7.11 provided that it has the relevant information to do so in its possession and each such determination will be deemed to have been made by the Manager. 

 

	8.	Payments 

  

	8.1	Method of payment 

 Any installment on account of interest or principal payable on any
US$ Note which is punctually paid or duly provided for by or on behalf of or at the direction of the Issuer Trustee to the Principal Paying Agent on the applicable Distribution Date shall be paid to the person in whose name such US$ Note is
registered on the relevant Record Date (as defined below), by either wire transfer in immediately available funds to the account designated by such person or by cheque mailed postage prepaid, to such person’s address as it appears on the US$
Note Register on such Record Date. The method of payment which will be utilised (being either wire transfer or cheque) will be agreed from time to time between the Principal Paying Agent and MLPL; however the relevant recipient of a payment
(determined in accordance with the foregoing) may request, by sufficient written notice to the Principal Paying Agent, that one method of payment should be utilised in preference to the other for the purpose of payments to be made to it, in which
case the Principal Paying Agent will use reasonable endeavours to make payments to that recipient through its preferred method. 

“Record Date” in relation to a Distribution Date or any other date for any payment to be made in respect of a US$ Note
means: 
  

	 	(a)	if that US$ Note is issued in book-entry form, 2 Business Days prior to that Distribution Date or date; and 

  

	 	(b)	if that US$ Note is issued in definitive form, 20 days prior to that Distribution Date or date. 

  

	8.2	Surrender on final payment 

 Prior to a final distribution being made in respect of the
US$ Notes under the Series Supplement and these Conditions or clause 13.1 of the Master Security Trust Deed (and clause 4 of the General Security Deed), the US$ Note Trustee (or a Paying Agent on its behalf) must give not more than 30 nor less than
10 days’ notice (which will be irrevocable) to the persons in whose names the US$ Notes are registered on the relevant Record Date of the date upon which the US$ Note Trustee expects that final distribution to be made. Such notice must be given
in accordance with Condition 11.1 and must specify that final distribution will be payable only upon presentation and surrender of the relevant US$ Note to a Paying Agent at its office specified in the notice of final payment. No such final
distribution will be made other than upon the surrender of the relevant US$ Notes and none of the Issuer Trustee, the US$ Note Trustee, the Security Trustee or any Paying Agent will be liable to pay any additional amount to any US$ Noteholder as a
result of any delay in payment due to a US$ Note not having been surrendered in accordance with this Condition 8.2. 

  
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	8.3	Paying Agents 

 The initial Paying Agents and their respective specified offices are set
out at the end of these Conditions. 
 The Issuer Trustee, at the direction of the Manager, may with the prior written approval of the US$
Note Trustee terminate the appointment of the Principal Paying Agent and appoint additional or other Paying Agents, provided that it will at all times maintain a Paying Agent having a specified office in New York City. Notice of any such termination
or appointment and of any change in the office through which any Paying Agent will act will be given in accordance with Condition 11.1. 
  

	8.4	Taxation 

 All payments in respect of the US$ Notes will be made without withholding or
deduction for, or on account of, any present or future taxes, duties or charges of whatsoever nature unless the Issuer Trustee or any Paying Agent is required by any applicable law to make such a withholding or deduction. In that event the Issuer
Trustee or that Paying Agent (as the case may be) will, after making such withholding or deduction, account to the relevant authorities for the amount so required to be withheld or deducted. Neither the Issuer Trustee nor any Paying Agent nor the
US$ Note Trustee will be obliged to make any additional payments in respect of the relevant US$ Notes in relation to that withholding or deduction. Immediately after becoming aware that such a withholding or deduction is or will be required, the
Issuer Trustee will notify the US$ Note Trustee, the Principal Paying Agent and the US$ Noteholders in accordance with Condition 11.1. 
  

	8.5	Prescription 

 A US$ Note will become void in its entirety unless surrendered for payment
within a period of 10 years from the Relevant Date (as defined below) in respect of any payment thereon the effect of which would be to reduce the Collateralised Amount of that US$ Note to zero. After the date on which a US$ Note becomes void in its
entirety, no claim can be made in respect of it. 
 “Relevant Date” in respect of a US$ Note means the date on which any
payment in respect thereof first becomes due or (if the full amount of the moneys payable in respect of the US$ Note due on or before that date has not been duly received by the Principal Paying Agent or the US$ Note Trustee on or prior to such
date) the date on which the full amount of such moneys have been so received and notice to that effect is duly given to the corresponding US$ Noteholders in accordance with Condition 11.1. 

 

	8.6	Notify late payments 

 In the event of the unconditional payment to the Principal Paying
Agent or the US$ Note Trustee of any sum due in respect of the US$ Notes or any of them being made after the due date for payment thereof, the Issuer Trustee will forthwith give or procure to be given notice to the US$ Noteholders in accordance with
Condition 11.1 that such payment has been made. 
  

	8.7	Rounding of payments 

 All payments in respect of the US$ Notes will be rounded to the
nearest cent (half a cent being rounded upwards). 

  
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	8.8	No payments in Commonwealth of Australia or entitlements against Issuer Trustee 

Interest and principal on each Note in book-entry form will be payable by the Paying Agent to the Depository (as defined in the US$ Note Trust
Deed) provided that no payment of interest may be made by the Issuer Trustee or any Paying Agent in the Commonwealth of Australia or its possessions or into a bank account or to an address in the Commonwealth of Australia or its possessions. 

Each of the persons appearing from time to time in the records of the Depository (as defined in the US$ Note Trust Deed) as the beneficial
owner of a US$ Note in book-entry form will be entitled to receive any payment so made in respect to that US$ Note in accordance with the respective rules and procedures of the Depository (as defined in the US$ Note Trust Deed). Such persons will
have no claim directly against the Issuer Trustee in respect of payments due on the US$ Notes in book-entry form which must be made by the holder of that US$ Note, for so long as such US$ Note in book-entry form is outstanding. 

A record of each payment made on a US$ Note in book-entry form, distinguishing between any payment of principal and any payment of interest,
will be recorded in the US$ Note Register by the US$ Note Registrar in relation to the US$ Notes and such record shall be prima facie evidence that the payment in question has been made. 

 

	8.9	Payments on Business Days 

 If the due date for any amount of principal or interest in
respect of any Class A-1 Note, Class A-2 Note or Class A-3 Note is not a Business Day then payment will not be made until the next succeeding Business Day and the relevant Class A-1 Noteholder, Class A-2 Noteholder or
Class A-3 Noteholder will not be entitled to any further interest or other payment in respect of that delay. 
  

	9.	Following an Event of Default 

  

	9.1	Enforcement 

 The Master Security Trust Deed provides that at any time after the Security
Trustee becomes aware of the occurrence of an Event of Default, the Security Trustee will (subject to Condition 10.4 and subject to being appropriately indemnified), if so directed by an Extraordinary Resolution (as defined in the Master
Security Trust Deed) of the Voting Secured Creditors, enforce the Security by declaring the Notes immediately due and payable (in which case, subject to Condition 12, the Invested Amount of, and all accrued but unpaid interest in relation to,
the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes will become immediately due and payable), appointing a receiver over the Secured Property, selling and realizing the Secured Property or taking such other actions as the
Voting Secured Creditors may otherwise specify in the Extraordinary Resolution. 
 Subject to being indemnified in accordance with the Master
Security Trust Deed and to the provisions of Condition 9.2, the Security Trustee will take all action necessary to give effect to any direction in accordance with the foregoing and will comply with all such directions. 

 

	9.2	Security Trustee May Enforce Security Without Direction 

 After the Security Trustee
becomes actually aware of the occurrence of an Event of Default, provided that it has been indemnified to its satisfaction in accordance with the Master Security Trust Deed, the Security Trustee may enforce the Security without an Extraordinary
Resolution (as defined in the Master Security Trust Deed) of the Voting Secured Creditors if in its opinion, the delay 

  
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required to obtain the consent of the Voting Secured Creditors would be prejudicial to the interests of the Voting Secured Creditors as a class. 

 

	9.3	Priority of Payments from Proceeds from the Enforcement of the Security 

 Following the
enforcement of the Security, all moneys received in connection with the Master Security Trust Deed by the Security Trustee or by any receiver appointed in relation to the Secured Property pursuant to the provisions of the Master Security Trust Deed
are to be applied, subject to the Master Security Trust Deed, in accordance with the order of priority contained in the Master Security Trust Deed and the General Security Deed. 

 

	9.4	Security Trustee and US$ Note Trustee Not Liable for Loss on Enforcement 

 Except in the
case of fraud, negligence or wilful default, neither the US$ Note Trustee nor the Security Trustee is liable for any decline in the value, nor any loss realised upon any sale or other disposition made under the Master Security Trust Deed, of any
Secured Property or any other property which is secured in favour of the Security Trustee by any other person in respect of or relating to the obligations of the Issuer Trustee or any third party in respect of the Issuer Trustee, the Class A-1
Notes, the Class A-2 Notes or the Class A-3 Notes or relating in any way to the Secured Property. Without limitation, neither the US$ Note Trustee nor the Security Trustee will be liable for any such decline or loss directly or indirectly
arising from its acting, or failing to act, as a consequence of an opinion reached by it based on advice received by it in accordance with the applicable requirements of the US$ Note Trust Deed or the Master Security Trust Deed, as the case may be.
Any liability of the Security Trustee and the US$ Note Trustee under the Transaction Documents is several and not joint. 
  

	9.5	Directions from Class A-1 Noteholders, Class A-2 Noteholders and Class A-3 Noteholders to US$ Note Trustee following Event of Default 

If an Event of Default has occurred and the US$ Note Trustee has received notice of the occurrence from the Manager, the Security Trustee or
the Issuer Trustee in accordance with the Master Security Trust Deed or the US$ Note Trust Deed or otherwise becomes aware of the occurrence of an Event of Default pursuant to this Condition 9.5, the US$ Note Trustee must:
(a) notify each Class A-1 Noteholder, each Class A-2 Noteholder, each Class A-3 Noteholder and such other persons as are specified in section 313(c) of the TIA (with a copy to the Issuer Trustee and the Manager) of the Event of
Default within 10 days of receiving such notice or otherwise becoming aware of such occurrence, provided that except in the case of a default in payment of principal or interest on any Class A-1 Note, Class A-2 Note or Class A-3 Note
the US$ Note Trustee may withhold such notice from the Class A-1 Noteholders, the Class A-2 Noteholders and the Class A-3 Noteholders if and so long as the board of directors, the executive committee or a trust committee of its
directors and/or its Authorised Officers under the US$ Note Trust Deed in good faith determine that withholding the notice is in the interest of the Class A-1 Noteholders, the Class A-2 Noteholders and the Class A-3 Noteholders; and
(b) if a meeting of Voting Secured Creditors is to be held under the Master Security Trust Deed, convene a meeting of Class A-1 Noteholders, Class A-2 Noteholders and Class A-3 Noteholders to seek directions from the
Class A-1 Noteholders, the Class A-2 Noteholders and the Class A-3 Noteholders as to how to vote at the meeting of the Voting Secured Creditors. 

If any of the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes remain outstanding and are due and payable otherwise
than by reason of a default in payment of any amount due on the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes, the US$ Note Trustee must not vote at a meeting of Voting Secured Creditors on behalf of the Class A-1
Noteholders, the Class A-2 Noteholders or the Class A-3 Noteholders under the Master Security Trust Deed, or otherwise direct the Security Trustee, to dispose of the Secured Property unless: 

  
 110 

	 	(a)	the US$ Note Trustee is so directed by an Extraordinary Resolution (as defined in the US$ Note Trust Deed) of Class A-1 Noteholders, Class A-2 Noteholders and Class A-3 Noteholders (as a single Class); or

  

	 	(b)	the US$ Noteholders fail to provide direction to the US$ Note Trustee as to how to vote under the Master Security Trust Deed or otherwise direct the Security Trustee and the US$ Note Trustee is of the opinion, reached
after considering at any time and from time to time the advice of an investment bank or other financial adviser selected by the US$ Note Trustee in good faith and with due care, that: 

 

	 	(i)	a sufficient amount would be realised to discharge in full all amounts owing to the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders and any other amounts owing by the Issuer
Trustee to any other person ranking in priority to or with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes; or 

  

	 	(ii)	the cash flow receivable by the Issuer Trustee (or the Security Trustee under the Master Security Trust Deed and the General Security Deed ) if the Secured Property is not disposed of will not (or that there is a
significant risk that it will not) be sufficient, having regard to any other relevant actual, contingent or prospective liabilities of the Issuer Trustee, to discharge in full in due course all the amounts referred to in paragraph (i) above.

 Subject to the provisions in the US$ Note Trust Deed relating to the deemed receipt of notices, the US$ Note Trustee will
only be considered to have knowledge or awareness of, or notice of, an Event of Default by virtue of the officers of the US$ Note Trustee (or any related body corporate of the US$ Note Trustee) which have the day to day responsibility for the
administration or management of the US$ Note Trustee’s (or a related body corporate of the US$ Note Trustee’s) obligations in relation to the Series Trust, the trust created under the US$ Note Trust Deed or the US$ Note Trust Deed, having
actual knowledge, actual awareness or actual notice of the occurrence of the events or circumstances constituting an Event of Default or grounds or reason to believe that such events or circumstances have occurred. 

 

	9.6	Only Security Trustee May Enforce Security 

 Only the Security Trustee may enforce the
Security and neither the US$ Note Trustee nor any US$ Noteholder (nor any other Secured Creditor) is entitled to proceed directly against the Issuer Trustee to enforce the performance of any of the provisions of the Master Security Trust Deed, the
General Security Deed, the US$ Note Trust Deed, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes or any other applicable Transaction Document, except as provided for in the Master Security Trust Deed, the General Security
Deed, the US$ Note Trust Deed, the Master Trust Deed and the Series Supplement. The Security Trustee is not required to act in relation to the enforcement of the Security unless its liability is limited in a manner reasonably satisfactory to it or,
if required by the Security Trustee (in its absolute discretion), it is adequately indemnified from the Secured Property or the Security Trustee receives from the Voting Secured Creditors (which expression shall, where the US$ Note Trustee is a
Voting Secured Creditor, include the Class A-1 Noteholders, the Class A-2 Noteholders and the Class A-3 Noteholders in place of the US$ Note Trustee) an indemnity in a form reasonably
satisfactory to the Security Trustee (which may be by way of an Extraordinary Resolution (as defined in the Master Security Trust Deed) of the Voting Secured Creditors) and is put in funds to the extent necessary. 

  
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	9.7	Exercise of US$ Noteholder rights by US$ Note Trustee 

 The rights, remedies and
discretions of the US$ Noteholders under the Master Security Trust Deed including all rights to vote or to give an instruction or consent can only be exercised by the US$ Note Trustee on behalf of the US$ Noteholders in accordance with the Master
Security Trust Deed and the General Security Deed and the mandatory provisions of the TIA, unless the US$ Note Trustee has become bound to take steps or to proceed under the US$ Note Trust Deed and fails to do so within a reasonable time and such
failure is continuing. The Security Trustee may rely on any instructions or directions given to it by the US$ Note Trustee as being given on behalf of the US$ Noteholders from time to time and need not inquire whether any such instructions or
directions are in accordance with the US$ Note Trust Deed, whether the US$ Note Trustee and the US$ Noteholders from time to time have complied with any requirements under the US$ Note Trust Deed or as to the reasonableness or otherwise of the US$
Note Trustee. 
  

	10.	Meetings of Voting Secured Creditors, Directions of US$ Noteholders, Modifications, Consents, Waivers and Indemnities 

  

	10.1	Meetings of Voting Secured Creditors 

 The Master Security Trust Deed contains provisions
for convening meetings of the Voting Secured Creditors to, among other things, enable the Voting Secured Creditors by an Extraordinary Resolution to direct or consent to the Security Trustee taking or not taking certain actions under the Master
Security Trust Deed. For example, the relevant provisions enable the Voting Secured Creditors, following the occurrence of an Event of Default, to direct the Security Trustee to declare the Notes immediately due and payable, to appoint a receiver
over the Secured Property, to instruct the Security Trustee to sell and realize the Secured Property or to take such other actions as the Voting Secured Creditors may otherwise specify in the Extraordinary Resolution. 

 

	10.2	Directions of US$ Noteholders 

 Under the US$ Note Trust Deed the US$ Note Trustee may
convene a meeting of the US$ Noteholders as a whole or the US$ Noteholders in respect of a Class or Sub-Class of US$ Notes only, to seek directions from such US$ Noteholders, from time to time including following the occurrence of an Event of
Default. All such meetings must be held in New York City. The US$ Note Trustee will not be responsible for acting in good faith upon a direction given, or purporting to be given, by a Resolution (as defined in the US$ Note Trust Deed) of the US$
Noteholders as a whole or the US$ Noteholders in respect of a Class or Sub-Class of US$ Notes only. 
 If the US$ Note Trustee is entitled
under the Master Trust Deed, the Master Security Trust Deed or the General Security Deed to vote at any meeting, or give any direction or consent, on behalf of the US$ Noteholders or any Class or Sub-Class of US$ Noteholders, the US$ Note Trustee
must vote, consent or direct in accordance with the directions of the US$ Noteholders or the relevant Class or Sub-Class of US$ Noteholders and, in the event that such directions are not forthcoming, in its absolute discretion. In acting in
accordance with the directions of the US$ Noteholders or any Class or Sub-Class of US$ Noteholders, the US$ Note Trustee must exercise its votes for or against any proposal to be put to a meeting in the same proportion (rounded to the nearest whole
vote) as that of the votes cast for or against such a proposal at a meeting of the US$ Noteholders or the relevant Class or Sub-Class of US$ Noteholders convened in accordance with the US$ Note Trust Deed by the US$ Note Trustee for the purpose of
seeking directions. 
 Notwithstanding the foregoing or any other provision of any other Transaction Document, each US$ Note Owner (as
defined in the US$ Note Trust Deed) will only be permitted to exercise consent or voting rights with respect to the US$ Notes to the extent such US$ Note Owner has completed the 

  
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appropriate proxy forms directing the direct or indirect Clearing Agency Participants through whom it holds its beneficial interests in the US$ Notes. For the avoidance of doubt, neither the
Clearing Agency nor the Depository will consent or vote with respect to the US$ Notes unless authorised by a direct Clearing Agency Participant in accordance with the procedures of the Clearing Agency. Under its usual procedures, the Clearing Agency
mails an omnibus proxy to the US$ Note Trustee as soon as possible after the relevant Record Date, which assigns the consent or voting rights of the Depository to those Clearing Agency Participants to whose accounts the US$ Notes are credited on the
Record Date, identified in a listing attached to the proxy. 
  

	10.3	Amendments to US$ Note Trust Deed and the US$ Notes 

 Pursuant, and subject, to the US$
Note Trust Deed and subject to any approval required by law, the US$ Note Trustee, the Manager, MLPL and the Issuer Trustee may together agree, without the consent or sanction of any US$ Noteholder (other than in the case of Condition
10.3(d)(ii)), by way of supplemental deed to amend, add to or revoke any provision of the US$ Note Trust Deed, the US$ Notes (including these Conditions) or any other Transaction Document to which the US$ Note Trustee is a party, so long as such
amendment, addition or revocation, in the opinion of the Manager (or a barrister, solicitor or attorney instructed by the Manager): 
  

	 	(a)	is necessary or expedient to comply with the provisions of any statute or regulation or with the requirements of any governmental agency; 

 

	 	(b)	is made to correct a manifest error or ambiguity or is of a formal, technical or administrative nature only; 

  

	 	(c)	is appropriate or expedient as a consequence of an amendment to any statute or regulation or altered requirements of any governmental agency or any decision of any court (including, without limitation, an amendment,
addition or revocation which is in the opinion of the Manager appropriate or expedient as a consequence of the enactment of a statute or regulation or an amendment to any statute or regulation or ruling by the Australian Commissioner or Deputy
Commissioner of Taxation or any governmental announcement or statement or any decision of any court, in any case which has or may have the effect of altering the manner or basis of taxation of trusts generally or of trusts similar to the Series
Trust or the trust constituted under the US$ Note Trust Deed); or 

  

	 	(d)	is otherwise desirable for any reason and: 

  

	 	(i)	is not in the opinion of the Manager likely, upon coming into effect, to be materially prejudicial to the interests of the US$ Noteholders when taken as a whole or to the interests of the US$ Noteholders in respect of
any Class or Sub-Class of US$ Notes; or 

  

	 	(ii)	 if it is in the opinion of the Manager likely, upon coming into effect, to be materially prejudicial to the interests of the US$ Noteholders when
taken as a whole or to the interests of the US$ Noteholders in respect of any Class or Sub-Class of US$ Notes, the consent of the US$ Noteholders as a whole or of the US$ Noteholders in respect of the relevant Class or Sub-Class of US$ Notes (as the
case may be), by an Extraordinary Resolution (as defined in the US$ Note Trust Deed) to the amendment, addition or revocation has been obtained. For the purpose of 

  
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determining whether the US$ Noteholders as a whole or of the US$ Noteholders in respect of the relevant Class or Sub-Class of US$ Notes (as the case may be) have consented, by an Extraordinary
Resolution (as defined in the US$ Note Trust Deed) to an amendment, addition or revocation, US$ Notes with respect to which the US$ Note Trustee has received actual written notice that such US$ Notes are owned by the Issuer Trustee or the Manager or
by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer Trustee or the Manager, will be disregarded, 

provided that the US$ Note Trustee, the Manager, MLPL or the Issuer Trustee may not amend, add to or revoke any provision of the US$ Note Trust
Deed or any US$ Notes unless the Manager has notified the Rating Agencies 5 Business Days in advance of any such amendment, addition or revocation becoming effective. 

The US$ Note Trustee must, in accordance with Condition 11, notify all US$ Noteholders of any amendment, addition or
revocation made pursuant to this Condition 10.3 as soon as reasonably practicable after the amendment, addition or revocation has been made and the US$ Note Trustee must make a copy of any such amendment, addition or revocation
available at its offices to the US$ Noteholders. 
 Any supplemental deed amending, adding to or revoking any provision of the US$ Note Trust
Deed or the US$ Notes (including these Conditions) must conform, to the extent applicable, with the requirements of the TIA. 
  

	10.4	Waivers, etc 

 The Security Trustee may, in accordance with the Master Security Trust
Deed and without the consent or sanction of the Voting Secured Creditors (but not in contravention of an Extraordinary Resolution (as defined in the Master Security Trust Deed) of the Voting Secured Creditors), waive or authorise any breach or
proposed breach or determine that any event that would otherwise be an Event of Default will not be treated as such if and in so far as in its opinion the interests of the Secured Creditors will not be materially prejudiced. Any such waiver,
authorisation or determination shall be binding on the Secured Creditors and, if, but only if, the Security Trustee so requires, any such waiver, authorisation or determination will be notified to the Secured Creditors by the Manager in accordance
with the Master Security Trust Deed. 
 The US$ Note Trustee may, without the consent of any of the US$ Noteholders, or if directed to do so
by a Resolution of all US$ Noteholders (as defined in the US$ Note Trust Deed) the US$ Note Trustee must, on such terms and conditions as it may deem reasonable, and without prejudice to its rights in respect of any subsequent breach, agree to any
waiver or authorisation of any breach or proposed breach of any of the terms and conditions of the Transaction Documents by the Issuer Trustee, the Manager or any other person which is not, in the opinion of the US$ Note Trustee, materially
prejudicial to the interests of the US$ Noteholders when taken as a whole or to the interests of the US$ Noteholders in respect of a Class or Sub-Class of US$ Notes only (unless the US$ Note Trustee is acting on the direction of a Resolution of the
US$ Noteholders when taken as a whole or the US$ Noteholders in respect of a relevant Class or Sub-Class of US$ Notes only, as the case may be, in which case the US$ Note Trustee must agree to the waiver or authorisation of any breach or proposed
breach notwithstanding any such material prejudice). No such waiver, authorisation or determination may be made in contravention of any prior directions by a Resolution of US$ Noteholders when taken as a whole or of the US$ Noteholders in respect of
a Class or Sub-Class of US$ Notes only, as the case may be. No direction of the US$ Noteholders when taken as a whole or of the US$ Noteholders in respect of a Class or Sub-Class of US$ Notes only, as the case may be, shall affect any such waiver,
authorisation or determination previously given or made. Any such waiver, authorisation or determination will be notified to the Rating Agencies and, if the US$ 

  
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Note Trustee so requires, be notified to the US$ Noteholders in accordance with Condition 11 by the Issuer Trustee (as directed by the Manager) as soon as practicable after it is made.

  

	10.5	Indemnification and Exoneration of the US$ Note Trustee and the Security Trustee 

 The
US$ Note Trust Deed, the General Security Deed and the Master Security Trust Deed contain provisions for the indemnification of the US$ Note Trustee and the Security Trustee (respectively) and for their relief from responsibility, including
provisions relieving them from taking proceedings to realise the security and to obtain repayment of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes unless indemnified to their satisfaction. Each of the US$ Note
Trustee and the Security Trustee is entitled to enter into business transactions in its personal capacity with the Issuer Trustee and/or any other party to the Transaction Documents without accounting for any profit resulting from such transactions.

 The US$ Note Trustee is not responsible for any loss, expense or liability occasioned to the Secured Property or any other assets or in
respect of all or any of the moneys which may stand to the credit of the Collections Account from time to time however caused (including, without limitation, where caused by an act or omission of the Security Trustee) unless that loss is occasioned
by the fraud, negligence or wilful default of the US$ Note Trustee. The Security Trustee is not liable or otherwise accountable for any omission, delay or mistake or any loss or irregularity in or about the exercise, attempted exercise, non-exercise
or purported exercise of any of the powers of the Security Trustee or of the receiver under the Master Security Trust Deed and the General Security Deed except for fraud, negligence or wilful default on the part of the Security Trustee. 

Except in the case of fraud, negligence or wilful default on its own part, the US$ Note Trustee may act on the opinion or advice of, or
information obtained from, any lawyer, valuer, banker, broker, accountant or other expert appointed by the US$ Note Trustee, or by a person other than the US$ Note Trustee, where that opinion, advice or information is addressed to the US$ Note
Trustee or by its terms is expressed to be capable of being relied upon by the US$ Note Trustee. Except as provided above, the US$ Note Trustee will not be responsible to any Class A-1 Noteholder, Class A-2 Noteholder or Class A-3
Noteholder, amongst others, for any loss occasioned by so acting in reliance on such advice. Any such opinion, advice or information may be sent or obtained by letter, telex or facsimile transmission and the US$ Note Trustee will not be liable to
any Class A-1 Noteholder, Class A-2 Noteholder or Class A-3 Noteholder, amongst others, for acting on any opinion, advice or information conforming with any applicable requirements of the US$ Note Trust Deed and the TIA even though it
contains some error which is not a manifest error or is not authentic. Additional powers and protections of the US$ Note Trustee are contained in the US$ Note Trust Deed. 
  

	11.	Notices 

  

	11.1	General 

 Subject to clause 3.3(e)(ii) of the US$ Note Trust Deed, all notices, other
than notices given in accordance with the following paragraph and Condition 11.2, to US$ Noteholders will be deemed given if in writing and mailed, postage prepaid to each US$ Noteholder, at his or her address as it appears on
the US$ Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to US$ Noteholders is given by mail, neither the failure to mail such notice nor any
defect in any notice so mailed to any particular US$ Noteholder will affect the sufficiency of such notice with respect to other US$ Noteholders, and any notice that is mailed in the manner herein provided will conclusively be presumed to have been
duly given. 

  
 115 

 A notice may be waived in writing by the relevant US$ Noteholder, either before or after the
event, and such waiver will be the equivalent of such notice. Waivers of notice by US$ Noteholders will be filed with the US$ Note Trustee but such filing will not be a condition precedent to the validity of any action taken in reliance upon such a
waiver. 
 Any such notice will be deemed to have been given on the date such notice is deposited in the mail. 

In case, by reason of the suspension of regular mail services as a result of a strike, work stoppage or similar activity, it is impractical to
mail notice of any event to US$ Noteholders when such notice is required to be given, then any manner of giving such notice as the Issuer Trustee directs the US$ Note Trustee will be deemed to be a sufficient giving of such notice. 

 

	11.2	Note information 

 Any notice specifying a Distribution Date, an Interest Amount, a
Principal Amount (or the absence of a Principal Amount), a Principal Balance, an Invested Amount, a Collateralised Amount or a Note Factor in relation to the US$ Notes, or any other matter permitted to be given in accordance with this Condition
11.2, will be deemed to have been duly given if the information contained in the notice: 
  

	 	(a)	appears on the relevant page of the Reuters Screen or the electronic information system made available to its subscribers by Bloomberg, L.P. or another similar electronic reporting service approved by the US$ Note
Trustee in writing and notified to US$ Noteholders pursuant to Condition 11.1 (the “Relevant Screen”); or 

  

	 	(b)	is set out in any filing made by the Issuer (or MLPL on its behalf) with the Commission. 

 Any
such notice will be deemed to have been given on the first date on which such information appeared on the Relevant Screen or the relevant filing was made with the Commission. If it is impossible or impracticable to give notice in accordance with
this paragraph then notice of the matters referred to in this Condition 11.2 will be given in accordance with Condition 11.1. 
  

	11.3	Consents in writing 

 All consents, approvals and waivers given pursuant to these
Conditions must be given in writing. 
  

	12.	Limitation of Liability of the Issuer Trustee 

  

	 	(a)	The Transaction Documents apply to the Issuer Trustee, and the Issuer Trustee issues the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, only in its capacity as trustee of the Series Trust
and in no other capacity (except where the Transaction Documents provide otherwise). A liability arising under or in connection with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Transaction Documents or the
Series Trust is limited to and can be enforced against the Issuer Trustee only to the extent to which it can be satisfied out of the Assets of the Series Trust out of which the Issuer Trustee is actually indemnified for the liability. This
limitation of the Issuer Trustee’s liability applies despite any other provision of the Transaction Documents (other than paragraph (c) of this Condition 12 below) and extends to all liabilities and obligations of the Issuer Trustee
in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to the Transaction Documents, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes or the Series Trust.

  
 116 

	 	(b)	No person may sue the Issuer Trustee in respect of liabilities incurred by the Issuer Trustee in its capacity as trustee of the Series Trust other than as trustee of the Series Trust or seek the appointment of a
receiver (except under the Master Security Trust Deed), a liquidator, an administrator or any similar person to the Issuer Trustee or prove in any liquidation, administration or similar arrangements of or affecting the Issuer Trustee (except in
relation to the Assets of the Series Trust). 

  

	 	(c)	The provisions of this Condition 12 will not apply to any obligation or liability of the Issuer Trustee to the extent that it is not satisfied because under the Master Trust Deed or the Series Supplement or by
operation of law there is a reduction in the extent of the Issuer Trustee’s indemnification or exoneration out of the Assets of the Series Trust as a result of the Issuer Trustee’s fraud, negligence or wilful default. 

 

	 	(d)	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 Trustee (including any
related failure to satisfy its obligations under the Transaction Documents, the Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes) will be considered fraud, negligence or wilful default of the Issuer Trustee for the purpose
of paragraph (c) of this Condition 12 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 Trustee under any Transaction Document (other
than a person whose acts or omissions the Issuer Trustee 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.

  

	 	(e)	In exercising their powers under the Transaction Documents, each of the Security Trustee, the US$ Note Trustee, the Class A-1 Noteholders, the Class A-2 Noteholders and the Class A-3 Noteholders must
ensure that no attorney, agent, delegate, receiver or receiver and manager appointed by it in accordance with a Transaction Document has authority to act on behalf of the Issuer Trustee in a way which exposes the Issuer Trustee to any personal
liability and no act or omission of any such person will be considered fraud, negligence or wilful default of the Issuer Trustee for the purpose of paragraph (c) of this Condition 12. 

 

	 	(f)	The Issuer Trustee is not obliged to enter into any commitment or obligation under these Conditions or any other Transaction Document (including any further liability) unless the Issuer Trustee’s liability is
limited in a manner which is consistent with this Condition 12 or otherwise in a manner satisfactory to the Issuer Trustee in its absolute discretion. 

The expression “fraud, negligence or wilful default” is to be construed in accordance with the Master Security Trust Deed and
US$ Note Trust Deed. 
  

	13.	Governing law 

 The US$ Notes and the Transaction Documents (with the exception of the
Fixed Rate Swap Agreement and Currency Swap Agreement (which are governed by the laws of the State of New South Wales) and the Underwriting Agreement (which is governed by the laws of the state of New York)) are governed by, and will be construed in
accordance with, the laws of the Australian Capital Territory of the Commonwealth of Australia. 
 Each of the Issuer Trustee, the US$ Note
Trustee, the Manager, MLPL and each US$ Noteholder has in the US$ Note Trust Deed irrevocably agreed that the courts of the Australian Capital Territory of 

  
 117 

 
the Commonwealth of Australia are to have non-exclusive jurisdiction to settle any disputes which may arise out of or in connection with the US$ Note Trust Deed. 

Each of the Issuer Trustee, the US$ Note Trustee and the US$ Noteholders has in the US$ Note Trust Deed irrevocably agreed that the federal and
state courts in the Borough of Manhattan in the City of New York are to have non-exclusive jurisdiction to settle any disputes which may arise out of or in connection with the US$ Note Trust Deed. 

 

							
			Agents & Specified Offices				
				
			Principal Paying Agent:		 The Bank of New York Mellon

101 Barclay Street, Floor 7-East

New York, New York, 10286
		
				
			US$ Note Registrar:		 The Bank of New York Mellon

101 Barclay Street, Floor 7-East
 New York, New York,
10286
		
				
			Agent Bank:		 The Bank of New York Mellon
 101 Barclay
Street, Floor 7-East
 New York, New York, 10286
		

  
 118 

 SCHEDULE 5 

PROVISIONS FOR MEETINGS OF US$ NOTEHOLDERS 

The provisions of this Schedule 5 apply with respect to all meetings of US$ Noteholders. 

 

	1.	DEFINITIONS 

 In this Schedule 5: 

Extraordinary Resolution in relation to a meeting of the US$ Noteholders as a whole or the US$ Noteholders in respect of a Class or
Sub-Class of US$ Notes only, means: 
  

	 	(a)	a resolution passed at a meeting of the US$ Noteholders as a whole or the relevant US$ Noteholders in respect of any Class or Sub-Class of US$ Notes, as the case may be, duly convened and held in accordance with the
provisions contained in this Schedule 5 by a majority consisting of not less than 75% of the votes cast thereat; or 

  

	 	(b)	a resolution in writing pursuant to Clause 16 of this Schedule 5 signed by all the US$ Noteholders as a whole or the relevant US$ Noteholders in respect of any Class or Sub-Class of US$ Notes, as the case may be.

 Representative means: 
  

	 	(a)	a person appointed as a proxy for a US$ Noteholder pursuant to Clause 10 of this Schedule 5; or 

  

	 	(b)	without limiting the generality of paragraph (a), a person appointed pursuant to Clause 11 of this Schedule 5 by a US$ Noteholder. 

Resolution in relation to a meeting of the US$ Noteholders as a whole or the US$ Noteholders in respect of any Class or Sub-Class of US$
Notes only, means a resolution passed at a meeting of the US$ Noteholders as a whole or the relevant the US$ Noteholders in respect of any Class or Sub-Class of US$ Notes, as the case may be, duly convened and held in accordance with the provisions
contained in this Schedule 5 by a majority consisting of not less than 1 vote over 50% of the votes cast thereat. 
  

	2.	CONVENING OF MEETINGS 

 Each of the US$ Note Trustee, the Issuer and the Manager may at
any time convene a meeting of the US$ Noteholders provided that any such meeting must be held in New York City. 
  

	3.	NOTEHOLDERS POWER TO CONVENE MEETINGS 

 Subject to the US$ Note Trustee being indemnified
to its reasonable satisfaction against all costs and expenses occasioned thereby, the US$ Note Trustee must convene a meeting of the US$ Noteholders if requested to do so by US$ Noteholders holding not less than 10% of the aggregate outstanding
principal amount of the US$ Notes at that time provided that any such meeting must be held in New York City. 

  
 119 

	4.	NOTICE OF MEETINGS 

  

	4.1	Period of Notice 

 Subject to Clause 4.2 of this Schedule 5, at least seven days’
notice (inclusive of the day on which the notice is given and of the day on which the meeting is held) of a meeting of the US$ Noteholders must be given to all the US$ Noteholders. 

 

	4.2	Short Notice 

 Notwithstanding Clause 4.1 of this Schedule 5, if it is so agreed by a
majority in number of the US$ Noteholders having the right to attend and vote at the meeting, being a majority that together hold at least 95% of the aggregate outstanding principal amount of US$ Notes at that time, a resolution may be proposed and
passed at a meeting of which less than seven days’ notice has been given. 
  

	4.3	Failure to give notice 

 The accidental omission to give notice to or the non-receipt of
notice by any US$ Noteholder does not invalidate the proceedings at any meeting. 
  

	4.4	Method of Giving Notice 

 Notice of a meeting must be given to the US$ Noteholders in the
manner provided in the US$ Note Conditions or, if the US$ Notes are in global form, the provisions of the Clause 3.3(e)(ii) of the US$ Note Trust Deed. 
  

	4.5	Contents of a Notice 

 A notice of a meeting of the US$ Noteholders must specify: 

 

	 	(a)	(Time etc): the day, time and place (which must be in New York City) of the proposed meeting; 

  

	 	(b)	(Agenda): the agenda of the business to be transacted at the meeting; 

  

	 	(c)	(Proposed Resolution): the terms of any proposed resolution; 

  

	 	(d)	(Appointment of Proxies): that appointments of proxies must be lodged no later than 24 hours prior to the time fixed for the meeting; and 

 

	 	(e)	(Additional Information): such additional information as the person giving the notice thinks fit. 

  

	5.	CHAIRMAN 

 The chairman of a meeting will be a person chosen by the meeting (who need not
be a Noteholder and who may be a representative of the US$ Note Trustee). 
  

	6.	QUORUM 

 At any meeting of US$ Noteholders any one or more persons present in person
being US$ Noteholders holding, or Representatives representing, in the aggregate not less than 50% of the aggregate outstanding principal amount of the US$ Notes at that time will form a quorum for the transaction of business and no business (other
than the choosing of a chairman) can be transacted at any meeting unless the requisite quorum is present at the commencement of business. 

  
 120 

	7.	ADJOURNMENT 

  

	7.1	Quorum not present 

 If within 15 minutes from the time appointed for any meeting a
quorum is not present the meeting will stand adjourned (unless the US$ Note Trustee agrees that it is dissolved) for such period, not being less than seven days nor more than 42 days, as may be appointed by the chairman. At an adjourned meeting of
US$ Noteholders one or more persons present in person being US$ Noteholders holding, or being Representatives representing, in the aggregate not less than 25% of the aggregate outstanding principal amount of the US$ Notes at that time will form a
quorum and will have power to pass any resolution and to decide upon all matters which could properly have been dealt with at the meetings from which the adjournment took place had a quorum been present at such meeting. 

 

	7.2	Adjournment of meeting 

 The chairman may with the consent of (and will if directed by)
any meeting adjourn the meeting from time to time and from place to place but no business can be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. 

 

	7.3	Notice of adjourned meeting 

 At least five days’ notice of any meeting adjourned
through want of a quorum must be given in the same manner as for the original meeting and the notice must state the quorum required at the adjourned meeting. It will not, however, otherwise be necessary to give any notice of an adjourned meeting.

  

	8.	VOTING PROCEDURE 

  

	8.1	Show of Hands 

 Every question submitted to a meeting will be decided in the first
instance by a show of hands and in case of equality of votes the chairman will both on a show of hands and on a poll have a tie-breaking vote in addition to the vote or votes (if any) to which he or she may be entitled as a US$ Noteholder or a
Representative. 
  

	8.2	Declaration 

 At any meeting, unless a poll is (before or on the declaration of the
result of the show of hands) demanded by the chairman, the US$ Note Trustee or by one or more persons being US$ Noteholders holding, or being Representatives representing, in aggregate not less than 2% of the aggregate outstanding principal amount
of the US$ Notes at that time, a declaration by the chairman that a resolution has been carried by a particular majority or lost or not carried by any particular majority is conclusive evidence of the fact without proof of the number or proportion
of the votes recorded in favour of or against such resolution. 
  

	8.3	Poll 

 If at any meeting a poll is so demanded, it will be taken in such manner and
(subject as hereinafter provided) either at once or after such an adjournment as the chairman directs and the result of such poll will be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the
poll. The demand for a poll will not prevent the continuance of the meeting for the transaction of any business other than the question on which the poll has been demanded. 

  
 121 

	8.4	No Adjournment 

 Any poll demanded at any meeting on the election of a chairman or on any
question of adjournment will be taken at the meeting without adjournment. 
  

	8.5	Votes on a Poll 

 Subject to Clause 8.1 of this Schedule 5, at any meeting: 

 

	 	(a)	(Show of hands): on a show of hands every person being a US$ Noteholder holding, or being a Representative representing, then outstanding US$ Notes issued and then outstanding has one vote; and 

 

	 	(b)	(Poll): on a poll every person who is so present has, subject to the following, one vote for each US$1,000 of the principal outstanding of each US$ Note at that time that he or she holds or in respect of which he
or she is a Representative. 

 Any person entitled to more than one vote need not use all his or her votes or cast all his or
her votes to which he is entitled in the same way. 
  

	9.	RIGHT TO ATTEND AND SPEAK 

 The Issuer, the US$ Note Trustee, the Manager and the
Security Trustee (through their respective representatives) and their respective financial and legal advisers are entitled to attend and speak at any meeting of US$ Noteholders. No person is otherwise entitled to attend or vote at any meeting of the
US$ Noteholders unless he or she holds outstanding US$ Notes or is a Representative representing outstanding US$ Notes. 
  

	10.	APPOINTMENT OF PROXIES 

  

	10.1	Requirements 

 Each appointment of a proxy must be in writing and, together (if so
required by the US$ Note Trustee) with proof satisfactory to the US$ Note Trustee of its due execution, must be deposited at the registered office of the US$ Note Trustee or at such other place as the US$ Note Trustee designates or approves not less
than 24 hours before the time appointed for holding the meeting or adjourned meeting at which the named proxy proposes to vote and in default, the appointment of proxy will not be treated as valid unless the chairman of the meeting decides otherwise
before the meeting or adjourned meeting proceeds to business. A notarially certified copy proof as aforesaid (if applicable) of due execution will if required by the US$ Note Trustee be produced by the proxy at the meeting or adjourned meeting but
the US$ Note Trustee is not obliged to investigate or be concerned with the validity of, or the authority of, the proxy named in any such appointment. The proxy named in any appointment of proxy need not be a US$ Noteholder. 

 

	10.2	Proxy Remains Valid 

 Any vote given in accordance with the terms of an appointment of
proxy conforming with Clause 10.1 of this Schedule 5 is valid notwithstanding the previous revocation or amendment of the appointment of proxy or of any of the US$ Noteholder’s instructions pursuant to which it was executed if no intimation in
writing of the revocation or amendment is received by the US$ Note Trustee at its registered office or by the chairman of the meeting not less than 24 hours before the commencement of the meeting or adjourned meeting at which the appointment of
proxy is used. 

  
 122 

	11.	CORPORATE REPRESENTATIVES 

 If a US$ Noteholder is a body corporate, a person authorised
pursuant to section 375 of the Companies Act, 1985 (UK), or the equivalent section in the Companies Act (or equivalent) of the jurisdiction in which the US$ Noteholder is incorporated, to act for it at any meeting will, in accordance with his
or her authority until his or her authority is revoked by the body corporate concerned, be entitled to exercise the same powers on behalf of that body corporate as that body corporate could exercise if it were an individual US$ Noteholder and is
entitled to produce evidence of his or her authority to act at any time before the time appointed for the holding of or at the meeting or adjourned meeting or for the taking of a poll at which he or she proposes to vote. The US$ Note Trustee and any
officer of the US$ Note Trustee may be appointed a Representative. 
  

	12.	RIGHTS OF REPRESENTATIVES 

 A Representative of a US$ Noteholder has the right to demand
or join in demanding a poll and (except and to the extent to which the Representative is specially directed to vote for or against any proposal) has power generally to act at a meeting for the US$ Noteholder. 

 

	13.	POWERS OF A MEETING 

 A meeting has, without prejudice to any rights or powers conferred
on other persons by the US$ Note Conditions, only such powers as are conferred by the US$ Note Conditions or the US$ Note Trust Deed exercisable by Resolution or Extraordinary Resolution, as the case may be, and, in addition, the following powers,
exercisable by Extraordinary Resolution: 
  

	 	(a)	(Approve action): to approve any action that the Issuer proposes to take; 

  

	 	(b)	(Approve modification etc): to approve any proposal by the Issuer for any modification, abrogation, variation or compromise of, or arrangement in respect of, the rights of the US$ Noteholders against the Issuer;

  

	 	(c)	(Approve exchange): to approve the exchange or substitution of US$ Notes for, or the conversion of US$ Notes into, other obligations or securities of the Issuer or any other body corporate formed or to be formed;

  

	 	(d)	(Exonerate from liability): to discharge or exonerate the Issuer from any liability in respect of any act or omission for which it may become responsible under the US$ Note Conditions or the US$ Note Trust Deed;
and 

  

	 	(e)	(Give effect to Extraordinary Resolution): to authorise the Issuer or any other person to concur in and execute and do all such documents, acts and things as may be necessary to carry out and give effect to any
Extraordinary Resolution. 

  

	14.	EXTRAORDINARY RESOLUTION BINDING 

  

	 	(a)	(US$ Noteholders as a whole): An Extraordinary Resolution passed at a meeting of the US$ Noteholders as a whole duly convened and held in accordance with this Schedule 5 is binding upon all the US$ Noteholders
whether or not present at the meeting. 

  

	 	(b)	(US$ Noteholders in respect of a Class or Sub-Class): An Extraordinary Resolution passed at a meeting of the US$ Noteholders in respect of any Class or Sub-Class of US$ Notes, duly convened and held in accordance
with this Schedule 5 is binding upon all the US$ Noteholders in respect of that Class or Sub-Class of US$ Notes (as the case may be) whether or not present at the meeting. 

  
 123 

	15.	MINUTES AND RECORDS 

 Minutes of all resolutions and proceedings at every meeting must be
made and duly entered in the books to be from time to time provided for that purpose by the US$ Note Trustee. Any minutes purporting to be signed by the chairman of the meeting at which such resolutions were passed or proceedings transacted or by
the chairman of the next succeeding meeting are conclusive evidence of the matters therein contained and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been made and signed as aforesaid will be
deemed to have been duly convened and held and all resolutions passed or proceedings transacted thereat to have been duly passed and transacted. 
  

	16.	WRITTEN RESOLUTIONS 

 Notwithstanding the preceding provisions of this Schedule 5, a
resolution (including an Extraordinary Resolution) of the US$ Noteholders as a whole or of the US$ Noteholders in respect of any Class or Sub-Class of US$ Notes only may be passed, without any meeting or previous notice being required, by an
instrument or instruments in writing which has or have: 
  

	 	(a)	(Signed): been signed by all US$ Noteholders or by all of the US$ Noteholders in respect of the relevant Class or Sub-Class of US$ Notes only (as the case may be); and 

 

	 	(b)	(Effective on presentation): any such instrument shall be effective upon presentation to the US$ Note Trustee for entry in the records referred to in Clause 15 of this Schedule 5. 

 

	17.	FURTHER PROCEDURES FOR MEETINGS 

 Subject to all other provisions contained in the US$
Note Conditions or the US$ Note Trust Deed, the Issuer may without the consent of the US$ Noteholders prescribe such further regulations regarding the holding of meetings of the US$ Noteholders and attendance and voting thereat as the Issuer may in
its sole discretion determine including particularly (but without prejudice to the generality of the foregoing) such regulations and requirements as the Issuer thinks reasonable: 

 

	 	(a)	(Entitlement to vote): so as to satisfy itself that persons who purport to attend or vote at any meeting of the US$ Noteholders are entitled to do so in accordance with this Schedule 5; and 

 

	 	(b)	(Forms of Representative): as to the form of appointment of a Representative. 

  
 124 

 SCHEDULE 6 

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 US$ Note Trust Deed in relation to the Series Trust (the US$ Note Trust Deed). Pursuant to clause 23.19(a)(i) of the US$ Note
Trust Deed, [•] (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 US$ Note Trust Deed. 
 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. 

  
 125 

 [Date] 
  

			
	[•]
		
	By:		 
	Name:		 
	Title:		 

  
 126 

 APPENDIX A 
  

					
	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 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.	  	 

 

	* 	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. 

  
 127 

					
	SERVICING CRITERIA	  	APPLICABLE
SERVICING CRITERIA*
	Reference	  	Criteria	  	  
	 	 	 
	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.	  	 

  
 128 

					
	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.	  	 

  
 129 

 SIGNATORIES 

EXECUTED as a DEED. 
  

			
	SIGNED SEALED and DELIVERED for and on behalf of THE
BANK OF NEW YORK MELLON		 
		
	 by
 its Authorised Signatory and the Authorised
Signatory declares that he or she has not received any notice of the revocation of their authority to sign, in the presence of:
		
		
	/s/ Catherine F. Donohue		/s/ Jaime Nielsen
	  
	  	  

		
	Signature of Witness		Signature of Authorised Signatory
		
	 CATHERINE F. DONOHUE

VICE PRESIDENT
		 JAIME NIELSEN

VICE PRESIDENT

	  
	  	  

		
	Name of Witness in full		Name of Authorised Signatory in full

  

			
	 SIGNED SEALED and DELIVERED for and on behalf of
MACQUARIE SECURITIES MANAGEMENT PTY
LIMITED ABN
26 003 435 
 443
                            (Signed in Sydney,

by
                              POA Ref: #42 dated

and
                            8th July 2013)

its Attorneys under a Power 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/ Kevin Lee
 Kevin Lee

		 Division Director
  

Signature of Attorney

		
		
	 /s/ Peter Fogarty
		 /s/ Kristen Adler
 Kristen Adler

Associate Director

		
	Signature of Witness		Signature of Attorney
		
	 Peter Fogarty
 Lawyer
		
	  
	  	
		
	Name of Witness in full		

  
 130 

			
	SIGNED SEALED and DELIVERED for and on behalf of
MACQUARIE LEASING PTY LIMITED ABN 38 002 674 982		/s/ Jennifer Chamberlain
	 by
 and

its Attorneys under a Power of Attorney
 dated 16/01/15
		 Jennifer Chamberlain
  

Signature of Attorney

	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/ Anastasia Walker
	
	/s/ Jamie Taylor		 Anastasia Walker
 Solicitor

	  
	  	  

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

  

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

	 and
 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:
		 Manager
  

Signature of Attorney

		
		/s/ Hagbarth Strom
	
	/s/ Jamie Taylor		 Hagbarth Strom
 Senior Transaction
Manager

	  
	  	  

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

  
 131SMART ABS Series 2015-1US Trust Series Supplement

 Exhibit 4.6 

EXECUTION VERSION 
 SMART ABS SERIES
2015-1US TRUST 
 SERIES SUPPLEMENT 

MACQUARIE LEASING PTY LIMITED 

ABN 38 002 674 982 

MACQUARIE BANK LIMITED 

ABN 46 008 583 542 

MACQUARIE SECURITIES MANAGEMENT PTY LIMITED 

ABN 26 003 435 443 

PERPETUAL TRUSTEE COMPANY LIMITED 

ABN 42 000 001 007 
  

 
 

 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 1.
	 	Definitions and Interpretation	  	 	1	  
	 2.
	 	The Units	  	 	33	  
	 3.
	 	SMART Receivable Rights	  	 	34	  
	 4.
	 	The Notes	  	 	34	  
	 5.
	 	Conditions Precedent to Acceptance of Letter of Offer	  	 	38	  
	 6.
	 	Remuneration of Manager, Trustee and Security Trustee	  	 	40	  
	 7.
	 	Manager Default	  	 	43	  
	 8.
	 	Termination of a Fixed Rate Swap	  	 	44	  
	 9.
	 	Determination and Application of Total Principal Collections	  	 	45	  
	 10.
	 	Determination and Application of Available Income	  	 	49	  
	 11.
	 	Charge-Offs	  	 	54	  
	 12.
	 	Payment of Expenses, Principal and Interest to Noteholders and other distributions	  	 	56	  
	 13.
	 	Collections Account	  	 	58	  
	 14.
	 	Clean-Up and Extinguishment	  	 	61	  
	 15.
	 	Termination of the Series Trust	  	 	63	  
	 16.
	 	General	  	 	67	  
	 17.
	 	Trustee’s Limitation of Liability	  	 	78	  
	 18.
	 	Notices	  	 	80	  
	 19.
	 	Miscellaneous	  	 	83	  

 Schedule 
  

							
	 1.
	 	Eligibility Criteria	  	 	86	  
	 2.
	 	Form of Note Certificate for Class A-4 Notes, Class B Notes and Seller Notes	  	 	88	  
	 3.
	 	Form of Note Transfer	  	 	90	  
	 4.
	 	Pool Performance Data	  	 	94	  
	 5.
	 	Form of Noteholder Report	  	 	96	  
	 6.
	 	Form of Annual Certification	  	 	102	  
	 7.
	 	Form of Assessment of Compliance Report	  	 	103	  
	 8.
	 	Servicer’s Certificate of Compliance	  	 	107	  

 THIS SERIES SUPPLEMENT is made at Sydney on 10 March 2015 

PARTIES: 
  

	(1)	MACQUARIE LEASING PTY LIMITED ABN 38 002 674 982 of Level 1, 50 Martin Place, Sydney, NSW 2000 (MLPL, the Seller and hereinafter included in the expression the Servicer). 

 

	(2)	MACQUARIE BANK LIMITED ABN 46 008 583 542 of Level 1, 50 Martin Place, Sydney, NSW 2000 (MBL). 

  

	(3)	MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443 of Level 1, 50 Martin Place, Sydney, NSW 2000 (hereinafter included in the expression the Manager). 

 

	(4)	PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 in its capacity as trustee of the Series Trust of Level 12, Angel Place, 123 Pitt Street, Sydney, NSW 2000 (hereinafter included in the expression the
Trustee). 

 BACKGROUND: 
  

	(A)	This Deed relates to the SMART ABS Series 2015-1US Trust constituted pursuant to the Master Trust Deed and the Trust Creation Deed. 

  

	(B)	In accordance with the Master Trust Deed, this Deed includes, amongst other things, the terms upon which: 

  

	 	(a)	the Trustee may purchase SMART Receivable Rights from the Seller and/or from the Trustee as trustee of a Disposing Trust; and 

  

	 	(b)	the Trustee may issue Notes to fund such purchase. 

  

	(C)	The Trustee has agreed to act as trustee of the Series Trust and the Seller Trust on the terms and conditions of this Deed, the Trust Creation Deed and the Master Trust Deed. 

OPERATIVE PROVISIONS 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Deed, unless the contrary intention appears: 

A$ and Australian dollars means the lawful currency for the time being of the Commonwealth of Australia. 

A$ Class A-1 Floating Amount in relation to a Distribution Date and the Interest Period ending on that Distribution Date means an
amount calculated as follows: 
  
           

 
               where: 

 

							
			        CA1FA		=		the A$ Class A-1 Floating Amount for the Interest Period;

  
 1 

							
			CAPA		=		the A$ Equivalent of the aggregate Invested Amounts of the Class A-1 Notes at the close of business on the first day of the Interest Period (after any reductions in the Invested Amounts of the Class A-1 Notes on that day);
				
			CAR		=		the A$ Class A-1 Rate for the Interest Period; and
				
			N		=		the number of days in the Interest Period.

 A$ Class A-1 Margin has the same meaning as the “Spread” specified in the Currency Swap
in relation to the Class A-1 Notes for the purposes of calculating the A$ floating amounts payable by the Trustee under the Currency Swap in relation to the Class A-1 Notes. 

A$ Class A-1 Principal in relation to a Distribution Date means the aggregate of the amounts allocated to the Class A-1 Notes
pursuant to Clauses 9.2(a), 9.2(e), 9.3(a)(i)(A) and 9.3(a)(i)(E) on that Distribution Date. 
 A$ Class A-1 Rate in relation to
an Interest Period means the aggregate of: 
  

	 	(a)	the “Floating Rate Option” specified in the Currency Swap in relation to the Class A-1 Notes for the purposes of calculating A$ floating amounts payable by the Trustee on the Distribution Date at the end
of that Interest Period; and 

  

	 	(b)	the A$ Class A-1 Margin. 

 A$ Class A-2a Floating Amount in relation to a
Distribution Date and the Interest Period ending on that Distribution Date means an amount calculated as follows: 
  

          

 
  

							
			where:				
				
			CA2aFA		=		the A$ Class A-2a Floating Amount for the Interest Period;
				
			CA2aPA		=		the A$ Equivalent of the aggregate Invested Amounts of the Class A-2a Notes at the close of business on the first day of the Interest Period (after any reductions in the Invested Amounts of the Class A-2a Notes on that
day);
				
			CA2aR		=		the A$ Class A-2a Rate for the Interest Period; and
				
			N		=		the number of days in the Interest Period.

 A$ Class A-2a Margin has the same meaning as the “Spread” specified in the Currency Swap
in relation to the Class A-2a Notes for the purposes of calculating the A$ floating amounts payable by the Trustee under the Currency Swap in relation to the Class A-2a Notes. 

A$ Class A-2a Principal in relation to a Distribution Date means the aggregate of the amounts allocated to the Class A-2a
Notes pursuant to Clauses 9.2(b)(i), 9.2(e), 9.3(a)(i)(B)I and 9.3(a)(i)(E) on that Distribution Date. 

  
 2 

 A$ Class A-2a Rate in relation to an Interest Period means the aggregate of: 

 

	 	(a)	the “Floating Rate Option” specified in the Currency Swap in relation to the Class A-2a Notes for the purposes of calculating A$ floating amounts payable by the Trustee on the Distribution Date at the end
of that Interest Period; and 

  

	 	(b)	the A$ Class A-2a Margin. 

 A$ Class A-2b Floating Amount in relation to a
Distribution Date and the Interest Period ending on that Distribution Date means an amount calculated as follows: 
  

          

 
 where: 
  

							
			CA2bFA		=		the A$ Class A-2b Floating Amount for the Interest Period;
				
			CA2bPA		=		the A$ Equivalent of the aggregate Invested Amounts of the Class A-2b Notes at the close of business on the first day of the Interest Period (after any reductions in the Invested Amounts of the Class A-2b Notes on that
day);
				
			CA2bR		=		the A$ Class A-2b Rate for the Interest Period; and
				
			N		=		the number of days in the Interest Period.

 A$ Class A-2b Margin has the same meaning as the “Spread” specified in the Currency Swap
in relation to the Class A-2b Notes for the purposes of calculating the A$ floating amounts payable by the Trustee under the Currency Swap in relation to the Class A-2b Notes. 

A$ Class A-2b Principal in relation to a Distribution Date means the aggregate of the amounts allocated to the Class A-2b
Notes pursuant to Clauses 9.2(b)(ii), 9.2(e), 9.3(a)(i)(B)II and 9.3(a)(i)(E) on that Distribution Date. 
 A$ Class A-2b Rate
in relation to an Interest Period means the aggregate of: 
  

	 	(a)	the “Floating Rate Option” specified in the Currency Swap in relation to the Class A-2b Notes for the purposes of calculating A$ floating amounts payable by the Trustee on the Distribution Date at the end
of that Interest Period; and 

  

	 	(b)	the A$ Class A-2b Margin. 

 A$ Class A-3a Floating Amount in relation to a
Distribution Date and the Interest Period ending on that Distribution Date means an amount calculated as follows: 
  

          

 
 where: 
  

							
			CA3aFA		=		the A$ Class A-3a Floating Amount for the Interest Period;

  
 3 

							
			CA3aPA		=		the A$ Equivalent of the aggregate Invested Amounts of the Class A-3a Notes at the close of business on the first day of the Interest Period (after any reductions in the Invested Amounts of the Class A-3a Notes on that
day);
				
			CA3aR		=		the A$ Class A-3a Rate for the Interest Period; and
				
			N		=		the number of days in the Interest Period.

 A$ Class A-3a Margin has the same meaning as the “Spread” specified in the Currency Swap
in relation to the Class A-3a Notes for the purposes of calculating the A$ floating amounts payable by the Trustee under the Currency Swap in relation to the Class A-3a Notes. 

A$ Class A-3a Principal in relation to a Distribution Date means the aggregate of the amounts allocated to the Class A-3a
Notes pursuant to Clauses 9.2(c)(i), 9.2(e), 9.3(a)(i)(C)I and 9.3(a)(i)(E) on that Distribution Date. 
 A$ Class A-3a Rate in
relation to an Interest Period means the aggregate of: 
  

	 	(a)	the “Floating Rate Option” specified in the Currency Swap in relation to the Class A-3a Notes for the purposes of calculating A$ floating amounts payable by the Trustee on the Distribution Date at the end
of that Interest Period; and 

  

	 	(b)	the A$ Class A-3a Margin. 

 A$ Class A-3b Floating Amount in relation to a
Distribution Date and the Interest Period ending on that Distribution Date means an amount calculated as follows: 
  

          

 
 where: 
  

							
			CA3bFA		=		the A$ Class A-3b Floating Amount for the Interest Period;
				
			CA3bPA		=		the A$ Equivalent of the aggregate Invested Amounts of the Class A-3b Notes at the close of business on the first day of the Interest Period (after any reductions in the Invested Amounts of the Class A-3b Notes on that
day);
				
			CA3bR		=		the A$ Class A-3b Rate for the Interest Period; and
				
			N		=		the number of days in the Interest Period.

 A$ Class A-3b Margin has the same meaning as the “Spread” specified in the Currency Swap
in relation to the Class A-3b Notes for the purposes of calculating the A$ floating amounts payable by the Trustee under the Currency Swap in relation to the Class A-3b Notes. 

A$ Class A-3b Principal in relation to a Distribution Date means the aggregate of the amounts allocated to the Class A-3b
Notes pursuant to Clauses 9.2(c)(ii), 9.2(e), 9.3(a)(i)(C)II and 9.3(a)(i)(E) on that Distribution Date. 

  
 4 

 A$ Class A-3b Rate in relation to an Interest Period means the aggregate of: 

 

	 	(a)	the “Floating Rate Option” specified in the Currency Swap in relation to the Class A-3b Notes for the purposes of calculating A$ floating amounts payable by the Trustee on the Distribution Date at the end
of that Interest Period; and 

  

	 	(b)	the A$ Class A-3b Margin. 

 A$ Equivalent means in relation to an amount which is
calculated, determined or expressed in a Foreign Currency or which includes a component determined or expressed in a Foreign Currency, that Foreign Currency amount or Foreign Currency component (as the case may be) multiplied by the relevant A$
Exchange Rate. 
 A$ Exchange Rate in relation to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b
Notes, the Class A-3a Notes or the Class A-3b Notes, means the “A$ Exchange Rate” specified in the confirmation for the Currency Swap in relation to that Sub-Class of Notes. 

A$ Invested Amount means at any time: 
  

	 	(a)	in relation to an A$ Note, the Invested Amount of that A$ Note at that time; and 

  

	 	(b)	in relation to a US$ Note, the Initial Adjusted Invested Amount of that US$ Note less the aggregate of all Australian dollar denominated payments previously made on account of principal in respect of that US$ Note
pursuant to Clauses 9.2 and 9.3. 

 A$ Note means a Note issued as a registered debt security denominated in A$ in
accordance with Clause 4 of this Deed and includes the Class A-4 Notes, the Class B Notes and the Seller Notes. 
 A$
Noteholder means a Noteholder of an A$ Note. 
 A$ Note Interest Rate in relation to an A$ Note and an Interest Period in
relation to that A$ Note means the aggregate of: 
  

	 	(a)	BBSW for that Interest Period; and 

  

	 	(b)	the Margin for that A$ Note. 

 Adjusted Collateralised Amount in relation to: 

 

	 	(a)	the Class A-1 Notes or a Class A-1 Note means, at any given time, the A$ Equivalent of the Collateralised Amount of those Class A-1 Notes or that Class A-1 Note at that time; 

 

	 	(b)	the Class A-2 Notes, a Sub-Class of the Class A-2 Notes or a Class A-2 Note means, at any given time, the A$ Equivalent of the Collateralised Amount of those Class A-2 Notes, that Sub-Class of Class A-2 Notes or that Class A-2 Note at that time; and 

  

	 	(c)	the Class A-3 Notes, a Sub-Class of the Class A-3 Notes or a Class A-3 Note means, at any given time, the A$ Equivalent of the Collateralised Amount of those Class A-3 Notes, that Sub-Class of Class A-3 Notes or that Class A-3 Note at that time. 

 Adjusted
Invested Amount in relation to: 
  

	 	(a)	the Class A-1 Notes or a Class A-1 Note means, at any given time: 

  
 5 

	 	(i)	while a Currency Swap is in place for the Class A-1 Notes and a Currency Swap Provider Payment Default is not subsisting in respect of that Currency Swap, the A$ Equivalent of the Invested Amount of those
Class A-1 Notes or that Class A-1 Note at that time; or 

  

	 	(ii)	while a Currency Swap is not in place for the Class A-1 Notes or while a Currency Swap is in place for the Class A-1 Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency
Swap, such amount in Australian dollars as is required to be exchanged in the spot exchange market in order to obtain US$ in an amount equal to the Invested Amount of those Class A-1 Notes or that Class A-1 Note at that time;

  

	 	(b)	the Class A-2 Notes, a Sub-Class of the Class A-2 Notes or a Class A-2 Note means, at any given time: 

  

	 	(i)	while a Currency Swap is in place for the relevant Sub-Class of Class A-2 Notes and a Currency Swap Provider Payment Default is not subsisting in respect of that Currency Swap, the A$ Equivalent of the Invested
Amount of those Class A-2 Notes, that Sub-Class of Class A-2 Notes or that Class A-2 Note at that time; or 

  

	 	(ii)	while a Currency Swap is not in place for the relevant Sub-Class of Class A-2 Notes or while a Currency Swap is in place for the relevant Sub-Class of Class A-2 Notes but a Currency Swap Provider Payment
Default is subsisting in respect of that Currency Swap, such amount in Australian dollars as is required to be exchanged in the spot exchange market in order to obtain US$ in an amount equal to the Invested Amount of those Class A-2 Notes, that
Sub-Class of Class A-2 Notes or that Class A-2 Note at that time; and 

  

	 	(c)	the Class A-3 Notes, a Sub-Class of the Class A-3 Notes or a Class A-3 Note means, at any given time: 

  

	 	(i)	while a Currency Swap is in place for the relevant Sub-Class of Class A-3 Notes and a Currency Swap Provider Payment Default is not subsisting in respect of that Currency Swap, the A$ Equivalent of the Invested
Amount of those Class A-3 Notes, that Sub-Class of Class A-3 Notes or that Class A-3 Note at that time; or 

  

	 	(ii)	while a Currency Swap is not in place for the relevant Sub-Class of Class A-3 Notes or while a Currency Swap is in place for the relevant Sub-Class of Class A-3 Notes but a Currency Swap Provider Payment
Default is subsisting in respect of that Currency Swap, such amount in Australian dollars as is required to be exchanged in the spot exchange market in order to obtain US$ in an amount equal to the Invested Amount of those Class A-3 Notes, that
Sub Class of Class A-3 Notes or that Class A-3 Note at that time. 

 Adverse Effect means an event which
materially and adversely affects the amount of any payment to be made to any Investor (to the extent that it affects any Investor other than the Seller and any Related Body Corporate of the Seller) or materially and adversely affects the timing of
such payment. 
 Agency Agreement means the Agency Agreement dated on or after the date of this Deed between the Trustee, the
Manager, the US$ Note Trustee, the Principal Paying Agent, the US$ Note Registrar and the Agent Bank. 
 Agent has the same
meaning as in the Agency Agreement. 

  
 6 

 Agent Bank means the Bank of New York Mellon, or any replacement Agent Bank appointed
under the Agency Agreement. 
 ANZ means Australia and New Zealand Banking Group Limited ABN 11 005 357 522. 

Arranger means J.P. Morgan Securities LLC.  

Arrears Days in relation to a SMART Receivable means the number of days that the SMART Receivable is in arrears (if any) calculated in
accordance with the Operations Manual. 
 ASX Listing Rules means the Australian Securities Exchange Listing Rules as updated
from time to time.  
 Authorised Short-Term Investments means: 

 

	 	(a)	bonds, debentures or treasury bills issued by or notes or other securities issued by the Commonwealth of Australia or the government of any State or Territory of the Commonwealth of Australia; 

 

	 	(b)	deposits with, or certificates of deposit issued by, a bank; 

  

	 	(c)	bills of exchange, which at the time of acquisition have a maturity date of not more than 200 days and which have been accepted, drawn on or endorsed by a bank and provide a right of recourse against that bank by a
holder in due course who purchases them for value; or 

  

	 	(d)	debentures of any public statutory body constituted under the laws of the Commonwealth of Australia or any State of the Commonwealth where the repayment of the principal secured and the interest payable on that
principal is guaranteed by the Commonwealth or the State, 

 in each case held at or through an Eligible Depository, in the
name of the Trustee or its nominee and denominated in Australian dollars. 
 Available Income in relation to a Monthly Period means
the aggregate of: 
  

	 	(a)	the Income Collections in relation to that Monthly Period; 

  

	 	(b)	the Principal Draw in relation to the Determination Date immediately following the end of that Monthly Period; 

  

	 	(c)	the Liquidity Reserve Draw in relation to the Determination Date immediately following the end of that Monthly Period; and 

  

	 	(d)	the Liquidity Reserve Balance Excess (if any) in relation to the Distribution Date immediately following the end of that Monthly Period. 

BBSW in relation to an Interest Period for a Class of A$ Notes means the rate determined by the Calculation Agent (as defined in the
Fixed Rate Swap Agreement) to be the AUD-BBR-BBSW applicable under the Fixed Rate Swap to the Calculation Period (as defined in the Fixed Rate Swap Agreement) corresponding to that Interest Period. 

Business Day means (except where expressly provided otherwise) any day on which banks are open for business in Sydney, Melbourne, New
York City and London, other than a Saturday, a Sunday or a public holiday in Sydney, Melbourne, New York City or London. 

  
 7 

 Capital Unit has the same meaning as in the Trust Creation Deed. 

Capital Unitholder has the same meaning as in the Trust Creation Deed. 

Charge-Off means a US$ Note Charge-Off, a Class A-4 Charge-Off, a Class B Charge-Off or a Seller Charge-Off. 

Class means depending upon the context the Class A Notes, the Class B Notes and/or the Seller Notes. 

Class A Charge-Off in relation to the Class A Notes, a Sub-Class of the Class A Notes or a Class A Note means all
amounts charged off against the Collateralised Amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes or the Class A-4 Notes pursuant to Clause 11.1(c). 

Class A Note means a Note forming part of the Class of Notes described in Clause 4.2 as a Class A Note and issued pursuant to
Clause 4.1. 
 Class A Noteholder means a Class A-1 Noteholder, a Class A-2 Noteholder, a Class A-3
Noteholder and a Class A-4 Noteholder. 
 Class A-1 Note means a Note forming part of the Sub-Class of Notes
described in Clause 4.2 as a Class A-1 Note and issued pursuant to Clause 4.1. 
 Class A-1 Noteholder has the same
meaning as in the US$ Note Trust Deed. 
 Class A-2 Note means a Note forming part of the Sub-Class of Notes described in
Clause 4.2 as a Class A-2 Note and issued pursuant to Clause 4.1. 
 Class A-2 Noteholder has the same meaning as in
the US$ Note Trust Deed. 
 Class A-3 Note means a Note forming part of the Sub-Class of Notes described in Clause 4.2 as
a Class A-3 Note and issued pursuant to Clause 4.1. 
 Class A-3 Noteholder has the same meaning as in the US$ Note
Trust Deed. 
 Class A-4 Charge-Off in relation to the Class A-4 Notes or a Class A-4 Note means all amounts
charged off against the Collateralised Amount of the Class A-4 Notes or that Class A-4 Note, as the case may be, pursuant to Clause 11.1(c)(ii).  

Class A-4 Interest in relation to a Distribution Date means the aggregate of the interest payments to be made in respect of the
Class A-4 Notes on that Distribution Date in accordance with Clause 4.4 (exclusive of any Unpaid Class A-4 Interest Amount). 

Class A-4 Note means a Note forming part of the Sub-Class of Notes described in Clause 4.2 as a Class A-4 Note and issued
pursuant to Clause 4.1. 
 Class A-4 Noteholder means a Noteholder of a Class A-4 Note. 

Class B Charge-Off in relation to the Class B Notes or a Class B Note means all amounts charged off against the Collateralised Amount of
the Class B Notes or that Class B Note, as the case may be, pursuant to Clause 11.1(b).  
 Class B Interest in relation to a
Distribution Date means the aggregate of the interest payments to be made in respect of the Class B Notes on that Distribution Date in accordance with Clause 4.4. 

  
 8 

 Class B Note means a Note forming part of the Class of Notes described in Clause 4.2 as a
Class B Note and issued pursuant to Clause 4.1. 
 Class B Noteholder means a Noteholder of a Class B Note. 

Clean-Up Offer means the offer by the Trustee to extinguish in favour of the Seller its entire right, title and interest in the SMART
Receivables in return for the payment by the Seller of the Clean-Up Settlement Price in accordance with Clause 14. 
 Clean-Up
Percentage means 10%. 
 Clean-Up Settlement Date means the Distribution Date nominated by the Seller pursuant to
Clause 14.3. 
 Clean-Up Settlement Price means the amount calculated in accordance with Clause 14.4. 

Closing Date means in relation to a Letter of Offer (if any) in the form of: 

 

	 	(a)	Schedule 1 of the Master Sale and Servicing Deed, the date specified in that Letter of Offer to be the Closing Date; or 

  

	 	(b)	a Transfer Proposal, the date specified in that Letter of Offer to be the Assignment Date, 

 or
in each case such other date as the Manager may notify the Trustee, the Seller and Arranger (if applicable) in accordance with that Letter of Offer. 

Collateral Security means in respect of a SMART Receivable: 

 

	 	(a)	any: 

  

	 	(i)	Security Interest; or 

  

	 	(ii)	guarantee, indemnity or other assurance, 

 which secures or otherwise provides for the
repayment or payment of that SMART Receivable but does not include a Mortgage relating to that SMART Receivable; and 
  

	 	(b)	any Insurance Policy (both present and future) in respect of any Mortgage, Collateral Security or Retained Title Rights in relation to that SMART Receivable. 

A Collateral Security referred to in paragraph (a) may be given under the same document that evidences the SMART Receivable to which that
Collateral Security relates. 
 Collateralised Amount means: 

 

	 	(a)	in relation to a Note, Class of Notes or Sub-Class of Notes at any given time which is not on a Determination Date, the then aggregate Invested Amount for that Note, Class of Notes or Sub-Class of Notes (as the case may
be) less the aggregate amount of Charge-Offs in respect of that Note, Class of Notes or Sub-Class of Notes (as the case may be and, in relation to the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the US$ Equivalent of
the amount of such Charge-Off) pursuant to this Deed or, in relation to the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the US$ Note Conditions, made on prior Distribution Dates and remaining unreimbursed; and

  
 9 

	 	(b)	in relation to a Note, Class of Notes or Sub-Class of Notes (as the case may be) on a Determination Date, the amount calculated below: 

SA = A + B - C 
 Where: 

SA = the Collateralised Amount of that Note, Class of Notes or Sub-Class of Notes (as the case may be) on that Determination Date; 

A = the amount calculated pursuant to paragraph (a) in respect of that Note, Class of Notes or Sub-Class of Notes (assuming the reference
to “which is not a Determination Date” does not apply); 
 B = the amount determined by the Manager on that Determination Date to
be allocated from Available Income in accordance with Clauses 10.1(i) and (m) and Clauses 10.2(c) and (d) on the next following Distribution Date to reimburse any unreimbursed Charge-Offs in respect of that Note, Class of Notes or
Sub-Class of Notes (and, in relation to the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the US$ Equivalent of such amounts); and 

C = the amount determined by the Manager on that Determination Date to be charged-off in respect of that Note, Class of Notes or Sub-Class of
Notes in accordance with Clause 11.1 on the next following Distribution Date (and, in relation to the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the US$ Equivalent of such amounts). 

Collections in relation to a given period means the aggregate of the following amounts (without double counting) in respect of the SMART
Receivables then forming part of the Assets of the Series Trust: 
  

	 	(a)	A less the sum of (B + C) where: 

  

	 	A =	the sum of amounts for which a credit entry is made during the period to the accounts established in the Servicer’s records for those SMART Receivables (but excluding any Adjustment Advances to be paid to a
Disposing Trust on the Closing Date); 

  

	 	B =	amounts for which a credit entry is made to the accounts established in the Servicer’s records for those SMART Receivables which relates to any Defaulted Amount on those SMART Receivables during the period; and

  

	 	C =	reversals made during the period to the accounts established in the Servicer’s records in respect of those SMART Receivables where the original credit entry (or part thereof) was made in error or was made but
subsequently reversed due to funds not being cleared; 

  

	 	(b)	any Recoveries received by the Servicer in relation to those SMART Receivables during the period (less any reversals made during the period in respect of Recoveries where the original credit entry (or part thereof) was
in error or was made but subsequently reversed due to funds not being cleared); 

  

	 	(c)	any amounts received by the Trustee pursuant to clause 6.6 of the Master Sale and Servicing Deed in respect of the period; 

  
 10 

	 	(d)	any amounts reasonably expected by the Manager to be received by the Trustee pursuant to Clause 14.5 on the Distribution Date immediately following that period; 

 

	 	(e)	any amounts received by the Trustee pursuant to clauses 3.10(b), 3.16(b) or 6.10 of the Master Sale and Servicing Deed in respect of the period; 

 

	 	(f)	any damages received by the Trustee in the period other than as described in paragraphs (c) and (e) above; 

  

	 	(g)	any amounts received by the Trustee in the period pursuant to Clause 15.9(c); 

  

	 	(h)	in respect of the first Monthly Period only, the A$ Equivalent of any note proceeds in respect of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes and any note proceeds in relation to the
A$ Notes received by the Trustee during the period which are not used on the Closing Date to acquire SMART Receivable Rights; 

  

	 	(i)	any insurance proceeds received during the period by the Servicer or the Trustee in accordance with any Insurance Policy; 

  

	 	(j)	any Transfer Amount (or part thereof) received by the Trustee pursuant to clause 16 of the Master Sale and Servicing Deed and Clause 14.10 of this Deed where the Series Trust is a Disposing Trust; and 

 

	 	(k)	any other amount received by the Trustee in the period (excluding any Collections referred to in the preceding paragraphs, any amount drawn from the Liquidity Reserve Balance pursuant to Clause 10.4(e), any collateral
or prepayment under any Fixed Rate Swap Agreement or Currency Swap Agreement, any US$ amount received by the Trustee from the Currency Swap Provider under a Currency Swap where such amount has been or is to be paid directly by the Currency Swap
Provider to the Principal Paying Agent for the US$ Notes, any Currency Swap Termination Proceeds and any US$ amount received by the Trustee pursuant to an exchange of Australian dollars for US$ in the spot exchange market as contemplated by Clause
9.4(g) or Clause 10.1(d)), 

 less any amount debited during the period to the accounts established in the Servicer’s
records for those SMART Receivables representing fees or charges imposed by any Governmental Agency, bank accounts debits tax or similar tax or duty imposed by any Governmental Agency (including any tax or duty in respect of payments or receipts to
or from bank or other accounts), insurance premiums paid by the Servicer or any Obligor Taxes. 
 Collections Account means:

  

	 	(a)	the account established and maintained pursuant to Clause 13.1 or any new account established as the Collections Account under Clause 13.3; and 

 

	 	(b)	any other account opened by the Trustee pursuant to Clause 13.7. 

 Credit Support
Percentage in relation to a Class of Notes on any date means the proportion of the aggregate Collateralised Amount of all Classes of Notes which rank below that Class of Notes (determined by reference to the order of priority of enforcement as
set out in the General Security Deed) to the Total Collateralised Amount of the Notes as at that date, expressed as a percentage. 

  
 11 

 Currency Swap means the currency swap entered into: 

 

	 	(a)	in relation to the Class A-1 Notes, the Class A-2a Notes and the Class A-3a Notes, substantially on the terms of Annexure 1 of the Currency Swap Agreement (within the meaning of paragraph (a) of the
definition of that term); and 

  

	 	(b)	in relation to the Class A-2b Notes and the Class A-3b Notes, substantially on the terms of Annexure 2 of the Currency Swap Agreement (within the meaning of paragraph (a) of the definition of that term),

 or, in relation to any US$ Note, on the terms of any other Currency Swap Agreement (within the meaning of paragraph
(b) of the definition of that term) provided the Manager has issued a Rating Notification in relation to the entering into of that other Currency Swap Agreement. 

Currency Swap Agreement means: 
  

	 	(a)	the ISDA Master Agreement dated on or about the date of this Deed to which the Trustee, the Manager and Australia and New Zealand Banking Group Limited ABN 11 005 357 522 are a party and which sets out the terms and
conditions for each Currency Swap, as amended and supplemented from time to time; and/or 

  

	 	(b)	any agreement in the form (with agreed amendments) of an ISDA Master Agreement to which the Trustee and the Manager are a party where such agreement is in substitution (in whole or part) of an existing Currency Swap
Agreement, 

 which, in each case, is satisfactory to the Manager and to the Trustee and where, in relation to the entering
into of the agreement referred to in paragraph (b), the Manager has issued a Rating Notification. 
 Currency Swap Provider at any
time means the person specified as “Party A” under the Currency Swaps at that time which will, initially, be Australia and New Zealand Banking Group Limited ABN 11 005 357 522. 

Currency Swap Provider Event of Default means an Event of Default or a Termination Event (in either case, as defined in the relevant
Currency Swap Agreement) in relation to the Currency Swap Provider under a Currency Swap Agreement. 
 Currency Swap Provider
Payment Default means, in respect of a Currency Swap, an “Event of Default” in relation to the Currency Swap Provider under section 5(a)(i) of the Currency Swap Agreement for that Currency Swap. 

Currency Swap Termination Proceeds has the meaning given to that term in the General Security Deed. 

Custodian Fee means the fee agreed by MLPL, the Manager and the Trustee in accordance with Clause 6.5. 

Dealer Agreement means the SMART ABS Series 2015-1US Trust Dealer Agreement dated 2 March 2015 between the Trustee, MLPL, the
Manager and the lead manager, joint lead managers and/or co-managers (as the case may be) identified therein.  
 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. 

  
 12 

 Defaulted Amount in relation to a Monthly Period means the aggregate amount of any SMART
Receivables which have been written off by the Servicer as uncollectible in accordance with clause 3.12 of the Master Sale and Servicing Deed during that Monthly Period. 

Defaulted Amount Insufficiency has the meaning ascribed to it in Clause 11.1. 

Determination Date means the day which is three Business Days before each Distribution Date. 

Distribution Date means the 14th day of each month (or if such a day is not a Business Day, the next Business Day). The first
Distribution Date is 14 April 2015 (or if that is not a Business Day, the next Business Day). 
 DTC means The Depository
Trust Company. 
 Eligibility Criteria has the meaning set out in Schedule 1. 

Eligible Depository means: 
  

	 	(a)	for the purposes of determining the entity with which the Collections Account may be established and maintained under Clause 13, a financial institution which has been assigned to it a short term credit rating equal to
or higher than F1 by Fitch Ratings and P-1 by Moody’s and a long term credit rating equal to or higher than A by Fitch Ratings and includes each of ANZ and MBL to the extent that it is rated in this manner; and 

 

	 	(b)	otherwise, a financial institution which has assigned to it a short term credit rating equal to or higher than F1 by Fitch Ratings and P-1 by Moody’s and a long term credit rating equal to or higher than A by Fitch
Ratings and includes each of ANZ and MBL to the extent that it is rated in this manner. 

 Exchange Act means the
Securities Exchange Act of 1934 of the United States of America, as amended. 
 Extraordinary Expenses in relation to a Monthly
Period means any out-of-pocket expenses incurred by the Trustee in respect of that Monthly Period which are not Required Payment Amounts for that Monthly Period. 

Fair Market Value in relation to a SMART Receivable means the fair market price for the purchase of that SMART Receivable as agreed
between the Manager and the Seller (or, in the absence of agreement, determined by the Seller’s external auditors) and which reflects the performance status, underlying nature and franchise value of that SMART Receivable. If the price offered
to the Trustee in respect of a SMART Receivable is equal to, or more than, the principal balance plus accrued interest in respect of that SMART Receivable, the Trustee is entitled to assume that this price represents the Fair Market Value in respect
of that SMART Receivable. 
 Finance Charges in relation to a given period means the aggregate of the following amounts
(without double counting) in respect of the SMART Receivables then forming part of the Assets of the Series Trust: 
  

	 	(a)	the aggregate of: 

  

	 	(i)	 all debit entries representing interest (or in the case of a SMART Receivable which is a Hire Purchase Contract or a Lease Contract, interest and any
amount of rent which the Servicer determines is in the nature of interest) or other charges or fees (which the Servicer has determined are in the nature of income) that have been 

  
 13 

	 	
charged during that period to the accounts established in the Servicer’s records for those SMART Receivables (but excluding any Adjustment Advances to be paid to a Disposing Trust on the
Closing Date); 

  

	 	(ii)	subject to paragraph (iii), any Prepayment Break Costs charged in relation to those SMART Receivables during that or a prior period and received by the Servicer during that period; and 

 

	 	(iii)	any amounts received by the Servicer during that period from the enforcement of any Mortgage in relation to those SMART Receivables, where such amounts: 

 

	 	(A)	exceed the aggregate of the costs of enforcement of any such Mortgage and the interest and principal then outstanding on those SMART Receivables in respect of which the amounts are received; and 

 

	 	(B)	represent part or all of the Prepayment Break Costs charged during that or a prior period on those SMART Receivables in respect of which the amounts are received, 

less the aggregate of any reversals made during that period in respect of interest or other charges in relation to any of the accounts
established in the Servicer’s records for those SMART Receivables where the original debit entry (or part thereof) was in error; 
  

	 	(b)	any Recoveries received by the Servicer in relation to those SMART Receivables during that period (less any reversals made during the period in respect of Recoveries where the original debit entry (or part thereof) was
in error); 

  

	 	(c)	any amounts reasonably expected by the Manager to be received by the Trustee pursuant to Clause 14.5 on the Distribution Date immediately following that period which represent amounts in respect of accrued but unpaid
interest on those SMART Receivables in respect of that period; 

  

	 	(d)	any amounts received by the Trustee in that period where those amounts are to be treated as Finance Charges in accordance with Clause 16.6; 

 

	 	(e)	the amount of any Finance Charges corresponding to any amounts received by the Trustee in that period pursuant to Clause 15.9(c), as determined by the Manager in accordance with that Clause; 

 

	 	(f)	any Collections received by the Trustee or the Servicer during any period in which the aggregate of the Invested Amount of all Notes has been reduced to zero; and 

 

	 	(g)	any Adjustment Advance (or part thereof) received by the Trustee pursuant to clause 16.8 of the Master Sale and Servicing Deed where the Series Trust is a Disposing Trust, 

less any amount debited during that period to the accounts established in the Servicer’s records for those SMART Receivables representing
fees or charges imposed by any Governmental Agency, bank accounts debits tax or similar tax or duty imposed by any Governmental Agency (including tax or duty in respect of payments or receipts to or from bank or other accounts), insurance premiums
paid by the Servicer or any Obligor Taxes. 
 Financial Year has the meaning ascribed to it in Clause 12.2(d). 

  
 14 

 Fitch Ratings means Fitch Australia Pty Limited ABN 93 081 339 184. 

Fixed Rate Swap means any fixed rate swap entered into: 
  

	 	(a)	on the terms of the Fixed Rate Swap Agreement and which is dated on or after the date of this Deed and on or prior to the Closing Date between the Trustee, the Manager and Macquarie Bank Limited ABN 46 008 583 542; or

  

	 	(b)	on the terms of any other Fixed Rate Swap Agreement that replaces that Fixed Rate Swap Agreement provided the Manager has issued a Rating Notification in relation to the entering into of that other Fixed Rate Swap
Agreement. 

 Fixed Rate Swap Agreement means: 

 

	 	(a)	the ISDA Master Agreement dated on or about the date of this Deed to which the Trustee, the Manager and Macquarie Bank Limited ABN 46 008 583 542 as a Fixed Rate Swap Provider are a party and which sets out the terms
and conditions for any Fixed Rate Swap; or 

  

	 	(b)	any agreement in the form (with agreed amendments) of an ISDA Master Agreement to which the Trustee and the Manager are a party where such agreement is in substitution (in whole or part) of an existing Fixed Rate Swap
Agreement, 

 which, in each case, is satisfactory to the Manager and to the Trustee and where, in relation to the entering
into of the agreement referred to in paragraph (b), the Manager has issued a Rating Notification. 
 Fixed Rate Swap Provider at any
time means the party which is “Party A” under the Fixed Rate Swap Agreement for the Fixed Rate Swap at that time. 

Fixed Rate Swap Provider Event of Default means an Event of Default or a Termination Event (in either case, as defined in the relevant
Fixed Rate Swap Agreement) in relation to the Fixed Rate Swap Provider under a Fixed Rate Swap Agreement. 
 Foreign Currency
means the currency for the time being of any country other than Australia. 
 General Security Deed means the General Security
Deed dated 19 February 2015 between the Trustee, the Manager, the US$ Note Trustee and the Security Trustee. 
 GST means
the goods and services tax imposed pursuant to the GST Legislation. 
 GST Legislation means A New Tax System (Goods and
Services Tax) Act 1999 (Cth) and any other related legislation or regulations. 
 GST Tax Change has the same meaning as in
Clause 6.7(a). 
 Income Collections in relation to a Monthly Period and the Determination Date immediately following the end
of that Monthly Period means the aggregate of the following (without double counting): 
  

	 	(a)	the lesser of: 

  

	 	(i)	Collections for that Monthly Period; and 

  

	 	(ii)	Finance Charges for that Monthly Period; 

  
 15 

	 	(b)	all income received in that Monthly Period in respect of Authorised Short-Term Investments; 

  

	 	(c)	the net amount (if any) receivable by the Trustee under any Currency Swap or Fixed Rate Swap in respect of the Interest Period ending on the Distribution Date immediately following the end of that Monthly Period
(excluding any US$ amount receivable by the Trustee from the Currency Swap Provider where such amount has been or is to be paid directly by the Currency Swap Provider to the Principal Paying Agent for the US$ Notes); 

 

	 	(d)	any interest income (or amounts in the nature of interest income) credited to the Collections Account during that Monthly Period or amounts in the nature of interest otherwise paid by the Servicer or the Manager in
respect of Collections held by it; 

  

	 	(e)	any amount of input tax credits (as defined in the GST Legislation) received by the Trustee in that Monthly Period in respect of the Series Trust; 

 

	 	(f)	any amounts received by the Trustee in that period pursuant to Clause 15.9(c) and determined by the Manager to be received on account of Income Collections in accordance with that Clause; and 

 

	 	(g)	any other amount received by the Trustee in that Monthly Period (excluding any Income Collections referred to in the preceding paragraphs, any amount drawn from the Liquidity Reserve Balance pursuant to Clause 10.4(e),
any collateral or prepayment under any Fixed Rate Swap Agreement or Currency Swap Agreement, any US$ amount received by the Trustee from the Currency Swap Provider under a Currency Swap where such amount has been or is to be paid directly by the
Currency Swap Provider to the Principal Paying Agent for the US$ Notes and any US$ amount received by the Trustee pursuant to an exchange of Australian dollars for US$ in the spot exchange market as contemplated by Clause 9.4(g) or Clause 10.1(d))
which the Manager determines is in the nature of income. 

 Income Unit has the same meaning as in the Trust Creation
Deed. 
 Income Unit Amount means the amount available for payment to the Income Unitholder pursuant to Clauses 10.1(a) and
10.1(o). 
 Income Unitholder has the same meaning as in the Trust Creation Deed. 

Initial Adjusted Invested Amount in relation to: 
  

	 	(a)	the Class A-1 Notes or a Class A-1 Note means, at any given time, the Initial Invested Amount of those Class A-1 Notes or that Class A-1 Note multiplied by the “A$ Exchange Rate” specified
in the confirmation for the Currency Swap in relation to the Class A-1 Notes which was in place at the date of issue of the Class A-1 Notes; 

  

	 	(b)	the Class A-2a Notes or a Class A-2a Note means, at any given time, the Initial Invested Amount of those Class A-2a Notes or that Class A-2a Note multiplied by the “A$ Exchange Rate”
specified in the confirmation for the Currency Swap in relation to the Class A-2a Notes which was in place at the date of issue of the Class A-2a Notes; 

 

	 	(c)	the Class A-2b Notes or a Class A-2b Note means, at any given time, the Initial Invested Amount of those Class A-2b Notes or that Class A-2b Note multiplied by the “A$ Exchange Rate”
specified in the confirmation for the Currency Swap in relation to the Class A-2b Notes which was in place at the date of issue of the Class A-2b Notes; 

  
 16 

	 	(d)	the Class A-3a Notes or a Class A-3a Note means, at any given time, the Initial Invested Amount of those Class A-3a Notes or that Class A-3a Note multiplied by the “A$ Exchange Rate”
specified in the confirmation for the Currency Swap in relation to the Class A-3a Notes which was in place at the date of issue of the Class A-3a Notes; and 

 

	 	(e)	the Class A-3b Notes or a Class A-3b Note means, at any given time, the Initial Invested Amount of those Class A-3b Notes or that Class A-3b Note multiplied by the “A$ Exchange Rate”
specified in the confirmation for the Currency Swap in relation to the Class A-3b Notes which was in place at the date of issue of the Class A-3b Notes. 

Initial Invested Amount in relation to: 
  

	 	(a)	a Class A-1 Note, a Class A-2 Note and a Class A-3 Note means US$1,000, or such other integral multiple thereof as set out in the US$ Note Conditions; 

 

	 	(b)	a Class A-4 Note means A$1,000, or such other amount as the Manager determines; 

  

	 	(c)	a Class B Note or a Seller Note, means A$1,000 or such other amount as the Manager determines; and 

  

	 	(d)	a Class of Notes or Sub-Class of Notes means the aggregate initial principal amount of all Notes in that Class of Notes or Sub-Class of Notes (as the case may be) upon the issue of those Notes. 

Interest Period means all of the following periods: 
  

	 	(a)	the first Interest Period commences on (and includes) the Closing Date and ends on (but excludes) the first Distribution Date; 

  

	 	(b)	subject to paragraph (c), each subsequent Interest Period commences on (and includes) a Distribution Date and ends on (but excludes) the next Distribution Date; and 

 

	 	(c)	the final Interest Period ends on (but excludes) the date on which interest ceases to accrue on the Notes pursuant to Clause 4.4(a). 

Invested Amount in relation to a Note at any given time means the Initial Invested Amount for that Note less the aggregate amounts of
payments previously made on account of principal to the Noteholders of that Note in accordance with this Deed and, in relation to a Class A-1 Note, a Class A-2 Note and a Class A-3 Note, the US$ Note Conditions. 

ISDA Master Agreement means the Multicurrency Cross-Border version of the 1992 ISDA Master Agreement published by the International Swap
and Derivatives Association, Inc.. 
 Letter of Offer means a notice from the Seller to the Trustee in or substantially in the form of
Schedule 1 of the Master Sale and Servicing Deed and/or, except in relation to Clause 5.3, a Transfer Proposal. 
 Liquidity
Reserve Account means the account with an Eligible Depository established by the Trustee pursuant to Clause 10.4(a) or any replacement Liquidity Reserve Account established pursuant to Clause 10.4(b). 

Liquidity Reserve Balance means the amount determined by the Manager in accordance with Clause 10.4(d).  

  
 17 

 Liquidity Reserve Balance Excess means: 

 

	 	(a)	on any Determination Date other than the Determination Date immediately preceding the Distribution Date upon which the Notes are redeemed in accordance with Clauses 4.7 or 4.8, the amount (if any) by which the Liquidity
Reserve Balance exceeds the Required Liquidity Reserve Balance, after taking into account any Liquidity Reserve Draw calculated on that Determination Date; and 

  

	 	(b)	on the Determination Date immediately preceding the Distribution Date upon which the Notes are redeemed in accordance with Clauses 4.7 or 4.8, the Liquidity Reserve Balance after the deduction of any Liquidity Reserve
Draw with respect to that Determination Date or after any allocation to the Liquidity Reserve Balance under Clause 10.1(e) on that Distribution Date. 

Liquidity Reserve Draw means in relation to a Determination Date an amount equal to the lesser of: 

 

	 	(a)	the Liquidity Shortfall in relation to that Determination Date (or zero if there is no Liquidity Shortfall in relation to that Determination Date); and 

 

	 	(b)	the Liquidity Reserve Balance as at that Determination Date. 

 Liquidity Shortfall in
relation to a Determination Date means the amount (if any) by which the Income Collections for the Monthly Period just ended are insufficient to meet the Required Payment Amounts in relation to that Monthly Period. 

Management Fee means the fee payable to the Manager on each Distribution Date calculated in accordance with Clause 6.1. 

Manager means Macquarie Securities Management Pty Limited ABN 26 003 435 443, or if Macquarie Securities Management Pty Limited ABN 26
003 435 443 retires or is removed as Manager of the Series Trusts (as defined in the Master Trust Deed), any then Substitute Manager and includes the Trustee when acting as the Manager of the Series Trusts in accordance with the terms of the Master
Trust Deed. 
 Margin means in relation to: 
  

	 	(a)	a Class A-2b Note or a Class A-3b Note, the “Margin” in relation to that Note specified in the US$ Note Conditions; 

 

	 	(b)	a Class A-4 Note, a Class B Note or a Seller Note, the percentage per annum specified by the Manager in accordance with Clause 4.3(c) provided that, if in relation to any Class of A$ Note no percentage per annum is
so specified, the Margin in respect of that Class of A$ Note will be 0.00% per annum. 

 Master Sale and Servicing Deed
means the Master Sale and Servicing Deed dated 27 February 2007 between the Trustee, the Manager and the Seller, as amended and supplemented from time to time. 

Master Security Trust Deed means the Master Security Trust Deed dated 27 February 2007 between the Trustee, the Manager and the
Security Trustee, as amended and supplemented from time to time. 

  
 18 

 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. 

Maturity Date means in relation to the Class A-4 Notes, Class B Notes and the Seller Notes, the Distribution Date occurring in
March 2022.  
 Monthly Period means each of the following periods: 

 

	 	(a)	the first Monthly Period commences on (and includes) the Cut-Off Date and ends on (and includes) the last day of the calendar month prior to the calendar month in which the first Distribution Date occurs;

  

	 	(b)	subject to paragraph (c), each subsequent Monthly Period commences on (and includes) the first day after the last day of the preceding Monthly Period and ends on (and includes) the last day of the calendar month
following the calendar month in which the previous Monthly Period ended; and 

  

	 	(c)	the final Monthly Period ends on (but excludes) the Termination Payment Date for the Series Trust. 

Moody’s means Moody’s Investors Service Pty Ltd ABN 61 003 399 657. 

Net Collections in relation to a Monthly Period means the Collections for that Monthly Period less the Principal Draw (if any) in
relation to the Determination Date immediately following the end of that Monthly Period. 
 Net Trust Income in relation to any
Financial Year means the amount determined by the Manager under Clause 12.2(a) for that Financial Year. 
 Note means a Note
issued or to be issued, as the context requires, by the Trustee as trustee of the Series Trust as contemplated by Clause 4. 
 Note
Factor in relation to a Class of Notes or Sub-Class of Notes at a given time means a percentage (rounded to the nearest 7 decimal places) calculated as follows: 
  

          

 
 where: 
  

					
	NF		=		the Note Factor in relation to that Class of Notes or Sub-Class of Notes;
			
	A		=		the Collateralised Amount of that Class of Notes or Sub-Class of Notes on the last day of the just ended Monthly Period; and
			
	B		=		the Collateralised Amount of that Class of Notes or Sub-Class of Notes at the Closing Date.

 Noteholder Report means a report produced by the Manager substantially in the form of Schedule 5
in accordance with Clause 16.3(c)(i), containing, amongst other things, the Pool Performance Data. 
 Note Transfer means the
Note Transfer as described in Clause 16.8(b). 

  
 19 

 Obligor in relation to a SMART Receivable means the person or persons obliged to make
payments under that SMART Receivable and includes, where the context requires, the grantor of the Security Interest in relation to that SMART Receivable. 

Obligor Taxes means any amounts received by the Seller or the Servicer from an Obligor in respect of hiring duty, rental business duty,
credit business duty or any GST in relation to a SMART Receivable. 
 Paying Agent has the same meaning as in the Agency
Agreement. 
 Pool Performance Data has the meaning given to that term in Schedule 4. 

Principal Collections in relation to a Monthly Period means the amount which is either: 

 

	 	(a)	zero, where the Finance Charges for that Monthly Period exceed the Net Collections for that Monthly Period; or 

  

	 	(b)	in all other cases, the Net Collections for that Monthly Period less the Finance Charges for that Monthly Period. 

Principal Draw in relation to a Determination Date means an amount equal to the lesser of: 

 

	 	(a)	the Liquidity Shortfall in relation to that Determination Date less the Liquidity Reserve Draw in relation to that Determination Date (or zero if there is no Liquidity Shortfall in relation to that Determination Date);
and 

  

	 	(b)	where the Collections for the Monthly Period just ended exceed the Finance Charges for that Monthly Period, the amount of such excess or, where the Finance Charges for the Monthly Period just ended equal or exceed the
Collections for that Monthly Period, zero. 

 Principal Paying Agent has the same meaning as in the Agency Agreement.

 Privacy Act means the Privacy Act 1988 (Commonwealth). 

The Pro Rata Paydown Test is satisfied at any time on a Distribution Date if: 

 

	 	(a)	the Subordination Percentage at that time (after any application of Total Principal Collections prior to that Distribution Date and prior to that time on that Distribution Date) is greater than or equal to 18.9%; and

  

	 	(b)	the Total Collateralised Amount on the immediately preceding Determination Date when expressed as a percentage of the aggregate of the Initial Invested Amount of the A$ Notes and the A$ Equivalent of the Initial
Invested Amount of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes is greater than 10%. 

Otherwise the Pro Rata Paydown Test is not satisfied at that time. 

Rating Agencies means Fitch Ratings and Moody’s. 

Recoveries in relation to a SMART Receivable means all amounts recovered in respect of the principal of that SMART Receivable that was
part (or the whole) of a Defaulted Amount. 
 Redirected Liquidity Reserve Balance Excess means on any Distribution Date the
aggregate of all Liquidity Reserve Balance Excess previously applied in accordance with Clause 10.2 less the  

  
 20 

 
aggregate of any amounts previously paid to MBL pursuant to Clause 10.1(n) or Clause 10.2(e) (including any such amounts to be paid to MBL pursuant to Clause 10.2(e) on that Distribution Date).

 Regulation AB means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. Sections 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 SEC 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 SEC, or as may be provided by the SEC or its staff from time
to time. 
 Regulation AB Compliance Agreement means the Regulation AB Compliance Agreement dated on or about the date of this
Deed between, amongst others, the Trustee, the US$ Note Trustee, the Manager, MLPL, the Currency Swap Provider and the Fixed Rate Swap Provider. 

Relevant Parties means each of the Manager, the Seller, the Servicer, each Currency Swap Provider, each Fixed Rate Swap Provider, the
Standby Guarantor (if any), the Agent Bank, each Paying Agent, the US$ Note Registrar and the US$ Note Trustee. 
 Required Credit
Rating has the meaning set out in Clause 16.1(a).  
 Required Liquidity Reserve Balance means on the Closing Date or any
Determination Date: 
  

	 	(a)	unless paragraph (b) applies, the greater of: 

  

	 	(i)	1% of the aggregate of the A$ Equivalent of the Invested Amount of the US$ Notes and the Invested Amount of the A$ Notes on that day (as determined following application of Total Principal Collections, other than any
Liquidity Reserve Balance Excess which is to be applied as Total Principal Collections, on the next Distribution Date); or 

  

	 	(ii)	A$300,000; or 

  

	 	(b)	if the Notes have been redeemed in accordance with Clauses 4.7 or 4.8, zero. 

 Required
Payment Amounts means, on any Determination Date in respect of a Monthly Period: 
  

	 	(a)	if: 

  

	 	(i)	the Invested Amount of the Class B Notes as at the preceding Distribution Date was greater than zero (after taking into account any reduction in the Invested Amount of the Class B Notes made on that Distribution Date);
and 

  

	 	(ii)	there are no unreimbursed Class B Charge-Offs, 

 the aggregate of the amounts referred to in
Clauses 10.1(b) to (f) (inclusive) for that Monthly Period; 
  

	 	(b)	if paragraph (a) does not apply, and: 

  

	 	(i)	the Invested Amount of the Class A Notes as at the preceding Distribution Date was greater than zero (after taking into account any reduction in the Invested Amount of the Class A Notes made on that
Distribution Date); and 

  
 21 

	 	(ii)	there are no unreimbursed Class A Charge-Offs, 

 the aggregate of the amounts referred to
in Clauses 10.1(b) to (e) (inclusive) for that Monthly Period; and 
  

	 	(c)	if none of paragraphs (a) to (b) (inclusive) apply, the aggregate of the amounts referred to in Clauses 10.1(b) and (c) for that Monthly Period. 

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. 
 Secured Creditor has the same meaning as in the General Security
Deed. 
 Securities Act means the Securities Act of 1933 of the United States of America, as amended. 

Security Trust Deed in relation to the Series Trust has the meaning given to it in Clause 1.8. 

Security Trustee means the person for the time being who is security trustee under the Master Security Trust Deed. 

Security Trustee Costs means the fees, costs and expenses payable to the Security Trustee on each Distribution Date calculated in
accordance with Clause 6.3. 
 Seller Charge-Off in relation to the Seller Notes or a Seller Note means all amounts charged off
against the Collateralised Amounts of the Seller Notes or that Seller Note, as the case may be, pursuant to Clause 11.1(a). 

Seller Interest in relation to a Distribution Date means the aggregate of the interest payments to be made in respect of the Seller
Notes on that Distribution Date in accordance with Clause 4.4. 
 Seller Note means a Note forming part of the Class of Notes
described in Clause 4.2 as a Seller Note and issued pursuant to Clause 4.1.  
 Seller Noteholder means a Noteholder of a
Seller Note. 
 Series Trust means the trust known as the SMART ABS Series 2015-1US Trust established pursuant to the Master
Trust Deed and the Trust Creation Deed. 
 Series Trust Expenses in relation to a Monthly Period means: 

 

	 	(a)	first, on a pari passu and rateable basis, all Taxes payable in relation to the Series Trust; 

  

	 	(b)	second, on a pari passu and rateable basis, all indemnities and reimbursements payable by the Trustee pursuant to the Transaction Documents; 

 

	 	(c)	third, on a pari passu and rateable basis, all Penalty Payments (to the extent that the Trustee is liable for such payments); 

 

	 	(d)	 fourth, on a pari passu and rateable basis, all other amounts relating to the Series Trust referred to in (or incorporated by Clause 16.7 into) clause
16.11 of the Master Trust Deed in respect of that Monthly Period other than any liabilities specifically referred to in Clauses 10.1(a), 10.1(c) to 10.1(o), 10.2, 9.2 or 9.3 (each inclusive) or any liability of the Trustee to repay all or part of
the any collateral or prepayment lodged with, or paid to, the Trustee 

  
 22 

 
under the terms of any Fixed Rate Swap Agreement or Currency Swap Agreement or any other amount referred to in paragraphs (e) to (i) (inclusive) below; 

 

	 	(e)	fifth, on a pari passu and rateable basis, the Trustee Fee and any fees, costs and expenses payable to the US$ Note Trustee under the US$ Note Trust Deed or the Agency Agreement or to an Agent under the Agency
Agreement; 

  

	 	(f)	sixth, the Security Trustee Costs; 

  

	 	(g)	seventh, the Management Fee; 

  

	 	(h)	eighth, the Servicing Fee; and 

  

	 	(i)	ninth, the Custodian Fee. 

 Servicing Criteria means the “servicing criteria”
set forth in Item 1122(d) of Regulation AB. 
 Servicing Fee means the fee to be paid by the Trustee to the Servicer in
accordance with Clause 6.4. 
 Settlement Statement means the statement prepared on each Determination Date by the Manager
pursuant to Clause 16.2(a) in the form from time to time agreed between the Manager and the Trustee. 
 Shared Security means
any Security Interest, guarantee, indemnity or other form of assurance that by its terms secures the payment or repayment of any SMART Receivable forming or to form part of the Assets of the Series Trust and also any other loan, credit contract or
other financial accommodation of whatever nature forming or to form part of the Seller Trust Assets. 
 SMART Receivables means
the receivables arising under or pursuant to a Lease Contract, a Loan Contract or a Hire Purchase Contract which are assigned or to be assigned (as the case may be) to the Trustee (as trustee of the Series Trust) and referred to in a Letter of Offer
or a Transfer Proposal (as the case may be). 
 Standby Guarantee means at any given time, the standby guarantee (if any), or
any replacement of it, provided by an Eligible Depository (within the meaning of paragraph (b) of the definition of that term) in favour of the Trustee (in its capacity as trustee of the Series Trust) to support the Servicer’s obligations
to credit to, and to repay from, in accordance with normal banking practice, moneys deposited and to be deposited in the Collections Account under this Deed and which is in a form satisfactory to each Rating Agency to maintain the credit rating then
assigned by each Rating Agency to the Notes. 
 Standby Guarantor means the financial institution providing the Standby
Guarantee. 
 Sub-Class in relation to the Notes means each sub-class of Class A Notes referred to in Clause 4.2.

 Subordination Percentage means on any Determination Date the aggregate Collateralised Amount of the Class B Notes and the
Seller Notes on that date when expressed as a percentage of the aggregate Invested Amount of all A$ Notes and the A$ Equivalent of the Invested Amount of all US$ Notes on that date. 

Subscription Amount in relation to the Income Unit at any time means the aggregate of the amounts, if any, previously paid by the Income
Unitholder to, or at the direction of, the Trustee pursuant to Clause 2.6 less the aggregate of all amounts previously applied towards the reduction of the Subscription Amount. 

  
 23 

 Taxes has the same meaning as in the Master Trust Deed as modified by Clause 6.6(b) of
this Deed. 
 Termination Event Date means the earliest of the following dates to occur: 

 

	 	(a)	if the Notes have been issued by the Trustee, the date appointed by the Manager as the Termination Event Date by notice in writing to the Trustee (which must not be a date earlier than: 

 

	 	(i)	the date that the Collateralised Amount of the Notes has been reduced to zero; or 

  

	 	(ii)	if an Event of Default (as defined in the Master Security Trust Deed) has occurred, the date of the final distribution by the Security Trustee under the Master Security Trust Deed); 

 

	 	(b)	if the Notes have not been issued by the Trustee, the date appointed by the Manager as the Termination Event Date by notice in writing to the Trustee; 

 

	 	(c)	the date which is 80 years after the date of the constitution of the Series Trust in accordance with this Deed or the Trust Creation Deed (as applicable) and the Master Trust Deed; and 

 

	 	(d)	the date on which the Series Trust terminates by operation of statute or by the application of general principles of law, including as a result of any change in any statute or law. 

Termination Payment Date means the Distribution Date declared by the Trustee to be the Termination Payment Date of the Series Trust
pursuant to Clause 15.2 (subject to any substitution of another Distribution Date as the Termination Payment Date in accordance with that Clause). 

TIA means the Trust Indenture Act of 1939 of the United States of America, as amended. 

Total Collateralised Amount at any given time means the aggregate of the then Collateralised Amounts in respect of the A$ Notes and the
then Adjusted Collateralised Amounts of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes. 
 Total
Principal Collections in relation to a Monthly Period means the aggregate of: 
  

	 	(a)	the Principal Collections in relation to that Monthly Period; 

  

	 	(b)	any amount allocated to Total Principal Collections pursuant to Clauses 10.1(g), 10.1(h), 10.1(i), 10.1(m), 10.2(a), 10.2(b), 10.2(c) and 10.2(d); and 

 

	 	(c)	all other amounts received by the Trustee in the nature of repayments of principal on the SMART Receivables. 

Transfer Date means the day which is one Business Day prior to each Distribution Date. 

Trust Creation Deed means the Trust Creation Deed dated 19 February 2015 executed by Perpetual Trustee Company Limited in
accordance with the Master Trust Deed. 
 Trustee means Perpetual Trustee Company Limited ABN 42 000 001 007 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) and the Seller Trust, any then Substitute Trustee. 

Trustee Fee means the fee payable to the Trustee on each Distribution Date calculated in accordance with Clause 6.2. 

  
 24 

 Underwriting Agreement means the US$ Underwriting Agreement relating to the Series Trust,
dated on or about 12 March 2015 made between the Trustee, MLPL, the Manager and the underwriters under that agreement. 

Unpaid Class A-4 Interest Amount has the meaning given to that term in Clause 4.4(a). 

Unreimbursed Principal Draw in relation to a Determination Date means the aggregate amount of all Principal Draws in relation to prior
Determination Dates less the aggregate of all amounts allocated to Total Principal Collections in accordance with Clauses 10.1(g) or 10.2(a) on prior Distribution Dates. 

US Dollars or US$ means the lawful currency for the time being of the United States of America. 

US$ Equivalent in relation to an amount which is calculated, determined or expressed in A$ or which includes a component determined or
expressed in A$ means the A$ amount or A$ component (as the case may be) multiplied by the relevant US$ Exchange Rate. 
 US$
Exchange Rate in relation to the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes or the Class A-3b Notes, means the “US$ Exchange Rate” specified in the confirmation for the
Currency Swap in relation to that Sub-Class of Notes. 
 US$ Fixed Rate Interest Amount has the meaning given to that term in
the US$ Note Conditions. 
 US$ Floating Rate Interest Amount has the meaning given to that term in the US$ Note Conditions.

 US$ Note has the meaning given to that term in the US$ Note Trust Deed. 

US$ Note Charge-Off in relation to the US$ Notes, a Sub-Class of the US$ Notes or a US$ Note means all amounts charged off against the
Collateralised Amount of the US$ Notes, the relevant Sub-Class of US$ Notes or that US$ Note, as the case may be, pursuant to Clause 11.1(c)(i).  

US$ Note Conditions means the terms and conditions in relation to the Class A-1 Notes, the Class A-2a Notes, the
Class A-2b Notes, the Class A-3a Notes and the Class A-3b Notes substantially in the form of Schedule 4 of the US$ Note Trust Deed. 

US$ Note Registrar has the meaning given to that term in the Agency Agreement. 

US$ Note Trust Deed means the deed entered into on or about the date of this Deed between the US$ Note Trustee, the Trustee, MLPL and
the Manager. 
 US$ Note Trustee has the meaning set out in the US$ Note Trust Deed. 

US$ Noteholder has the meaning set out in the US$ Note Trust Deed. 

Voting Secured Creditors has the same meaning as in the General Security Deed. 

 

	1.2	Interpretation 

 In this Deed, unless the contrary intention appears: 

 

	 	(a)	a reference to this Deed includes the Background and Schedules; 

  
 25 

	 	(b)	a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them; 

 

	 	(c)	a reference to a section of a statute, ordinance, code or other law includes any consolidation, amendment, re-enactment or replacement of that section; 

 

	 	(d)	the singular includes the plural and vice versa and words denoting a gender include all other genders; 

  

	 	(e)	the word person includes an individual, a body politic, a corporation and a statutory or other authority or association (incorporated or unincorporated); 

 

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

 

	 	(g)	the word corporation means any body corporate wherever formed or incorporated including, without limiting the generality of the foregoing, any public authority or any instrumentality of the Crown;

  

	 	(h)	the expression owing includes amounts that are owing whether such amounts are liquidated or not or are contingent or presently accrued due and includes all rights sounding in damages only; 

 

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

 

	 	(j)	a reference to any thing (including any amount) is a reference to the whole or any part of it and a reference to a group of persons is a reference to any one or more of them; 

 

	 	(k)	if an act prescribed under this Deed to be done by a party on or by a given day is done after 5.30 p.m. on that day, it is to be taken to be done on the following day; 

 

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

 

	 	(m)	references to time are to Sydney time; 

  

	 	(n)	the expression certified means, in respect of a person, certified in writing by 2 Authorised Officers of that person or by legal counsel for that person and certify and like expressions will be construed
accordingly; 

  

	 	(o)	a reference to extinguish includes a reference to rights and interests being surrendered and released; 

  

	 	(p)	a reference to a month is to a calendar month; 

  

	 	(q)	a reference to wilful default in relation to the Trustee or the Manager means, subject to Clause 1.2(r), any wilful failure to comply with, or wilful breach by, the Trustee or the Manager (as the case may be) of
any of its obligations under any Transaction Document, other than a failure or breach which: 

  
 26 

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

  

	 	I.	the Trustee or the Manager (as the case may be); or 

  

	 	II.	any other person referred to in Clause 1.2(r) in relation to the Trustee or the Manager (as the case may be); and 

  

	 	(B)	the performance of the action (the non-performance of which gave rise to such breach) is a precondition to the Trustee or the Manager (as the case may be) performing the said obligation; 

 

	 	(ii)	is in accordance with a lawful court order or direction or required by law; or 

  

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

  

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

  

	 	(B)	the Investors given at a meeting convened under the Master Trust Deed; 

  

	 	(r)	a reference to the fraud, negligence or wilful default of the Trustee or the Manager means the fraud, negligence or wilful default of the Trustee or the Manager (as the case may be) and of its
officers, employees, agents and any other person where the Trustee or Manager (as the case may be) is liable for the acts or omissions of such other person under the terms of any Transaction Document; 

 

	 	(s)	subject to Clause 18.2, each party will only be considered to have knowledge or awareness of, or notice of, a thing or an event 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 Seller Trust, having
actual knowledge, actual awareness or actual notice of that thing or that event or grounds or reason to believe that thing or occurrence of that event (and similar references will be interpreted in this way). In addition, notice, knowledge or
awareness of a Manager Default, Servicer Default, Trustee Default or Perfection of Title Event means notice, knowledge or awareness of the occurrence of the event or circumstances constituting a Manager Default, Servicer Default, Trustee Default or
Perfection of Title Event (as the case may be); 

  

	 	(t)	all accounting terms used in this Deed have the meaning as defined under or contemplated by Australian accounting standards; 

  

	 	(u)	where a Class of Notes or Sub-Class of Notes listed in Clause 4.2 is not issued pursuant to Clause 4, references in this Deed to the “Notes”, that particular Class of Notes or Sub-Class of Notes, any other
Classes of Notes or Sub-Classes of Notes and other related expressions or expressions incorporating the foregoing, will be construed as if the Class of Notes or Sub-Class of Notes not issued does not exist;

  

	 	(v)	subject to Clause 1.10, a reference to this Deed, the Master Trust Deed, the Master Sale and Servicing Deed or any other deed, agreement, document or instrument includes respectively this Deed, the Master Trust Deed,
the Master Sale and Servicing Deed or such other deed, agreement, document or instrument as amended, novated, supplemented or replaced from time to time; 

  
 27 

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

  

	 	(x)	a reference to a Clause or a Schedule is a reference to a Clause or a Schedule of this Deed; 

  

	 	(y)	a reference to the credit rating of any person by a Rating Agency includes, where that Rating Agency does not have a public rating of that person, the equivalent internal private credit rating of that person as notified
by that Rating Agency to the Trustee and the Manager; 

  

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

  

	 	(aa)	headings are inserted for convenience and do not affect the interpretation of this Deed; and 

  

	 	(bb)	a reference to $ is a reference to Australian dollars. 

  

	1.3	Master Trust Deed and Master Sale and Servicing Deed definitions 

 Subject to Clauses
1.10 and 1.13, unless otherwise defined in this Deed or unless otherwise indicated in this Deed, words and phrases defined (including by incorporation from, or by reference to, another document) in the Master Trust Deed or the Master Sale and
Servicing Deed have the same meaning in this Deed. Subject to Clause 1.10, where there is any inconsistency in a definition between this Deed (on the one hand) and the Master Trust Deed or the Master Sale and Servicing Deed (on the other hand), this
Deed prevails. Subject to Clause 1.10, where there is any inconsistency in a definition between the Master Trust Deed (on the one hand) and the Master Sale and Servicing Deed (on the other hand), the Master Sale and Servicing Deed prevails in
respect of this Deed. Where words or phrases used in this Deed 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) and/or an Other Trust, such words or
phrases are to be construed in this Deed, where necessary, as being used only in relation to the Series Trust (as defined in this Deed) and/or the Seller Trust, as the context requires. 

 

	1.4	Master Trust Deed and Master Sale and Servicing Deed inconsistency 

 In accordance with
clause 1.3 of the Master Trust Deed and clause 1.5 of the Master Sale and Servicing Deed the provisions contained in this Deed apply only in relation to the Series Trust. If there is any conflict between the provisions of this Deed and the
provisions of the Master Trust Deed or the Master Sale and Servicing Deed, the provisions contained in this Deed prevail over the provisions of the Master Trust Deed and the Master Sale and Servicing Deed in respect of the Series Trust. 

 

	1.5	Support Facilities 

 The Series Trust has the following Support Facilities: 

 

	 	(a)	(Hedge Agreements): the Fixed Rate Swap Agreement and Currency Swap Agreement (which are each a Hedge Agreement of the Series Trust for the purposes of the Master Trust Deed); and 

 

	 	(b)	(Standby Guarantee): the Standby Guarantee (if any). 

  

	1.6	Nominated Seller and Nominated Servicer 

 The Nominated Seller in relation to the Series
Trust for the purposes of the Master Trust Deed is the Seller and the Nominated Servicer in relation to the Series Trust for the purposes of the Master Trust Deed is the Servicer. 

  
 28 

	1.7	Application of Master Sale and Servicing Deed 

 The Master Sale and Servicing Deed
applies to the Series Trust, and the Series Trust is a Series Trust (as defined in the Master Sale and Servicing Deed). 
  

	1.8	Master Security Trust Deed 

 The Series Trust is a Secured Series Trust (as defined in
the Master Security Trust Deed) for the purposes of the Master Security Trust Deed. The obligations of the Trustee under the Notes, this Deed, the Dealer Agreement and the Underwriting Agreement (amongst other things) will be secured to the
Noteholders (among others) by the Master Security Trust Deed and the General Security Deed which, together, are a Security Trust Deed relating to the Series Trust for the purposes of the Master Trust Deed. 

 

	1.9	Relationship between Trustee and Noteholders 

 The obligations of the Trustee to the
Noteholders expressed in this Deed or the Master Trust Deed, in so far as the Master Trust Deed relates to the Series Trust, are contractual obligations only and do not create any relationship of trustee or fiduciary between the Trustee and the
Noteholders. 
  

	1.10	Incorporated definitions and other Transaction Documents and provisions 

 Where in this
Deed 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 Deed unless and until the amendment is consented to by the parties to this Deed. 

 

	1.11	Binding on Noteholders and Unitholders 

 This Deed is binding on each Noteholder and
Unitholder as if each was originally a party to this Deed. 
  

	1.12	Master Trust Deed 

 This Deed is a Series Supplement for the purposes of the Master Trust
Deed. 
  

	1.13	Exclusion and amendments of Master Trust Deed definitions and provisions 

  

	 	(a)	(Interpretation): For the purposes of the Series Trust, “Financial Reports” will be interpreted as being financial reports in the form of special purpose financial reports as opposed to general purpose
financial reports.  

  

	 	(b)	(Replaced definitions): The following definitions replace the corresponding definitions in clause 1.1 of the Master Trust Deed, in so far as those corresponding definitions apply to the Series Trust:

 “Noteholder means at any given time: 

 

	 	(a)	in relation to a US$ Note, the US$ Noteholder in relation to that US$ Note; and 

  

	 	(b)	in relation to an A$ Note, the person then appearing in the Register as the holder of that A$ Note.” 

  
 29 

 “Transaction Document means each of the following documents: 

 

	 	(a)	the Master Trust Deed in so far as it applies to the Series Trust; 

  

	 	(b)	the Deed of Assumption; 

  

	 	(c)	the Master Sale and Servicing Deed; 

  

	 	(d)	this Deed; 

  

	 	(e)	the Trust Creation Deed; 

  

	 	(f)	each document specified in clause 1.5 of the Series Supplement in relation to the Series Trust as a Support Facility; 

  

	 	(g)	the Master Security Trust Deed; 

  

	 	(h)	the General Security Deed; 

  

	 	(i)	the US$ Note Trust Deed; 

  

	 	(j)	the US$ Note Conditions; 

  

	 	(k)	the Agency Agreement; 

  

	 	(l)	each Note; 

  

	 	(m)	each Letter of Offer (as defined in the Series Supplement in relation to the Series Trust) relating to the Series Trust; 

  

	 	(n)	the Regulation AB Compliance Agreement (as defined in the Series Supplement in relation to the Series Trust) relating to the Series Trust; and 

 

	 	(o)	any other document which is agreed by the Manager and the Trustee (and notified by the Manager to the Rating Agencies (if any) in relation to the Series Trust) to be a Transaction Document in relation to the Series
Trust.”. 

  

	 	(c)	(Meeting procedures): The procedures for convening a meeting of the A$ Noteholders, the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders or a Sub-Class of the
Class A Notes for the purposes of clause 26 of the Master Trust Deed, in so far as those procedures apply to the Series Trust and the Noteholders are varied as follows: 

 

	 	(i)	if the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders or the Noteholders in respect of any Sub-Class of the US$ Notes are included within the, or are the only, Relevant
Investors for the purposes of a meeting under clause 26 of the Master Trust Deed: 

  

	 	(A)	any notice of a meeting given or required to be given to the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders or the Noteholders in respect of any Sub-Class of the US$ Notes
must also be given to the US$ Note Trustee; 

  

	 	(B)	 any notice given to a Class A-1 Noteholder, a Class A-2 Noteholder, a Class A-3 Noteholder or a Noteholder in respect of any Sub-Class
of the US$ Notes 

  
 30 

	 	
(as the case may be) of a meeting under clause 26 of the Master Trust Deed must be given in accordance with Condition 11.1 of the US$ Note Conditions; and 

 

	 	(C)	a meeting under clause 26 of the Master Trust Deed at which the US$ Note Trustee is the only Relevant Investor (as determined pursuant to Clause 1.13(c)(ii) below) must not be held until the US$ Note Trustee has had the
opportunity of seeking or obtaining directions from the relevant Class A-1 Noteholders, Class A-2 Noteholders, Class A-3 Noteholders or Noteholders in respect of any Sub-Class of the US$ Notes in accordance with the US$ Note Trust
Deed regarding how the US$ Note Trustee is to vote at the meeting; 

  

	 	(ii)	the Relevant Investors in relation to the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes or any Sub-Class of the US$ Notes, for the purposes of clause 26 of the Master Trust Deed, means the US$
Note Trustee alone, acting on behalf of the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders or the Noteholders in respect of any Sub-Class of the US$ Notes under the US$ Note Trust Deed or, if the US$ Note
Trustee has become bound to take steps and/or to proceed under the US$ Note Trust Deed and fails to do so within a reasonable time and such failure is continuing, the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3
Noteholders or the Noteholders in respect of any Sub-Class of the US$ Notes; 

  

	 	(iii)	if the US$ Note Trustee is the only Relevant Investor in relation to the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes or a Sub-Class of the US$ Notes (as determined pursuant to Clause
1.13(c)(ii) above), it will be regarded as a Representative representing all of the Class A-1 Notes, all of the Class A-2 Notes, all of the Class A-3 Notes or all of the Notes of the relevant Sub-Class of the US$ Notes for the
purposes of determining whether a quorum is present at such meeting, for determining the votes to which the US$ Note Trustee is entitled to cast at such meeting and any other relevant matter relating to such meeting; 

 

	 	(iv)	if any Class A-1 Noteholders, Class A-2 Noteholders, Class A-3 Noteholders or Noteholders of a Sub-Class of the US$ Notes become entitled to attend a meeting of Relevant Investors pursuant to Clause
1.13(c)(ii), the evidence of the entitlement of such Class A-1 Noteholders, Class A-2 Noteholders, Class A-3 Noteholders or Noteholders of the relevant Sub-Class of the US$ Notes to attend such meeting and to vote thereat, and any
other relevant matters, will be determined in accordance with the provisions of the US$ Note Trust Deed and the Agency Agreement, with such amendments as determined by the US$ Note Trustee to be necessary; and 

 

	 	(v)	if at a particular time the US$ Note Trustee is or would be the only Relevant Investor in respect of a meeting under clause 26 of the Master Trust Deed, notwithstanding any other provision of the Master Trust Deed the
requirement to convene such a meeting and put such issue to such meeting will be satisfied if directions are sought from the US$ Note Trustee on the particular issue that would otherwise be put to such meeting. Upon such a direction being given by
the US$ Note Trustee, a meeting of the Relevant Investors will be regarded as having been duly called, convened and held and the direction will be regarded as properly passed as an Extraordinary Resolution of such meeting. 

 

	 	(d)	(Withholding): The Master Trust Deed is amended, to the extent the following clauses apply to the Series Trust, as follows: 

  
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	 	(i)	a new definition of “FATCA Withholding Tax” is inserted in alphabetical order in clause 1.1 as follows: 

“FATCA Withholding Tax means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of
the U.S. Internal Revenue Code of 1986 (the Code) or otherwise imposed pursuant to Section 1471 through 1474 of the Code and any regulations or agreements thereunder, official interpretations thereof, or law implementing an
intergovernmental approach thereto.”; and 
  

	 	(ii)	clause 23.5(a) of the Master Trust Deed is deleted in its entirety and replaced with the following new clause 23.5(a): 

  

	 	“(a)	(Withholding Tax for non-residents): The Trustee or any person making payments on behalf of the Trustee may deduct interest withholding tax imposed by the Commonwealth of Australia from payments of interest in
respect of the Notes where the Trustee, or such person, considers this is required in accordance with the Tax Act or make any withholding or deduction for, or on account of, any present or future taxes, duties or charges of whatsoever nature
required by any applicable law (including any FATCA Withholding Tax). Neither the Trustee nor any person making payments on behalf of the Trustee will be obliged to make any additional payments to the Noteholders in respect of the relevant Notes in
relation to that withholding or deduction. For the purposes of this clause a written notice given pursuant to section 15-15 of Schedule 1 to the Tax Administration Act 1953 will be considered not to have been produced to the Trustee unless it is
produced to the Trustee not later than close of business on the second Business Day immediately preceding the relevant payment date.”. 

  

	 	(e)	(Master Trust Deed provisions): The following clauses of the Master Trust Deed will not apply: 

  

	 	(i)	(General provisions): clauses 5.1(d), 6 (to the extent only that it is inconsistent with the provisions of any other Transaction Document) and 8.1; and 

 

	 	(ii)	(Provisions not relating to Class A-1 Notes, Class A-2 Notes or Class A-3 Notes): clauses 9, 10, 23.1 and 24.4 in so far as they relate to the Class A-1 Noteholders, the Class A-2
Noteholders or the Class A-3 Noteholders. 

  

	 	(f)	(Rights of Investors): Nothing in clause 7.1(i) of the Master Trust Deed limits any right of a Class A-1 Noteholder, a Class A-2 Noteholder or a Class A-3 Noteholder under the US$ Note Trust Deed
to compel the Trustee, the Manager or the US$ Note Trustee to comply with their respective obligations under the US$ Note Trust Deed. 

  

	 	(g)	(Payments under Note Conditions): Clause 11.9(d) of the Master Trust Deed does not apply to payments by the Trustee of amounts received from the Currency Swap Provider in accordance with the terms of the US$ Note
Conditions and the Agency Agreement. 

  

	 	(h)	 (Inspection of Transaction Documents): Clause 27.1 of the Master Trust Deed does not require that any Unitholder, Noteholder or prospective
Noteholder wanting to inspect a copy of the Transaction Documents first enter into a confidentiality agreement of the type referred to that clause if, at the time of the inspection, the relevant Transaction Documents are publicly available. For the
purposes of this Clause 1.13(h), a Transaction Document will be  

  
 32 

	 	
considered to be publicly available if it is generally available to the public through any website (including without limitation any website maintained by or on behalf of the SEC). In no
circumstances will the Dealer Agreement be available to any Unitholder, Noteholder or prospective Noteholder unless the Manager (in its discretion) elects to make it so available. 

 

	2.	THE UNITS 

  

	2.1	The Units 

  

	 	(a)	(Beneficial interest): The beneficial interest in the Series Trust is divided into Units in accordance with the Trust Creation Deed. The Units have been issued to the Unitholders in accordance with the Master
Trust Deed and the Trust Creation Deed. 

  

	 	(b)	(No further Units): The Trustee must not, and the Manager must not direct the Trustee to, issue any additional Units after the Closing Date. 

 

	2.2	Beneficial interest represented by the Income Unit 

 The beneficial interest in the
Series Trust represented by the Income Unit is limited to the amount (if any) standing from time to time to the credit of the Collections Account representing any then due but unpaid Income Unit Amount in relation to the Income Unit. 

 

	2.3	Beneficial interest represented by the Capital Units 

  

	 	(a)	(Capital Unit – Macquarie Bank Limited): The beneficial interest in the Series Trust represented by the 10 Capital Units held by Macquarie Bank Limited is in the Assets of the Series Trust as a whole (other
than the beneficial interest in the Assets represented by the Income Unit) but not in any particular Asset of the Series Trust. 

  

	 	(b)	(Proportional interest): The beneficial interest represented by each Capital Unit referred to in paragraph (a) above is in a proportion of the Assets referred to in the foregoing equal to the proportion of
that Capital Unit against all the other Capital Units. 

  

	2.4	Right of Income Unitholders to payments 

 The Income Unitholder has only the right to
receive payments of the Income Unit Amounts in relation to the Income Unit in accordance with this Deed and only to the extent that funds are available for this purpose in accordance with this Deed. The Income Unitholder has no entitlement to the
capital of the Series Trust other than for the Subscription Amount. 
  

	2.5	Rights of Capital Unitholder to payments 

  

	 	(a)	(Capital Unitholder): Macquarie Bank Limited, as holder of all 10 Capital Units, has no right to receive any payments or distributions in respect of the Capital Units held by it other than to receive any amounts
available for distribution in respect of those 10 Capital Units pursuant to Clause 9.3(b). 

  

	 	(b)	(Termination): Except to the extent included in Clause 2.5(a), on the termination of the Series Trust the Capital Unitholder has the right to receive the capital of the Series Trust remaining after the payment
(or the provision for payment) of all other outgoings and amounts by the Trustee pursuant to Clause 15. 

  
 33 

	2.6	Additional Capital Subscription in the Series Trust 

 The Income Unitholder may, at any
time, invest amounts by way of an increase in the capital of the Series Trust by paying such amounts to the Trustee or as the Trustee, upon the written instruction of the Manager, directs. 

 

	3.	SMART RECEIVABLE RIGHTS 

  

	3.1	Approved Financial Assets 

 The Approved Financial Assets that may be acquired by the
Trustee for the purposes of the Master Trust Deed are SMART Receivable Rights. 
  

	3.2	Assignment of SMART Receivable Rights 

 The Trustee may only acquire SMART Receivable
Rights pursuant to the Master Trust Deed or the Master Sale and Servicing Deed. 
  

	3.3	Servicing of SMART Receivable Rights 

 All SMART Receivable Rights must be managed and
serviced in accordance with the Master Sale and Servicing Deed. 
  

	3.4	Trustee’s interest in SMART Receivable Rights 

 The Trustee’s right, title and
interest in such SMART Receivable Rights is at all times subject to the terms of this Deed, the Master Trust Deed and the Master Sale and Servicing Deed. 
  

	3.5	Acquisition and disposal of SMART Receivable Rights 

 Notwithstanding anything to the
contrary in clause 16 of the Master Sale and Servicing Deed or Clause 14.10, the Manager will only issue a Transfer Proposal in respect of which the Series Trust is either an Acquiring Trust or a Disposing Trust upon the prior written direction of
the Seller. 
  

	4.	THE NOTES 

  

	4.1	Issue of the Notes 

 On the Closing Date the Trustee as trustee of the Series Trust must,
subject to the satisfaction of all conditions precedents to issue of the Notes in the Transaction Documents, issue: 
  

	 	(a)	(A$ Notes): the A$ Notes in accordance with this Deed and, in the case of the Class A-4 Notes only, the Dealer Agreement; and 

 

	 	(b)	(US$ Notes): the US$ Notes in accordance with this Deed, the US$ Note Trust Deed, the Agency Agreement and the Underwriting Agreement. 

The Trustee must not, and the Manager must not direct the Trustee to, issue any additional Notes after the Closing Date. 

 

	4.2	Notes divided into Classes 

 The Notes comprise the following three Classes: Class A
Notes, Class B Notes and Seller Notes. The Class A Notes will in turn be divided into the following 4 Sub-Classes: Class A-1 Notes, Class 

  
 34 

 
A-2 Notes, Class A-3 Notes and Class A-4 Notes. The Class A-2 Notes will be divided into further Sub-Classes: Class A-2a Notes and Class A-2b Notes. The Class A-3
Notes will be divided into further Sub-Classes: Class A-3a Notes and Class A-3b Notes. 
  

	4.3	Manager to advise Trustee of details of the Notes 

 The Manager will determine and notify
the Trustee (copied to each Rating Agency) in writing at least two Business Days (or such other period as the Trustee and the Manager may agree) before the Closing Date of: 
  

	 	(a)	(Number of Notes): the total number of Notes in each Class of Notes and Sub-Class of Notes; 

  

	 	(b)	(Principal amount of the Notes): the initial total principal amount of each Class of Notes and Sub-Class of Notes; and 

 

	 	(c)	(Margin): the Margin for: 

  

	 	(i)	the Class A-2b Notes and the Class A-3b Notes, with such determination to be made pursuant to the Underwriting Agreement; 

  

	 	(ii)	the Class A-4 Notes, with such determination to be made pursuant to the Dealer Agreement; and 

  

	 	(iii)	the A$ Notes (other than the Class A-4 Notes), with such determination to be made by the Manager in consultation with MLPL. 

  

	4.4	Interest on the A$ Notes 

  

	 	(a)	(A$ Notes Accrue Interest): Each A$ Note accrues interest from (and including) the Closing Date and ceases to accrue interest from (and including) the earliest of: 

 

	 	(i)	in the case of any A$ Note (other than a Class A-4 Note): 

  

	 	(A)	the date on which the Collateralised Amount of the A$ Note is reduced to zero; and 

  

	 	(B)	the date on which the A$ Note is deemed to be redeemed in accordance with Clause 4.7(d); or 

  

	 	(ii)	in the case of a Class A-4 Note: 

  

	 	(A)	the date on which the Invested Amount of the Class A-4 Note is reduced to zero; and 

  

	 	(B)	the date on which the Class A-4 Note is deemed to be redeemed in accordance with Clause 4.7(d). 

Where an A$ Note (other than a Class A-4 Note) has ceased to accrue interest due to its Collateralised Amount having been reduced to
zero, that A$ Note will recommence accruing interest from the Distribution Date (if any) on which the Collateralised Amount of that A$ Note subsequently increases until interest ceases to accrue in accordance with paragraphs (i)(A) and (i)(B) above.
The foregoing will apply to each period in which an A$ Note (other than a Class A-4 Note) has ceased to accrue interest and may recommence accruing interest. 

  
 35 

	 	
No interest will accrue on an A$ Note (other than a Class A-4 Note) for the period in which the Collateralised Amount of that A$ Note is zero. The A$ Notes (other than Class A-4 Notes)
will not accrue any interest on any amounts of interest which have accrued but remain unpaid. 

 If interest in respect
of a Class A-4 Note is not paid on the date when due and payable, that unpaid interest will itself bear interest at the A$ Note Interest Rate in relation to that Class A-4 Note applicable from time to time until (but excluding the date of
payment) the unpaid interest, and any interest on it, is paid in full in accordance with Clause 10.1(d)(vi) (the unpaid interest, and any interest on that unpaid interest, in relation to a Class A-4 Note is an “Unpaid Class A-4
Interest Amount”). 
  

	 	(b)	(Calculation of Interest): Interest on each A$ Note is, subject to this Deed, payable monthly in arrears on each Distribution Date for that A$ Note and, for an Interest Period, is calculated by applying the A$
Note Interest Rate applicable to the A$ Note for that Interest Period to the Invested Amount of the A$ Note on the first day of the Interest Period (after taking into account any reductions in the Invested Amount on that day), by then multiplying
such product by the actual number of days in the Interest Period divided by 365 and rounding the resultant figure to the nearest cent (half a cent being rounded upward). 

 

	 	(c)	(Payment of Interest): On each Distribution Date in relation to an A$ Note, the Trustee must, on the direction of the Manager and otherwise in accordance with Clause 10.1: 

 

	 	(i)	apply any amount available to be allocated under Clause 10.1(d)(vi) on that Distribution Date in payment pari passu and rateably towards the Class A-4 Interest in relation to that Distribution Date and any Unpaid
Class A-4 Interest Amount remaining outstanding from prior Distribution Dates; 

  

	 	(ii)	apply any amount available to be allocated under Clause 10.1(f) on that Distribution Date in payment pari passu and rateably towards the Class B Interest in relation to that Distribution Date and any Class B
Interest remaining unpaid from prior Distribution Dates; and 

  

	 	(iii)	apply any amount available to be allocated under Clause 10.1(l) on that Distribution Date in payment pari passu and rateably towards the Seller Note Interest in relation to that Distribution Date and any Seller
Note Interest remaining unpaid from prior Distribution Dates. 

  

	4.5	Interest on the US$ Notes 

 Each Class A-1 Note, Class A-2a Note,
Class A-2b Note, Class A-3a Note and Class A-3b Note accrues interest, and such interest will be calculated and will be payable, in accordance with the US$ Note Conditions. 

 

	4.6	Initial Invested Amount of A$ Notes 

 Each A$ Note will have an initial principal amount
equal to its Initial Invested Amount and will be issued at par value. 
  

	4.7	Redemption of the A$ Notes 

  

	 	(a)	(Final Redemption): On the Maturity Date, unless previously redeemed in full, the Trustee must redeem each A$ Note at its then Invested Amount, together with all then accrued but unpaid interest.

  
 36 

	 	(b)	(Part Repayment on Distribution Date): On each Distribution Date after the Closing Date and prior to the enforcement of the Security (as defined in the General Security Deed), the Trustee must, subject to Clauses
4.7(d) and (e), repay the outstanding principal on the A$ Notes in part by applying the Total Principal Collections on each Distribution Date in accordance with Clauses 4.7 and 9.1 to 9.3 (inclusive) until the Invested Amounts of the Class A-4
Notes, Class B Notes and Seller Notes are reduced to zero. 

  

	 	(c)	(Prepayment options): Unless previously redeemed in full, the Trustee must redeem the A$ Notes by the payment in full of the amount required under Conditions 7.3 or 7.4 (as applicable) of the US$ Note Conditions
when required to redeem all of the Notes in accordance with such US$ Note Conditions. 

  

	 	(d)	(Redemption on Final Payment): Upon a final distribution being made in respect of the A$ Notes under Clause 15.12 of this Deed or clause 13 of the Master Security Trust Deed, the Notes will thereupon be deemed to
be redeemed and discharged in full and any obligation to pay any accrued but unpaid interest, any then unpaid Invested Amount, any then unpaid Collateralised Amount or any other amounts in relation to the A$ Notes will be extinguished in full.

  

	 	(e)	(No Payment in excess of Invested Amount): No amount of principal will be paid to an A$ Noteholder in excess of the Invested Amount applicable to the A$ Notes held by that A$ Noteholder. 

 

	4.8	Redemption of the US$ Notes 

 Each US$ Note is redeemed, or is deemed to be redeemed, in
accordance with the US$ Note Conditions. 
  

	4.9	Rounding of payments 

  

	 	(a)	(A$ Notes): Payments in respect of interest and principal on the A$ Notes will be rounded to the nearest one cent (half a cent or more being rounded upward). 

 

	 	(b)	(US$ Notes): Payments in respect of interest and principal on the US$ Notes will be rounded in accordance with the US$ Note Conditions. 

 

	4.10	Class A, B, and Seller Notes enjoy same rights except for special rights 

 Each
Class of Notes and Sub-Class of Notes enjoys the same rights, entitlements, benefits and restrictions, except as expressly provided in this Deed, the Master Security Trust Deed, the General Security Deed, the US$ Note Trust Deed, the US$ Note
Conditions or the Master Trust Deed. 
  

	4.11	Transfer of Notes 

  

	 	(a)	(Master Trust Deed): Clauses 6.5 and 10.4(a) of the Master Trust Deed do not apply to the Notes. 

  

	 	(b)	(No Retail Client and compliance with laws): A Note may only be issued, offered for subscription or transferred, if the offer of that Note for issue or sale, or the invitation to purchase or subscribe for that
Note: 

  

	 	(i)	is not made to a person who is a “retail client” within the meaning of section 761G of the Corporations Act; and 

  
 37 

	 	(ii)	complies with any applicable laws in all jurisdictions in which the offer or invitation is made. 

  

	 	(c)	(Notice of transfer): In the event that the Trustee receives a Note Transfer in respect of any Notes in accordance with clause 10.10 of the Master Trust Deed, it will promptly provide a copy of that Note Transfer
to the Manager for the purpose of enabling the Manager to consider the interest withholding tax status of the relevant transferee. 

  

	4.12	Incorporation of relevant provisions from the US$ Note Conditions 

 Without limiting the
generality of the foregoing provisions of this Clause 4, all of the provisions in the US$ Note Conditions that are expressed to apply to the A$ Notes form part of the terms and conditions of the A$ Notes and the Trustee must perform all of its
obligations expressed in the US$ Note Conditions subject to, and in accordance with, the US$ Note Conditions. 
  

	4.13	RBA repo eligibility 

 The Manager undertakes to make an application to the Reserve Bank
of Australia (RBA) for the purpose of ensuring that the Class A-4 Notes are accepted as “eligible securities” which may be lodged as collateral in relation to a repurchase agreement entered into with the RBA and, if that application
is successful, to take such other action that the Manager may determine is commercially reasonable and in line with current market practice to maintain the “eligible securities” status of the Class A-4 Notes. 

 

	4.14	Manager’s undertaking and indemnity in relation to ASX Listing 

  

	 	(a)	(Undertaking): If the Manager, in its discretion, lists the Class A-4 Notes on the Australian Securities Exchange, the Manager undertakes to the Trustee to: 

 

	 	(i)	give the Trustee such directions; and 

  

	 	(ii)	take such actions on behalf of the Trustee, 

 as are necessary to ensure that the Trustee
complies with the ASX Listing Rules in connection with the listing of those Notes on the Australian Securities Exchange. 
  

	 	(b)	(Indemnity): The Manager fully indemnifies the Trustee from and against any expense, loss, damage, liability, fines, forfeiture, legal fees and related costs which the Trustee may incur (whether directly or
indirectly) as a consequence of a breach of paragraph (a) except as a result of the fraud, negligence or wilful default of the Trustee. 

  

	5.	CONDITIONS PRECEDENT TO ACCEPTANCE OF LETTER OF OFFER 

  

	5.1	Conditions Precedent to Letter of Offer 

 The Trustee must not accept the offer contained
in the Letter of Offer (if any) unless it has received each of the following prior to the Closing Date (if any): 
  

	 	(a)	(Fixed Rate Swap Agreement and Currency Swap Agreement): a copy of the Fixed Rate Swap Agreement and Currency Swap Agreement, each executed by all parties thereto; 

 

	 	(b)	(Master Security Trust Deed): a copy of the Master Security Trust Deed executed by all parties thereto; 

  
 38 

	 	(c)	(Master Sale and Servicing Deed): a copy of the Master Sale and Servicing Deed, executed by all parties thereto; 

  

	 	(d)	(General Security Deed): a copy of the General Security Deed, executed by all parties thereto; 

  

	 	(e)	(US$ Note Trust Deed): a copy of the US$ Note Trust Deed, executed by all parties thereto, or the final form of the US$ Note Trust Deed to be executed by the parties to it prior to or simultaneously with the
issue of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes; 

  

	 	(f)	(Agency Agreement): a copy of the Agency Agreement, executed by all parties thereto; 

  

	 	(g)	(Manager’s certificate): a certificate from the Manager stating that, based upon the expected receipts under the SMART Receivables and after taking into account the other Transaction Documents for the Series
Trust, in the Manager’s opinion the Trustee as trustee of the Series Trust should be able to meet all anticipated obligations of the Series Trust as and when they fall due including all anticipated amounts as and when they may fall due to the
Noteholders in respect of the Notes proposed to be issued on the Closing Date; 

  

	 	(h)	(Authorised Officers): a certificate setting out in full the name and specimen signature of each Authorised Officer of the Seller, the Manager and the Servicer; and 

 

	 	(i)	(Legal opinions): legal opinions from: 

  

	 	(i)	Allen & Overy: 

  

	 	(A)	as to the validity and enforceability of the obligations of the Seller, the initial Servicer, the Trustee, the Security Trustee, the initial Manager, the US$ Note Trustee, the Agent Bank and the Principal Paying Agent
under the Transaction Documents and the initial Fixed Rate Swap Provider under the Fixed Rate Swap; and 

  

	 	(B)	as to the tax and stamp duty implications of the Series Trust and the transactions contemplated by the Transaction Documents; and 

  

	 	(ii)	external legal counsel for the Trustee as to, amongst other things, the due execution of the Transaction Documents by the Trustee and the Security Trustee. 

 

	5.2	Other Conditions Precedent 

 Without limiting the generality of any provision of any
Transaction Document, the Trustee must not accept the offer contained in a Letter of Offer unless: 
  

	 	(a)	(Letter of Offer): it is satisfied with the form and content of that Letter of Offer; 

  

	 	(b)	(Seller letter): it has received a letter (copied to each Rating Agency) from the Seller which, in a manner satisfactory to the Trustee, explains how the SMART Receivables identified in the schedule to that
Letter of Offer are marked on the SMART Receivable System so that those SMART Receivables, if necessary, can be separately identified by the Trustee; and 

  

	 	(c)	(Other Material): it has received a copy of each other document (if any) required under the Master Sale and Servicing Deed. 

  
 39 

	5.3	Manager’s direction 

 The Manager must not issue a direction to the Trustee pursuant
to clause 8.2 of the Master Trust Deed unless the Manager: 
  

	 	(a)	(Excluded issue): is, on the Closing Date, satisfied that any offer for the issue, or any invitation to apply for the issue, of the Notes is an offer of securities for issue, or is an invitation to apply for the
issue of securities, which does not need disclosure to investors under Part 6D.2 of Chapter 6 of the Corporations Act; 

  

	 	(b)	(No breach by Seller of representations): is not actually aware that any representation or warranty made or taken to be made by the Seller in relation to the Letter of Offer (or any SMART Receivable identified in
it) in any Transaction Document is incorrect in any material respect on the Cut-Off Date specified in that Letter of Offer as if repeated on that Cut-Off Date with reference to facts and circumstances then subsisting; 

 

	 	(c)	(Breach of obligations by Seller): is not actually aware that the Seller in relation to the Letter of Offer (or any SMART Receivable identified in it) is in breach in any material respect of any of its
obligations under this Deed (unless that breach has been remedied to the satisfaction of the Manager); 

  

	 	(d)	(Insolvency Event for Seller): is not actually aware that an Insolvency Event has occurred in relation to the Seller (unless that event has been remedied to the satisfaction of the Manager); and

  

	 	(e)	(Other conditions precedent): is satisfied that such other conditions precedent to the acceptance by the Trustee of the offer contained in the Letter of Offer as are specified in this Deed have been met.

  

	5.4	Satisfaction and notification of Conditions Precedent 

 The Trustee and the Manager must
use reasonable endeavours to cause the conditions precedent in Clause 5.1 and the conditions precedent in Clause 5.2 to be satisfied prior to the Closing Date specified in the Letter of Offer. On satisfaction of the conditions precedent set out in
Clauses 5.1 and 5.2, the Trustee must, on the Closing Date specified in the Letter of Offer notify the Manager and each Rating Agency that such conditions precedent have been satisfied. 

 

	6.	REMUNERATION OF MANAGER, TRUSTEE AND SECURITY TRUSTEE 

  

	6.1	Management Fee 

 Pursuant to clause 18.1 of the Master Trust Deed, the Trustee will pay
the Manager, in respect of each Monthly Period on the following Distribution Date, in accordance with the terms of this Deed, a fee for administering and managing the Series Trust as set out in a letter from the Trustee dated on or about the date of
this Deed or as may otherwise be agreed in writing between the Manager and the Trustee. 
  

	6.2	Trustee’s Fee 

 Pursuant to clause 18.2 of the Master Trust Deed, the Trustee is
entitled to receive in respect of each Monthly Period on the following Distribution Date in accordance with the terms of this Deed, the fees specified in a letter from the Trustee to the Seller dated on or about the date of this Deed, as adjusted in
accordance with Clause 6.7. 

  
 40 

	6.3	Security Trustee’s fees and expenses 

 The Trustee will: 

 

	 	(a)	(Pay a fee): pay to the Security Trustee the fee agreed in writing by the Trustee, the Manager and the Security Trustee from time to time; and 

 

	 	(b)	(Reimburse): reimburse the Security Trustee its costs and expenses incurred in performing its duties under the Security Trust Deed calculated in accordance with the Security Trust Deed. 

The fees, costs and expenses referred to in paragraphs (a) and (b) of this Clause accrue when the function is performed or the costs
or expenses are incurred by the Security Trustee and will be paid or reimbursed, as the case may be, in accordance with this Deed on the Distribution Date following the Monthly Period in which such fees, costs and expenses were earned or incurred,
as the case may be. 
  

	6.4	Servicing Fee 

 The Trustee will pay the Servicer in respect of each Monthly Period on
the following Distribution Date, in accordance with the terms of this Deed and the Master Sale and Servicing Deed, a fee for servicing the SMART Receivable Rights as set out in a letter from the Trustee dated on or about the date of this Deed or as
may otherwise be agreed between the Servicer, the Manager and the Trustee. 
  

	6.5	Custodian Fee 

 The Trustee will pay the Seller a fee for the provision by the Seller of
custodial services to the Trustee while the Seller is acting as custodian of the SMART Receivable Documents pursuant to clause 12 of the Master Sale and Servicing Deed as set out in a letter from the Trustee dated on or about the date of this Deed
or as may otherwise be agreed between the Custodian, the Manager and the Trustee. 
  

	6.6	Goods and Services Tax 

 Notwithstanding any other provision of this Deed, the Master
Trust Deed or the Master Sale and Servicing Deed, but subject to Clauses 6.7 and 6.8, if any of the Trustee, the Manager, the Servicer or the Seller becomes liable to remit to a Governmental Agency an amount of GST in connection with a supply by it
in connection with the Series Trust under any Transaction Document: 
  

	 	(a)	(No reimbursement): that GST must be borne by the Trustee, the Manager, the Servicer or the Seller, as the case may be, on its own account and neither the Trustee, the Manager, the Servicer nor the Seller is
entitled to any reimbursement of that GST (other than to the extent to which any such GST amount forms part of the agreed fee payable to the Trustee, the Manager, the Servicer or the Seller, as the case may be, in accordance with the Transaction
Documents) from the Assets of the Series Trust; and 

  

	 	(b)	(Definition of “Tax”): the definition of “Tax” in clause 1.1 of the Master Trust Deed shall not include any such GST where that definition applies in relation to the Series Trust.

 Nothing in this Clause 6.6 prevents an adjustment, in accordance with this Deed, of the fees payable to the Trustee as a
result of a GST Tax Change (as defined in Clause 6.7). 

  
 41 

	6.7	Adjustments to fees payable to Trustee 

  

	 	(a)	(GST Tax Change): For the purposes of this Clause, GST Tax Change means: 

  

	 	(i)	the abolition of GST; 

  

	 	(ii)	any increase or decrease in the rate of GST; or 

  

	 	(iii)	any amendment to the GST Legislation. 

  

	 	(b)	(Effect of GST Tax Change): In ascertaining the effect of a GST Tax Change on the Trustee, any associated abolition, reduction or other change in Taxes reducing, directly or indirectly, the costs (including
general overhead costs) of the Trustee will be taken into account. 

  

	 	(c)	(Adjustments): Following any GST Tax Change, the fees payable to the Trustee under this Clause 6 will, subject to Clause 6.7(o), be adjusted according to the procedure in this Clause 6.7 so that, from the
commencement date or dates of the GST Tax Change, the Trustee is neither economically advantaged nor disadvantaged in relation to the supplies provided by it under this Deed by the effect of the GST Tax Change. 

 

	 	(d)	(Notice): At any time within 12 months after a GST Tax Change has come into effect, the Trustee may, by written notice to the Manager, and the Manager may, by written notice to the Trustee, require the
commencement of negotiations by the Manager and the Trustee in accordance with the succeeding provisions of this Clause 6.7. 

  

	 	(e)	(Time bar): If neither the Trustee nor the Manager issues a notice under Clause 6.7(d) within 12 months after a GST Tax Change has come into effect, then each of the Trustee and the Manager will be taken to have
unconditionally and irrevocably waived its rights under Clause 6.7(c) in relation to that GST Tax Change, and no adjustment for that GST Tax Change will be made. 

 

	 	(f)	(Negotiations): Within 28 days after receipt of a notice under Clause 6.7(d), the Manager and the Trustee will confer at least once to negotiate in good faith with a view to agreeing on any adjustments to the
fees payable to the Trustee under this Clause 6 which will satisfy the Trustee’s rights and the Manager’s rights under Clause 6.7(c). 

  

	 	(g)	(Give effect to outcome of negotiations): Subject to Clause 6.7(o), if the negotiations result in the parties agreeing on any adjustments to the fees payable to the Trustee under this Clause 6, the Trustee and
the Manager will, as soon as possible, do all things necessary to give effect to the agreement reached, including adjusting any payments of such fees which have previously been made under this Deed after the commencement date or dates of the
relevant GST Tax Change. 

  

	 	(h)	(Negotiations unsuccessful): If, within 28 days after the first conference under Clause 6.7(f), the Manager and the Trustee are unable to agree fully, the Manager or the Trustee by written notice to the other,
may require any matter relating to the Manager’s and the Trustee’s rights under Clause 6.7(c) to be referred to expert determination under this Clause 6.7. 

 

	 	(i)	 (Appointment of expert): The Manager and the Trustee may appoint any independent consultant who is experienced in indirect taxation to be the
expert. If, within 28 days after receipt of a notice under Clause 6.7(h), the Manager and the Trustee are unable to agree on an expert, then the Manager or the Trustee must request the then president of the Institute of 

  
 42 

	 	
Chartered Accountants to appoint the expert and any such appointment by the president will be binding on the Manager and the Trustee. 

 

	 	(j)	(Expert determination): The expert will decide on adjustments which will satisfy the Manager’s and the Trustee’s rights under Clause 6.7(c). The expert will act as an expert and not as an arbitrator and
his or her decision will, in the absence of fraud or bias but notwithstanding error, be final and binding on the Manager and the Trustee. 

  

	 	(k)	(Procedure): The Manager and the Trustee may agree on any procedure for the expert determination, including the adoption in whole or part of any expert determination rules published by a dispute resolution
agency, professional body, law firm or any other person. If the Manager and the Trustee cannot agree, the expert will determine the procedure to be followed in the expert determination. However, unless the Manager and the Trustee otherwise agree:

  

	 	(i)	the expert may inform himself or herself in any way he or she sees fit, including by engaging other consultants, without being bound by the rules of evidence; 

 

	 	(ii)	each of the Manager and the Trustee will have the right to present its case and to answer the case against it; and 

  

	 	(iii)	the expert will give reasons for his or her decision. 

  

	 	(l)	(Costs of expert): The Manager and the Trustee will pay the costs of the expert in equal shares. 

  

	 	(m)	(Scott v Avery clause): The Trustee will not be entitled to commence any action or proceeding relating to any GST Tax Change until the procedures outlined in this Clause 6.7 relating to that GST Tax Change have
been completed. 

  

	 	(n)	(Continue to Perform): Notwithstanding that the procedures outlined in this Clause 6.7 are operating, the parties will continue to perform their obligations under this Deed. 

 

	 	(o)	(Notice to Rating Agencies): The Manager must notify the Rating Agencies of any adjustment to fees pursuant to this Clause 6.7. 

 

	6.8	Adjustment to fees payable to Manager 

  

	 	(a)	(Management): Subject to Clause 6.8(b), the Manager may from time to time agree to adjust the Management Fee. Any adjustment to the Management Fee pursuant to this Clause 6.8(a) will be effective following notice
in writing of the same by the Manager to the Trustee. 

  

	 	(b)	(Notice to Rating Agency): Any adjustment to fees pursuant to this Clause 6.8 is subject to the issue by the Manager of a Rating Notification in relation to that adjustment. 

 

	7.	MANAGER DEFAULT 

  

	 	(a)	(Manager Default): The occurrence of any of the following events constitutes a Manager Default: 

  

	 	(i)	 (Manager does not instruct): the Manager does not instruct the Trustee to pay the required amounts to the Investors of the Series Trust within
the time periods specified in this Deed and such failure is not remedied within five Business Days (or 

  
 43 

	 	
such longer period as the Trustee may agree) of notice of such failure being delivered to the Manager by the Trustee; 

 

	 	(ii)	(Manager does not prepare Settlement Statements): the Manager does not prepare and transmit to the Trustee the Settlement Statements or any other reports required to be prepared by the Manager and such failure is
not remedied within five Business Days (or such longer period as the Trustee may agree) of notice being delivered to the Manager by the Trustee. Such a failure by the Manager does not constitute a Manager Default if it is as a result of a Servicer
Default pursuant to clause 4.1(b) of the Master Sale and Servicing Deed provided that, if the Servicer subsequently provides the information to the Manager, the Manager prepares and submits to the Trustee the outstanding Settlement Statements or
other reports within ten Business Days (or such longer period as the Trustee may agree to) of receipt of the required information from the Servicer; 

  

	 	(iii)	(Breach): the Manager has breached its other obligations under this Deed or the Master Trust Deed and such action has had or, if continued, will have an Adverse Effect as reasonably determined by the Trustee
after the Trustee is actually aware of such breach, and either such breach is not remedied so that it no longer has or will have such an Adverse Effect, within 20 Business Days (or such longer period as the Trustee may agree to) of notice thereof
delivered to the Manager by the Trustee or the Manager has not within 20 Business Days (or such longer period as the Trustee may agree to) of receipt of such notice paid compensation to the Trustee for its loss from such breach in an amount
satisfactory to the Trustee (acting reasonably). The Trustee must, in such notice, specify the reasons why it believes an Adverse Effect has occurred, or will occur, as the case may be; or 

 

	 	(iv)	(Misrepresentation): a representation made or repeated by the Manager in a Transaction Document proves to have been incorrect in any material respect when made or repeated and, as a result, gives rise to an
Adverse Effect, as reasonably determined by the Trustee after the Trustee is actually aware that such representation has proved to be incorrect when made or repeated, and the Manager has not paid compensation to the Trustee for any loss suffered by
the Trustee as a result of such incorrect representation in an amount satisfactory to the Trustee (acting reasonably) within 20 Business Days (or such longer period as the Trustee may agree to) of notice thereof delivered to the Manager by the
Trustee. The Trustee must, in such notice, specify the reasons why it believes an Adverse Effect has occurred. 

  

	 	(b)	(Rating Notification from MLPL): The parties acknowledge and agree that MLPL may issue a Rating Notification for the purposes of clause 20.4(a) of the Master Trust Deed. 

 

	8.	TERMINATION OF A FIXED RATE SWAP OR A CURRENCY SWAP 

  

	 	(a)	(Fixed Rate Swap): If at any time prior to the enforcement of the Security (as defined in the General Security Deed) a Fixed Rate Swap terminates prior to its scheduled termination date: 

 

	 	(i)	the Manager and the Trustee must endeavour to (in the case of the Trustee, to the extent that the Manager has made appropriate arrangements to ensure that it is possible for the Trustee to) within three Business Days
enter into one or more swaps which replace the Fixed Rate Swap both on terms and with a counterparty in respect of which the Manager has issued a Rating Notification; or 

  
 44 

	 	(ii)	the Manager must enter into other arrangements in respect of which it has notified each Rating Agency. 

  

	 	(b)	(Currency Swap): If at any time prior to the enforcement of the Security (as defined in the General Security Deed) a Currency Swap terminates prior to its scheduled termination date: 

 

	 	(i)	the Manager and the Trustee must endeavour (in the case of the Trustee, to the extent that the Manager has made appropriate arrangements to ensure that it is possible for the Trustee), within ten Business Days, to enter
into one or more swaps which replace the Currency Swap both on terms and with a counterparty in respect of which the Manager has issued a Rating Notification; and 

 

	 	(ii)	the Trustee must (at the direction of the Manager) apply any Currency Swap Termination Proceeds received by it in respect of that Currency Swap: 

 

	 	(A)	subject to Clause 8(b)(ii)(B), towards paying any premium payable to the replacement Currency Swap Provider; or 

  

	 	(B)	if not applied in accordance with Clause 8(b)(ii)(A) at the time of the enforcement of the Security (as defined in the General Security Deed), in payment to the Security Trustee for application by the Security Trustee
pursuant to clause 4.1(a) and/or clause 4.3 of the General Security Deed. 

  

	9.	DETERMINATION AND APPLICATION OF TOTAL PRINCIPAL COLLECTIONS 

  

	9.1	Application of Total Principal Collections 

 On each Determination Date prior to the
enforcement of the Security (as defined in the General Security Deed), based on information provided by the Servicer, the Manager must determine whether the Pro Rata Paydown Test is satisfied, or will become satisfied immediately following any
sequential payments or allocations, in order to determine the payments or allocations to be made by the Trustee on the following Distribution Date from the Total Principal Collections for the Monthly Period just ended in accordance with Clauses 9.2
and 9.3 and will direct the Trustee to apply, and the Trustee must apply, the Total Principal Collections on that Distribution Date in making the payments and allocations pursuant to Clauses 9.2 and 9.3 on account of principal in the following order
of priority: 
  

	 	(a)	(Pro Rata Paydown Test not satisfied): first, in accordance with Clause 9.2, but only to the extent permitted under that Clause 9.2; and 

 

	 	(b)	(Pro Rata Paydown Test satisfied): second, the balance of the Total Principal Collections (if any) available after its application under Clause 9.2, in accordance with Clause 9.3. 

 

	9.2	Pro Rata Paydown Test not satisfied 

 On each Distribution Date prior to the enforcement
of the Security (as defined in the General Security Deed), to the extent that the Manager determines that the Pro Rata Paydown Test is not satisfied, the payments or allocations under Clause 9.1 from the Total Principal Collections for the Monthly
Period just ended are to be applied by the Trustee in the following order of priority until the Pro Rata Paydown Test becomes satisfied immediately following any such payments or allocations: 

 

	 	(a)	 (Class A-1 Notes): first, pari passu and rateably towards the Class A-1 Notes until the A$ Invested Amount of the Class A-1
Notes is reduced to zero, to be paid in accordance with Clause 9.4, provided that no amount will be paid or allocated pursuant to this Clause 9.2(a) 

  
 45 

	 	
in excess of the amount required to reduce the Invested Amount of the relevant Class A-1 Note to zero; 

  

	 	(b)	(Class A-2 Notes): second, pari passu and rateably towards: 

  

	 	(i)	the Class A-2a Notes until the A$ Invested Amount of the Class A-2a Notes is reduced to zero; and 

  

	 	(ii)	the Class A-2b Notes until the A$ Invested Amount of the Class A-2b Notes is reduced to zero, 

to be paid in accordance with Clause 9.4, provided that no amount will be paid or allocated pursuant to this Clause 9.2(b) in excess of the
amount required to reduce the Invested Amount of the relevant Class A-2 Note to zero; 
  

	 	(c)	(Class A-3 Notes): third, pari passu and rateably towards: 

  

	 	(i)	the Class A-3a Notes until the A$ Invested Amount of the Class A-3a Notes is reduced to zero; and 

  

	 	(ii)	the Class A-3b Notes until the A$ Invested Amount of the Class A-3b Notes is reduced to zero, 

to be paid in accordance with Clause 9.4, provided that no amount will be paid or allocated pursuant to this Clause 9.2(c) in excess of the
amount required to reduce the Invested Amount of the relevant Class A-3 Note to zero; 
  

	 	(d)	(Class A-4 Notes): fourth, to make repayments of principal on account of Class A-4 Notes pari passu and rateably amongst the Class A-4 Notes until the Invested Amount of the Class A-4 Notes is
reduced to zero; 

  

	 	(e)	(US$ Notes): fifth, pari passu and rateably towards the US$ Notes in accordance with either of: 

  

	 	(i)	Clause 9.4(f), until the Adjusted Invested Amount of the relevant US$ Notes is reduced to zero; or 

  

	 	(ii)	Clause 9.4(g), until the Invested Amount of the relevant US$ Notes is reduced to zero, 

 as
applicable, provided that no amount will be paid or allocated pursuant to this Clause 9.2(e) in excess of the amount required to reduce the Invested Amount of the relevant US$ Notes to zero; 

 

	 	(f)	(Class B Notes): sixth, to make repayments of principal on account of Class B Notes pari passu and rateably amongst the Class B Notes until the Invested Amount of the Class B Notes is reduced to zero; and

  

	 	(g)	(Seller Notes): seventh, to make repayments of principal on account of Seller Notes pari passu and rateably amongst the Seller Notes until the Invested Amount of the Seller Notes is reduced to zero; and

  

	 	(h)	(Capital Unitholder): eighth, the balance (if any) is to be paid to the Capital Unitholder. 

  
 46 

 The Trustee will apply the Total Principal Collections towards the repayment of the principal on
the Notes in the sequential order of priority set out in this Clause 9.2 until such time that the Pro Rata Paydown Test becomes satisfied. If the Pro Rata Paydown Test is satisfied on a Distribution Date following application of Total Principal
Collections in accordance with this Clause 9.2, the Trustee will apply the balance of any Total Principal Collections remaining on that Distribution Date to the Notes pro rata in the order of priority set out in Clause 9.3. 

The obligations of the Trustee to make any payment under each of the above paragraphs is limited in each case to the balance of the Total
Principal Collections (if any) available after application in accordance with the previous paragraph or paragraphs. 
  

	9.3	Pro Rata Paydown Test satisfied 

 On each Distribution Date prior to the enforcement of
the Security (as defined in the General Security Deed) to the extent that the Manager determines that the Pro Rata Paydown Test is satisfied or has become satisfied after any application of Total Principal Collections in accordance with Clause 9.2,
the balance of any Total Principal Collections (if any) remaining after the application of Clause 9.2 on that Distribution Date is to be applied in the following order of priority: 

 

	 	(a)	(Notes): first, pari passu and rateably (determined by reference to the aggregate Adjusted Invested Amount of each Sub-Class of US$ Notes and the Invested Amount of each Class of A$ Notes, with the
Class A Notes to be considered in aggregate for the purpose of determining the amount allocable pursuant to Clause 9.3(a)(i)) towards: 

  

	 	(i)	the Class A Notes to be applied in the following order of priority: 

  

	 	(A)	first, pari passu and rateably towards the Class A-1 Notes until the A$ Invested Amount of the Class A-1 Notes is reduced to zero, to be paid in accordance with Clause 9.4, provided that no amount will be paid
or allocated pursuant to this Clause 9.3(a)(i)(A) in excess of the amount required to reduce the Invested Amount of the relevant Class A-1 Notes to zero; 

  

	 	(B)	second, pari passu and rateably towards: 

  

	 	I.	the Class A-2a Notes until the A$ Invested Amount of the Class A-2a Notes is reduced to zero; and 

  

	 	II.	the Class A-2b Notes until the A$ Invested Amount of the Class A-2b Notes is reduced to zero, 

to be paid in accordance with Clause 9.4, provided that no amount will be paid or allocated pursuant to this Clause 9.3(a)(i)(B) in excess of
the amount required to reduce the Invested Amount of the relevant Class A-2 Notes to zero; and 
  

	 	(C)	third, pari passu and rateably towards: 

  

	 	I.	the Class A-3a Notes until the A$ Invested Amount of the Class A-3a Notes is reduced to zero; and 

  

	 	II.	to the Class A-3b Notes until the A$ Invested Amount of the Class A-3b Notes is reduced to zero, 

  
 47 

 to be paid in accordance with Clause 9.4, provided that no amount will be paid or allocated
pursuant to this Clause 9.3(a)(i)(C) in excess of the amount required to reduce the Invested Amount of the relevant Class A-3 Notes to zero; 
  

	 	(D)	fourth, to make repayments of principal on account of Class A-4 Notes pari passu and rateably amongst the Class A-4 Notes until the Invested Amount of the Class A-4 Notes is reduced to zero; and

  

	 	(E)	fifth, pari passu and rateably towards the US$ Notes in accordance with either of: 

  

	 	I.	Clause 9.4(f), until the Adjusted Invested Amount of the relevant US$ Notes is reduced to zero; or 

  

	 	II.	Clause 9.4(g), until the Invested Amount of the relevant US$ Notes is reduced to zero, 

 as
applicable, provided that no amount will be paid or allocated pursuant to this Clause 9.3(a)(i)(E) in excess of the amount required to reduce the Invested Amount of the relevant US$ Notes to zero; 

 

	 	(ii)	the Class B Notes until the Invested Amount of the Class B Notes is reduced to zero; and 

  

	 	(iii)	the Seller Notes until the Invested Amount of the Seller Notes is reduced to zero; and 

  

	 	(b)	(Capital Unitholder): second, the balance (if any) is to be paid to the Capital Unitholder. 

  

	9.4	Payments of Principal on the US$ Notes 

 On each Distribution Date, the Trustee must, in
accordance with the directions given by the Manager, pay: 
  

	 	(a)	the A$ Class A-1 Principal in relation to that Distribution Date; 

  

	 	(b)	the A$ Class A-2a Principal in relation to that Distribution Date; 

  

	 	(c)	the A$ Class A-2b Principal in relation to that Distribution Date; 

  

	 	(d)	the A$ Class A-3a Principal in relation to that Distribution Date; and 

  

	 	(e)	the A$ Class A-3b Principal in relation to that Distribution Date; 

 to: 

 

	 	(f)	(Currency Swap in place): if a Currency Swap is in place for the relevant Sub-Class of Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, the Currency Swap
Provider for that Sub-Class of Notes in accordance with the relevant Currency Swap and Condition 7.2(a) of the US$ Note Conditions and must comply with Condition 7.2(c) of the US$ Note Conditions; or 

  
 48 

	 	(g)	(Currency Swap not in place): if a Currency Swap is not in place for the relevant Sub-Class of Notes or if a Currency Swap is in place for the relevant Sub-Class of Notes but a Currency Swap Provider Payment
Default is subsisting in respect of that Currency Swap, the Noteholders for that Sub-Class of Notes, such amount to be exchanged from Australian dollars into the US$ in which that Sub-Class of Notes is denominated in the spot exchange market and
then paid to the Principal Paying Agent in accordance with Condition 7.2(b) of the US$ Note Conditions and must be applied in accordance with Condition 7.2(c) of the US$ Note Conditions. 

 

	9.5	US$ Payments 

 On each Distribution Date, the Trustee must direct that the US$ amounts to
be received from the Currency Swap Provider under paragraph 6 of the confirmation for each Currency Swap are applied in accordance with Conditions 7.2(a)(ii) and (c) of the US$ Note Conditions. 

 

	10.	DETERMINATION AND APPLICATION OF AVAILABLE INCOME 

  

	10.1	Application of Available Income (other than Liquidity Reserve Balance Excess) 

 On each
Determination Date prior to the enforcement of the Security (as defined in the General Security Deed) the Manager must determine the payments or allocations to be made by the Trustee on the following Distribution Date from the Available Income for
the Monthly Period just ended and will direct the Trustee to apply, and the Trustee must apply, the Available Income (other than the Liquidity Reserve Balance Excess for that Distribution Date, which is to be applied in accordance with Clause 10.2)
in making the following payments and allocations on that Distribution Date in the following order of priority: 
  

	 	(a)	($1 to Income Unitholder): first, at the Manager’s discretion, up to $1 to the Income Unitholder to be dealt with, and held by, the Income Unitholder; 

 

	 	(b)	(Series Trust Expenses): second, in payment towards the Series Trust Expenses in respect of the Monthly Period just ended in the order set out in the definition of “Series Trust Expenses” in Clause 1.1;

  

	 	(c)	(Hedge payments): third, pari passu and rateably towards: 

  

	 	(i)	unless a Fixed Rate Swap Provider Event of Default is subsisting under the Fixed Rate Swap Agreement, in payment towards any net amounts (including any termination payments payable to the Fixed Rate Swap Provider)
payable by the Trustee to the Fixed Rate Swap Provider under the Fixed Rate Swap Agreement documenting the Fixed Rate Swap for the Interest Period ending on that Distribution Date; and 

 

	 	(ii)	unless a Currency Swap Provider Event of Default is subsisting under the Currency Swap Agreement, in payment towards any net amounts (including any termination payments payable to the Currency Swap Provider but
excluding any amount which would otherwise be payable to the Currency Swap Provider pursuant to Clauses 9, 10.1(d)(i), 10.1(d)(ii), 10.1(d)(iii), 10.1(d)(iv) or 10.1(d)(v)) payable by the Trustee to the Currency Swap Provider under the Currency Swap
Agreement documenting the Currency Swaps for the Interest Period ending on that Distribution Date; 

  

	 	(d)	(Class A Note Interest): fourth, pari passu and rateably towards: 

  

	 	(i)	if: 

  
 49 

	 	(A)	a Currency Swap is in place for the Class A-1 Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, payment to the Currency Swap Provider of the A$ Class A-1
Floating Amount due on that Distribution Date plus any A$ Class A-1 Floating Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount; or 

 

	 	(B)	a Currency Swap is not in place for the Class A-1 Notes or if a Currency Swap is in place for the Class A-1 Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap,
such amount in Australian dollars as is required to be exchanged for US$ in the spot exchange market in order to pay the US$ Fixed Rate Interest Amount in respect of the Class A-1 Notes due on that Distribution Date plus any US$ Fixed Rate
Interest Amount in respect of the Class A-1 Notes remaining unpaid from prior Distribution Dates and interest on any such unpaid amount is to be exchanged for US$ by the Trustee and subsequently paid to the Principal Paying Agent to be paid in
turn to the Class A-1 Noteholders; 

  

	 	(ii)	if: 

  

	 	(A)	a Currency Swap is in place for the Class A-2a Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, payment to the Currency Swap Provider of the A$ Class A-2a
Floating Amount due on that Distribution Date plus any A$ Class A-2a Floating Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount; or 

 

	 	(B)	a Currency Swap is not in place for the Class A-2a Notes or if a Currency Swap is in place for the Class A-2a Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap,
such amount in Australian dollars as is required to be exchanged for US$ in the spot exchange market in order to pay the US$ Fixed Rate Interest Amount in respect of the Class A-2a Notes due on that Distribution Date plus any US$ Fixed Rate
Interest Amount in respect of the Class A-2a Notes remaining unpaid from prior Distribution Dates and interest on any such unpaid amount is to be exchanged for US$ by the Trustee and subsequently paid to the Principal Paying Agent to be paid in
turn to the Class A-2a Noteholders; 

  

	 	(iii)	if: 

  

	 	(A)	a Currency Swap is in place for the Class A-2b Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, payment to the Currency Swap Provider of the A$ Class A-2b
Floating Amount due on that Distribution Date plus any A$ Class A-2b Floating Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount; or 

 

	 	(B)	 a Currency Swap is not in place for the Class A-2b Notes or if a Currency Swap is in place for the Class A-2b Notes but a Currency Swap
Provider Payment Default is subsisting in respect of that Currency Swap, such amount in Australian dollars as is required to be exchanged for US$ in the 

  
 50 

	 	
spot exchange market in order to pay the US$ Floating Rate Interest Amount in respect of the Class A-2b Notes due on that Distribution Date plus any US$ Floating Rate Interest Amount in
respect of the Class A-2b Notes remaining unpaid from prior Distribution Dates and interest on any such unpaid amount is to be exchanged for US$ by the Trustee and subsequently paid to the Principal Paying Agent to be paid in turn to the
Class A-2b Noteholders; 

  

	 	(iv)	if: 

  

	 	(A)	a Currency Swap is in place for the Class A-3a Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, payment to the Currency Swap Provider of the A$ Class A-3a
Floating Amount due on that Distribution Date plus any A$ Class A-3a Floating Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount; 

 

	 	(B)	a Currency Swap is not in place for the Class A-3a Notes or if a Currency Swap is in place for the Class A-3a Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap,
such amount in Australian dollars as is required to be exchanged for US$ in the spot exchange market in order to pay the US$ Fixed Rate Interest Amount in respect of the Class A-3a Notes due on that Distribution Date plus any US$ Fixed Rate
Interest Amount in respect of the Class A-3a Notes remaining unpaid from prior Distribution Dates and interest on any such unpaid amount is to be exchanged for US$ by the Trustee and subsequently paid to the Principal Paying Agent to be paid in
turn to the Class A-3a Noteholders; 

  

	 	(v)	if: 

  

	 	(A)	a Currency Swap is in place for the Class A-3b Notes and no Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap, payment to the Currency Swap Provider of the A$ Class A-3b
Floating Amount due on that Distribution Date plus any A$ Class A-3b Floating Amount remaining unpaid from prior Distribution Dates and interest on any such unpaid amount; or 

 

	 	(B)	a Currency Swap is not in place for the Class A-3b Notes or if a Currency Swap is in place for the Class A-3b Notes but a Currency Swap Provider Payment Default is subsisting in respect of that Currency Swap,
such amount in Australian dollars as is required to be exchanged for US$ in the spot exchange market in order to pay the US$ Floating Rate Interest Amount in respect of the Class A-3b Notes due on that Distribution Date plus any US$ Floating
Rate Interest Amount in respect of the Class A-3b Notes remaining unpaid from prior Distribution Dates and interest on any such unpaid amount is to be exchanged for US$ by the Trustee and subsequently paid to the Principal Paying Agent to be
paid in turn to the Class A-3b Noteholders; and 

  

	 	(vi)	payment towards the Class A-4 Interest due on that Distribution Date plus any Unpaid Class A-4 Interest Amount from prior Distribution Dates to be distributed pari passu and rateably between the
Class A-4 Notes; and 

  
 51 

	 	(e)	(Allocation to Liquidity Reserve Balance): fifth, an amount equal to the aggregate of all Liquidity Reserve Draws remaining unreimbursed from preceding Distribution Dates, to the Liquidity Reserve Balance;

  

	 	(f)	(Class B Note Interest): sixth, in payment towards the Class B Interest due on that Distribution Date plus any Class B Interest remaining unpaid from prior Distribution Dates to be distributed pari passu
and rateably between the Class B Notes; 

  

	 	(g)	(Unreimbursed Principal Draw): seventh, an amount equal to the Unreimbursed Principal Draw in relation to that Determination Date will be allocated to the Total Principal Collections for the Monthly Period just
ended to be applied on that Distribution Date in accordance with Clause 9.1; 

  

	 	(h)	(Reimbursement of Defaulted Amounts): eighth, an amount equal to the Defaulted Amount in respect of the Monthly Period just ended will be allocated to Total Principal Collections for the Monthly Period just ended
to be applied on that Distribution Date in accordance with Clause 9.1; 

  

	 	(i)	(Unreimbursed Charge-Offs): ninth, an amount equal to any Charge-Offs (other than any Seller Charge-Offs) remaining unreimbursed from all prior Distribution Dates, which amount will be allocated to Total
Principal Collections for the Monthly Period just ended to be applied on that Distribution Date in accordance with Clause 9.1; 

  

	 	(j)	(Hedge payments on default): tenth, pari passu and rateably: 

  

	 	(i)	if a Fixed Rate Swap Provider Event of Default is subsisting, in payment towards any net amounts payable by the Trustee to the Fixed Rate Swap Provider under the Fixed Rate Swap Agreement documenting the Fixed Rate Swap
for the Interest Period ending on that Distribution Date; and 

  

	 	(ii)	if a Currency Swap Provider Event of Default is subsisting, in payment towards any net amounts payable by the Trustee to the Currency Swap Provider under the Currency Swap Agreement documenting the Currency Swaps for
the Interest Period ending on that Distribution Date; 

  

	 	(k)	(Accrued Interest Adjustment): eleventh, to the Seller towards the aggregate of the Accrued Interest Adjustment for all SMART Receivables (if any) as determined by the Manager on the Determination Date
immediately following the Closing Date; 

  

	 	(l)	(Seller Note Interest): twelfth, in payment towards the Seller Interest due on that Distribution Date plus any Seller Interest remaining unpaid from prior Distribution Dates to be distributed pari passu
and rateably between the Seller Notes; 

  

	 	(m)	(Unreimbursed Seller Charge-Offs): thirteenth, an amount equal to any Seller Charge-Offs remaining unreimbursed from all prior Distribution Dates, which amount will be allocated to Total Principal Collections for
the Monthly Period just ended to be applied on that Distribution Date in accordance with Clause 9.1; 

  

	 	(n)	(Reimbursement of MBL): fourteenth, an amount equal to the Redirected Liquidity Reserve Balance Excess, to MBL; and 

  

	 	(o)	(Income Unitholder): finally, the balance to the Income Unitholder (or in accordance with its directions) to be dealt with, and held by, the Income Unitholder. 

  
 52 

 The obligation of the Trustee to make any payment or allocation under each of the above
paragraphs is limited in each case to the balance of the Available Income (if any) available after application in accordance with the preceding paragraph or paragraphs. 
  

	10.2	Application of Available Income comprising the Liquidity Reserve Balance Excess 

 On each
Determination Date prior to the enforcement of the Security (as defined in the General Security Deed) the Manager must determine the payments or allocations to be made by the Trustee on the following Distribution Date from any Liquidity Reserve
Balance Excess which forms part of the Available Income for the Monthly Period just ended and will direct the Trustee to apply, and the Trustee must apply, those amounts in making the following payments and allocations on that Distribution Date in
the following order of priority: 
  

	 	(a)	(Unreimbursed Principal Draw): first, an amount equal to any remaining Unreimbursed Principal Draw after the application of Clause 10.1(g) to be allocated to the Total Principal Collections for the Monthly Period
just ended to be applied on that Distribution Date in accordance with Clause 9.1; 

  

	 	(b)	(Reimbursement of Defaulted Amounts): second, an amount equal to any remaining Defaulted Amount after the application of Clause 10.1(h) to be allocated to Total Principal Collections for the Monthly Period just
ended to be applied on that Distribution Date in accordance with Clause 9.1; 

  

	 	(c)	(Unreimbursed Charge-Offs): third, an amount equal to any Charge-Offs (other than any Seller Charge-Offs) remaining unreimbursed after the application of Clause 10.1(i) to be allocated to Total Principal
Collections for the Monthly Period just ended to be applied on that Distribution Date in accordance with Clause 9.1; 

  

	 	(d)	(Unreimbursed Seller Charge-Offs): fourth, an amount equal to any Seller Charge-Offs remaining unreimbursed after the application of Clause 10.1(m) to be allocated to Total Principal Collections for the Monthly
Period just ended to be applied on that Distribution Date in accordance with Clause 9.1; and 

  

	 	(e)	(Reimbursement of MBL): finally, the balance (if any) to be paid directly to MBL. 

 The
obligation of the Trustee to make any payment or allocation under each of the above sub-clauses (a) to (e) is limited in each case to the balance of the Liquidity Reserve Balance Excess (if any) which forms part of the Available Income
available after application of such amount in accordance with the preceding sub-clause or sub-clauses. 
  

	10.3	US$ Payments 

 On each Distribution Date, the Trustee must direct that the US$ amounts to
be received from the Currency Swap Provider under paragraph 5.1 of the confirmation relating to each Currency Swap are applied in accordance with Conditions 6.10 to 6.14 (as applicable) of the US$ Note Conditions. 

 

	10.4	Liquidity Reserve 

  

	 	(a)	(Initial Liquidity Reserve Account): Before the Closing Date, the Trustee must establish an account (which may be, but is not required to be, an interest bearing account) with an Eligible Depository (as nominated
by the Trustee, acting on the direction of the Manager) for the purpose of holding the Liquidity Reserve. The Liquidity Reserve Account established pursuant to this Clause 10.4(a) must be a separate account from the Collections Account.

  
 53 

	 	(b)	(Replacement Liquidity Reserve Account): The Trustee must, upon becoming actually aware that the financial institution at which the Liquidity Reserve Account is maintained is no longer an Eligible Depository,
immediately open a new Liquidity Reserve Account with an Eligible Depository and transfer all amounts then held in the Liquidity Reserve Account to the new Liquidity Reserve Account. 

 

	 	(c)	(Deposit by Macquarie Bank): On the Closing Date Macquarie Bank must deposit an amount equal to the Required Liquidity Reserve Balance on that date into the Liquidity Reserve Account and the Manager must direct
the Trustee to apply such amount towards the Liquidity Reserve Balance. After the Closing Date, the Liquidity Reserve Balance must be held in either the Liquidity Reserve Account or invested in Authorised Short-Term Investments (as the Manager in
its discretion directs the Trustee). The Trustee must keep a record of the amount of the Liquidity Reserve Balance. 

  

	 	(d)	(Determining Liquidity Reserve Balance): The Liquidity Reserve Balance at any time is: 

  

	 	(i)	the aggregate of all amounts previously allocated to the Liquidity Reserve Balance from the deposit made by Macquarie Bank in accordance with Clause 10.4(c) and all amounts allocated to the Liquidity Reserve Balance
from Collections pursuant to Clause 10.1(e); less 

  

	 	(ii)	the aggregate of all amounts of the Liquidity Reserve Balance previously withdrawn and applied in accordance with Clause 10.4(e). 

  

	 	(e)	(Application of Liquidity Reserve Balance): The Liquidity Reserve Balance must not be withdrawn by the Trustee other than at the direction of the Manager to be applied: 

 

	 	(i)	to the extent of any Liquidity Reserve Draw, as Available Income in accordance with Clause 10.1; or 

  

	 	(ii)	in accordance with Clause 10.2; or 

  

	 	(iii)	on the Termination Payment Date, in accordance with Clause 15. 

  

	11.	CHARGE-OFFS 

  

	11.1	Defaulted Amount Insufficiency 

 If on a Determination Date, the Manager determines that
on the following Distribution Date there will be insufficient Available Income to be allocated in full against the Defaulted Amounts (if any) in respect of that Monthly Period in accordance with Clauses 10.1(h) and 10.2(b) (the deficiency being the
Defaulted Amount Insufficiency) then the following will occur: 
  

	 	(a)	(Charge-Off first against Seller Notes): the amount of the Defaulted Amount Insufficiency will first be charged-off on that Distribution Date against the Collateralised Amount of the Seller Notes (pari
passu and rateably amongst the Seller Notes based on their Collateralised Amounts on that Determination Date) so that the Collateralised Amount of the Seller Notes is reduced from that Distribution Date by that amount, provided that the
Collateralised Amount for Seller Notes cannot be reduced below zero by such charge-offs; 

  

	 	(b)	 (Charge-Off fifth against Class B Notes): the amount of any balance of the Defaulted Amount Insufficiency remaining after the application of
Clause 11.1(a) (because the Collateralised Amount of the Seller Notes has been reduced to zero) will be charged-off on that Distribution Date against the Collateralised Amount of the Class B Notes (pari passu

  
 54 

	 	
and rateably amongst the Class B Notes based on their Collateralised Amounts on that Determination Date) until the Collateralised Amount of the Class B Notes is reduced to zero; and

  

	 	(c)	(Charge-Off finally against Class A Notes): the amount of any balance of the Defaulted Amount Insufficiency remaining after the application of Clauses 11.1(a) and (b) (because the Collateralised Amount
of the Seller Notes and Class B Notes has been reduced to zero) will be charged-off pari passu and rateably (determined by reference to the aggregate A$ Invested Amount of each Sub-Class of Class A Notes, with the US$ Notes to be
considered in aggregate for the purpose of determining the amount allocable pursuant to Clause 11.1(c)(i)) on that Distribution Date against: 

  

	 	(i)	the US$ Notes, based on their Collateralised Amount on that Determination Date as contemplated by Condition 7.9 of the US$ Note Conditions until the Collateralised Amount of those Notes is reduced to zero; and

  

	 	(ii)	the Collateralised Amount of the Class A-4 Notes (pari passu and rateably amongst the Class A-4 Notes based on their Collateralised Amounts on that Determination Date) until the Collateralised Amount of
the Class A-4 Notes is reduced to zero. 

  

	11.2	Reimbursement of Charge-Offs 

  

	 	(a)	(Reimbursement of Class A to Class B Charge-Offs): If part of the Available Income for a Monthly Period is allocated pursuant to Clause 10.1(i) or 10.2(c) on a Distribution Date, the effect of this will be
to reduce the Charge-Offs in respect of the Notes (other than the Seller Notes) by the amount of the allocation, in the following order of priority: 

  

	 	(i)	(Reimbursement of Class A Charge-Offs): first, pari passu and rateably (determined by reference to the aggregate A$ Invested Amount of each Sub-Class of Class A Notes, with the US$ Notes to be
considered in aggregate for the purpose of determining the amount allocable pursuant to Clause 11.2(a)(i)(A)) to: 

  

	 	(A)	the reduction of the Class A Charge-Offs in respect of the US$ Notes remaining unreimbursed from all prior Distribution Dates until the Adjusted Collateralised Amount of the Class A-1 Notes, the Class A-2
Notes and the Class A-3 Notes is equal to the A$ Equivalent of the Invested Amount of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes; and 

 

	 	(B)	the reduction of the Class A Charge-Offs in respect of the Class A-4 Notes remaining unreimbursed from all prior Distribution Dates until the Collateralised Amount of the Class A-4 Notes is equal to the
Invested Amount of the Class A-4 Notes; and 

  

	 	(ii)	(Reimbursement of Class B Charge-Offs): second, pari passu and rateably to the reduction of the Class B Charge-Offs remaining unreimbursed from all prior Distribution Dates until the Collateralised Amount
of the Class B Notes is equal to the Invested Amount of the Class B Notes. 

  

	 	(b)	(Reimbursement of Seller Charge-Offs): If part of the Available Income for a Monthly Period is allocated pursuant to Clause 10.1(m) or 10.2(d) on a Distribution Date, the effect of this will be to reduce pari
passu and rateably the Seller Charge-Offs remaining unreimbursed from all prior Distribution Dates by the amount of that allocation until the Collateralised Amount of the Seller Notes is equal to the Invested Amount of the Seller Notes.

  
 55 

 Such an increase in the Collateralised Amount of the Notes is to be regarded as a reimbursement
for the purposes of this Deed to the extent of the allocation, notwithstanding that no actual payment may be made. 
  

	11.3	Notification to Trustee 

 The Manager will promptly notify the Trustee, the US$ Note
Trustee and the Principal Paying Agent in writing of all reductions in the Collateralised Amount or Adjusted Collateralised Amount of any Notes as a result of any Charge-Offs it has made to such Collateralised Amount or Adjusted Collateralised
Amount pursuant to this Clause 11. 
  

	12.	PAYMENT OF EXPENSES, PRINCIPAL AND INTEREST TO NOTEHOLDERS AND OTHER DISTRIBUTIONS 

  

	12.1	All Distribution Dates 

 On each Distribution Date the Trustee will pay from the
Collections Account the amounts referred to in Clauses 9 and 10 in accordance with the directions of the Manager pursuant to those Clauses. 
  

	12.2	Present entitlement of Income Unitholder 

  

	 	(a)	(Determination of Net Trust Income): The Manager must determine the Net Trust Income for the Series Trust for each Financial Year (being an amount not less than A$1) and for the purpose of those calculations:

  

	 	(i)	the Manager may determine whether any receipt, profit, gain, payment, loss, outgoing, provision or reserve or any sum of money or investment in a Financial Year is or is not to be treated as being on income or capital
account of the Series Trust (including treating the transfer of amounts from the capital of the Series Trust as income of the Series Trust for any purpose) and whether and the extent to which any provisions and reserves need to be made for the
Financial Year; 

  

	 	(ii)	if no determination is made by the Manager under Clause 12.2(a)(i), an item is to be taken into account in calculating the Net Trust Income if it would be taken into account in calculating the Net Tax Income; and

  

	 	(iii)	the Manager must act or direct that the Trustee takes such action as is necessary in each case to ensure (to the extent possible) that any tax liability in respect of the Series Trust in respect of a Financial Year
under Division 6 of Part III of the 1936 Tax Act is borne by the Income Unitholder of the Series Trust and not by the Trustee. 

  

	 	(b)	(Entitlement): In each Financial Year the Income Unitholder will have an absolute vested interest in, and will be presently entitled to, the Net Trust Income of the Series Trust, notwithstanding the fact that
such amount is not paid by the Trustee to the Income Unitholder during that Financial Year pursuant to Clause 10.1(a) or 10.1(o). Any such amount not paid to the Income Unitholder during a Financial Year will be an amount payable by the Trustee to
the Income Unitholder that will be satisfied only from Income Unit Amounts otherwise payable to the Income Unitholder in accordance with Clause 10.1(a) or 10.1(o) on the Distribution Dates following the close of the Financial Year.

  

	 	(c)	 (Final Distributions): If in the last Financial Year of the Series Trust, there is an amount payable by the Trustee in accordance with Clause
12.2(b) in respect of the previous Financial Year that has not been satisfied from the Income Unit Amounts payable to the 

  
 56 

	 	
Income Unitholder in accordance with Clause 10.1(a) or 10.1(o) on the Distribution Dates in the last Financial Year, the shortfall, plus any such amount for the last Financial Year, will be
satisfied in full from, and only by, the payment of the excess funds (if any) by the Trustee to the Income Unitholder pursuant to Clause 15.12. 

  

	 	(d)	(Financial Year): The definition of Financial Year in clause 1 of the Master Trust Deed does not apply to the Series Trust. Instead, Financial Year means a period of 12 months beginning on 1 July,
unless the Series Trust is a member of a consolidated group within the meaning of section 703-5 of the 1997 Tax Act, in which case Financial Year means the same period as the ‘income year’ of the head company of the tax consolidated group
for the purposes of the 1997 Tax Act, provided in either case that: 

  

	 	(i)	the first Financial Year of the Series Trust is the period commencing on the date of the constitution of the Series Trust and ending on the next succeeding 30 June or the last day of the then current period which
is the income year of the head company of the tax consolidated group for the purposes of the 1997 Tax Act; and 

  

	 	(ii)	the last Financial Year of a Series Trust is the period to the date of termination of the Series Trust from the immediately preceding 1 July or the commencement of the then current period which is the income year
of the head company of the tax consolidated group for the purposes of the 1997 Tax Act. 

  

	12.3	Excess distribution 

  

	 	(a)	(Deposit with the Income Unitholder): A payment to the Income Unitholder of an Income Unit Amount pursuant to Clause 10.1(a) or 10.1(o) with respect to a Distribution Date will be held by the Income Unitholder as
a deposit by the Trustee with the Income Unitholder and will be dealt with in accordance with this Clause 12.3. 

  

	 	(b)	(Application towards Net Trust Income): As at the end of each Financial Year, the Income Unitholder will, and will be entitled to, deduct and retain for its own benefit from so much of the deposit standing to the
credit of the Trustee pursuant to Clause 12.3(a): 

  

	 	(i)	first, the amount of Net Trust Income of the Series Trust in which the Income Unitholder has an absolutely vested interest, and to which the Income Unitholder is presently entitled, for that Financial Year pursuant to
Clause 12.2; and 

  

	 	(ii)	secondly, an amount not exceeding the then Subscription Amount notified by the Manager to the Trustee and the Income Unitholder that the Income Unitholder is entitled to deduct as a return of capital in the Series Trust
represented by the Income Unit. 

 To the extent that there is any surplus in the amount so deposited with the Income
Unitholder over the aggregate of the amount deducted and retained by the Income Unitholder pursuant to Clause 12.3(b) in a Financial Year, the surplus will be held and dealt with by the Income Unitholder in accordance with this Clause 12.3(b)
in the succeeding Financial Year, subject to any prior application of this Clause 12.3(b) with respect to any additional amounts held by the Income Unitholder as deposits by the Trustee in that succeeding Financial Year. 

  
 57 

	13.	COLLECTIONS ACCOUNT 

  

	13.1	Establishment of Collections Account 

  

	 	(a)	(Establishment): Before the Closing Date the Trustee must establish the Collections Account with ANZ or such other Eligible Depository as the parties may agree on from time to time. 

 

	 	(b)	(Interest bearing account): The Collections Account must be an interest bearing account. 

  

	13.2	Conditions for maintaining Collections Account 

 The Collections Account must not be held
with ANZ unless: 
  

	 	(a)	(ANZ is an Eligible Depository): ANZ is an Eligible Depository; or 

  

	 	(b)	(ANZ is not an Eligible Depository): if ANZ is not an Eligible Depository: 

  

	 	(i)	a Standby Guarantee has been entered into to support ANZ’s obligations to credit to, and to repay from, in accordance with normal banking practice, moneys deposited and to be deposited in the Collections Account;
or 

  

	 	(ii)	the Manager has issued a Rating Notification in relation to the Collections Account being held with ANZ. 

  

	13.3	Transfer of Collections Account 

  

	 	(a)	(Obligation to Transfer): If: 

  

	 	(i)	(While Collections Account with ANZ): the Collections Account is maintained with ANZ but the Trustee becomes aware that the Collections Account cannot continue to be maintained with ANZ pursuant to Clause 13.2;
or 

  

	 	(ii)	(While Collections Account with another financial institution): the Collections Account is maintained with a financial institution other than ANZ and the Trustee becomes aware that the financial institution is no
longer an Eligible Depository, 

 the Trustee must immediately establish a new interest bearing Collections Account
with an Eligible Depository and transfer the funds standing to the credit of the old Collections Account to the new Collections Account. 
  

	 	(b)	(Discretion to Transfer): Provided that Clause 13.2 is satisfied and each Rating Agency has been given prior notice of its intention to do so, if the Collections Account is established with a financial
institution other than ANZ following the Closing Date, at any time after that date the Manager and the Servicer may agree to establish a new interest bearing Collections Account with ANZ and transfer funds standing to the credit of the old
Collections Account to the new Collections Account. 

  

	13.4	Collections deposited within two Business Days 

 Subject to Clauses 13.5 and 13.8, the
Servicer and the Seller must deposit into the Collections Account each Collection in respect of the Series Trust received by the Servicer or the Seller, or otherwise payable by the Servicer or the Seller after the Closing Date: 

  
 58 

	 	(a)	(Receipt before the Closing Date): in the case of each Collection received by the Servicer or the Seller before the Closing Date, on, or within two Business Days after, the Closing Date; 

 

	 	(b)	(Receipt after the Closing Date): in the case of each Collection received by the Servicer or the Seller on or after the Closing Date, within two Business Days after receipt of such Collection; or

  

	 	(c)	(Where otherwise payable): where Collections are not received by the Servicer but are otherwise payable by the Servicer or the Seller in accordance with this Deed, within two Business Days of when they fall
due for payment to the Trustee from the Servicer or the Seller. 

  

	13.5	While MBL is an Eligible Depositary 

 While both (i) MBL is an Eligible Depository
and (ii) the Servicer is MLPL, the Servicer is entitled to retain in an account held with MBL any Collections in respect of a Monthly Period until 10.00 a.m. on the Transfer Date preceding the Distribution Date following the Monthly Period,
when it must at that time deposit such Collections into the Collections Account. 
  

	13.6	Servicer to pay interest in respect of Collections 

 Where the Servicer has received
Collections but it is not required pursuant to this Deed to deposit those Collections into the Collections Account until a later date, the Servicer must pay interest in respect of those Collections at a commercial rate agreed between the Servicer
and the Manager from time to time for the period commencing on (and including) the date on which those Collections are received and ending on (and including) the date on which those Collections are paid or credited to the Collections Account. Such
interest that accrues in respect of a Monthly Period must be paid or credited to the Collections Account by the Servicer no later than 10.00 a.m. on the Transfer Date immediately after the Monthly Period provided that such interest will not be
payable by the Servicer on that Transfer Date if: 
  

	 	(a)	(Income Unit amount): the Manager determines pursuant to Clause 10.1 on the immediately preceding Determination Date that an amount is to be paid to the Income Unitholder in accordance with Clause 10.1(o) on the
Distribution Date following that Transfer Date; and 

  

	 	(b)	(Insolvency Event): an Insolvency Event does not exist in respect of MBL. 

Interest accrued in respect of a Monthly Period pursuant to this Clause 13.6 which is not payable by the Servicer on a Transfer Date will not
be carried forward to the next Monthly Period with the intent that the payment obligations of the Servicer in respect of such accrued interest will terminate after such Transfer Date. 

 

	13.7	Opening of additional account where Collections Account held with ANZ when it is not an Eligible Depository 

In the event that: 
  

	 	(a)	(Collections Account with ANZ): there are Collections deposited with ANZ in the Collections Account; 

  

	 	(b)	(Standby Guarantee): the Collections Account is permitted to be maintained with ANZ pursuant to Clause 13.2(b)(i); and 

  
 59 

	 	(c)	(Collections Account in excess): 

  

	 	(i)	the maximum amount available to be claimed by the Trustee under the Standby Guarantee is less than the aggregate of all amounts then deposited and to be deposited into the Collections Account by 10.00 a.m. on the next
following Transfer Date; and 

  

	 	(ii)	the Manager has not, within two Business Days of being notified of the above, issued a Rating Notification in relation to the failure to satisfy Clauses 13.7(d) to (f) (inclusive) if amounts continue to be
deposited in the Collections Account held with ANZ, 

 then: 

 

	 	(d)	(New Collections Account): the Trustee must, upon becoming actually aware of the occurrence of that event, immediately open a new Collections Account with an Eligible Depository; 

 

	 	(e)	(Amounts in excess transferred): amounts credited to the Collections Account held with ANZ in excess of the maximum amount available to be claimed by the Trustee under the Standby Guarantee must be transferred by
the Trustee from that Collections Account to the new Collections Account; and 

  

	 	(f)	(Subsequent deposits): all amounts received by, or payable to, the Trustee in respect of the Series Trust must be deposited in the Collections Account held with ANZ to the extent that such amounts can be
deposited in that Collections Account in accordance with this Clause 13. The balance of such amounts must be deposited in the new Collections Account established pursuant to Clause 13.7(d) and in accordance with Clause 13.4.

  

	13.8	Prepayment of Collections 

 The Servicer may, in its sole discretion, deposit amounts
into the Collections Account at any time in prepayment of its obligation to deposit Collections into the Collections Account in accordance with Clause 13.4. The Servicer will not be obliged to deposit a Collection into the Collections Account
pursuant to Clause 13.4 to the extent that it has prepaid its obligation to do so under this Clause 13.8. The Trustee must repay to the Servicer any amounts standing to the credit of the Collections Account which represent prepayments of Collections
by the Servicer in accordance with this Clause 13.8 immediately following the earlier of: 
  

	 	(a)	(Redemption of Notes): the date on which all the Notes have been redeemed in full in accordance with the Master Trust Deed and this Deed; and 

 

	 	(b)	(Termination Event Date): the Termination Event Date of the Series Trust. 

  

	13.9	Withdrawal of prepayment from Collections Account 

 The Servicer may on any Distribution
Date notified by the Servicer to the Trustee (with not less than five Business Days prior written notice from the Servicer to the Trustee) at its discretion, request the Trustee to repay, and upon such request the Trustee will pay, any amount
prepaid pursuant to Clause 13.8 then standing to the credit of the Collections Account provided that the Servicer must continue to fulfil its obligation to deposit Collections into the Collections Account under Clause 13.4 to the extent of the
repayment made under this Clause 13.9. 

  
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	13.10	Application towards investment proposal 

 For the avoidance of any doubt, in giving
effect to any investment proposal contemplated by clause 12.2(b) of the Master Trust Deed, the Trustee may apply any funds standing to the credit of the Collections Account at the relevant time. 

 

	14.	CLEAN-UP AND EXTINGUISHMENT 

  

	14.1	Notification of Trigger Event by Manager to Seller 

 If: 

 

	 	(a)	(Clean-Up Percentage): on any day the aggregate principal balance of the SMART Receivables expressed as a percentage of the aggregate principal balance of the SMART Receivables on the Closing Date is, or will on
the next Distribution Date be, below the Clean-Up Percentage; or  

  

	 	(b)	(Tax event): an event referred to in Condition 7.4(a) or (b) of the US$ Note Conditions has occurred, 

unless otherwise required by the Seller, the Manager must promptly ask the Seller by telephone or orally whether the Seller wishes to exercise
its rights pursuant to this Clause 14. 
  

	14.2	Response by the Seller 

 The Seller may at any time after receiving (or after it ought to
receive) a request from the Manager pursuant to Clause 14.1, and prior to the Termination Event Date, advise the Manager by telephone or orally, that it will exercise its rights pursuant to this Clause 14. At that time, the Seller may nominate a
Distribution Date as the Clean-Up Settlement Date. The Manager must then promptly advise the Trustee of such advice and (if applicable) such nomination by the Seller. 
  

	14.3	Determination of Clean-Up Settlement Date 

 If the Seller advises the Manager pursuant to
Clause 14.2 that it will exercise its rights pursuant to this Clause 14: 
  

	 	(a)	(Clean-Up Settlement Date to coincide with redemption of Notes): if any Notes have been issued and have not then been redeemed, the Manager must, subject to Clause 14.4(b), in accordance with Conditions 7.3 or
7.4 of the US$ Note Conditions (as applicable) direct the Trustee to give a notice in accordance with such Conditions (which the Trustee must give to Noteholders) that on the Distribution Date nominated by the Seller as the Clean-Up Settlement Date
(which must be a complying Distribution Date in accordance with such Condition) a redemption of the Notes will occur pursuant to such Condition (in which case, such nominated and complying Distribution Date will be the Clean-Up Settlement Date);
or 

  

	 	(b)	(Otherwise, date nominated by the Seller): otherwise, the Clean-Up Settlement Date will be the Distribution Date nominated by the Seller as the Clean-Up Settlement Date pursuant to Clause 14.2.

  

	14.4	Clean-Up Settlement Price 

  

	 	(a)	 (Calculation): The Clean-Up Settlement Price will be the amount determined by the Manager to be the aggregate of the Fair Market Value (as at
the last day of the Monthly  

  
 61 

 
Period ending immediately before the proposed Clean-Up Settlement Date) of each SMART Receivable then forming part of the Assets of the Series Trust. 

 

	 	(b)	(Minimum Clean-Up Settlement Price): If any Notes have been issued and have not then been redeemed (or deemed to be redeemed) and if the amount of the Clean-Up Settlement Price determined by the Manager (when
combined with the other Assets that will be available to the Trustee) is not sufficient to ensure, upon payment by the Seller to the Trustee pursuant to Clause 14.5, that the Trustee would be in a position on the proposed Clean-Up Settlement
Date to redeem the Notes in full in accordance with Conditions 7.3 or 7.4 of the US$ Note Conditions (as applicable), the Manager must not give a direction to the Trustee pursuant to Clause 14.3(a). If such amount would be so sufficient, the
Manager’s direction pursuant to Clause 14.3(a) must be accompanied by a notification to the Trustee of such amount and the certificate referred to in Condition 7.5 of the US$ Note Conditions. 

 

	 	(c)	(Minimum not sufficient): If the Manager cannot issue the direction referred to in Clause 14.3(b) as a result of such Clause, nothing herein prevents the Seller issuing a further advice to the Manager pursuant to
Clause 14.2 at a later date, in which case the procedures and provisions of this Clause 14 will thereupon take effect again (including this Clause 14.4(c)), subject to the requirements herein contained. 

 

	14.5	Payment of Clean-Up Settlement Price 

 The Seller must pay to the Trustee, in immediately
available funds, the Clean-Up Settlement Price on the Clean-Up Settlement Date. 
  

	14.6	Effect of Payment of Clean-Up Settlement Price 

 Upon receipt of the Clean-Up Settlement
Price by the Trustee in immediately available funds, the Trustee’s entire right, title and interest in the SMART Receivable Rights then forming part of the Assets of the Series Trust is deemed to be extinguished in favour of the Seller with
immediate effect from the last day of the Monthly Period which ended prior to the Clean-Up Settlement Date. The Trustee must execute whatever documents the Seller reasonably requires to complete the extinguishment of the Trustee’s right, title
and interest in such SMART Receivable Rights. 
  

	14.7	Costs 

 The Seller must pay to, or reimburse, the Trustee immediately on demand for all
costs and expenses (including legal costs charged at the usual commercial rates of the relevant legal services provider and any stamp duty and registration fees) arising out of or necessarily incurred by the Trustee in connection with the exercise
of the Seller’s rights pursuant to this Clause 14. 
  

	14.8	Alternative structure 

 The Trustee must co-operate with the Seller in exercising the
Seller’s rights pursuant to this Clause 14 in a way other than as set out in this Clause 14 if to do so would materially reduce the liability of the Seller to reimburse the Trustee for any of the costs and expenses set out in Clause 14.7 and
provided that: 
  

	 	(a)	(Clean-Up Settlement Price): any Clean-Up Settlement Price to be determined pursuant to this Clause 14.8 will be determined by the Manager in accordance with Clause 14.4(a); and 

 

	 	(b)	 (Trustee liability): any proposed revised exercise of the Seller’s rights pursuant to this Clause is permitted in law and does not result
in the Trustee being exposed to the risk of personal liability unless the Trustee is satisfied, in its absolute discretion, that the Seller will  

  
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be able to indemnify the Trustee in respect of such risk in accordance with clause 9.15(a) of the Master Sale and Servicing Deed. 

 

	14.9	Alternative funding arrangements to permit redemption 

 Nothing in this Clause 14
prevents the Manager and the Trustee exercising any other rights and powers conferred upon them by this Deed or the Master Trust Deed (in so far as it applies to the Series Trust) to enable the redemption of the Notes as contemplated by Conditions
7.3 and 7.4 of the US$ Note Conditions. 
  

	14.10	Clause 16 of the Master Sale and Servicing Deed 

 Notwithstanding any other provision of
any other Transaction Document, the Manager may only exercise its right to issue a Transfer Proposal in accordance with clause 16 of the Master Sale and Servicing Deed where the Series Trust is a Disposing Trust in either of the following
circumstances: 
  

	 	(a)	(Call Date): where the relevant Transfer Proposal is issued in connection with an exercise by the Trustee of its rights to redeem all of the Notes in accordance with Condition 7.3 of the US$ Note Conditions and
the relevant Assignment Date falls on or after the Call Date (as defined in Condition 7.3); or 

  

	 	(b)	(Tax call): where the relevant Transfer Proposal is issued in connection with an exercise by the Trustee of its rights to redeem all of the Notes in accordance with Condition 7.4 of the US$ Note Conditions and
the relevant Assignment Date falls on or within five Business Days of the date on which all of the Notes are to be so redeemed, 

and, in either case, if the Manager has received a direction from the Seller to issue the relevant Transfer Proposal as contemplated by Clause
3.5. 
  

	15.	TERMINATION OF THE SERIES TRUST 

  

	15.1	Co-operation in restructuring of the Series Trust 

 If the Termination Event Date of the
Series Trust occurs as a result of a provision of statute or general law at a time when any Notes issued in respect of the Series Trust have not been redeemed in full then from the Termination Event Date of the Series Trust, the Servicer, the
Trustee and the Manager must consult and use their reasonable endeavours (in consultation with the Security Trustee pursuant to the Master Security Trust Deed and the Unitholders in the Series Trust) to amend or vary the terms of this Deed, any
other relevant Transaction Document and the Notes in respect of the Series Trust, in such a way so as to minimise any potential losses that the Investors may suffer as a result of the termination of the Series Trust. If such consultations do not
result in an agreement between the parties as to the best way in which such restructuring can proceed within 90 days of the Termination Event Date of the Series Trust, then the Trustee must proceed to liquidate the Assets of the Series Trust in
accordance with the remainder of this Clause 15. 
  

	15.2	Determination of Termination Payment Date 

 Subject to Clause 15.1, the Trustee must as
soon as practicable following the Termination Event Date of the Series Trust, declare on the direction of the Servicer and the Manager, a Distribution Date as the Termination Payment Date, being the Distribution Date by which the Trustee reasonably
believes that the sale and distribution of the Assets of the Series Trust will be completed in accordance with this Clause 15. Based on the direction of the Servicer and the Manager, the Trustee may substitute another Distribution Date as the
Termination Payment Date if it reasonably believes 

  
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that the Assets will not in fact be sold and distributed by the then declared Termination Payment Date. 
  

	15.3	Realisation of Assets of the Series Trust 

 Subject to Clause 15.1, upon the occurrence
of the Termination Event Date of the Series Trust, the Trustee, at the direction of the Manager, must sell and realise the Assets of the Series Trust (and, in relation to the sale (other than pursuant to Clause 15.5) of any SMART Receivable Rights
forming part of the Assets of the Series Trust, the Trustee must obtain appropriate expert advice prior to the sale) and such sale (so far as is reasonably practicable and reasonably commercially viable) must be completed within 180 days of the
Termination Event Date of the Series Trust provided that during the period of 180 days from that Termination Event Date: 
  

	 	(a)	(Fair Market Value): the Trustee must not sell the SMART Receivable Rights for less than an amount equal to the Fair Market Value of the SMART Receivables that then form part of the Assets of the Series Trust;

  

	 	(b)	(Sale in accordance with Clause 15.4): the Trustee must not sell any SMART Receivable Rights unless the sale is on terms in accordance with Clause 15.4; and 

 

	 	(c)	(Right of first refusal): the Trustee must not sell any SMART Receivable Rights unless it has offered the SMART Receivable Rights for sale to the Seller in accordance with Clause 15.5 and the Seller has
either not accepted that offer within 90 days of that Termination Event Date or has accepted that offer but not paid the consideration due by the time required pursuant to Clause 15.5. 

 

	15.4	Conditions of Sale During 180 days 

 The Trustee must not conclude a sale pursuant to
Clause 15.3 (other than pursuant to Clause 15.5) unless: 
  

	 	(a)	(Equitable assignment only): any SMART Receivable Rights sold pursuant to that sale are assigned in equity only (unless the Trustee already holds legal title to such SMART Receivable Rights);

  

	 	(b)	(Servicer’s rights retained): the sale is expressly subject to the Servicer’s right to be retained as Servicer of those SMART Receivable Rights in accordance with the terms of this Deed; and

  

	 	(c)	(Sale subject to Seller Trust): the sale is expressly subject to the rights of the Seller Trust in respect of those SMART Receivable Rights pursuant to this Deed and to the Seller’s rights (as beneficiary of
the Seller Trust) in respect of those SMART Receivable Rights pursuant to this Deed. 

  

	15.5	Right of Refusal to Seller 

  

	 	(a)	(Deemed offer to Seller): Subject to Clause 15.5(d), on the Termination Event Date of the Series Trust, if the Trustee holds any SMART Receivable Rights at that time, the Trustee is deemed to irrevocably offer to
extinguish in favour of the Seller, its entire right, title and interest in the SMART Receivable Rights forming part of the Assets of the Series Trust in return for the payment to the Trustee of an amount equal to the Fair Market Value (as at the
Termination Event Date of the Series Trust) of the SMART Receivables then forming part of the Assets of the Series Trust. 

  
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	 	(b)	(Acceptance by Seller of Offer): The Seller may verbally accept the offer referred to in Clause 15.5(a) within 90 days after the Termination Event Date of the Series Trust and having accepted the offer, must
pay to the Trustee, in immediately available funds, the amount referred to in Clause 15.5(a) by the expiration of 180 days after the Termination Event Date of the Series Trust. If the Seller accepts such offer, the Trustee must execute whatever
documents the Seller reasonably requires to complete the extinguishment of the Trustee’s right, title and interest in the SMART Receivable Rights then forming part of the Assets of the Series Trust. 

 

	 	(c)	(Trustee must not sell): The Trustee must not sell any SMART Receivable Rights referred to in Clause 15.5(a) unless the Seller has failed to accept the offer referred to in Clause 15.5(a) within 90 days after the
Termination Event Date of the Series Trust or, having accepted the offer, has failed to pay the amount referred to in Clause 15.5(a) by the expiration of 180 days after the Termination Event Date of the Series Trust. 

 

	 	(d)	(Approval of Noteholders): If the Fair Market Value (as at the Termination Event Date of the Series Trust) of the SMART Receivables then forming part of the Assets of the Series Trust is not sufficient to ensure
that, following the acceptance by the Seller of the deemed offer by the Trustee pursuant to Clause 15.5(a), the Noteholders will receive an amount equal to the aggregate on the Termination Payment Date of: 

 

	 	(i)	(Invested Amount): the Invested Amount of the Notes; and 

  

	 	(ii)	(Interest Entitlement): the Interest Entitlement on the Notes, 

 then the Manager
must promptly convene a meeting of Noteholders (in accordance with the Master Trust Deed) to seek the approval of the Noteholders, by way of Extraordinary Resolution, to the deemed offer by the Trustee pursuant to Clause 15.5(a). The deemed offer by
the Trustee pursuant to Clause 15.5(a) will be conditional upon an Extraordinary Resolution of Noteholders approving the offer (in accordance with the Master Trust Deed) at the Fair Market Value (as at the Termination Event Date of the Series Trust)
of the SMART Receivables then forming part of the Assets of the Series Trust. 
  

	15.6	Sale at Lower Price 

 If after the expiration of the period of 180 days from the
Termination Event Date of the Series Trust the Trustee has not sold the SMART Receivable Rights which form part of the Assets of the Series Trust for the amount determined in accordance with Clause 15.3(a), the Trustee may proceed to sell such SMART
Receivable Rights free from the prohibitions contained in Clause 15.3(a) and may, if necessary, sell such SMART Receivable Rights on the terms set out in Clause 15.7 if the terms of that clause are satisfied. If any SMART Receivable Rights are sold
for less than the price for those SMART Receivable Rights determined in accordance with Clause 15.3(a), then any such shortfall must be allocated as provided for in Clause 15.11. 

 

	15.7	Conditions of Sale After 180 days 

 Upon the expiration of the period of 180 days from
the Termination Event Date of the Series Trust, the Trustee may, if necessary (in its reasonable opinion) to sell the SMART Receivable Rights forming part of the Assets of the Series Trust for at least the amount determined in accordance with
Clause 15.3(a) in respect of those SMART Receivable Rights: 
  

	 	(a)	(Perfect title): take all necessary steps to perfect the Trustee’s legal title to the SMART Receivable Rights; 

  
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	 	(b)	(Terminate Servicer): terminate the rights and obligations of the Servicer in respect of those SMART Receivable Rights; and 

 

	 	(c)	(Sell SMART Receivable Rights): sell the legal and beneficial ownership in such SMART Receivable Rights to the prospective purchaser free of the Seller Trust and all rights of the Seller to repurchase such SMART
Receivable Rights in accordance with this Deed which rights the Seller is deemed to have waived by its not accepting the offer made to it in accordance with Clause 15.5(a). 

 

	15.8	Further Conditions of Sale 

 If the Trustee sells the SMART Receivable Rights forming
part of the Assets of the Series Trust pursuant to this Clause 15, the Trustee must use reasonable endeavours to include as a condition of the sale by the Trustee that the purchaser will: 

 

	 	(a)	(Consent): consent to the granting in favour of the Seller of mortgages and other Security Interests subsequent to the Mortgages and Collateral Security assigned to the purchaser; 

 

	 	(b)	(Enter Priority Agreements): enter into priority agreements with the Seller, in the form then specified in the Servicing Standards, limiting the priority of the Mortgages and Collateral Security assigned to the
purchaser over any subsequent mortgages and other Security Interests held by the Seller to the then principal balance of the relevant SMART Receivable and any interest, fees and expenses on this amount; and 

 

	 	(c)	(Endeavour to obtain Borrower’s consent): use reasonable endeavours to obtain the consent of the providers of Mortgages and Collateral Securities assigned to the purchaser, and any other relevant person, to
the grant of subsequent mortgages and other Security Interests to the Seller. 

  

	15.9	Procedures Pending Winding-Up 

 During the period commencing on the Termination Event
Date of the Series Trust and ending on the Termination Payment Date: 
  

	 	(a)	(Trustee, Manager and Servicer must continue to perform duties): the Trustee, the Servicer and the Manager must continue to perform their respective roles in accordance with the Master Trust Deed and this Deed in
respect of the Assets of the Series Trust; 

  

	 	(b)	(Collections to continue to be paid into Collections Account): all Collections must continue to be deposited into the Collections Account in accordance with this Deed; 

 

	 	(c)	(Proceeds of sale): all proceeds arising from the sale of Assets of the Series Trust must be deposited into the Collections Account and must be treated for all purposes as if such proceeds were Collections and
the Manager must determine (and advise the Trustee) which of such proceeds are to be treated as received on account of Income Collections and the Finance Charges corresponding to such proceeds; and 

 

	 	(d)	(Trustee must make payments): the Trustee must continue to make all payments determined by the Manager as required to be made in accordance with this Deed. 

 

	15.10	Costs on Winding-up of the Series Trust 

 On the Determination Date prior to the
Termination Payment Date, the Manager (in consultation with the Trustee) must in respect of the Series Trust make provision for all Taxes, costs, charges, 

  
 66 

 
expenses, claims and demands anticipated to become payable after the Termination Payment Date in connection with or arising out of the administration or winding up of the Series Trust, including
the fees of any consultants whom the Trustee, the Seller, the Servicer, the Security Trustee or the Manager have employed in connection with the administration or winding up of the Series Trust. Such costs (if any) will be treated as Series Trust
Expenses by the Manager in making its determinations as to payments to be made on the Termination Payment Date in accordance with Clause 15.11. 
  

	15.11	Calculation of Final Distributions 

 On the Determination Date prior to the Termination
Payment Date, the Manager must determine how the amounts standing to the credit of the Collections Account are to be distributed and must make such determination in accordance with the provisions of clause 13 of the Master Security Trust Deed. After
making such determinations the Manager must notify the Trustee of the allocations and payments to be made on the Termination Payment Date. 
  

	15.12	Final Distributions 

 On the Termination Payment Date the Trustee must make the payments
that the Manager directs it to make pursuant to Clause 15.11. 
  

	15.13	Final Redemption 

 All Notes and Units are deemed to be redeemed and discharged in full
on the Termination Payment Date provided the payment (if any) due in respect of them from the Trustee pursuant to Clause 15.12 is made to the corresponding Investors. 
  

	15.14	Notification to the Rating Agencies 

 The Manager will promptly notify each Rating Agency
of the redemption and discharge in full of all Notes and Units pursuant to Clause 15.13 or any earlier redemption and discharge in full of a Class of Notes. 
  

	16.	GENERAL 

  

	16.1	Required Credit Rating and Maturity 

  

	 	(a)	(Required Credit Rating): Unless otherwise agreed between the Manager, the Trustee and each Rating Agency, the Required Credit Rating in respect of the Authorised Short-Term Investments of the Series Trust is:

  

	 	(i)	with respect to Moody’s, a short-term credit rating of P-1; and 

  

	 	(ii)	with respect to Fitch Ratings: 

  

	 	(A)	if the rating assigned by Fitch Ratings to the most highly rated Note outstanding is less than AA-, a credit rating by Fitch Ratings which is equal to or higher than the rating assigned by Fitch Ratings to the most
highly rated Note outstanding at that time; or 

  

	 	(B)	if the rating assigned by Fitch Ratings to the most highly rated Note outstanding is equal to or higher than AA-: 

  
 67 

	 	I.	in relation to Authorised Short-Term Investments whose remaining maturities at the time of purchase by the Trustee are less than or equal to 30 days, a short-term credit rating of F1 by Fitch Ratings and a long-term
credit rating of A by Fitch Ratings (or, if the relevant investment has been placed on ratings watch negative by Fitch Ratings, a short-term credit rating of F1+ and a long-term credit rating of A+ by Fitch Ratings); 

 

	 	II.	in relation to Authorised Short-Term Investments which are securities and whose remaining maturities at the time of purchase by the Trustee are more than 30 days but less than or equal to 365 days, a short-term credit
rating of F1+ by Fitch Ratings or a long-term credit rating of AA- by Fitch Ratings (or, if the relevant investment has been placed on ratings watch negative by Fitch Ratings, AA by Fitch Ratings); or 

 

	 	III.	in relation to Authorised Short-Term Investments which are securities and whose remaining maturities at the time of purchase by the Trustee are more than 365 days, a credit rating by Fitch Ratings which is equal to or
higher than the rating assigned by Fitch Ratings to the most highly rated Note outstanding at that time. 

  

	 	(b)	(Maturity): The Manager must ensure that each Authorised Short-Term Investment, other than cash, acquired by the Series Trust has a maturity date such that its proceeds will be available to meet the
Trustee’s obligations in respect of the Notes as they fall due on the Distribution Date on which that Authorised Short-Term Investment is to be applied as Collections or as Liquidity Reserve Draw. 

 

	 	(c)	(Losses): Any losses with respect to Authorised Short-Term Investments will be borne by the Series Trust. 

  

	16.2	Distribution of information 

 The Manager will on each Determination Date send: 

 

	 	(a)	(To the Trustee): to the Trustee, the Settlement Statement; and 

  

	 	(b)	(To the Rating Agencies): to each Rating Agency, such information as it requires from the Settlement Statement. 

  

	16.3	SEC Reporting Requirements 

  

	 	(a)	(General): For any time period during which the Series Trust is required to report under the Exchange Act, MLPL will file on behalf of the Series Trust annual reports on Form 10-K, distribution reports on Form
10-D, any current reports on Form 8-K and amendments to those reports with the SEC. Such reports and other information will also be posted to the internet website maintained by MLPL at http://www.macquarie.com.au/securitisation as soon as reasonably
practicable after such material is electronically filed with, or furnished to, the SEC. 

  

	 	(b)	(Form 10-K): No later than 90 days after the end of each fiscal year of the Series Trust for which MLPL is required under the Exchange Act to file an annual report on Form 10-K with respect to the Series Trust,
MLPL will: 

  
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	 	(i)	(Sarbanes-Oxley certification): sign a certificate in relation to the Series Trust (pursuant to clause 302 of the Sarbanes-Oxley Act of 2002) in the form of Schedule 6, or in such other form as is required for
such certification by Rules 13a-14(d) and 15d-14(d) of the Exchange Act; and 

  

	 	(ii)	(Form 10-K filing): file a Form 10-K under the Exchange Act in respect of the Series Trust for such fiscal year, together with the certificate signed by MLPL in respect of that year in accordance with paragraph
(b)(i) above, the documents delivered to MLPL under Clauses 16.4(b) and such other information or documents as are required by the Exchange Act to be attached as exhibits to the Form 10-K. 

 

	 	(c)	(Pool Performance Data and Form 10-D):  

  

	 	(i)	No later than three Business Days prior to each Distribution Date, the Manager must prepare the Noteholder Report setting out the Pool Performance Data in respect of the Monthly Period preceding that Distribution Date.

  

	 	(ii)	Each Noteholder Report must be delivered by the Manager to each of the Trustee, MLPL, the US$ Note Trustee and the Principal Paying Agent no later than three Business Days prior to the Distribution Date to which the
relevant Noteholder Report relates. 

  

	 	(iii)	MLPL must: 

  

	 	(A)	file each Noteholder Report with the SEC on Form 10-D within 15 days after each Distribution Date; and 

  

	 	(B)	post each Noteholder Report on its website located at http://www.macquarie.com.au/securitisation. 

  

	 	(d)	(Substitute Servicer): As a condition to the appointment of a Substitute Servicer under clause 4.4 of the Master Sale and Servicing Deed, the Servicer must provide to MLPL, at least 15 calendar days prior to the
effective date of such appointment, and no later than the date specified by MLPL in order to permit it to comply with its obligations under the rules and regulations promulgated by the SEC, all information reasonably requested by MLPL in relation to
such appointment in order for MLPL to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to the Series Trust. 

  

	 	(e)	(Substitute Manager): As a condition to the appointment of a Substitute Manager under clause 20.4 of the Master Trust Deed, the Manager must provide to MLPL, at least 15 calendar days prior to the effective date
of such appointment, and no later than the date specified by MLPL in order to permit it to comply with its obligations under the rules and regulations promulgated by the SEC, all information reasonably requested by MLPL in relation to such
appointment in order for MLPL to comply with its reporting obligation under Item 8.01 of Form 8-K with respect to the Series Trust. 

  

	16.4	Compliance with Regulation AB 

  

	 	(a)	(Servicer delegate information): In relation to each fiscal year of the Series Trust 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
Servicer must prepare and deliver to MLPL no later than 90 days after the end of that fiscal year a written description of the role and function of each delegate appointed by the Servicer specifying: 

  
 69 

	 	(i)	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 

 

	 	(ii)	which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each delegate identified pursuant to paragraph (i) of this Clause. 

 

	 	(b)	(Servicer compliance): In relation to each fiscal year of the Series Trust 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 Servicer
must prepare and deliver to each of the Trustee, 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)	(Servicer compliance certificate): pursuant to Item 1123 of Regulation AB a certificate of compliance substantially in the form of Schedule 8, signed by an authorised officer of the Servicer, to the effect
that: 

  

	 	(A)	a review of the Servicer’s activities during the immediately preceding fiscal year (or applicable portion of such fiscal year) and of its performance under this Series Supplement and any other Transaction Document
during such period has been made under such officer’s supervision; and 

  

	 	(B)	to the best of such officer’s knowledge, based on such review, that the Servicer has fulfilled all of its obligations under this Series Supplement and any other Transaction Document in all material respects
throughout the fiscal year (or applicable portion thereof) or, if there has been a failure to fulfil any such obligation in any material respect, specifically identifying each such failure known to such officer and its nature and status;

  

	 	(ii)	(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 Servicer’s assessment of compliance with the Servicing
Criteria, including disclosure of any material instance of non-compliance identified by the Servicer. Such report must be signed by an authorised officer of the Servicer, and must be substantially in the form of, and address each of the Servicing
Criteria specified in, Schedule 7, but only to the extent that the Servicer is involved in servicing activities relating to the Servicing Criteria, as reasonably determined by MLPL from time to time; and 

 

	 	(iii)	(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 Servicer and delivered pursuant to, paragraph
(ii) above. Such attestation will 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. 

  

	 	(iv)	 (Servicer delegate assessment of compliance and accounting attestation reports): In addition, the Servicer must cause each delegate of the
Servicer, if any, determined by the Servicer to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, to comply with paragraphs (ii) and (iii) above as if references to the
“Servicer” in those paragraphs were references to such delegate, except that any assessment of compliance or accounting reports delivered by a delegate of the Servicer under paragraph (ii) or (iii) above need not address any 

  
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elements of the Servicing Criteria other than those specified by the Servicer to such delegate pursuant to Clause 16.4(a)(ii). 

 

	 	(c)	(Compliance by other parties):  

  

	 	(i)	Each party to this Deed (other than the Servicer) acting in any capacity acknowledges and agrees that to the extent MLPL reasonably determines that such party is “participating in the servicing function” in
relation to the Series Trust within the meaning of Item 1122 of Regulation AB, Clauses 16.4(a) and 16.4(b)(ii) to 16.4(b)(iv) will apply to such party as if references to the “Servicer” in those Clauses were references to that party
in the relevant capacity. 

  

	 	(ii)	Unless MLPL determines that compliance is no longer required under Regulation AB, the Manager must comply with Clause 16.4(b)(i) as if references to the “Servicer” in that Clause were references to the
Manager. 

  

	 	(d)	Each party which is required under this Clause 16.4 to provide any information, report, certification, accountant’s letter or other material in its capacity either as a party “participating in a servicing
function” in relation to the Series Trust within the meaning of Item 1122 of Regulation AB or pursuant to Item 1123 of Regulation AB (the Assessing Party) hereby represents, warrants and agrees that each such information,
report, certification, accountant’s letter or other material required pursuant to this Clause 16.4 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. 

 

	 	(e)	Each Assessing Party shall indemnify the Trustee and MLPL, and shall hold the Trustee and MLPL harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments, and any other costs, fees and expenses that it sustains directly as a result of: 

  

	 	(i)	any untrue statement of a material fact contained or alleged to be contained in any information, report, certification, accountant’s letter or other material provided in written or electronic form under this Clause
16.4 by or on behalf of the Assessing Party, or provided under this Clause 16.4 by or on behalf of any delegate of the Assessing Party (collectively, the Assessing Party Information); provided that in the case of any untrue statement of a
material fact contained or alleged to be contained in any accountant’s letter, the Assessing Party will indemnify and hold harmless the Trustee and MLPL only to the extent of the sum that the Assessing Party recovers from the accounting firm
providing such accountant’s letter (which recovery the Assessing Party must, if the Assessing Party in good faith determines the Assessing Party is entitled to do so after taking professional advice, pursue including by taking action in any
relevant court of competent jurisdiction); provided, further, that the Assessing Party will not indemnify and hold harmless the Trustee or MLPL to the extent that the untrue statement of a material fact contained or alleged to be contained in the
Assessing Party Information relates to information provided to the Assessing Party by the Trustee, MLPL or any other party to enable the Assessing Party to complete its duties under the Transaction Documents;  

 

	 	(ii)	 the omission or alleged omission to state in the Assessing Party Information a material fact required to be stated in the Assessing Party Information
or necessary in order to make the statements therein, in the light of the circumstances under which 

  
 71 

	 	
they were made, not misleading; provided, by way of clarification, that this Clause 16.4(e)(ii) shall be construed solely by reference to the Assessing Party Information and not to any other
information communicated in connection with a sale or purchase of securities, without regard to whether the Assessing Party Information or any portion thereof is presented together with or separately from such other information; provided, further,
that in the case of the omission or alleged omission to state in an accountant’s letter a material fact required to be stated in the accountant’s letter or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, the Assessing Party will indemnify and hold harmless the Trustee and MLPL only to the extent of the sum that the Assessing Party recovers from the accounting firm providing such
accountant’s letter (which recovery the Assessing Party must, if the Assessing Party in good faith determines the Assessing Party is entitled to do so after taking professional advice, pursue including by taking action in any relevant court of
competent jurisdiction); provided, further, that the Assessing Party will not indemnify and hold harmless the Trustee and MLPL to the extent that the omission or alleged omission to state in the Assessing Party Information a material fact required
to be stated in the Assessing Party Information or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, relates to information provided to the Assessing Party by the
Trustee, MLPL or any other party to enable the Assessing Party to complete its duties under the Transaction Documents; or 

  

	 	(iii)	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 16.4,
including any failure by the Assessing Party to disclose any non-compliance with any of the Servicing Criteria in a certification or to identify any delegate “participating in the servicing function” within the meaning of Item 1122 of
Regulation AB. In the case of any failure of performance described in Clause 16.4(e)(iii), the Assessing Party shall promptly reimburse the Trustee and MLPL for all costs reasonably incurred by the Trustee and MLPL in order to obtain the
information, report, certification, accountant’s letter or other material not delivered as required by the Assessing Party or any delegate of the Assessing Party. 

 

	 	(f)	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 16.4, will
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 constitute “participating in the servicing
function” in relation to the Trustee within the meaning of Item 1122 of Regulation AB; and 

  

	 	(ii)	to replace the Assessing Party or such delegate with respect to such activities, each at the expense of the Assessing Party, without payment (notwithstanding anything in the Transaction Documents to the contrary) of any
compensation to the Assessing Party or such delegate; 

 provided, that if directed by MLPL, the Manager must 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 will be given effect. 

  
 72 

	 	(g)	The Assessing Party must promptly reimburse the Trustee, the Manager (or any agent of the Manager) and MLPL for all reasonable expenses incurred by the Trustee, the Manager (or such agent) and MLPL, as such are
incurred, in connection with the termination of any Assessing Party or its delegate and the transfer of servicing activities within the meaning of Regulation AB to a successor. The provisions of this Clause 16.4(g) shall not limit whatever rights
the Trustee, the Manager or MLPL may have under other provisions of the Transaction Documents or otherwise, whether in equity or at law, such as an action for damages, specific performance or injunctive relief. 

 

	16.5	Claim for Damages 

 Where this Deed provides for damages to be payable by the Seller, the
Servicer or the Manager to the Trustee: 
  

	 	(a)	(Claim must be in writing): a written notice of a claim for damages must be provided to the relevant party by the Trustee; 

  

	 	(b)	(Claim must specify the amount of damages): such notice must specify the amount of damages claimed and how such amount has been determined by reference to the loss incurred as a result of the breach leading to
the claim for damages; and 

  

	 	(c)	(Trustee must act on instructions): the Trustee in preparing a notice in accordance with Clauses 16.5(a) and (b) will act on the instructions of the Manager (in the case of a claim against the Seller or the
Servicer) or take expert advice, if necessary (in the case of a claim against the Manager). 

  

	16.6	Allocation of Damages 

 If an amount is payable to the Trustee by the Servicer, the
Seller or the Manager for breach of a representation, warranty or obligation under the Master Trust Deed, the Master Sale and Servicing Deed (including any such amounts payable under clause 6.6 of the Master Sale and Servicing Deed which represent
amounts in respect of accrued but unpaid interest on the relevant SMART Receivables in respect of the relevant period) or this Deed or for other damages, such amount is to be treated as a Finance Charge. On each Determination Date the Manager must
notify the Trustee of such amount received (if any) in the Monthly Period just ended. 
  

	16.7	Additional Expenses 

 In accordance with clause 16.11(q) of the Master Trust Deed and
paragraph (d) of the definition of the term “Series Trust Expenses” in Clause 1.1, the Additional Expenses are incorporated into and form part of the Series Trust Expenses of the Series Trust for which the Trustee is entitled to be
indemnified out of the Assets of the Series Trust. 
  

	16.8	Form of Transfers and Certificates 

 For the purposes of the Master Trust Deed insofar as
it relates to the Series Trust: 
  

	 	(a)	(Note Certificates): the form of: 

  

	 	(i)	the Note Certificates for the A$ Notes is as specified in Schedule 2; and 

  

	 	(ii)	the Book-Entry Notes for the US$ Notes is as specified in Schedule 1 to Schedule 4 of the US$ Note Trust Deed; and 

  
 73 

	 	(b)	(Note Transfers): the form of the Note Transfer: 

  

	 	(i)	in relation to the A$ Notes is as specified in Schedule 3; and 

  

	 	(ii)	in relation to the US$ Notes is as specified in clause 5.3(a) of the Agency Agreement. 

  

	16.9	Incur Costs Without Approval 

 In accordance with clause 16.26 of the Master Trust Deed,
the Trustee may do such things, take such actions and incur such expenses without the consent of the Manager (including the appointment of advisers) as it believes necessary (acting reasonably) in determining whether a particular event under the
Transaction Documents is having, or will have, an Adverse Effect where such determination is a necessary pre-condition for the Trustee to exercise its rights under any Transaction Documents. 

 

	16.10	Adverse Effect 

 The Manager and the Servicer each acknowledge that: 

 

	 	(a)	(Determination without consent): an Adverse Effect may be determined by the Trustee without the consent of the Manager provided such determination is a pre-condition of the Trustee exercising its rights under a
Transaction Document; 

  

	 	(b)	(Notice): the Trustee is required to provide the notices referred to in this Deed in respect of a determination of Adverse Effect only if it is actually aware of the facts giving rise to the Adverse Effect; and

  

	 	(c)	(Trustee may rely): in making those determinations, the Trustee will seek and rely conclusively on advice given to it by its advisers in the manner contemplated in clause 16.6 of the Master Trust Deed.

  

	16.11	Disclosure of Information to Related Bodies Corporate 

 In relation to information which
the Trustee in its capacity as trustee of the Series Trust or the Seller Trust (the Recipient) receives from any of the Manager, the Investors, the Seller or the Servicer (the Discloser) in relation to the Series Trust, the Seller
Trust or the trust established under the Master Security Trust Deed (the Information), each Discloser hereby severally authorises and consents to the Recipient making available such Information, except to the extent that the making available
of such Information is prohibited by law (including the Privacy Act), to: 
  

	 	(a)	(Related Body Corporate): any Related Body Corporate of the Recipient which acts as custodian or Security Trustee of the Assets of the Series Trust, the Seller Trust or the trust established under the Master
Security Trust Deed or which otherwise has responsibility for the management or administration of the Series Trust, the Seller Trust or the trust established under the Master Security Trust Deed, including their respective Assets; and

  

	 	(b)	(Recipient in Other Capacities): the Recipient acting in its capacity as Manager, custodian or Servicer (as applicable) of the Series Trust, the Seller Trust or the trust established under the Master Security
Trust Deed. 

 Notwithstanding any other provision of this Deed, 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 

  
 74 

 
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. 

 

	16.12	Substitute Fixed Rate Swap Agreement 

 Upon the termination of any Fixed Rate Swap
Agreement in respect of the Fixed Rate Swap, and subject to Clause 17.5 of this Deed and clause 16.5 of the Master Trust Deed, and without limiting the Trustee’s powers under clause 16 of the Master Trust Deed, the Trustee as trustee of the
Series Trust must, if requested by the Manager, enter into a substitute Fixed Rate Swap Agreement with such parties and upon such terms as are specified by the Manager provided that the Manager has issued a Rating Notification in relation to the
entry into such substitute agreement. 
  

	16.13	Substitute Currency Swap Agreement 

 Upon the termination of any Currency Swap Agreement
in respect of a Currency Swap, and subject to Clause 17.5 of this Deed and clause 16.5 of the Master Trust Deed, and without limiting the Trustee’s powers under clause 16 of the Master Trust Deed, the Trustee as trustee of the Series Trust
must, if requested by the Manager, enter into a substitute Currency Swap Agreement as contemplated by Clause 8(b)(i) with such parties and upon such terms as are specified by the Manager provided that the Manager has issued a Rating Notification in
relation to the entry into such substitute agreement. 
  

	16.14	Manager’s Obligations in relation to hedging 

 The Manager must ensure that the
Trustee’s interest rate risk under each SMART Receivable which forms part of the Assets of a Series Trust is hedged under the Fixed Rate Swap. 
  

	16.15	Servicer must remit Obligor Taxes 

 The Servicer must remit to the relevant Governmental
Agency any Obligor Taxes in accordance with all applicable laws and any applicable Receivables Agreement. 
  

	16.16	Servicer may delegate 

  

	 	(a)	Notwithstanding clause 3.26 of the Master Sale and Servicing Deed, the Servicer may delegate any of its powers, duties and obligations in respect of SMART Receivables to a Related Body Corporate of MBL or to any other
person in respect of whom the Manager has issued a Rating Notification. 

  

	 	(b)	For the purpose of clause 3.28 of the Master Sale and Servicing Deed, any delegation by the Servicer of its powers, duties and obligations in respect of SMART Receivables pursuant to Clause 16.16(a) is deemed to be a
delegation by the Servicer under clause 3.26 of the Master Sale and Servicing Deed. 

  

	 	(c)	The Servicer may replace or suspend any attorney, agent or sub-agent appointed as its delegate under Clause 16.16(a) for any cause or reason as the Servicer may in its sole discretion think sufficient with or without
assigning any cause or reason. 

  

	16.17	Appointment of the Servicer 

 The Trustee hereby exclusively appoints the Servicer as its
attorney to act on the Trustee’s behalf and exercise all rights and powers of the Trustee with respect to the Fixed Rate Swap Agreement and the Currency Swap Agreement. Without limiting the generality of the foregoing, the Servicer may issue
and receive on behalf of the Trustee all notices, certificates and other communications under the 

  
 75 

 
Fixed Rate Swap Agreement or Currency Swap Agreement until such time as the Trustee serves written notice of the revocation of the Servicer’s authority to act on behalf of the Trustee in
accordance with this Clause. The Servicer hereby accepts such appointment. 
  

	16.18	Supplementary Trustee powers 

 Without limiting the generality of clause 16 of the Master
Trust Deed or any other provision of the Master Trust Deed, but subject to the limitations imposed on the Trustee pursuant to the Master Trust Deed, the Trustee has full power to do the following (which powers are to be construed as separate and
independent powers): 
  

	 	(a)	(DTC): to lodge the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, or arrange for the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes to be lodged, with
the DTC, Euroclear or Clearstream, Luxembourg or a common depository for the DTC, Euroclear or Clearstream, Luxembourg; 

  

	 	(b)	(Payment direction): where a person owes an amount to the Trustee, to direct that debtor to make that payment to another person on behalf of the Trustee, including directing payments due in respect of the Notes
to be made to the Noteholders; 

  

	 	(c)	(Currency conversion): subject to the terms of the Transaction Documents, to convert currencies on such terms and conditions as the Manager thinks fit and as directed by the Manager to the Trustee;

  

	 	(d)	(US$ Note Trustee): to appoint the US$ Note Trustee; 

  

	 	(e)	(US$ Note Registrar): to appoint the US$ Note Registrar; 

  

	 	(f)	(Agent Bank): to appoint the Agent Bank; 

  

	 	(g)	(Paying Agent): to appoint each Paying Agent; and 

  

	 	(h)	(Incidental Powers): with the written agreement of the Manager (which agreement is not to be unreasonably withheld), to do all such things incidental to or necessary or convenient to be done for, or in connection
with, any of the above powers. 

  

	16.19	PPSA 

  

	 	(a)	(Seller, Servicer and Manager to take action): Without limiting any provision of any other Transaction Document, each of the Seller, the Servicer and the Manager, at its own cost, undertake to do all things
reasonably necessary (including, without limitation, directing the Trustee or the Security Trustee to take any required action) from time to time to: 

  

	 	(i)	permit any security interest, which is an asset of the Series Trust, to be registered on the PPS Register; 

  

	 	(ii)	permit the Security (as defined in the General Security Deed) to be perfected by registration on the PPS Register; and 

  

	 	(iii)	otherwise perfect the Trustee’s interest in the assets of the Series Trust in the context of the PPSA, 

immediately before, or promptly following, such security interests coming into existence. 

  
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	 	(b)	(Trustee and Security Trustee to comply with directions): Each of the Trustee and the Security Trustee agree to comply with any reasonable directions given to them by the Seller, the Servicer or the Manager
pursuant to Clause 16.19(a), provided that: 

  

	 	(i)	such directions contain sufficient detail as to the action required of the Trustee and/or Security Trustee; 

  

	 	(ii)	in the event that such directions are not sufficiently detailed to enable the Trustee and/or Security Trustee to comply, the Trustee and/or Security Trustee are not required to take any action other than to inform the
Servicer, the Seller or Manager (as the case may be) that this is the case and specify the reason the Trustee and/or the Security Trustee is unable to comply; 

  

	 	(iii)	all costs and expenses incurred by the Trustee and/or Security Trustee (including time in attendance) shall be Series Trust Expenses; and 

 

	 	(iv)	in the absence of any such directions, the Trustee and/or Security Trustee are not required to take any action with respect to the PPSA. 

 

	 	(c)	(Trustee and Security Trustee limitation of liability): Neither the Trustee nor the Security Trustee: 

  

	 	(i)	is responsible for ensuring that the PPSA is complied with in relation to the Series Trust and the Security Trust or for ensuring the accuracy, completeness or effectiveness (as the case may be) of any registration,
perfection or priority of any security interest; nor 

  

	 	(ii)	shall be liable to any person for any loss arising in relation to the Series Trust in connection with the PPSA, the PPS Register, any defect in registration or loss of priority in connection therewith, acting on the
directions of the Seller, the Manager and/or the Servicer in accordance with this Clause 16.19 or any failure of the Seller, the Manager and/or the Servicer to comply with its obligations in this Clause 16.19 (except to the extent that such loss is
a direct result of a breach by the Trustee or the Security Trustee of its obligations under this Clause 16.19). 

  

	 	(d)	(Interpretation): In this Clause 16.19, terms defined in the PPSA but not otherwise defined in this Deed (including by reference or incorporation) have the meanings given to them in the PPSA. 

 

	16.20	Reporting of repurchase demands 

 The Trustee, the Servicer and the Manager must: 

 

	 	(a)	notify MLPL as soon as practicable and in any event within five Business Days, of all demands or requests received from any Noteholder by an Authorised Officer of the Trustee for the repurchase of any SMART Receivable
pursuant to clause 6 of the Master Sale and Servicing Deed; 

  

	 	(b)	promptly upon request by MLPL, provide to MLPL any other information which is in the possession or control of the Trustee, the Servicer or the Manager (as the case may be) that has been reasonably requested to
facilitate compliance by MLPL with Rule 15Ga-1 under the Exchange Act; and 

  
 77 

	 	(c)	if requested by MLPL within a reasonable time before the Trustee is required to perform any obligation under this Clause 16.20(c), provide a written certification no later than fifteen days following the end of any
calendar quarter or calendar year that the Trustee has not received any repurchase demands from any Noteholder for such period, or if repurchase demands have been received during such period, that the Trustee has provided all the information
reasonably requested under Clause 16.20(b) above. 

 In no event will the Trustee have any responsibility or liability in
connection with any filing required to be made by a securitiser under Rule 15Ga-1 under the Exchange Act. 
  

	17.	TRUSTEE’S LIMITATION OF LIABILITY 

  

	17.1	Limitation on Trustee’s liability 

 A liability incurred by the Trustee acting in
its capacity as trustee of the Series Trust arising under or in connection with this Deed is limited to and can be enforced against the Trustee only to the extent to which it can be satisfied out of Assets of the Series Trust out of which the
Trustee is actually indemnified for the liability. A liability incurred by the Trustee acting in its capacity as trustee of the Seller Trust arising under or in connection with this Deed is limited to and can be enforced against the Trustee only to
the extent to which it can be satisfied out of the Seller Trust Assets out of which the Trustee is actually indemnified for the liability. This limitation of the Trustee’s liability applies despite any other provision of this Deed (other than
Clause 17.3) and extends to all liabilities and obligations of the Trustee in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this Deed. 

 

	17.2	Claims against Trustee 

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

	17.3	Fraud, Negligence or Wilful Default 

 The provisions of this Clause 17 will not apply to
any obligation or liability of the Trustee to the extent that it is not satisfied because under the Master Trust Deed, this Deed or any other Transaction Document in relation to the Series Trust or the Seller Trust or by operation of law there is a
reduction in the extent of the Trustee’s indemnification out of the Assets of the Series Trust or the Seller Trust Assets, as the case may be, as a result of the Trustee’s fraud, negligence or wilful default. 

 

	17.4	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 Trustee (including any related failure to satisfy its obligations or any breach of representation or warranty under this Deed)
will be considered fraudulent, negligent or a wilful default for the purpose of Clause 17.3 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 Trustee
under any Transaction Document (other than a person whose acts or omissions the Trustee is liable for in accordance with any 

  
 78 

 
Transaction Document) to fulfil its obligations in relation to the Series Trust or by any other act or omission of a Relevant Party or any other such person. 

 

	17.5	No obligation 

 The Trustee is not obliged to enter into any further commitment or
obligation under this Deed or any Transaction Document (including incur any further liability) unless the Trustee’s liability is limited in a manner which is consistent with this Clause 17 or otherwise in a manner satisfactory to the Trustee in
its absolute discretion. 
  

	17.6	Indemnity out of Seller Trust Assets 

 Without limiting any other indemnity to which the
Trustee is entitled, and subject to Clause 17.7, the Trustee will be indemnified out of the Seller Trust Assets against any cost, expense, loss or liability properly incurred by the Trustee in connection with it acting as trustee of the Seller
Trust. 
  

	17.7	Trustee Fraud etc. 

 The indemnity given in Clause 17.6 will not apply to the extent that
the relevant cost, expense, loss or liability arises as a result of the Trustee’s fraud, negligence or wilful default. 
  

	17.8	Trustee May Rely 

  

	 	(a)	(Entitled to rely): The Trustee is entitled to conclusively rely on (unless actually aware to the contrary) and is not required to investigate the accuracy of: 

 

	 	(i)	(Contents of Letter of Offer): the contents of the Letter of Offer given to it by the Seller and any representation as to whether a SMART Receivable specified therein meets the Eligibility Criteria;

  

	 	(ii)	(Settlement Statement): the contents of a Settlement Statement; 

  

	 	(iii)	(Calculations): any calculations made by the Seller, the Servicer or the Manager under this Deed including without limitation, the calculation of amounts to be paid to, or charged against, any Investor or the
Seller on specified dates; 

  

	 	(iv)	(Collections): the amount of, or allocation of, Collections; or 

  

	 	(v)	(Certificates): the contents of the letter and certificates provided to the Trustee under Clauses 5.1(g) and 5.2(b) of this Deed and clause 3.25(f) of the Master Sale and Servicing Deed and any certificates given
by the Manager or the Servicer pursuant to the Settlement Statement or otherwise pursuant to subsequent amendments to this Deed or the Master Trust Deed. 

  

	 	(b)	(Manager Default etc.): The Trustee is not liable for any Manager Default, Servicer Default or Perfection of Title Event. 

  

	17.9	No Duty to Investigate 

 The Trustee has no duty, and is under no obligation, to
investigate whether a Servicer Default or a Perfection of Title Event has occurred other than where it has actual notice, knowledge or awareness that such event has occurred. 

  
 79 

	17.10	Credit Code compliance 

 Notwithstanding any other provision in this Deed to the
contrary, where the Servicer is required to comply with the Consumer Credit Code or the National Credit Code and the performance of certain obligations by the Trustee under this Deed is a precondition to the Servicer’s ability to so comply
then, following notice of the foregoing by the Servicer to the Trustee, the Trustee must perform such action as soon as is reasonably practicable. 
  

	18.	NOTICES 

  

	18.1	Method of Delivery 

 Subject to Clauses 18.3 and 18.4, any notice, request, certificate,
approval, demand, consent or other communication to be given under this Deed or the Master Trust Deed must: 
  

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

 

	 	(b)	(Delivery): be: 

  

	 	(i)	left at the address of the addressee; 

  

	 	(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 in accordance with the addressee’s email details, 

in each case, as specified in Clause 18.5 or as otherwise notified in writing by the relevant addressee from time to time to the other parties
to this Deed as its address for service pursuant to this Deed and the Master Trust Deed. 
  

	18.2	Deemed Receipt 

 A notice, request, certificate, demand, consent or other communication
under this Deed or the Master Trust Deed given in accordance with this Clause 18 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 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. 

  
 80 

	18.3	Email 

 A notice, request, certificate, approval, demand, consent or other communication
to be given under this Deed or the Master Trust Deed in accordance with this Clause 18 may only be given by email where the recipient has agreed that that communication or communications of that type, may be given by email. 

 

	18.4	Notice to Investors 

 Any notice required or permitted to be given to an Investor
pursuant to this Deed or the Master Trust Deed must be given, and will be deemed to be received: 
  

	 	(a)	(Unitholder and A$ Noteholder): in the case of notices to Unitholders or A$ Noteholders, in accordance with clause 24.4 of the Master Trust Deed; and 

 

	 	(b)	(US$ Noteholders): in the case of notices to the US$ Noteholders, in accordance with Condition 11 of the US$ Note Conditions. 

 

	18.5	Contact information 

 The initial address, facsimile number and email address of the
parties to this Deed 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 
 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 

Email: SMARTABS@bnymellon.com 
  

	 	(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 

  
 81 

	 	(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
2000AUSTRALIA 
 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
2000AUSTRALIA 
 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 
  

	18.6	Clause 24 of the Master Trust Deed 

 Clause 24 of the Master Trust Deed does not apply in
respect of the Series Trust except to the extent that clause 24.4 of the Master Trust Deed is relevant to the operation of Clause 18.4(a). 

  
 82 

	19.	MISCELLANEOUS 

  

	19.1	Amendments 

  

	 	(a)	(Amendment): Subject to Clauses 19.1(b) and 19.1(c) of this Deed and without limiting Part 5(26) of the Currency Swap Agreement, this Deed may be amended only by written agreement between all parties to this
Deed, 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. 

  

	 	(b)	(Compliance with the TIA): Any written agreement to amend any provision of this Deed pursuant to Clause 19.1(a) must conform, to the extent applicable, with the requirements of the TIA. 

 

	 	(c)	(Unconditional rights of US$ Noteholders): Notwithstanding any other provisions in this Deed, any US$ Noteholder shall have the right, which is absolute and unconditional, to receive payment of the principal of
and interest, if any, on each US$ Note held by it on or after the respective due dates thereof expressed in the Transaction Documents or to institute suit for the enforcement of any such payment, and such right shall not be impaired without the
consent of such US$ Noteholder, except to the extent that the US$ Note Trust Deed or the Master Security Trust Deed and General Security Deed contain provisions limiting or denying the right of any US$ Noteholder to institute any such suit, if and
to the extent that the institution or prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver, or loss of the Security created by the Master Security Trust Deed and General
Security Deed upon any property subject to such Security. 

  

	19.2	Governing Law 

 This Deed is governed by the laws of the Australian Capital Territory.

  

	19.3	Jurisdiction 

  

	 	(a)	(Submission to jurisdiction): Each of the Trustee, the Manager, the Servicer, the Seller, and each Investor, irrevocably submits to and accepts, generally and unconditionally, the non-exclusive jurisdiction of
the courts and appellate courts of the Australian Capital Territory with respect to any legal action or proceedings which may be brought at any time relating in any way to this Deed. 

 

	 	(b)	(Waiver of inconvenient forum): Each of the Trustee, the Manager, the Servicer, the Seller, and each Investor, irrevocably waives any objection it may now or in the future have to the venue of any such action or
proceedings and any claim it may now or in the future have that any such action or proceeding has been brought in an inconvenient forum. 

  

	19.4	Severability of Provisions 

 In the event that any provision of this Deed is prohibited
or unenforceable in any jurisdiction such provision will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Deed or affecting the validity or
enforceability of such provision in any other jurisdiction. 

  
 83 

	19.5	Counterparts 

 This Deed may be executed in any number of counterparts and all of such
counterparts taken together will be deemed to constitute one and the same instrument. 
  

	19.6	No Revocation of Power of Attorney 

 Each attorney, by signing this Deed, declares that
he or she has not received any notice of the revocation of the power of attorney under which he or she signs this Deed. 
  

	19.7	Code of Banking Practice 

 The parties to this Deed agree that the Code of Banking
Practice does not apply to any Transaction Document, or any transaction or service provided by one party to another party under a Transaction Document. For the purposes of this Clause 19.7, Code of Banking Practice means the voluntary code of
conduct entitled “Code of Banking Practice” published by the Australian Bankers’ Association on 31 January 2013, as updated, revised or replaced from time to time. 

 

	19.8	Contra proferentem 

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

	19.9	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 Deed (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 that it forms the view, in its reasonable opinion, that notwithstanding that it
has taken all action to comply with any applicable AML/CTF Laws, it is required to decline to perform those obligations under any such AML/CTF Laws. To the maximum extent permitted by law, each party and the Noteholders and Unitholders releases each
other party (a Released Party) from any confidentiality, privacy or general law obligations that a Released Party would otherwise owe to it in respect of this Deed 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 19.9 or any similar clause in any
other Transaction Document. 
  

	19.10	Australian Financial Services Licence 

 Perpetual Trustee Company Limited has obtained an
Australian Financial Services Licence under Part 7.6 of the Corporations Act 2001 (Cth) (Australian Financial Services Licence No. 236643). 

  
 84 

	19.11	European Union Risk Retention Requirements 

 MBL undertakes that it and/or MLPL will
retain, on and from the Closing Date at least until the Class A Notes have been repaid in full, a material net economic interest of not less than 5 per cent. of the outstanding principal balance of the SMART Receivables as of the Cut-Off
Date, subject always to any contrary requirement of law. As at the Closing Date, such interest will be comprised of an interest in the Seller Notes in accordance with each of Article 405 of Regulation (EU) No 575/2013, Article 51 of Regulation (EU)
No 231/2013 and Article 254 of Regulation (EU) No 2015/35. 
  

	19.12	Restriction of certain activities in the United States 

 The Manager must not direct the
Trustee to, the Trustee must not and the Servicer must not: 
  

	 	(a)	acquire, modify or originate any SMART Receivables from within the United States; 

  

	 	(b)	dispose of any SMART Receivables, or any assets financed by or securing any SMART Receivables, in the United States; or 

  

	 	(c)	service, or otherwise engage in any collection activity in respect of, any SMART Receivables from within the United States, 

to the extent that the relevant SMART Receivables are, or if originated or acquired would be, Assets of the Series Trust. 

  
 85 

 SCHEDULE 1 

ELIGIBILITY CRITERIA 
 Eligibility
Criteria means, in relation to a SMART Receivable that may be acquired by the Trustee, that the SMART Receivable and the Receivable Agreement in relation to that SMART Receivable provide that the SMART Receivable: 

 

	(a)	is denominated and payable in Australian dollars in Australia; 

  

	(b)	relates to the financing of an asset which is a new or used car, motor vehicle, truck, bus, trailer, forklift or motorcycle; 

  

	(c)	be governed by the laws of the following Australian states or territories: 

  

	 	•	 	New South Wales; 

  

	 	•	 	Queensland 

  

	 	•	 	the Australian Capital Territory; 

  

	 	•	 	Northern Territory; 

  

	 	•	 	Victoria; 

  

	 	•	 	South Australia; 

  

	 	•	 	Tasmania; or 

  

	 	•	 	Western Australia; 

  

	(d)	requires the Obligor to make payments (including any final balloon payment) which will amortise the outstanding balance of the receivable to zero over the remaining term of the receivable; 

 

	(e)	relates to the financing of an asset in relation to which the interest of the Seller in that asset, or a Chattel Mortgage in relation to that asset: 

 

	 	(i)	if the relevant interest or Chattel Mortgage came into existence before 30 January 2012, was registered, if required by law in a particular state or territory to ensure the validity of the Seller’s interest in
that asset or Chattel Mortgage, in the relevant register of encumbered vehicles, chattel mortgage register or comparable register; or 

  

	 	(ii)	if the relevant interest or Chattel Mortgage came into existence on or after 30 January 2012, is registered in the PPS Register and, where that asset is of a kind that the PPSA or any regulations made under the
PPSA provide must (rather than may) be described by serial number in a registration, it is so described in that registration; 

  

	(f)	was approved and originated by the Seller in the ordinary course of its business; 

  

	(g)	has a remaining contractual term that does not exceed 60 months; 

  

	(h)	does not have Arrears Days greater than 30 and it is not otherwise in default; 

  
 86 

	(i)	relates to the financing of an asset in relation to which the sale of an equitable interest in, or the sale of an equitable interest in any other security in relation to that SMART Receivable, does not contravene any
law; 

  

	(j)	together with any Mortgage or other security in relation to that SMART Receivable, has been or will be stamped with all applicable duty; 

 

	(k)	be subject to the terms and conditions of a standard term agreement, which provides that: 

  

	 	(i)	interest or finance charges on that SMART Receivable is or are payable monthly or according to an agreed schedule; and 

  

	 	(ii)	at the contractual end date (and upon early termination upon the exercise of any option to terminate early by the relevant Obligor or for any other reason), the Seller has the right to recover an amount which is at
least equal to the outstanding principal balance of the SMART Receivable, as stated in the books of the Seller (including any residual value or other agreed balloon payment or, if the Receivable Agreement permits the Obligor to return the vehicle
being financed by that SMART Receivable, any excess of the residual value over the proceeds of disposition); and 

  

	 	(iii)	additional rental or interest payments by the Obligor are due if that SMART Receivable is not discharged or paid in full by its contractual end date, 

a copy of which has been given to and approved by the Manager; 
  

	(l)	is not governed or regulated by the National Credit Code or the Consumer Credit Code; 

  

	(m)	does not incorporate a balloon payment that is greater than 55% of the total of all payments under that SMART Receivable, unless the initial term of that SMART Receivable is less than or equal to 12 months, in which
case the balloon payment in relation to that SMART Receivable (if any) must not exceed 70% of the total of all payments under that SMART Receivable; 

  

	(n)	has had at least one payment made by the Obligor in respect of it; 

  

	(o)	bears a fixed interest rate (or, in the case of a SMART Receivable which is a Hire Purchase Contract or a Lease Contract, fixed rental payments) for its remaining term; 

 

	(p)	has an Obligor which is a resident of Australia; 

  

	(q)	obliges that payments continue to be made even if there is a defect in the asset being financed by that SMART Receivable or the asset breaks down or is damaged; 

 

	(r)	requires the Obligor to keep the asset being financed by that SMART Receivable in good repair and order at its own expense; and 

  

	(s)	requires the relevant Obligor to keep the asset being financed by that SMART Receivable insured for its full insurable value at its own expense (or, in certain cases, for such other amount as the Seller requires)
against fire, accident and theft and for all other risks as the Seller requires. 

  
 87 

 SCHEDULE 2 

FORM OF NOTE CERTIFICATE FOR CLASS A-4 NOTES, CLASS B NOTES AND SELLER NOTES 

CLASS [A-4/B/SELLER] NOTES 

SMART ABS SERIES 2015-1US TRUST 

CERTIFICATE NUMBER/S [            ] 

Perpetual Trustee Company Limited 

ABN 42 000 001 007 

(the Trustee) 

Macquarie Securities Management Pty Limited 

ABN 26 003 435 443 

(the Manager) 
 THIS IS TO
CERTIFY THAT: 
  

			
	NOTEHOLDER:		[            ]
			ABN [            ]
			(the Class [A-4/B/Seller] Noteholder)
		
	ADDRESS:		[            ]

 appears in the Register as the holder of the Notes specified below (the Class [A-4/B/Seller] Notes) issued by
the Trustee as trustee of the SMART ABS Series 2015-1US Trust (the Series Trust) as constituted by a Master Trust Deed as amended from time to time (the Master Trust Deed) dated 11 March 2002 between the Manager and Permanent
Custodians Limited ACN 001 426 384 and a Series Supplement (the Series Supplement) dated [            ] 2015 between Macquarie Leasing Pty Limited ABN 38 002 674 982 (as
Seller and the Servicer), Macquarie Bank Limited ABN 46 008 583 542 (the Bank), the Manager and the Trustee. 
 Unless expressly
defined in this Note Certificate or a contrary intention appears, words and expressions used in this Note Certificate have the same meaning as in the Series Supplement. 

The Class [A-4/B/Seller] Noteholder was entered on the Register as holder of the Class [A-4/B/Seller] Notes described below at
[            ] on [            ]. 

Date of Issue: 
 Numbers of Class [A-4/B/Seller]
Notes: [            ] to [            ], inclusive 

Maturity Date of each Class [A-4/B/Seller] Note: 

Invested Amount of each Class [A-4/B/Seller] Note: 

A$ Note Interest Rate of each Class [A-4/B/Seller] Note: 

Interest Payment Dates of each Class [A-4/B/Seller] Note: 

  
 88 

 [A tax file number has/has not been obtained from the person named above.] 

[This Note is a global note.] [Include if the Note is held by a clearing house.] 

The Class [A-4/B/Seller] Notes are issued and held subject to the provisions of the Master Trust Deed, the Series Supplement, a Master Security Trust
Deed, as amended from time to time (the Master Security Trust Deed) dated 27 February 2007 between the Manager, the Trustee and P.T. Limited ABN 67 004 454 666 (Security Trustee) and a General Security Deed dated [•] 2015
between the Trustee, the Manager, the US$ Note Trustee and the Security Trustee (General Security Deed).  
 Neither the Manager nor the
Trustee is under any obligation at any time to repurchase any Class [A-4/B/Seller] Notes from Class [A-4/B/Seller] Noteholders. 
 This Note Certificate is
not a certificate of title and the Register on which these Class [A-4/B/Seller] Notes are registered is the only conclusive evidence of the title of the abovementioned person to the Class [A-4/B/Seller] Notes. 

The Trustee issues the Notes in its role as trustee of the Series Trust. Any obligation or liability of the Trustee arising under or in any way connected with
the Series Trust under the Master Trust Deed, the Series Supplement or any other Transaction Document (including the Class [A-4/B/Seller] Notes) to which the Trustee is a party is limited to the extent to which it can be satisfied out of the Assets
of the Series Trust out of which the Trustee is actually indemnified for the obligation or liability. This limitation will not apply to any obligation or liability of the Trustee only to the extent that it is not so satisfied because of any fraud,
negligence or wilful default on the part of the Trustee. The Trustee will have no liability for any act or omission of the Manager or of any other person (other than a person whose acts or omissions the Trustee is liable for in accordance with any
Transaction Document). 
 Transfers of the Notes must be pursuant to a Note Transfer as set out in Schedule 3 to the Series Supplement. Copies of Note
Transfers are available from the Trustee at the abovementioned address. Executed Note Transfers must be lodged with the Trustee accompanied by this Note Certificate. 

None of the Manager, the Seller, the Servicer, the Bank, Macquarie Group Limited ABN 94 122 169 279 (the Group), any other member of the Group or the
Trustee guarantees the payment or repayment of any Noteholder Entitlements in respect of the Class [A-4/B/Seller] Notes. 
 The Notes do not represent
deposits or other liabilities of the Manager, the Seller, the Servicer, the Bank, the Group or any other member of the Group. The holding of Class [A-4/B/Seller] Notes is subject to investment risk, including possible delays in payment and loss of
income and principal invested. None of the Manager, the Seller, the Servicer, the Bank, the Group or any other member of the Group stand in any way behind the capital value and/or performance of the Class [A-4/B/Seller] Notes or the Assets held by
the Series Trust. 
 Dated: 
 For and on behalf of 

PERPETUAL TRUSTEE COMPANY LIMITED 
 as trustee of the
Series Trust 
  
  

Authorised Officer 

  
 89 

 SCHEDULE 3 

FORM OF NOTE TRANSFER 
  

									
	TO:        		Perpetual Trustee Company Limited				Registry Use    		Date Lodged
			ABN 42 000 001 007				Only		/   /
			(the Trustee)						 

  

			
		 
	TRANSFEROR (the Transferor)		 
		 
	(Full Name, ABN (if applicable) and Address)		 
		 
	(Please Print)		 
		
	HEREBY APPLIES TO ASSIGN TO		
		 
	TRANSFEREE (the Transferee)		 
		 
	(Full Name, ABN (if applicable) and Address)		 
		 
	(Please Print)		 

 the following notes (the Notes) issued by the Trustee as trustee of the SMART ABS Series 2015-1US Trust (the Series
Trust): 
 Date of Issue: 
 Numbers of Notes:
[            ] to [            ], inclusive 

Class of each Note: 
 [Sub-Class of each Note:]

 Invested Amount of each Note: 
 Distribution
Dates of each Note: 
 Maturity Date of each Note: /   / 

and all the Transferor’s property and interest in the same and to the interest accrued thereon. 

 

							
							Settlement Amount
				 
							$                       
        

  
 90 

 The Transferee acknowledges that: 
  

	(a)	the Notes do not represent deposits or other liabilities of the Manager, the Seller, the Servicer, the Bank, Macquarie Group Limited ABN 94 122 169 279 (the Group) or any other member of the Group;

  

	(b)	the holding of the Notes is subject to investment risk, including possible delays in payment and loss of income and principal invested; and 

 

	(c)	none of the Manager, the Seller, the Servicer, the Bank, the Group or any other member of the Group stand in any way behind the capital value and/or performance of the Notes or the Assets held by the Series Trust.

  

							
	TRANSFEROR		  
				
	(See notes below)		Authorised Signatory				
				
	Witness						Date / /
				
	TRANSFEREE		  
				
	(See notes below)		Authorised Signatory				
				
	Witness						Date / /
				
	PAYMENTS						
	(tick where appropriate)						

  

					
	 	 
	 ̈		In accordance with existing instructions                (existing holders
only)
	 	 
	 ̈		By cheque posted to above address
	 		 
	 ̈		By crediting the following account in Australia and in the name of the Trustee only		 
	 	 
	Name of Account		Account No.                
	 	 
	Name of Financial Institution		Branch
	 ̈		Bank		 
	 ̈		 Building Society

 
		 
	Tax File Number (if applicable):		 

  

			
	Authorised signature of Transferee		Date: / /            

 NOTES: 
  

	•	 	The Transferor and the Transferee acknowledge that the transfer of the Notes specified in this Note Transfer only takes effect on the entry of the Transferee’s name in the Register as the registered owner of the
Notes. 

  

	•	 	 The Transferee agrees to accept the Notes subject to the provisions of a Master Trust Deed as amended from time to time (the Master Trust Deed)
dated 11 March 2002 between Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the Manager) and Permanent Custodians Limited ACN 001 426 384, a Series Supplement (the Series Supplement) dated [•] 2015, between
Macquarie Leasing Pty Limited ABN 38 002 674 982 (as Seller and the Servicer), Macquarie Bank Limited ABN 46 008 583 542 (the Bank), the Manager and the Trustee establishing the Series Trust,

  
 91 

	 	 
a Master Security Trust Deed as amended from time to time (the Master Security Trust Deed) dated 27 February 2007 between the Trustee as trustee of the Series Trust, the Manager
and P.T. Limited ABN 67 004 454 666 (Security Trustee) and a General Security Deed dated [•] 2015 between the Trustee, the Manager, the US$ Note Trustee and the Security Trustee (General Security Deed). 

 

	•	 	Unless expressly defined in this Note Transfer or a contrary intention appears, words and expressions used in this Note Transfer have the same meaning as in the Series Supplement. 

 

	•	 	The Transferee acknowledges that it has independently and without reliance on the Trustee, the Manager, the Seller, the Servicer, the Bank, the Group or any other member of the Group (including without reliance on any
materials prepared or distributed by any of the foregoing) made its own assessment and investigations regarding its investment in the Notes. 

  

	•	 	The Trustee issues the Notes in its role as trustee of the Series Trust. Any obligation or liability of the Trustee arising under or in any way connected with the Series Trust under the Master Trust Deed, the Series
Supplement or any other Transaction Document (including the Notes) to which the Trustee is a party is limited to the extent to which it can be satisfied out of the Assets of the Series Trust out of which the Trustee is actually indemnified for the
obligation or liability. This limitation will not apply to any obligation or liability of the Trustee only to the extent that it is not so satisfied because of any fraud, negligence or wilful default on the part of the Trustee. The Trustee will have
no liability for any act or omission of the Manager or of any other person (other than a person whose acts or omissions the Trustee is liable for in accordance with any Transaction Document). 

 

	•	 	Where the Transferor and/or the Transferee is a trustee, this Note Transfer must be completed in the name of the trustee and signed by the trustee without reference to the trust. 

 

	•	 	Where this Transfer is executed by a corporation, it must be executed either under common seal or under a power of attorney. 

  

	•	 	If this Note Transfer is signed under a power of attorney, the attorney hereby certifies that it has not received notice of revocation of that power of attorney. A certified copy of the power of attorney must be lodged
with this Note Transfer. 

  

	•	 	This Note Transfer must be lodged with the Trustee for registration, accompanied by the Note Certificate to which the Notes relate. 

  

	•	 	The Register will be closed from 4.30 p.m. on the Business Day which is prior to, and will be re-opened at the commencement of business on the Business Day immediately after, each Determination Date. The Trustee may
with prior notice given in the manner specified in the Master Trust Deed, close the Register at other times. The total period that the Register may be closed will not exceed 35 Business Days (or such other period agreed to by the Manager) in
aggregate in any calendar year. No Note Transfer received after 4.30 p.m. on the day of closure of the Register or while the Register is closed, will be registered until the Register is re-opened. 

 

	•	 	If the Transferee is a non-resident for Australian taxation purposes, withholding tax will be deducted from all interest payments unless an exemption is provided to the Trustee. 

 

	•	 	A Noteholder is only entitled to transfer a Note if the offer of that Note for sale, or the invitation to purchase that Note to the proposed transferee by that Noteholder: 

 

	 	(a)	is not made to a person who is a “retail client” within the meaning of section 761G of the Corporations Act; and 

  
 92 

	 	(b)	complies with any applicable laws in all jurisdictions in which the offer or invitation is made. 

 The Trustee
hereby certifies that the Transferor is noted in the Register as the holder of the Notes specified in this Note Transfer and that it will register a transfer of such Notes pursuant to this Note Transfer. 

 

	
	Dated:
	
	For and on behalf of
	 PERPETUAL TRUSTEE COMPANY LIMITED

as trustee of the Series Trust

	
	  

	Authorised Officer

  
 93 

 SCHEDULE 4 

POOL PERFORMANCE DATA 
 The Pool
Performance Data, in relation to any Distribution Date, consists of the following items of data and information in relation to that Distribution Date: 
  

	(a)	performance data relating to the SMART Receivables forming part of the assets of the Series Trust determined as at that Determination Date (including the number and amount of SMART Receivables in the pool at the
beginning and ending of the preceding Monthly Period and the updated pool composition information, such as weighted average coupon, weighted average remaining term, pool factors and prepayment information in respect of the SMART Receivables pool for
the preceding Monthly Period); 

  

	(b)	delinquency and loss information relating to the SMART Receivables for the preceding Monthly Period; 

  

	(c)	the amount of Collections on the SMART Receivables for the preceding Monthly Period, allocated by Income Collections and Principal Collections; 

 

	(d)	the amount of Available Income, including the Liquidity Reserve Draw, if any, the Principal Draw, if any, and the Liquidity Reserve Balance Excess, if any; 

 

	(e)	the amount of Available Income allocated towards Total Principal Collections on that Distribution Date; 

  

	(f)	the fees and expenses payable to the Servicer, the Manager, the US$ Note Trustee, the Paying Agents, the Trustee and the Custodian; 

  

	(g)	the amount of the Currency Swap payments and the Currency Swap termination payments, if any, due to the Currency Swap Provider under any Currency Swap Agreement; 

 

	(h)	the amount of the Fixed Rate Swap payments and the Fixed Rate Swap termination payments, if any, due to the Fixed Rate Swap Provider under any Fixed Rate Swap Agreement; 

 

	(i)	the interest rates on the Notes and the amount of interest payable and paid on each Class and Sub-Class of Notes, expressed as an aggregate amount and per $1,000 of principal amount, and any interest shortfalls from any
prior Monthly Period that remain unpaid; 

  

	(j)	the principal amount of each Class and Sub-Class of Notes at the beginning of the period and the end of the period and the Note Factors needed to compute the principal amount of each Class and Sub-Class of Notes, in
each case giving effect to all payments to be made on the Distribution Date; 

  

	(k)	whether the Pro Rata Paydown Test will be satisfied on the Distribution Date; 

  

	(l)	the amount of principal payment, if any, on each class and sub-class of Notes, in each case expressed as an aggregate amount and per $1,000 of principal amount; 

 

	(m)	the Liquidity Reserve Balance and the amount of any Liquidity Reserve Draws from or repayments of prior Liquidity Reserve Draws to the Liquidity Reserve Balance to be made on the Distribution Date; 

  
 94 

	(n)	any material breaches of representations, warranties or covenants with respect to any SMART Receivable; 

  

	(o)	information required by Rule 15Ga–1(a) of the Exchange Act concerning SMART Receivables under the SMART securitisation programme that were the subject of a demand to repurchase or replace for a breach of
representations and warranties and a reference to the most recent Form ABS–15G filed by the securitiser (as that term is defined in Section 15G(a) of the Exchange Act) and the CIK number of the securitiser; 

 

	(p)	any material change in practices with respect to charge-offs, collection and management of delinquent SMART Receivables; 

  

	(q)	the effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience; and 

 

	(r)	any material modifications, extensions or waivers to SMART Receivable terms, fees, penalties or payments during the preceding Monthly Period. 

  
 95 

 SCHEDULE 5 

FORM OF NOTEHOLDER REPORT 
  

 
 SMART ABS Series 2015-1US Trust 

Noteholder Report 
  

			
	Collection Period		[  ]
	FX Rate		[  ]
	1 Month LIBOR		[  ]
	1 Month BBSW		[  ]
	Distribution Date		[  ]/[  ]/[  ]
	Transaction Month		[  ]
	30/360 Days		[  ]
	Actual/360 Days		[  ]

  

	I.	ORIGINAL DEAL PARAMETERS 

  

			
	Cut off Date:		[  ]
	Closing Date:		[  ]

  

											
	 	  	USD	  	AUD	 	  	Units	  	WAC
	 Original Pool Balance:
	  		  	$	—  	  	  		  	

  

																							
							
	 	  	 	  	 	 	  	Dollar
Amount	 	  	% of Pool	 	 	Note Rate	 	 	Final Payment
Date	 
							
	 Class A-1 Notes
	  	Fixed	  	$	—  	  	  	$	—  	  	  	 	[  	]% 	 	 	[   	]% 	 	 	[  	] 
	 Class A-2a Notes
	  	Fixed	  	$	—  	  	  	$	—  	  	  	 	[  	]% 	 	 	[  	]% 	 	 	[  	] 
	 Class A-2b Notes
	  	Floating	  	$	—  	  	  	$	—  	  	  	 	[  	]% 	 	 	[  	]% 	 	 	[  	] 
	 Class A-3a Notes
	  	Fixed	  	$	—  	  	  	$	—  	  	  	 	[  	]% 	 	 	[  	]% 	 	 	[  	] 
	 Class A-3b Notes
	  	Floating	  	$	—  	  	  	$	—  	  	  	 	[  	]% 	 	 	[  	]% 	 	 	[  	] 
	 Class A-4 Notes
	  	Floating	  	$	—  	  	  	$	—  	  	  	 	[  	]% 	 	 	[  	]% 	 	 	[  	] 
	 Class B Notes
	  		  	$	—  	  	  	$	—  	  	  	 	[  	]% 	 	 	[  	]% 	 	 	[  	] 
	 Seller Notes
	  		  	$	—  	  	  	$	—  	  	  	 	[  	]% 	 	 	[  	]% 	 	 	[  	] 
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 				 			
	 Total Securities
				$	—  	  		$	—  	  		 	100.000	% 								

 Please note: The Note Rate as at current distribution date. 

 

	II.	NOTE BALANCE AND PORTFOLIO INFORMATION 

  

																									
	 	  	Beginning of
Period	 	  	Ending of
Period	 	 	Change	 
	 	  	USD	 	  	AUD	 	 	Note Factor	 	  	AUD Balance	 	 	Note Factor	 	 	AUD	 
	 Class A-1 Notes
	  	$	—  	  	  	$	—  	  	 	 	1.0000000	  	  	$	—  	  	 	 	[  	] 	 	$	—  	  
	 Class A-2a Notes
	  	$	—  	  	  	$	—  	  	 	 	1.0000000	  	  	$	—  	  	 	 	[  	] 	 	$	—  	  
	 Class A-2b Notes
	  	$	—  	  	  	$	—  	  	 	 	1.0000000	  	  	$	—  	  	 	 	[  	] 	 	$	—  	  
	 Class A-3a Notes
	  	$	—  	  	  	$	—  	  	 	 	1.0000000	  	  	$	—  	  	 	 	[  	] 	 	$	—  	  
	 Class A-3b Notes
	  	$	—  	  	  	$	—  	  	 	 	1.0000000	  	  	$	—  	  	 	 	[  	] 	 	$	—  	  
	 Class A-4 Notes
	  	$	—  	  	  	$	—  	  	 	 	1.0000000	  	  	$	—  	  	 	 	[  	] 	 	$	—  	  
	 Class B Notes
	  	$	—  	  	  	$	—  	  	 	 	1.0000000	  	  	$	—  	  	 	 	[  	] 	 	$	—  	  
	 Seller Notes
	  	$	—  	  	  	$	—  	  	 	 	1.0000000	  	  	$	—  	  	 	 	[  	] 	 	$	—  	  
		  	  
	  
	 	  	  
	  
	 	 				  	  
	  
	 	 				 			
	 Total Securities
		$	—  	  		$	—  	  						$	—  	  								
	 Weighted Avg. Coupon (WAC)
						 	[  	] 						 	[  	] 								

  
 96 

																	
	 	  	Beginning of
Period	  	Ending of
Period	  	Change
	 	  	USD	  	AUD	 	 	Note Factor	  	AUD Balance	 	 	Note Factor	  	AUD
	 Weighted Avg. Term Remaining Maturity (WARM)
	  		  	 	[ 	] 	 		  	 	[ 	] 	 		  	
	 Pool Receivables Balance
	  		  	$	—  	  	 		  	$	—  	  	 		  	
	 Remaining Number of Receivables
	  		  	 	[ 	] 	 		  	 	[ 	] 	 		  	
	 Pool Factors
	  		  	 	[ 	] 	 		  	 	[ 	] 	 		  	

  

	III.	COLLECTIONS 

  

					
	 	  	    AUD    	 
		
	 Principal:
	  			
	 Principal Collections
	  	$	—  	  
	 Less Principal Draws
	  	$	—  	  
		  	  
	  
	 
	 Net Principal Collections
		$	—  	  
	 Return of overfunding in first period
		$	—  	  
	 Liquidity Reserve Balance Excess
		$	—  	  
	 Adjusted Principal Collections
		$	—  	  
	 Available Income Applied Towards Total Principal Collections:
				
	 Reimbursement of Principal Draws
				
	 Reimbursement of Defaulted Amounts
		$	—  	  
	 Reimbursement of Charge-Offs
		$	—  	  
		  	  
	  
	 
	 Reimbursement of Seller Charge-Offs
		$	—  	  
	 Total Principal Collections
		$	—  	  
	 Interest:
				
	 Lesser of Finance Charges and Collections
		$	—  	  
	 Investment Income
				
	 Interest Rate Swap Collections
		$	—  	  
	 Currency Swap Collections
		$	—  	  
	 Interest Income
		$	—  	  
	 GST Income Tax Credits Received
		$	—  	  
	 Other Amounts Received
		$	—  	  
	 Interest earned on liquidity reserve
		$	—  	  
	 Final Release of Liquidity Reserve Balance
		$	—  	  
		  	  
	  
	 
	 Total Income Collections
		$	—  	  
		  	  
	  
	 
	 Total Collections
		$	—  	  
		  	  
	  
	 

  

	IV.	DISTRIBUTIONS 

 APPLICATION OF AVAILABLE INCOME 

 

			
	 	  	    AUD    

  
 97 

															
	 Total Income Collections
		$	—  	  
	 Liquidity Reserve Balance Excess
		$	—  	  
	 Principal Draw
		$	—  	  
	 Liquidity Reserve Account Draw
		$	—  	  
		  	  
	  
	 
	 Total Available Income for Distribution
		$	—  	  
	 1. $1 to Income Unitholder
		$	—  	  
	 2. Series Trust Expenses
				
	 Servicer Fee @[0.22]%:
				
	 Servicer Fee Due
		$	—  	  
	 Trustee Fee Due
		$	—  	  
	 US$ Trustee, Principal paying agent, Registrar and Agent Bank Fee Due
		$	—  	  
	 Manager Fee @[0.02]%
				
	 Manager Fee Due
		$	—  	  
	 Custodian Fee @[0.01]%
				
	 Custodian Fee Due
		$	—  	  
	 Collections Bank Account Charges
		$	—  	  
	 Additional Series Trust Expenses
		$	—  	  
			$	—  	  
	 3. Senior Hedge Payments to Counterparties:
				
	 Net Interest Rate Swap Payment
		$	—  	  
	 Net Currency Swap Termination Payment
		$	—  	  
	 Net Interest Rate Swap Termination Payment
				
	 Total Senior Hedge Payments to Counterparties
		$	—  	  
							
	 	 	Amount Due
in USD	 	Amount Paid
in USD	 	Amount Due
Per $1000 of
Principal
Amount
(USD)	 	Amount Paid
Per $1000 of
Principal
Amount
(USD)	 	Shortfall from
Prior month	  	 	 
	 4. Class A Noteholders Interest:
	 		 		 		 		 		  			
	 Class A-1 Notes
	 		 		 		 		 		  	$	—  	  
	 Class A-2a Notes
	 		 		 		 		 		  	$	—  	  
	 Class A-2b Notes
	 		 		 		 		 		  	$	—  	  
	 Class A-3a Notes
	 		 		 		 		 		  	$	—  	  
	 Class A-3b Notes
	 		 		 		 		 		  	$	—  	  
	 Class A-4 Notes
	 		 		 		 		 		  	$	—  	  
		 		 		 		 		 		  	  
	  
	 
	 Total Class A interest:
												$	—  	  
	 5. Reimbursement of Liquidity Reserve Draws
												$	—  	  
							
	 	 	 	 	Amount Due
in AUD	 	Amount Due
Per $1000 of
Principal
Amount
(AUD)	 	Amount Paid
Per $1000 of
Principal
Amount
(AUD)	 	Shortfall from
Prior month	  	 	 
	 6. Class B Notes
	 		 		 		 		 		  	$	—  	  
		 		 		 		 		 		  	  
	  
	 
	 Total interest:
												$	—  	  
	 7. Reimbursement of Principal Draws*
												$	—  	  

  
 98 

					
	 8. Defaulted Amounts*
	  	$	—  	  
	 9. Reimbursement of charge-offs (excl. Seller charge offs)*
	  	$	—  	  
	 10. Subordinated Hedge Payments to Counterparties:
	  			
	 Net Interest Rate Swap Payment
	  			
	 Net Currency Swap Termination Payment
	  			
	 Net Interest Rate Swap Termination Payment
	  			
	 Total Subordinated Hedge Payments to Counterparties
	  			
	 11. Accrued Interest Adjustment
	  	$	—  	  
	 12. Seller Notes coupon
	  	$	—  	  
	 13. Reimbursement of Seller charge offs*
	  	$	—  	  
	 14. Reimbursement of Redirected Liquidity Reserve Excess Balance (payable to Macquarie Bank)
	  	$	—  	  
	 15. Excess Income to Unitholder
	  	$	—  	  

  

	*	to be allocated to Total Principal Collections 

  

																	
	 	  	 	 	  	 	  	 	 	  	 	  	    AUD    	 
	 APPLICATION OF PRINCIPAL COLLECTIONS
	  				  		  				  		  	$	—  	  
	 Subordination Percentage
	  				  		  				  		  			
	 Sequential Paydown Test Satisfied?
	  				  		  				  		  	 	[Y]/[N]	  
	 Pro-rata Paydown Test Satisfied?
	  				  		  				  		  	 	[Y]/[N]	  
	 1. Principal Distribution Amount:
	  				  		  				  		  	$	—  	  
						
	 	  	USD Amount	 	  	Per $1000 of
Principal
Amount	  	AUD Amount	 	  	Per $1000 of
Principal
Amount	  	 	 
	 Class A-1 Notes
	  	$	—  	  	  		  	$	—  	  	  		  			
	 Class A-2a Notes
	  	$	—  	  	  		  	$	—  	  	  		  			
	 Class A-2b Notes
	  	$	—  	  	  		  	$	—  	  	  		  			
	 Class A-3a Notes
	  	$	—  	  	  		  	$	—  	  	  		  			
	 Class A-3b Notes
	  	$	—  	  	  		  	$	—  	  	  		  			
	 US$ Notes Total:
	  	$	 	  	  		  	$	 	  	  		  			
		  	 	—  	  	  		  	 	—  	  	  		  			
	 Class A-4 Notes
	  	 	—  	  	  		  	$	—  	  	  		  			
	 Class B Notes
	  				  		  				  		  			
	 Seller Notes
	  				  		  	$	—  	  	  		  			
		  				  		  	$	—  	  	  		  			
	 Total Noteholders Principal
	  				  		  				  		  			
		  				  		  	$	—  	  	  		  			
	 Excess Capital to Unitholders
	  				  		  				  		  			

  
 99 

																	
	 2.
	   
	 	$	 —  	  
	 PRINCIPAL DRAWS
	   
	 				 			
	 Beginning Unreimbursed Principal Draws
	   
	 				 			
	 Principal Draw
	   
	 	$	—  	  	 			
	 Reimbursement of Principal Draw
	   
	 	$	—  	  	 			
	 Ending Unreimbursed Principal Draw
	   
	 	$	—  	  	 			
			 	$	—  	  	 			
		  				 				 				 	  
	  
	 
			
	 LIQUIDITY RESERVE ACCOUNT
	   
								
			
	V.	  								
		
	 	 	 	    AUD    	 
	 Liquidity Reserve Percentage of Initial Adjusted Pool Balance
	   
	 			
	 Beginning Period Required Amount
	   
	 	 	[1.00	%] 
			 	$	—  	  
	 Beginning Period Amount
	   
	 			
	 Required Liquidity Reserve Balance
	   
	 	$	—  	  
	 Ending Period Amount
	   
	 	$	—  	  
	 Liquidity Reserve Excess Balance
	   
	 	$	—  	  
			 	$	—  	  
	 Beginning Unreimbursed Liquidity Reserve Draw
	   
	 			
	 Ending Unreimbursed Liquidity Reserve Draw
	   
	 	$	—  	  
			 	$	—  	  
	 Beginning Liquidity Reserve Excess Balance
	   
	 			
	 1. Redirected Liquidity Reserve Release for Principal Draws
	   
	 	$	—  	  
	 2. Redirected Liquidity Reserve Release for Defaulted Amounts
	   
	 	$	—  	  
	 3. Redirected Liquidity Reserve Release for Charge-Offs (Other Than Seller Charge-Offs)
	   
	 			
	 4. Redirected Liquidity Reserve Release for Seller Charge-Offs
	   
	 	$	—  	  
	 Ending Liquidity Reserve Excess Balance
	   
	 			
			 	$	—  	  
		  				 				 				 	  
	  
	 
		
						
		  				 				 				 	  
	  
	 
	 DELINQUENCY AND NET LOSS ACTIVITY
																
		
	VI.	  				
		
	 	 	 	AUD	 
					
	 	  	Units Percent	 	 	Units	 	 	Dollars Percent	 	 	Dollar
Amount	 
					
	 31 - 60 Days
	  				 				 				 			
	 61 + Days
	  	 	[ 	]% 	 	 	[ 	] 	 	 	[ 	]% 	 	$	—  	  
	 Total
	  	 	[ 	]% 	 	 	[ 	] 	 	 	[ 	]% 	 	$	—  	  
	 Delinquent Receivables 61 + days past due
	  	 	[ 	]% 	 	 	[ 	] 	 	 	[ 	]% 	 	$	—  	  
	 Delinquency ratio for Current Collection Period
	   
	 	$	—  	  
	 Delinquency Ratio 61+ for 1st Preceding Collection Period
	   
	 	 	[ 	]% 
	 Delinquency Ratio 61+ for 2nd Preceding Collection Period
	   
	 	 	[ 	]% 
	 Three-Month Average Delinquency Ratio
	   
	 	 	[ 	]% 
			 	 	[ 	]% 
	 Charge-Offs
	   
	 			
	 Beginning unreimbursed Charge-offs
	   
	 			
	 Gross Principal of Charge-Off for Current Period
	   
	 	$	—  	  
	 Reimbursement of Charge-Offs for Current Period
	   
	 	$	—  	  
	 Net Charge-offs for Current Period
	   
	 	$	—  	  
	 Ending Unreimbursed Charge-Offs
	   
	 	$	—  	  
			 	$	—  	  
	 Beginning Pool Balance for Current Period
	   
	 			

  
 100 

					
			$	—  	  
	 Net Loss Ratio
				
	 Net Loss Ratio for 1st Preceding Collection Period
		 	[ 	]% 
	 Net Loss Ratio for 2nd Preceding Collection Period
		 	[ 	]% 
	 Three-Month Average Net Loss Ratio
		 	[ 	]% 
			 	[ 	]% 
	 Cumulative Net Losses for All Periods
				
	 Cumulative Net Losses as a % of Initial Pool Balance
		$	—  	  
			 	[ 	]% 
		  	  
	  
	 
		
	 REPURCHASE DEMAND ACTIVITY (RULE 15GA-1)
				
		
	 VII.
				
		
	 [No Activity to Report]
				
	 Most Recent Form ABS15-G
				
	 Filed by: [Macquarie Securities Management Pty Limited]
				
	 [CIK: ]
				
	 Date: [            ]
				
		
	 STATEMENTS TO NOTEHOLDERS
				
		
	 VIII.
				
		
	Has there been any material change in practices with respect to charge-offs, collection and management of delinquent SMART Receivables and the effect of any grace period, re-aging, re-structuring, partial payments or other practices
on delinquency and loss experience?				
	 1.
		 	[No	] 
	Have there been any material modifications, extensions or waivers to SMART Receivables terms, fees, penalties or payments during the preceding Monthly Period?				
	 2.
		 	[No	] 
	Have there been any material breaches of representations, warranties or covenants with respect to any SMART Receivable?				
	 3.
		 	[No	] 
	 [Macquarie Bank Limited] continues to hold a material net economic interest of not less than five per cent of the outstanding principal balance of the SMART
Receivables as of the Cut-Off Date by retaining an interest in the Seller Notes in accordance with each of Article 405 of Regulation (EU) No 575/2013, Article 51 of Regulation (EU) No 231/2013 and Article 254 of Regulation (EU) No 2015/35.
				
	 4.
		 	[Yes	] 

  

					
	 Signature:
		  
		  

			
	 Name:
		  
		  

			
	 Title:
		  
		  

			
	 Date:
		  
		  

  
 101 

 SCHEDULE 6 

FORM OF ANNUAL CERTIFICATION 
 I,
[identify the certifying individual], a [•] of Macquarie Leasing Pty Limited ABN 38 002 674 982, certify that: 
  

	1.	I have reviewed this report on Form 10–K and all reports on Form 10–D required to be filed in respect of the period covered by this report on Form 10–K of [identify the issuing entity] (the “Exchange
Act periodic reports”); 

  

	2.	Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

  

	3.	Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10–D for the period covered by this report is included in the Exchange Act periodic reports;

  

	4.	I am responsible for reviewing the activities performed by the servicer(s) and based on my knowledge and the compliance review(s) conducted in preparing the servicer compliance statement(s) required in this report under
Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer(s) [has/have] fulfilled [its/their] obligations under the servicing agreement(s) in all material respects; and 

 

	5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities
required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a–18 and 15d–18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material
instances of noncompliance described in such reports have been disclosed in this report on Form 10–K. 

 [In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties [name of servicer, sub-servicer, co-servicer, depositor or trustee].] 
  

	
	Date:                                     
                                         
      
	
	  

	
	[Signature]
	
	[Title]

  
 102 

 SCHEDULE 7 

FORM OF ASSESSMENT OF COMPLIANCE REPORT 
  

	1.	[Servicer] (the “Asserting Party”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB, as of and for the 12-month
period ending March 31, 20[•] (the “Reporting Period”), as set forth in Appendix A hereto. The transactions covered by this report include asset-backed securities transactions for which the Asserting Party served as [servicer]
that are backed by the same asset type backing the class of asset-backed securities of the SMART ABS Series 2015-1 US Trust, that were completed on or after January 1, 2006 and that were registered with the U.S. Securities and Exchange
Commission pursuant to the U.S. Securities Act of 1933 (the “Platform”). 

  

	2.	[The Asserting Party has engaged vendors that are not servicers as defined in Item 1101(j) of Regulation AB to perform specific, limited or scripted activities with respect to the servicing criteria applicable to
such vendors’ activities as set forth in Appendix A hereto. The Asserting Party has elected to take responsibility for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to each vendor. The
Asserting Party has policies and procedures in place to provide reasonable assurance that the vendors’ activities comply in all material respects with the servicing criteria or portion of the servicing criteria applicable to each vendor.]

  

	3.	Except as set forth in paragraph 4 below, the Asserting Party used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with the applicable servicing criteria.

  

	4.	The criteria listed in the column titled “Inapplicable Servicing Criteria” on Appendix A hereto are inapplicable to the Asserting Party based on the activities it performs with respect to the Platform.

  

	5.	The Asserting Party has complied, in all material respects, with the applicable servicing criteria as of March 31, 20[•] and for the Reporting Period with respect to the Platform taken as a whole.

  

	6.	[The Asserting Party has not identified and is not aware of any material instance of noncompliance by the vendors with the applicable servicing criteria as of March 31, 20[•] and for the Reporting Period with
respect to the Platform taken as a whole.] 

  

	7.	[The Asserting Party has not identified any material deficiency in its policies and procedures to monitor the compliance by the vendors with the applicable servicing criteria as of March 31, 20[•] and for the
Reporting Period with respect to the Platform taken as a whole.] 

  

	8.	[•], a registered public accounting firm, has issued an attestation report on the Asserting Party’s assessment of compliance with the applicable servicing criteria for the Reporting Period. 

[Date] 
  

			
	[Servicer]
		
	By:		  

	Name:		  

	Title:		  

  
 103 

 APPENDIX A 
  

							
	 SERVICING CRITERIA
	  	 APPLICABLE
SERVICING
CRITERIA
	  	 INAPPLICABLE
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)1	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  		  	
				
		  	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.	  		  	
				
	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.	  		  	
				
	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.	  		  	
				
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  		  	
				
	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.	  		  	

  

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

  
 104 

							
	 SERVICING CRITERIA
	  	 APPLICABLE
SERVICING
CRITERIA
	  	 INAPPLICABLE
SERVICING 
CRITERIA

	 Reference
	  	 Criteria
	  	 	  	 
				
		  	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 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.	  		  	
				
	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.	  		  	
				
	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.	  		  	
				
		  	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.	  		  	

  
 105 

							
	 SERVICING CRITERIA
	  	 APPLICABLE
SERVICING
CRITERIA
	  	 INAPPLICABLE
SERVICING 
CRITERIA

	 Reference
	  	 Criteria
	  	 	  	 
	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.	  		  	
				
	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.	  		  	

  
 106 

 SCHEDULE 8 

SERVICER’S CERTIFICATE OF COMPLIANCE 
  

	Re:	Assessment of compliance for services provided pursuant to [identify applicable agreements] (collectively, the “Agreements”). 

The undersigned hereby certifies that: 
  

	1.	I, [insert name], am a [insert title] of [insert Company name] (the “Company”). 

  

	2.	A review of the Company’s activities during the period from [insert dates] (the “Reporting Period”), and of its performance under each of the Agreements has been made under my supervision.

  

	3.	To the best of my knowledge, based on such review, the Company has fulfilled all of its obligations under each of the Agreements in all material respects throughout the Reporting Period. 

[Name of Company] 
 Date: [•] 

 

			
	By:		  

	Name:
	Title:

  
 107 

 SIGNATORIES 

EXECUTED as a DEED. 
 SIGNED SEALED
and DELIVERED for and on 
 behalf of MACQUARIE LEASING PTY 

LIMITED ABN 38 002 674 982 by 
 and 

			
	 its Attorneys under a Power of Attorney
 dated
16/01/15
		 /s/ Jennifer Chamberlain

Jennifer Chamberlain

	 and each Attorney declares that he or she has not

received any notice of the revocation of such Power
 of Attorney
in the presence of:
		Signature of Attorney
		
	 /s/ Jamie Walter Taylor
		 /s/ Anastasia Walker
 Anastasia Walker

Solicitor

	Signature of Witness		Signature of Attorney
		
	 Jamie Walter Taylor

Solicitor
		
	Name of Witness in full		
		
	 SIGNED SEALED and DELIVERED for and on

behalf of MACQUARIE BANK LIMITED ABN
 46 008 583
542 by
 and
		 /s/ Kevin Lee
 Kevin Lee

Division Director

	 its Attorneys under a Power of Attorney
 dated
              Signed in Sydney, POA Ref:

                        #1721 dated
9 October 2014
 and each Attorney declares that he or she has not

received any notice of the revocation of such Power
 of Attorney
in the presence of:
		Signature of Attorney
	 /s/ Peter Fogarty
		 /s/ Kristen Adler
 Kristen Adler

Associate Director

	Signature of Witness		Signature of Attorney
		
	 Peter Fogarty

Lawyer
		
		
	Name of Witness in full		

  
 108 

			
	 SIGNED SEALED and DELIVERED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003

435 443                
       (Signed in Sydney,

by                   
              POA Ref: $42 dated

and                   
            8th July 2013)
 its Attorneys under a Power of Attorney dated

and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney in the presence of:
		 /s/ Kevin Lee
 Kevin Lee

Division Director
 Signature
of Attorney

		
	 /s/ Peter Fogarty
		 /s/ Kristen Adler
 Kristen Adler

Associate Director

	Signature of Witness		Signature of Attorney
		
	 Peter Fogarty

Lawyer
		
	Name of Witness in full		
		
	 SIGNED SEALED and DELIVERED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007

by
 and

its Attorneys under a Power of Attorney
 dated 16/9/14

and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney in the presence of:
		 /s/ Eugene Tee
 Eugene Tee

Manager
 Signature of
Attorney

		
	 /s/ Jamie Walter Taylor
		 /s/ Hagbarth Strom
 Hagbarth Strom

Senior Transaction Manager

	Signature of Witness		Signature of Attorney
		
	 Jamie Walter Taylor

Solicitor
		
	Name of Witness in full		

  
 109

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