Document:

Exhibit

EXHIBIT 10.43

                            

Dear ______________:  

In light of the strategic decision Ashland Inc. (“Ashland”) has made to separate the Valvoline business from its specialty chemicals businesses in such a way that two independent, publicly-traded companies will exists upon completion (the “Transaction”), Ashland considers your continued services to be essential to protecting and enhancing the best interests of Ashland and its shareholders.  For this reason Ashland would like to extend the following offer to you, in order to encourage your continued employment during the period prior, and immediately following the completion of the Transaction. Your acceptance of this offer (the “Retention Agreement”) will rescind and replace any other verbal or written agreements between you and Ashland concerning your continued employment during this period.

Subject to the conditions provided herein, if, during the term of this Retention Agreement, you remain actively employed through your Stay Date, as defined below, with Ashland or a Successor, as defined herein, then you will receive a lump sum payment (your “Retention Benefit”) of $____________, less applicable withholdings, to be paid within 15 days of your Stay Date, subject to any applicable requirements of Internal Revenue Code §409A. Your Retention Benefit will be paid by the legal entity with which you are employed as of your Stay Date.

Your “Stay Date” shall be the earlier of i) thirty (30) months from the effective date of this Retention Agreement; (ii) the last day of the sixth (6th) month immediately following the completion of the Transaction; (iii) the date on which your employment is involuntarily terminated by Ashland or a Successor, without cause; or (iv) the date on which you elect to terminate your employment with Ashland or a Successor for Good Reason, as defined herein.    

For purposes of this Retention Agreement “Good Reason” shall be defined as (i) a 15% or greater reduction in your base salary; or (ii) the relocation of your principal work location to a location more than a 50 mile radius from your current principal work location, except for required travel on the Company's business to an extent substantially consistent with your present business travel obligations. Provided, that Good Reason shall not exist unless and until you provide Ashland or a Successor with written notice of the act(s) alleged to constitute Good Reason within thirty (30) days of your knowledge of the occurrence of such act(s), and Ashland or a Successor fails to cure such acts within thirty (30) days of receipt of such notice. Further, you must then exercise your right to terminate your employment for Good Reason within sixty (60) days thereafter, in order for the termination to be for Good Reason.

During the term of this Retention Agreement, your compensation and benefits will continue to be administered on the same terms as apply to other employees in your salary band.  In addition, in the event your employment is terminated involuntarily and without cause during the term of this Retention Agreement, then you will also be eligible to receive standard severance benefits from Ashland or a Successor, and nothing in this Retention Agreement will impair your right to receive such benefits; provided that you will not be 

Employee Name
Date
Page 

eligible to receive enhanced severance benefits under any special severance program created for employees who are impacted by the Transaction, and who do not have Retention Agreements with Ashland or a Successor.   
 
You agree that you will keep the terms of this Retention Agreement completely confidential, and that you will not hereafter disclose any information concerning this agreement to anyone except your immediate family, financial advisor and/or attorney; provided, that they agree in advance of said disclosure to keep this information confidential and not disclose it to others. 

You further understand that this Retention Agreement will immediately terminate (an “Early Termination without a Retention Benefit”), and Ashland and/or a Successor will be relieved of any obligation to provide the Retention Benefit to you if any of the following occurs prior to your Stay Date:  

		
	i)
	you voluntarily terminate your employment with Ashland or  a Successor, except for a termination  for Good Reason as defined herein;

		
	ii)
	your employment is terminated by Ashland or a Successor as a result of your refusal to accept employment in a new or different position with Ashland or a Successor, and you do not have Good Reason, as defined herein, to terminate your employment voluntarily; 

		
	iii)
	you violate the confidentiality provisions contained herein;

		
	iv)
	Ashland or a Successor terminates your employment for Cause;  For the purposes of this Retention, termination for cause will arise if you:  (a) substantially fail to perform your duties with Ashland or a Successor, unless such failure is due to your incapacity as a result of physical or mental illness; or (b) you engage in willful misconduct or gross negligence in performing your duties with Ashland or as Successor; 

		
	v)
	in the event of your death.   Provided, however, that Ashland and/or a Successor will not be relieved of any obligations under any applicable employee benefit plans of Ashland and/or a Successor which arise due to your death.  

You further understand and agree that if, during the term of this Retention Agreement, the Board of Directors of Ashland determines that the Transaction, as approved in principle by the Board of Directors of Ashland on September 16, 2015, will not be consummated, then this Retention Agreement will immediately terminate (an “Early Termination with a Pro-Rata Retention Benefit”), and you will not be eligible for the full amount of the Retention Benefit provided above.  However, you will receive a pro-rata payment of your Retention Benefit calculated by dividing your Retention Benefit by 30 (representing the maximum potential duration in months of this Retention Agreement), and then multiplying that monthly amount by the number of complete months you have worked from the effective date of this Retention Agreement through the date of such termination of this Retention Agreement. You will receive your pro-rated Retention Benefit in a lump sum payment, less applicable withholdings, to be paid within 15 days of the date on which it becomes due, subject to any applicable requirements of Internal Revenue Code §409A.

This Retention Agreement shall terminate on the earlier of i) your Stay Date, ii) the date on which an Early Termination without a Retention Benefit occurs, or iii) the date on which an Early Termination with a Pro-Rata Retention Benefit occurs. Provided, however, that the confidentiality provisions of this Retention Agreement and any obligations on the part of Ashland and/or a Successor which arise under this Retention Agreement during its term, or triggered under this Retention Agreement on the date of its termination, shall survive the termination of this Retention Agreement.  

Employee Name
Date
Page 

    

This Retention Agreement does not, in any way, constitute a contract or agreement guaranteeing your continued employment. Ashland reserves the right to terminate your employment at any time, with or without cause.

You understand and agree that Ashland will assign this Retention Agreement to any successor in interest (i) to all or substantially all of the business and/or assets of the Company (whether direct or indirect, by purchase, merger, consolidation, share exchange or otherwise); or (ii) to any portion of the business or assets of Ashland which are no longer owned by Ashland as a result of the completion of the Transaction; in either instance with which you become employed during the term of this Retention Agreement (a “Successor”), and thereby require such Successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Ashland would be required to perform it if no such succession had taken place.

If you agree with the foregoing, please sign and date each original of this Retention Agreement in the space provided for your signature, and return one original to Julie Hopkins prior to _________________.  You may retain a copy for your records.

Should you have any questions, please feel free to contact me.

Sincerely yours,
            
                
William A. Wulfsohn                        

Agreed to and accepted
this ____ day of _________________.

__________________________
     Employee Name

cc:    Susan B. EslerEX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 THE SMART ABS
TRUSTS 
 DEED OF AMENDMENT 

MASTER TRUST DEED & MASTER SECURITY TRUST DEED 
  

P.T. LIMITED 
 ABN 67 004
454 666 
 PERPETUAL TRUSTEE COMPANY LIMITED 

ABN 42 000 001 007 

MACQUARIE SECURITIES MANAGEMENT PTY LIMITED 

ABN 26 003 435 443 

MACQUARIE LEASING PTY LIMITED 

ABN 38 002 674 982 

MACQUARIE BANK LIMITED 

ABN 46 008 583 542 
 THE
BANK OF NEW YORK MELLON 
 THE BANK OF NEW YORK MELLON, LONDON BRANCH 

 
 

 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
			
	 1.
	 	Definitions	  	 	1	  
	 2.
	 	Interpretation and Transaction Document designation	  	 	3	  
	 3.
	 	Amendment to the Master Trust Deed	  	 	3	  
	 4.
	 	Amendment to the Master Security Trust Deed	  	 	4	  
	 5.
	 	Rights and obligations before Effective Date	  	 	4	  
	 6.
	 	Consents, Confirmations and Notices	  	 	4	  
	 7.
	 	Trustee, Security Trustee, Euro Note Trustee and US$ Note Trustee provisions	  	 	6	  
	 8.
	 	Miscellaneous	  	 	6	  
			
	 Schedule
	 		  			
			
	 1.
	 	Amended Master Trust Deed	  	 	8	  
	 2.
	 	Amended Master Security Trust Deed	  	 	9	  
		
	 Signatories
	  	 	10	  

 DEED OF AMENDMENT made at Sydney on 6 November 2015 

PARTIES: 
  

	(1)	 P.T. LIMITED ABN 67 004 454 666 of Level 12, Angel Place, 123 Pitt Street, Sydney NSW 2000 (the Security Trustee).

  

	(2)	 PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 of Level 12, Angel Place, 123 Pitt Street, Sydney NSW 2000 (the Trustee).

  

	(3)	 MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443 of Level 1, 50 Martin Place, Sydney NSW 2000 (the Manager).

  

	(4)	 MACQUARIE LEASING PTY LIMITED ABN 38 002 674 982 of Level 6, 50 Martin Place, Sydney NSW 2000 (MLPL, the Seller and the
Servicer). 

  

	(5)	 MACQUARIE BANK LIMITED ABN 46 008 583 542 of Level 1, 50 Martin Place, Sydney, NSW 2000 (MBL). 

 

	(6)	 THE BANK OF NEW YORK MELLON of 101 Barclay Street, Floor 7-East, New York, New York 10286 (the US$ Note Trustee).

  

	(7)	 THE BANK OF NEW YORK MELLON, LONDON BRANCH of One Canada Square, 40th Floor, London E14 5AL, England (the Euro Note Trustee).

 BACKGROUND: 
  

	(A)	 On 11 March 2002, Permanent Custodians Limited and the Manager entered into the Master Trust Deed. 

 

	(B)	 On 27 February 2007, the Manager and Perpetual Trustee Company Limited entered into the Deed of Assumption, under which Perpetual Trustee
Company Limited assumed the rights and obligations of the “Trustee” under the Master Trust Deed. 

  

	(C)	 The Manager and the Trustee wish to amend the Master Trust Deed in accordance with the terms of this Deed. 

 

	(D)	 The Security Trustee, the Trustee and the Manager are party to The SMART ABS Trusts Master Security Trust Deed dated 27 February 2007 (as
amended, the Master Security Trust Deed) and wish to amend the Master Security Trust Deed in accordance with the terms of this Deed. 

OPERATIVE PROVISIONS: 
  

	1.	 DEFINITIONS 

Unless defined in this Deed, all terms as defined (including by way of incorporation from, or reference to, another document)
in the Master Security Trust Deed have the same meanings in this Deed (including in the Background). 
 In this Deed, unless
the contrary intention appears: 
 Affected Series Trust means: 

 

	 	(a)	 each SMART AUD Series Trust; 

  
 1 

	 	(b)	 each SMART US$ Series Trust; and 

  

	 	(c)	 the SMART Euro Series Trust. 

Deed of Assumption means the Deed of Assumption The SMART Trusts Master Trust Deed dated 27 February 2007 between
the Manager and Perpetual Trustee Company Limited ABN 42 000 001 007. 
 Effective Date means the date of this
Deed. 
 Euro Note Trust Deed means the SMART ABS Series 2014-2E Trust Note Trust Deed dated 3 June 2014
between the Trustee, the Manager and the Euro Note Trustee.  
 Master Trust Deed means The SMART ABS Trusts
Master Trust Deed dated 11 March 2002, as amended, between the Manager and Permanent Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by Perpetual Trustee Company Limited ABN 42 000 001 007 pursuant to the
Deed of Assumption. 
 Series Trust Unitholder means, in relation to:  

 

	 	(a)	 the SMART ABS Series 2014-4 Trust, the SMART ABS Series 2015-1US Trust and the SMART ABS Series 2015-2 Trust, MBL; and 

 

	 	(b)	 in relation to each other Affected Series Trust, MLPL and MBL. 

SMART ABS Series 2014-4 Trust means the Series Trust (as defined in the Master Trust Deed) known as the SMART ABS
Series 2014-4 Trust established pursuant to the Master Trust Deed and the Trust Creation Deed dated 15 October 2014. 

SMART ABS Series 2015-2 Trust means the Series Trust (as defined in the Master Trust Deed) known as the SMART ABS
Series 2015-2 Trust established pursuant to the Master Trust Deed and the Trust Creation Deed dated 1 May 2015. 

SMART ABS Series 2015-1US Trust means the Series Trust (as defined in the Master Trust Deed) known as the SMART ABS
Series 2015-1US Trust established pursuant to the Master Trust Deed and the Trust Creation Deed dated 23 February 2015.  

SMART AUD Series Trust means each of the: 

 

	 	(a)	 Series Trust (as defined in the Master Trust Deed) known as the SMART ABS Series 2013-3 Trust established pursuant to the Master Trust Deed and the
Trust Creation Deed dated 29 August 2013; 

  

	 	(b)	 SMART ABS Series 2014-4 Trust; and 

  

	 	(c)	 SMART ABS Series 2015-2 Trust. 

SMART Euro Series Trust means the Series Trust (as defined in the Master Trust Deed) known as the SMART ABS Series
2014-2E Trust established pursuant to the Master Trust Deed and the Trust Creation Deed dated 15 May 2014. 

SMART US$ Series Trust means:  
  

	 	(a)	 each Series Trust (as defined in the Master Trust Deed) known as: 

  
 2 

	 	(i)	 the SMART ABS Series 2012-4US Trust established pursuant to the Master Trust Deed and the Trust Creation Deed dated 25 September 2012;

  

	 	(ii)	 the SMART ABS Series 2013-1US Trust established pursuant to the Master Trust Deed and the Trust Creation Deed dated 17 December 2012;

  

	 	(iii)	 the SMART ABS Series 2013-2US Trust established pursuant to the Master Trust Deed and the Trust Creation Deed dated 23 April 2013; and

  

	 	(iv)	 the SMART ABS Series 2014-1US Trust established pursuant to the Master Trust Deed and the Trust Creation Deed dated 26 February 2014; and

  

	 	(b)	 the SMART ABS Series 2015-1US Trust. 

US$ Note Trust Deed means each of the: 
  

	 	(a)	 SMART ABS Series 2012-4US Trust US$ Note Trust Deed dated 8 October 2012 between the Trustee, the Manager, MLPL and the US$ Note Trustee;

  

	 	(b)	 SMART ABS Series 2013-1US Trust US$ Note Trust Deed dated 9 January 2013 between the Trustee, the Manager, MLPL and the US$ Note Trustee;

  

	 	(c)	 SMART ABS Series 2013-2US Trust US$ Note Trust Deed dated 7 May 2013 between the Trustee, the Manager, MLPL and the US$ Note Trustee;

  

	 	(d)	 SMART ABS Series 2014-1US Trust US$ Note Trust Deed dated 4 March 2014 between the Trustee, the Manager, MLPL and the US$ Note Trustee; and

  

	 	(e)	 SMART ABS Series 2015-1US Trust US$ Note Trust Deed dated 10 March 2015 between the Trustee, the Manager, MLPL and the US$ Note Trustee.

  

	2.	 INTERPRETATION AND TRANSACTION DOCUMENT DESIGNATION 

 

	 	(a)	 Clause 1.2 of the Master Trust Deed applies to this Deed as if set out here in full with all necessary amendments. 

 

	 	(b)	 This Deed is a “Transaction Document” for the purposes of the Master Trust Deed in relation to each Affected Series Trust.

  

	3.	 AMENDMENT TO THE MASTER TRUST DEED 

Each of the Trustee and the Manager agrees that: 
  

	 	(a)	 pursuant to clause 25.1(f) of the Master Trust Deed, with effect on and from the Effective Date, the Master Trust Deed is amended, in respect of
its application to each Affected Series Trust, so that its terms are as set out in Schedule 1 and the Master Trust Deed will be read and construed as so amended; and 

 

	 	(b)	 the provisions of the Master Trust Deed, including as amended pursuant to Clause 3(a) of this Deed, remain in full force and effect.

  
 3 

	4.	 AMENDMENT TO THE MASTER SECURITY TRUST DEED 

Each of the Trustee, the Security Trustee and the Manager agrees that: 

 

	 	(a)	 pursuant to clause 23.1(f) of the Master Security Trust Deed, with effect on and from the Effective Date, the Master Security Trust Deed is
amended, in respect of its application to each Affected Series Trust, so that its terms are as set out in Schedule 2 and the Master Security Trust Deed will be read and construed as so amended; and 

 

	 	(b)	 the provisions of the Master Security Trust Deed, including as amended pursuant to Clause 4(a), remain in full force and effect.

  

	5.	 RIGHTS AND OBLIGATIONS BEFORE EFFECTIVE DATE 

Notwithstanding any other provision of this Deed, the amendment of the Master Trust Deed and the Master Security Trust Deed
effected by Clauses 3 and 4 (respectively) of this Deed does not affect any rights and liabilities under the Master Trust Deed or the Master Security Trust Deed which were accrued prior to the Effective Date. 

 

	6.	 CONSENTS, CONFIRMATIONS AND NOTICES 

  

	6.1	 Affected Series Trusts 

  

	 	(a)	 (Manager’s opinion): For the purposes of: 

 

	 	(i)	 clause 25.1(f) of the Master Trust Deed and clause 23.1(f) of the Master Security Trust Deed, the Manager is of the opinion that the amendment of
the Master Trust Deed and the Master Security Deed effected by Clauses 3 and 4 (respectively) of this Deed is desirable; and 

  

	 	(ii)	 clauses 25.4 and 25.5 of the Master Trust Deed, the Manager is of the reasonable opinion that the amendment of the Master Trust Deed effected by
Clause 3 of this Deed is not likely to be prejudicial to the interests of the Noteholders of any Affected Series Trust (in respect of each Affected Series Trust, together and on a Class basis); and 

 

	 	(iii)	 clause 23.2 of the Master Security Trust Deed, the Manager is of the opinion that the amendment of the Master Trust Deed effected by Clause 4 of
this Deed is not, and is not likely to become, materially prejudicial to the rights of the Noteholders of any Affected Series Trust (in respect of each Affected Series Trust, together and on a Class basis). 

 

	 	(b)	 (Trustee’s opinion): Based on Clause 6.1(a), for the purposes of: 

 

	 	(i)	 clause 25.1(f) of the Master Trust Deed and clause 23.1(f) of the Master Security Trust Deed, the Trustee is of the opinion that the amendment of
the Master Trust Deed and the Master Security Trust Deed effected by Clauses 3 and 4 (respectively) of this Deed is desirable; 

  

	 	(ii)	 clauses 25.4 and 25.5 of the Master Trust Deed, the Trustee is of the reasonable opinion that the amendment of the Master Trust Deed effected by
Clause 3 of this Deed is not likely to be prejudicial to the interests of the Noteholders of any Affected Series Trust (in respect of each Affected Series Trust, together and on a Class basis); and 

  
 4 

	 	(iii)	 clause 23.2 of the Master Security Trust Deed, the Trustee is of the opinion that the amendment of the Master Trust Deed effected by Clause 4 of
this Deed is not, and is not likely to become, materially prejudicial to the rights of the Noteholders of any Affected Series Trust (in respect of each Affected Series Trust, together and on a Class basis). 

 

	 	(c)	 (Series Trust Unitholder consent): For the purposes of clauses 25.2 and 25.3 of the Master Trust Deed, each Series Trust Unitholder:

  

	 	(i)	 approves of and consents to the amendment of the Master Trust Deed (in relation to the Affected Series Trust in respect of which it is Series Trust
Unitholder) effected by Clause 3 of this Deed; and 

  

	 	(ii)	 agrees that, for the purpose of clause 26.14 of the Master Trust Deed, this Deed constitutes an Extraordinary Resolution of each Series Trust
Unitholder in relation to the Affected Series Trust in respect of which it is a Series Trust Unitholder (together and on a Class basis). 

  

	 	(d)	 (MLPL consent): MLPL acknowledges and consents to the amendment of the Master Trust Deed and the Master Security Trust Deed effected by
Clauses 3 and 4 (respectively) of this Deed. 

  

	 	(e)	 (Manager confirmation): The Manager confirms to the Trustee that all relevant consents required under the Transaction Documents for each
Affected Series Trust in respect of the amendment of the Master Trust Deed and Master Security Deed effected by Clauses 3 and 4 (respectively) of this Deed have been obtained. 

 

	 	(f)	 (Notice to each Rating Agency): The Manager confirms that it has provided a copy of this Deed to each Rating Agency (if any) for each
Affected Series Trust and no such Rating Agency (if any) has advised the Manager that the amendment of the Master Trust Deed or the Master Security Trust Deed effected by Clauses 3 and 4 (respectively) of this Deed will cause the rating of the Notes
of the relevant Affected Series Trust to be withdrawn or downgraded. Each party agrees that the requirements set out in clause 25.6 of the Master Trust Deed and clause 23.6 of the Master Security Trust Deed that each Rating Agency be given a copy of
this Deed at least, in the case of the Master Trust Deed, 10 Business Days and, in the case of the Master Security Trust Deed, five Business Days, before the Effective Date is waived. This Deed constitutes a certificate given by the Manager to the
Trustee in satisfaction of the requirements of clause 25.6 of the Master Trust Deed. 

  

	6.2	 SMART Euro Series Trust 

In accordance with clause 1.7 of the Euro Note Trust Deed, the Euro Note Trustee consents to the amendment of the Master Trust
Deed and the Master Security Trust Deed affected by Clauses 3 and 4 (respectively) of this Deed. 
  

	6.3	 SMART US$ Series Trust 

In accordance with clause 1.7 of each US$ Note Trust Deed, the US$ Note Trustee consents to the amendment of the Master Trust
Deed and the Master Security Trust Deed effected by Clauses 3 and 4 (respectively) of this Deed. 

  
 5 

	7.	 TRUSTEE, SECURITY TRUSTEE, EURO NOTE TRUSTEE AND US$ NOTE TRUSTEE PROVISIONS 

 

	 	(a)	 Clauses 1.8(a) and 26 of the Master Security Trust Deed are taken to be incorporated in this Deed as if set out here in full with any necessary
amendments to clause references and references to applicable documents. 

  

	 	(b)	 The Manager directs the Trustee to enter into this Deed and each of the parties to this Deed (other than the Trustee) acknowledges that the Trustee
enters into this Deed in reliance on such direction and consents to the Trustee entering into this Deed. 

  

	 	(c)	 Clause 14.4 of the Master Security Trust Deed is taken to be incorporated in this Deed as if set out here in full with any necessary amendments to
clause references and references to applicable documents. 

  

	 	(d)	 The Manager directs the Security Trustee to enter into this Deed and the parties (other than the Security Trustee) acknowledge that the Security
Trustee enters into this Deed in reliance on such direction. 

  

	 	(e)	 Clause 7.3 of the Euro Note Trust Deed is taken to be incorporated in this Deed as if set out here in full with any necessary amendments to clause
references and references to applicable documents. 

  

	 	(f)	 Clause 8.3 of each US$ Note Trust Deed is taken to be incorporated in this Deed as if set out here in full with any necessary amendments to clause
references and references to applicable documents. 

  

	8.	 MISCELLANEOUS 

  

	8.1	 No resettlement of any trust 

Nothing in this Deed is intended to be, or is to have the effect of, a resettlement of any trust. 

 

	8.2	 Governing Law 

This Deed is to be governed by and construed in accordance with the laws of the Australian Capital Territory and the parties
submit to the jurisdiction of the courts of that Territory. 
  

	8.3	 Jurisdiction 

  

	 	(a)	 Each party 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 proceedings which may be brought at any time relating in any way to this Deed. 

  

	 	(b)	 Each party irrevocably waives any objection it may now or in the future have to the venue of any proceedings, and any claim it may now or in the
future have that any proceedings have been brought in an inconvenient forum, where that venue falls within paragraph (a) of this Clause. 

  

	8.4	 Counterparts 

This Deed may be executed in any number of counterparts all of which taken together will be deemed to constitute one and the
same document. 

  
 6 

	8.5	 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. 

  
 7 

 SCHEDULE 1 

AMENDED MASTER TRUST DEED 

  
 8 

 CONFORMED DOCUMENT AS AMENDED BY DEEDS OF AMENDMENT DATED 27 FEBRUARY 2007, 29 SEPTEMBER 2008, 13 OCTOBER
2009, 24 FEBRUARY 2012, 25 SEPTEMBER 2012 AND 6 NOVEMBER 2015. 
 THIS DOCUMENT ONLY APPLIES TO EACH AFFECTED SERIES TRUST (AS DEFINED IN THIS
DOCUMENT). 
 THE SMART ABS TRUSTS 

MASTER TRUST DEED 
  

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.
	 	Appointment of Trustee and Manager	  	 	12	  
	 3.
	 	Declaration of Trust and Constitution of the Series Trusts	  	 	13	  
	 4.
	 	Units in a Series Trust	  	 	14	  
	 5.
	 	Series Supplement	  	 	15	  
	 6.
	 	Notes	  	 	17	  
	 7.
	 	Limits on Rights of Investors	  	 	18	  
	 8.
	 	Procedure for the Issue of Notes	  	 	20	  
	 9.
	 	Register	  	 	22	  
	 10.
	 	Transfer of Notes and Units	  	 	24	  
	 11.
	 	Accounts	  	 	27	  
	 12.
	 	Investment of Trust Funds	  	 	29	  
	 13.
	 	Income and Capital of a Series Trust	  	 	32	  
	 14.
	 	Representations and Warranties	  	 	32	  
	 15.
	 	Manager’s Duties and Undertakings	  	 	33	  
	 16.
	 	Trustee’s Powers, Duties, Covenants, Indemnities and Liabilities	  	 	38	  
	 17.
	 	Further Provisions Regarding Powers etc	  	 	50	  
	 18.
	 	Remuneration of Manager and Trustee	  	 	52	  
	 19.
	 	Retirement of Trustee	  	 	52	  
	 20.
	 	Manager Default and Retirement of Manager	  	 	55	  
	 21.
	 	Auditor	  	 	56	  
	 22.
	 	Financial Reports and Audit	  	 	58	  
	 23.
	 	Payments to Investors	  	 	59	  
	 24.
	 	Notices	  	 	60	  
	 25.
	 	Amendment to this Deed and Series Supplement	  	 	62	  
	 26.
	 	Meetings of Investors	  	 	65	  
	 27.
	 	Miscellaneous	  	 	71	  
		
	 Signatories
	  	 	73	  

 MASTER TRUST DEED made at Canberra on 11 March 2002 

PARTIES: 
  

	(1)	 MACQUARIE SECURITIES MANAGEMENT PTY LIMITED, ABN 26 003 435 443 a company incorporated in the State of New South Wales and having an office
at No. 1 Martin Place, Sydney (hereinafter included in the expression the Manager); and 

  

	(2)	 PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 of Level 12, Angel Place, 123 Pitt Street, Sydney, NSW 2000 (hereinafter included in
the expression the Trustee). 

 RECITALS: 

 

	(A)	 It is intended by this Deed to provide for the establishment of an initial Series Trust and for the possible future establishment of further Series
Trusts, to be collectively known as the SMART ABS Trusts (or such other name as may from time to time be agreed between the Trustee and Manager, subject to any approvals required by law). 

 

	(B)	 The Trustee and the Manager have agreed to act as trustee and manager respectively of each Series Trust on the terms and conditions of this Deed
and the Series Supplement relating to that Series Trust. 

 THIS DEED provides: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

  

	1.1	 Definitions 

In this Deed, unless the contrary intention appears: 

2002-1 Series Supplement means the first Series Supplement executed in accordance with this Deed. 

ADI has the same meaning as given in section 5 of the Banking Act, 1959 (as amended). 

Adverse Effect in relation to a Series Trust:  
  

	 	(a)	 has the meaning given to that term in the Series Supplement in relation to that Series Trust; or 

 

	 	(b)	 if that term is not defined in the Series Supplement in relation to that Series Trust, 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 in respect of that Series Trust, other than any Nominated Seller in relation to that Series Trust and any Related Body Corporate of any Nominated Seller) or
materially and adversely affects the timing of such payment. 

 Affected Series Trust means each SMART AUD Series
Trust, each SMART US$ Series Trust and the SMART Euro Series Trust (each as defined in the Deed of Amendment). 
 Approved
Accounting Standards means: 
  

	 	(a)	 the accounting standards from time to time made by the Australian Accounting Standards Board under the Corporations Act; 

 

	 	(b)	 the requirements of the Corporations Act in relation to the preparation and content of financial records; and 

  
 1 

	 	(c)	 generally accepted accounting principles and practices in Australia, consistently applied, except where inconsistent with the standards or
requirements referred to in paragraphs (a) or (b). 

 Approved Financial Assets means any
chose in action, whether present or future, relating to any indebtedness, borrowing, credit, money advanced, negotiable or other instrument, receivable, financial accommodation of whatever nature or any other thing or matter whatsoever and includes,
where the context permits, any document, instrument or thing evidencing such chose in action, any guarantee, indemnity or Security Interest, insurance policy or other document or instrument securing or relating in any way to such chose in action and
all rights, benefits, title and receipts to or of any of the foregoing. 
 Assets means: 

 

	 	(a)	 in relation to a Series Trust, all assets and property, real and personal (including choses in action and other rights), tangible and intangible,
present or future, held by the Trustee as trustee of the Series Trust from time to time; and 

  

	 	(b)	 in relation to an Other Trust, all assets and property, real and personal (including choses in action and other rights), tangible and intangible,
present or future, held by the Trustee as trustee of the Other Trust from time to time. 

 Auditor
in relation to a Series Trust means the auditor for the time being of that Series Trust appointed under Clause 21. 

Austraclear means Austraclear Limited or Austraclear Services Limited (including, where applicable, the computer based
system for holding Notes and recording and settling transactions in those Notes between members of that system maintained by Austraclear). 

Australian Dollars and $ means the lawful currency for the time being of the Commonwealth of Australia. 

Authorised Officer means: 
  

	 	(a)	 in relation to the Trustee, a director, secretary or any person whose title contains the word or words “manager”, “chief executive
officer” or “counsel” or a person performing the functions of them; 

  

	 	(b)	 in relation to a Nominated Seller or a Nominated Servicer, any person appointed by a Nominated Seller or a Nominated Servicer to act as an
Authorised Officer of that Nominated Seller or of that Nominated Servicer for the purposes of the Transaction Documents; and 

  

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

 Authorised Short-Term Investments in relation to a Series Trust has the meaning given
in the Series Supplement in relation to that Series Trust. 
 Authorised Trustee Corporation means an entity
which, in the reasonable opinion of the Manager, has the appropriate experience and resources to properly perform the functions of the Trustee under the Transaction Documents.  

Borrowing means the borrowing or raising of money and the procuring of financial accommodation and Borrow has an
equivalent meaning. 

  
 2 

 Business Day in relation to a Series Trust has the meaning given to it in the Series
Supplement for that Series Trust. 
 Certificate means a Note Certificate or a Unit Certificate (as the case may be).

 Charge in relation to a Warehouse Trust only, means the charge provided for in the Security Trust Deed for
that Warehouse Trust (if any). 
 Class in relation to Notes or Units of a Series Trust means each Note or
Unit (as the case may be) in relation to that Series Trust described in the Series Supplement as forming part of the same Class or otherwise having as amongst themselves the same rights and restrictions as to the amount and timing of payments of
interest and principal and as to voting entitlements and Class in relation to the Noteholders or Unitholders of a Series Trust has a corresponding meaning. 

Corporations Act means the Corporations Act 2001 (Cth.). 

Credit Enhancement in relation to a Series Trust means any security, support, rights or benefits made available to the
Trustee in its capacity as trustee of the Series Trust in support of or in substitution for any Assets of the Series Trust or income or benefits arising in respect of such Assets and includes anything specified as a Credit Enhancement in the Series
Supplement for the Series Trust. 
 Creditor in relation to a Series Trust means a creditor of the Trustee in
its capacity as trustee of the Series Trust (including, without limiting the generality of the foregoing, the Noteholders, the Manager, each Nominated Seller and each Nominated Servicer in relation to the Series Trust). 

Custodian in relation to a Series Trust has the meaning (if any) given to it in the Series Supplement for that Series
Trust. 
 Dealer Agreement in relation to a Series Trust means each agreement or deed containing provisions
relating to the manner in which Notes (or a Class or Sub-Class of Notes) will be issued by the Trustee as trustee of that Series Trust (other than this Deed or the Series Supplement relating to that Series Trust). 

Deed of Amendment means The SMART ABS Trusts Deed of Amendment Master Trust Deed and Master Security Trust Deed dated 6
November 2015 between among others, the Trustee and the Manager. 
 Disposing Trust has the meaning given to that term in the
Master Sale and Servicing Deed. 
 Extraordinary Resolution in relation to the Investors, the Noteholders, a
Class or Sub-Class of Noteholders, the Unitholders or a Class of Unitholders (as the case may be) means: 
  

	 	(a)	 a resolution passed at a meeting of the Investors, the Noteholders, the Class or Sub-Class of Noteholders, the Unitholders or the Class of
Unitholders (as the case may be) convened and held in accordance with Clause 26 by a majority consisting of not less than three quarters of the votes cast thereat; or 

 

	 	(b)	 a resolution in writing pursuant to Clause 26.14 signed by all the Investors, the Noteholders, the Class or Sub-Class of Noteholders, the
Unitholders or the Class of Unitholders (as the case may be). 

 Financial Reports has the same meaning as given to
“financial reports” in section 295 of the Corporations Act. 

  
 3 

 Financial Year in relation to a Series Trust means the period of 12 months
ending on the 30th day of June in any year or such other period that is the year of income of the Series Trust for the purposes of the Tax Act, provided that: 
  

	 	(a)	 the first Financial Year of a Series Trust is the period commencing on the date of the constitution of the Series Trust and ending on the next
succeeding 30th day of June or the last day of the then current period which is the year of income of the Series Trust for the purposes of the Tax Act; and 

  

	 	(b)	 the last Financial Year of a Series Trust is the period to the date of termination of the Series Trust from the immediately preceding 1st day of
July or the commencement of the then year of income of the Series Trust for the purposes of the Tax Act. 

Governmental Agency means the Federal Government of the Commonwealth of Australia, the Government of any State or
Territory of the Commonwealth of Australia, the Government of any other country or political subdivision thereof and any minister, department, office, commission, instrumentality, agency, board, authority or organ of any of the foregoing or any
delegate or person deriving authority from any of the foregoing. 
 GST has the same meaning as in the A New
Tax System (Goods and Services Tax) Act 1999. 
 Hedge Agreement in relation to a Series Trust means any
interest rate or currency swap, option, cap, collar, forward rate agreement or other similar arrangement entered into by the Trustee as trustee of the Series Trust and includes anything specified to be a Hedge Agreement in the Series Supplement for
the Series Trust. 
 Insolvency Event in relation to a body corporate means any of the following events: 

 

	 	(a)	 an order is made that the body corporate be wound up; 

  

	 	(b)	 a liquidator, provisional liquidator, controller (as defined in the Corporations Act) or administrator is appointed in respect of the body
corporate or a substantial portion of its assets whether or not under an order; 

  

	 	(c)	 except to reconstruct or amalgamate on terms reasonably approved by the Trustee (or in the case of a reconstruction or amalgamation of the Trustee,
on terms reasonably approved by the Manager), the body corporate enters into, or resolves to enter into, a scheme of arrangement, deed of company arrangement or composition with, or assignment for the benefit of, all or any class of its creditors;

  

	 	(d)	 the body corporate resolves to wind itself up, or otherwise dissolve itself, or gives notice of its intention to do so, except to reconstruct or
amalgamate on terms reasonably approved by the Trustee (or in the case of a reconstruction or amalgamation of the Trustee, except on terms reasonably approved by the Manager) or is otherwise wound up or dissolved; 

 

	 	(e)	 the body corporate is or states that it is insolvent; 

  

	 	(f)	 as a result of the operation of section 459F(1) of the Corporations Act, the body corporate is taken to have failed to comply with a statutory
demand; 

  

	 	(g)	 the body corporate takes any step to obtain protection or is granted protection from its creditors, under any applicable legislation;

  
 4 

	 	(h)	 any writ of execution, attachment, distress or similar process is made, levied or issued against or in relation to a substantial portion of the
body corporate’s assets and is not satisfied or withdrawn or contested in good faith by the body corporate within 21 days; or 

  

	 	(i)	 anything analogous or having a substantially similar effect to any of the events specified above happens under the law of any applicable
jurisdiction. 

 Interest Entitlement in relation to a Note issued by the Trustee as trustee of a
Series Trust and an Interest Payment Date means the amount of interest accrued in respect of that Note and due for payment on that Interest Payment Date, determined in accordance with the Series Supplement for the Series Trust. 

Interest Payment Date in relation to a Note issued by the Trustee as trustee of a Series Trust means each date for the
payment of interest under that Note as specified in the Series Supplement for that Series Trust. 
 Investor
means a Noteholder or a Unitholder (as the case may be) and Investors in relation to a Series Trust means the Unitholders and Noteholders in relation to that Series Trust. 

Investor Entitlement in relation to a Noteholder or a Unitholder (as the case may be) of a Series Trust means the
entitlement of the Noteholder or the entitlement of the Unitholder to the payment by the Trustee in its capacity as trustee of the Series Trust of its Noteholder Entitlement or Unitholder Entitlement (as the case may be) as determined in accordance
with this Deed and the Series Supplement and the Trust Creation Deed (if any) for the Series Trust. 
 Liabilities
in relation to a Series Trust means all fees, costs, charges, expenses, outgoings and liabilities incurred by the Trustee in its capacity as trustee of the Series Trust or which are payable out of the Assets of the Series Trust and includes,
without limiting the generality of the foregoing: 
  

	 	(a)	 all fees payable to the Manager, the Trustee and a Nominated Servicer for the Series Trust, in accordance with this Deed and the Series Supplement
for the Series Trust; 

  

	 	(b)	 all amounts referred to in Clause 16.11 relating to the Series Trust; 

 

	 	(c)	 all other amounts which the Manager, a Nominated Seller or a Nominated Servicer for the Series Trust, or any other person, is entitled to be paid,
reimbursed or indemnified for by the Trustee or out of the Series Trust under this Deed or the Series Supplement for the Series Trust; and 

  

	 	(d)	 the principal amount of, and any interest, charges and other amounts under, any Borrowing by the Trustee as trustee of the Series Trust.

 Liquidity Facility in relation to a Series Trust means any liquidity facility entered into by
the Trustee in its capacity as trustee of the Series Trust with a financial institution and includes anything specified as a Liquidity Facility in the Series Supplement for the Series Trust. 

Management Transfer means the appointment of a new Manager in accordance with Clause 20. 

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, any then Substitute Manager and includes the Trustee when acting as the Manager in accordance with the terms of this Deed. 

Manager Default means the occurrence of any event specified in Clause 20.1. 

  
 5 

 Master Sale and Servicing Deed means the Master Sale and Servicing Deed
dated 27 February 2007 between the Trustee, the Manager and Macquarie Leasing Pty Limited ABN 38 002 674 982, as amended from time to time. 

Net Accounting Income in relation to a Series Trust for a Financial Year means the amount calculated under Clause
13.1(a) for the Series Trust for the Financial Year. 
 Net Tax Income in relation to a Series Trust for a
Financial Year means the net income of the Series Trust for the Financial Year determined in accordance with section 95(1) of the Tax Act. 

Nominated Seller in relation to a Series Trust means a person who sells or may sell Approved Financial Assets to the
Trustee as trustee of the Series Trust as contemplated by the Series Supplement for the Series Trust and who is identified as a Nominated Seller for the Series Trust in its Series Supplement. 

Nominated Servicer in relation to a Series Trust at any given time means a person then appointed to act as servicer of
some or all of the Approved Financial Assets held by the Trustee as trustee of the Series Trust. 
 Note in
relation to a Series Trust means a debt security issued or proposed to be issued (as the case may be) by the Trustee as trustee of that Series Trust in accordance with this Deed and the Series Supplement relating to that Series Trust. 

Note Certificate in relation to a Series Trust means a certificate in the form specified in the Series Supplement
relating to that Series Trust or in such other form as may be agreed from time to time between the Trustee and the Manager. 

Note Transfer in relation to a Series Trust means a transfer and acceptance of Notes in the form specified in the
Series Supplement relating to that Series Trust or in such other form as may be agreed from time to time between the Trustee and the Manager. 

Noteholder at any given time means the person then appearing in the Register as the holder of a Note. 

Noteholder Entitlement in relation to a Note, a Noteholder and a Series Trust means the entitlement of the Noteholder
in respect of that Note to the payment by the Trustee in its capacity as trustee of the Series Trust of its Interest Entitlement and Principal Entitlement as determined in accordance with this Deed and the Series Supplement for the Series Trust.

 Other Trust means each trust (not being a Series Trust) which is established pursuant to the terms of a Series
Supplement in accordance with Clause 5.2(b) or a Trust Creation Deed. 
 Payment Date in relation to a Series
Trust means any Interest Payment Date or Principal Payment Date in relation to any Notes issued by the Trustee as trustee of the Series Trust. 

Payment Entitlement in relation to a Series Trust means any Interest Entitlement or Principal Entitlement in relation
to any Notes issued by the Trustee as trustee of the Series Trust. 
 PPSA means the Personal Property
Securities Act 2009 (Cth). 
 PPS Register means the register of security interests maintained in accordance with the
PPSA. 
 Principal Entitlement in relation to a Note issued by the Trustee as trustee of a Series Trust and a
Principal Payment Date means the amount of principal in respect of the Note due to be repaid on that Principal Payment Date determined in accordance with the Series Supplement for the Series Trust. 

  
 6 

 Principal Payment Date in relation to a Note issued by the Trustee as
trustee of a Series Trust means each date for the repayment of part or all of the outstanding principal in relation to the Note as determined in accordance with the Series Supplement for the Series Trust. 

Rating Agency in relation to a Series Trust has the same meaning given to it in the Series Supplement relating to the
Series Trust. 
 Rating Notification in relation to: 

 

	 	(a)	 a Series Trust in respect of which one or more Rating Agencies have been appointed to rate the Notes and to a specific event or circumstance, means
that the Manager or (in relation to Clause 20.4(a) only) Macquarie Leasing Pty Limited has confirmed in writing to the Trustee (as trustee of that Series Trust) that the Manager or (in relation to Clause 20.4(a) only) Macquarie Leasing Pty Limited
has notified the Rating Agencies in relation to that Series Trust (and, in the case of paragraph (ii) below, the Rating Agencies in relation to all Series Trusts in existence at the relevant time) of that event or circumstance, as applicable,
and that the Manager or (in relation to Clause 20.4(a) only) Macquarie Leasing Pty Limited is satisfied in its discretion and on a reasonable basis that that event or circumstance will not result: 

 

	 	(i)	 in a reduction or withdrawal of any ratings then assigned by the Rating Agencies in relation to that Series Trust to the Notes issued by the
Trustee in its capacity as trustee of that Series Trust; or 

  

	 	(ii)	 where the context requires, in a reduction or withdrawal of any ratings then assigned to any Notes issued by the Trustee in its capacity as trustee
of each Series Trust in existence at the relevant time by the Rating Agencies appointed to rate such Notes; and 

  

	 	(b)	 a Series Trust in respect of which no Rating Agencies have been appointed to rate the Notes, means that the Manager or (in relation to Clause
20.4(a) only) Macquarie Leasing Pty Limited has confirmed to the Trustee that the Rating Notification concept is not relevant. 

Register means the register referred to in Clause 9.1. 

Registered Company Auditor means a person registered as an auditor, or taken to be registered as an auditor, under Part
9.2 of the Corporations Act. 
 Related Body Corporate in relation to a body corporate means a body corporate
which is related to the first mentioned body corporate by virtue of Division 6 of Part 1.2 of the Corporations Act. 
 Relevant
Investor has the meaning set out in Clause 26.1. 
 Representative means: 

 

	 	(a)	 a person appointed as a proxy for an Investor pursuant to Clause 26.8; and 

 

	 	(b)	 without limiting the generality of paragraph (a), in the case of an Investor which is a body corporate, a person appointed pursuant to Clause 26.9
by the Investor. 

 Required Credit Rating in relation to Authorised Short-Term Investments and a
Series Trust means the minimum rating that the Authorised Short-Term Investments in relation to that Series Trust must have from each Rating Agency as specified in the Series Supplement for that Series Trust. 

  
 7 

 Secured Creditor means any person who is a secured creditor (howsoever
described) of the Trustee as trustee of a Series Trust under the Security Trust Deed (if any) for that Series Trust. 

Security in relation to a Series Trust means the Security Interest provided for in the Security Trust Deed for that
Series Trust (if any) and, for the avoidance of doubt, in relation to a Warehouse Trust includes the Charge for that Warehouse Trust. 

Security Interest means any encumbrance, bill of sale, mortgage, charge, lien, hypothecation, assignment in the nature
of security, security interest, title retention, preferential right, trust arrangement, flawed-asset arrangement, contractual right of set-off or any other security agreement or arrangement having a similar commercial or legal effect, and includes
an agreement to grant or create any of those agreements or arrangements. It also includes a security interest within the meaning of section 12 of the PPSA, other than an interest in personal property that would not be a security interest but
for section 12(3) of the PPSA. 
 Security Trust Deed in relation to a Series Trust means a Security Trust
Deed between the Trustee, the Manager and the Security Trustee under which the Trustee as trustee of that Series Trust grants a Security Interest over some or all of the Assets of the Series Trust in favour of the Security Trustee to be held on
trust by the Security Trustee for the Noteholders in relation to that Series Trust and for any other Secured Creditor specified in the Security Trust Deed. 

Security Trustee in relation to a Series Trust means the person who is for the time being the security trustee under a
Security Trust Deed in relation to that Series Trust. 
 Series Supplement in relation to a Series Trust means
the deed executed or proposed to be executed (as the case may be) by the Trustee, the Manager, any Nominated Seller and any initial Nominated Servicer for the Series Trust, setting out, amongst other things, the matters required or that may be
included by this Deed in respect of that Series Trust. 
 Series Trust means a trust constituted in the manner contemplated by
Clauses 3.2 and 3.3. 
 Sub-Class in relation to Notes of a Series Trust, has the meaning given to that term
in the Series Supplement in relation to that Series Trust and Sub-Class in relation to the Noteholders of that Series Trust has a corresponding meaning. 

Substitute Manager means at any given time the entity then appointed as Manager under Clause 20. 

Substitute Trustee means at any given time the entity then appointed as Trustee under Clause 19. 

Support Facility in relation to a Series Trust means any Credit Enhancement, Hedge Agreement or Liquidity Facility in
relation to the Series Trust and includes anything in addition to the foregoing which is specified as a Support Facility in the Series Supplement for that Series Trust or otherwise agreed between the Trustee and the Manager to be a Support Facility
for that Series Trust. 
 Tax includes any income tax, withholding tax, stamp, financial institutions,
registration and other duties, bank accounts debits tax, GST or other goods and services tax, value added tax, retail turnover tax or similar tax on the provision of supplies and other taxes, levies, imposts, deductions and charges whatsoever
(including, in respect of any duty imposed on receipts or liabilities of financial institutions, any amounts paid in respect of them to another financial institution) together with interest on them and penalties with respect to them (if any) and
charges, fees or other amounts made on or in respect of them. 
 Tax Act means the Income Tax Assessment Act,
1936 (1936 Tax Act) and the Income Tax Assessment Act, 1997 (1997 Tax Act) (Commonwealth). 

  
 8 

 Termination Date means, in relation to a Series Trust which is a Warehouse
Trust, the earliest of the following dates to occur in relation to the Series Trust: 
  

	 	(a)	 the date which is 80 years after the date of the constitution of the Series Trust in accordance with this Deed; 

 

	 	(b)	 the date on which the Series Trust terminates by operation of statute or by the application of general principles of law; and

  

	 	(c)	 the date upon which the Series Trust terminates in accordance with this Deed or its Series Supplement. 

Termination Event Date means, in relation to:  
  

	 	(a)	 a Series Trust which is a Warehouse Trust, the Termination Date for that Series Trust; and 

 

	 	(b)	 a Series Trust which is not a Warehouse Trust, the earliest of the following dates to occur in relation to that Series Trust:

  

	 	(i)	 the date which is 80 years after the date of the constitution of that Series Trust in accordance with the Trust Creation Deed or the Series
Supplement (as applicable) for that Series Trust and the Master Trust Deed; 

  

	 	(ii)	 the date on which that 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; and 

  

	 	(iii)	 the Termination Payment Date as defined in the Series Supplement relating to that Series Trust. 

Transaction Documents in relation to each Series Trust means: 

 

	 	(a)	 this Deed; 

  

	 	(b)	 the Master Sale and Servicing Deed; 

  

	 	(c)	 the Trust Creation Deed (if any) relating to the Series Trust; 

 

	 	(d)	 the Series Supplement relating to the Series Trust; 

  

	 	(e)	 each document (if any) setting out the terms of any Support Facility relating to the Series Trust; 

 

	 	(f)	 the Security Trust Deed (if any) relating to the Series Trust; 

 

	 	(g)	 the Dealer Agreement (if any) relating to the Series Trust; 

 

	 	(h)	 any other document that is specified as a Transaction Document in the Series Supplement relating to the Series Trust; and 

 

	 	(i)	 any other document which is agreed by the Manager and the Trustee to be a Transaction Document in relation to the Series Trust.

 Transfer means a Note Transfer or a Unit Transfer (as the case may be). 

  
 9 

 Trust Creation Deed means, if any, in relation to a Series Trust, the deed
executed or to be executed (as the case may be) by the Trustee in relation to the Series Trust in accordance with Clause 3.3(b). 

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, any then Substitute Trustee. 
 Trustee Default means the occurrence of any events
specified in Clause 19.1. 
 Unit means a unit in a Series Trust. 

Unit Certificate in relation to a Series Trust means a certificate in the form specified in the Series Supplement or
the Trust Creation Deed (if any) relating to that Series Trust or in such other form as may be agreed from time to time between the Trustee and the Manager. 

Unit Transfer in relation to a Series Trust means a transfer of a Unit in the form specified in the Series Supplement
or the Trust Creation Deed (if any) relating to that Series Trust or in such other form as may be agreed from time to time between the Trustee and the Manager. 

Unitholder at any given time means the person then appearing in the Register as a holder of a Unit. 

Unitholder Entitlement in relation to a Unit, a Unitholder and a Series Trust means the entitlement of the Unitholder
in respect of that Unit to the payment by the Trustee in its capacity as trustee of the Series Trust in respect of that Unit in accordance with this Deed and the Series Supplement for that Series Trust or the Trust Creation Deed (if any).

 Warehouse Trust means each of the SMART J Warehouse Trust, the SMART RBS Warehouse Trust and the SMART ANZ
Warehouse Trust. 
  

	1.2	 Interpretation 

In this Deed, unless the contrary intention appears: 
  

	 	(a)	 a reference to this Deed includes the Recitals and Schedules; 

 

	 	(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, without
limitation, 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; 

  
 10 

	 	(h)	 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; 

  

	 	(i)	 a reference to any thing (including, without limitation, 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; 

  

	 	(j)	 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; 

  

	 	(k)	 references to time are references to Sydney time; 

  

	 	(l)	 the expression certified by a corporation or person means certified in writing by two Authorised Officers of the corporation or by that
person respectively and certify and like expressions will be construed accordingly; 

  

	 	(m)	 a reference to extinguish includes a reference to rights and interests being surrendered and released; 

 

	 	(n)	 a reference to a month is to a calendar month; 

 

	 	(o)	 a reference to wilful default in relation to the Trustee, the Security Trustee or the Manager means, subject to Clause 1.2(p), any
wilful failure to comply with or wilful breach by the Trustee, the Security 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: 

 

	 	(i)	                      

 

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

 

	 	I.	 the Trustee, the Security Trustee or the Manager (as the case may be); or 

 

	 	II.	 any other person referred to in Clause 1.2(p) in relation to the Trustee, the Security 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, the Security 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 any proper instruction or direction of the Investors given at a meeting convened under this Deed; 

 

	 	(p)	 a reference to the fraud, negligence or wilful default of the Trustee, the Security Trustee or the Manager means the fraud,
negligence or wilful default of the Trustee, the Security Trustee or the Manager (as the case may be) and of its officers, employees, agents and any other person where the Trustee, the Security Trustee or Manager (as the case may be) is liable for
the relevant acts or omissions of such other person under the terms of any Transaction Document; 

  
 11 

	 	(q)	 subject to Clause 24.3, 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 a Series Trust or an Other Trust having actual knowledge, actual awareness or actual notice of that thing, or grounds or reason to believe that thing (and similar references will be interpreted in this way). In addition, notice,
knowledge or awareness of a Manager Default or Trustee Default means notice, knowledge or awareness of the occurrence of the events or circumstances constituting a Manager Default or Trustee Default (as the case may be); 

 

	 	(r)	 a reference to this Deed or any other deed, agreement, document or instrument includes respectively this Deed or such other deed, agreement,
document or instrument as amended, novated, supplemented or replaced from time to time; 

  

	 	(s)	 a reference to the close of business on any day is a reference to 5.00 p.m. on that day; 

 

	 	(t)	 a reference to a Clause or a Schedule is a reference to a Clause or a Schedule of this Deed; 

 

	 	(u)	 headings and footnotes are inserted for convenience and do not affect the interpretation of this Deed; and 

 

	 	(v)	 a reference to A$, AUD or (unless the context specifies otherwise) $ is a reference to Australian dollars.

  

	1.3	 Series Supplements 

  

	 	(a)	 (Series Supplement only applies to its Series Trust): The provisions contained in any Series Supplement apply only in relation to the Series
Trust to which it relates. 

  

	 	(b)	 (Variation of this Deed): A Series Supplement may vary or amend the terms of this Deed in respect of the Series Trust to which the Series
Supplement relates. Such a variation or amendment to the terms of this Deed by a Series Supplement does not constitute an amendment, addition or revocation of a provision of this Deed for the purpose of Clause 25. 

 

	 	(c)	 (Series Supplement paramount in respect of Series Trust to which it applies): If there is any conflict between the provisions of a Series
Supplement relating to a Series Trust and the provisions of this Deed, the provisions of the Series Supplement prevail over the provisions of this Deed in respect of the Series Trust. 

 

	1.4	 Business Day 

When the date on or by which any act, matter or thing is to be done is not a Business Day, such act, matter or thing must
(unless specifically provided otherwise) be done on the next Business Day. 
  

	2.	 APPOINTMENT OF TRUSTEE AND MANAGER 

  

	2.1	 Appointment of Trustee 

The Trustee is hereby appointed and agrees to act as trustee of each Series Trust (with effect from the constitution of the
Series Trust) on the terms and conditions in this Deed and the Series Supplement relating to that Series Trust. 

  
 12 

	2.2	 Appointment of Manager 

The Manager is hereby appointed and agrees to act as the manager of each Series Trust (with effect from the constitution of
the Series Trust) on the terms and conditions in this Deed and the Series Supplement relating to that Series Trust. 
  

	3.	 DECLARATION OF TRUST AND CONSTITUTION OF THE SERIES TRUSTS 

 

	3.1	 Declaration of Trust 

The Trustee declares that it will hold the Assets of each Series Trust on trust for the Unitholders of that Series Trust on
the terms and conditions of this Deed and the Series Supplement and the Trust Creation Deed (if any) for that Series Trust. 
  

	3.2	 Date of constitution of first Series Trust 

The first Series Trust will be constituted upon the execution of the SMART Series 2002-1 Series Supplement by the Trustee and
the Manager and the payment of $200 by the Manager to the Trustee (to constitute the initial Assets of the first Series Trust). 
  

	3.3	 Date of constitution of additional Series Trusts 

A new Series Trust will be constituted upon: 
  

	 	(a)	 (Series Supplement): the execution of a Series Supplement relating to that Series Trust by the Trustee, the Manager and each Nominated
Servicer and each Nominated Seller for that Series Trust; or 

  

	 	(b)	 (Trust Creation Deed): the execution of a Trust Creation Deed relating to that Series Trust by the Trustee, 

and upon the payment of $10 (or such other amount that the Manager determines) to the Trustee by the Manager to constitute the
initial Assets of that Series Trust. 
  

	3.4	 Name of Series Trusts 

The name of each Series Trust will: 
  

	 	(a)	 commence with the words “SMART ABS Series” and will be followed by the year in which the particular Series Trust was created, the number
and order of Series Trusts created in that year, any suffix which the Manager deems to be appropriate and the word “Trust” (for example, the SMART ABS Series 2013-1US Trust); or 

 

	 	(b)	 be such other name as may be specified by the Manager or the Trustee upon the constitution of the relevant Series Trust (including without
limitation by such specification being contained in the Series Supplement or Trust Creation Deed which constitutes the relevant Series Trust). 

The name of each Series Trust may be varied from time to time by agreement between the Trustee and the Manager, subject to any
approvals required by law. 
  

	3.5	 No limit to number of Series Trusts 

There is no limit to the number of Series Trusts that may be created. 

  
 13 

	3.6	 Commencement and termination of Series Trusts 

  

	 	(a)	 (Commencement): Each Series Trust commences on the date of its constitution as referred to in this Deed. 

 

	 	(b)	 (Termination): Each Series Trust ends on its Termination Event Date. 

 

	3.7	 Manager Must Deliver Proposed Trust Creation Deed to Trustee 

If the Manager proposes that a Series Trust will be constituted as contemplated by Clause 3.3(b) of this Deed, it must deliver
to the Trustee a draft of the corresponding Trust Creation Deed no later than the delivery of that draft Trust Creation Deed to the Rating Agencies. The Manager must deliver to the Trustee the execution copy of such draft Trust Creation Deed at
least five Business Days (or such other period agreed to by the Trustee) prior to the proposed date of the constitution of the Series Trust accompanied by a written direction by the Manager to the Trustee to execute the Trust Creation Deed. 

 

	3.8	 Execution of the Trust Creation Deed 

If the Trustee is prepared (in its absolute discretion) to execute the Trust Creation Deed, the Trustee must execute the Trust
Creation Deed and return it to the Manager on the proposed date for the constitution of the Series Trust. 
  

	3.9	 Purpose of the Series Trust 

Each Series Trust is established for the purposes of the Trustee: 

 

	 	(a)	 (Assets): acquiring (and disposing of) Approved Financial Assets, and acquiring (and disposing of) Authorised Short-Term Investments, in
accordance with the Transaction Documents; 

  

	 	(b)	 (Notes and Units): issuing (and redeeming) the Notes and the Units in accordance with the Transaction Documents; and

  

	 	(c)	 (Transaction Documents): entering into, performing its obligations and exercising its rights under and taking any action contemplated by any
of the Transaction Documents (as amended from time to time and including any additional Transaction Documents entered into in accordance with this Deed from time to time), 

and the Trustee, on the direction of the Manager, may exercise any or all of its powers under the Transaction Documents
(including Clause 16.1 and 16.4 of this Deed) for these purposes and any purposes incidental to these purposes. 
  

	4.	 UNITS IN A SERIES TRUST 

  

	4.1	 Beneficial interest in a Series Trust divided into Units 

The beneficial interest in each Series Trust will be divided into one or more units in accordance with the Series Supplement
or the Trust Creation Deed (if any) relating to that Series Trust. 
  

	4.2	 Nature of a Unit 

Subject to the Series Supplement and the Trust Creation Deed (if any) for a Series Trust, each Unit in a Series Trust
represents an equal undivided beneficial interest in the Assets of the Series Trust as a whole but not in any particular Asset of the Series Trust. 

  
 14 

	4.3	 Units may be divided into Classes 

The Units in a Series Trust may be divided into Classes if so specified in the Series Supplement or the Trust Creation Deed
(if any) relating to the Series Trust. 
  

	4.4	 Rights and entitlements of Units 

Any rights, entitlements, benefits and restrictions applying to any Unit or Class of Units in a Series Trust, in addition to
those specified in this Deed, may be specified in the Series Supplement or the Trust Creation Deed (if any) relating to the Series Trust. 
  

	4.5	 Restrictions on Units 

Any restrictions applying to any Unit or Class of Units in a Series Trust, in addition to those specified in this Deed, may be
specified in the Series Supplement or the Trust Creation Deed (if any) relating to the Series Trust. 
  

	4.6	 Distributions to Unitholders 

The Unitholders of a Series Trust are entitled to receive payments of their Unitholder Entitlements pursuant to the provisions
of this Deed and the Series Supplement or the Trust Creation Deed (if any) relating to the Series Trust. 
  

	5.	 SERIES SUPPLEMENT 

  

	5.1	 Contents of Series Supplement – mandatory 

A Series Supplement in relation to a Series Trust must, amongst other things, specify: 

 

	 	(a)	 (Nominated Seller): the Nominated Seller or Nominated Sellers (if any) for the Series Trust; 

 

	 	(b)	 (Approved Financial Assets): the nature of any Approved Financial Assets which may be acquired by the Trustee as trustee of the Series Trust
from a Nominated Seller or from the Trustee as trustee of a Disposing Trust, including: 

  

	 	(i)	 the procedures and means for acquiring such Approved Financial Assets; 

 

	 	(ii)	 the terms and conditions relating to the acquisition of such Approved Financial Assets; 

 

	 	(iii)	 the methodology for calculating and paying the consideration payable by the Trustee for any Approved Financial Assets that may be acquired by the
Trustee; 

  

	 	(iv)	 any warranties and undertakings to be given to the Trustee as trustee of the Series Trust in connection with such Approved Financial Assets;

  

	 	(v)	 any conditions precedent that must be satisfied prior to any acquisition of such Approved Financial Assets; and 

 

	 	(vi)	 any rights or obligations that a Nominated Seller may have to repurchase such Approved Financial Assets; 

 

	 	(c)	 (Nominated Servicer): a Nominated Servicer or Nominated Servicers (if any) of any Approved Financial Assets that may be acquired by the
Trustee (who may be a Nominated  

  
 15 

	 	 
Seller, the Manager, the Trustee, any other person or any combination of the foregoing) and the terms and conditions relating to the appointment of a Nominated Servicer; 

 

	 	(d)	 (Notes): the details in relation to any Notes that the Manager proposes to be issued by the Trustee as trustee of the Series Trust
including: 

  

	 	(i)	 whether any of the Notes will constitute a Class or Sub-Class separate from any other Notes to be issued by the Trustee as trustee of the Series
Trust; 

  

	 	(ii)	 the total number and the name of the Notes and, if the Notes are divided into more than one Class or Sub-Class, the number and the name of the
Notes in each Class or Sub-Class (or, if such number is not specified in the Series Supplement, the means for determining such number); 

  

	 	(iii)	 the total principal amount of the Notes and, if the Notes are divided into more than one Class or Sub-Class, the principal amount of each Class or
Sub-Class (or, if the foregoing is not specified in the Series Supplement, the means for determining the foregoing); 

  

	 	(iv)	 the proposed issue date of the Notes; 

  

	 	(v)	 each date (if any) for the payment of Interest Entitlements on the Notes; 

 

	 	(vi)	 the rate of interest (if any) on the Notes (which may be fixed, variable or determined by a stated method); 

 

	 	(vii)	 each date for the repayment of part or all of the Principal Entitlements on the Notes; 

 

	 	(viii)	 the amount (or the method of calculating the amount) of principal to be repaid on the Notes on each Principal Payment Date; 

 

	 	(ix)	 any preferred, deferred or special rights or restrictions applying to the Notes, whether with regard to the payment of interest, the payment of
principal, voting, the division into Classes or Sub-Classes or otherwise; and 

  

	 	(x)	 any other terms or restrictions applying to the Notes; 

  

	 	(e)	 (Security Trust Deed): whether there will be any Security Trust Deed in relation to the Series Trust; 

 

	 	(f)	 (Support Facilities): the details of any initial Support Facilities to be entered into in relation to the Series Trust;

  

	 	(g)	 (Order of distribution of available funds): the provisions relating to the distribution, and the order of priority for the distribution, of
the available funds of the Series Trust to meet its Liabilities; 

  

	 	(h)	 (Termination of the Series Trust): the provisions relating to the termination of the Series Trust and the liquidation and realisation of the
Assets of the Series Trust by the Trustee upon its termination; 

  

	 	(i)	 (Fees and expenses): any fees, expenses and other amounts payable to the Trustee, any Nominated Seller, any Nominated Servicer and the
Manager in relation to the Series Trust; and 

  
 16 

	 	(j)	 (Any other matter): any other matter that must be included in the Series Supplement pursuant to this Deed. 

 

	5.2	 Contents of Series Supplement – optional 

A Series Supplement in relation to a Series Trust may, amongst other things, specify: 

 

	 	(a)	 (Rights and obligations of Nominated Seller, Nominated Servicer, Manager and the Trustee): any rights or obligations of any Nominated
Seller, any Nominated Servicer, the Manager and the Trustee relating to the Series Trust; 

  

	 	(b)	 (Other trusts): the provisions relating to any other trust where the Trustee holds or may hold an interest in any Approved Financial Assets
partly as Trustee for the Series Trust and partly as trustee of the other trust (in addition to any other property that the Trustee may hold as trustee of the other trust) and the provisions regulating the holding of such interest between the Series
Trust and the other trust; 

  

	 	(c)	 (Other matters in this Deed): any other matter that this Deed provides or contemplates may be in a Series Supplement; and

  

	 	(d)	 (Other matters desired by Manager): any other matter that the Manager and the Trustee agree should be included in the Series Supplement.

  

	5.3	 Manager must deliver proposed Series Supplement to Trustee 

 

	 	(a)	 The Manager must deliver to the Trustee a draft of the Series Supplement relating to a Series Trust no later than the delivery of that draft Series
Supplement to the Rating Agencies. 

  

	 	(b)	 The Manager must deliver to the Trustee the execution copy of such draft Series Supplement at least five Business Days (or such other period agreed
to by the Trustee) prior to the proposed date of execution of the Series Trust accompanied by a written direction by the Manager to the Trustee to execute the Series Supplement. 

 

	 	(c)	 If the Trustee executes the execution copy of such draft Series Supplement without first having received a written direction from the Manager to do
so and/or without having received a draft of the Series Supplement or the execution copy of the Series Supplement within the time required by this Clause 5.3, the Trustee is taken to have agreed with the Manager to waive the requirements of this
Clause 5.3 to the extent that they apply to the relevant Series Trust. 

  

	5.4	 Execution of the Series Supplement 

If the Trustee is prepared (in its absolute discretion) to execute the Series Supplement, the Trustee must execute the Series
Supplement and return it to the Manager on the proposed date for its execution. 
  

	6.	 NOTES 

  

	6.1	 Acknowledgement of indebtedness 

Subject to the terms of this Deed, the Trustee hereby acknowledges its indebtedness as trustee of each Series Trust for the
principal represented by the Notes issued by it as trustee of the Series Trust. 

  
 17 

	6.2	 Terms of Notes 

All Notes issued by the Trustee as trustee of a Series Trust will be issued with the benefit of, and subject to, this Deed,
the Series Supplement relating to the Series Trust and the Security Trust Deed (if any) relating to that Series Trust. 
  

	6.3	 Payment entitlement of Noteholders 

Subject to this Deed, the corresponding Series Supplement and the Security Trust Deed (if any) relating to a Series Trust, the
Trustee as trustee of each Series Trust must in respect of the Notes issued by it in such capacity pay to the Noteholders of those Notes their Payment Entitlements on each Payment Date relating thereto. 

 

	6.4	 No limit on Notes 

Subject to this Deed and the corresponding Series Supplement, there is no limit on the amount or value of Notes that may be
issued in respect of a Series Trust. 
  

	6.5	 Issue not requiring disclosure to Investors under the Corporations Act 

Notwithstanding anything herein contained, no offer of Notes for issue and no application for the issue of Notes will be made
unless the offer or application does not need disclosure to investors pursuant to sections 706 and 708 of the Corporations Act. 
  

	6.6	 Minimum denomination of Notes 

The minimum denomination of each Note will be $100,000 or such other amount specified in the corresponding Series Supplement.

  

	6.7	 Notes not invalid if issued in breach 

No Notes will be invalid or unenforceable on the ground that it was issued in breach of this Deed or any other Transaction
Document. 
  

	6.8	 Location of Notes 

The property in the Notes will for all purposes be regarded as situated at the place where the Register is located on which
the Notes are recorded. 
  

	6.9	 No discrimination between Noteholders 

There will not be any discrimination or preference between the Notes, or the corresponding Noteholders, in relation to a
Series Trust by reason of the time of issue of the Notes or for any other reason, subject only to the Series Supplement and the Security Trust Deed (if any) relating to the Series Trust. 

 

	7.	 LIMITS ON RIGHTS OF INVESTORS 

  

	7.1	 Limitation on entitlement of Investors 

No Investor (in its capacity as such) in respect of a Series Trust is entitled (other than as provided in this Deed and
notwithstanding any rule of law or equity to the contrary) to: 
  

	 	(a)	 (Interfere with Trustee etc): interfere with or question the exercise or nonexercise of the rights or powers of any Nominated Seller, any
Nominated Servicer, the Manager or the Trustee in their dealings with any Series Trust or any Asset of any Series Trust; 

  
 18 

	 	(b)	 (Require transfer of Assets of a Series Trust): require the transfer to it of any Asset of any Series Trust; 

 

	 	(c)	 (Attend meetings concerning Trustee’s property): attend meetings, take part in or consent to any action concerning any property or
corporation in which the Trustee holds an interest; 

  

	 	(d)	 (Exercise rights in respect of Assets of a Series Trust): exercise any rights, powers or privileges in respect of any Asset of any Series
Trust; 

  

	 	(e)	 (Lodge caveats): lodge with a Governmental Agency or any person any caveat or other notice whether under the provisions of any legislation
of a State or Territory of the Commonwealth of Australia or otherwise to: 

  

	 	(i)	 forbid (either conditionally or absolutely) the registration of any person as transferee or proprietor of or any instrument affecting any Asset of
any Series Trust; or 

  

	 	(ii)	 claim any estate or interest in any Asset of any Series Trust; 

 

	 	(f)	 (Negotiate with persons in respect of Approved Financial Assets etc): negotiate or communicate in any way with any person in respect of any
Approved Financial Assets of any Series Trust or with any person providing a Support Facility to the Trustee in respect of such Support Facility or in respect of any Series Trust; 

 

	 	(g)	 (Wind-up): seek to wind up or terminate any Series Trust; 

 

	 	(h)	 (Seek to remove Trustee, etc): seek to remove the Manager, the Trustee or any Nominated Servicer; 

 

	 	(i)	 (Take proceedings): take any proceedings of any nature whatsoever in any court or otherwise or to obtain any remedy of any nature
(including, without limitation, against the Trustee, the Manager, any Nominated Seller or any Nominated Servicer or in respect of any Series Trust or any Asset of a Series Trust). However, an Investor in relation to a Series Trust is entitled to
compel the Trustee or the Manager to comply with their respective duties and obligations under this Deed and the corresponding Series Supplement to the Investor. If a Noteholder in relation to a Series Trust is entitled to the benefit of a Security
Trust Deed in relation to the Series Trust, the Noteholder is also entitled to compel the Security Trustee to comply with its duties and obligations under that Security Trust Deed; 

 

	 	(j)	 (Have recourse to Trustee or Manager personally): any recourse whatsoever to the Trustee or the Manager in its personal capacity, except to
the extent of any fraud, negligence or wilful default on the part of the Trustee or the Manager (respectively); or 

  

	 	(k)	 (Have recourse to Nominated Seller or Nominated Servicer): any recourse whatsoever to any Nominated Seller or Nominated Servicer in respect
of a breach by a Nominated Seller or a Nominated Servicer of their respective obligations and duties under a Series Supplement. 

  

	7.2	 Subordination of Unitholder’s interest to Noteholder Entitlement 

Subject to the terms of the Series Supplement in relation to a Series Trust, the rights, claims and interest of the
Unitholders in respect of the Series Trust, the Assets of that Series Trust and any payments or distribution out of the Series Trust (including, without limiting the generality of the foregoing, on the winding-up of the Series Trust) at all times
rank after, and are subject to, the interests of Noteholders under the Notes in relation to the Series Trust (including, without limiting the generality of the foregoing, the Noteholder Entitlements in respect of those Notes). 

  
 19 

	7.3	 Further limit on interest of Noteholders 

  

	 	(a)	 (No interest in Assets of Series Trusts): A Noteholder in relation to a Series Trust is only a Creditor of the Trustee in its capacity as
trustee of the Series Trust to the extent of the Notes held by that Noteholder and is not entitled to any beneficial or, subject to any applicable Security Trust Deed, other interest in any Assets of the Series Trust. 

 

	 	(b)	 (No interest in other Series Trusts): A Noteholder in relation to a Series Trust does not have an interest in any other Series Trust or any
Other Trust or in any Assets of any other Series Trust or of any Other Trust. 

  

	7.4	 No other relationship 

Nothing in this Deed or any Series Supplement constitutes the Trustee, any Nominated Servicer, any Nominated Seller or the
Manager as the agent of any Investor, nor creates any relationship between any Investor on the one hand and a Nominated Servicer, the Trustee (other than as trustee in the case of a Unitholder or creditor in the case of a Noteholder), a Nominated
Seller or the Manager on the other. 
  

	7.5	 Investors bound by this Deed 

The terms and conditions of this Deed are binding on each Investor and all persons claiming through any Investor as if that
Investor and such persons were a party to this Deed and the corresponding Series Supplement. 
  

	7.6	 Investors not liable 

No Investor, by reason alone of being an Investor or by reason alone of the relationship created under this Deed with the
Trustee, any Nominated Seller, any Nominated Servicer or the Manager, is under any obligation personally to indemnify the Trustee, a Nominated Seller, a Nominated Servicer or the Manager or any creditor of any of them if there is a deficiency of
Assets of a Series Trust as compared with its Liabilities. The right (if any) of the Trustee, a Nominated Seller, a Nominated Servicer or the Manager or of a creditor to seek indemnity is limited to having recourse to the Assets of the Series Trust.

  

	7.7	 Covenant not to claim against Investors 

The Trustee covenants with the Manager, with the intent that the benefit of this covenant extends not only to the Manager but
also to each Investor of a Series Trust jointly and to each of them severally, not to make any claim upon, and not take any action or legal proceedings against, any Investor (in that person’s capacity as an Investor) if there is a deficiency
referred to in Clause 7.6. An Investor may plead this Clause as an absolute bar to such a pleading or claim. 
  

	8.	 PROCEDURE FOR THE ISSUE OF NOTES 

  

	8.1	 Issue of Notes 

The Trustee must, as trustee of a Series Trust, issue Notes in accordance with (and subject to) the Series Supplement in
relation to the Series Trust. 
  

	8.2	 Manager’s power to negotiate terms of Notes 

The Manager has the power to: 
  

	 	(a)	 (Negotiate): negotiate the terms and conditions of the issue of Notes; and 

  
 20 

	 	(b)	 (Direct Trustee to issue): direct the Trustee to issue Notes on those terms and conditions. 

However, the Manager’s power to act and bind the Trustee in accordance with this Clause is conditional on the Trustee
being satisfied (in its absolute discretion) with the terms and conditions of the issue of Notes including the terms and conditions dealing with the personal liability of the Trustee. 

 

	8.3	 Dealer Agreement 

The Trustee is empowered on the direction of the Manager to enter into a Dealer Agreement on terms upon which the Trustee can
agree in advance to issue Notes in its capacity as trustee of a Series Trust if: 
  

	 	(a)	 (Trustee satisfied as to certain matters): the Trustee (or the Manager on its behalf) is satisfied that the matters referred to in this Deed
or the Series Supplement for the Series Trust to be done on or prior to the date of issue of the Notes have occurred prior to the date of the commitment to issue Notes; or 

 

	 	(b)	 (Arrangements made): arrangements have been entered into so that the Trustee (or the Manager on its behalf) is satisfied that the matters
referred to in paragraph (a) will occur prior to the date of issue of the Notes. 

  

	8.4	 Further issues subject to Rating Notification 

Where the Trustee as trustee of a Series Trust has issued Notes that are rated by a Rating Agency in relation to the Series
Trust, then, unless otherwise specified in the Series Supplement relating to the Series Trust, no further Notes must be issued by the Trustee as trustee of that Series Trust unless the Manager has issued a Rating Notification in relation to the
proposed issue of further Notes. 
  

	8.5	 Issue of unrated Notes 

Nothing in this Deed is to be construed as requiring the Trustee to issue Notes rated by any Rating Agency. 

 

	8.6	 Issue of Notes 

A Note will be deemed to be created and issued upon completion of all the following: 

 

	 	(a)	 (Subscription): the receipt by the Trustee of a duly completed and executed subscription form (in the form specified in the relevant Dealer
Agreement) in respect of the proposed Note by the subscriber of that Note; 

  

	 	(b)	 (Subscription proceeds): the receipt by the Trustee, or as it may otherwise direct, of the subscription proceeds for that proposed Note in
cleared and immediately available funds; and 

  

	 	(c)	 (Entry in the Register): the entry in the Register of the subscriber as the initial Noteholder of that Note. 

 

	8.7	 Independent Investigation of credit 

  

	 	(a)	 (Assume Noteholders made own investigations): The Trustee and the Manager shall be entitled to assume that each Noteholder has,
independently and without reliance on the Trustee, the Manager or any other Noteholder, and based on documents and information as each has deemed appropriate, made its own investigations in relation to the Notes, the 

  
 21 

	 	 
Trustee, the Manager and the provisions of this Deed and any other Transaction Document and has not entered into any Transaction Document as a result of any inducement from the Trustee or the
Manager. 

  

	 	(b)	 (Noteholders will make own decisions): Each Noteholder agrees that it will, independently and without reliance on the Trustee, the Manager
or any other Noteholder, and based on documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions as to all matters relating to this Deed and any other Transaction Document.

  

	9.	 REGISTER 

  

	9.1	 Establishment of Register 

The Trustee must keep in such place as is from time to time agreed between the Trustee and the Manager an up to date register
in respect of the Notes and Units of each Series Trust. 
  

	9.2	 Details on Register 

The Trustee must promptly enter in the Register in respect of the Series Trust: 

 

	 	(a)	 (Name of Series Trust): the name of the Series Trust; 

 

	 	(b)	 (Name and address of Investors): the name and address of each holder of a Note or Unit in respect of the Series Trust as notified to the
Trustee by the relevant Investor; 

  

	 	(c)	 (Number of Notes and Units): the number of Notes of each Class or Sub-Class held by each Noteholder and the number of Units of each Class
held by each Unitholder; 

  

	 	(d)	 (Date entered on Register): the date on which each Investor was first registered in the Register as a Noteholder or Unitholder in respect of
the Notes or Units held by him or her; 

  

	 	(e)	 (Date ceases to be Investor): the date on which any person ceases to be an Investor; 

 

	 	(f)	 (Payment details): the account to which any payments to an Investor are to be made (if applicable); 

 

	 	(g)	 (Payment record): a record of each payment in respect of Notes and Units in relation to the Series Trust; 

 

	 	(h)	 (Series Supplement): such information as is required to be entered in the Register pursuant to the corresponding Series Supplement; and

  

	 	(i)	 (Other particulars): such other particulars that the Manager or the Trustee considers to be desirable and, in the case of the Manager, as it
directs the Trustee in writing to include in the Register. 

 The Trustee may enter in the Register
such other particulars that the Manager or the Trustee considers to be desirable. 
  

	9.3	 Correctness of the Register 

The Manager may accept the correctness of the Register and is not required to enquire into its authenticity. Neither the
Manager nor the Trustee is liable for any mistake in the Register or in any 

  
 22 

 
purported copy except to the extent that the mistake is caused by its own negligent or fraudulent act or wilful default. 
  

	9.4	 Notification of change by Investors 

Any change of name or address on the part of any Investor must promptly be notified by that Investor to the office of the
Trustee in Sydney who must alter the Register within five Business Days of receipt of that notice. 
  

	9.5	 Inspection of the Register 

The Manager and each Investor are entitled to inspect, but (subject to Clause 9.6) not copy, the Register in respect of a
Series Trust at any time when the Trustee’s registered office is required by the Corporations Act to be accessible to the public. An Investor is entitled to inspect the Register only in respect of information relating to that Investor. 

 

	9.6	 Copy of Register for Manager 

The Trustee must make a copy of the Register available to the Manager upon request by the Manager within one Business Day of
receipt of the request. 
  

	9.7	 Closure of the Register 

The Trustee may from time to time close the Register, or part of the Register, but neither the Register as a whole nor any
part of the Register may be closed for more than 35 Business Days in aggregate in any calendar year or such greater period as may be permitted pursuant to the Corporations Act. If the Register, or the relevant part of the Register, is closed in
accordance with this Clause or Clause 9.8, Investor Entitlements determined in accordance with Clause 9.8 are determined as at the immediately preceding Business Day. 
  

	9.8	 Closed to calculate Investor Entitlements 

In addition to the Trustee’s rights pursuant to Clause 9.7, in order to calculate Investor Entitlements the Register, or
the relevant part of the Register, may be closed by the Trustee from 4.30 p.m. two Business Days preceding the date for payment of Investor Entitlements (or such other Business Day as the Trustee notifies the Investors from time to time) and
reopened at the commencement of business on the Business Day immediately following the date of such payment. 
  

	9.9	 Non-recognition of equitable interests 

Except as otherwise provided in this Deed and except as required by statute or as ordered by a court of competent
jurisdiction, no notice of any trust, whether express, implied or constructive, is to be entered in the Register and except as required by statute or as ordered by a court of competent jurisdiction, neither the Trustee nor the Manager is to be
affected by or compelled to recognise (even when having notice of it) any right or interest in any Notes or Units other than the registered Investor’s absolute right to the entirety of them and the receipt of a registered Investor is a good
discharge to the Trustee and Manager. 
  

	9.10	 Appointment of third party registrar 

The Trustee, with the approval of the Manager, may cause the Register to be maintained by a third party on its behalf and
require that person to discharge the Trustee’s obligations under this Deed in relation to the Register. The Trustee is not liable for any act or omission of such person if: 

  
 23 

	 	(a)	 (Third party not Austraclear): such person is not Austraclear and the Trustee reasonably believed that the person was competent to perform
the obligations in relation to the keeping of the Register imposed by this Deed; or 

  

	 	(b)	 (Third party is Austraclear): such person is Austraclear. 

 

	9.11	 Manager to provide information 

The Manager must provide the Trustee and any person appointed in accordance with Clause 9.10 with such information as the
Trustee or such person reasonably requires to maintain the Register. 
  

	9.12	 Conclusiveness of Register 

A Certificate is not a certificate of title and the Register is the only conclusive evidence of title to Notes and Units. 

 

	9.13	 Rectification of Register 

If: 
  

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

 

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

  

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

 

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

 

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

 then the Trustee may rectify the same and the Trustee is not liable for any
loss, costs or liability incurred as a result of any of the foregoing occurring provided that it is not as a result of the Trustee’s fraud, negligence or wilful default. 
  

	10.	 TRANSFER OF NOTES AND UNITS 

  

	10.1	 No restriction on Transfer 

Subject to this Deed and subject to the corresponding Series Supplement or the Trust Creation Deed (if any), there is no
restriction on the transfer of Notes and Units. 
  

	10.2	 Form of Transfer 

All transfers of Notes and Units must be in writing and in the form of, respectively, a Transfer. 

 

	10.3	 Execution of Transfer 

Every Transfer must be duly completed, duly stamped (if applicable), executed by the transferor and the transferee and
delivered to the Trustee together with the Certificate relating to the Notes or Units to be transferred. The transferor is deemed to remain the owner of the Notes or Units for the purpose of establishing and paying Investor Entitlements until the
name of the transferee is entered in the Register. 

  
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	10.4	 Restrictions on Transfer 

An Investor is only entitled to transfer a Note or a Unit if: 

 

	 	(a)	 (Excluded offer): the offer or invitation to the proposed transferee by the Noteholder or the Unitholder (as the case may be) in relation to
the Notes or Units (as the case may be) does not require disclosure to investors pursuant to sections 707 and 708 of the Corporations Act; and 

  

	 	(b)	 (Transfer complies with Series Supplement): the transfer would not otherwise breach any restriction on transfer for the Notes or Units (as
the case may be) contained in the relevant Series Supplement or the Trust Creation Deed (if any). 

  

	10.5	 Trustee may refuse to register 

The Trustee may refuse to register any Transfer if: 
  

	 	(a)	 (Not duly completed): if it is not duly completed, executed and (if necessary) stamped; 

 

	 	(b)	 (Does not comply): it contravenes or fails to comply with the terms of this Deed or the Series Supplement or the Trust Creation Deed (if
any) relating to the Notes or Units (as the case may be); or 

  

	 	(c)	 (Contravention of law): the transfer would result in a contravention of or failure to observe the provisions of a law of a State or
Territory of the Commonwealth of Australia, or of the Commonwealth of Australia. 

  

	10.6	 Trustee not bound to give reasons 

The Trustee is not bound to give any reason for refusing to register any Transfer and its decision is final, conclusive and
binding. If the Trustee refuses to register a Transfer, it must, as soon as practicable following that refusal, send to the transferor, and the party seeking to take the transfer of the Note or Unit, notice of that refusal. 

 

	10.7	 Registration of transferee as Investor 

Subject to this Clause 10, the Trustee must upon receipt of a Transfer register the transferee in the Register. No fee is to
be charged for the registration of any Transfer. The registration in the Register of a Transfer of a Unit or Note to a transferee will constitute the passing of title in the Unit or Note to the transferee. 

 

	10.8	 No Transfer if Register closed 

The Trustee may not register any Transfer whilst the Register, or the relevant part of the Register, is closed for any
purpose. 
  

	10.9	 Rights and obligations of transferee 

A transferee of Notes or Units pursuant to this Deed has the following rights and obligations from the time of registration:

  

	 	(a)	 (Transferor’s rights): all the rights which the transferor previously had; and 

  
 25 

	 	(b)	 (Obligations of Investor): all the obligations of an Investor as provided by this Deed and the corresponding Series Supplement as if the
transferee was originally a party to this Deed and the Series Supplement. 

  

	10.10	 Receipt of Transfers 

Subject to Clause 10.11, a Transfer will be regarded as received by the Trustee for the purposes of this Deed on the Business
Day that the Trustee actually receives the Transfer at the place at which the Register is then kept, except that if a Transfer is actually received by the Trustee after 4.30 p.m. on a Business Day at the place at which the Register is then kept, it
will be regarded as having been received by the Trustee for the purposes of this Deed on the next Business Day. 
  

	10.11	 Transfer received when Register closed 

If a Transfer is received by the Trustee during a period when the Register, or the relevant part of the Register, is closed or
on any non-Business Day, the Transfer will be regarded as having been received by the Trustee for the purposes of this Deed on the first Business Day thereafter on which the Register, or the relevant part of the Register (as the case may be), is
open. 
  

	10.12	 Issue of Certificate 

Whenever the Trustee is required under this Deed to register a person as a Noteholder or a Unitholder, the Trustee must issue
by mail to the transferee (at the address stated on the Transfer) within ten Business Days of such registration a Certificate to the transferee in respect of the relevant Notes or Units (as the case may be) and, where some but not all Notes or Units
held by an Investor have been transferred, issue a new Certificate (within ten Business Days of the registration) to the transferor as confirmation of the balance of the Notes or Units (as the case may be) registered in the name of the transferor.

  

	10.13	 Execution of Certificate 

A Certificate may be engraved, lithographed or printed and must be signed, either manually, mechanically, electronically, by
facsimile or by other means agreed between the Manager and the Trustee, by an Authorised Officer or other delegate of the Trustee. A Certificate is valid notwithstanding that when the Certificate is issued the person whose facsimile signature has
been applied to the Certificate has died or otherwise ceased to hold office. 
  

	10.14	 Worn out or lost Certificate 

If a Certificate becomes worn out or defaced, then upon production of it to the Trustee, a replacement will be issued. If a
Certificate is lost or destroyed, upon proof of this to the satisfaction of the Trustee and the provision of such indemnity as the Trustee considers adequate, a replacement Certificate will be issued. A fee not exceeding $10 may also be charged by
the Trustee for the new Certificate if it so requires. 
  

	10.15	 Payments to transferee 

Subject to this Deed, upon entry of a transferee in the relevant Register, the transferee is ipso facto entitled to receive
any payments then due or which become due to the holder of the relevant transferred Notes or Units (as the case may be) and the Trustee is discharged for any such payment made to the transferee and, without limiting the foregoing, whether or not the
entitlement to payment wholly or partly arose or accrued prior to the transfer provided always that where a transfer is registered after the closure of the Register to determine an Investor Entitlement but prior to the date upon which any Investor
Entitlement is due to be paid in respect of the relevant transferred Notes or 

  
 26 

 
Units, then that Investor Entitlement in respect of the relevant transferred Notes or Units (as the case may be) must be paid to the transferor and not the transferee. 

 

	10.16	 Reliance on documents 

The Trustee is entitled to accept and assume the authenticity and genuineness of any Transfer or other document unless the
Trustee is actually aware that the same is not authentic or genuine. The Trustee is not bound to enquire into the authenticity or genuineness of any Transfer or other document, nor incurs any liability for registering any Transfer which is
subsequently discovered to be a forgery or otherwise defective, unless the Trustee had actual notice of such forgery or defect at the time of registration of such Transfer. 
  

	10.17	 Specimen signatures 

The Trustee may (but need not) require each Investor to submit specimen signatures (and in the case of a corporation may
require those signatures to be authenticated by the secretary or director of such Investor) of persons authorised to execute Transfers on behalf of such Investor and is entitled to assume (until notified to the contrary) that such authority has not
been revoked. 
  

	10.18	 Persons entitled on transmission 

If an Investor dies, the Trustee and the Manager will recognise only the survivor or survivors (where the deceased was a joint
holder) or the executors or administrators (in all other cases) as having any title to the Notes or Units registered in the name of the deceased. 
  

	10.19	 Registration on transmission 

A person who becomes entitled to a Note or Unit (and gives evidence of that entitlement to the Manager in a form satisfactory
to the Manager and the Trustee) because of the death, insolvency, bankruptcy, insanity or other disability of an Investor is entitled to be registered as the Investor or to nominate some other person to be registered as the Investor. 

 

	10.20	 Notice of election 

To effect a registration under Clause 10.19 the person must give a written notice to the Manager requesting the registration.
If the Notes or Units are to be registered in the name of a nominee of the person, the person must also execute a transfer of the Notes or Units to the nominee. All the provisions of this Deed relating to the registration of transfers apply to such
a notice or transfer as if it were a transfer executed by a Noteholder or a Unitholder. 
  

	10.21	 Rights of transmittee prior to registration 

A person who becomes entitled to a Note or Unit because of the death, insolvency, bankruptcy, insanity or other disability of
an Investor is entitled to receive and may give a discharge for all the money payable in respect of the Note or Unit (as the case may be). 
  

	11.	 ACCOUNTS 

  

	11.1	 Separate Accounts for each Series Trust 

The Trustee must if it is required to do so in the relevant Series Supplement or, if not, is directed to do so by the Manager,
open a separate account with an ADI selected by the Manager in respect of each Series Trust. 

  
 27 

	11.2	 Additional Accounts 

The Trustee may open additional accounts with an ADI in respect of a Series Trust in accordance with the Series Supplement
relating to that Series Trust. 
  

	11.3	 Comply with requirements of Series Supplement 

Each account in relation to a Series Trust with an ADI must comply with the requirements (if any) specified in the Series
Supplement relating to that Series Trust. Otherwise, the account must comply with the instructions given by the Manager. 
  

	11.4	 Identifying name of Account 

Any accounts opened in accordance with this Clause 11 must be opened by the Trustee in its name and must identify the name of
the relevant Series Trust. 
  

	11.5	 Restricted use of Account 

No account opened in accordance with this Clause 11 may be used for any purpose other than those of the relevant Series Trust
in respect of which it is opened. 
  

	11.6	 Operation of Account 

The only authorised signatories for any account opened in accordance with this Clause 11 must be officers or employees of the
Trustee. 
  

	11.7	 Nominated Servicer and Nominated Seller not to deal with Accounts 

Other than as set out in this Deed or the relevant Series Supplement, no Nominated Servicer nor any Nominated Seller may deal
with any account opened by the Trustee in respect of any Series Trust or the moneys in any such account in any way. 
  

	11.8	 Manager has No Right of Set-Off 

The Manager agrees that it has no right of set-off, banker’s lien, right of combination of accounts, right to deduct
moneys (other than Taxes in respect of an account or moneys incorrectly credited to an account) or any other analogous right or security in or against any funds held in any account in respect of any Series Trust for any amount owed to the Manager.

  

	11.9	 Payment of moneys into Account 

Except in respect of business transacted through Austraclear and subject to this Clause 11 and the corresponding Series
Supplement, the Trustee must pay into an account in relation to a Series Trust: 
  

	 	(a)	 (Initial settlement): moneys paid to the Trustee in initial settlement and constitution of the Series Trust; 

 

	 	(b)	 (Subscription moneys): all subscription moneys raised in respect of the Notes and the Units and other moneys deposited with the Trustee in
respect of the Series Trust, except where such moneys are to be applied on the same day in the acquisition of Assets of the Series Trust, in which case the Trustee must see to that application; 

 

	 	(c)	 (Proceeds): all proceeds of the Assets of the Series Trust; 

 

	 	(d)	 (Money under Support Facilities): all moneys received under all Support Facilities (if any) in respect of the Series Trust; and

  
 28 

	 	(e)	 (Other money): all other moneys received by the Trustee in respect of the Series Trust. 

 

	11.10	 Withdrawals 

Subject to the corresponding Series Supplement, the Trustee must withdraw funds from the account of a Series Trust and apply
the same when necessary for: 
  

	 	(a)	 (Purchasing Assets of the Series Trust): purchasing Assets of the Series Trust in compliance with this Deed and the corresponding Series
Supplement and making payments required in connection with Assets of the Series Trust; 

  

	 	(b)	 (Paying parties to Transaction Documents): making payments to itself, the Manager, a Nominated Servicer, a Nominated Seller, the Security
Trustee and the Custodian and to any other persons of amounts entitled to be paid to or retained by them under this Deed and the other Transaction Documents for the Series Trust; 

 

	 	(c)	 (Paying Investors): making payments to the Investors in relation to the Series Trust in accordance with this Deed and the corresponding
Series Supplement; and 

  

	 	(d)	 (Other payments): making any other payments permitted or contemplated by this Deed, the corresponding Series Supplement and the other
Transaction Documents for the Series Trust. 

  

	12.	 INVESTMENT OF TRUST FUNDS 

  

	12.1	 Principal investment policy 

The principal investment policy of each Series Trust is the acquisition of Approved Financial Assets of the nature specified
in the Series Supplement relating to that Series Trust. 
  

	12.2	 Investment proposals 

  

	 	(a)	 (Manager’s investment proposals): The Manager may from time to time give to the Trustee a written proposal for the acquisition of the
Assets of a Series Trust and for the sale, transfer, exchange or other realisation of or dealing with the Assets of a Series Trust and must give to the Trustee all directions as the Trustee may reasonably require in relation to all such matters.

  

	 	(b)	 (Trustee must implement investment proposals): If: 

 

	 	(i)	 the Trustee receives any such written proposal in writing from the Manager in relation to a Series Trust; 

 

	 	(ii)	 the Trustee is satisfied (acting reasonably) that the action referred to in the proposal is in accordance with this Deed and the corresponding
Series Supplement; 

  

	 	(iii)	 the Trustee is satisfied that all conditions precedent in the Transaction Documents relating to the Series Trust (if any) have been met; and

  

	 	(iv)	 the Manager’s proposal relates to the Approved Financial Assets of the Series Trust or to an Authorised Short-Term Investment of the Series
Trust, 

 then the Trustee must effect and pay for any such investment, purchase, transfer or alteration
of investment to the extent of funds held by it in relation to the Series Trust. 

  
 29 

	 	(c)	 (Discretion): The Manager has the fullest discretion to recommend in the proposal the time and mode of and the broker, contractor or agent
(if any) to be engaged for the implementation of the proposal including the right to recommend a postponement for so long as the Manager in its discretion thinks fit. 

 

	12.3	 Maturity of Authorised Short-Term Investments 

The Manager must ensure that any Authorised Short-Term Investments in relation to a Series Trust, to the extent that these
represent moneys required for the payment of the Liabilities of the Series Trust, have a maturity on a date on or before the due date for the payment of those Liabilities. 
  

	12.4	 Limitation on acquisition of Authorised Short-Term Investments 

The Manager must only give to the Trustee as a trustee of a Series Trust a proposal to acquire Authorised Short-Term
Investments where the Authorised Short-Term Investment, or the issuer in respect thereof, at the time of the proposed acquisition, has at least the Required Credit Rating for that Series Trust. 

 

	12.5	 No sale of Authorised Short-Term Investments prior to their maturity date 

Save as otherwise permitted by this Deed or the Series Supplement relating to a Series Trust, no Authorised Short-Term
Investment of the Series Trust may be sold prior to its maturity date except where: 
  

	 	(a)	 (Rating Notification): the sale occurs because the Authorised Short-Term Investment, or the issuer in respect thereof, no longer has at
least the Required Credit Rating for the Series Trust and the Manager has issued a Rating Notification in relation to the sale; or 

  

	 	(b)	 (No loss will be suffered): the sale of the Authorised Short-Term Investment will not result in a loss being suffered by the Series Trust;
or 

  

	 	(c)	 (Sale not prejudicial): the sale is not, in the opinion of the Manager, prejudicial to the interests of the Investors referable to the
Series Trust. 

  

	12.6	 Voting rights of investments 

  

	 	(a)	 (Trustee must exercise in accordance with Manager’s directions): Subject to this Deed, the Trustee must in relation to each Series
Trust, exercise all voting rights conferred by the Assets of that Series Trust in the manner the Manager directs from time to time. At the request and expense of the Manager, the Trustee must execute, deliver and appoint or cause to be executed,
delivered and appointed the necessary proxies, attorneys and representatives to enable the Manager or its nominees to exercise such voting rights. 

  

	 	(b)	 (No responsibility for votes not cast): Subject to this Deed, neither the Manager nor the Trustee nor any holder of any proxy or power of
attorney referred to in Clause 12.6(a) is liable or responsible for any vote cast or not cast including, without limitation, in connection with the management of any entity in which the Assets of any Series Trust are held.

  

	12.7	 Assets and Liabilities of Series Trust 

The Trustee must not apply the Assets of a Series Trust to meet any Liabilities of any other Series Trust. 

  
 30 

	12.8	 No aggregation of Liabilities 

The Trustee must not: 
  

	 	(a)	 (Aggregated with other Liabilities): aggregate the Liabilities of a Series Trust with the Liabilities of any other Series Trust; or

  

	 	(b)	 (Offset against other Assets of the Series Trust): set-off the Liabilities of a Series Trust against any other Assets of the Series Trust,
other than the Assets of the Series Trust to which those Liabilities relate. 

  

	12.9	 Designation and discharge of Liabilities 

The Trustee must allocate to each Series Trust those Liabilities which in the opinion of the Manager are properly referable to
that Series Trust (including, without limitation, those Liabilities which were incurred in purchasing the Assets of that Series Trust). Subject to the provisions of this Deed, the Trustee must pay out of a Series Trust (or make adequate provision
for) all Liabilities in connection with that Series Trust. 
  

	12.10	 No mixture of Assets 

The Trustee must account for the Assets of each Series Trust separately from the Assets of all other Series Trusts and must
account for the Liabilities which are referable to each Series Trust separate and apart from the Liabilities which are referable in all other Series Trusts but must (after consultation with the Manager) make a fair apportionment between Series
Trusts of any property coming into the hands of the Trustee which belongs to one or more Series Trusts. 
  

	12.11	 No co-mingling 

The Trustee must not co-mingle any money held by the Trustee in respect of a Series Trust with any money held by the Trustee
in respect of any other Series Trust. 
  

	12.12	 Other Trusts 

The Trustee may mix the Assets of a Series Trust and the Assets of any Other Trust constituted by the Series Supplement or the
Trust Creation Deed (if any) in relation to that Series Trust, and may co-mingle money held in respect of a Series Trust and that Other Trust, to the extent set out in that Series Supplement. 

 

	12.13	 Transfer of Risk 

In respect of a Series Trust, the Trustee acknowledges that upon acceptance by the Trustee of a Letter of Offer (as defined in
the Series Supplement in respect of that Series Trust) the Trustee will, subject to and in accordance with the Transaction Documents in relation to that Series Trust, assume the risk of losses with respect to the SMART Receivable Rights (as defined
in the Series Supplement in respect of that Series Trust) relating to that Letter of Offer (as defined in the Series Supplement in respect of that Series Trust) arising from any default by an Obligor (as defined in the Series Supplement in respect
of that Series Trust) or otherwise and that, without limiting the foregoing, if cashflows relating to a SMART Receivable Right (as defined in the Series Supplement in respect of that Series Trust) are re-scheduled or renegotiated, the Trustee will
be subject to the re-scheduled or re-negotiated terms. 

  
 31 

	13.	 INCOME AND CAPITAL OF A SERIES TRUST 

  

	13.1	 Determination of Net Accounting Income 

The Manager must determine in accordance with the Approved Accounting Standards: 

 

	 	(a)	 (Net Accounting Income): the net income of a Series Trust in respect of each Financial Year of the Series Trust and 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 

  

	 	(b)	 (Provisions and reserves): whether and the extent to which any provisions and reserves need to be made for the Financial Year.

  

	13.2	 Determination of Net Tax Income 

The Manager must determine the Net Tax Income of each Series Trust for each Financial Year. 

 

	13.3	 Manager to make allocations 

Having regard to the determinations made under Clauses 13.1 and 13.2, the Manager must make or cause the Trustee to make the
allocation and/or take such action (as the case may be) as specified in the Series Supplement for a Series Trust. 
  

	14.	 REPRESENTATIONS AND WARRANTIES 

  

	14.1	 General representations and warranties 

Each of the Trustee and the Manager represents and warrants in respect of itself to the other that: 

 

	 	(a)	 (Due incorporation): it has been duly incorporated as a company limited by shares in accordance with the laws of its place of incorporation
and is validly existing under those respective laws and has power and authority to carry on its business as it is now being conducted; 

  

	 	(b)	 (Power to enter and observe this Deed): it has power to enter into and observe its obligations under this Deed;

  

	 	(c)	 (Authorisations): it has in full force and effect the authorisations necessary to authorise its execution, delivery and performance of this
Deed; 

  

	 	(d)	 (Obligations enforceable): its obligations under this Deed are valid, binding and enforceable against it in accordance with their terms
subject to stamping and any necessary registration 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; 

  

	 	(e)	 (This Deed does not contravene constituent documents): this Deed does not contravene its constituent documents or any law, regulation or
official directive or any of its obligations or undertakings by which it or any of its assets are bound or cause a limitation on its powers or the powers of its directors to be exceeded; 

  
 32 

	 	(f)	 (Not trustee): (represented and warranted by the Manager only) it does not enter into this Deed in the capacity of a trustee of any trust or
settlement; and 

  

	 	(g)	 (No Insolvency Event): no Insolvency Event has occurred and is subsisting in respect of it. 

 

	14.2	 Repetition of representations and warranties 

The representations and warranties in Clause 14.1 are taken to be also made on each date on which Notes are issued by the
Trustee as trustee of a Series Trust after the date of this Deed. 
  

	15.	 MANAGER’S DUTIES AND UNDERTAKINGS 

  

	15.1	 Manager’s general duty 

Having regard to the Manager’s powers and discretions under this Deed and the corresponding Series Supplement, the
Manager must manage each Series Trust, including without limitation the business of each Series Trust and the Assets forming part of each Series Trust. 
  

	15.2	 Manager’s covenants 

The Manager covenants with the Trustee in respect of each Series Trust that it will until the Series Trust is terminated in
accordance with this Deed or until it has retired or been removed as Manager in accordance with this Deed: 
  

	 	(a)	 (Use reasonable endeavours to conduct business properly): use all reasonable endeavours to carry on and conduct its business to which its
obligations and functions under this Deed and the other Transaction Documents relating to the Series Trust pertain in a proper and efficient manner; 

  

	 	(b)	 (Do all necessary things): do everything and take all such actions which are necessary (including, without limitation, obtaining and
complying with all material authorisations, licences and approvals and laws as are appropriate) to ensure that it and the Trustee in respect of the Series Trust are able to exercise all their respective powers and remedies and perform all their
respective obligations under this Deed and the other Transaction Documents relating to the Series Trust and all other deeds, agreements and other arrangements entered into by the Manager and the Trustee pursuant to this Deed or any of such other
Transaction Documents except all necessary actions that the Trustee is obliged to perform under Clause 16.3(b) of this Deed; 

  

	 	(c)	 (Act honestly): act honestly and in good faith in the performance of its duties and in the exercise of its discretions under this Deed and
under the Series Supplement in relation to the Series Trust; 

  

	 	(d)	 (Exercise diligence): exercise at least the degree of skill, care and diligence that an appropriately qualified manager of trusts equivalent
to the Series Trusts would reasonably be expected to exercise, having regard to the interests of the Investors in relation to the Series Trust; 

  

	 	(e)	 (Exercise prudence): exercise such prudence as a prudent person of business would exercise in performing its express functions and in
exercising its discretions under this Deed and the other Transaction Documents relating to the Series Trust, having regard to the interests of the Investors in relation to the Series Trust; 

 

	 	(f)	 (Allow Trustee and Auditor to inspect): make available for inspection by the Trustee and the Auditor during normal business hours and after
the receipt of reasonable notice, the  

  
 33 

	 	 
books of the Manager relating to the Series Trust whether kept at its registered office or elsewhere; 

  

	 	(g)	 (Give Trustee and Auditor information): give to the Trustee and the Auditor written or oral information which either may reasonably require
with respect to all matters in possession of the Manager relating to the Series Trust; 

  

	 	(h)	 (Make information available): make available or ensure that there is made available to the Trustee the details within the Manager’s
knowledge or possession that the Trustee requests with respect to all matters relating to the Series Trust; 

  

	 	(i)	 (Pay Trustee): pay to the Trustee within one Business Day of receipt all money that is payable by the Manager to the Trustee under this Deed
or the corresponding Series Supplement in relation to the Series Trust; 

  

	 	(j)	 (Audited Financial Reports): give the Trustee the audited Financial Reports of the Manager for each financial year of the Manager within 120
days of the end of that year; 

  

	 	(k)	 (Unaudited Financial Reports): give the Trustee unaudited Financial Reports of the Manager for the first six months of each financial year
of the Manager within 90 days of the end of that six months; 

  

	 	(l)	 (Notify material misrepresentations): promptly notify the Trustee if it becomes actually aware that any material representation or warranty
made or taken to be made by or on behalf of the Manager in connection with any Transaction Document relating to the Series Trust is incorrect when made or taken to be made; 

 

	 	(m)	 (Notify defaults): promptly notify the Trustee if it becomes actually aware of any Manager Default and at the same time, or as soon as
possible thereafter, provide full details of such Manager Default; 

  

	 	(n)	 (Certificate): within two Business Days of a request from the Trustee, provide to the Trustee a certificate signed by two Authorised
Officers of the Manager on behalf of the Manager which states whether a Manager Default has occurred (a request under this Clause will not be made by the Trustee more than once in each six calendar month period, unless the Trustee when making the
request sets out reasonable grounds for believing that a Manager Default is subsisting); 

  

	 	(o)	 (Not recommend release of Assets): not recommend the release of any Assets of the Series Trust to a Nominated Seller, a Nominated Servicer
or any other party except in accordance with the express provisions of this Deed or the other Transaction Documents relating to the Series Trust, without the prior written permission of the Trustee; 

 

	 	(p)	 (Not merge without assumption): not merge or consolidate into another entity, unless the surviving entity assumes the obligations of the
Manager under the Transaction Documents relating to the Series Trust and unless each Rating Agency in relation to the Series Trust has received at least 15 Business Days prior notice in writing from the Manager of the proposed merger or
consolidation and the Manager has issued a Rating Notification in relation to the proposed merger or consolidation; 

  

	 	(q)	 (Filings): make all filings required in connection with the Series Trust or Assets of the Series Trust with any Governmental Agency in
Australia; 

  

	 	(r)	 (Tax returns): prepare and submit to the Trustee for signing and filing on a timely basis all income or other Tax returns or elections
required to be filed with respect to a Series Trust  

  
 34 

 
and ensure that the Trustee is directed on a timely basis to pay any Taxes required to be paid by the Trustee as trustee of a Series Trust; 

 

	 	(s)	 (Prepare consents and notices): on a timely basis, prepare and mail any consents or notices required to be provided by the Trustee under
this Deed or any other Transaction Documents for the Series Trust; and 

  

	 	(t)	 (Comply with duties and laws): promptly comply with all other duties and obligations imposed on the Manager by the Series Supplement, or
another Transaction Document, in relation to the Series Trust and comply with all relevant laws in carrying out such duties and obligations. 

  

	15.3	 Manager to have discretion 

Subject to this Deed, the Manager has an absolute discretion with respect to all the powers, authorities and discretions
vested in it whether in relation to the manner or time of exercise. 
  

	15.4	 Act on expert advice 

The Manager may obtain and act upon the opinion, advice or information obtained from barristers, solicitors, valuers,
surveyors, contractors, land agents, brokers, letting agents, property managers, qualified advisers and other experts whether instructed by the Manager, any Nominated Servicer, any Nominated Seller or by the Trustee. The Trustee must pay from the
relevant Series Trust the reasonable and proper fees, disbursements and expenses, duties and outgoings payable in relation to any such person. 
  

	15.5	 Negotiation in relation to Support Facilities 

The Manager must ensure, to the extent that it is within the Manager’s power, that all steps which it thinks are
desirable are taken in connection with the negotiation of the documentation to effect on a timely basis any Support Facilities for each Series Trust. 
  

	15.6	 Monitor Support Facilities 

The Manager must monitor, to the extent that it is within the Manager’s power, all Support Facilities in respect of a
Series Trust. The Manager must properly perform the functions which are necessary for it to perform under any Support Facility. 
  

	15.7	 Manager’s power to delegate 

The Manager, in carrying out and performing its duties and obligations in relation to each Series Trust, may: 

 

	 	(a)	 (Appoint attorneys): by power of attorney appoint any person to be attorney or agent of the Manager for those purposes and with those
powers, authorities and discretions (not exceeding those vested in the Manager) as the Manager thinks fit including, without limitation, a power to sub-delegate and a power to authorise the issue in the name of the Manager of documents bearing
facsimile signatures of the Manager or of the attorney or agent either with or without proper manuscript signatures of its officers on them; and 

  

	 	(b)	 (Appoint agents): appoint by writing any person to be agent of the Manager as the Manager thinks necessary or proper for those purposes and
with those powers, authorities and discretions (not exceeding those vested in the Manager) as the Manager thinks fit, 

  
 35 

 provided that, in each case, the Manager must not delegate to such third parties
a material part of its duties and obligations as Manager in relation to a Series Trust. 
  

	15.8	 Manager may replace or suspend attorneys 

The Manager may replace or suspend any attorney, agent or sub-agent appointed under Clause 15.7 for any cause or reason
as the Manager may in its sole discretion think sufficient with or without assigning any cause or reason. 
  

	15.9	 Manager remains liable for its attorneys and agents 

The Manager at all times remains liable for: 
  

	 	(a)	 (Acts and omissions): the acts or omissions of any person appointed under Clause 15.7(a) or (b) to the extent that the Manager would
itself be liable; and 

  

	 	(b)	 (Fees and expenses): the payment of fees of any person appointed under Clause 15.7(a) or (b). 

 

	15.10	 No power to bind Trustee, Nominated Servicer or Nominated Seller 

The Manager in exercising its powers, authorities and discretions vested in it and carrying out and performing its duties and
obligations in relation to any Series Trust or any Asset of a Series Trust, whether pursuant to this Deed, a Series Supplement, any other Transaction Document or any other deed, agreement or other arrangement, does not (nor do any of its delegates)
have any power to bind the Trustee, any Nominated Servicer or any Nominated Seller, otherwise than as expressly provided in this Deed, such Series Supplement, the other Transaction Documents or such other deed, agreement or arrangement. 

 

	15.11	 Indemnity for legal costs 

Subject to Clause 15.13, the Manager is indemnified out of each Series Trust for all legal costs and disbursements on a full
indemnity basis and all other costs, disbursements, outgoings and expenses incurred by the Manager in connection with: 
  

	 	(a)	 (Enforcement): the enforcement or contemplated enforcement of, or preservation of rights under; and 

 

	 	(b)	 (Litigation): without limiting the generality of paragraph (a), the initiation, defence, carriage and settlement of any action, suit,
proceeding or dispute in respect of, 

 this Deed, or any other Transaction Document, in relation
to the Series Trust or otherwise under or in respect of the Series Trust. 
  

	15.12	 Indemnity for legal costs for alleged default 

The Manager is indemnified and is entitled to be reimbursed out of the relevant Series Trust in accordance with Clause 15.11
in respect of all legal costs and disbursements (as determined in the manner provided for in Clause 15.11) incurred by the Manager in connection with court proceedings brought against it alleging negligence, fraud or wilful default under this Deed.
However, the Manager is not entitled to such a right of indemnity or reimbursement where there is a determination by the relevant court of fraud, negligence or wilful default by the Manager (provided that until such determination, the Manager is
entitled to such right of indemnity or reimbursement but must upon such a determination repay to the Trustee any amount paid to it pursuant to this Clause). 

  
 36 

	15.13	 Extent of liability of Manager 

Subject to Clause 15.17, the Manager is not personally liable to indemnify the Trustee or to make any payments to any other
person in relation to any Series Trust except for any fraud, negligence or wilful default by it in its capacity as Manager of the Series Trust. 
  

	15.14	 Right of indemnity 

Except to the extent specifically provided otherwise in this Deed or a Transaction Document with respect to a Series Trust,
the Manager is indemnified out of each Series Trust in respect of any liability, cost or expense properly incurred by it in its capacity as Manager of the Series Trust. 
  

	15.15	 Further limitation of liability of Manager 

If the Manager relies in good faith on an opinion, advice, information or statement given to it by a person referred to in
Clause 15.4, it is not liable for any misconduct, mistake, oversight, error of judgment, forgetfulness or want of prudence on the part of that person except when the person is not independent from the Manager. A person is regarded as independent
notwithstanding that the person acts or has acted as adviser to the Manager so long as separate instructions are given by the Manager to that person. 
  

	15.16	 Neither Manager nor delegate liable 

Neither the Manager nor any delegate of the Manager appointed in accordance with this Deed or any other Transaction Document
of a Series Trust is liable for: 
  

	 	(a)	 (Loss and liabilities except in respect of default of Manager): any loss, costs, liabilities or expenses arising out of the exercise or
non-exercise of its discretions under this Deed, any Transaction Document or otherwise in relation to a Series Trust except to the extent that any of the foregoing is caused by the Manager’s or such delegate’s own fraud, negligence or
wilful default; 

  

	 	(b)	 (Loss and liabilities arising out of Trustee, Nominated Seller or Nominated Servicer exercise of discretion): any loss, costs, liabilities
or expenses arising out of the exercise or non-exercise of a discretion on the part of the Trustee, any Nominated Seller or any Nominated Servicer or any act or omission of the Trustee, any Nominated Seller or any Nominated Servicer except to the
extent that any of the foregoing is caused by the Manager’s or such delegate’s own fraud, negligence or wilful default; 

  

	 	(c)	 (Failure to check): any loss, costs, liabilities or expenses caused by its failure to check any calculation, information, document, form or
list supplied or purported to be supplied to it by the Trustee, any Nominated Seller, any Nominated Servicer or any other person except to the extent that any of the foregoing is caused by the Manager’s or such delegate’s own fraud,
negligence or wilful default; 

  

	 	(d)	 (Other acts or omissions): any other act or omission on its part except to the extent that the act or omission is fraudulent, negligent or
in wilful default; or 

  

	 	(e)	 (Trustee Default): any Trustee Default except to the extent that it is caused by the Manager’s or such delegate’s fraud,
negligence or wilful default. 

  

	15.17	 Indemnity 

The Manager indemnifies the Trustee personally in respect of all costs, damages, losses and expenses incurred as a result of
any Manager Default. 

  
 37 

	16.	 TRUSTEE’S POWERS, DUTIES, COVENANTS, INDEMNITIES AND LIABILITIES 

 

	16.1	 Trustee’s powers 

Subject to this Deed, the Trustee has all the powers in respect of the Assets of each Series Trust, which it could exercise if
it were the absolute and beneficial owner of the relevant Assets. 
  

	16.2	 Act in interests of Investors 

The Trustee agrees to act in the interests of the Investors of each Series Trust on the terms and conditions of this Deed and
of the relevant Series Supplement and the Trust Creation Deed (if any). If there is a conflict between the interests of the Investors of a Series Trust, the Trustee is empowered to, and must, act in the interests of the Noteholders. 

 

	16.3	 Trustee’s covenants 

The Trustee covenants with the Manager, with the intent that the benefit of these covenants extends not only to the Manager,
but also to the Investors of the Series Trust jointly and to each of them severally, that it will in respect of each Series Trust: 
  

	 	(a)	 (Act continuously): act continuously as Trustee until the Series Trust is terminated in accordance with this Deed or until it has retired or
been removed in accordance with this Deed; 

  

	 	(b)	 (Do all things necessary): do everything and take all such actions within its power which are necessary (including, without limitation,
obtaining all such authorisations and approvals as are appropriate) to ensure that it is able to maintain its status as trustee of the Series Trust; 

  

	 	(c)	 (Give reasonable assistance): give the Manager all such reasonable assistance as the Manager may reasonably require to enable the Manager to
comply with its obligations under Clause 15.2(b) of this Deed; 

  

	 	(d)	 (Retain Assets safely): subject to this Deed and the corresponding Series Supplement retain the Assets of the Series Trust in safe custody
and hold them on trust for the Unitholders of the Series Trust upon the terms of this Deed and the Series Supplement relating to the Series Trust; 

  

	 	(e)	 (Not sell, Encumber etc): not sell, grant a Security Interest over or part with the possession of any of the Assets of the Series Trust (or
permit any of its officers to do so) except as permitted by this Deed, the Series Supplement relating to the Series Trust and the Security Trust Deed (if any) relating to the Series Trust; 

 

	 	(f)	 (Forward notices): forward promptly to the Manager all notices, reports, circulars and other documents received by it as holder of the
Assets of the Series Trust; 

  

	 	(g)	 (Maintain Support Facilities): use all reasonable endeavours having regard to its powers, duties and obligations under this Deed and the
corresponding Series Supplement to ensure that each Support Facility in relation to the Series Trust remains in full force and effect in respect of itself at all times during the period that any Notes relating to the Series Trust remain
outstanding; 

  

	 	(h)	 (Act honestly): act honestly and in good faith in the performance of its duties and in the exercise of its discretions under this Deed and
the corresponding Series Supplement; 

  
 38 

	 	(i)	 (Exercise diligence and prudence): exercise such diligence and prudence as a prudent person of business would exercise in performing its
express functions and in exercising its discretions hereunder, having regard to the interests of the Investors of the Series Trust; 

  

	 	(j)	 (Use all reasonable endeavours): use all reasonable endeavours to carry on and conduct its business in so far as it relates to this Deed and
the Series Trust in a proper and efficient manner; 

  

	 	(k)	 (Maintain title): use all reasonable endeavours to ensure that the Trustee’s title to the Assets of the Series Trust is maintained;

  

	 	(l)	 (Notify Manager): notify the Manager promptly after the Trustee becomes actually aware of the occurrence of any Trustee Default and at the
same time or as soon as possible thereafter provide full details of such Trustee Default; 

  

	 	(m)	 (No other business): not, in its capacity as trustee of the Series Trust, conduct any business other than the business permitted under the
Transaction Documents for that Series Trust; and 

  

	 	(n)	 (No termination, merger etc): except in the manner contemplated by the Transaction Documents, not terminate the Series Trust, transfer or
deal with the Assets of the Series Trust or agree to the merger of the Series Trust with any other person or entity until all of the Borrowings raised in respect of the Series Trust have been repaid in full. 

 

	16.4	 Specific powers of Trustee 

Without limiting the generality of Clause 16.1, or the other powers of the Trustee contained in this Deed, but subject to the
limitations on the Trustee imposed pursuant to this Deed, the Trustee has full power to do the following (which are to be construed as separate and independent powers): 
  

	 	(a)	 (Acquire): to accept, select, acquire, invest in, dispose of or deal with any Assets in accordance with the written proposals of the
Manager; 

  

	 	(b)	 (Purchase and sell): to purchase and sell any Asset of any Series Trust for cash or upon terms in accordance with the written proposals of
the Manager; 

  

	 	(c)	 (Enter into Transaction Documents): to enter into, vary, perform and, subject to any restrictions contained in Clauses 16.21 and 16.22,
enforce any Transaction Documents in relation to a Series Trust containing such terms and conditions as the Manager thinks fit and are acceptable to the Trustee; 

 

	 	(d)	 (Issue Notes): to Borrow money as trustee of a Series Trust by the issue of Notes as trustee of the Series Trust as provided for in this
Deed and the Series Supplement relating to the Series Trust; 

  

	 	(e)	 (Other Borrowings): to otherwise Borrow money as trustee of a Series Trust on such terms and conditions as the Manager thinks fit and are
acceptable to the Trustee. If at the time of the proposed Borrowing in relation to a Series Trust, Notes are outstanding in relation to the Series Trust and are rated by a Rating Agency in relation to the Series Trust, the Trustee may only enter
into such Borrowing if the Manager has issued a Rating Notification in relation to the proposed Borrowing and any Security Interest to be granted in connection with the Borrowing; 

 

	 	(f)	 (Grant security): to secure any such Borrowing in relation to a Series Trust by the grant of a Security Interest (including, without
limitation, the Security) over any or all of the Assets  

  
 39 

	 	 
of the Series Trust on such terms and conditions as the Manager thinks fit and are acceptable to the Trustee; 

 

	 	(g)	 (Appoint Custodian): to appoint a Nominated Seller to undertake custodial duties in relation to the Approved Financial Assets of a Series
Trust in accordance with the provisions of the Series Supplement for the Series Trust or to appoint a Custodian in accordance with the Series Supplement to perform such custodial duties on such terms and conditions as the Manager thinks fit (subject
to Clause 16.17 and subject to the limitations (if any) contained in the Series Supplement for the Series Trust); 

  

	 	(h)	 (Give representations and warranties): to give any representation, warranty, indemnity or other undertaking required in respect of any
Transaction Document or other transaction in any way relating to a Series Trust and notwithstanding that the subject matter of such representation, warranty, indemnity, or other undertaking may refer to the Trustee in its personal capacity or
otherwise to the Trustee’s personal affairs as the Manager considers necessary or desirable but: 

  

	 	(i)	 only in accordance with the Manager’s directions from time to time; and 

 

	 	(ii)	 to the extent that the subject matter of such representation, warranty, indemnity or undertaking does refer to the Trustee in its personal capacity
such representation, warranty, indemnity or undertaking is acceptable to the Trustee in its absolute discretion; 

  

	 	(i)	 (Insure): to insure any Asset of a Series Trust for amounts, on conditions and for types of insurance, determined to be necessary by the
Manager; 

  

	 	(j)	 (Attend meetings): to attend and vote at meetings in accordance with the Manager’s written directions; 

 

	 	(k)	 (Give indemnities): to give an indemnity to such persons and against such costs, expenses and damages as the Manager considers necessary or
desirable but only in accordance with the Manager’s directions from time to time; 

  

	 	(l)	 (Pay fees and expenses): to pay all fees and expenses of any Series Trust which were properly incurred and payable out of the relevant
Series Trust and (subject to Clause 16.26) approved by the Manager; 

  

	 	(m)	 (Execute proxies): to execute all such proxies (subject to Clause 12.6), powers of attorney (subject to Clause 12.6) and other instruments
as may be necessary or desirable to enable the Trustee, the Manager, any Nominated Seller, any Nominated Servicer or any officer, delegate or agent of any of the foregoing to exercise any power, discretion or right of the Trustee;

  

	 	(n)	 (Lease): subject to a Nominated Servicer’s functions and obligations under the corresponding Series Supplement in relation to a Series
Trust, to lease or sub-lease any real property, or act as bailor or bailee of any chattels; 

  

	 	(o)	 (Discharge and release): subject to a Nominated Servicer’s functions and obligations under the corresponding Series Supplement in
relation to a Series Trust, to grant any form of discharge or release or partial discharge or release of any Approved Financial Asset in the manner permitted by this Deed and the corresponding Series Supplement; 

 

	 	(p)	 (Delegate): to appoint, as permitted by Clause 16.8: 

  
 40 

	 	(i)	 any person to be delegate, attorney, agent or sub-agent of the Trustee for such purposes and with such powers, discretions and authorities as it
thinks fit (not exceeding those vested in the Trustee) with power for the delegate, attorney, agent or sub-agent to sub-delegate any such power, authorities or discretions and also to authorise the issue in the name of the Trustee of documents
bearing facsimile signatures of the Trustee or of the attorney or agent either with or without proper manuscript signatures of their officers on them; or 

  

	 	(ii)	 without limiting the generality of the foregoing, the Manager as delegate of the Trustee to perform any of the Trustee’s obligations and to
exercise any of the Trustee’s powers, discretions and authorities in respect of any Support Facility; 

  

	 	(q)	 (Exercise powers through Austraclear): at the written direction of the Manager, to exercise any of its powers and perform any of its
obligations under this Deed or any other Transaction Document through or in conjunction with Austraclear; 

  

	 	(r)	 (Register Austraclear): at the written request of the Manager, to register Austraclear as the holder of Notes, and to lodge Note Transfers
with Austraclear, to facilitate transactions through Austraclear’s system; 

  

	 	(s)	 (Give waivers): at the written direction of the Manager, to give any waiver, time or indulgence to any person on such terms as the Manager
may in its discretion decide; 

  

	 	(t)	 (Legal proceedings): subject to the restrictions contained in Clause 16.21 and 16.22, to institute, prosecute, defend, settle and compromise
legal or administrative proceedings of any nature whatsoever and generally to enforce and pursue its rights pursuant to and in respect of the Assets of any Series Trust; 

 

	 	(u)	 (Power of sale): subject to a Nominated Servicer’s functions and obligations under the corresponding Series Supplement in relation to a
Series Trust, to exercise any power of sale arising on default under any Security Interest forming part of the Assets of the Series Trust or any other rights or remedy accruing in respect of the Approved Financial Assets of the Series Trust;

  

	 	(v)	 (Series Supplement): to exercise any other power in relation to a Series Trust or the Assets of a Series Trust conferred on the Trustee by
the Series Supplement for the Series Trust or the Master Sale and Servicing Deed; and 

  

	 	(w)	 (Necessary and incidental): subject to Clause 16.26, with the agreement of the Manager, to do all such things incidental to any of the
foregoing powers or necessary or convenient to be done for or in connection with any Series Trust or the Trustee’s functions under this Deed. 

  

	16.5	 Refusal to exercise powers 

Notwithstanding anything in Clause 16.4, the Trustee may refuse to comply with any instruction or direction from the Manager,
a Nominated Servicer or a Nominated Seller in respect of a Series Trust where it reasonably believes that in so doing the rights and interests of the Investors in respect of that Series Trust are likely to be materially prejudiced by so complying
(if the Trustee purports to rely on this power it must at the time of so refusing, give reasons for its grounds to the Manager, the Nominated Servicer or the Nominated Seller (as the case may be)). 

 

	16.6	 Act on expert advice 

The Trustee may obtain and act upon the opinion, advice or information obtained from solicitors, barristers, surveyors,
valuers, contractors, land agents, brokers, letting agents, property managers, 

  
 41 

 
qualified advisers and other experts whether instructed by the Manager or by the Trustee which are for the purpose of enabling the Trustee to be fully and properly advised and informed in order
that it may properly exercise its powers and obligations under this Deed. 
  

	16.7	 Absolute discretion 

Subject to the Trustee duly observing its duties, covenants and obligations under this Deed, the Trustee has absolute
discretion as to the exercise or non-exercise of the trusts, powers, authorities and discretions vested in it by this Deed. 
  

	16.8	 Delegation of duties of Trustee 

The Trustee must not delegate to any person any of its trusts, duties, powers, authorities and discretions under this Deed or
a Series Supplement in relation to a Series Trust except: 
  

	 	(a)	 (To Manager, Nominated Servicer, Nominated Seller, Security Trustee): to the Manager, a Nominated Servicer, a Nominated Seller or the
Security Trustee in accordance with the provisions of this Deed or any other Transaction Document relating to the Series Trust; 

  

	 	(b)	 (Related Body Corporate): subject to Clause 16.9 to a Related Body Corporate of the Trustee; or 

 

	 	(c)	 (As otherwise permitted): in accordance with the provisions of this Deed or the Series Supplement relating to the Series Trust,

 provided that, in each such case, except as provided in any Transaction Documents, the Trustee must
not delegate to such third parties any material part of its powers, duties or obligations as Trustee. 
  

	16.9	 Liability for delegate of the Trustee 

  

	(a)	 (Acts or omissions): Subject to this Clause 16.9, the Trustee is not liable for the acts or omissions of any of its delegates, provided that
any such delegate is a person who is selected with reasonable care and in good faith. Where the Trustee delegates any of its trusts, duties, powers, authorities and discretions to any person who is a Related Body Corporate of the Trustee, the
Trustee at all times remains liable for the acts or omissions of such Related Body Corporate when acting as delegate.  

  

	(b)	 (Fees): In all circumstances where the Trustee delegates any of its trusts, duties, powers, authorities and discretions to any person, the
Trustee remains liable for the payment of fees of that person when acting as delegate and such fees will not be subject to indemnification under any of Clauses 16.10 or 16.11 or otherwise nor will such fees be expenses of the relevant Series
Trust. 

  

	16.10	 Indemnity of Trustee 

  

	(a)	 (Trustee to be indemnified): The Trustee is entitled to be indemnified out of the Assets of a Series Trust for any liability incurred by the
Trustee in performing or exercising any of its powers or duties in relation to that Series Trust. This indemnity is in addition to any indemnity allowed by law, but does not extend to liabilities arising from the Trustee’s fraud, negligence or
wilful default except to the extent specified in Clauses 16.13 and 16.14. 

  

	(b)	 (Limitation on Trustee’s Liability): A liability incurred by the Trustee acting in its capacity as trustee of a 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 the Assets of that Series Trust 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 16.10(d)) and  

  
 42 

 
extends to all liabilities and obligations of the Trustee in any way connected with any representations, warranty, conduct, omission, agreement or transaction related to this Deed. 

 

	(c)	 (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 a Series Trust, in any capacity other than as trustee of that Series Trust including seeking the appointment of a receiver (except in relation to the Assets of that Series Trust), 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 that Series Trust). 

 

	(d)	 (Breach of Trust): The provisions of this Clause 16.10 will not apply to any obligation or liability of the Trustee to the extent that it is
not satisfied because under this Deed or any other Transaction Document in relation to the relevant Series Trust or by operation of law there is a reduction in the extent of the Trustee’s indemnification out of the Assets of that Series Trust,
as a result of the Trustee’s fraud, negligence or wilful default. 

  

	(e)	 (Acts or Omissions): It is acknowledged that the Manager is responsible under this Deed for performing a variety of obligations relating to
a Series Trust. No act or omission of the Trustee (including any related failure to satisfy its obligations and any breach of representations and warranties under this Deed) will be considered fraudulent, negligent or a wilful default for the
purpose of Clause 16.10(d) to the extent to which the act or omission was caused or contributed to by any failure by the Manager or any other person, other than a person whose acts or omissions the Trustee is liable for under this Deed in accordance
with any Transaction Document, to fulfil its obligations relating to that Series Trust or by any other act or omission of the Manager or any other such person. 

 

	(f)	 (No Obligation): The Trustee is not obliged to enter into any further commitment or obligation under this Deed unless the Trustee’s
liability is limited in a manner consistent with this Clause 16.10 or otherwise in a manner satisfactory to the Trustee in its absolute discretion. 

  

	(g)	 (Authority to Act): No attorney, agent, receiver or receiver and manager appointed in accordance with any Transaction Document in relation
to a Series Trust has authority to act on behalf of the Trustee in a way which exposes the Trustee to any personal liability and no act or omission of any such person will be considered fraud, negligence or wilful default of the Trustee for the
purposes of Clause 16.10(d). 

  

	16.11	 Trustee Indemnified for costs etc 

The Trustee, in addition to its remuneration in accordance with Clause 18.2 and without limitation to Clause 16.10, is to be
indemnified and is entitled to be reimbursed out of a Series Trust, in respect of all costs, charges and expenses which it may incur in respect of and can attribute to that Series Trust in accordance with this Deed and the Series Supplement for that
Series Trust in relation to the following matters: 
  

	 	(a)	 (Disbursements): all disbursements in connection with the acquisition or proposed acquisition, maintenance, insurance, custody or disposal
of or any other dealing with any Asset of the Series Trust including, without limitation, commission, brokerage and stamp duty (other than costs which a Nominated Seller has agreed to pay pursuant to this Deed or the Series Supplement relating to
the Series Trust); 

  

	 	(b)	 (Auditor): the remuneration of the Auditor and any reasonable expenses of the Auditor sustained in the course of the performance of the
duties as an Auditor of the Series Trust and the fees, if any, charged by a registered tax agent for the preparation and lodgement of taxation returns for the Series Trust; 

  
 43 

	 	(c)	 (Units): any costs, charges, liabilities and expenses which the Trustee may incur in respect of, and can attribute to, its being the trustee
of the Series Trust in respect of the Units issued in relation to the Series Trust; 

  

	 	(d)	 (Taxes): all Taxes payable in respect of the Series Trust, including stamp duty payable on distribution cheques; 

 

	 	(e)	 (Transaction Documents): all costs, charges, expenses and liabilities in relation to or under any Transaction Document in relation to the
Series Trust; 

  

	 	(f)	 (Postage and printing): the costs of postage and printing of all cheques, accounts, statements, notices, Certificates and all other
documents required to be posted to the Investors under this Deed or the Series Supplement in respect of the Series Trust; 

  

	 	(g)	 (Valuations): the costs of any valuation of any Assets of the Series Trust; 

 

	 	(h)	 (account costs): any expenses incurred in connection with the bank accounts of the Trustee in relation to the Series Trust and bank fees
(including but not limited to account keeping fees) and other bank or government charges (including but not limited to bank account debits tax and charges in respect of financial institutions duty) incurred in connection with the keeping of or the
transaction of business through the bank accounts of the Trustee in relation to the Series Trust; 

  

	 	(i)	 (Attorney’s fees): any fees payable to attorneys, managers, consultants, advisers and experts engaged by the Trustee or the Manager in
relation to a Series Trust to the extent that those fees are reasonable in amount and properly incurred; 

  

	 	(j)	 (Austraclear’s fees): any fees payable to Austraclear; 

 

	 	(k)	 (Custodial fees): any fees payable to a Nominated Seller or another person for performing custodial duties in accordance with the Series
Supplement relating to the Series Trust; 

  

	 	(l)	 (Other fees): any other fees, charges and amounts which are paid or payable to any person appointed or engaged by the Trustee pursuant to
this Deed or the Series Supplement for the Series Trust to the extent that the fees, charges and amounts would be payable or reimbursable to the Trustee under any provision of this Clause or under any other provision of this Deed or the Series
Supplement if the services performed by the person so appointed or engaged had been carried out directly by the Trustee and to the extent that those fees, charges and amounts are reasonable in amount and properly incurred and the Trustee has not
itself been paid or reimbursed for such fees, charges and amounts; 

  

	 	(m)	 (Retirement and removal): all costs in or in connection with the retirement or removal of the Trustee, a Nominated Servicer or the Manager
under this Deed in relation to the Series Trust and the appointment of any person in substitution to the extent that those costs are reasonable in amount and properly incurred (other than in any circumstance where the Trustee is obliged to pay its
own costs and to indemnify the Manager and a Substitute Trustee pursuant to Clause 19.8); 

  

	 	(n)	 (Legal costs connected with documents): all costs and expenses (on a full indemnity basis) in connection with: 

 

	 	(i)	 the negotiation, preparation, execution and stamping of this Deed or any other Transaction Document in relation to the Series Trust; and

  
 44 

	 	(ii)	 the negotiation, preparation, execution and stamping of any deed amending this Deed or any other Transaction Document in relation to the Series
Trust; 

  

	 	(o)	 (Legal costs connected with proceedings): all legal costs and disbursements incurred by the Trustee (on a full indemnity basis) in
connection with court proceedings brought against the Trustee (including, without limitation, proceedings in which fraud, negligence or wilful default are alleged against it) in relation to the Series Trust provided that the Trustee is not entitled
to such a right of indemnity or reimbursement where there is a determination by the relevant court of fraud, negligence or wilful default by the Trustee (provided that until such determination, the Trustee is entitled to such right of indemnity or
reimbursement but upon such determination the Trustee must repay to the Series Trust any amount paid to it pursuant to this Clause); 

  

	 	(p)	 (Security Trustee indemnity): any amounts which the Trustee is required to pay to the Security Trustee pursuant to its indemnity in favour
of the Security Trustee contained in the Security Trust Deed (if any) in relation to the Series Trust; 

  

	 	(q)	 (Other amounts): any other amounts for which, pursuant to any express provision of this Deed or the Series Supplement for the Series Trust,
the Trustee is entitled to be reimbursed or indemnified; and 

  

	 	(r)	 (Amounts approved by Manager): any other amounts in connection with the exercise of any power or discretion or the performance of any
obligation under a Transaction Document in relation to the Series Trust which are approved by the Manager (such approval not to be unreasonably withheld). 

  

	16.12	 General business costs of Trustee 

Nothing in this Clause 16 entitles or permits the Trustee to be reimbursed or indemnified for general overhead costs and
expenses of the Trustee (including, without limitation, rents and any amounts payable by the Trustee to its employees in connection with their employment) incurred directly or indirectly in connection with the business activities of the Trustee
(including, without limitation, the general overhead costs and expenses in the provision by the Trustee of any custodial services to a Series Trust) or in the exercise of its rights, powers and discretions or the performance of its duties and
obligations in relation to a Series Trust. 
  

	16.13	 Series Trust Creditors 

Without limiting Clause 16.10, the Trustee’s right to be indemnified in accordance with Clause 16.10, and to effect full
recovery out of the relevant Series Trust pursuant to such right, applies in relation to any liability to Creditors in respect of that Series Trust, notwithstanding any fraud, negligence or wilful default of the Trustee or any other act or omission
which, despite the express provisions of this Deed, may not entitle the Trustee to be so indemnified and/or effect such recovery. 
  

	16.14	 If Trustee fails to exercise care 

Subject to Clause 16.15, if the Trustee is fraudulent, negligent or in wilful default or if any other act or omission occurs
which, despite the express provisions of this Deed, has the consequence that the Trustee is not entitled to be indemnified in accordance with Clause 16.10 or 16.11 or to effect full recovery out of the relevant Series Trust: 

 

	 	(a)	 (Indemnity held on behalf of Creditors): the Trustee may not receive or hold or otherwise have the benefit of the indemnity given in Clause
16.10 or 16.11 otherwise than on behalf of and on trust for the Creditors in respect of that Series Trust; and 

  
 45 

	 	(b)	 (Indemnity limited to liabilities to Series Trust Creditors): the Trustee may be indemnified only to the extent necessary to allow it to
discharge its liabilities to the Creditors in respect of that Series Trust. 

  

	16.15	 Variation of Clause 16.14 

The provisions of Clause 16.14 may be varied in respect of a Series Trust only in accordance with Clause 25 and only if
an Extraordinary Resolution is passed consenting to the variation at a separate meeting of the Investors referable to that Series Trust convened for the purpose in accordance with Clause 26. 

 

	16.16	 No restriction on action 

Nothing in Clause 16.13 to 16.15 (inclusive) is taken to: 

 

	 	(a)	 (Restrict Investors): impose any restriction upon the rights of the Investors or any other persons to bring an action against the Trustee
for loss or damage suffered by reason of the Trustee’s fraud, negligence or wilful default; 

  

	 	(b)	 (Confer right to be indemnified for default): confer on the Trustee a right to be indemnified out of any Series Trust against any loss the
Trustee suffers in consequence of an action brought against it by reason of the Trustee’s fraud, negligence or wilful default; or 

  

	 	(c)	 (Limit): limit the Trustee’s right of indemnity in the absence of its fraud, negligence or wilful default or, if the Trustee is
fraudulent, negligent or in wilful default, where the Trustee receives, holds or has the benefit of such indemnity only on behalf of and on trust for the Creditors in respect of the applicable Series Trust. 

 

	16.17	 Limited recourse of Series Trust Creditors 

The Trustee is not obliged to enter into any other Transaction Document or any other agreement or deed relating to a Series
Trust unless: 
  

	 	(a)	 (Limited recourse provision): the Transaction Document, agreement or deed contains a provision to the effect that the Trustee’s
liability to the corresponding Creditor is incurred by the Trustee only in its capacity as trustee of the Series Trust and that the recourse of the Creditor is limited in the manner described in Clause 16.10(b); and 

 

	 	(b)	 (Liability limited): the Trustee’s liability under the Transaction Document, agreement or deed is limited in a manner substantially
similar to that contained in this Deed. 

  

	16.18	 Limitation of liability of Trustee 

If the Trustee relies in good faith on an opinion, advice, information or statement given to it by a person referred to in
Clause 16.6, it is not liable for any misconduct, mistake, oversight, error of judgment, forgetfulness or want of prudence on the part of that person except when the person is not independent from the Trustee. A person is regarded as independent
notwithstanding that the person acts or has acted as an adviser to the Manager or the Trustee or both of them so long as separate instructions are given to that person by the Trustee. 

 

	16.19	 Neither Trustee nor delegate liable 

Neither the Trustee nor its delegate is liable: 

  
 46 

	 	(a)	 (Loss arising out of exercise of its discretions): for any loss, costs, liabilities or expenses arising out of the exercise or non-exercise
of its discretions under this Deed, a Series Supplement or otherwise in respect of a Series Trust except to the extent that any of the foregoing is caused by the Trustee’s or the delegate’s, as the case may be, own fraud, negligence or
wilful default; 

  

	 	(b)	 (Loss arising out of exercise of Manager’s, Nominated Seller’s or Nominated Servicer’s acts, omissions or discretions): for
any loss, costs, liabilities or expenses arising out of the acts or omissions of or the exercise or non-exercise of a discretion on the part of the Manager, any Nominated Seller or any Nominated Servicer except to the extent that any of the
foregoing is caused by the Trustee’s or the delegate’s, as the case may be, own fraud, negligence or wilful default; 

  

	 	(c)	 (Failure to check information): for any loss, costs, liabilities or expenses caused by the Trustee’s failure to check any calculation,
information, document, form or list supplied or purported to be supplied to it by the Manager, any Nominated Seller or Nominated Servicer under this Deed or a Series Supplement or by any other person pursuant to a Transaction Document except to the
extent that any of the foregoing is caused by the Trustee’s or the delegate’s, as the case may be, own fraud, negligence or wilful default; 

  

	 	(d)	 (Acting on instructions): for any loss, costs, liabilities or expenses caused by its acting on any instruction or direction properly given
to it by the Manager, any Nominated Seller or any Nominated Servicer under this Deed or by any person pursuant to a Transaction Document except to the extent that any of the foregoing is caused by the Trustee’s or the delegate’s, as the
case may be, own fraud, negligence or wilful default; 

  

	 	(e)	 (Delegation): for any loss, costs, liabilities or expenses arising out of the delegation in accordance with the provisions of this Deed or
of a Series Supplement of any of its duties, powers, authorities and discretions to any person as permitted by Clause 16.8 (subject to Clause 16.9) except to the extent that any of the foregoing is caused by the Trustee’s or the
delegate’s, as the case may be, own fraud, negligence or wilful default; 

  

	 	(f)	 (Other acts or omissions): for any other act or omission on its part except where the act or omission is fraudulent, negligent or in wilful
default; 

  

	 	(g)	 (To Investors except to extent of right of indemnity): subject always to the foregoing provisions of this Clause 16.19, to an Investor other
than to the extent of the Trustee’s right of indemnity in respect of the relevant Series Trust; 

  

	 	(h)	 (To pay Investors, except to extent in funds to do so): subject always to the foregoing provisions of this Clause 16.19, to make a payment
to an Investor in respect of a Series Trust except out of funds held by it for that purpose under this Deed and the Series Supplement for that Series Trust; or 

 

	 	(i)	 (Manager Default): for any Manager Default, except to the extent that it is caused by the Trustee’s or the delegate’s, as the case
may be, own fraud, negligence or wilful default. 

  

	16.20	 Legal proceedings 

Subject to Clause 16.22, the Trustee may bring legal proceedings in its capacity as trustee of a Series Trust: 

 

	 	(a)	 (To recover money): to obtain or recover money that is payable to the Trustee (in its capacity as trustee of the Series Trust) or to obtain
any Asset of a Series Trust or that is to be vested in the Trustee in accordance with this Deed or the relevant Series Supplement; 

  
 47 

	 	(b)	 (If legal owner of Approved Financial Asset): at any time after legal title to an Approved Financial Asset has been transferred into its
name, to enforce such Approved Financial Asset or any other deed or agreement to which the Trustee is a party; 

  

	 	(c)	 (For damages): for damages against any person arising out of any loss suffered by an Investor as a result of any negligence, default,
omission or breach of duty or trust; 

  

	 	(d)	 (To secure compliance): to secure compliance with the provisions of this Deed or any Transaction Document; or 

 

	 	(e)	 (As it thinks fit): in any other circumstance that it thinks fit after notifying the Manager. 

The Trustee may abandon, settle, compromise or release any such action, suit or proceeding as it considers desirable having
regard to the interests of the Investors, and persons who provide Support Facilities, in respect of the relevant Series Trust. 
  

	16.21	 Proceedings in respect of Series Trust or Assets of a Series Trust 

Subject to Clause 16.22, the Trustee may institute, prosecute, defend or otherwise appear in any action, suit or other
proceeding in any court or tribunal in respect of any matters touching or concerning a Series Trust, any Asset of a Series Trust or any Transaction Document of a Series Trust including the enforcement, contemplated enforcement of, preservation of
rights under, initiation, carriage and settlement of any court proceedings in respect of a Transaction Document. All costs, disbursements and expenses incurred by the Trustee (including costs of obtaining advisory opinions) in anticipation of or in
connection with any such action, suit or proceeding and all costs and disbursements incurred by the Trustee in obtaining any legal advice or opinions concerning or relating to the interpretation and construction of this Deed or a Transaction
Document are to be deducted from and paid out of the relevant Series Trust on a full indemnity basis and in the case of solicitor’s costs, calculated at the solicitor’s usual charge out rate. 

 

	16.22	 Consents to legal proceedings 

  

	 	(a)	 (Manager’s consent): Subject to paragraph (b) below, the Trustee may not institute, prosecute or otherwise appear in any action,
suit or other proceeding in any court or tribunal in respect of the matters detailed in Clause 16.20 or 16.21 unless it has first obtained the consent of the Manager or the consent of an Extraordinary Resolution of the Noteholders of the relevant
Series Trust except where the Trustee is of the view that failure to bring an action would be to the detriment of the Investors of that Series Trust and any delay whilst obtaining the necessary consent would be prejudicial to the interests of the
Investors of that Series Trust. 

  

	 	(b)	 (If necessary): Nothing in paragraph (a) above prevents the Trustee appearing in any action, suit or other proceeding in any court or
tribunal where it is necessary for it to appear in order to defend itself against any action, suit or other proceeding or to recover money owed to it in its personal capacity. 

 

	16.23	 Registration and holding of Investments 

Subject to the relevant Series Supplement, the Trustee has the right to have: 

 

	 	(a)	 (Authorised Short-Term Investments held by officers): any Authorised Short- Term Investments capable of being registered which the Trustee
is precluded by the constitution of the Trustee or otherwise from holding in its own name vested in officers or a Related Body Corporate of the Trustee nominated by it; or 

  
 48 

	 	(b)	 (Title documents held by ADI): any documents of title in relation to an Authorised Short-Term Investment of which the Trustee is the
registered holder or is otherwise the legal owner held in custody by an ADI. 

 Subject to the relevant
Series Supplement, if the Trustee exercises any rights referred to in this Clause the Trustee remains liable for any act or omission of the relevant officer, Related Body Corporate or ADI as if the act or omission was an act or omission of the
Trustee. 
  

	16.24	 Limitation of Trustee’s personal liability 

Notwithstanding any other provision of this Deed, the Trustee is not obliged to execute any instrument, enter into any
agreement or incur any obligation in connection with a Series Trust (including, without limitation, in connection with any Transaction Document) unless the Trustee has received independent legal advice (if required by the Trustee) in relation to the
instrument, agreement or obligations and unless the Trustee’s personal liability in connection with the instrument, agreement or obligation is limited in the manner described in Clause 16.10(b). 

 

	16.25	 No Liability for breach by Custodian of custodial role 

The Trustee is not liable to any person in any manner whatsoever for any breach by the Custodian in respect of a Series Trust
of its obligations under the Series Supplement unless the Trustee or a Related Body Corporate of the Trustee is the Custodian. 
  

	16.26	 Incur costs without approval 

Notwithstanding Clause 16.4(l), the Trustee may do such things, take such actions and incur such expenses without the consent
of the Manager (including the appointment of advisers): 
  

	 	(a)	 (Series Supplement): as is provided for in a Series Supplement; or 

 

	 	(b)	 (Necessary): as the Trustee believes is necessary (acting reasonably) in respect of any action where the Trustee believes (acting
reasonably) the Manager is in a position where its personal interests in relation to that action conflict with its duties and obligations under this Deed or any other Transaction Document and that, as a result of such conflict, the Manager may fail
to perform such duties or obligations. 

 For the purposes of Clause 16.26(b), the Manager’s personal
interests in relation to an action are not to be considered to conflict with its duties or obligations under this Deed or any other Transaction Document by reason only that the action affects, or potentially affects, the interests of a Related Body
Corporate of the Manager. 
  

	16.27	 No liability for non-payment 

Except in the case of fraud, negligence, or wilful default, the Trustee is not personally liable, in the event of a failure to
pay moneys on the due date for payment, to any Investor or any other person or for any loss howsoever arising in respect of the relevant Series Trust or to any Investor or any other person. 

 

	16.28	 No duty to investigate 

  

	 	(a)	 (Manager Default): The Trustee has no duty, and is under no obligation, to investigate whether a Manager Default has occurred other than
where it has actual notice that such has occurred. 

  
 49 

	 	(b)	 (Other parties): Except as expressly provided in this Deed or any other Transaction Document, the Trustee has no duty, either initially or
on a continuing basis, to take any action to supervise or keep itself informed about the circumstances of the Manager, a Nominated Servicer, a Nominated Seller or any other party to a Transaction Document or the performance of their respective
obligations under this Deed or any other Transaction Document. 

  

	17.	 FURTHER PROVISIONS REGARDING POWERS ETC 

  

	17.1	 Limitation of liability of Trustee and Manager 

Neither the Trustee nor the Manager is liable: 
  

	 	(a)	 (If it relies on a document): in connection with anything done by it in good faith in reliance upon any certificate, document, form or list
except when it has reason to believe that the document, form or list is not genuine; 

  

	 	(b)	 (If prevented by law): if it fails to do anything because it is prevented or hindered from doing it by law or order (except where such
failure would not have occurred but for the Trustee’s or the Manager’s (as the case may be) fraud, negligence or wilful default); 

  

	 	(c)	 (For Taxes paid in good faith): to anyone for payments (except when made negligently) made by it in good faith to a fiscal authority in
connection with Taxes or other charges in respect of the Series Trust even if the payment need not have been made; 

  

	 	(d)	 (Failure of another): subject to the Corporations Act and Clause 15.9 and 16.9, if a person fails to carry out an agreement with the Trustee
or the Manager in connection with a Series Trust (except when the failure is due to the Trustee’s or the Manager’s (as the case may be) fraud, negligence or wilful default); or 

 

	 	(e)	 (Error of law or done in good faith connected with liquidation): to anyone because of any error of law or any matter done or omitted to be
done by it in good faith in the event of the liquidation or dissolution of a corporation (other than a corporation under its control). 

  

	17.2	 Dealings with Series Trust 

None of the following: 
  

	 	(a)	 (Trustee): the Trustee in any capacity; 

  

	 	(b)	 (Manager): the Manager; 

  

	 	(c)	 (Nominated Seller): any Nominated Seller; 

  

	 	(d)	 (Nominated Servicer): any Nominated Servicer; 

  

	 	(e)	 (Directors and officers): the directors or officers of the Trustee, the Manager, any Nominated Seller or any Nominated Servicer;

  

	 	(f)	 (Related Bodies Corporate): the Related Bodies Corporate of the Trustee, the Manager, any Nominated Seller or any Nominated Servicer;

  

	 	(g)	 (Shareholders): the shareholders of the Trustee, the Manager, any Nominated Seller or any Nominated Servicer or any such Related Body
Corporate; or 

  
 50 

	 	(h)	 (Directors and officers of Related Body Corporate): the directors or officers of any such Related Body Corporate, 

is prohibited in relation to a Series Trust from: 
  

	 	(i)	 (Subscribing): subscribing for Notes or Units in respect of a Series Trust or purchasing, holding, dealing in or disposing of Notes or Units
in respect of a Series Trust; 

  

	 	(j)	 (Contracting, acting or otherwise being interested): at any time: 

 

	 	(i)	 contracting with; 

  

	 	(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 or an Investor; or 
  

	 	(k)	 (Being interested): being interested in any contract or transaction referred to in paragraph (j). 

None of the persons mentioned is liable to account to any other or to an Investor for any profits or benefits (including,
without limitation, bank charges, commission, exchange brokerage and fees) derived in connection with any contract or transaction referred to in paragraph (j). 
  

	17.3	 Application of Clause 17.2 

Clause 17.2 applies only if the relevant person, in connection with the action, contract or transaction, acts in the utmost
good faith in relation to all Investors in respect of the relevant Series Trust. 
  

	17.4	 Signatures 

The Trustee and the Manager may rely on the validity of any signature on any transfer, form of application or other instrument
or document unless the Trustee or the Manager (as the case may be) has reason to believe that the signature is not genuine. Neither the Trustee nor the Manager is liable 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. Any such loss, subject to any right of reimbursement from any other person (including the Manager) is to be borne
by the relevant Series Trust. 
  

	17.5	 Dealings with instruments 

Neither the Manager nor the Trustee is obliged to effect a transaction or dealing with a transfer or other instrument on
behalf of, for the benefit or at the request of an Investor unless the Investor has first paid or otherwise provided for to the Manager’s and the Trustee’s satisfaction all Taxes, brokerage, transfer fees, registration fees and other
charges (whether similar to the foregoing or not) whether in respect of the transfer or other instrument or otherwise (in this Clause 17.5 called collectively duties and charges) which may have become or may be payable in respect of or prior
to or upon the occasion of the transaction or dealing. However, the Trustee may pay and discharge any duties and charges on behalf of an Investor and retain the amount so paid out of any money or property to which the Investor is or becomes entitled
to under this Deed or a Series Supplement. This Clause does not affect the other obligations of the Trustee or the Manager in this Deed relating to duties and other expenses in respect of Assets referable to a Series Trust. 

  
 51 

	17.6	 Disclosure of information to Investors 

Subject to this Deed and the relevant Series Supplement, no Nominated Seller, Nominated Servicer or the Trustee is (unless
ordered so to do by a court of competent jurisdiction) required to disclose to any Investor of a Series Trust confidential, financial or other information either made available to that Nominated Seller, Nominated Servicer or the Trustee respectively
by the Manager or in relation to the Trustee, that Nominated Servicer or Nominated Seller in connection with this Deed or a Series Supplement. 
  

	17.7	 Disclosure of information to Related Bodies Corporate 

In relation to information which the Trustee in its capacity as trustee of a Series Trust or an Other Trust (the
Recipient) receives from any of the Managers or the Investors (the Discloser) in relation to a Series Trust, an Other Trust or a trust established under a Security Trust Deed (the Information), each Discloser hereby severally
authorises and consents the Recipient to make available such Information to: 
  

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

  

	 	(b)	 the Recipient acting in its capacity as Manager, custodian or Servicer, as applicable, of a Series Trust or an Other Trust. 

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 contractual obligation to disclose or to use certain information received by it and
fails to do so. 
  

	18.	 REMUNERATION OF MANAGER AND TRUSTEE 

  

	18.1	 Management fee 

The Manager is entitled to the payment from the Trustee (as trustee of a Series Trust) of a fee for administering and managing
the Series Trust, calculated and payable in accordance with the terms of the Series Supplement relating to that Series Trust. 
  

	18.2	 Trustee fee 

The Trustee is entitled to deduct from the Assets for the Series Trust and to pay to itself a fee for performing its duties in
relation to the Series Trust, calculated and payable in accordance with the terms of the Series Supplement relating to the Series Trust. 
  

	19.	 RETIREMENT OF TRUSTEE 

  

	19.1	 Trustee must retire 

The Trustee must retire as trustee of each Series Trust if: 

 

	 	(a)	 (If required by the Manager): having been required to do so by the Manager by notice in writing, the Trustee fails or neglects within 20
Business Days (or such longer period as the Manager may provide) after receipt of such notice to carry out or satisfy any material duty or obligation imposed on the Trustee by this Deed or any other Transaction Document in respect of a Series Trust;

  
 52 

	 	(b)	 (Insolvency Event): an Insolvency Event occurs with respect to the Trustee in its personal capacity; 

 

	 	(c)	 (Cease to carry on business): the Trustee ceases to carry on business; 

 

	 	(d)	 (Merger without assumption): the Trustee merges or consolidates into another entity, unless approved by the Manager (which approval will not
be unreasonably withheld) and unless the surviving entity assumes the obligations of the Trustee under the Transaction Documents; or 

  

	 	(e)	 (Change in ownership): there is a change in the ownership of 50% or more of the issued equity share capital of the Trustee from the position
as at the date of this Deed, or effective control of the Trustee alters from the position as at the date of this Deed, unless in either case approved by the Manager (which approval will not be unreasonably withheld). 

 

	19.2	 Manager may require the Trustee to retire 

The Manager may, by written notice (with a copy to the Rating Agencies), direct the Trustee to retire if it believes in good
faith that an event referred to in Clause 19.1 has occurred. 
  

	19.3	 Manager may remove Trustee from office 

If the Trustee refuses to retire within 30 days of being required to do so under Clause 19.1 or 19.2, the Manager is entitled
to remove the Trustee from office immediately by notice in writing (with a copy to the Rating Agencies). On the retirement or removal of the Trustee under Clause 19.1, Clause 19.2 or this Clause the Manager, subject to any approval required by
law, is entitled to and must use its reasonable endeavours to appoint in writing within 30 days of the retirement or removal of the Trustee some other Authorised Trustee Corporation to be the Trustee provided that the Manager may only appoint such
other Authorised Trustee Corporation if the Manager has issued a Rating Notification (extending to all Series Trusts then existing) in relation to the proposed appointment. The retirement or removal of the Trustee will not be effective until the
appointment of the Substitute Trustee is complete. If, after 30 days, the Manager has been unable to appoint an Authorised Trustee Corporation as Trustee in accordance with this Clause then the Manager must convene a single meeting of Investors
of all then Series Trusts at which a new Trustee may be appointed by Extraordinary Resolution of all Investors of the then Series Trusts. 
  

	19.4	 Trustee may retire 

The Trustee may retire as trustee of all Series Trusts upon giving three months’ notice in writing to the Manager or such
lesser time as the Manager and the Trustee agree. Upon such retirement the Trustee, subject to any approval required by law, must appoint as trustee of the Series Trusts in writing any other Authorised Trustee Corporation provided that the Trustee
may only appoint such other Authorised Trustee Corporation with the approval of the Manager, which approval must not be unreasonably withheld, and if the Manager has issued a Rating Notification (extending to all Series Trusts then existing) in
relation to the proposed appointment. If the 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 Trustee, which must be an Authorised
Trustee Company in respect of which appointment the Manager has issued a Rating Notification (extending to all Series Trusts then existing) in relation to the proposed appointment. The retirement of the Trustee will not be effective until the
appointment of the Substitute Trustee is complete. If the Manager is unable within 30 days to appoint such an Authorised Trustee Corporation as Trustee, then the Manager must convene a single meeting of Investors of all then Series Trusts at which a
new Trustee may be appointed by Extraordinary Resolution of the Investors of all the then Series Trusts. 

  
 53 

	19.5	 Substitute Trustee 

The purported appointment of a Substitute Trustee has no effect until the Substitute Trustee executes a deed under which it
covenants to act as Trustee in respect of each Series Trust in accordance with this Deed and the other Transaction Documents. 
  

	19.6	 Release of Trustee 

Upon retirement or removal of the Trustee as trustee of each Series Trust, the Trustee is released from all obligations under
this Deed and any other Transaction Document (unless specified otherwise in that Transaction Document) arising after the date of the retirement or removal in respect of each Series Trust except for its obligations under Clause 19.9. The Manager may
settle with the Trustee the amount of any sums payable by the Trustee to the Manager or by the Manager to the Trustee and may give to or accept from the Trustee a discharge in respect of those sums which is then conclusive and binding as between the
Trustee and the Manager but not as between the Trustee and the Investors. 
  

	19.7	 Rating Agencies advised 

In respect of any confirmations required from the Manager in relation to the replacement of a Trustee pursuant to this Clause
19 the Manager must approach and liaise with the Rating Agencies (if any) relating to each of the Secured Series Trusts. In addition, the Manager must inform the Rating Agencies of all then Series Trusts of the retirement or removal of the Trustee
and give them the details of the Substitute Trustee. 
  

	19.8	 Costs and indemnity 

Subject to Clause 19.9, the retiring Trustee (in its personal capacity) must: 

 

	 	(a)	 (Own costs): pay its own costs incurred; and 

  

	 	(b)	 (Other party’s costs): indemnify the Manager and the Substitute Trustee in respect of all reasonable costs incurred by either the
Manager or the Substitute Trustee, 

 in either case, as a result of the Trustee’s: 

 

	 	(c)	 (Removal): removal pursuant to Clause 19.1, 19.2 or 19.3; or 

 

	 	(d)	 (Retirement): retirement pursuant to Clause 19.4 (save in circumstances where the actions of the Manager, or a Nominated Seller or a
Nominated Servicer in relation to a Series Trust, render the performance by the Trustee (in the Trustee’s opinion, acting reasonably) of its duties and obligations more difficult than originally contemplated or impossible),

 including, in the case of the indemnity granted under Clause 19.8(b), all reasonable costs incurred by
either the Manager or the Substitute Trustee in appointing the Substitute Trustee following the Trustee’s removal or retirement in any circumstance referred to in Clause 19.8(c) or 19.8(d) above. 

Any amount which the Trustee is obliged to pay pursuant to this Clause 19.8 must be paid from its own funds and will not be
subject to indemnification under any of Clause 16.10 or 16.11 or otherwise nor will such amount be an expense of the relevant Series Trust. 
  

	19.9	 Assets to vest in Substitute Trustee 

Upon the retirement or removal of the Trustee from each Series Trust in accordance with the provisions of this Clause 19, the
Trustee must vest the Assets of each Series Trust, or cause them to 

  
 54 

 
be vested, in the Substitute Trustee and must deliver to the Substitute Trustee all books, documents, records and other property whatsoever relating to the Series Trusts and the Other Trusts
which are in its possession or control. Subject to Clause 19.8, the costs and expenses of this are to be paid out of the relevant Series Trust. 
  

	20.	 MANAGER DEFAULT AND RETIREMENT OF MANAGER 

  

	20.1	 Manager Default 

A Manager Default occurs if: 
  

	 	(a)	 (Insolvency Event): an Insolvency Event occurs in relation to the Manager; or 

 

	 	(b)	 (Other Manager Defaults): any other event occurs which is specified in any Series Supplement to constitute a Manager Default.

  

	20.2	 Replacement of Manager 

While a Manager Default is subsisting, the Trustee may, upon giving written notice to each Nominated Servicer, the Manager and
the Rating Agencies of all then Series Trusts, immediately terminate the rights and obligations of the Manager and appoint another entity to act in its place. 
  

	20.3	 Retirement of Manager 

  

	 	(a)	 (Retirement): The Manager may retire from the management of all the Series Trusts upon giving to the Trustee three months’ notice in
writing or such lesser time as the Manager and the Trustee agree. 

  

	 	(b)	 (Appointment of replacement): Upon that retirement the Manager, subject to any approval required by law, may appoint in writing any other
corporation approved by the Trustee as Manager in its stead. The Manager must make reasonable endeavours to appoint such a corporation as Manager. If the Manager does not propose a replacement by the date which is one month prior to the date of its
proposed retirement, the Trustee is entitled to appoint a new Manager as of the date of the proposed retirement. 

  

	 	(c)	 (Costs of retirement): All costs and expenses incurred by any party associated with the voluntary retirement of the Manager pursuant to this
Clause 20.3 and the appointment of a Substitute Manager will be borne by the Manager and will neither be costs nor expenses of each relevant Series Trust. 

  

	20.4	 Appointment of Substitute Manager 

The purported appointment of a Substitute Manager has no effect until: 

 

	 	(a)	 (Rating Agencies): the Manager or Macquarie Leasing Pty Limited has issued a Rating Notification (extending to all Series Trusts then
existing) in relation to the proposed appointment of such Substitute Manager; and 

  

	 	(b)	 (Execution of deed): the Substitute Manager executes a deed under which it assumes the obligations of Manager under this Deed and all other
Transaction Documents to which the Manager is a party. 

  
 55 

	20.5	 Trustee to act as Manager 

Until the appointment of the Substitute Manager is complete, the Trustee must act as Manager and in doing so must act in
accordance with the provisions of this Deed and each Series Supplement. The Trustee is entitled to receive the fee payable in accordance with Clause 18.1 for the period during which the Trustee so acts. 

 

	20.6	 Settlement of amounts owing by Trustee to the Manager 

The Trustee may settle with the Manager the amount of any sums payable by the Manager to the Trustee or the Trustee to the
Manager and may give to or accept from the Manager a discharge in respect of those sums which will be conclusive and binding as between the Trustee and the Manager and as between the Manager and the Investors. 

 

	20.7	 Payments to Manager 

The Manager may accept a payment or benefit, in connection with its retirement or removal, from the Substitute Manager. The
Manager is also entitled to receive payments or benefits which have accrued to the Manager under this Deed prior to the date of the Manager’s retirement or removal from office. 

 

	20.8	 Manager to provide full co-operation 

The Manager must provide its full co-operation in the event of a Management Transfer. The Manager must provide to the
Substitute Manager copies of all paper and electronic files, information and other materials in its possession which relate to a Series Trust or its obligations under a Transaction Document as the Trustee or the Substitute Manager may reasonably
request within five days of the removal or retirement of the Manager in accordance with this Clause. 
  

	20.9	 Indemnity 

The Manager indemnifies the Trustee in respect of all costs, damages, losses, expenses (including, without limitation, the
costs and expenses of transferring all records and information specified in Clause 20.8) incurred by the Trustee as a result of the termination of the Manager and appointment of another entity to act in its place pursuant to Clause 20.2. 

 

	21.	 AUDITOR 

  

	21.1	 Appointment 

The Auditor of each Series Trust must be nominated by the Manager and acceptable to, and appointed by, the Trustee (and,
failing such nomination by the Manager, the Trustee may nominate and appoint the Auditor). 
  

	21.2	 Qualification of Auditors 

The Auditor must be a firm of chartered accountants, some of whose members are Registered Company Auditors. 

 

	21.3	 Remuneration 

The remuneration of the Auditor of a Series Trust is to be determined by the Manager and is to be paid by the Manager from its
own funds. 

  
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	21.4	 Removal 

The Trustee, after consulting with the Manager, may remove the Auditor of a Series Trust at any time. 

 

	21.5	 Auditor may retire 

The Manager must ensure that the terms of the appointment of the Auditor of a Series Trust provide that the Auditor may only
retire as Auditor of the Series Trust upon giving six months’ written notice to the Trustee. 
  

	21.6	 Trustee to appoint new auditor 

Any vacancy in the office of the Auditor of a Series Trust must be filled by the Trustee appointing a qualified person
nominated by the Manager and acceptable to the Trustee (and, failing such nomination by the Manager, the Trustee may nominate and appoint a qualified person to fill such vacancy). 

 

	21.7	 Auditor may be Auditor of Nominated Servicer, Manager or Trustee 

The Auditor of a Series Trust may be the auditor of any Nominated Seller, any Nominated Servicer, the Manager or the Trustee
or of any other trust whether of a similar nature to the Series Trusts or otherwise but may not be a director, officer or employee (or the partner or employee of a director, officer or employee) of any Nominated Seller, any Nominated Servicer, the
Manager or of the Trustee. 
  

	21.8	 Access to working papers 

The Auditor of a Series Trust must only be appointed on the basis that it will make its working papers and reports available
for inspection by the Trustee and the Manager. 
  

	21.9	 Scope of audit duties 

The Auditor must at the end of each financial year audit a sample of transactions in respect of each Series Trust conducted
under the Transaction Documents in relation to the Series Trust and provide a written report to the Trustee, the Manager and the Rating Agencies prepared in accordance with Approved Accounting Standards, consistently applied, and without limitation:

  

	 	(a)	 (Outlining scope of audit): outlining the scope of the audit conducted; 

 

	 	(b)	 (Detailing breaches or confirming no breaches): either: 

 

	 	(i)	 detailing any outstanding breaches identified by the audit on the part of any party to the Transaction Documents relating to the Series Trust under
those Transaction Documents; or 

  

	 	(ii)	 confirming that there were no outstanding breaches of such Transaction Documents identified by the audit and that the Auditor is not aware of any
events, facts or circumstances which would result in a breach of such Transaction Documents; 

  

	 	(c)	 (Reporting perceived errors or deviations): reporting on any errors or deviations from the procedures outlined in such Transaction Documents
that had come to the Auditor’s attention; and 

  

	 	(d)	 (Confirming income): confirming in respect of each Series Trust that either: 

  
 57 

	 	(i)	 there is no amount of Net Tax Income in respect of the previous year of income; or 

 

	 	(ii)	 any Net Tax Income in respect of the previous year is, for the purposes of the Tax Act, properly included in the assessable income of the
Unitholders pursuant to the Series Supplement for the Series Trust. 

  

	22.	 FINANCIAL REPORTS AND AUDIT 

  

	22.1	 Maintenance of accounting records 

The Trustee must keep accounting records which correctly record and explain all amounts paid and received by the Trustee with
respect to each Series Trust. The Manager must keep accounting records which correctly record and explain all other transactions and the financial position of each Series Trust. The Manager and the Trustee from time to time upon request must provide
each other with any information necessary to enable the Manager and the Trustee to perform their respective functions under this Clause 22. Based on these records, the Manager must keep at its principal place of business (or another place approved
by the Trustee) proper books of account in relation to each Series Trust that enable the Financial Reports in relation to the Series Trust to be prepared and audited in accordance with this Deed. The books of account in relation to a Series Trust
must be open to inspection by the Manager, the Trustee, each Nominated Servicer for the Series Trust and the Auditor in relation to a Series Trust. Separate books of account must be maintained for each Series Trust. 

 

	22.2	 Financial Reports 

The Financial Reports for each Series Trust must be maintained in accordance with the Approved Accounting Standards. 

 

	22.3	 Audit of Financial Reports 

The Manager must ensure that the Financial Reports of a Series Trust are audited as at the end of each Financial Year of the
Series Trust and reported on by the Auditor of the Series Trust in accordance with the Corporations Act within 120 days of the end of the Financial Year. 
  

	22.4	 Information to Auditor 

The Auditor of a Series Trust is entitled to require from the Manager and the Trustee, and they must provide to the Auditor,
all reasonable information, accounts and explanations which are necessary for the performance of the duties of the Auditor. 
  

	22.5	 Availability of audited Financial Reports 

A copy of the Financial Reports of a Series Trust and the Auditor’s report in relation thereto will not be sent to the
Investors of the Series Trust but will be furnished to an Investor of the Series Trust upon request and must, in any event, be available for inspection by the Investors of the Series Trust during business hours at the offices of the Trustee. 

 

	22.6	 Statutory returns 

The Manager must prepare and lodge (or cause to be prepared and lodged) the Tax return for each Series Trust in respect of
each of its Financial Years and any other statutory returns which are required to be prepared in respect of each Series Trust. The Trustee must sign these returns. 

  
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	23.	 PAYMENTS TO INVESTORS 

  

	23.1	 Methods of payment 

Any money payable by the Trustee to the Investors of a Series Trust under the provisions of this Deed or the corresponding
Series Supplement may be paid: 
  

	 	(a)	 (By cheque): by crossed “not negotiable” cheque made payable to the payee and sent through the post to the registered address of
the payee or, in the case of joint Investors, made payable to the joint Investors and sent to the registered address of the Investor whose name stands first in the Register or otherwise despatched, delivered or made available to be collected as the
payee may from time to time specify; 

  

	 	(b)	 (Through Austraclear): by means of electronic transfer or otherwise, through Austraclear or any other relevant clearing system or depository
through which the relevant Notes or Units are held by the relevant Investor; 

  

	 	(c)	 (To account): by payment to an account in Australia of the payee nominated in writing by the payee; or 

 

	 	(d)	 (Other manner): in any other manner specified by the payee and agreed to by the Manager and the Trustee. 

 

	23.2	 Satisfaction and discharge 

Payment of any amount in accordance with Clause 23.1 will be in satisfaction of the money payable and is a good discharge to
the Manager and the Trustee. 
  

	23.3	 Cheques and notices 

The Trustee must at the direction of the Manager prepare or cause to be prepared all cheques and notices which are to be
issued in relation to a Series Trust and stamp the same as required by law at the expense of the relevant Series Trust, and the Trustee must sign (by autographical, mechanical or other means) such cheques for despatch by the day on which they ought
to be despatched. 
  

	23.4	 No interest on payment of amounts to Investors after due date 

Except as may be provided in the Series Supplement relating to a Series Trust, interest does not accrue on any amount which is
due to be paid to any Investor of the Series Trust in accordance with this Deed or the Series Supplement after the date on which that amount falls due for payment under this Deed or the Series Supplement. Without limiting the other rights of each
Investor contained in this Deed, the Investor is not entitled to claim from the Trustee, any Nominated Servicer or the Manager or take any action against the Trustee, any Nominated Servicer or the Manager for an amount representing such interest or
for any damages or loss suffered by the Investor for failure, or a delay, to pay any amount so due. 
  

	23.5	 Deduction of taxes 

  

	 	(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. For the purposes of this Clause a certificate pursuant to
section 221YM of the Tax Act 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.

  
 59 

	 	(b)	 (Tax file numbers or Australian Business Numbers): The Trustee or any person making payments on behalf of the Trustee may deduct
tax-at-source on interest payments to each Noteholder at the highest personal marginal tax rate (plus levies) unless the Trustee receives from such Noteholder the tax file number or Australian Business Number of that Noteholder or evidence of any
exemption the Noteholder may have from the need to advise the Trustee of such tax file number or Australian Business Number. The tax file number, Australian Business Number or appropriate evidence (as the case may be) must be received by the Trustee
not less than two Business Days prior to the relevant payment date. 

  

	23.6	 Rounding down of payments 

Subject to the corresponding Series Trust, any payment to an Investor in relation to a Series Trust must be rounded down to
the nearest cent. 
  

	23.7	 Payments netting 

Notwithstanding any other provision of this Deed, if on any day the Trustee as trustee of a Series Trust is required under
this Deed or a Series Supplement in relation to the Series Trust to make payments to a person or to credit an account in relation to a Series Trust and is also entitled or required to receive payments from that person or debit that account in
relation to the Series Trust, unless otherwise directed by the Manager the Trustee is only obliged to pay or credit the amount (if a positive number) or to receive or debit (if a negative number) the difference between the amounts payable or
required to be credited by the Trustee on that day less the amounts receivable or required to be debited by the Trustee on that day. 
  

	24.	 NOTICES 

  

	24.1	 Notices 

Any notice, request, certificate, approval, demand, consent, recommendation or other communication to be given under this Deed
must: 
  

	 	(a)	 (Authorised Officer): be given by an Authorised Officer of the party giving the same; 

 

	 	(b)	 (In writing): be in writing; and 

  

	 	(c)	 (Delivery): be left at the address of the addressee or sent by prepaid ordinary post to the address of the addressee or by facsimile to the
facsimile number of the addressee, specified by the addressee pursuant to Clause 24.2. 

  

	24.2	 Addresses for notices 

The address and facsimile number of a party shall be the address and facsimile number notified by that party to the other
parties from time to time. 
  

	24.3	 Deemed receipt 

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

 

	 	(a)	 (Delivery): where delivered in person, upon receipt at the relevant office; 

 

	 	(b)	 (Post): where sent by post, on the third (seventh if outside Australia) day after posting; 

  
 60 

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

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 following Business Day. 
  

	24.4	 Notices to Investors 

Any notice required or permitted to be given to an Investor must be given by mail, postage prepaid, at the address of the
Investor as shown in the Register. In the case of a Unit or Note held jointly the notice will be sent to the registered address of the joint Investor whose name stands first in the Register. Any notice so mailed within the time prescribed in this
Deed is conclusively presumed to have been duly given, whether or not the Investor receives such notice. Notwithstanding the foregoing, any notice may be given to an Investor by an advertisement placed on a Business Day in The Australian Financial
Review (or another nationally delivered newspaper). 
  

	24.5	 Information to Rating Agencies by Manager 

The Manager must send the following information to each Rating Agency (if any) in relation to a Series Trust within a
reasonable time of that information becoming available to it: 
  

	 	(a)	 (Statistics): such statistics as the Rating Agency and the Manager agree relating to the performance of the Approved Financial Assets
forming part of the Assets of the Series Trust; 

  

	 	(b)	 (Notices): all notices and information sent to Investors of the Series Trust, including any notices of shortfalls in payments to the
Noteholders; 

  

	 	(c)	 (Notice of changes): any change in the appointment of the Manager, the Trustee or the Auditor or Nominated Servicer of the Series Trust;

  

	 	(d)	 (Insolvency Event information): any information relating to an Insolvency Event occurring in relation to the Manager, the Trustee or a
Nominated Servicer or a Nominated Seller of the Series Trust; and 

  

	 	(e)	 (Other information): such other information, reports and materials required by the Series Supplement relating to the Series Trust.

  

	24.6	 Manager to notify Rating Agencies 

In addition to the information to be provided pursuant to Clause 24.5, the Manager must give notice to each Rating Agency (if
any) of the Series Trust and the Trustee, within a reasonable time of becoming aware, of any other event or occurrence in respect of the Series Trust which the Manager reasonably believes may materially and adversely affect the interests of the
Investors in respect of that Series Trust or affect the rating assigned by the Rating Agency to any Notes in respect of that Series Trust. 
  

	24.7	 Late notice 

The giving of late notice does not operate to release any party from its obligations under this Deed. 

  
 61 

	25.	 AMENDMENT TO THIS DEED AND SERIES SUPPLEMENT 

  

	25.1	 Master Trust Deed and Series Supplement 

Subject to the other provisions of this Clause 25, the Trustee and the Manager may amend, add to or revoke any provision of
this Deed (including this Clause 25) or a Series Supplement if the amendment, addition or revocation: 
  

	 	(a)	 (Necessary or expedient): in the opinion of the Trustee or of a barrister, solicitor or tax accountant instructed by the Trustee is
necessary or expedient to comply with the provisions of any statute, ordinance, regulation or by-law or with the requirement of any Governmental Agency; 

  

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

  

	 	(c)	 (Amendment to law): in the opinion of the Trustee, is: 

 

	 	(i)	 required by; or 

  

	 	(ii)	 a consequence of; or 

  

	 	(iii)	 consistent with; or 

  

	 	(iv)	 appropriate, expedient or desirable for any reason as a consequence of, 

the introduction of, or any amendment to, any statute, regulation or requirement of any Governmental Agency or any decision
by any court (including, without limitation, the imposition of any Tax, any amendment to any statute or regulation imposing a Tax, the issue of or amendment to any ruling by the Commissioner or Deputy Commissioner of Taxation or the issue of any
government announcement or statement or the handing down of any decision by any court that has or may have the effect of altering the manner or basis of taxation of trusts generally or of trusts similar to any of the Series Trusts); 

 

	 	(d)	 (Relates to future Series Trusts): relates only to a Series Trust not yet constituted; 

 

	 	(e)	 (Convenient): in the opinion of the Trustee, will enable the provisions of this Deed or a Series Supplement to be more conveniently,
advantageously, profitably or economically administered; or 

  

	 	(f)	 (Otherwise desirable): in the opinion of the Trustee is otherwise desirable for any reason. 

 

	25.2	 Amendments prejudicial to Unitholders of a Class 

Subject to Clause 25.3, if in the reasonable opinion of the Trustee any amendment, addition or revocation referred to in
Clauses 25.1(e) or (f) is likely to be prejudicial to the interests of a particular Class of Unitholders of a Series Trust, the amendment, addition or revocation may only be effected if the Unitholders of the Class pass an Extraordinary
Resolution approving such amendment, addition or revocation. 
  

	25.3	 Amendments prejudicial to all Unitholders of a Series Trust 

If in the reasonable opinion of the Trustee any amendment, addition or revocation referred to in Clause 25.1(e) or (f) is
likely to be prejudicial to the interests of all Unitholders in respect of a Series Trust: 

  
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	 	(a)	 (Extraordinary Resolution): the amendment, addition or revocation may be effected only if the Unitholders in respect of that Series Trust
pass an Extraordinary Resolution approving such amendment, addition or revocation; and 

  

	 	(b)	 (Class meetings not required): even if the proposed amendment, addition or revocation affects Unitholders of a particular Class, a separate
Extraordinary Resolution is not required for each Class of Unitholders pursuant to Clause 25.2. 

  

	25.4	 Amendments prejudicial to Noteholders of a Class or Sub-Class 

Subject to Clause 25.5, if in the reasonable opinion of the Trustee any amendment, addition or revocation referred to in
Clause 25.1(e) or (f) is likely to be prejudicial to the interests of a particular Class or Sub-Class of Noteholders in respect of a Series Trust, the amendment, addition or revocation may only be effected if the Noteholders of the Class or
Sub-Class pass an Extraordinary Resolution approving such amendment, addition or revocation. 
  

	25.5	 Amendments prejudicial to all Noteholders of a Series Trust 

If in the reasonable opinion of the Trustee, any amendment, addition or revocation referred to in Clause 25.1(e) or
(f) is likely to be prejudicial to the interests of all Noteholders in respect of a Series Trust: 
  

	 	(a)	 (Extraordinary Resolution): the amendment, addition or revocation may only be effected if the Noteholders in respect of that Series Trust
pass an Extraordinary Resolution approving such amendment, addition or revocation; and 

  

	 	(b)	 (Class meetings not required): even if the proposed amendment, addition or revocation affects Noteholders of a particular Class or
Sub-Class, a separate Extraordinary Resolution is not required for each Class or Sub-Class of Noteholders pursuant to Clause 25.4. 

  

	25.6	 Manager’s certificate relating to rating of Notes 

The Trustee must not amend, add to or revoke any provision of this Deed or a Series Supplement, unless, except in relation to
Clause 25.1(d): 
  

	 	(a)	 (Notice to Rating Agencies): the Trustee receives a certificate from the Manager stating that not less than ten Business Days’ (or such
lesser period as each relevant Rating Agency may accept) prior written notice of the amendment, addition or revocation was given by the Manager to each Rating Agency (if any) of any Series Trust affected by the amendment, addition or revocation; and

  

	 	(b)	 (No downgrade): the Manager has issued a Rating Notification (extending to all Series Trusts then existing and affected by the amendment,
addition or revocation) in relation to the proposed amendment, addition or revocation. 

 For the
avoidance of doubt, each of the certificate referred to in Clause 25.6(a) and the Rating Notification referred to in Clause 25.6(b) may be set out in the instrument which effects the relevant amendment, addition or revocation if the Manager is a
party to that instrument. 
  

	25.7	 No variation may contradict Transaction Documents 

The Trustee may not amend, add to or revoke any provision of this Deed or a Series Supplement in respect of a Series Trust
where such amendment, addition or revocation requires the consent of another party under any Transaction Document in respect of that Series Trust and such consent has not been obtained in accordance with the provisions of the relevant Transaction
Document. 

  
 63 

	25.8	 Trustee to effect amendments 

  

	 	(a)	 Notwithstanding the other provisions of this Clause 25 but subject to: 

 

	 	(i)	 the other provisions of this Clause 25.8; 

  

	 	(ii)	 any consent or approval required by law; and 

  

	 	(iii)	 the Manager: 

  

	 	(A)	 providing the Trustee with a written confirmation that the Manager is satisfied, following discussions with the relevant Rating Agency, that the
rating assigned by the relevant Rating Agency to the Notes would be subject to a downgrade, qualification or withdrawal absent the proposed amendment, addition or revocation; 

 

	 	(B)	 issuing a Rating Notification in relation to the proposed amendment, addition or revocation; and 

 

	 	(C)	 being satisfied that the proposed amendment, addition or revocation will not give rise to an Adverse Effect in relation to the relevant Series
Trust, 

 the Trustee and the Manager may (and if directed to do so in writing by the Manager, the
Trustee must) amend, add to or revoke any provision of this Deed (including this Clause 25) or a Series Supplement (but only to the extent that each relates to a Series Trust in respect of which one or more Rating Agencies have been appointed to
rate the Notes), where such amendment, addition or revocation is requested by the Manager to take into account any changes in the ratings criteria of the Rating Agencies. 
  

	 	(b)	 For the avoidance of doubt: 

  

	 	(i)	 in exercising the power to amend, add to or revoke any provision of this Deed or a Series Supplement pursuant to Clause 25.8(a), neither the
Trustee nor the Manager is required to give consideration to any of the matters referred to in Clauses 25.1 to 25.6 and none of Clauses 25.1 to 25.6 apply to limit any such exercise of power; and 

 

	 	(ii)	 this Clause 25.8 does not apply to, and no amendment, addition or revocation may be made pursuant to this Clause 25.8 to, this Deed or a Series
Supplement, to the extent that each relates to a Series Trust in respect of which one or more Rating Agencies has not been appointed to rate the Notes. 

  

	 	(c)	 The Trustee will not be obliged to concur in and give effect to any amendment to, addition to or revocation of any provision of this Deed or a
Series Supplement in accordance with Clause 25.8(a): 

  

	 	(i)	 unless the Trustee’s liability is limited in a manner satisfactory to the Trustee in its absolute discretion; or 

 

	 	(ii)	 if to do so would: 

  

	 	(A)	 impose additional obligations on the Trustee which are not provided for or contemplated by the Transaction Documents; 

 

	 	(B)	 adversely affect the Trustee’s rights under the Transaction Documents; or 

  
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	 	(C)	 result in the Trustee being in breach of any applicable law. 

 

	26.	 MEETINGS OF INVESTORS 

  

	26.1	 Convening of meetings by Manager or Trustee 

The Manager or the Trustee may convene a meeting of the Investors, Noteholders, a Class or a Sub-Class of Noteholders,
Unitholders or a Class of Unitholders (the Relevant Investors) if required pursuant to this Deed or if either wishes to do so at any other time. 
  

	26.2	 Notice of meetings 

  

	 	(a)	 (Notice): Subject to Clause 26.2(b), 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 Relevant Investors must be given to the Relevant Investors. 

  

	 	(b)	 (Shorter notice): Notwithstanding Clause 26.2(a), if it is so agreed by a majority in number of the Relevant Investors or Representatives
having the right to attend and vote at the meeting, being a majority that together hold or represent at least 95% of the then outstanding Notes or Units corresponding to the meeting of the Relevant Investors, a resolution may be proposed and passed
at a meeting of which less than seven days’ notice has been given. 

  

	 	(c)	 (Accidental omission does not invalidate): The accidental omission to give notice to or the
non-receipt of notice by any Relevant Investor does not invalidate the proceedings at any meeting. 

  

	 	(d)	 (Copies of notices): A copy of a notice convening a meeting must be given by the Trustee to the Manager. 

 

	 	(e)	 (Manner of notice): Notice of a meeting must be given in the manner provided in this Deed. 

 

	 	(f)	 (Details to be included in notice): A notice of a meeting of the Relevant Investors must specify: 

 

	 	(i)	 the day, time and place of the proposed meeting; and 

  

	 	(ii)	 the reason for the meeting being convened; and 

  

	 	(iii)	 the agenda of the business to be transacted at the meeting; and 

 

	 	(iv)	 the terms of any proposed resolution; and 

  

	 	(v)	 whether the persons appointed to maintain the Register will or will not, for the purpose of determining those entitled to attend, register any
transfer of a Note or Unit (as the case may be) in the period of two Business Days prior to the meeting; and 

  

	 	(vi)	 that appointments of proxies must be lodged no later than 24 hours prior to the time fixed for the meeting; and 

 

	 	(vii)	 such additional information as the person giving the notice thinks fit. 

 

	26.3	 Chairman 

The chairman of a meeting must be a person (who need not be a Relevant Investor and who may be a representative of the
Trustee) nominated by the Trustee. 

  
 65 

	26.4	 Quorum 

  

	 	(a)	 (Multiple Noteholders): Subject to Clause 26.4(b), at any meeting any two or more persons present in person being Relevant Investors
holding, or being Representatives representing, in the aggregate, not less than 67% of the Class or Sub-Class of Notes or Class of Units corresponding to the meeting of the Relevant Investors and then outstanding will form a quorum for the
transaction of business and no business (other than the choosing of a chairman) must be transacted at any meeting unless the requisite quorum is present at the commencement of business. 

 

	 	(b)	 (Single Noteholder): For so long as any Class or Sub-Class of Notes is held by one party (including any clearing system or depository), such
party and/or any proxy or representative for such party will constitute two persons for the purposes of forming a quorum of Relevant Investors with respect to that Class or Sub-Class. 

 

	26.5	 Adjournment 

  

	 	(a)	 (Adjournment): If within 15 minutes from the time appointed for any meeting a quorum is not present the meeting will stand adjourned (unless
the Trustee agrees that it be dissolved) for such period, not being less than seven days nor more than 42 days, as may be appointed by the chairman. At such adjourned meeting two or more persons (or, for so long as any Class or Sub-Class of Notes is
held by one party (including any clearing system or depository), such party and/or any proxy or representative for such party) present in person being Relevant Investors holding, or being Representatives representing, in the aggregate not less than
50% of the Notes or Units corresponding to the meeting of the Relevant Investors and then outstanding will form a quorum and will have the 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. 

  

	 	(b)	 (Place and time of adjourned meeting): The chairman may with the consent of (and must if directed by) any meeting adjourn the same from time
to time and from place to place but no business must be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. 

 

	 	(c)	 (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 such notice must state the quorum required at such adjourned meeting. It is not, however, otherwise necessary to give any notice of an adjourned meeting. 

 

	26.6	 Voting procedure 

  

	 	(a)	 (Voting by show of hands): Every question submitted to a meeting must be decided in the first instance by a show of hands as follows:

  

	 	(i)	 every person being a Relevant Investor holding, or being a Representative representing, then outstanding Notes of the relevant Class or Sub-Class
or Units of the relevant Class will have 1 vote on a show of hands; 

  

	 	(ii)	 in the case of equality of votes on a show of hands, the chairman will have a tie-breaking vote in addition to the vote or votes (if any) to which
he or she may be entitled as a Relevant Investor or as a Representative of a Relevant Investor; and 

  

	 	(iii)	 following a show of hands, 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 

  
 66 

	 	 
conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. 

 

	 	(b)	 (Demanding a poll): At any meeting, a poll may be demanded before or on the declaration of the result of the show of hands:

  

	 	(i)	 by the chairman; 

  

	 	(ii)	 by the Trustee or the Manager; or 

  

	 	(iii)	 by one or more persons being Relevant Investors holding, or being Representatives representing, in aggregate not less than: 

 

	 	(A)	 2% of the Notes of the Class or Sub-Class of Notes; or 

  

	 	(B)	 2% of the Units of the Class of Units, 

corresponding to the meeting of the Relevant Investors and then outstanding. 

 

	 	(c)	 (Voting by poll): If at any meeting a poll is demanded in accordance with Clause 26.6(b): 

 

	 	(i)	 that poll must 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; 

  

	 	(ii)	 every person being a Relevant Investor holding, or being a Representative representing, then outstanding: 

 

	 	(A)	 Notes of the Class or Sub-Class of Notes; or 

  

	 	(B)	 Units of the Class of Units, 

corresponding to the meeting of the Relevant Investors and then outstanding will have 1 vote for each A$1,000 of the
principal outstanding of the Notes held by such Relevant Investor or represented by such Representative (using the A$ Equivalent (as defined in the Series Supplement relating to the relevant Notes) of such amount in the case of Notes not denominated
in Australian dollars) and will have 1 vote for each Unit held by such Relevant Investor or represented by such Representative unless the meeting of Relevant Investors includes any Relevant Investor in respect of a Series Trust (other than the
Warehouse Trusts) constituted prior to 25 September 2012, in which case, every Relevant Investor holding or Representative representing then outstanding Notes or Units corresponding to the meeting of the Relevant Investors will only have 1 vote
for each Note or Unit held or represented by it on a poll; 
  

	 	(iii)	 any Relevant Investor or Representative entitled to more than one vote in relation to a poll need not cast all of its votes nor cast all of its
votes in the same way; 

  

	 	(iv)	 in the case of equality of votes in relation to a poll, the chairman will have a tie-breaking vote in addition to the vote or votes (if any) to
which he or she may be entitled as a Relevant Investor or as a Representative of a Relevant Investor; and 

  
 67 

	 	(v)	 following a poll, 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. 

 

	 	(d)	 (Poll for election of chairman or adjournment): Any poll demanded at any meeting on the election of a chairman or on any question of
adjournment must be taken at the meeting without adjournment. 

  

	26.7	 Right to attend and speak 

The Trustee and the Manager (through their respective representatives) and their respective financial and legal advisers are
entitled to attend and speak at any meeting of Relevant Investors. No person is otherwise entitled to attend or vote at any meeting of Relevant Investors unless he or she holds outstanding Notes or Units corresponding to the meeting of the Relevant
Investors or is a Representative representing such Notes or Units. 
  

	26.8	 Appointment of proxies 

  

	 	(a)	 (Proxy): Each appointment of a proxy must be in writing and, together (if so required by the Trustee) with proof satisfactory to the Trustee
of its due execution, must be deposited (including by facsimile provided the original is received by the Trustee prior to the relevant meeting) at the registered office of the Trustee or at such other place as the 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 such meeting or adjourned meeting proceeds to business. A notarially certified copy proof as aforesaid (if applicable) of due execution must, if required by the Trustee, be produced by the proxy at the meeting or the adjourned
meeting but the Trustee is not thereby 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 Relevant Investor.

  

	 	(b)	 (Proxy votes valid): Any vote given in accordance with the terms of an appointment of proxy conforming with Clause 26.8(a) will be valid
notwithstanding the previous revocation or amendment of the appointment of proxy or of any of the Relevant Investor’s instructions pursuant to which it was executed, provided that no intimation in writing of such revocation or amendment is
received by the Trustee at its registered office or by the chairman of the meeting in each case not less than 24 hours before the commencement of the meeting or adjourned meeting at which the appointment of proxy is used. 

 

	26.9	 Corporate Representatives 

A person authorised pursuant to section 250D of the Corporations Act by a Relevant Investor being a body corporate to act for
it at any meeting is, in accordance with his or her authority until his or her authority is revoked by the body corporate concerned, entitled to exercise the same powers on behalf of that body corporate as that body corporate could exercise if it
were an individual Relevant Investor 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. 
  

	26.10	 Rights of Representatives 

A Representative of a Relevant Investor 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 

  
 68 

 
proposal) has power generally to act at a meeting for the Relevant Investor. The Trustee, the Manager and any officer of the Trustee and the Manager may be appointed a Representative. 

 

	26.11	 Powers of a meeting of Noteholders 

  

	 	(a)	 (Powers): In addition to other powers Relevant Investors may have under the Transaction Documents in relation to a Series Trust but subject
to Clause 26.11(b), a meeting of Relevant Investors has, without prejudice to any rights or powers conferred on other persons by the Transaction Documents, power only exercisable by Extraordinary Resolution: 

 

	 	(i)	 to approve any action that the Trustee or the Manager proposes to take to enforce the provisions of any Transaction Document relating to the
Relevant Investors; 

  

	 	(ii)	 to approve any proposal by the Manager or the Trustee, for any modification, abrogation, variation or compromise of, or arrangement in respect of,
the rights of the Relevant Investors against the Trustee or the Manager whether such rights arise under any Transaction Document or otherwise; 

  

	 	(iii)	 to approve the exchange or substitution of Notes or Units for or the conversion of Notes or Units into, other obligations or securities of the
Trustee or any other body corporate formed or to be formed; 

  

	 	(iv)	 pursuant to Clause 25 to consent to any amendment, addition or revocation of this Deed proposed by the Trustee or the Manager;

  

	 	(v)	 pursuant to Clause 19.4 (but not otherwise) to appoint a new Trustee; 

 

	 	(vi)	 to discharge or exonerate the Trustee, the Manager, a Nominated Seller or a Nominated Servicer from any liability in respect of any act or omission
for which it may become responsible under any Transaction Document relating to the Relevant Investors; and 

  

	 	(vii)	 to authorise the Trustee, the Manager or any other person to concur in and execute and do all such documents, acts and things where such
concurrence, execution or action by the Trustee, the Manager or other person is expressly conditional on the approval of the Relevant Investors (such condition may be stipulated in a Transaction Document in relation to a Series Trust or otherwise)
or as may be necessary to carry out and give effect to any Extraordinary Resolution. 

  

	 	(b)	 (Limitation): A meeting of Relevant Investors does not have power to, nor will any resolution submitted to the meeting propose or have the
effect of: 

  

	 	(i)	 removing the Trustee, the Manager or any Nominated Servicer from office, other than in accordance with the terms of this Deed or the corresponding
Series Supplement; 

  

	 	(ii)	 interfering with the management of any Series Trust; 

  

	 	(iii)	 winding up or terminating any Series Trust; 

  

	 	(iv)	 disposing of, or otherwise dealing with, the Assets of any Series Trust; or 

 

	 	(v)	 amending the provisions of this Deed or a Series Supplement other than in accordance with Clause 25. 

  
 69 

	26.12	 Extraordinary Resolution binding on Relevant Investors 

An Extraordinary Resolution passed at a meeting of Relevant Investors duly convened and held in accordance with this Deed or
passed in accordance with Clause 26.14 is binding upon all the Relevant Investors whether or not present at such meeting and each of the Relevant Investors, the Trustee and the Manager are bound to give effect thereto accordingly provided that: 

 

	 	(a)	 (If resolution affects particular Class or Sub-Class): a resolution of all Relevant Investors which in its terms (or having regard to the
terms of this Deed) affects a particular Class or Sub-Class of Noteholders or Class of Unitholders only, or in a manner different to the rights of the Relevant Investors generally, is not binding on the Noteholders or Unitholders of that particular
Class or Sub-Class (as the case may be) unless the Noteholders or Unitholders of that particular Class or Sub-Class (as the case may be) have, by Extraordinary Resolution, agreed to be bound thereby; and 

 

	 	(b)	 (If resolution affects a particular Investor): a resolution of Relevant Investors which in its terms (or having regard to the terms of this
Deed) affects a particular Investor only, or in a manner different to the rights of all Investors of its Class or Sub-Class (as the case may be) generally, is not binding on that Investor unless it has agreed to be bound thereby.

  

	26.13	 Minutes and records 

Minutes of all resolutions and proceedings at every meeting of Relevant Investors must be made and duly entered in the books
to be from time to time provided for that purpose by the Trustee and any such minutes as aforesaid if 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 of the Relevant Investors 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 are
deemed to have been duly convened and held and all resolutions passed or proceedings transacted thereat to have been duly passed and transacted. 
  

	26.14	 Written resolutions 

Notwithstanding the preceding provisions of this Clause 26, a resolution of Relevant Investors (including an Extraordinary
Resolution) may be passed, without any meeting or previous notice being required, by an instrument or instruments in writing which has or have: 
  

	 	(a)	 (Written resolution): in the case of a resolution (including an Extraordinary Resolution) of Relevant Investors, been signed by all Relevant
Investors; and 

  

	 	(b)	 (When effective): any such instrument is effective upon presentation to the Trustee for entry in the records referred to in Clause 26.13.

  

	26.15	 Further procedures for meetings 

Subject to all other provisions contained in this Deed, the Trustee may, without the consent of the Relevant Investors,
prescribe such further regulations regarding the holding of meetings of Relevant Investors and attendance and voting thereat as the Trustee may in its sole discretion determine including particularly (but without prejudice to the generality of the
foregoing) such regulations and requirements as the Trustee thinks reasonable: 
  

	 	(a)	 (Electronic Meetings): so that meetings can be duly convened and held in one or more separate meeting places linked together by telephone,
by instantaneous audiovisual communication device or by some other instantaneous means of conferring for the dispatch of business (or by any combination of those means); 

  
 70 

	 	(b)	 (Regarding entitlement to vote): so as to satisfy itself that persons who purport to attend or vote at any meeting of the Relevant Investors
are entitled to do so in accordance with this Deed; and 

  

	 	(c)	 (Regarding Representatives): as to the form of appointment of a Representative. 

 

	27.	 MISCELLANEOUS 

  

	27.1	 Inspection of Transaction Documents 

A copy of the Transaction Documents (other than any Dealer Agreement) in relation to a Series Trust, together with all
amendments, must at all times during usual business hours be made available by the Trustee in Sydney for inspection (but not copying) by each Unitholder, Noteholder and bona fide prospective Noteholder in respect of the Series Trust provided
that the Unitholder, Noteholder or prospective Noteholder wanting to inspect a copy of the Transaction Documents first enters into an agreement with the Manager, in a form acceptable to the Manager, not to disclose the contents of the Transaction
Documents without the Manager’s prior written consent. 
  

	27.2	 Certificates by Manager 

Any statement or certificate by the Manager in relation to any act, matter, thing or state of affairs in relation to any of
the Series Trusts, this Deed or any other Transaction Document will, in the absence of manifest error be final, and be binding and conclusive upon the Trustee, the Unitholders, the Noteholders and all other persons. 

 

	27.3	 Waivers, remedies cumulative 

Save as provided in this Deed, no failure to exercise and no delay in exercising on the part of the Trustee or the Manager of
any right, power or privilege under this Deed will operate as a waiver, nor will any single or partial exercise of any right, power or privilege preclude any other or further exercise of such right, power or privilege, or the exercise of any other
right, power or privilege. 
  

	27.4	 Rights cumulative 

The rights, powers and remedies provided in this Deed are cumulative and not exclusive of the rights, powers or remedies
provided by law independently of this Deed. 
  

	27.5	 Retention of documents 

All applications for Notes, cancelled Note Certificates, Note Transfers and instruments of transmission must be retained by
the Manager for a period of seven years but on the expiration of seven years from the date of any such document the same may be destroyed. 
  

	27.6	 Assignment by Trustee 

The Trustee 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 Trusts under and in accordance with this Deed. 
  

	27.7	 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 Trusts under and in accordance with this Deed. 

  
 71 

	27.8	 Governing law 

This Deed will be governed by and construed in accordance with the laws of the Australian Capital Territory. 

 

	27.9	 Jurisdiction 

  

	 	(a)	 (Submission to jurisdiction): The Trustee, the Manager, each Unitholder and each Noteholder, irrevocably submit to and accept, 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): The Trustee, the Manager, each Unitholder and each Noteholder, 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. 

 

	27.10	 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. 

 

	27.11	 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. 
  

	27.12	 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. 
  

	27.13	 No liability 

The parties acknowledge and agree that in respect of any Series Trust: 

 

	 	(a)	 (No other obligations): the Manager’s obligations as manager of that Series Trust are limited to those set out in the Transaction
Documents in relation to that Series Trust; 

  

	 	(b)	 (Pool Performance): without limiting the Manager’s liability with respect to any breach of its obligations under the Transaction
Documents in respect of that Series Trust, the Manager has no liability to the Trustee with respect to a failure by an Obligor (as defined in the Series Supplement in respect of that Series Trust) or any other person, to perform its obligations
under any SMART Receivable Documents (as defined in the Series Supplement in respect of that Series Trust); and 

  

	 	(c)	 (Remittance of Collections): the Manager is only obliged to remit any Collections (as defined in the Series Supplement in respect of that
Series Trust) in respect of the SMART Receivable Rights (as defined in the Series Supplement in respect of that Series Trust) (not being amounts payable by the Manager from its own funds or amounts payable in respect of breaches by the Manager of
its obligations under the Transaction Documents for that Series Trust) to the Trustee to the extent that these have been received by the Manager. 

  
 72 

 SIGNATORIES 
  

					
	EXECUTED as a DEED.	  		    	
		 	
	 SIGNED SEALED and DELIVERED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED, ABN 26 003 435 443 by

Alfonso del Rio
	  	 	    	  (Sgd) Alfonso del Rio

		  	 	    	 Signature of Attorney
	its Attorney under a Power of attorney dated 6/3/2002 and registered No. 124180 and the Attorney declares that the Attorney has not received any notice of revocation of such Power of Attorney in the presence
of:	  	 	    	
		 	
	  (Sgd) C Coventry
	  	 	    	
	 Signature of Witness	  		    	
			
	  C Coventry
	  		    	
	 Name of Witness in full	  		    	
			
	    	  		    	
	  
 SIGNED SEALED and DELIVERED for PERPETUAL TRUSTEE COMPANY
LIMITED ABN 42 000 001 007 by Edward R.G. Pocock
	  	 	    	  (Sgd) Edward Pocock

		  	 	    	 Signature of Attorney
	its Attorney under a Power of Attorney dated 11/3/2002 and Registered No. 124284 and each Attorney declares that the Attorney has not received any notice of revocation of such Power of Attorney in the presence
of:	  	 	    	
		 	
	  (Sgd) C Coventry
	  	 	    	
	 Signature of Witness	  		    	
			
	  C Coventry
	  		    	
	 Name of Witness in full	  		    	

  
 73 

 SCHEDULE 2 

AMENDED MASTER SECURITY TRUST DEED 

  
 9 

 CONFORMED DOCUMENT AS AMENDED BY DEEDS OF AMENDMENT DATED 29 OCTOBER 2007, 29 SEPTEMBER 2008,
24 FEBRUARY 2012, 25 SEPTEMBER 2012 AND 6 NOVEMBER 2015. 
 THIS DOCUMENT ONLY APPLIES TO EACH AFFECTED SECURED SERIES TRUST (AS DEFINED IN THIS
DOCUMENT). 
 THE SMART ABS TRUSTS 

MASTER SECURITY TRUST DEED 

P.T. LIMITED 
 ABN 67 004
454 666 
 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
	  	 	3	  
	2.	 	 General Security Deed
	  	 	10	  
	3.	 	 The Security Trust
	  	 	10	  
	4.	 	 Payment of Secured Moneys and Security
	  	 	11	  
	5.	 	 Representations and Warranties
	  	 	13	  
	6.	 	 Trustee’s and Manager’s Covenants
	  	 	16	  
	7.	 	 Events of Default
	  	 	18	  
	8.	 	 Rights and Obligations of the Security Trustee following Event of Default
	  	 	19	  
	9.	 	 Enforcement
	  	 	22	  
	10.	 	 Receivers - Appointment and Powers
	  	 	23	  
	11.	 	 Powers and Protections for Security Trustee and Receiver and Power of Attorney
	  	 	27	  
	12.	 	 Protection of Persons Dealing with Security Trustee or Receiver
	  	 	30	  
	13.	 	 Application of Moneys
	  	 	30	  
	14.	 	 Supplemental Security Trustee Provisions
	  	 	32	  
	15.	 	 Duties of the Security Trustee
	  	 	40	  
	16.	 	 Indemnities
	  	 	41	  
	17.	 	 Meetings of Voting Secured Creditors
	  	 	43	  
	18.	 	 Continuing Security and Releases
	  	 	43	  
	19.	 	 Appointment, Remuneration and Retirement of Security Trustee
	  	 	44	  
	20.	 	 Assurance
	  	 	47	  
	21.	 	 Payments
	  	 	48	  
	22.	 	 Discharge of a Security
	  	 	49	  
	23.	 	 Amendment
	  	 	50	  
	24.	 	 Expenses and Stamp Duties
	  	 	53	  
	25.	 	 Notices
	  	 	53	  
	26.	 	 Trustee’s Limitation of Liability
	  	 	54	  
	27.	 	 Miscellaneous
	  	 	55	  
		
	Schedule	  			
			
	1.	 	 Provisions for Meetings of Voting Secured Creditors
	  	 	60	  
		
	Signatories	  	 	71	  

 THIS MASTER SECURITY TRUST DEED is made at Canberra on 27 February 2007 

PARTIES: 
  

	(1)	 P.T. LIMITED ABN 67 004 454 666 of Level 12, Angel Place, 123 Pitt Street, Sydney NSW 2000 (hereinafter included in the expression the
Security Trustee) 

  

	(2)	 MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443 of Level 1, 1 Martin Place, Sydney NSW 2000 (hereinafter included in the
expression the Manager) 

  

	(3)	 PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 002 674 982 of Level 12, 123 Pitt Street, Sydney NSW 2000 (hereinafter included in the expression
the Trustee) 

 BACKGROUND: 
  

	(A)	 The Trustee is the trustee, and the Manager is the manager, of each Series Trust pursuant to the Master Trust Deed. 

 

	(B)	 This Deed contemplates that the Manager may specify in a Series Supplement relating to a Series Trust that it proposes that the Series Trust be a
Secured Series Trust for the purposes of this Deed. 

  

	(C)	 If the Manager proposes in a Series Supplement that a Series Trust be a Secured Series Trust, the Manager will prepare and submit to the Trustee
and the Security Trustee a General Security Deed under which the Trustee, as trustee of the Series Trust will (amongst other things) encumber the Secured Property referred to therein as security for the Secured Moneys referred to therein, in favour
of the Security Trustee as trustee for the Secured Creditors referred to therein. 

  

	(D)	 Upon the due execution of a General Security Deed in relation to a Series Trust by the Trustee, the Manager and the Security Trustee, the Series
Trust will become a Secured Series Trust for the purposes of this Deed. 

  

	(E)	 The provisions of this Deed apply to each Secured Series Trust, as such provisions may be amended by the General Security Deed corresponding to
that Secured Series Trust. 

  

	(F)	 The Security Trustee has agreed to act as security trustee for the benefit of the Secured Creditors of each relevant Secured Series Trust on, and
subject to, the terms and conditions in this Deed and the General Security Deed relating to that Secured Series Trust. 

 Operative
Provisions 
  

	1.	 DEFINITIONS AND INTERPRETATION 

  

	1.1	 Definitions 

In this Deed, unless the context indicates a contrary intention: 

Affected Secured Series Trust means each SMART AUD Series Trust, each SMART US$ Series Trust and the
SMART Euro Series Trust (each as defined in the Deed of Amendment). 
 Authorised Officer means: 

 

	 	(a)	 in relation to the Security Trustee, a director or secretary of the Security Trustee, any person whose title contains the word or words
“manager”, “counsel” or “head of [business unit]” or any other person appointed by the Security Trustee to act as an Authorised Officer of the Security Trustee; 

  
 3 

	 	(b)	 in relation to a Foreign Currency Note Trustee, any officer within the corporate trust department of the Foreign Currency Note Trustee, including
any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Foreign Currency Note Trustee who customarily performs functions similar to those performed by the persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of
this Deed or a Security; 

  

	 	(c)	 in relation to the Trustee, an Authorised Officer of the Trustee for the purposes of the Master Trust Deed; and 

 

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

Charge in relation to a Secured Series Trust, has the meaning given to that term in the General Security Deed relating
to that Secured Series Trust. 
 Class A Noteholders in relation to a Secured Series Trust has the
meaning (if any) given to that term in the Series Supplement in relation to that Secured Series Trust. 

Class A Notes in relation to a Secured Series Trust has the meaning (if any) given to that term in the Series
Supplement in relation to that Secured Series Trust. 
 Class of Higher Ranking Notes at any time in relation
to a Secured Series Trust and a Class or Sub-Class of Notes, means each Class or Sub-Class of Notes then outstanding which rank above that Class or Sub-Class of Notes as determined by reference to the order of priority of payments on enforcement in
Clause 13.1 and the General Security Deed in relation to the Secured Series Trust. 
 Class of Subordinated Notes
in relation to a Secured Series Trust and a Class or Sub-Class of Notes, means each Class or Sub-Class of Notes which ranks below the Highest Ranking Class of Notes then outstanding as determined by reference to the order of priority of payments
on enforcement in Clause 13.1 and the General Security Deed in relation to the Secured Series Trust. 
 Deed of
Amendment means The SMART ABS Trusts Deed of Amendment Master Trust Deed and Master Security Trust Deed dated 6 November 2015 between among others, the Trustee and the Manager. 

Deed of Assumption means the Deed of Assumption dated on or about the date of this Deed between Macquarie Securities
Management Pty Limited ABN 26 003 435 443 and Perpetual Trustee Company Limited ABN 42 000 001 007. 
 Event of
Default in relation to a Secured Series Trust has the meaning given to it in Clause 7 in relation to that Secured Series Trust. 

Extraordinary Resolution of the Voting Secured Creditors means, subject to the General Security Deed in relation to a
Secured Series Trust: 
  

	 	(a)	 in relation to a Foreign Currency Trust only, where the Foreign Currency Note Trustee is the only Voting Secured Creditor in accordance with the
definition of Voting Secured Creditor in relation to that Secured Series Trust, a written direction by the Foreign Currency Note Trustee alone (acting at the direction of the Foreign Currency Noteholders or otherwise in its absolute discretion where
no such directions are forthcoming); 

  

	 	(b)	 in relation to a Foreign Currency Trust only, where the Foreign Currency Noteholders are the only Voting Secured Creditors in accordance with the
definition of Voting Secured Creditor in relation to that Secured Series Trust, an Extraordinary Resolution (as defined in 

  
 4 

	 	 
the Foreign Currency Note Trust Deed in relation to that Secured Series Trust) of the Foreign Currency Noteholders passed pursuant to the Foreign Currency Note Trust Deed; or

  

	 	(c)	 otherwise, in all other cases: 

  

	 	(i)	 a resolution which is passed at a meeting of Voting Secured Creditors duly convened and held in accordance with the provisions of this Deed
(including Schedule 1) by a majority consisting of not less than 75% of the votes (determined in accordance with Clause 8 of Schedule 1) of the persons present and voting at the meeting who are Voting Secured Creditors, or representing Voting
Secured Creditors or if a poll is demanded then, subject, in the case of a Foreign Currency Trust only, to Clause 20(e) of Schedule 1, by Voting Secured Creditors holding or representing between them Voting Entitlements comprising in aggregate a
number of votes which is not less than 75% of the aggregate number of votes comprised in the Voting Entitlements held or represented by all the persons present at the meeting voting on such poll; or 

 

	 	(ii)	 a resolution in writing pursuant to Clause 16 of Schedule 1. 

Foreign Currency means a currency other than Australian dollars. 

Foreign Currency Note means a Note or Class or Sub-Class of Notes issued by a Secured Series Trust in a Foreign
Currency. 
 Foreign Currency Note Trust in relation to a Secured Series Trust, means the trust established
under the Foreign Currency Note Trust Deed for that Secured Series Trust. 
 Foreign Currency Note Trust Deed
in relation to a Secured Series Trust, has the meaning given to that term in the General Security Deed relating to that Secured Series Trust. 

Foreign Currency Note Trustee in relation to: 

 

	 	(a)	 a Foreign Currency Note Trust, means the person appointed as Foreign Currency Note Trustee under the Foreign Currency Note Trust Deed in relation
to that Foreign Currency Note Trust, and if that person retires or is removed as Foreign Currency Note Trustee, the person from time to time appointed as the trustee for the Foreign Currency Noteholders in accordance with that Foreign Currency Note
Trust Deed; and 

  

	 	(b)	 a Secured Series Trust, has the meaning given to that term in the General Security Deed relating to that Secured Series Trust (if any).

 Foreign Currency Noteholders has the same meaning as in the General Security Deed in relation to
a Secured Series Trust. 
 Foreign Currency Trust means a Secured Series Trust which has issued any Foreign
Currency Notes. 
 General Security Deed means, in relation to a Secured Series Trust, the General Security
Deed relating to that Secured Series Trust as executed or proposed to be executed (as the case may be) by the Trustee, the Manager and the Security Trustee in such form, and with such parties, as may be agreed between the Trustee, the Manager and
the Security Trustee from time to time. 
 Highest Ranking Class of Note means at any time, in relation to a
Secured Series Trust, the Class or Sub-Class of Notes then outstanding ranking in priority to all other Notes of the Secured Series  

  
 5 

 
Trust as determined by reference to the order of priority of payments on enforcement in Clause 13.1 and the General Security Deed in relation to the Secured Series Trust. 

Interested Persons means, in relation to a Secured Series Trust, a collective reference to the Trustee, the Secured
Creditors of the Secured Series Trust, the Manager and all persons claiming through them and Interested Person means, in relation to a Secured Series Trust, a several reference to all Interested Persons in relation to the Secured Series
Trust. 
 Master Sale and Servicing Deed means the Master Sale and Servicing Deed dated 27 February 2007
between the Trustee, the Manager and Macquarie Leasing Pty Limited, as amended from time to time. 
 Master Trust
Deed means the Master Trust Deed dated 11 March 2002 between the Manager and Permanent Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by Perpetual Trustee Company Limited ABN 42 000 001 007 pursuant to
the Deed of Assumption, as amended from time to time. 
 Non-PPSA Secured Property means, in relation to a
Secured Series Trust, the property specified as such in the General Security Deed relating to that Secured Series Trust. 

Obligations means, in relation to a Secured Series Trust, the totality of all the obligations and liabilities of the
Trustee: 
  

	 	(a)	 to the Secured Creditors under or arising from or in connection with at any time and for any reason or circumstance whatsoever, the Transaction
Documents in relation to the Secured Series Trust to which a Secured Creditor is party; and 

  

	 	(b)	 to the Security Trustee arising under or in connection with this Deed in respect of the Secured Series Trust or the General Security Deed in
respect of the Secured Series Trust, 

 whether such obligations and liabilities are liquidated or not,
are contingent or presently accrued due or relate to the payment of money or the performance or omission of any act or thing, and includes all rights sounding in damages only. 

PPSA Secured Property means, in relation to a Secured Series Trust, the property specified as such in the General
Security Deed relating to that Secured Series Trust. 
 Pre-Default Action means: 

 

	 	(a)	 an action which the Security Trustee is required or empowered to take prior to an Event of Default under Clauses 6.1, 6.2(c), 8.3, 8.4, 9.5, 11.5,
11.8, 14, 15.2, 16.1, 17.2, 19, 20.1, 20.2, 22 and 23; and 

  

	 	(b)	 such action as the Security Trustee considers necessary to cause the Trustee to comply with its obligations under Clause 19.1.

 Prior Interest means, in relation to a Secured Series Trust, the lien over, and right of
indemnification from, the Secured Property relating to that Secured Series Trust held by the Trustee under, and calculated in accordance with, the Master Trust Deed or the relevant Series Supplement for Trustee Indemnity Costs (other than the
Secured Moneys) in relation to the Secured Series Trust which are unpaid, or paid by the Trustee but not reimbursed to the Trustee from the Assets of the Secured Series Trust. 

  
 6 

 Receiver means, in relation to a Secured Series Trust and Secured Property
relating to that Secured Series Trust, a receiver appointed by the Security Trustee under this Deed over Secured Property relating to that Secured Series Trust and includes a receiver and manager and where more than one person has been appointed as
receiver or receiver and manager each such person and also any servant, agent or delegate of any such receiver or receiver and manager. 

Representative means: 
  

	 	(a)	 in relation to a Voting Secured Creditor, a person who is appointed as a proxy for that Voting Secured Creditor pursuant to Clause 10 of Schedule
1; and 

  

	 	(b)	 without limiting the generality of paragraph (a), in relation to a Voting Secured Creditor that is a body corporate, a person who is appointed
pursuant to Clause 11 of Schedule 1 by that Voting Secured Creditor. 

 Secured Creditors means, in
relation to a Secured Series Trust, the persons identified as such in the General Security Deed relating to the Secured Series Trust. 

Secured Moneys means, in relation to a Secured Series Trust, the moneys owing to the Security Trustee or a Secured
Creditor specified as such in the General Security Deed relating to that Secured Series Trust. 
 Secured Property
means, in relation to a Secured Series Trust, the property specified as such in the General Security Deed relating to that Secured Series Trust. 

Secured Series Trust means each Series Trust that is proposed in its Series Supplement to be a Secured Series Trust for
the purposes of this Deed and in respect of which a General Security Deed is executed by the Trustee, the Manager and the Security Trustee pursuant to Clause 2. 

Security means, in relation to a Secured Series Trust, the Security Interests created by the General Security Deed
relating to that Secured Series Trust. 
 Security Release Date means, in relation to a Secured Series Trust,
subject to Clause 22.3, the date the Security Trustee releases the Secured Property of the Secured Series Trust from the Security relating to that Secured Series Trust. 

Security Trust means generally each trust established under Clause 2.2 and, in relation to a Secured Series Trust or
the Secured Creditors of a Secured Series Trust, means such trust established under Clause 2.2 in relation to that particular Secured Series Trust. 

Security Trust Fund means any property and benefits which the Security Trustee holds on trust for the Secured Creditors
of a Secured Series Trust under this Deed and the General Security Deed relating to that Secured Series Trust including, without limitation, all the right, title and interest of the Security Trustee in connection with the Security and any property
which represents the proceeds of sale of any such property or proceeds of enforcement of the Security. 
 Security
Trustee means P.T. Limited ABN 67 004 454 666 or if P.T. Limited ABN 67 004 454 666 retires or is removed as security trustee, any then Substitute Security Trustee. 

Subordinated Note Basic Term Modification means in relation to a Class or Sub-Class of Subordinated Notes, an
amendment, addition or revocation to this Deed, the General Security Deed in relation to a Secured Series Trust or to the terms and conditions of that Class or Sub-Class of Subordinated Notes which has the effect of: 

  
 7 

	 	(a)	 reducing, cancelling or postponing the date of payment, modifying the method for the calculation or altering the order of priority under this Deed
and the General Security Deed in relation to a Secured Series Trust, of any amount payable in respect of any principal or interest in respect of that Class or Sub-Class of Subordinated Notes; 

 

	 	(b)	 altering the currency in which payments under that Class or Sub-Class of Subordinated Notes are to be made; 

 

	 	(c)	 altering the majority required to pass an Extraordinary Resolution under this Deed; or 

 

	 	(d)	 sanctioning any scheme or proposal for the exchange or sale of that Class or Sub-Class of Subordinated Notes for, or the conversion of that Class
or Sub-Class of Subordinated Notes into, or the cancellation of that Class or Sub-Class of Subordinated Notes in consideration of, shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Trustee or
any other company formed or to be formed, or for or into or in consideration of cash, or partly for or into or in consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid
and partly for or in consideration of cash. 

 Substitute Security Trustee means at any given time
the entity then appointed as Security Trustee under this Deed. 
 Trustee Indemnity Costs means, in relation
to a Secured Series Trust, the fees, costs, charges and expenses incurred by or payable to the Trustee (in its capacity as trustee of the Secured Series Trust) in accordance with the Transaction Documents relating to that Secured Series Trust
excluding the Secured Moneys in relation to the Secured Series Trust. 
 Voting Entitlement means, in relation
to a Secured Series Trust, on a particular date the number of votes which the Voting Secured Creditors of the Secured Series Trust would be entitled to exercise if a meeting of Voting Secured Creditors of the Secured Series Trust were held on that
date, being in respect of a given Voting Secured Creditor and subject to the General Security Deed in relation to the Secured Series Trust, the number calculated by dividing the Secured Moneys owing to that Voting Secured Creditor in respect of the
Secured Series Trust by 10 and rounding the resulting figure to the nearest whole number (exact half numbers to be rounded up) provided that if a Foreign Currency Note Trustee is a then Voting Secured Creditor of the Secured Series Trust, it will
have a Voting Entitlement equal to the aggregate Voting Entitlement (determined in accordance with the foregoing) for all Foreign Currency Noteholders of the Secured Series Trust on whose behalf it is acting. 

Voting Secured Creditor in relation to a Secured Series Trust, has the meaning given in the General Security Deed
relating to the Secured Series Trust. 
  

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

 

	(a)	 (Incorporation of definitions): Subject to Clause 1.2(b), unless otherwise defined in this Deed or unless otherwise indicated in this Deed,
words and expressions defined (including by incorporation from, or by reference to, another document) in the Master Trust Deed, Master Sale and Servicing Deed or a Series Supplement in relation to a Secured Series Trust, have the same meanings in
this Deed in so far as it applies to that Secured Series Trust. Where there is any inconsistency in a definition between the Master Trust Deed, the Master Sale and Servicing Deed and the Series 

  
 8 

 
Supplement relating to a Secured Series Trust, the Series Supplement prevails over the Master Trust Deed and Master Sale and Servicing Deed in respect of this Deed. 

 

	(b)	 (Variation of incorporated definitions): Where in this Deed a word or expression is defined by reference to its meaning in the Master Trust
Deed or the Master Sale and Servicing Deed, any amendment to the meaning of that word or expression in the Master Trust Deed or the Master Sale and Servicing Deed will be of no effect for the purposes of this Deed in its application to a Secured
Series Trust unless the amendment is pursuant to the Series Supplement in relation to that Secured Series Trust or the amendment is consented to by the Security Trustee. 

 

	1.3	 Interpretation 

Clause 1.2 of the Master Trust Deed is taken to be incorporated in this Deed as if set out in full in it. 

 

	1.4	 Incorporation of Schedule 1 

This Deed incorporates Schedule 1 which forms part of, and is subject to, this Deed. 

 

	1.5	 General Security Deed 

  

	(a)	 (Application of this Deed to a Secured Series Trust): A General Security Deed relating to a Secured Series Trust may amend, delete or
supplement the provisions of this Deed insofar as they apply to the Secured Series Trust. Such an amendment, deletion or supplement to the provisions of this Deed insofar as they apply to a Secured Series Trust does not constitute an amendment,
addition or revocation of this Deed for the purposes of Clause 23. 

  

	(b)	 (General Security Deed paramount in respect of the Secured Series Trust to which it applies): Notwithstanding any other provision of this
Deed, if there is a conflict between the provisions of a General Security Deed relating to a Secured Series Trust and the provisions of this Deed insofar as they apply to the Secured Series Trust, the provisions of the General Security Deed prevail
over the other provisions of this Deed in respect of the Secured Series Trust. 

  

	1.6	 Determination of Outstanding Hedge Money 

The amounts owing by the Trustee to a provider of a Hedge Agreement are to be determined by the provider of the Hedge
Agreement on the relevant date as if an “Early Termination Date” (as defined in the relevant Hedge Agreement) has been designated in respect of all “Transactions” (as defined in the relevant Hedge Agreement) in accordance with
the relevant Hedge Agreement at the time of such determination. 
  

	1.7	 Amounts Outstanding 

For the purposes of determining whether any amount constitutes Secured Moneys, for the purposes of determining whether an
Insolvency Event in relation to the Trustee as trustee of a Secured Series Trust has occurred, for the purposes of Clause 7(k) and for the purposes of Clause 13.1 (and for these purposes only) the calculation of any amounts owing or due by the
Trustee will be made without regard to any limitation on the Trustee’s liability that may be construed as meaning that such amounts are not owing or are not due and payable (and will be considered payable on a day fixed for their payment if
this is subject to the Trustee having sufficient funds whether or not the Trustee has sufficient funds on that day). 

  
 9 

	1.8	 Trustee’s capacity 

  

	(a)	 (Capacity): The Trustee enters into this Deed only in its capacity as trustee of each Secured Series Trust, and in no other capacity, and a
reference to the undertaking, assets, business or moneys of the Trustee is a reference to the undertaking, assets, business or moneys of the Trustee in its capacity as trustee of the relevant Secured Series Trust only. 

 

	(b)	 (Insolvency Event): In this Deed unless expressly specified otherwise, a reference to an Insolvency Event in relation to the Trustee is to
the Trustee only in its capacity as trustee of the relevant Secured Series Trust and does not include the Trustee personally, as trustee of any other Series Trust, as trustee of any other trust fund or in any other capacity whatsoever.

  

	2.	 GENERAL SECURITY DEED 

  

	2.1	 Preparation of General Security Deed 

If the Manager proposes that a Series Trust is to be a Secured Series Trust, the Manager will contemporaneously with the
preparation of the Series Supplement in relation to that Series Trust (or at any other time that may be agreed between the Manager, the Trustee and the proposed Security Trustee) prepare and deliver to the Trustee and proposed Security Trustee a
General Security Deed. 
  

	2.2	 Execution of General Security Deed 

If the Trustee and the proposed Security Trustee receive a General Security Deed in relation to a proposed Secured Series
Trust pursuant to Clause 2.1, and if they decide in their absolute discretion to do so, the Trustee and the proposed Security Trustee may execute and return that General Security Deed to the Manager. 

 

	2.3	 Effect of General Security Deed 

If the Trustee and the Security Trustee execute and return a General Security Deed to the Manager, upon the execution of that
General Security Deed by the Manager the provisions of this Deed (as amended, deleted or supplemented by the provisions of that General Security Deed) will thereupon (or at such other time as specified in the General Security Deed) take effect in
relation to that Secured Series Trust. 
  

	3.	 THE SECURITY TRUST 

  

	3.1	 Declaration of Security Trusts 

The Security Trustee declares that it will hold each Security Trust Fund for a Secured Series Trust on trust for those persons
who are Secured Creditors of the Secured Series Trust at the time of distribution of any money by the Security Trustee pursuant to Clause 13.1 in respect of that Secured Series Trust on, and subject to, the terms and conditions of this Deed and the
General Security Deed relating to that Secured Series Trust. 
  

	3.2	 Duration of Security Trusts 

A Security Trust in relation to a Secured Series Trust commences on the date that the relevant Series Trust becomes a Secured
Series Trust and terminates on the first to occur of: 
  

	 	(a)	 (Security Release Date): the Security Release Date for the Secured Series Trust; 

 

	 	(b)	 (Rule against perpetuities): the 80th anniversary of the creation of the Security Trust; and 

  
 10 

	 	(c)	 (Other): such earlier date (if any) as may be specified in the General Security Deed. 

 

	3.3	 Benefit of Security Trust 

Each Secured Creditor of a Secured Series Trust is entitled to the benefit of the Security Trust relating to that Secured
Series Trust on, and subject to, the terms and conditions of this Deed and the General Security Deed relating to the Secured Series Trust. 
  

	3.4	 Interested persons bound 

The provisions of this Deed and the relevant General Security Deed are binding upon every Interested Person of a Secured
Series Trust and the Security Trustee. 
  

	3.5	 Security Trust Fund only available to its Secured Creditors 

Each Security Trust Fund is only available to meet the Secured Moneys of the corresponding Secured Series Trust and other
amounts of the Secured Series Trust provided for herein and is not available to meet the Secured Moneys, or such other amounts, in relation to any other Secured Series Trust. 
  

	3.6	 Nature of rights of Secured Creditors 

Prior to any distribution to the Secured Creditors in relation to a Secured Series Trust pursuant to Clause 13.1, no Secured
Creditor in relation to the Secured Series Trust is entitled by virtue of this Deed or a General Security Deed to any equitable or proprietary interest in the Secured Property or the Security in relation to the Secured Series Trust, or any rights
held by the Security Trustee under Clause 3.1, and only has a mere right of action against the Security Trustee to properly perform its covenants under this Deed and to account to the Secured Creditors in relation to the Secured Series Trust in
accordance with this Deed and the relevant General Security Deed. 
  

	4.	 PAYMENT OF SECURED MONEYS AND SECURITY 

  

	4.1	 Covenant in favour of Security Trustee 

The Trustee covenants in favour of the Security Trustee in its capacity as trustee of a Security Trust that it will duly and
punctually perform and fulfil the Obligations and will pay the Secured Moneys relating to the corresponding Secured Series Trust to, or to the order of, the Security Trustee as and when the same fall due for payment. 

 

	4.2	 Payments to Secured Creditors 

Notwithstanding Clause 4.1, every payment by the Trustee, or the Security Trustee in accordance with this Deed, to the Secured
Creditors of a Secured Series Trust on account of the Secured Moneys relating to that Secured Series Trust will operate as payment by the Trustee to the Security Trustee in satisfaction of the Trustee’s obligations in respect of those Secured
Moneys. 
  

	4.3	 Floating Charge 

Subject to the corresponding General Security Deed, the Charge in relation to each Secured Series Trust is a floating charge
over its respective Non-PPSA Secured Property. 

  
 11 

	4.4	 Ranking of Security 

Subject only to the Prior Interest relating to a Secured Series Trust and to the corresponding General Security Deed, the
Security over the Secured Property relating to that Secured Series Trust is first ranking having priority over all other Security Interests over the Assets of the Secured Series Trust. 

 

	4.5	 Crystallisation of Floating Charge 

A Charge in relation to a Secured Series Trust, if it has not otherwise taken effect as a fixed charge in accordance with the
other provisions of this Deed and the General Security Deed relating to the Secured Series Trust, takes effect automatically and immediately as a fixed charge over all the Non-PPSA Secured Property relating to that Secured Series Trust if an Event
of Default in relation to the Secured Series Trust occurs, other than if an Event of Default described in Clauses 7(e) or (h) occurs, in which event it takes effect as a fixed charge automatically and immediately over the affected Non-PPSA
Secured Property. Upon a Charge becoming a fixed charge pursuant to the foregoing provisions of this Clause 4.5, the Security Trustee is deemed to have intervened at that point in time and to have exercised all its rights of intervention in respect
of the relevant Non-PPSA Secured Property. 
  

	4.6	 Consent to dealings 

During the time that a Charge has taken effect as a fixed charge over any Non-PPSA Secured Property, the Trustee must not (and
the Manager will not give any direction to the Trustee to) dispose of or deal with such Non-PPSA Secured Property unless such disposition or such other dealing is permitted by or required by and will be effected in accordance with the terms of the
Master Trust Deed, the relevant General Security Deed or any other Transaction Document relating to the corresponding Secured Series Trust. Without limiting the generality of the foregoing, the Trustee, a Nominated Servicer in relation to a Secured
Series Trust or any of their delegates may (notwithstanding that a Charge in relation to the Secured Series Trust has taken effect as a fixed charge) discharge in accordance with the terms of the corresponding Transaction Documents, any Approved
Financial Assets relating to the Secured Series Trust. Any Approved Financial Assets discharged pursuant to this Clause 4.6 will automatically, and without the need for any act on the part of the Security Trustee, be free from and released from its
corresponding Charge. 
  

	4.7	 Re-Conversion from fixed into floating charge 

Subject to Clause 4.8, at any time after a Charge in relation to a Secured Series Trust has taken effect as a fixed charge
over its corresponding Non-PPSA Secured Property, the Security Trustee may (and will, if directed by an Extraordinary Resolution of the Voting Secured Creditors of the Secured Series Trust) by notice in writing to the Trustee convert the Charge from
a fixed charge into a floating charge as regards any asset or assets specified in such notice. Upon such notice being received by the Trustee, the Charge as regards such specified asset or assets will immediately become and operate as a floating
charge subject to the provisions of this Deed and the General Security Deed relating to the Secured Series Trust and will cease to be a fixed charge over such specified asset or assets. 

 

	4.8	 Replacement of fixed charge over Non-PPSA Secured Property 

If a Charge in relation to a Secured Series Trust has taken effect as a fixed charge as a result of the occurrence of the
Event of Default described in Clause 7(a) the Security Trustee must, upon notification from the Manager that another person has been appointed as trustee of the Series Trusts, by notice in writing to the Trustee convert the charge from a fixed
charge into a floating charge as regards the corresponding Non-PPSA Secured Property. 

  
 12 

	4.9	 Subsequent dealing 

From the effective date specified in a notice given under Clause 4.7 or 4.8: 

 

	 	(a)	 (Trustee may deal as if floating charge): the Trustee may deal with the Non-PPSA Secured Property the subject of the notice, if it was
acquired by the Trustee before the effective date of the notice, as if it had always been charged by way of floating charge by the relevant General Security Deed; 

 

	 	(b)	 (Treat the fixing as not having occurred): the floating charge given by the relevant General Security Deed in respect of Non-PPSA Secured
Property the subject of the notice acquired by the Trustee on or after the effective date of the notice continues to operate as a floating charge as if it had never been a fixed charge; and 

 

	 	(c)	 (Third person may rely on notice that Charge is floating): a person dealing with the Trustee in relation to the Non-PPSA Secured Property
the subject of the notice may rely on a notice from the Security Trustee as conclusive evidence that, as at the time the notice is issued, such Non-PPSA Secured Property is charged by way of floating charge. 

 

	4.10	 Proceeds 

Notwithstanding any other provision of any Transaction Document in relation to a Secured Series Trust, the Security granted in
respect of the Secured Property in relation to that Secured Series Trust will continue in the proceeds (as defined in the PPSA) of any dealing in respect of that Secured Property (whether or not that dealing is permitted in accordance with the terms
of the Transaction Documents in relation to that Secured Series Trust). 
  

	5.	 REPRESENTATIONS AND WARRANTIES 

  

	5.1	 By the Trustee 

The Trustee represents and warrants to the Security Trustee in the Security Trustee’s capacity as trustee of each
Security Trust with effect from the time of creation of the corresponding Secured Series Trust that: 
  

	 	(a)	 (Due incorporation): it has been duly incorporated as a company limited by shares in accordance with the laws of its place of incorporation,
is validly existing under those respective laws and has power and authority to carry on its business as it is now being conducted; 

  

	 	(b)	 (Constitution): the execution, delivery and performance of this Deed and the General Security Deed in relation to the Secured Series Trust
does not violate the Trustee’s constitution; 

  

	 	(c)	 (Corporate power): the Trustee has the power and has taken all corporate and other action required to enter into this Deed and the General
Security Deed in relation to the Secured Series Trust and to authorise the execution and delivery of this Deed and that General Security Deed and the performance of its obligations under this Deed and that General Security Deed;

  

	 	(d)	 (Filings): except as provided in Clause 20.3, 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 by law to be filed or effected, as applicable, by the Trustee in connection with the execution, delivery and performance of this

  
 13 

	 	 
Deed and the General Security Deed in relation to the Secured Series Trust have been filed or effected or will be filed within the relevant time periods, as applicable, and all such filings and
registrations are or will be current, complete and accurate; 

  

	 	(e)	 (Legally binding obligation): the Trustee’s obligations under this Deed and the General Security Deed in relation to the Secured Series
Trust are valid, legally binding and enforceable obligations in accordance with the terms of this Deed and that General Security Deed subject to stamping and any necessary registration 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 (including to the extent applicable, the PPSA); 

 

	 	(f)	 (Execution, delivery and performance): the Trustee’s execution, delivery and performance of this Deed and the General Security Deed in
relation to the Secured Series Trust does not violate any existing law or regulation or any document or agreement to which it is a party or which is binding upon it or any of its assets; 

 

	 	(g)	 (Authorisations): all consents, licences, approvals and authorisations of every Governmental Agency required to be obtained by the Trustee
in connection with the execution, delivery and performance of this Deed and the General Security Deed in relation to the Secured Series Trust in its personal capacity have been obtained and are valid and subsisting; 

 

	 	(h)	 (Good title): subject only to the Transaction Documents relating to the Secured Series Trust and any Prior Interest relating to the Secured
Series Trust, the Trustee has not taken any steps to create any Security Interests in relation to the Secured Property; 

  

	 	(i)	 (Secured Series Trust validly created): the Secured Series Trust has been validly created and is in existence; 

 

	 	(j)	 (Sole Trustee): the Trustee has been validly appointed as trustee of the Secured Series Trust and is at the relevant time the sole trustee
of the Secured Series Trust; 

  

	 	(k)	 (Master Trust Deed and the Trust Creation Deed): the Secured Series Trust is solely constituted by the Master Trust Deed and the Series
Supplement or the Trust Creation Deed (as the case may be) relating to the Secured Series Trust; 

  

	 	(l)	 (No proceedings to remove): the Trustee 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 Secured Series Trust; 

  

	 	(m)	 (Trustee’s power): it has power under the Master Trust Deed and the Series Supplement relating to the Secured Series Trust, to encumber
the Secured Property in relation to the Secured Series Trust as provided in this Deed and the General Security Deed relating to the Secured Series Trust; and 

 

	 	(n)	 (No breach): it is not in breach of any material provision of the Master Trust Deed or the Series Supplement, or any other Transaction
Document, relating to the Secured Series Trust. 

  

	5.2	 By the Manager 

The Manager represents and warrants to the Security Trustee in the Security Trustee’s capacity as security trustee of
each Security Trust with effect from the date of creation of the corresponding Secured Series Trust that: 

  
 14 

	 	(a)	 (Due incorporation): the Manager 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): the Manager’s execution, delivery and performance of this Deed and the General Security Deed in relation to the Secured
Series Trust does not violate its constitution; 

  

	 	(c)	 (Corporate power): the Manager has the power and has taken all corporate and other action required to enter into this Deed and the General
Security Deed in relation to the Secured Series Trust and to authorise the execution and delivery of this Deed and that General Security Deed and the performance of its obligations under this Deed and that General Security Deed;

  

	 	(d)	 (Filings): subject to Clause 20.3, the Manager has filed all corporate notices and effected all registrations with the Australian Securities
and Investments Commission or similar office in its jurisdiction of incorporation and in any other jurisdiction as required by law and all such filings and registrations are current, complete and accurate; 

 

	 	(e)	 (Legally binding obligation): the Manager’s obligations under this Deed and the General Security Deed in relation to the Secured Series
Trust are valid, legally binding and enforceable obligations in accordance with the terms of this Deed and that General Security 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 (including to the extent applicable, the PPSA); 

  

	 	(f)	 (Execution, delivery and performance): the Manager’s execution, delivery and performance of this Deed and the General Security Deed in
relation to the Secured Series Trust does not violate any existing law or regulation or any document or agreement to which it is a party or which is binding upon it or any of its assets; and 

 

	 	(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 this Deed and the General Security Deed in relation to the Secured Series Trust have been obtained and are valid and subsisting. 

 

	5.3	 By the Security Trustee 

The Security Trustee represents and warrants to the Trustee and the Manager in the Security Trustee’s capacity as
security trustee of each Security Trust with effect from the time of creation of the corresponding Secured Series Trust that: 
  

	 	(a)	 (Due incorporation): it has been duly incorporated as a company limited by shares in accordance with the laws of its place of incorporation,
is validly existing under those respective laws and has power and authority to carry on its business as it is now being conducted; 

  

	 	(b)	 (Constitution): the execution, delivery and performance of this Deed and the General Security Deed in relation to the Secured Series Trust
does not violate the Security Trustee’s constitution; 

  

	 	(c)	 (Corporate power): the Security Trustee has the power and has taken all corporate and other action required to enter into this Deed and the
General Security Deed in relation to the Secured Series Trust and to authorise the execution and delivery of this Deed and that 

  
 15 

	 	 
General Security Deed and the performance of its obligations under this Deed and that General Security Deed; 

 

	 	(d)	 (Filings): subject to Clause 20.3, the Security Trustee has filed all corporate notices and effected all registrations with the Australian
Securities and Investments Commission or similar office in its jurisdiction of incorporation and in any other jurisdiction as required by law and all such filings and registrations are current, complete and accurate; 

 

	 	(e)	 (Legally binding obligation): the Security Trustee’s obligations under this Deed and the General Security Deed in relation to the
Secured Series Trust are valid, legally binding and enforceable obligations in accordance with the terms of this Deed and that General Security 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 (including to the extent applicable, the PPSA); 

 

	 	(f)	 (Execution, delivery and performance): the Security Trustee’s execution, delivery and performance of this Deed and the General Security
Deed in relation to the Secured Series Trust does not violate any existing law or regulation or any document or agreement to which it is a party or which is binding upon it or any of its assets; and 

 

	 	(g)	 (Authorisation): all consents, licences, approvals and authorisations of every Governmental Agency required to be obtained by the Security
Trustee in connection with the execution, delivery and performance of this Deed and the General Security Deed in relation to the Secured Series Trust have been obtained and are valid and subsisting. 

 

	6.	 TRUSTEE’S AND MANAGER’S COVENANTS 

  

	6.1	 Covenants in respect of Secured Property 

The Trustee undertakes that it will not (and the Manager undertakes not to direct the Trustee to) in relation to a Secured
Series Trust without the prior written consent of the Security Trustee or as otherwise permitted by this Deed, the relevant General Security Deed, the Master Trust Deed or the other Transaction Documents relating to the Secured Series Trust: 

 

	 	(a)	 (No Security Interests): subject only to the Prior Interest in relation to the Secured Series Trust, attempt to create or permit to exist
any Security Interest howsoever ranking over any part of the Secured Property relating to the Secured Series Trust; and 

  

	 	(b)	 (No sale, lease etc.): unless otherwise permitted to do so pursuant to Clause 6.3, convey, assign, transfer, lease or otherwise dispose or
part with possession of, make any bailment over, or create or permit to exist any other interest in any part of the Secured Property relating to the Secured Series Trust at any time that such part of the Secured Property is subject to the Security
relating to the Secured Series Trust. 

  

	6.2	 General covenants 

The Trustee agrees in relation to each Secured Series Trust to: 

 

	 	(a)	 (Deal with Secured Property in accordance with Transaction Documents): observe the terms of the Master Trust Deed, the Trust Creation Deed
(if any) and the Series Supplement, and the other Transaction Documents, relating to the Secured Series Trust in dealing with the corresponding Secured Property; 

  
 16 

	 	(b)	 (Copy of Noteholder details): at the same time or as soon as practicable after a notice referred to in Clause 6.2(e) is given to the
Security Trustee in relation to the Secured Series Trust, provide to the Security Trustee a current copy of the Register maintained by the Trustee under clause 9 of the Master Trust Deed in relation to the Secured Series Trust;

  

	 	(c)	 (Assistance to Security Trustee): provide to the Security Trustee, as the Security Trustee may reasonably require to enable the Security
Trustee to perform its duties and functions under this Deed and the relevant General Security Deed (and which the Security Trustee has been unable to obtain from any other party to the Transaction Documents relating to the Secured Series Trust),
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 Trustee, or which the Trustee is entitled to obtain from any person;

  

	 	(d)	 (Documents of title): if the Charge in relation to the Secured Series Trust has taken effect as a fixed charge, deposit with the Security
Trustee immediately on demand or as soon as the Trustee receives them in relation to the Secured Series Trust after demand: 

  

	 	(i)	 anything evidencing a Security Interest and any document of title given to the Trustee to secure the payment of a monetary obligation to the
Trustee; and 

  

	 	(ii)	 any documents of title relating to property over which the Charge operates as a fixed charge, 

where, in such case, such evidence or documents (as the case may be) are then in the Trustee’s possession or control;

  

	 	(e)	 (Notify Events of Default): notify the Security Trustee if it becomes actually aware of the occurrence of an Event of Default in relation to
the Secured Series Trust and provide the Security Trustee with details of such Event of Default; 

  

	 	(f)	 (Not incur unauthorised indebtedness): except in accordance with an Extraordinary Resolution of the Voting Secured Creditors in relation to
the Secured Series Trust, not give any guarantees or incur any Borrowings (which does not include debts incurred to trade creditors in the ordinary course of the Trustee’s business as trustee of the Secured Series Trust) other than as permitted
or contemplated by the Transaction Documents relating to the Secured Series Trust; and 

  

	 	(g)	 (Not release obligations): except in accordance with an Extraordinary Resolution of the Voting Secured Creditors in relation to the Secured
Series Trust, not discharge or release any person from any of their obligations under the Transaction Documents relating to the Secured Series Trust to which the Trustee is a party save where such discharge or release is in accordance with the
Transaction Documents relating to the Secured Series Trust. 

  

	6.3	 Dealing in accordance with Transaction Documents 

The Trustee may deal with and pay or apply the Secured Property in relation to a Secured Series Trust in accordance with the
provisions of the Transaction Documents in relation to the Secured Series Trust at any time that the Non-PPSA Secured Property in relation to the Secured Series Trust is subject to a floating charge. Where there is in fact no Non-PPSA Secured
Property in relation to the relevant Secured Series Trust, it is to be assumed for the purposes of the operation of this Clause 6.3 only that there is Non-PPSA Secured Property in relation to the relevant Secured Series Trust. 

  
 17 

	6.4	 Manager undertaking 

The Manager undertakes to the Trustee and the Security Trustee that it will not give any direction to the Trustee which would,
if complied with, result in the Trustee breaching the terms of this Clause 6. 
  

	7.	 EVENTS OF DEFAULT 

Each of the following events is an Event of Default in relation to a Secured Series Trust whether or not caused by any reason
whatsoever outside the control of any Interested Person or any other person: 
  

	 	(a)	 (Trustee retires and replacement not found): the Trustee retires or is removed, or is required to retire or be removed as trustee of the
Secured Series Trust in accordance with clause 19 of the Master Trust Deed and another person is not appointed as trustee of the Secured Series Trust within 60 days of the occurrence of that event and the Manager fails within a further 20 days to
convene a meeting of Investors in accordance with clause 19.3 and 19.4 of the Master Trust Deed; 

  

	 	(b)	 (Loss of indemnity): the Security Trustee has actual notice or is notified by the Manager or the Trustee that the Trustee is (for any
reason) not entitled fully to exercise its right of indemnity against the Assets of the Secured Series Trust to satisfy any liability to a Secured Creditor of the Secured Series Trust and the circumstances are not rectified to the reasonable
satisfaction of the Security Trustee within 14 days of the Security Trustee requiring the Trustee in writing to rectify them; 

  

	 	(c)	 (Secured Series Trust imperfectly constituted): the Secured Series Trust is not properly constituted or is imperfectly constituted in a
manner or to an extent that is regarded by the Security Trustee (acting reasonably) to be materially prejudicial to the interests of any class or sub-class of Secured Creditor and is incapable of being remedied or if it is capable of being remedied
this has not occurred to the reasonable satisfaction of the Security Trustee within 30 days of the discovery thereof; 

  

	 	(d)	 (Insolvency Event): an Insolvency Event occurs in relation to the Trustee in respect of the Secured Series Trust; 

 

	 	(e)	 (Enforcement of Security Interests etc.): distress or execution is levied or a judgment, order or a Security Interest is enforced, or
becomes enforceable against any of the Secured Property relating to the Secured Series Trust for an amount exceeding $1,500,000, or can be rendered enforceable by the giving of notice, lapse of time or fulfilment of any condition (but does not
include any action taken by the Servicer in respect of a Security Interest or any of the Secured Property in accordance with the Operations Manual); 

  

	 	(f)	 (Void or loss of priority): the Security in relation to the Secured Series Trust: 

 

	 	(i)	 is or becomes wholly or partly void, voidable or unenforceable; or 

 

	 	(ii)	 loses the priority which it has at or after the date of the General Security Deed relating to the Secured Series Trust (other than by an act or
omission of the Security Trustee); 

  

	 	(g)	 (Transaction Documents void): any Transaction Document in relation to the Secured Series Trust is or becomes wholly or partly void, voidable
or unenforceable; 

  
 18 

	 	(h)	 (Creates Security Interest): the Trustee breaches the undertaking in Clause 6.1 in relation to the Secured Series Trust;

  

	 	(i)	 (Tax Commissioner’s determination): the Commissioner of Taxation, or its delegate, determines to issue a notice (under any legislation
that imposes a Tax) requiring any person obliged or authorised to pay money to the Trustee in relation to the Secured Series Trust to instead pay such money to the Commissioner in respect of any Tax or any fines and costs imposed on the Trustee in
relation to the Secured Series Trust; 

  

	 	(j)	 (Failure to pay Secured Moneys): any Secured Moneys in relation to the Secured Series Trust are not paid within 10 days of when due in
accordance with the corresponding Transaction Documents; and 

  

	 	(k)	 (Other Event of Default): any other event occurs which is described in a Transaction Document, or the General Security Deed, relating to the
Secured Series Trust as an Event of Default in relation to the Secured Series Trust for the purposes of this Deed. 

  

	8.	 RIGHTS AND OBLIGATIONS OF THE SECURITY TRUSTEE FOLLOWING EVENT OF DEFAULT 

 

	8.1	 Notify Secured Creditors and convene meeting of Voting Secured Creditors 

Without prejudice to the operation of Clause 9.2(b), upon becoming actually aware of the occurrence of an Event of Default in
relation to a Secured Series Trust, the Security Trustee: 
  

	 	(a)	 (Notify Secured Creditors and the Rating Agencies): must notify all then Secured Creditors, and each Rating Agency (if any), in relation to
the Secured Series Trust of the Event of Default and provide to the Secured Creditors and each Rating Agency full details of the Event of Default known to the Security Trustee and the actions and procedures, of which the Security Trustee is aware,
which are being taken or will be taken by the Trustee and the Manager to remedy the relevant Event of Default; 

  

	 	(b)	 (Convene meeting of Voting Secured Creditors): subject to Clause 20 of Schedule 1, must promptly convene a meeting of the Voting Secured
Creditors in relation to the Secured Series Trust (in accordance with the provisions of Schedule 1) to seek directions by way of an Extraordinary Resolution of such Voting Secured Creditors regarding the action the Security Trustee should take as a
result of such Event of Default pursuant to Clause 8.2; and 

  

	 	(c)	 (Act as trustee of the Secured Series Trust): may, subject to: 

 

	 	(i)	 any contrary directions (if any) given to the Security Trustee pursuant to Clause 8.1(b); and 

 

	 	(ii)	 if required by the Security Trustee (in its absolute discretion), the Security Trustee being adequately indemnified from the Secured Property in
relation to the corresponding Secured Series Trust or the Security Trustee receiving from the Secured Creditors of the corresponding Secured Series Trust an indemnity in a form reasonably satisfactory to the Security Trustee (which may be by way of
an Extraordinary Resolution of the Voting Secured Creditors) 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 acting in accordance with
this Clause 8.1(c), 

  
 19 

 take all action and do all things which the Trustee is empowered to do pursuant
to the Master Trust Deed and the other Transaction Documents in relation to the Secured Series Trust. 
  

	8.2	 Extraordinary Resolutions 

At a meeting of the Voting Secured Creditors in relation to a Secured Series Trust referred to in Clause 8.1(b) (subject to
Clause 20 of Schedule 1) the Voting Secured Creditors must vote on whether to direct the Security Trustee by Extraordinary Resolution to: 
  

	 	(a)	 (Accelerate Secured Moneys): declare the Secured Moneys in relation to the Secured Series Trust immediately due and payable under Clause
9.6; 

  

	 	(b)	 (Appoint Receiver): appoint a Receiver over the Secured Property of the Secured Series Trust in accordance with Clause 10 and, if a Receiver
is to be appointed, the Voting Secured Creditors must by a further Extraordinary Resolution determine the amount of the Receiver’s remuneration; 

  

	 	(c)	 (Exercise power of sale): instruct the Security Trustee by notice in writing to sell and realise the Secured Property of the Secured Series
Trust and otherwise enforce the Security; and/or 

  

	 	(d)	 (Other action): take such other action as the Voting Secured Creditors may specify in the terms of such Extraordinary Resolution and which
the Security Trustee indicates that it is willing to take (such indication, subject to this Deed and the relevant General Security Deed, not to be unreasonably withheld or delayed). 

 

	8.3	 Security Trustee to act in accordance with directions 

 

	(a)	 (Must implement Extraordinary Resolution): Subject to Clause 8.3(b), the Security Trustee must take all action necessary to give effect to
any Extraordinary Resolution of the Voting Secured Creditors of a Secured Series Trust referred to in Clause 8.2 and must comply with all directions contained in or given pursuant to any Extraordinary Resolution of the Voting Secured Creditors of a
Secured Series Trust. 

  

	(b)	 (Exceptions): The obligation of the Security Trustee pursuant to Clause 8.3(a) is subject to: 

 

	 	(i)	 this Deed and the relevant General Security Deed; 

  

	 	(ii)	 the limitation that Clause 8.3(a) does not require the Security Trustee to take any action that is unlawful; and 

 

	 	(iii)	 if required by the Security Trustee (in its absolute discretion), the Security Trustee being adequately indemnified from the Secured Property in
relation to the corresponding Secured Series Trust or the Security Trustee receiving from the Voting Secured Creditors of the corresponding Secured Series Trust an indemnity in a form reasonably satisfactory to the Security Trustee (which may be by
way of an Extraordinary Resolution of the Voting Secured Creditors) 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 giving effect to an
Extraordinary Resolution of the Voting Secured Creditors. 

  

	(c)	 (Ranking of indemnities): The Security Trustee must first claim on its indemnity from the Secured Property in relation to a Secured Series
Trust and if it does not receive such indemnity from the Secured Property within two Business Days of the first claim then it may claim on any indemnity  

  
 20 

	 	 
from the corresponding Voting Secured Creditors, including any indemnity provided under Clause 8.4. 

 

	8.4	 Security Trustee must receive indemnity 

If: 
  

	 	(a)	 (Security Trustee requires indemnity): the Security Trustee convenes a meeting of the Voting Secured Creditors in relation to a Secured
Series Trust, or is required by an Extraordinary Resolution of the Voting Secured Creditors in relation to a Secured Series Trust or decides to exercise its rights under Clause 8.1(c), to take any action to enforce this Deed and the General Security
Deed relating to that Secured Series Trust, and advises the Voting Secured Creditors that the Security Trustee will not take that action in relation to the enforcement of this Deed and that General Security Deed unless it is personally indemnified
by the Voting Secured Creditors 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 the enforcement
of this Deed and that General Security Deed and put in funds to the extent to which it may become liable (including costs and expenses); and 

  

	 	(b)	 (Voting Secured Creditors refuse to grant indemnity): the Voting Secured Creditors refuse to grant the requested indemnity and put it in
funds, 

 the Security Trustee will not be obliged to act in relation to the enforcement of this Deed and
that General Security Deed. In these circumstances, the Voting Secured Creditors may then exercise such powers, and enjoy such protections and indemnities, of the Security Trustee under this Deed and that General Security Deed in relation to the
enforcement of this Deed and that General Security Deed regarding the Secured Series Trust as they determine by Extraordinary Resolution. The Security Trustee will not be liable in any manner whatsoever if the Voting Secured Creditors exercise, or
do not exercise, the rights given to them in the preceding sentence. 
  

	8.5	 Notice to Trustee 

If the Voting Secured Creditors pass an Extraordinary Resolution referred to in Clause 8.2 at a meeting convened following an
Event of Default in relation to a Secured Series Trust, the Security Trustee must notify the Trustee in writing within one Business Day after such Extraordinary Resolution is so passed. 

 

	8.6	 Manager convenes meeting 

If the Security Trustee fails to convene a meeting in accordance with Clause 8.1(b), the Manager must convene a meeting of
Voting Secured Creditors in relation to the relevant Secured Series Trust in accordance with this Clause 8, which meeting is to have only the same powers as if convened by the Security Trustee and is to be conducted in accordance with the provisions
of Schedule 1, in which event all references in this Deed and Schedule 1 to the Security Trustee in relation to the requirements of meetings of Voting Secured Creditors will be read and construed, mutatis mutandis, as references to the Manager. 

 

	8.7	 Notice of Event of Default 

If the Security Trustee becomes actually aware of the occurrence of an Event of Default in relation to a Secured Series Trust,
and the Trustee has not given the Security Trustee notice in accordance with Clause 6.2(e) the Security Trustee must promptly give the Trustee notice of the occurrence of the Event of Default. 

  
 21 

	8.8	 Notice of action to remedy Event of Default 

If the Trustee and the Manager take any action or procedures to remedy an Event of Default, both the Trustee and the Manager
must keep the Security Trustee informed of those actions and procedures. 
  

	9.	 ENFORCEMENT 

  

	9.1	 Power to deal with and protection of the Non-PPSA Secured Property 

If the Charge in relation to a Secured Series Trust crystallises and becomes fixed pursuant to the provisions of this Deed and
the General Security Deed relating to that Secured Series Trust: 
  

	 	(a)	 (Power to deal with the Non-PPSA Secured Property ceases): the Trustee’s power to deal with the Non-PPSA Secured Property in relation
to the Secured Series Trust will, subject to Clauses 4.6 and 4.7, immediately cease; and 

  

	 	(b)	 (Protection of Non-PPSA Secured Property): the Security Trustee will have the right either in its own name or in the name of the Trustee to
immediately seek and obtain appropriate relief in relation to that part of the Non-PPSA Secured Property in relation to the Secured Series Trust affected or threatened by the relevant Event of Default. 

 

	9.2	 Restrictions on power to enforce 

If an Event of Default occurs in relation to a Secured Series Trust, the Security Trustee must not take any steps to declare
the Secured Moneys in relation to the Secured Series Trust immediately due and payable under Clause 9.6, appoint a Receiver over the corresponding Secured Property under Clause 10 or, subject to the operation of Clauses 4.5 to 4.8 (inclusive),
otherwise enforce the Security in relation to the Secured Series Trust unless: 
  

	 	(a)	 (Voting Secured Creditors authorise action): subject to Clause 20 of Schedule 1, the Voting Secured Creditors in relation to the Secured
Series Trust have passed an Extraordinary Resolution referred to in Clause 8.2 at a meeting convened pursuant to Clause 8.1(b) or at a meeting convened pursuant to Clause 8.6 or pursuant to Clause 2 of Schedule 1; or 

 

	 	(b)	 (Delay would be prejudicial): in the opinion of the Security Trustee, the delay required to obtain the directions of the Voting Secured
Creditors in relation to the Secured Series Trust in accordance with Clause 8.2 would be prejudicial to the interests of such Secured Creditors as a class. 

  

	9.3	 No obligation to enforce 

Upon the occurrence of an Event of Default in relation to a Secured Series Trust, subject to Clauses 8.1, 9.2 and 15.3,
pending the receipt of directions from the Voting Secured Creditors in relation to the Secured Series Trust as contemplated by Clauses 8.2, 8.3 and 8.4 (subject to Clause 20 of Schedule 1), the Security Trustee is not bound to take any action under
this Deed or the General Security Deed relating to that Secured Series Trust or give any consent or waiver or make any determination under this Deed or that General Security Deed (including, without limiting the generality of the foregoing, to
appoint any Receiver, to declare the Security enforceable or the Secured Moneys immediately due and payable or to take any other proceedings in relation to the Secured Series Trust). Nothing in this Clause 9.3 affects the operation of Clause 4.5
upon the occurrence of an Event of Default in relation to the Secured Series Trust or the Security in relation to the Secured Series Trust becoming enforceable prior to the Security Trustee receiving directions from the Secured Creditors in relation
to the Secured Series Trust. 

  
 22 

	9.4	 Limitation on rights of Secured Creditors 

Subject to Clause 8.4: 
  

	 	(a)	 (Powers Exercisable by Security Trustee only): the powers, rights and remedies conferred on the Security Trustee by this Deed and the
relevant General Security Deed are exercisable by the Security Trustee only, and no Secured Creditor is entitled to exercise the same or any of them; and 

  

	 	(b)	 (Voting Secured Creditors cannot enforce): without limiting the generality of the foregoing, no Voting Secured Creditor is entitled to
enforce a Security or the provisions of this Deed or that General Security Deed exercisable by the Security Trustee or to appoint or cause to be appointed a Receiver to any of the Secured Property or otherwise to exercise any power conferred by the
terms of any applicable law in relation to Security Interests. 

  

	9.5	 Immaterial waivers 

The Security Trustee may, on such terms and conditions as it considers expedient, without the consent of the Secured Creditors
in relation to a Secured Series Trust, and without prejudice to its rights in respect of any subsequent breach: 
  

	 	(a)	 (Waiver of breaches): agree to any waiver or authorisation of any breach or proposed breach of any of the terms and conditions of the
Transaction Documents in relation to the Secured Series Trust; and 

  

	 	(b)	 (Waiver of Events of Default): determine that any event that would otherwise be an Event of Default in relation to the Secured Series Trust
will not be treated as an Event of Default for the purpose of this Deed and the General Security Deed relating to that Secured Series Trust, 

if to do so would not, in the opinion of the Security Trustee, materially prejudice the interests of the Secured Creditors in
relation to the Secured Series Trust as a class. No such waiver, authorisation or determination may be made in contravention of any prior directions contained in an Extraordinary Resolution of the Voting Secured Creditors in relation to the Secured
Series Trust. Any such waiver, authorisation or determination will, if the Security Trustee so requires, be notified to the Secured Creditors in relation to the Secured Series Trust by the Manager as soon as practicable after it is made in
accordance with this Deed. 
  

	9.6	 Acceleration of Secured Moneys following Event of Default 

If any Event of Default in relation to a Secured Series Trust occurs, at any time thereafter if the Event of Default is
continuing, the Security Trustee may, by written notice to the Trustee and the Manager, declare in accordance with this Deed and the General Security Deed relating to that Secured Series Trust the Secured Moneys in relation to the Secured Series
Trust to be immediately due and payable, whereupon the Secured Moneys in relation to the Secured Series Trust will immediately become due and payable (subject to the limitations contained in clause 16.10 of the Master Trust Deed or any equivalent
limitation in relation to the relevant Secured Moneys). 
  

	10.	 RECEIVERS - APPOINTMENT AND POWERS 

  

	10.1	 Appointment of Receiver 

  

	(a)	 (Conditions of appointment): Subject to Clause 10.2, following the occurrence of an Event of Default in relation to a Secured Series Trust,
if the Voting Secured Creditors of the Secured Series  

  
 23 

 
Trust pass the Extraordinary Resolution referred to in Clause 8.2(b) the Security Trustee must appoint in writing a person or persons to be a receiver or receiver and manager of the Secured
Property in relation to the Secured Series Trust to deal with the Secured Property in relation to the Secured Series Trust in accordance with any instructions given by the Voting Secured Creditors by Extraordinary Resolution passed at a meeting of
the Voting Secured Creditors convened in accordance with this Deed and may withdraw the appointment of any such Receiver as to such Secured Property and in case of the removal, retirement or death of any such Receiver may appoint another person or
persons in its place on substantially the same terms as the previous Receiver. 
  

	(b)	 (No liability for Receiver): Neither the Trustee nor the Security Trustee will be responsible for anything done or not done by a Receiver.
However, the Security Trustee must to the extent of a prudent security trustee monitor the performance by any person or persons appointed by it under Clause 10.1(a) of that person’s or those persons’ duties as Receiver of the Secured
Property. 

  

	10.2	 Joint Receivers 

If more than one person is appointed as a Receiver of the Secured Property the Security Trustee may specify whether such
appointment and the powers of each such person will at its option be joint or joint and several and failing such specification such appointment and the powers of each such person will be deemed to be joint and several. 

 

	10.3	 Remuneration of Receiver 

The Security Trustee must fix the remuneration of a Receiver in accordance with the terms of the Extraordinary Resolution
passed under Clause 8.2(b). 
  

	10.4	 Indemnification of Receiver 

Without limiting the generality of Clause 10.7, each Receiver must be granted an indemnity for its remuneration, costs,
liabilities and expenses by the Security Trustee in its capacity as trustee of the corresponding Security Trust. However, the Security Trustee will not be required to grant such indemnity to a Receiver unless it is reasonably satisfied that its
liability under that indemnity is limited so as not to exceed the Security Trustee’s right of indemnity out of the corresponding Security Trust Fund. Any moneys payable by the Security Trustee under such an indemnity must be paid out of the
corresponding Secured Property in accordance with this Deed and the relevant General Security Deed and will form part of the Secured Moneys in relation to the corresponding Secured Series Trust. 

 

	10.5	 Appointment over part 

The power to appoint a Receiver over all of the Secured Property in relation to a Secured Series Trust may be exercised
whether or not a Receiver has already been appointed over part of it. 
  

	10.6	 Powers of Receiver 

A Receiver of the Secured Property in relation to a Secured Series Trust, without the need for any consent from the Trustee,
has all of the following powers in addition to any of the other powers conferred by this Deed and the General Security Deed relating to that Secured Series Trust: 
  

	 	(a)	 (To take possession): to enter, take possession of, have access to, make use of and collect the Secured Property; 

 

	 	(b)	 (To collect moneys): to convert, liquidate and reduce the Secured Property into money and, where Foreign Currency Notes are issued out of a
Foreign Currency Trust and except as 

  
 24 

	 	 
provided in the relevant General Security Deed in relation to the Secured Series Trust, to convert any of the Secured Property denominated in a Foreign Currency into Australian dollars;

  

	 	(c)	 (To carry on business): to carry on or concur in carrying on any business then conducted by the Trustee and to effect all insurances and do
all acts which the Trustee might do in the ordinary course of such business for the protection or improvement of the Secured Property; 

  

	 	(d)	 (To borrow or raise money): to borrow or raise in any way from the Security Trustee or any other person any moneys which may be required for
the purposes referred to in this Deed or that General Security Deed and in the name of the Trustee or otherwise to secure any moneys so borrowed or raised by the grant of any Security Interest over the Secured Property or any part thereof so that
such Security Interest ranks in priority to, pari passu with or after the Security in relation to the Secured Property provided however that the Security Trustee will not be bound to enquire as to the necessity or propriety of any such
borrowing or raising nor be responsible for the misapplication or non-application of any moneys so borrowed or raised; 

  

	 	(e)	 (To employ): to employ managers, solicitors, barristers, auctioneers, brokers, consultants, professional advisers, workmen, officers,
agents, employees and servants, including any person associated with a firm or company in which the Receiver is a member or in which he is interested and such person may charge for his services as if he had been independently retained for all or any
of the purposes in this Deed or that General Security Deed referred to at such salaries or remuneration as the Receiver thinks fit and without the need for further enquiry and, without thereby incurring any liability to the Trustee, may act upon
such person’s advice as to the timing of or any incident or term of any sale including whether or not the Secured Property should be offered for sale by auction and as to the need for and amount of any reserve price and as to the adequacy of
any rent or of any price obtainable on sale by private treaty; 

  

	 	(f)	 (To sell property): to sell or concur in selling whether or not the Receiver has taken possession of the Secured Property, by public
auction, private treaty or tender, for cash or on credit, in one lot or in parcels with or without special conditions or stipulations as to title, the time and the mode of payment of purchase moneys and otherwise, as the Receiver thinks fit with
power to allow the purchase moneys to remain on mortgage over the property sold or on any other security or without any security and upon such other terms and conditions as the Receiver considers expedient with full power to buy in and to rescind or
vary any contract for sale and to resell without being responsible for loss and to exercise all or any rights, powers and remedies of the Trustee thereunder and to execute such contracts, deeds, agreements, transfers, assignments and assurances of
all or any part of the Secured Property in the name and on behalf of the Trustee or otherwise and to do all other acts and things for implementing and completing any such sale that the Receiver deems necessary; 

 

	 	(g)	 (To give up possession): to give up possession of the Secured Property at any time; 

 

	 	(h)	 (To invest proceeds against contingencies): if any of the Obligations in relation to the Secured Series Trust are contingent, to invest,
deposit or hold any part of the Secured Property in such form or in such mode of investment for the time being as the Receiver in its absolute discretion thinks fit, with like power to vary, transpose or re-invest such investments or deposits from
time to time until such part of the Obligations cease to be contingent; 

  

	 	(i)	 (To enter into contracts): to enter into, vary or terminate any contract, undertaking, covenant, instrument, obligation or arrangement with
any person for any purpose connected 

  
 25 

	 	 
with this Deed or that General Security Deed or the Secured Property or in furtherance of any power in this Deed or that General Security Deed upon such terms and conditions as the Receiver in
its absolute discretion thinks fit including, without limitation, granting or conferring options to, in favour of or exercisable by any person for the purpose of or in connection with the sale, purchase, leasing or hiring of the Secured Property;

  

	 	(j)	 (To perform contracts): to perform, observe and carry out and enforce specific performance of, to exercise or refrain from exercising, the
Trustee’s rights and powers under, to obtain the benefit of and to vary or rescind, all contracts and rights forming part of the Secured Property and all instruments and arrangements entered into or held by the Trustee; 

 

	 	(k)	 (To take proceedings): to institute, conduct or defend any proceedings in law, equity or bankruptcy and to submit to arbitration in the name
of the Trustee or otherwise and on any terms any proceeding, claim, question or dispute in connection with the Secured Property or otherwise; 

  

	 	(l)	 (To compromise): to make any settlement, arrangement or compromise regarding any action or dispute arising in connection with the Secured
Property, to grant to any person involved therein time or other indulgence and to execute such releases or discharges in connection therewith as the Receiver thinks expedient in the interests of the Security Trustee; 

 

	 	(m)	 (To appeal): to appeal against or to enforce any judgment or order; 

 

	 	(n)	 (To bankrupt debtors and wind-up companies): to make debtors bankrupt and to wind-up companies and to do all things in connection with any
bankruptcy or winding up which the Receiver thinks necessary for the recovery or protection of the Secured Property or any part thereof or for the security or other benefit of the Security Trustee or the Secured Creditors relating to the Secured
Series Trust; 

  

	 	(o)	 (To delegate): with the consent in writing of the Security Trustee, to delegate to any person for such time or times as the Security Trustee
approves, any of the powers in this Deed and that General Security Deed conferred upon the Receiver including this power of delegation; 

  

	 	(p)	 (To file): to file all certificates, registrations and other documents and to take any and all action on behalf of the Trustee which the
Security Trustee or Receiver believes necessary to protect, preserve or improve any or all of the Secured Property and the rights of the Trustee and the Security Trustee in respect of any agreement for sale and to obtain for the Security Trustee all
of the benefits of this Deed and that General Security Deed and in particular the placing of the Trustee into liquidation or the appointment of a Receiver is deemed to be an event against which the Security Trustee may protect its rights;

  

	 	(q)	 (To operate bank accounts): to operate to the exclusion of the Trustee any bank account in the name of the Trustee whether alone or jointly
and to withdraw any moneys to the credit of such account and to sign and endorse or to authorise others to sign and endorse in the name of the Trustee cheques, promissory notes, bills of exchange and other negotiable instruments;

  

	 	(r)	 (To exercise Trustee’s powers): to exercise all the powers, rights and entitlements conferred upon the Trustee under the terms of, or
pursuant to the general law or statute in respect of, any Secured Property; 

  
 26 

	 	(s)	 (To do all other things necessary): to do all things necessary to perform, observe and fulfil any of the covenants on the part of the
Trustee under this Deed and that General Security Deed; and 

  

	 	(t)	 (To do such things as are expedient): to do all such other acts and things without limitation as it thinks expedient for the interests of
the Security Trustee or the Secured Creditors in relation to the Secured Series Trust, 

 and will have
such further powers and discretions as the Security Trustee by notice in writing to the Receiver confers upon the Receiver for the purposes referred to in this Clause 10.6. 
  

	10.7	 Indemnity 

The Security Trustee may give such indemnities to a Receiver of the Secured Property of a Secured Series Trust in respect of
the performance by the Receiver of the Receiver’s duties as are permitted by law and if the Security Trustee is obliged to pay any moneys pursuant to any such indemnity the same will become part of the corresponding Secured Moneys. 

 

	11.	 POWERS AND PROTECTIONS FOR SECURITY TRUSTEE AND RECEIVER AND POWER OF ATTORNEY 

 

	11.1	 Security Trustee has powers of Receiver 

At any time after an Event of Default occurs in relation to a Secured Series Trust, the Security Trustee, in addition to the
powers conferred on it by any other provision of this Deed and the General Security Deed relating to that Secured Series Trust or by law, may, without giving any notice, exercise all or any of the powers conferred on a Receiver, or which would be
conferred on a Receiver if appointed by this Deed, as if the same had been expressly conferred on the Security Trustee and the Security Trustee may itself exercise such powers, authorities and discretions and/or may appoint an agent or joint and/or
several agents for that purpose. When any such agent(s) are appointed the Security Trustee may: 
  

	 	(a)	 (Remuneration of agent): fix the remuneration of such agent(s) upon the same basis that such agent(s) would have been entitled to
remuneration if appointed as Receiver(s) pursuant to the provisions of Clause 10.3 or otherwise pay the reasonable charges of such agent(s); 

  

	 	(b)	 (Withdraw appointment of agent): withdraw the appointments of any such agent(s); and 

 

	 	(c)	 (Appoint another agent): in the case of the removal, retirement or death of any such agent(s) may appoint another person or persons in its
place. 

  

	11.2	 Act jointly 

The Security Trustee or a Receiver of Secured Property may exercise any of the powers conferred upon the Security Trustee or
the Receiver in conjunction with the exercise of similar powers by the holders of any other Security Interests over the Secured Property or part thereof or by any receiver appointed pursuant to such other Security Interests and may enter into and
give effect to such agreements and arrangements with such other holders of Security Interests or receiver as the Security Trustee or Receiver thinks fit. 
  

	11.3	 No liability for loss 

The Security Trustee is not nor is any Receiver liable or otherwise accountable for any omission, delay or mistake or any loss
or irregularity in or about the exercise, attempted exercise, non-exercise 

  
 27 

 
or purported exercise of any of the powers of the Security Trustee or of the Receiver except for actual fraud, negligence or wilful default. 

 

	11.4	 No liability to account as beneficiary in possession 

Neither the Security Trustee nor any Receiver will by reason of the Security Trustee or the Receiver entering into possession
of the Secured Property of a Secured Series Trust or any part thereof be liable to account as mortgagee, chargee or secured party in respect of a Security Interest in possession or for anything except actual receipts or be liable for any loss upon
realisation or for any default, omission, delay or mistake for which a mortgagee, chargee or secured party in respect of a Security Interest in possession might be liable. 
  

	11.5	 No conflict 

The Security Trustee and any Receiver may exercise any power under this Deed and the relevant General Security Deed
notwithstanding that the exercise of that power involves a conflict between any duty owed to the Trustee by the Security Trustee or such Receiver and: 
  

	 	(a)	 (Duty owed to others): any duty owed by the Security Trustee or Receiver to any other person; or 

 

	 	(b)	 (Interest of others): the interests of the Security Trustee or Receiver. 

 

	11.6	 Contract involving conflict of duty 

Any contract which involves any such conflict of duty or interest will not be void or voidable by virtue of any such conflict
of duty or interest nor will the Security Trustee or a Receiver be liable to account to the Trustee or any other person for any moneys because of any such conflict of interest or duty. 

 

	11.7	 Power of attorney 

The Trustee for valuable consideration irrevocably appoints the Security Trustee, each Authorised Officer of the Security
Trustee, any Receiver of Secured Property in relation to a Secured Series Trust and such other person or persons as any of such Authorised Officers or Receiver (with, in the case of the Receiver, the prior consent of the Security Trustee) may for
that purpose from time to time appoint, severally, the attorney and attorneys of the Trustee to, upon the occurrence of an Event of Default in relation to the Secured Series Trust: 

 

	 	(a)	 (Acts): do all acts and things that under this Deed and the General Security Deed relating to that Secured Series Trust or implied in this
Deed or that General Security Deed ought to be done by the Trustee; 

  

	 	(b)	 (Registration): take all such steps and proceedings and to do and execute all such acts, deeds and things for securing, perfecting (as
defined in the PPSA) and registering this Deed and that General Security Deed; 

  

	 	(c)	 (Further assurance): execute in favour of the Trustee all such legal mortgages, charges, security agreements, transfers, assignments and
other assurances of all or any part of the Secured Property and to do at any time all things necessary to ensure the expeditious stamping and registration of such mortgages, charges, security agreements, transfers, assignments and other assurances;

  
 28 

	 	(d)	 (Commence proceedings): in the name and on behalf of the Trustee or in the name of the Security Trustee or the said attorney to ask, demand,
sue for, recover and receive of and from all and every person whomsoever and to give effectual receipts for all or any part of the Secured Property; 

  

	 	(e)	 (Delegate): delegate such of its powers (including, and where applicable, this power of delegation) as the Security Trustee would be
entitled to delegate under Clause 14.3(k) if it held those powers in its own right rather than as attorney of the Trustee to any person for any period and may revoke a delegation; 

 

	 	(f)	 (Conflicts): exercise or concur in exercising its powers even if the attorney has a conflict of duty in exercising its powers or has a
direct or personal interest in the means or result of that exercise of powers; and 

  

	 	(g)	 (Further acts): perform and execute all such further and other acts, deeds, matters and things which will become necessary or be regarded by
the Security Trustee or the said attorney as necessary for more satisfactorily securing the payment of the Secured Moneys in relation to the Secured Series Trust or as expedient in relation to the Secured Property of the Secured Series Trust,

 as effectually as the Trustee could or might do and for all or any of the purposes described in
paragraphs (a) to (g) above appoint any substitute or substitutes for any such attorney and to remove at pleasure any attorney or substitute. The Trustee ratifies and confirms and agrees to allow, ratify and confirm all and whatsoever its
attorney lawfully does or causes to be done under and by virtue of this power of attorney and declares that this power of attorney is to continue to be of full force and effect until all such acts, deeds, payments, matters and things as the Security
Trustee thinks proper to execute, perform, make, institute or carry through have been done, made and completed notwithstanding the determination of this Deed or that General Security Deed or of the agreements and arrangements referred to in this
Deed or that General Security Deed. The Trustee declares that this power of attorney is irrevocable and is given as security. 
  

	11.8	 Security Trustee may make good default 

If the Trustee defaults in duly performing, observing and fulfilling any covenant on the part of the Trustee in this Deed or
the relevant General Security Deed (in either case contained or implied) in relation to a Secured Series Trust it will be lawful for, but not obligatory upon, the Security Trustee, without prejudice to any other power of the Security Trustee, to do
all things and pay all moneys necessary or expedient in the opinion of the Security Trustee to make good or to attempt to make good such default to the satisfaction of the Security Trustee and all such moneys will form part of the Secured Moneys in
relation to that Secured Series Trust. 
  

	11.9	 Notice for exercise of powers 

Subject to any mandatory law to the contrary: 
  

	 	(a)	 (No notice required): The powers conferred on the Security Trustee or the Receiver by this Deed and the relevant General Security Deed, by
any statute or by the general law in relation to a Secured Series Trust or the Secured Property relating to that Secured Series Trust may be exercised by the Security Trustee, the Receiver or any attorney of the Trustee under this Deed or that
General Security Deed, immediately upon or at any time after the Security in relation to the Secured Series Trust becomes enforceable without any notice or expiration of time being necessary. 

 

	 	(b)	 (Where notice is mandatory): 1 day is fixed as the period: 

  
 29 

	 	(i)	 for which an Event of Default in relation to a Secured Series Trust must continue before the Security Trustee may serve any notice in writing in
relation to the Secured Series Trust as may be specified in any statute affecting the Security Trustee’s powers; and 

  

	 	(ii)	 for which an Event of Default in relation to a Secured Series Trust must continue after the service of notice before any power of sale given by any
such statute may be exercised in relation to the Secured Series Trust. 

  

	11.10	 Benefit for Receiver etc. 

The Security Trustee will be deemed to have accepted the benefit of this Clause 11 as agent for the Receiver and any attorney,
agent or other person appointed under this Deed or by the Security Trustee who are not parties to this Deed and the Security Trustee will hold the benefit of such provisions on trust for the benefit of those grantees. 

 

	12.	 PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER 

 

	12.1	 No enquiry 

No purchaser or other person dealing with the Security Trustee, a Receiver or any attorney appointed under this Deed or to
whom is tendered for registration an instrument executed by the Security Trustee, the Receiver or any attorney appointed under this Deed, will be bound to inquire as to whether any relevant Event of Default has occurred or whether any relevant
Security has become enforceable or whether any relevant Secured Moneys are owing or payable or whether the Receiver or attorney has been properly appointed or as to the propriety or regularity of the exercise or purported exercise of any power by
the Security Trustee, the Receiver or such attorney or any other matter or thing or be affected by actual or constructive notice that any lease, sale, dealing or instrument is unnecessary or improper and notwithstanding any irregularity or
impropriety in any lease, sale, dealing or instrument the same will as regards the protection and title of the lessee, purchaser or such other person be deemed to be authorised by the aforesaid powers and will be valid and effectual accordingly.

  

	12.2	 Receipts 

The receipt by the Security Trustee, a Receiver or any attorney appointed under this Deed of any moneys or assets which come
into the hands of the Security Trustee, the Receiver or such attorney by virtue of the powers of the Security Trustee, the Receiver or the attorney will as to the moneys or assets paid or handed over effectually discharge the person, other than the
Trustee, paying or handing over the money or assets from being concerned to see to the application or being answerable or accountable for any loss or misapplication thereof and from any liability to inquire whether the relevant Security has become
enforceable or whether the relevant Secured Moneys have become payable pursuant to the provisions of this Deed or the relevant General Security Deed or otherwise as to the propriety or regularity of the appointment of such Receiver or attorney or
the propriety or regularity of the exercise of such powers by the Security Trustee, the Receiver or the attorney (as the case may be). 
  

	13.	 APPLICATION OF MONEYS 

  

	13.1	 Priority of payments 

All moneys received in connection with this Deed and the relevant General Security Deed by the Security Trustee, or by a
Receiver, in relation to the Secured Property of a Secured Series Trust 

  
 30 

 
pursuant to the provisions of this Deed and that General Security Deed are to be applied as follows, subject to any statutory or other priority which may be given priority by law and without
duplication: 
  

	 	(a)	 (Security Trustee’s indemnity and Trustee Indemnity Costs): first, pari passu and rateably in payment towards satisfaction of amounts
which become owing or payable to the Security Trustee or any Receiver under Clauses 16.1, 16.2 or 16.3 (except the Security Trustee’s or Receiver’s remuneration) and to the Trustee in payment of any Trustee Indemnity Costs owing to the
Trustee; 

  

	 	(b)	 (Fees): second, pari passu and rateably in payment towards satisfaction of any remuneration due to the Security Trustee and the Receiver and
any amounts owing or payable to the Foreign Currency Note Trustee (if any), the Paying Agent (if any) and the Agent Bank (if any) in relation to the Secured Series Trust; 

 

	 	(c)	 (Outgoings): third, in payment pari passu and rateably: 

 

	 	(i)	 in payment, pari passu and rateably, towards satisfaction of such other outgoings and/or liabilities that the Receiver or the Security Trustee has
incurred in performing their obligations, or exercising their powers, under this Deed or the General Security Deed in relation to the Secured Series Trust; and 

 

	 	(ii)	 in payment, pari passu and rateably, towards satisfaction of amounts which become owing or payable to any person under Clause 16.1 (except to the
extent that such amounts are payable or have been paid under Clause 13.1(a) or Clause 13.1(b)); 

  

	 	(d)	 (Payment of prior Security Interest): fourth, in payment of other Security Interests (if any) over the Secured Property of which the
Security Trustee is aware having priority to the Security (other than the Prior Interest) in relation to the Secured Series Trust, in the order of their priority (and the Security Trustee and the Receiver are entitled to rely upon a certificate from
the holder of the prior Security Interest as to the amount so secured and will not be bound to enquire further as to the accuracy of that amount or as to whether that amount or any part thereof is validly secured by such other prior Security
Interest); 

  

	 	(e)	 (General Security Deed): fifth, to the Secured Creditors of the Secured Series Trust in payment or satisfaction of all Secured Moneys in
relation to the Secured Series Trust in the order of priority and for the amounts specified in, or determined in accordance with, the General Security Deed relating to the Secured Series Trust; 

 

	 	(f)	 (Subsequent Security Interests): sixth, in payment of subsequent Security Interests over the Secured Property of the Secured Series Trust of
which the Security Trustee is aware, in the order of their priority (and the Security Trustee and the Receiver will be entitled to rely upon a certificate from the holder of any subsequent Security Interests as to the amount so secured and will not
be bound to enquire further as to the accuracy of that amount or as to whether that amount or any part thereof is validly secured by the subsequent Security Interests); and 

 

	 	(g)	 (Surplus): seventh, to pay the surplus (if any) to the Trustee to be distributed by the Trustee in accordance with the terms of the Master
Trust Deed and the corresponding Series Supplement but will not carry interest as against the Security Trustee. 

  

	13.2	 Moneys received 

In applying any moneys towards satisfaction of the Secured Moneys in relation to a Secured Series Trust the Trustee will be
credited only with so much of the moneys available for that purpose as the 

  
 31 

 
Security Trustee or the Receiver has actually received and not required for whatever reason to be disgorged, such credit to date from the time of such receipt. 

 

	13.3	 Application of moneys 

Notwithstanding any principle or presumption of law to the contrary or any direction given at the time of it being received by
the Security Trustee or the Receiver, the Security Trustee and the Receiver each has, subject to this Deed and the relevant General Security Deed, an absolute discretion without the need to communicate its election to any person to apply any payment
or credit received by it under this Deed or the General Security Deed in relation to a Secured Series Trust in reduction of any part or parts of the Secured Moneys in relation to the Secured Series Trust, whenever and on whatever account the same
became secured. 
  

	13.4	 Investment of funds 

Unless expressly provided in this Deed or the relevant General Security Deed, all moneys received by the Security Trustee
following a Security in relation to a Secured Series Trust becoming enforceable and not required to be immediately applied under this Deed or that General Security Deed will be invested by the Security Trustee as it thinks appropriate in Authorised
Short-Term Investments in relation to the Secured Series Trust on the following terms and conditions: 
  

	 	(a)	 (May vary): the Security Trustee may from time to time vary and deal with or dispose of such Authorised Short-Term Investments; and

  

	 	(b)	 (Maturity): the Security Trustee must invest only in such Authorised Short-Term Investments that mature such that the Security Trustee is
able to distribute the proceeds of those investments in or towards discharge of the Secured Moneys in relation to the Secured Series Trust as they become due and payable. 

 

	13.5	 Satisfaction of debts 

Each Secured Creditor in relation to a Secured Series Trust will accept the distribution of money to it under Clause 13.1 in
relation to the Secured Series Trust in full and final satisfaction of all Secured Moneys in relation to the Secured Series Trust owing to it and any debt represented by any shortfall after any final distribution under Clause 13.1 will thereupon be
extinguished. 
  

	14.	 SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS 

  

	14.1	 Limitations on powers and duties of Security Trustee 

Notwithstanding any other provision of this Deed, unless and until there is an Event of Default in relation to a Secured
Series Trust, the Security Trustee has no powers, rights, duties or responsibilities other than: 
  

	 	(a)	 (To hold on Trust): the duty to hold the Security Trust Fund in relation to the Secured Series Trust on trust; 

 

	 	(b)	 (To take the benefit of the Security): the power to take the benefit of the Security in relation to the Secured Series Trust (but not to
take any action to enforce such Security); and 

  

	 	(c)	 (Pre-Default Action): the power to perform a Pre-Default Action in relation to the Secured Series Trust. 

  
 32 

 Prior to the Security Trustee becoming actually aware of the occurrence of an
Event of Default in relation to a Secured Series Trust, the Security Trustee is not required to take and may not take any action under this Deed or the relevant General Security Deed other than Pre-Default Actions in relation to the Secured Series
Trust. 
  

	14.2	 Limitation on Security Trustee’s actions 

Notwithstanding knowledge by or notice to the Security Trustee of any breach anticipatory or actual of, or default under, any
covenant, obligation, condition or provision by the Trustee or the Manager contained in or imposed by any Transaction Document, the Security Trustee is only required to take all such steps and do all such things as it is empowered to do having
regard to the powers, authorities and discretions vested in it pursuant to this Deed and the relevant General Security Deed and the obligations imposed on the Security Trustee by this Deed and that General Security Deed. 

 

	14.3	 Additional powers, protections, etc. 

By way of supplement to any statute regulating a Security Trust and in addition to the powers, rights and protections which
may from time to time be vested in or available to the Security Trustee by the general law it is expressly declared, notwithstanding anything to the contrary in this Deed or the relevant General Security Deed (and subject only to Clause 15.2) as
follows: 
  

	 	(a)	 (Liability to account): The Security Trustee is under no obligation to account to any Interested Person for any moneys received pursuant to
this Deed and that General Security Deed other than those received by the Security Trustee from the Trustee or received or recovered by the Security Trustee or the Receiver under this Deed and that General Security Deed, subject always to such
deductions and withholdings by the Security Trustee or the Receiver as are authorised by this Deed and that General Security Deed. Liabilities of the Security Trustee to any Interested Person or any other person under or in connection with this Deed
and that General Security Deed can only be enforced against the Security Trustee to the extent to which they can be satisfied out of such moneys in accordance with this Deed and that General Security Deed. 

 

	 	(b)	 (Act on professional advice): The Security 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 Security Trustee or by a person other than the Security Trustee where that opinion, advice or information is addressed to the Security Trustee or by its terms is expressed to be capable of
being relied upon by the Security Trustee. The Security Trustee will not be responsible to any Interested Person for any loss occasioned by so acting. Any such opinion, advice or information may be sent or obtained by letter, telex or facsimile
transmission and the Security Trustee will not be liable to any Interested Person for acting in good faith on any opinion, advice or information purporting to be conveyed by such means even though it contains some error which is not a manifest error
or is not authentic. 

  

	 	(c)	 (No enquiry): The Security Trustee is not bound to give notice to any person of the execution of this Deed or that General Security Deed or
to take any steps to ascertain whether there has occurred any Event of Default or event which, with the giving of notice or the lapse of time would constitute an Event of Default or to keep itself informed about the circumstances of the Trustee or
the Manager and, until it has actual knowledge or express notice to the contrary, the Security Trustee may assume that no Event of Default has occurred and that the Trustee and the Manager and any other party to the Transaction Documents (other than
the Security 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. 

  
 33 

	 	(d)	 (Notice of Event of Default): The Security Trustee is not obliged to notify the Secured Creditors of a Secured Series Trust of the happening
of any Event of Default in relation to the Secured Series Trust except in the circumstances set out in Clause 8.1. 

  

	 	(e)	 (Acts pursuant to resolutions): The Security Trustee will not be responsible for having acted in good faith upon any written direction of
the Foreign Currency Note Trustee or (as the case may be) any resolution purporting to have been passed at any meeting of the Voting Secured Creditors (including a meeting of the Foreign Currency Noteholders (if any) under the relevant Foreign
Currency Note Trust Deed if applicable) in respect of which minutes have been made and signed even though it may subsequently be found that there was some defect in the constitution of such meeting or the passing of such resolution or that for any
reason such resolution was not valid or binding upon the Voting Secured Creditors (or the Foreign Currency Noteholders, as the case may be) or upon the Security Trustee. 

 

	 	(f)	 (Reliance): The Security 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 Trustee or the Manager or by any officer,
auditor or solicitor of the Trustee or the Manager; 

  

	 	(ii)	 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 this Deed or that General Security Deed or the Transaction Documents in relation to the Secured Series Trusts;

  

	 	(iii)	 all accounts supplied to the Security Trustee and all reports of the Auditor of a Secured Series Trust supplied to the Security Trustee; and

  

	 	(iv)	 notices and other information supplied to the Security Trustee under this Deed or that General Security Deed, 

save, in each case, when it is actually aware that the information supplied pursuant to subclauses (i) to (iv) is
incorrect or incomplete. 
  

	 	(g)	 (Director’s certificates): The Security 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 duly authorised officers of the Trustee or the Manager as to any fact or matter upon which the Security Trustee may, in the exercise of any of its
duties, powers, authorities and discretions under this Deed or that General Security Deed, 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 Security 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. 

 

	 	(h)	 (Custody of documents): The Security Trustee may hold or deposit this Deed and that General Security Deed and any deed or documents relating
to this Deed or that General Security Deed or to the Transaction Documents of the Secured Series Trusts 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 believed by it to be of good repute and the Security Trustee will not be responsible for any loss incurred in connection with any 

  
 34 

	 	 
such holding or deposit and may pay all sums to be paid on account of or in respect of any such deposit. 

 

	 	(i)	 (Discretion): The Security Trustee, as regards all the powers, trusts, authorities and discretions vested in it, has, subject to any express
provision to the contrary contained in this Deed or that General Security Deed, absolute and uncontrolled discretion as to the exercise of such powers, authorities, trusts and discretions and, in the absence of fraud, negligence or wilful default on
its part, will be in no way responsible to any Interested Person or any other 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.

  

	 	(j)	 (Employ agents): Wherever it considers it expedient in the interests of the Secured Creditors of a Secured Series Trust, the Security
Trustee may 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
Security Trustee (including the receipt and payment of money under this Deed and that General Security Deed). The Security Trustee will not be bound to supervise the proceedings or acts of any such person, provided that any such person will be a
person who is in the opinion of the Security Trustee appropriately qualified to do any such things. Subject to Clauses 14.4, 14.9 and 14.10, the Security Trustee (in its capacity as trustee of the Security Trust) will be responsible to any
Interested Person for any misconduct or default on the part of any such person appointed by it under this Deed. However, provided that the Security Trustee exercises good faith in the selection of the agent, no act of the agent will be considered to
be the fraud, negligence or wilful default of the Security Trustee for the purposes of Clause 14.4. 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 and that General Security Deed 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 and that General Security Deed 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. 

  

	 	(k)	 (Delegation): Subject to Clause 14.7, the Security Trustee may whenever it thinks it expedient in the interests of Secured Creditors of a
Secured Series Trust, delegate to any person or fluctuating body of persons selected by it all or any of the duties, powers, authorities, trusts and discretions vested in the Security Trustee by this Deed and that General Security Deed provided
that, except as provided in any Transaction Documents relating to the Secured Series Trust, the Security Trustee may not delegate to such third parties any material part of its powers, duties or obligations as Security Trustee. Any such delegation
may be by power of attorney or in such other manner as the Security Trustee may think fit and may be made upon such terms and conditions (including power to sub-delegate) and subject to such regulations as the Security Trustee may think fit. Subject
to Clauses 14.4, 14.9 and 14.10, the Security Trustee (in its capacity as trustee of the Security Trust) will be responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub-delegate. However,
provided that the Security Trustee exercises good faith in the selection of such delegate, no act of such delegate or subdelegate will be considered to be the fraud, negligence or wilful default of the Security Trustee for the purposes of Clause
14.4. 

  

	 	(l)	 (Apply to court): The Security Trustee may, whenever it thinks it expedient in the interests of the Secured Creditors of a Secured Series
Trust, apply to any court for directions in relation to any question of law or fact arising either before or after an Event of Default in 

  
 35 

	 	 
relation to the Secured Series Trust and assent to or approve any applications of any Secured Creditor in relation to the Secured Series Trust, the Trustee or the Manager. 

 

	 	(m)	 (Disclosure): Subject to this Deed, any applicable laws and any duty of confidentiality owed by any Interested Person to any other person,
the Security Trustee may, for the purpose of meeting its obligations under this Deed and that General Security Deed, disclose to any Secured Creditor of a Secured Series Trust any confidential, financial or other information made available to the
Security Trustee by the Trustee, the Manager, any other Interested Person or any other person in connection with this Deed and that General Security Deed concerning that Secured Series Trust. 

 

	 	(n)	 (Determination): The Security Trustee, as between itself and the Secured Creditors of a Secured Series Trust, 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 and that General Security Deed concerning the Secured Series Trust and every such determination, whether made upon such a
question actually raised or implied in the acts or proceedings of the Security Trustee, will be conclusive and will bind the Security Trustee and the Secured Creditors of that Secured Series Trust. 

 

	 	(o)	 (Defect in title): The Security Trustee is not bound or concerned to examine or enquire into nor be liable for any defect or failure in the
title of the Trustee to any Secured Property and is entitled to accept any such title without requisition or objection. 

  

	 	(p)	 (Notice of Security or enforcement): The Security Trustee is under no obligation to give any notice of a Security to any debtors of the
Trustee or to any purchaser or any other person whomsoever or, subject to this Deed and that General Security Deed, to enforce payment of any moneys payable to the Trustee or to realise any Secured Property or to take any steps or proceedings for
that purpose unless the Security Trustee thinks fit to do so. 

  

	 	(q)	 (Give up possession of Secured Property): The Security Trustee, acting in accordance with this Deed and that General Security Deed or the
terms of any Extraordinary Resolution passed by the Voting Secured Creditors in relation to a Secured Series Trust in accordance with this Deed and that General Security Deed, may give up possession of the Secured Property in relation to the Secured
Series Trust at any time. 

  

	 	(r)	 (No duty as secured party): Nothing in this Deed or the General Security Deed imposes a duty upon the Security Trustee to exercise its
powers as the secured party under this Deed and the General Security Deed or at law in relation to a Secured Series Trust in circumstances where a motion at a meeting of Voting Secured Creditors in relation to the Secured Series Trust that a
Receiver be appointed is put and is not passed. 

  

	 	(s)	 (Other Security Interests): If the Security Trustee sees fit to redeem or take any transfer of any Security Interest ranking in priority to
or pari passu with a Security in relation to a Secured Series Trust, including the Prior Interest in relation to that Secured Series Trust (the Other Security Interest) wholly or in part then, notwithstanding any provision as to interest
contained in the Other Security Interest or any presumption of law to the contrary all moneys expended by the Security Trustee in so doing including the consideration paid to the holder of the Other Security Interest, stamp duty and legal costs and
disbursements will be deemed to be principal moneys secured by the Other Security Interest, and also part of the Secured Moneys in relation to the Secured Series Trust and moneys the payment of which forms part of the Obligations, and the provisions
of this Deed and the General Security Deed in relation to the Secured Series Trust will be deemed incorporated in the Other Security Interest and will prevail over the terms and conditions of the Other Security Interest in the case of any
inconsistency. 

  
 36 

	 	(t)	 (Liability limited): Except for the obligations imposed on it under this Deed and the General Security Deed, the Security Trustee is not
obliged to do or omit to do any thing including enter into any transaction or incur any liability unless the Security Trustee’s liability is limited in a manner satisfactory to the Security Trustee in its absolute discretion.

  

	 	(u)	 (No duty to provide information): Subject to the express requirements of this Deed or that General Security Deed, the Security Trustee has
no duty (either initially or on a continuing basis) to provide any Secured Creditors of the Secured Series Trust with any information with respect to the Trustee or the Manager (whenever coming into its possession). 

 

	 	(v)	 (Exercise of rights subject to Extraordinary Resolution): Without limiting its rights, powers and discretions, but subject to its express
duties or obligations under this Deed and that General Security Deed (including, without limiting the generality of the foregoing, Clause 8) the Security Trustee: 

 

	 	(i)	 may convene a meeting of the Voting Secured Creditors to seek directions as to the exercise of its powers and duties and performance of its
obligations under this Deed and may put such resolutions to the meeting as are necessary to obtain such directions; and 

  

	 	(ii)	 will not be required to exercise any right, power or discretion (including to require anything to be done, form any opinion or give any notice,
consent or approval) without the specific directions of the Voting Secured Creditors in relation to the Secured Series Trust given by Extraordinary Resolution. 

 

	 	(w)	 (No liability for acting in accordance with directions): The Security Trustee is not to be under any liability whatsoever for acting in
accordance with any direction obtained from the Voting Secured Creditors of a Secured Series Trust at a meeting convened under Clause 8. 

  

	 	(x)	 (No liability for breach): The Security Trustee is not to be under any liability whatsoever for a failure to take any action in respect of
any breach by the Trustee of its duties as trustee of a Secured Series Trust of which the Security Trustee is not actually aware or in respect of any Event of Default of which the Security Trustee is not actually aware. 

 

	 	(y)	 (Dispute or ambiguity): In the event of any dispute or ambiguity as to the construction or enforceability of this Deed or that General
Security Deed or any other Transaction Document in relation to the Secured Series Trust, or the Security Trustee’s powers or obligations under or in connection with this Deed or that General Security Deed or the determination or calculation of
any amount or thing for the purpose of this Deed or that General Security Deed or the construction or validity of any direction from the Voting Secured Creditors, provided the Security Trustee is using reasonable endeavours to resolve such ambiguity
or dispute, the Security 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. 

 

	14.4	 Limitation of liability 

Notwithstanding any other provision of this Deed, the Security Trustee will have no liability under or in connection with this
Deed and a General Security Deed or any other Transaction Document relating to a Secured Series Trust (whether to the Secured Creditors, the Trustee, the Manager or any other person) in relation to a Secured Series Trust other than to the extent to
which the liability is able to be satisfied out of the property of the corresponding Security Trust Fund from which the Security Trustee is actually indemnified for the liability. This limitation will not apply to a liability of the Security Trustee
to the extent that it is not satisfied because, under this Deed or that General 

  
 37 

 
Security Deed or by operation by law, there is a reduction in the extent of the Security Trustee’s indemnification as a result of the Security Trustee’s fraud, negligence or wilful
default. Nothing in this Clause 14.4 or any similar provision in any other Transaction Document in relation to a Secured Series Trust limits or adversely affects the powers of the Security Trustee, any receiver or attorney in respect of the
Security, or the Secured Property, in relation to the Secured Series Trust. 
  

	14.5	 Dealings with trust 

None of the: 
  

	 	(a)	 (Security Trustee): Security Trustee in any capacity; 

 

	 	(b)	 (Related Bodies Corporate): Related Bodies Corporate of the Security Trustee; 

 

	 	(c)	 (Directors etc.): directors or officers of the Security Trustee or its Related Bodies Corporate; or 

 

	 	(d)	 (Shareholders): shareholders of the Security Trustee or its Related Bodies Corporate, 

is prohibited from: 
  

	 	(e)	 (Subscribing for): subscribing for, purchasing, holding, dealing in or disposing of any Notes of any Series Trust; 

 

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

  

	 	(i)	 contracting with; 

  

	 	(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 or any Secured Creditor of any Secured Series Trust; 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 Secured Creditors of any Secured Series Trust for any profits or
benefits (including, without limitation, 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 14.5 only apply
if the relevant person, in connection with the action, contract or transaction, acts in the utmost good faith to all relevant Secured Creditors. 
  

	14.6	 Discretion of Security Trustee as to exercise of powers 

Subject to any express provision to the contrary contained in this Deed, the Security Trustee will, as regards all the powers,
authorities and discretions vested in it by this Deed and the relevant General Security Deed have absolute discretion as to the exercise of them in all respects and, in the absence of fraud, negligence or wilful default on its part, the Security
Trustee will not be in any way responsible for any loss, costs, damages, claims or obligations that may result from the exercise or non-exercise of them. 

  
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	14.7	 Delegation of duties of Security Trustee 

The Security Trustee must not delegate to any person any of its trusts, duties, powers, authorities or discretions under this
Deed and the General Security Deed in relation to a Secured Series Trust except: 
  

	 	(a)	 (To Manager, Nominated Servicer, Nominated Seller, Trustee): to the Manager, the Trustee or to a Nominated Seller or a Nominated Servicer in
respect of the Secured Series Trust in accordance with the provisions of this Deed or any other Transaction Document in relation to the Secured Series Trust; 

 

	 	(b)	 (Related Body Corporate): subject to Clause 14.8 to a Related Body Corporate of the Security Trustee; or 

 

	 	(c)	 (As otherwise permitted): in accordance with the provisions of this Deed. 

 

	14.8	 Liability of the Security Trustee for delegate 

  

	 	(a)	 (Acts or omissions): Subject to this Clause 14.8, the Security Trustee is not liable for the acts or omissions of any of its delegates,
provided that any such delegate is a person who is selected with reasonable care and in good faith. Where the Security Trustee delegates any of its trusts, duties, powers, authorities and discretions to any person who is a Related Body Corporate of
the Security Trustee, the Security Trustee at all times remains liable for the acts or omissions of such Related Body Corporate when acting as delegate. 

  

	 	(b)	 (Fees): In all circumstances where the Security Trustee delegates any of its trusts, duties, powers, authorities and discretions to any
person, the Security Trustee remains liable for the payment of fees of that person when acting as delegate and such fees will not be subject to indemnification under any of Clauses 16.1 or 16.2 or otherwise nor will such fees be expenses of the
relevant Secured Series Trust or payable out of the relevant Security Trust Funds. 

  

	14.9	 No liability for acts beyond its control 

In no event will the Security 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 Security Trustee from performing its obligations under any Transaction Document; the inability to obtain 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 Security Trustee and any other causes beyond the Security Trustee’s control. 
  

	14.10	 No liability for consequential losses 

Notwithstanding any provision of this Deed to the contrary, including, without limitation, any indemnity given by the Security
Trustee in this Deed, the Security Trustee will not be liable in its personal capacity for any special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), whether or not
foreseeable, even if the Security Trustee has been advised of the likelihood of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach of contract or otherwise; provided that this Clause 14.10
will not apply to the extent that there is a determination by a relevant court of fraud by the Security Trustee. Nothing in this Clause 14.10 limits the liability of the Security Trustee in its capacity as trustee of a Security Trust. 

  
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	15.	 DUTIES OF THE SECURITY TRUSTEE 

  

	15.1	 Duties of the Security Trustee limited to duties in this Deed and General Security Deed 

The Security Trustee has no duties or responsibilities in its capacity as trustee other than those expressly set out in this
Deed and a General Security Deed relating to a Secured Series Trust (but only to the extent that the Security Trustee acts as trustee in respect of that Secured Series Trust). 

 

	15.2	 Security Trustee’s further duties 

Subject to Clause 14.1, the Security Trustee must comply with the duties imposed on it by this Deed and the relevant General
Security Deed and must in relation to each relevant Secured Series Trust: 
  

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

  

	 	(b)	 (Exercise diligence etc.): exercise all due diligence, skill and care in carrying out its functions and duties and in protecting the rights
and interests of the Secured Creditors in relation to the Secured Series Trust; 

  

	 	(c)	 (Have regard to the interests of Secured Creditors): in the exercise of all discretions vested in it by this Deed and that General Security
Deed and all other Transaction Documents in relation to the Secured Series Trust except where expressly provided otherwise, have regard to the interest of the Secured Creditors as a class in relation to the Secured Series Trust;

  

	 	(d)	 (Retain the trust fund): subject to this Deed, retain the Security Trust Fund in relation to the Secured Series Trust in safe custody and
hold it on trust for the Secured Creditors in relation to the Secured Series Trust upon the terms of this Deed and that General Security Deed; and 

  

	 	(e)	 (Not sell etc.): not sell, mortgage, charge, grant any Security Interest in respect of or part with the possession of any part or the whole
of the Security Trust Fund in relation to the Secured Series Trust (or permit any of its officers, agents and employees to do so) except as permitted or contemplated by this Deed and that General Security Deed. 

 

	15.3	 Security Trustee liable for negligence etc. 

Nothing in this Deed will in any case in which the Security Trustee has failed to show the degree of care and diligence
required of it as Security Trustee (having regard to the provisions of this Deed and the relevant General Security Deed conferring on the Security Trustee any duties, powers, trusts, authorities or discretions, including any provisions relieving the
Security Trustee of specified responsibilities) relieve or indemnify it from or against any liability for breach of trust arising from such failure. 
  

	15.4	 No liability for Transaction Documents 

The Security Trustee has no responsibility for the form or content of this Deed or any General Security Deed or any other
Transaction Document in relation to a Secured Series Trust and will have no liability arising in connection with any inadequacy, invalidity or unenforceability (other than as a result of a breach of this Deed or a General Security Deed by the
Security Trustee) of any provision of this Deed or any Transaction Document in relation to a Secured Series Trust. 

  
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	15.5	 Resolution of conflicts 

  

	(a)	 (Resolve conflicts between Secured Creditors): Subject to any contrary express provision of the Transaction Documents relating to a Secured
Series Trust, if there is at any time in the Security Trustee’s opinion, with respect to enforcement or the exercise of any of the Security Trustee’s duties, powers or discretions, a conflict between the interests of any Secured Creditor
or class or sub-class of Secured Creditor (on the one hand) in relation to the Secured Series Trust and the interests of the Noteholders as a whole (on the other hand) in relation to the Secured Series Trust, the Security Trustee must give priority
to the interests of the Noteholders as a whole. Provided that the Security Trustee acts in good faith, it will not incur any liability to any Secured Creditor in relation to a Secured Series Trust for giving effect to the foregoing.

  

	(b)	 (Resolve conflicts between Noteholders): Subject to the provisions of this Deed and the General Security Deed in relation to a Secured
Series Trust, the Security Trustee must give priority to the interests only of the Noteholders of the Highest Ranking Class of Notes in relation to the Secured Series Trust if, in the Security Trustee’s opinion, there is a conflict between the
interests of those Noteholders and any other Noteholder or the other persons entitled to the benefit of the Security (in relation to which in determining the interests of the Noteholders of the Highest Ranking Class of Notes, if they are Foreign
Currency Notes, the Security Trustee may rely on a determination of the Foreign Currency Note Trustee). 

  

	(c)	 (No Liability): Provided that the Security Trustee acts in good faith, it will not incur any liability to any Secured Creditor for giving
effect to paragraph (a) or (b). 

  

	15.6	 Quiet Enjoyment 

Unless otherwise provided in the General Security Deed in relation to a Secured Series Trust, the Security Trustee must not
interfere with an Obligor’s quiet enjoyment of any chattel which is the subject of a Mortgage or Collateral Security forming part of the Secured Property of the Secured Series Trust. 

 

	16.	 INDEMNITIES 

  

	16.1	 Indemnity 

Subject to this Deed and without prejudice to any right of indemnity given by law, the Security Trustee, the Manager, the
Foreign Currency Note Trustee (if any) in relation to the Secured Series Trust, a Receiver or attorney or other person appointed under this Deed (including, without limitation, any person appointed by the Security Trustee, the Manager, the Foreign
Currency Note Trustee or a Receiver or any person to whom any duties, powers, trusts, authorities or discretions may be delegated by the Security Trustee, the Manager, the Foreign Currency Note Trustee or a Receiver) (appointee) will be
indemnified by the Trustee in its capacity as trustee of a Secured Series Trust against all loss, liabilities and reasonable expenses properly incurred by the Security Trustee, the Manager, the Foreign Currency Note Trustee, the Receiver, attorney
or appointee (as the case may be) in the execution or purported execution of any duties, powers, trusts, authorities or discretions vested in such persons pursuant to this Deed in relation to the Secured Series Trust, including all liabilities and
expenses consequent upon any mistake or oversight, error of judgment or want of prudence on the part of such persons and against all actions, proceedings, costs, claims and demands in respect of any matter or thing properly done or omitted in any
way relating to this Deed or a General Security Deed relating to a Secured Series Trust in relation to the Secured Series Trust, unless any of the foregoing is due to actual fraud, negligence or wilful default on the part of the Security Trustee,
the Manager, the Foreign Currency Note Trustee, the Receiver, attorney or appointee (as the case may be). 

  
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	16.2	 Extent of Security Trustee’s indemnity 

Without limiting Clause 16.1, the Security Trustee is entitled to be indemnified by the Trustee in its capacity as trustee for
a Secured Series Trust for the following in relation to the Secured Series Trust: 
  

	 	(a)	 (Registration etc. costs): the costs, charges and expenses (including legal costs and expenses on a full indemnity basis and, in the case of
solicitors’ costs, calculated at the solicitors’ usual charge out rate) of the Security Trustee in connection with the negotiation, preparation, execution, stamping, registration and completion of this Deed and the General Security Deed,
any deed amending this Deed and the Security in relation to a Secured Series Trust; 

  

	 	(b)	 (Costs of waiver etc.): the costs, charges and expenses (including legal costs and expenses on a full indemnity basis and, in the case of
solicitors’ costs, calculated at the solicitors’ usual charge out rate) of the Security Trustee in connection with any consent, exercise or non-exercise of rights or powers or performance of obligations (including, without limitation, in
connection with the contemplated or actual enforcement or preservation of any rights or powers or performance of obligations under this Deed or the General Security Deed in relation to the Secured Series Trust), production of title documents,
waiver, variation, release or discharge in connection with the Security or the Secured Property in relation to the Secured Series Trust; 

  

	 	(c)	 (Taxes): Taxes and fees (including, without limitation, registration fees) and fines and penalties in respect of fees, which may be payable
or determined to be payable in connection with this Deed or a General Security Deed relating to the Secured Series Trust in relation to that Secured Series Trust or a payment or receipt or any other transaction contemplated by this Deed in relation
to that Secured Series Trust; and 

  

	 	(d)	 (Legal costs): without limiting the generality of Clause 16.2(c), all legal costs and disbursements (charged at the usual commercial rates
of the relevant legal services provider) and all other costs, disbursements, outgoings and expenses of the Security Trustee in connection with the initiation, carriage and settlement of any court proceedings (including, without limitation,
proceedings against the Trustee arising from any neglect, breach or default by the Trustee under this Deed) in respect of this Deed or a General Security Deed in relation to that Secured Series Trust. 

 

	16.3	 Costs of experts 

The liabilities and expenses referred to in Clause 16.2 include, without limitation, those payable to any independent
consultant or other person appointed to evaluate any matter of concern (including, without limitation, any person consulted by the Security Trustee pursuant to Clause 14.3(b)), any agent of the Security Trustee, any Receiver or any attorney
appointed under this Deed, and, in the case of the Security Trustee, its administration costs in connection with any event referred to in Clause 16.2. 
  

	16.4	 Costs of Trustee 

The Security Trustee must apply any money received in connection with this Deed or the General Security Deed in relation to a
Secured Series Trust towards satisfaction of all outstanding Trustee Indemnity Costs owing to the Trustee in relation to the Secured Series Trust in accordance with the priority of payments contained in Clause 13.1. 

  
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	16.5	 Non-discharge 

Unless otherwise specifically stated in any discharge of the Security Trust the provisions of this Clause 16 will continue in
full force and effect despite such discharge. 
  

	16.6	 Retention of lien 

Notwithstanding any release of the outgoing Security Trustee under this Clause 16, the outgoing Security Trustee will remain
entitled to the benefit of the indemnities granted by this Deed to the outgoing Security Trustee in respect of any liability, cost or other obligation incurred by it while acting as Security Trustee, as if it were still the Security Trustee under
this Deed and a General Security Deed. 
  

	17.	 MEETINGS OF VOTING SECURED CREDITORS 

  

	17.1	 Meetings regulated by Schedule 1 

The provisions of Schedule 1 will apply to all meetings of Voting Secured Creditors and to the passing of resolutions at those
meetings. 
  

	17.2	 Limitation on Security Trustee’s powers 

Except as provided in this Deed, the Security Trustee will not assent or give effect to any matter in relation to a Secured
Series Trust which a meeting of Voting Secured Creditors in relation to the Secured Series Trust is empowered by Extraordinary Resolution to do, unless the Security Trustee has previously been authorised to do so by an Extraordinary Resolution of
such Voting Secured Creditors. Nothing in this Deed prevents the Security Trustee taking such action as it considers appropriate to enforce any rights of indemnity or reimbursement. 

 

	18.	 CONTINUING SECURITY AND RELEASES 

  

	18.1	 Liability preserved 

Notwithstanding any payout figure quoted or other form of account stated by the Security Trustee and notwithstanding any other
rule of law, no grant of full or partial satisfaction of or discharge from this Deed and each General Security Deed in relation to a Secured Series Trust by the Security Trustee will release the Trustee under this Deed or that General Security Deed
until all the Secured Moneys in relation to the Secured Series Trust have in fact been received by the Security Trustee and are not liable for whatever reason to be disgorged notwithstanding that such quotation or statement of account may have
arisen from the mistake negligence error of law or error of fact of the Security Trustee or its servants or agents. 
  

	18.2	 Trustee’s liability not affected 

This Deed and the liability of the Trustee under this Deed and each General Security Deed in relation to a Secured Series
Trust will not be affected or discharged by any of the following: 
  

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

 

	 	(b)	 (Delay in recovery): the Security Trustee failing or neglecting to recover by the realisation of any other security or otherwise any of the
Secured Moneys in relation to the Secured Series Trust; 

  
 43 

	 	(c)	 (Laches): any other laches, acquiescence, delay, act, omission or mistake on the part of the Security 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 Security Trustee from or against the Trustee or any other person. 

  

	18.3	 Waiver by Trustee 

The Trustee in its capacity as trustee of each Secured Series Trust waives in favour of the Security Trustee: 

 

	 	(a)	 (All rights necessary to give effect to Deed): all rights whatsoever against the Security Trustee and any other person, estate or assets to
the extent necessary to give effect to anything in this Deed and the General Security Deed in relation to the Secured Series Trust; 

  

	 	(b)	 (Promptness and diligence): promptness and diligence on the part of the Security Trustee and any other requirement that the Security Trustee
take any action or exhaust any right against any other person before enforcing this Deed and that General Security Deed in relation to the Secured Series Trust; and 

 

	 	(c)	 (All rights inconsistent with Deed): all rights inconsistent with the provisions of this Deed and that General Security Deed in relation to
the Secured Series Trust including any rights as to contribution or subrogation which the Trustee might otherwise be entitled to claim or enforce. 

  

	19.	 APPOINTMENT, REMUNERATION AND RETIREMENT OF SECURITY TRUSTEE 

 

	19.1	 Remuneration 

Subject to Clause 26, the Security Trustee is to be remunerated by the Trustee for acting as trustee under this Deed in
relation to a Secured Series Trust whether before or after the occurrence of an Event of Default in relation to the Secured Series Trust, at the rate agreed from time to time between the Manager, the Security Trustee and the Trustee. 

 

	19.2	 Retirement of Security Trustee 

The Security Trustee covenants that it will retire as Security Trustee of all the relevant Secured Series Trusts if: 

 

	 	(a)	 (Insolvency): an Insolvency Event occurs in relation to the Security Trustee; 

 

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

 

	 	(c)	 (Related Trustee retires): a Related Body Corporate of it retires or is removed as trustee of the Secured Series Trusts under clause 19.1,
clause 19.2, clause 19.3 or clause 19.4 of the Master Trust Deed and the Manager requires the Security Trustee by notice in writing to retire; 

  

	 	(d)	 (Voting Secured Creditors require retirement): an Extraordinary Resolution requiring its retirement is passed at a meeting of Voting Secured
Creditors; 

  
 44 

	 	(e)	 (Breach of duty): when required to do so by the Manager or the Trustee 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 a General Security Deed in respect of a relevant Secured Series Trust; or 

 

	 	(f)	 (Change in ownership): there is a change in ownership of 50% or more of the issued equity share capital of the Security Trustee from the
position as at the date of this Deed or effective control of the Security Trustee alters from the position as at the date of this Deed unless in either case approved by the Manager (whose approval must not be unreasonably withheld).

 The retirement of the Security Trustee in accordance with this Clause 19.2 will not take effect until
the appointment of a new Security Trustee in accordance with Clause 19.3 or 19.5 is completed. 
  

	19.3	 Removal by Manager 

If the Security Trustee refuses to retire the Manager is entitled to remove the Security Trustee from office immediately by
notice in writing if an event referred to in Clause 19.2 has occurred. Such removal is to take effect on the date of such notice. If a new Security Trustee has not been appointed at such time, such removal shall not take effect until the appointment
of a new Security Trustee under this Clause 19.3 or Clause 19.5 is completed. On the retirement or removal of the Security Trustee under the provisions of Clause 19.2 or this Clause 19.3: 

 

	 	(a)	 (Notify Rating Agencies): the Manager must promptly notify each Rating Agency (if any) in relation to a Secured Series Trust of such
retirement or removal; and 

  

	 	(b)	 (Appoint new Security Trustee): subject to any approval required by law, the Trustee is entitled to and must use its best endeavours to
appoint in writing some other person to be the new Security Trustee provided that the Manager has issued a Rating Notification in relation to the proposed appointment of the new Security Trustee (such appointment is to take effect on the date of
retirement or removal of the then Security Trustee). If the Trustee does not appoint a new Security Trustee, the Manager may appoint a new Security Trustee provided that the Manager has issued a Rating Notification in relation to the proposed
appointment of the new Security Trustee (such appointment is to take effect on the date of retirement or removal of the then Security Trustee). 

  

	19.4	 Security Trustee may retire 

The Security Trustee may retire as trustee of all relevant Security Trusts under this Deed upon giving three months’
notice in writing to the Trustee, the Manager, the Foreign Currency Note Trustee (if any) in relation to all relevant Secured Series Trusts and the Rating Agencies (if any) of the Secured Series Trusts or such lesser time as the Manager, each
Foreign Currency Note Trustee (if any), the Trustee and the Security Trustee agree. Upon such retirement the Security Trustee, subject to any approval required by law, may appoint in writing any other person who is approved by the Manager, which
approval must not be unreasonably withheld, as Security Trustee in its stead provided that the Manager has issued a Rating Notification in relation to the proposed appointment of the new Security Trustee. If the Security Trustee does not propose a
replacement in accordance with this Clause 19.4 by the date which is one month prior to the date of its proposed retirement, the Manager is entitled to appoint a new Security Trustee approved in writing by the relevant Voting Secured Creditors (such
approval not to be unreasonably withheld) provided that the Manager has issued a Rating Notification in relation to the proposed appointment of the new Security Trustee. The retirement of the Security Trustee in accordance with this Clause 19.4 will
not be effective until the appointment of a new Security Trustee is complete. 

  
 45 

	19.5	 Appointment of new Security Trustee by Secured Creditors 

If the Manager has been unable to appoint a new Security Trustee in accordance with Clause 19.3 or 19.4, the Manager must
promptly convene a meeting of Voting Secured Creditors of all relevant Secured Series Trusts at which Voting Secured Creditors, holding or representing between them Voting Entitlements comprising in aggregate a number of votes which is not less than
75% of the aggregate number of votes comprised in the total Voting Entitlements at the time, appoint any person nominated by any of them to act as the new Security Trustee. 
  

	19.6	 Release of Security Trustee 

Upon retirement or removal of the outgoing Security Trustee as trustee of the relevant Security Trusts, the outgoing Security
Trustee is released from all obligations under this Deed insofar as they relate to the relevant Security Trusts arising after the date of the retirement or removal except for its obligations under Clause 19.8. The Manager and the Trustee may settle
with the outgoing Security Trustee the amount of any sums payable by the outgoing Security Trustee to the Manager or the Trustee or by the Manager or the Trustee to the outgoing Security Trustee and may give to or accept from the outgoing Security
Trustee a discharge in respect of those sums which will be conclusive and binding as between the Manager, the Trustee and the outgoing Security Trustee but not as between the outgoing Security Trustee and the Secured Creditors of the relevant
Secured Series Trusts. 
  

	19.7	 Indemnity 

Subject to Clause 19.8, the outgoing Security Trustee must (in its personal capacity) indemnify each other party to this Deed
and the new Security Trustee in respect of all reasonable costs incurred by any such person as a result of: 
  

	 	(a)	 (Removal): the Security Trustee’s removal pursuant to Clause 19.3; or 

 

	 	(b)	 (Retirement): the Security Trustee’s retirement pursuant to Clause 19.2 or 19.4, 

including all reasonable costs incurred by any party in appointing the new Security Trustee following the Security
Trustee’s removal or retirement in any circumstance referred to in Clause 19.7(a) or 19.7(b) above and the appointment of a new Security Trustee. Any amount which the Security Trustee is obliged to pay pursuant to the indemnity in this Clause
19.7 will not be subject to indemnification under any of Clauses 16.1 or 16.2 or otherwise nor will such amount be an expense of the relevant Secured Series Trust or payable out of the relevant Security Trust Funds. 

 

	19.8	 Vesting of Security Trust Funds in new Security Trustee 

The outgoing Security Trustee, on its retirement or removal, must vest the relevant Security Trust Funds or cause them to be
vested in the new Security Trustee and must deliver and assign to the new Security Trustee as appropriate all books, documents, records and other property whatsoever relating to the relevant Security Trust Funds. Subject to Clause 19.7, the costs
and expenses of this are to be paid out of the relevant Security Trust Funds. 
  

	19.9	 New Security Trustee to execute deed 

Each new Security Trustee must upon its appointment execute a deed in such form as the Manager may require whereby the new
Security Trustee must undertake to the Secured Creditors of each relevant Secured Series Trust jointly and severally to be bound by all the covenants on the part of the Security Trustee under this Deed in relation to the Secured Series Trust from
the date of such appointment. 

  
 46 

	19.10	 Rating Agencies Advised 

The Manager must promptly: 
  

	 	(a)	 (Retirement): approach and liaise with the Rating Agencies (if any) relating to each of the Secured Series Trusts in respect of any
confirmations required from the Manager in relation to the replacement of the Security Trustee pursuant to this Clause 19; 

  

	 	(b)	 (Change of ownership): notify such Rating Agencies (if any) of it becoming aware of a change in ownership of 50% or more of the issued
equity share capital of the Security Trustee from the position as at the date of this Deed or effective control of the Security Trustee altering from the date of this Deed; and 

 

	 	(c)	 (Approval for change in ownership): notify such Rating Agencies (if any) of any approvals given by the Manager pursuant to Clause 19.2(f).

  

	20.	 ASSURANCE 

  

	20.1	 Further assurance 

The Trustee will and will procure that all persons having or claiming any estate or interest in any Secured Property will at
any time now or in the future upon the request of the Security Trustee and at the cost of the Trustee, make, do and execute or cause to be made, done and executed all such actions, documents and assurances which are necessary or appropriate: 

 

	 	(a)	 (To secure the Secured Moneys): to more satisfactorily secure to the Security Trustee the payment of the corresponding Secured Moneys;

  

	 	(b)	 (To assure the Secured Property): to assure or more satisfactorily assure the Secured Property to the Security Trustee;

  

	 	(c)	 (As directed): as the Security Trustee may direct; or 

 

	 	(d)	 (Appointment of new Security Trustee): for a new Security Trustee appointed under Clause 19 to obtain the benefit of this Deed,

 and in particular will, whenever requested by the Security Trustee, execute in favour of the Security
Trustee such legal mortgages, transfers, assignments or other assurances of all or any part of any Secured Property in such form and containing such powers and provisions as the Security Trustee requires. 

 

	20.2	 Postponement or waiver of Security Interests 

The Trustee will (and the Manager will give all necessary directions to enable the Trustee to) if required by the Security
Trustee immediately cause: 
  

	 	(a)	 (Postpone other Security Interests): any Security Interest (other than a Prior Interest) which has arisen or which arises from time to time
by operation of law over Secured Property in favour of any person including the Trustee to be at the Security Trustee’s option postponed in all respects after and subject to this Deed and the General Security Deed in relation to the Secured
Series Trust or to be otherwise discharged, released or terminated; and 

  
 47 

	 	(b)	 (Discharge of Secured Moneys): any Borrowing or other obligation secured by any such Security Interest at the Security Trustee’s option
to be waived, released, paid or performed. 

  

	20.3	 Registration of Security 

The Manager will at its own expense ensure that, if necessary, the Security in relation to any Secured Series Trust, this Deed
and any General Security Deed in relation to that Secured Series Trust are promptly perfected (as defined in the PPSA) and registered as a Security Interest on any appropriate register to the extent and within such time limits as may be prescribed
by law so as to ensure the full efficacy of this Deed and that General Security Deed as a security to the Security Trustee in all jurisdictions in which any part of the Secured Property in relation to any Secured Series Trust may now or at any time
during the continuance of this Deed and that General Security Deed be located, in which the Trustee may carry on any business or in which the Trustee is or may become resident or registered. 

 

	20.4	 Caveats 

The Trustee is not obliged to do anything under this Clause 20 to enable the Security Trustee to, and the Security Trustee
must not, lodge a caveat to record its interest in the Secured Property in relation to any Secured Series Trust at the land titles office in any State or Territory, unless the Security in relation to the Secured Series Trust has taken effect as a
fixed charge and the Trustee would, under the terms of the Master Trust Deed, be entitled to lodge caveats. 
  

	21.	 PAYMENTS 

  

	21.1	 Moneys repayable as agreed or on demand 

Unless otherwise provided in the General Security Deed in relation to a Secured Series Trust or agreed, the Secured Moneys in
relation to a Secured Series Trust are payable by the Trustee in its capacity as trustee of the Secured Series Trust to the Security Trustee in its capacity as trustee of the corresponding Security Trust in Australian dollars immediately upon demand
by the Security Trustee. 
  

	21.2	 No set-off or deduction 

All payments by the Trustee in respect of a Secured Series Trust of any moneys forming part of the Secured Moneys in relation
to that Secured Series Trust are to be free of any set-off or counterclaim and without deduction or withholding for any present or future Taxes unless the Trustee is compelled by law to deduct or withhold the same, in which event the Trustee will,
subject to the Transaction Documents in relation to the Secured Series Trust, pay to the Security Trustee such additional amounts necessary to enable the Security Trustee to receive after all deductions and withholdings for such Taxes a net amount
equal to the full amount which would otherwise have been payable under this Deed and any General Security Deed had no such deduction or withholding been required to be made. 
  

	21.3	 Anti-money laundering 

Each party (the Information Provider) agrees to provide any information and documents reasonably required by any
other party (the Information Recipient) to comply with any applicable anti-money laundering or counter-terrorism financing laws including, without limitation, any applicable laws imposing “know your customer” or other identification
checks or procedures that the Information Recipient is required to comply with in respect of this 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  

  
 48 

 
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 21.3 or any similar clause in any other Transaction Document. 

 

	22.	 DISCHARGE OF A SECURITY 

  

	22.1	 Release 

Upon proof being given to the reasonable satisfaction of the Security Trustee that all Secured Moneys in relation to a Secured
Series Trust have been paid in full and that all the Obligations have been performed, observed and fulfilled, including that all costs, charges, moneys and expenses in relation to the Secured Series Trust incurred by or payable to or at the
direction of the Security Trustee, a Receiver relating to the Secured Series Trust or any attorney appointed under this Deed have been paid and upon adequate provision having been made to the reasonable satisfaction of the Security Trustee of all
costs, charges, moneys and expenses in relation to the Secured Series Trust reasonably likely thereafter to be incurred by or payable to or at the direction of the Security Trustee, a Receiver in relation to the Secured Series Trust or any attorney
appointed under this Deed in respect of the Secured Series Trust, then the Security Trustee will at the request of the Manager or the Trustee, and at the cost of the Trustee, release the Secured Property in relation to the Secured Series Trust from
the Security in relation to the Secured Series Trust and this Deed. 
  

	22.2	 Contingent liabilities 

The Security Trustee is under no obligation to grant a release of a Security or this Deed or any General Security Deed in
relation to a Secured Series Trust unless at the time such release is sought: 
  

	 	(a)	 (No Secured Moneys owing): none of the Secured Moneys in relation to the Secured Series Trust are contingently or prospectively owing except
where there is no reasonable likelihood of the contingent or prospective event occurring; and 

  

	 	(b)	 (No liabilities): the Security Trustee has no contingent or prospective liabilities in relation to the Secured Series Trust whether or not
there is any reasonable likelihood of such liabilities becoming actual liabilities in respect of any bills, notes, drafts, cheques, guarantees, letters of credit or other instruments or documents issued, drawn, endorsed or accepted by the Security
Trustee for the account or at the request of the Trustee for the Secured Series Trust. 

  

	22.3	 Security reinstated 

If any claim is made by any person that any moneys applied in payment or satisfaction of the Secured Moneys in relation to a
Secured Series Trust must be repaid or refunded under any law (including, without limit, any law relating to preferences, bankruptcy, insolvency or the winding up of bodies corporate) and the Security, in relation to the Secured Series Trust has
already been discharged, the Trustee will, at the Trustee’s expense, promptly do, execute and deliver, and cause 

  
 49 

 
any relevant person to do, execute and deliver, all such acts and instruments as the Security Trustee may require to reinstate the Security, in relation to the Secured Series Trust. This Clause
22 will survive the discharge of the Security in relation to the Secured Series Trust unless the Security Trustee agrees otherwise in writing. 
  

	23.	 AMENDMENT 

  

	23.1	 Amendment by Security Trustee 

Subject to this Clause 23 and to any approval or consent required by law, the Security Trustee, the Manager, the Foreign
Currency Note Trustee (if any) in relation to a Secured Series Trust and the Trustee may together agree to amend, add to or revoke any provision of this Deed (including this Clause 23) or the General Security Deed in relation to a Secured Series
Trust if the amendment, addition or revocation: 
  

	 	(a)	 (Necessary or expedient): in the opinion of the Security Trustee or of a barrister, solicitor or tax accountant instructed by the Security
Trustee, is necessary or expedient to comply with the provisions of any statute, ordinance, regulation or by-law or with the requirements of any Governmental Agency; 

 

	 	(b)	 (Correct Manifest error): in the opinion of the Security Trustee is made to correct a manifest error or ambiguity or is of a formal,
technical or administrative nature only; 

  

	 	(c)	 (Change in to law): in the opinion of the Security Trustee 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 limiting the generality of the foregoing, an amendment, addition or revocation which is in the opinion of the Security Trustee 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 Secured Series Trusts); 

 

	 	(d)	 (Not yet created Secured Series Trust): is to apply only in respect of a Secured Series Trust not yet created under the Master Trust Deed;

  

	 	(e)	 (Convenient): in the opinion of the Security Trustee, will enable the provisions of this Deed or the General Security Deed in relation to a
Secured Series Trust to be more conveniently, advantageously, profitably or economically administered; or 

  

	 	(f)	 (Otherwise desirable): in the opinion of the Security Trustee and the Trustee is otherwise desirable for any reason. 

 

	23.2	 Consent Required 

If in the opinion of the Security Trustee any amendment, addition or revocation referred to in Clause 23.1(e) or (f) will
be or is likely to become materially prejudicial to the rights of all Noteholders or of a particular Class or Sub-Class of Noteholders of the Secured Series Trust then, subject to Clauses 23.5 and 23.8, the amendment, addition or revocation may be
agreed to by the Security Trustee only in accordance with Clause 23.3 or 23.4 (as the case may be). For the avoidance of doubt, none of the Manager, the Foreign Currency Note Trustee (if any) in relation to a Secured Series Trust and the Trustee
need to comply with, or seek to satisfy themselves as to whether the Security Trustee has complied with, this Clause 23.2, Clause 23.3 or Clause 23.4. 

  
 50 

	23.3	 Amendments Prejudicial to Noteholders of a Class or a Sub-Class 

If in the opinion of the Security Trustee any amendment, addition or revocation referred to in Clause 23.1(e) or (f) will
be or is likely to become materially prejudicial to the rights of a particular Class or Sub-Class of Noteholders of a Secured Series Trust, the amendment, addition or revocation may only be agreed to by the Security Trustee if the Noteholders of
that Class or Sub-Class pass an Extraordinary Resolution (as defined in the Master Trust Deed) approving such amendment, addition or revocation in accordance with the provisions of Schedule 1. 

 

	23.4	 Amendments Prejudicial to all Noteholders 

If in the opinion of the Security Trustee, any amendment, addition or revocation referred to in Clause 23.1(e) or
(f) will be or is likely to become materially prejudicial to the rights of all Noteholders of a Secured Series Trust: 
  

	 	(a)	 (Must be approved by Extraordinary Resolution): the amendment, addition or revocation may only be agreed to by the Security Trustee if the
Noteholders pass an Extraordinary Resolution (as defined in the Master Trust Deed) approving such amendment, addition or revocation in accordance with the provisions of Schedule 1; and 

 

	 	(b)	 (Separate meeting of Noteholders not required): even if the proposed amendment, addition or revocation affects Noteholders of a particular
Class or Sub-Class, there will not be a separate Extraordinary Resolution (as defined in the Master Trust Deed) required for each Class or Sub-Class of Noteholders pursuant to Clause 23.3 unless the effect of the amendment, addition or revocation is
a Subordinated Note Basic Term Modification in which case paragraph 14(a) of Schedule 1 will apply. 

  

	23.5	 Amendments requiring consent 

Notwithstanding Clauses 23.2, 23.3 and 23.4 but subject to Clause 23.8, if any amendment, addition or revocation referred to
in Clause 23.1(e) or (f) of this Deed would, if it were an Extraordinary Resolution of the Voting Secured Creditors under paragraph (c)(i) of the definition of “Extraordinary Resolution” in Clause 1.1 of this Deed, require any consent
in order to be effective under paragraph 14 of Schedule 1 to this Deed, then the amendment, addition or revocation may be agreed to by the Security Trustee if, and only if, such consent is obtained. Without limiting the foregoing, if the consent of
the Voting Secured Creditors is obtained in accordance with the preceding sentence the amendment, addition or revocation referred to in Clause 23.1(e) or (f) of this Deed may be agreed to by the Security Trustee notwithstanding that the
amendment, addition or revocation will be or is likely to become materially prejudicial to the rights of the Noteholders, a particular Class or Sub-Class of Noteholders or any other Voting Secured Creditor. 

 

	23.6	 Copy of amendments in advance to Rating Agencies 

The Manager will provide a copy of a proposed amendment, addition or revocation in relation to a Secured Series Trust to each
Rating Agency (if any) for the Secured Series Trust at least five Business Days (or such other period as may from time to time be agreed by the Manager with the Rating Agency) prior to the same taking effect. 

 

	23.7	 Distribution of amendments 

The Manager must distribute to all Secured Creditors of a Secured Series Trust a copy of any amendment made pursuant to Clause
23.1 in relation to the Secured Series Trust as soon as reasonably practicable after the amendment has been made. 

  
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	23.8	 Security Trustee to effect amendments 

  

	 	(a)	 Notwithstanding the other provisions of this Clause 23 but subject to: 

 

	 	(i)	 the other provisions of this Clause 23.8; 

  

	 	(ii)	 any consent or approval required by law; and 

  

	 	(iii)	 the Manager: 

  

	 	(A)	 providing the Security Trustee with a written confirmation that the Manager is satisfied, following discussions with the relevant Rating Agency,
that the rating assigned by the relevant Rating Agency to the Notes would be subject to a downgrade, qualification or withdrawal absent the proposed amendment, addition or revocation; 

 

	 	(B)	 issuing a Rating Notification in relation to the proposed amendment, addition or revocation; and 

 

	 	(C)	 being satisfied that the proposed amendment, addition or revocation will not give rise to an Adverse Effect in relation to the relevant Secured
Series Trust, 

 the Security Trustee, the Manager, the Foreign Currency Note Trustee (if any) in
relation to a Secured Series Trust and the Trustee may (and if directed to do so in writing by the Manager, the Security Trustee must) amend, add to or revoke any provision of this Deed (including this Clause 23) or the General Security Deed in
relation to a Secured Series Trust (but only to the extent that each relates to a Secured Series Trust in respect of which one or more Rating Agencies have been appointed to rate the Notes), where such amendment, addition or revocation is requested
by the Trustee or the Manager to take into account any changes in the ratings criteria of the Rating Agencies. 
  

	 	(b)	 For the avoidance of doubt: 

  

	 	(i)	 in exercising the power to amend, add to or revoke any provision of this Deed or a General Security Deed in relation to a Secured Series Trust
pursuant to Clause 23.8(a), none of the Security Trustee, the Manager, the Foreign Currency Note Trustee (if any) in relation to a Secured Series Trust and the Trustee is required to give consideration to any of the matters referred to in Clauses
23.1 to 23.5, and none of Clauses 23.1 to 23.5 apply to limit any such exercise of power; and 

  

	 	(ii)	 this Clause 23.8 does not apply to, and no amendment, addition or revocation may be made pursuant to this Clause 23.8 to, this Deed or a General
Security Deed, to the extent that each relates to a Secured Series Trust in respect of which one or more Rating Agencies has not been appointed to rate the Notes. 

 

	 	(c)	 The Security Trustee will not be obliged to give effect to any amendment to, addition to or revocation of any provision of this Deed or a General
Security Deed in relation to a Secured Series Trust in accordance with Clause 23.8(a) if to do so would: 

  

	 	(i)	 impose additional obligations on the Security Trustee which are not provided for or contemplated by the Transaction Documents;

  

	 	(ii)	 adversely affect the Security Trustee’s rights under the Transaction Documents; or 

  
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	 	(iii)	 result in the Security Trustee being in breach of any applicable law. 

 

	24.	 EXPENSES AND STAMP DUTIES 

  

	24.1	 Expenses 

Subject to Clause 26 the Trustee in its capacity as trustee of a Secured Series Trust will on demand reimburse the Security
Trustee for and keep the Security Trustee indemnified against all expenses including legal costs and disbursements (charged at the usual commercial rates of the relevant legal services provider) incurred by the Security Trustee in connection with
the following in relation to the Secured Series Trust: 
  

	 	(a)	 (Preparation): the preparation and execution of this Deed and the General Security Deed in relation to the Secured Series Trust and any
subsequent consent, agreement, approval or waiver under this Deed or the General Security Deed, or amendment to this Deed of the General Security Deed in relation to the Secured Series Trust; and 

 

	 	(b)	 (Enforcement): the exercise, enforcement, preservation or attempted exercise enforcement or preservation of any rights under this Deed or
the General Security Deed in relation to the Secured Series Trust including, without limitation, any expenses incurred in the evaluation of any matter of material concern to the Security Trustee. 

 

	24.2	 Stamp Duties 

  

	(a)	 (Trustee must pay): The Trustee in its capacity as trustee of a Secured Series Trust will pay all stamp, loan, transaction, registration and
similar Taxes including fines and penalties which may be payable to or required to be paid by any appropriate authority or determined to be payable in connection with the execution, delivery, performance or enforcement of this Deed or any General
Security Deed, or any payment, receipt or other transaction contemplated in this Deed or the General Security Deed in relation to the Secured Series Trust. 

 

	(b)	 (Trustee must indemnify): The Trustee in such capacity will indemnify and keep indemnified the Security Trustee against any loss or
liability incurred or suffered by it as a result of the delay or failure by the Trustee to pay such Taxes in relation to the corresponding Secured Series Trust. 

 

	24.3	 Goods and Services Tax 

Notwithstanding any other provision of this Deed or the Master Trust Deed, if the Security Trustee becomes liable to remit to
a Governmental Agency an amount of GST in connection with its supplies under this Deed in relation to a Secured Series Trust, the Security Trustee is not entitled to any reimbursement of that GST from the Trustee out of the Assets of the Secured
Series Trust or the relevant Security Trust Fund. Nothing in this Clause 24.3 prevents the time in attendance costs of the Security Trustee from including a component that represents or is referable to GST. 

 

	25.	 NOTICES 

  

	25.1	 Method of delivery 

Subject to Clauses 25.4 and 25.5, any notice, request, certificate, approval, demand, consent, recommendation or other
communication to be given under this Deed must: 
  

	 	(a)	 (In writing and signed by an Authorised Officer): be in writing and signed by the party or an Authorised Officer of the party giving the
same; and 

  
 53 

	 	(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, to the addressee’s specified email address. 

 

	25.2	 Address for notices 

The address, facsimile number and specified email address of a party are the address, facsimile number and specified email
address notified by that party to the other parties from time to time. 
  

	25.3	 Deemed receipt 

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

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

 

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

 

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

  

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

However, if the time of deemed receipt of any notice is not before 5.00 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. 
  

	25.4	 Email 

A notice, request, certificate, demand, consent, recommendation or other communication to be given under this Deed may only be
given by email where the recipient has agreed that that communication or communications of that type, may be given by email. 
  

	25.5	 Notices to Secured Creditors 

Any notice to a Secured Creditor other than a Noteholder may be given, and will be deemed to be received, in accordance with
clause 24.4 of the Master Trust Deed. 
  

	26.	 TRUSTEE’S LIMITATION OF LIABILITY 

  

	26.1	 Limitation of Trustee’s liability 

The Trustee enters into this Deed only in its capacity as trustee of a Secured Series Trust and in no other capacity. A
liability incurred by the Trustee acting in its capacity as trustee of that 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 the
Assets of that Series Trust 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 26.3) and extends to all liabilities
and 

  
 54 

 
obligations of the Trustee in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this Deed. 

 

	26.2	 Claims against Trustee 

The parties may not sue the Trustee in respect of liabilities incurred by the Trustee acting in its capacity as trustee of a
Series Trust in any capacity other than as trustee of that Series Trust, including seeking the appointment of a receiver (except in relation to the Assets of that Series Trust), 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 that Series Trust). 
  

	26.3	 Breach of Trust 

The provisions of this Clause 26 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 document in connection with a Series Trust or by operation of law there is a reduction in the extent of the Trustee’s indemnification out of the Assets of that Series Trust
as a result of the Trustee’s fraud, negligence or wilful default. 
  

	26.4	 Acts or Omissions 

It is acknowledged that the Manager is responsible under the Master Trust Deed and the other documents in connection with a
Series Trust to which the Manager is a party and this Deed for performing a variety of obligations relating to that Series Trust. No act or omission of the Trustee will be considered fraudulent, negligent or a wilful default for the purpose of
Clause 26.3 to the extent to which the act or omission was caused or contributed to by any failure by the Manager or any other person appointed by the Trustee under any Transaction Document in connection with that Series Trust (other than a person
whose acts or omissions the Trustee is liable for in accordance with any Transaction Document in connection with that Series Trust) to fulfil its obligations in relation to that Series Trust or by any other act or omission of the Manager or any
other such person. 
  

	26.5	 No obligation 

The Trustee is not obliged to enter into any obligation under or in relation to this Deed or any document in connection with a
Series Trust (including incur any further liability) unless the Trustee’s liability is limited in a manner which is consistent with this Clause 26 or otherwise in a manner satisfactory to the Trustee in its absolute discretion. 

 

	26.6	 No authority to act 

No attorney, agent, receiver or receiver and manager appointed in accordance with any Transaction Document in relation to a
Series Trust has authority to act on behalf of the Trustee in a way which exposes the Trustee to any personal liability and no act or omission of any such person will be considered fraud, negligence or wilful default of the Trustee for the purposes
of Clause 26.3. 
  

	27.	 MISCELLANEOUS 

  

	27.1	 Governing Law 

This Deed and any General Security Deed is governed by and must be construed in accordance with the laws of the Australian
Capital Territory. 

  
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	27.2	 Jurisdiction 

  

	(a)	 (Submission to jurisdiction): The Trustee, the Security Trustee, the Manager and each of the Secured Creditors of a Secured Series Trust
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 or any General Security Deed. 

  

	(b)	 (Waiver of inconvenient forum): The Trustee, the Security Trustee, the Manager and each of the Secured Creditors of a Secured Series Trust
each irrevocably waives any objection it may now or in the future have to the venue of any such action or proceedings brought in such courts and any claim it may now or in the future have that any such action or proceedings have been brought in an
inconvenient forum. 

  

	27.3	 Assignment by Trustee 

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

 

	27.4	 Assignment by Manager 

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

 

	27.5	 Assignment by Security Trustee 

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

 

	27.6	 Certificate of Security Trustee 

A certificate in writing signed by an officer of the Security Trustee certifying the amount payable by the Trustee to the
Security Trustee or to the Secured Creditors of a Secured Series Trust or stating any other act, matter or thing relating to this Deed or any General Security Deed is conclusive and binding on the Trustee in the absence of manifest error on the face
of the certificate. 
  

	27.7	 Continuing obligation 

This Deed and each General Security 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 or that General Security Deed has been given to the Trustee. 

 

	27.8	 Settlement conditional 

Any settlement or discharge between the Trustee and the Security Trustee in relation to a Secured Series Trust is conditional
upon any security or payment given or made to the Security Trustee by the Trustee or any other person in relation to the Obligations or the Secured Moneys in relation to 

  
 56 

 
the Secured Series Trust 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 Security Trustee is entitled to recover the value or amount of such security or payment avoided, repaid or reduced from the Trustee subsequently as if such settlement or
discharge had not occurred. 
  

	27.9	 No merger 

Neither this Deed, any General Security Deed nor any of the Security Trustee’s or the Receiver’s powers in relation
to a Secured Series Trust will merge or prejudicially affect nor be merged in or prejudicially affected by and the Trustee’s obligations under this Deed and any General Security Deed will not in any way be abrogated or released by any other
security, any judgment or order, any contract, any cause of action or remedy, or any other matter or thing existing now or in the future in respect of the Secured Moneys in relation to the Secured Series Trust. 

 

	27.10	 Interest on judgment 

If a liability under this Deed or any General Security Deed (other than a liability for negligence, fraud or wilful default of
the Trustee under the Transaction Documents) in relation to a Secured Series Trust becomes merged in a judgment or order then the Trustee as trustee of the Secured Series Trust as an independent obligation will pay interest to the Security 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 Secured Moneys in relation to the Secured Series Trust from the date it becomes payable until it is
paid. 
  

	27.11	 No postponement 

The Security Trustee’s rights under this Deed and any General Security Deed will not be discharged, postponed or
in any way prejudiced by any subsequent Security Interest nor by the operation of the rules known as the rule in Hopkinson v. Rolt or the rule in Claytons Case. 

 

	27.12	 Severability of provisions 

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

	27.13	 Remedies cumulative 

The rights and remedies conferred by this Deed and any General Security Deed upon the Security Trustee and a Receiver are
cumulative and in addition to all other rights or remedies available to the Security Trustee or the Receiver by statute or by general law. 
  

	27.14	 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 or any General Security Deed by the Security Trustee 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 such General Security Deed or provided by law. 

  
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	27.15	 Consents and approvals 

Where any act matter or thing under this Deed or any General Security Deed depends on the consent or approval of the Security
Trustee then unless expressly provided otherwise in this Deed or that General Security Deed such consent or approval may be given or withheld in the absolute and unfettered discretion of the Security Trustee and may be given subject to such
conditions as the Security Trustee thinks fit in its absolute and unfettered discretion. 
  

	27.16	 Written waiver, consent and approval 

Any waiver, consent or approval given by the Security Trustee under this Deed or any General Security Deed will only be
effective and will only be binding on the Security Trustee if it is given in writing or given verbally and subsequently confirmed in writing and executed by the Security Trustee or on its behalf by an Authorised Officer for the time being of the
Security Trustee. 
  

	27.17	 Time of essence 

Time is of the essence in respect of the Trustee’s obligations under this Deed and any General Security Deed. 

 

	27.18	 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 Trustee any obligation under this Deed and any Secured
General Security Deed; or 

  

	 	(b)	 (Delay exercise of powers): to delay or otherwise prevent or prejudicially affect the exercise of any powers conferred on the Security
Trustee or a Receiver under this Deed and any General Security Deed, 

 are expressly waived,
negatived and excluded. 
  

	27.19	 Debit accounts 

The Trustee authorises the Security Trustee at any time after the Security in relation to a Secured Series Trust becomes
enforceable pursuant to the provisions of this Deed or the relevant General Security Deed, to apply without prior notice any credit balance whether or not then due to which the Trustee is at any time entitled on any account at any office of the
Security Trustee in relation to the Secured Series Trust in or towards satisfaction of any sum then due and unpaid from the Trustee to the Security Trustee under this Deed or that General Security Deed in relation to the Secured Series Trust or on
any other account whatsoever in relation to the Secured Series Trust and the Trustee further authorises the Security Trustee without prior notice to set-off any amount owing whether present or future, actual, contingent or prospective and on any
account whatsoever by the Security Trustee to the Trustee in relation to the Secured Series Trust against any of the Obligations in relation to the Secured Series Trust. The Security Trustee is not obliged to exercise any of its rights under this
Clause 27.19, which are without prejudice and in addition to any right of set-off, combination of accounts, lien or other right to which it is at any time otherwise entitled whether by operation of law, contract or otherwise. 

 

	27.20	 Set-Off 

No Secured Creditor in relation to a Secured Series Trust may set-off or apply any sum or debt in any currency (whether or not
matured) in any account comprised in the Secured Property in relation 

  
 58 

 
to the Secured Series Trust towards satisfaction of any amount that would otherwise form part of the Secured Moneys in relation to the Secured Series Trust. 

 

	27.21	 Binding on each signatory 

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

	27.22	 Disclosure and notices under PPSA 

  

	 	(a)	 Notwithstanding any other provision of any Transaction Document in relation to a Secured Series Trust, each party agrees that no party will
disclose any information of the kind referred to in section 275(1) of the PPSA in response to a request of the type referred to in that section in relation to any such Transaction Document unless section 275(7) of the PPSA applies.

  

	 	(b)	 No party is required to provide any notice under the PPSA unless the notice is required by the PPSA and cannot be excluded. This includes notice of
any verification statements (as defined in the PPSA) and any notice that a party has made any registration of a security interest under the PPSA or changed any registration relating to a security interest under the PPSA. 

 

	27.23	 Exclusion of certain provisions of PPSA 

Each of the parties hereby agrees to contract out of and exclude from the Transaction Documents in relation to a Secured
Series Trust, to the extent permitted by law, each of the provisions of the PPSA referred to in section 115(1) and 115(7) of the PPSA, to the extent mentioned in those sections or provisions and each of the parties waives all of its rights under
those sections or provisions in respect of or relating in any way to the enforcement or any other exercise of rights under or in respect of any Security, including without limitation, any rights to receive any notice and any rights of consent. 

 

	27.24	 Counterparts 

This Deed or any General Security Deed may be executed in a number of counterparts and all such counterparts taken together is
deemed to constitute one and the same instrument. 

  
 59 

 SCHEDULE 1 

PROVISIONS FOR MEETINGS OF VOTING SECURED CREDITORS 
  

	1.	 Definitions and incorporation of terms 

In this Schedule, unless specified otherwise or the context indicates a contrary intention: 

 

	 	(a)	 words and expressions which are defined in or by virtue of clause 1 of the Master Security Trust Deed (the Master Security Trust Deed) have
the same meanings in this Schedule; 

  

	 	(b)	 a holder in relation to Secured Moneys of a Secured Series Trust will be construed as including a Noteholder in relation to any outstanding
Notes in relation to that Secured Series Trust; and 

  

	 	(c)	 references to Clauses are references to clauses in this Schedule. 

 

	2.	 Convening of meetings 

  

	(a)	 (Meeting at any time): Subject to Clause 20, the Security Trustee, the Trustee or the Manager at any time may convene a meeting of the
Voting Secured Creditors of a Secured Series Trust. 

  

	(b)	 (Meeting on request): Subject to Clause 20 and to the Security Trustee being indemnified to its reasonable satisfaction against all costs
and expenses occasioned thereby, the Security Trustee will convene a meeting of the Voting Secured Creditors of a Secured Series Trust if requested to do so by Voting Secured Creditors of the Secured Series Trust who hold between them Voting
Entitlements comprising an aggregate number of votes which is no less than 10% of the aggregate number of votes comprising the Voting Entitlements of all Voting Secured Creditors of the Secured Series Trust at that time.

  

	(c)	 (Time and place approved by Security Trustee): 

 

	 	(i)	 Every meeting of Voting Secured Creditors will be held at such time and place as the Security Trustee approves, provided that, if any Voting
Secured Creditors are Foreign Currency Noteholders, subject to paragraphs (ii) and (iii) and Clause 4, any such meeting will not be held until those Foreign Currency Noteholders have held a meeting in accordance with the relevant Foreign
Currency Note Trust Deed, and determined how to vote or how to direct the Foreign Currency Note Trustee to vote in the meeting of Voting Secured Creditors. 

  

	 	(ii)	 Upon receiving notice of a meeting of the Voting Secured Creditors, the Foreign Currency Note Trustee will as soon as practicable call a meeting of
any Voting Secured Creditors which are Foreign Currency Noteholders in accordance with the terms of the relevant Foreign Currency Note Trust Deed. 

  

	 	(iii)	 The proviso in sub-paragraph (i) does not apply if: 

 

	 	(A)	 the meeting of the Foreign Currency Noteholders called in accordance with sub-paragraph (ii) is adjourned more than once;

  

	 	(B)	 the Foreign Currency Noteholders’ determination under sub-paragraph (i) is not made at the meeting or adjourned meeting (as the case may
be); 

  

	 	(C)	 the Foreign Currency Note Trustee, in its absolute discretion, so decides; or 

  
 60 

	 	(D)	 there are then no Foreign Currency Notes outstanding. 

  

	(d)	 (Alternative meeting arrangements): The Voting Secured Creditors of a Secured Series Trust may meet together in person, by telephone, by
fax, by electronic message or other means of communication provided that each Voting Secured Creditor may communicate with each other Voting Secured Creditor of the Secured Series Trust. 

 

	3.	 Notice of meetings 

  

	(a)	 (Notice): Subject to Clauses 2(c)(i) and 4, at least 14 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 Voting Secured Creditors of a Secured Series Trust must be given to the Voting Secured Creditors of the Secured Series Trust. 

 

	(b)	 (Accidental omission does not invalidate): The accidental omission to give notice to or the non-receipt of notice by any Voting Secured
Creditor of a Secured Series Trust does not invalidate the proceedings at any meeting of the Voting Secured Creditors of the Secured Series Trust. 

  

	(c)	 (Copies of notices): A copy of a notice convening a meeting must be given by the Security Trustee to the Manager and the Trustee and, if the
Secured Series Trust is a Foreign Currency Trust and there is then any Foreign Currency Notes outstanding, the Foreign Currency Note Trustee. 

  

	(d)	 (Manner of notice): Notice of a meeting must be given in the manner provided in the Master Security Trust Deed.

  

	(e)	 (Details to be included in notice): A notice of a meeting of the Voting Secured Creditors of a Secured Series Trust must specify:

  

	 	(i)	 the day, time and place of the proposed meeting; 

  

	 	(ii)	 the reason for the meeting being convened; 

  

	 	(iii)	 the agenda of the business to be transacted at the meeting; and 

 

	 	(iv)	 the terms of any proposed resolution; 

  

	 	(v)	 that the persons appointed to maintain the Register may for the purpose of determining those entitled to attend not register any transfer of a Note
in the period of two Business Days prior to the meeting (other than Foreign Currency Notes issues by a Foreign Currency Trust); 

  

	 	(vi)	 that appointments of proxies must be lodged no later than 24 hours prior to the time fixed for the meeting; and 

 

	 	(vii)	 such additional information as the person giving the notice thinks fit. 

 

	4.	 Shorter notice of meeting 

A meeting of the Voting Secured Creditors of a Secured Series Trust may be held on shorter notice than provided by Clause 3 if
so agreed by a resolution of Voting Secured Creditors of the Secured Series Trust at the meeting who: 
  

	 	(a)	 (Majority in number): are a majority in number of Voting Secured Creditors of the Secured Series Trust (present in person or by proxy)
having the right to attend and vote at the meeting; and 

  
 61 

	 	(b)	 (95% Voting Entitlements): hold or represent between them Voting Entitlements comprising in aggregate a number of votes which is not less
than 95% of the aggregate number of votes comprised in all Voting Entitlements of the Secured Series Trust at the time. 

  

	5.	 Chairman 

At a meeting of Voting Secured Creditors of a Secured Series Trust, some person (whether or not a Voting Secured Creditor of
the Secured Series Trust or a representative of the Security Trustee) nominated in writing by the Security Trustee must preside as chairman. If no such nomination is made or no such nominated person is present within 15 minutes after the time
appointed for the holding of the meeting the Voting Secured Creditors of the Secured Series Trust present must choose one of their number to be chairman. 
  

	6.	 Quorum 

At any meeting of the Voting Secured Creditors of a Secured Series Trust, any 2 or more persons present in person holding, or
being Representatives representing, between them in the aggregate 67% or more of the aggregate number of votes comprised in all Voting Entitlements of the Secured Series Trust at that time will form a quorum for the transaction of business and no
business (other than the choosing of a chairman) is to be transacted at any meeting unless the requisite quorum is present at the commencement of business. 
  

	7.	 Adjournment 

  

	(a)	 (Adjournment): If within 15 minutes from the time appointed for any such meeting a quorum is not present the meeting must, if convened upon
the requisition of Voting Secured Creditors, be dissolved. In any other case it must stand adjourned (unless the Security Trustee agrees that it be dissolved) for such period, not being less than 7 days nor more than 42 days, as may be appointed by
the chairman. At such adjourned meeting two or more persons present in person holding, or being Representatives representing, between them Voting Entitlements of the Secured Series Trust comprising in aggregate a number of votes which is not less
than 50% of the aggregate number of votes comprised in all Voting Entitlements of the Secured Series Trust at the time must (except for the purpose of passing an Extraordinary Resolution) form a quorum and will have the 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. The quorum at any such adjourned meeting for passing an Extraordinary
Resolution will be as specified in Clause 6. 

  

	(b)	 (Place and time of adjourned meeting): The chairman may with the consent of (and must if directed by) any meeting adjourn the same from time
to time and from place to place but no business may be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. 

 

	(c)	 (Notice of adjourned meeting): At least 5 days’ notice of any meeting adjourned through want of a quorum is to be given in the same
manner as of an original meeting and such notice must state the quorum required at such adjourned meeting. It will not, however, otherwise be necessary to give any notice of an adjourned meeting. 

 

	8.	 Voting procedure 

  

	(a)	 (Voting by show of hands): Every question submitted to a meeting of the Voting Secured Creditors of a Secured Series Trust must be decided
in the first instance by a show of hands as follows:  

  
 62 

	 	(i)	 every Voting Secured Creditor who is present in person or by proxy and has the right to vote at the relevant meeting will have 1 vote on a show of
hands, except that, in relation to a Foreign Currency Trust, the Foreign Currency Note Trustee will have 1 vote for each Foreign Currency Noteholder who is a Voting Secured Creditor; 

 

	 	(ii)	 in case of equality of votes on a show of hands, the chairman will have a tie-breaking vote in addition to the vote or votes (if any) to which he
or she may be entitled as a Voting Secured Creditor of the Secured Series Trust or as a Representative; and 

  

	 	(iii)	 following a show of hands, 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. 

 

	(b)	 (Demanding a poll): At any meeting of the Voting Secured Creditors of a Secured Series Trust, a poll may be demanded before or on the
declaration of the result of the show of hands: 

  

	 	(i)	 by the chairman; 

  

	 	(ii)	 by the Trustee, the Manager, the Foreign Currency Note Trustee (if any) or the Security Trustee; or 

 

	 	(iii)	 by one or more persons holding, or being Representatives representing between them, in aggregate a number of votes which is not less than 2% of the
aggregate number of votes comprised in all Voting Entitlements of the Secured Series Trust at the time. 

  

	(c)	 (Voting by poll): If at any meeting of the Voting Secured Creditors of a Secured Series Trust a poll is demanded in accordance with Clause
8(b):  

  

	 	(i)	 that poll must be taken in such manner and (subject to the provisions of this Schedule) 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 must not prevent the continuance of the meeting for the transaction
of any business other than the question on which the poll has been demanded. Any poll demanded at any meeting on the election of a chairman or on any question of adjournment must be taken at the meeting without adjournment; 

 

	 	(ii)	 every Voting Secured Creditor of the Secured Series Trust who is present in person or by proxy and has the right to vote has the number of votes
comprised in their Voting Entitlement in relation to the Secured Series Trust; 

  

	 	(iii)	 in case of equality of votes on a poll, the chairman will have a tie-breaking vote in addition to the vote or votes (if any) to which he or she may
be entitled as a Voting Secured Creditor of the Secured Series Trust or as a Representative; and 

  

	 	(iv)	 following a poll, 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. 

 

	(d)	 (General voting rules): 

The Voting Secured Creditors are only entitled to vote (either by way of show of hands or by poll): 

  
 63 

	 	(i)	 at a meeting convened by the Security Trustee following the occurrence of an Event of Default in accordance with clause 8.1(b) of the Master
Security Trust Deed to consider the Extraordinary Resolutions referred to in clause 8.2 of the Master Security Trust Deed; 

  

	 	(ii)	 at any meeting convened under clause 8.6 of the Master Security Trust Deed to consider such Extraordinary Resolutions as are put to the meeting;

  

	 	(iii)	 at any meeting convened by the Security Trustee, the Trustee or the Manager in accordance with Clause 2(a); and 

 

	 	(iv)	 at any meeting required by the Voting Secured Creditors in accordance with Clause 2(b). 

 

	(e)	 (Person may cast votes differently): Any person entitled to more than one vote (including, without limitation, the Foreign Currency Note
Trustee) need not use or cast all of the votes to which he or she is entitled to in the same way. 

  

	(f)	 (Voting by joint Noteholders): In the case of joint holders of Notes (other than Foreign Currency Notes) the vote of the senior joint holder
who tenders a vote whether in person or by proxy is to be accepted to the exclusion of the votes of the other joint holders and for this purpose seniority is to be determined on the basis of whose name stands first in the Register maintained in
accordance with the Master Trust Deed on which the holders are entered. 

  

	(g)	 (Voting by corporation): A corporation being a Voting Secured Creditor may vote by any officer or representative duly authorised in writing
who is entitled to speak, demand a poll, vote, act as a proxy and in all other respects exercise the rights of a Voting Secured Creditor and must be reckoned as a Voting Secured Creditor for all purposes. 

 

	(h)	 (Voting by person of unsound mind): A Voting Secured Creditor of unsound mind or in respect of whom an order has been made by any court
having jurisdiction in respect of mental health may vote whether on a show of hands or on a poll by his committee curator bonis or other person in the nature of a committee curator bonis appointed by such
court. 

  

	(i)	 (Objection to voter’s qualification): No objection is to be raised as to the qualification of any voter except at the meeting or
adjourned meeting at which the vote objected to is given or tendered and every vote not disallowed at such meeting will be valid for all purposes. Any such objection made in due time will be referred to the chairman of the meeting and his decision
will be final and conclusive. 

  

	9.	 Right to attend and speak 

The Trustee, the Manager and the Security Trustee (through their respective representatives) and their respective financial
and legal advisers will be entitled to attend and speak at any meeting of Voting Secured Creditors of a Secured Series Trust. No person will otherwise be entitled to attend or vote at any meeting of the Voting Secured Creditors of a Secured Series
Trust or to join with others in requesting the convening of such a meeting unless he or she is a Voting Secured Creditor of the Secured Series Trust or is a Representative. 
  

	10.	 Appointment of proxies 

  

	(a)	 (Proxy): Each appointment of a proxy must be in writing and, together (if required by the Security Trustee) with proof satisfactory to the
Security Trustee of its due execution, must be deposited at the registered office of the Security Trustee or at such other place designated by the Security Trustee 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  

  
 64 

 
valid unless the chairman of the meeting decides otherwise before such meeting or adjourned meeting proceeds to business. A notarially certified copy of proof (if applicable) of due execution
must if required by the Security Trustee be produced by the proxy at the meeting or adjourned meeting. The Security Trustee will be under no obligation 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 Voting Secured Creditor. 
  

	(b)	 (Proxy valid): Any vote given in accordance with the terms of an appointment of proxy conforming with Clause 10(a) will be valid
notwithstanding the previous revocation or amendment of the appointment of proxy or of any of the Voting Secured Creditor’s instructions pursuant to which it was executed, provided that no intimation in writing of such revocation or amendment
has been received by the Security Trustee at its registered office or by the chairman of the meeting in each case not less than 24 hours before the commencement of the meeting or adjourned meeting at which the appointment of proxy is used.

  

	11.	 Corporate representatives 

A person authorised pursuant to section 250D of the Corporations Act by a Voting Secured Creditor being a body corporate to
act for it at any meeting will, in accordance with that person’s authority until that person’s 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 Voting Secured Creditor and will be entitled to produce evidence of that person’s 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 that person proposes to vote. 
  

	12.	 Rights of representatives 

A Representative 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 Voting Secured Creditor concerned. The Security Trustee and any officer of the Security Trustee may be appointed a Representative. 

 

	13.	 Powers of a meeting of Voting Secured Creditors 

  

	(a)	 (Powers): Subject to Clauses 13(b), 14 and 20(b) and the General Security Deed in relation to a Secured Series Trust, a meeting of Voting
Secured Creditors of a Secured Series Trust has, without prejudice to any rights or powers conferred on other persons by the Master Security Trust Deed, power exercisable by Extraordinary Resolution: 

 

	 	(i)	 to direct the Security Trustee in the action that should be taken by it following the occurrence of an Event of Default in relation to the Secured
Series Trust; 

  

	 	(ii)	 to approve any action that the Security Trustee or a Receiver proposes to take to enforce the provisions of the Master Security Trust Deed in
relation to the Secured Series Trust; 

  

	 	(iii)	 to approve any proposal by the Manager, the Trustee or the Security Trustee for any modification, abrogation, variation or compromise of, or
arrangement in respect of, the rights of the Secured Creditors in relation to the Secured Series Trust against the Trustee or the Manager whether such rights arise under the Master Security Trust Deed, the other Transaction Documents or otherwise in
relation to the Secured Series Trust; 

  

	 	(iv)	 to postpone the day when the Secured Moneys in relation to the Secured Series Trust become payable and to suspend or postpone for a time the
payment of the Secured Moneys in relation to the Secured Series Trust; 

  
 65 

	 	(v)	 to approve the exchange or substitution of the Secured Moneys in relation to the Secured Series Trust for, or the conversion of the Secured Moneys
in relation to the Secured Series Trust into, notes or other obligations or securities of the Trustee or any other body corporate formed or to be formed; 

  

	 	(vi)	 to approve any modification of the provisions contained in the Master Security Trust Deed in relation to the Secured Series Trust or the Notes in
relation to the Secured Series Trust which will be proposed by the Trustee, the Manager or the Security Trustee; 

  

	 	(vii)	 to give any authority, direction, guidance or sanction sought by the Security Trustee from the Voting Secured Creditors in relation to the Secured
Series Trust; 

  

	 	(viii)	 to appoint any persons (whether Voting Secured Creditors or not) as a committee or committees to represent the interests of the Voting Secured
Creditors in relation to the Secured Series Trust and to confer upon such committee or committees any powers or discretions which the Voting Secured Creditors could themselves exercise by Extraordinary Resolution; 

 

	 	(ix)	 to approve a person proposed to be appointed as a new Security Trustee under the Master Security Trust Deed and power to remove any Security
Trustee for the time being thereof; 

  

	 	(x)	 to discharge or exonerate the Security Trustee from any liability in respect of any act or omission for which it may become responsible under the
Master Security Trust Deed in relation to the Secured Series Trust; 

  

	 	(xi)	 to do any other thing which under the Master Security Trust Deed is required to be given by an Extraordinary Resolution of the Voting Secured
Creditors; and 

  

	 	(xii)	 to authorise the Security Trustee 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. 

  

	(b)	 (Limitations): A meeting of Voting Secured Creditors in relation to a Secured Series Trust does not have power to, nor will any resolution
submitted to the meeting propose or have the effect of: 

  

	 	(i)	 in relation to a Secured Series Trust which is a Foreign Currency Trust only, altering any terms in relation to any Class A Notes which are
Foreign Currency Notes (the power in respect of which lies exclusively with the Foreign Currency Noteholders of those Class A Notes under the relevant Foreign Currency Note Trust Deed); 

 

	 	(ii)	 removing the Security Trustee or the Manager from office, other than in accordance with the terms of the Master Security Trust Deed or the General
Security Deed relating to the Secured Series Trust; 

  

	 	(iii)	 interfering with the management of the Secured Series Trust; 

 

	 	(iv)	 winding up or terminating the Secured Series Trust; or 

  

	 	(v)	 disposing of, or otherwise dealing with, the Assets of the Secured Series Trust. 

 

	(c)	 (Extraordinary Resolution of Noteholders of Class of Subordinated Notes): In relation to a Secured Series Trust which is a Foreign Currency
Trust only, no Extraordinary Resolution (as defined in the Master Trust Deed) of the Noteholders of a Class or Sub-Class of Subordinated Notes  

  
 66 

 
(other than one referred to in Clause 14(a)) will be effective for any purpose contemplated by this Deed unless: 
  

	 	(i)	 there is then no Class of Higher Ranking Notes outstanding in respect of the Foreign Currency Trust; 

 

	 	(ii)	 it has been sanctioned by an Extraordinary Resolution (as defined in the Master Trust Deed) of each Class of Higher Ranking Notes; or

  

	 	(iii)	 if any Class of Higher Ranking Notes outstanding is a Class or Sub-Class of Foreign Currency Notes, the Foreign Currency Note Trustee is of the
opinion that its becoming effective will not be materially prejudicial to the interests of the Foreign Currency Noteholders of that Class of Higher Ranking Notes. 

 

	14.	 Extraordinary Resolution binding on Voting Secured Creditors 

Subject to Clauses 13(b) and 20(c) an Extraordinary Resolution of the Voting Secured Creditors of a Secured Series Trust
(including where the Foreign Currency Note Trustee or Foreign Currency Noteholders is or are the only Voting Secured Creditors, an Extraordinary Resolution in accordance with paragraph (a) or (b) (respectively) of the definition of
“Extraordinary Resolution” in Clause 1.1 of this Deed) is binding upon all Secured Creditors of the Secured Series Trust and each of the Secured Creditors of the Secured Series Trust, the Trustee, the Manager and the Security Trustee is
bound to give effect to the Extraordinary Resolution, provided that: 
  

	 	(a)	 (Subordinated Note Basic Term Modification Affecting Subordinated Noteholders): no such Extraordinary Resolution of the Voting Secured
Creditors to approve a Subordinated Note Basic Term Modification will be effective for any purpose unless it has been sanctioned by an Extraordinary Resolution (as defined in the Master Trust Deed) of the Noteholders of each Class or Sub-Class of
Subordinated Notes to which that Subordinated Note Basic Term Modification applies or the Security Trustee is of the opinion that its becoming effective will not be materially prejudicial to the interests of the Noteholders of each Class or
Sub-Class of Subordinated Notes to which that Subordinated Note Basic Term Modification applies; 

  

	 	(b)	 (Extraordinary Resolution Prejudicially Affecting Foreign Currency Noteholders materially): if the Extraordinary Resolution of the Voting
Secured Creditors is pursuant to paragraph (c)(i) of the definition of Extraordinary Resolution in Clause 1.1 of this Deed and the Foreign Currency Note Trustee or the Foreign Currency Noteholders are then Voting Secured Creditors, no such
Extraordinary Resolution will be effective which is or is likely to become, in the opinion of the Foreign Currency Note Trustee, materially prejudicial to the interests of the Foreign Currency Noteholders unless those Foreign Currency Noteholders at
a separate meeting pass an Extraordinary Resolution (as defined in, and under the relevant Foreign Currency Note Trust Deed), consenting to such Extraordinary Resolution of the Voting Secured Creditors; and 

 

	 	(c)	 (If resolution affects a particular Secured Creditor): an Extraordinary Resolution of the Voting Secured Creditors which in the opinion of
the Security Trustee will be or is likely to become prejudicial to the interests of the provider of a Support Facility, the Nominated Servicer or the Nominated Seller in relation to Secured Series Trust, as the case may be, is not binding on such
person, unless they consent in writing to the Extraordinary Resolution. 

  
 67 

	15.	 Minutes and records 

Minutes of all resolutions and proceedings at every meeting of the Voting Secured Creditors of a Secured Series Trust must be
made and duly entered in the books to be provided for that purpose by the Security Trustee. Any such minutes if 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 (if any) of the Voting Secured Creditors, are conclusive evidence of the matters stated in them. Until the contrary is provided, every such meeting in respect of the proceedings of which minutes have been made and
signed are deemed to have been duly convened and held and all resolutions passed and proceedings conducted at such meetings are deemed to have been duly passed and conducted. 
  

	16.	 Written resolutions 

Notwithstanding the preceding provisions of this Schedule, a resolution of all the Voting Secured Creditors of a Secured
Series Trust (including an Extraordinary Resolution) may be passed, without any meeting or previous notice being required, by an instrument or notes in writing which have: 
  

	 	(a)	 (Signed by all Voting Secured Creditors): in the case of a resolution (including an Extraordinary Resolution) of all the Voting Secured
Creditors, been signed by the Voting Secured Creditors of the Secured Series Trust; and 

  

	 	(b)	 (Delivery to Security Trustee): any such instrument shall be effective upon presentation to the Security Trustee for entry in the records
referred to in Clause 15. 

  

	17.	 Invalid resolutions 

Any resolution of the Voting Secured Creditors of a Secured Series Trust which purports to direct the Security Trustee or a
Receiver to take any action which would hinder the performance of any party under the Master Trust Deed or a Transaction Document in relation to the Secured Series Trust (except to the extent that enforcement action is taken against the Trustee or
in respect of the relevant Secured Property) is invalid. 
  

	18.	 Further procedures for meetings 

Subject to all other provisions of the Master Security Trust Deed, the Security Trustee may without the consent of the Voting
Secured Creditors of any Secured Series Trust prescribe such further regulations regarding the holding of meetings of the Voting Secured Creditors of a Secured Series Trust and attendance and voting at such meetings as the Security Trustee may in
its sole discretion determine including particularly (but without prejudice to the generality of the foregoing) such regulations and requirements as the Security Trustee thinks reasonable: 

 

	 	(a)	 (Regarding entitlement to vote): so as to satisfy itself that persons who purport to attend or vote at any meeting of Voting Secured
Creditors of a Secured Series Trust are entitled to do so in accordance with this Schedule and the other provisions of the Master Security Trust Deed; and 

  

	 	(b)	 (Regarding Representatives): as to the form of appointment of a Representative. 

 

	19.	 Class of Voting Secured Creditors 

Subject to any express statement to the contrary, the provisions of this Schedule apply, mutatis mutandis, to a meeting of any
class of Voting Secured Creditors under this Schedule or the Master Security Trust Deed, other than meetings of the Foreign Currency Noteholders, in respect of which 

  
 68 

 
the provisions of the Master Trust Deed and the applicable Foreign Currency Note Trust Deed relating to meetings of Foreign Currency Noteholders will apply (including relating to the requirements
for the passing of Extraordinary Resolutions of Foreign Currency Noteholders or any Class or Sub-Class of Foreign Currency Noteholders) and if the Foreign Currency Noteholders become entitled to attend a meeting of Voting Secured Creditors, the
evidence of the entitlement of such Foreign Currency Noteholders to attend such meeting and to vote thereat, and any other relevant matters, will be determined in accordance with the Master Trust Deed and the applicable Foreign Currency Note Trust
Deed, with such amendments as determined by the Security Trustee. 
  

	20.	 Foreign Currency Note Trustee and Foreign Currency Noteholder rights 

 

	(a)	 (Application of this Clause 20): This Clause 20 only applies to a Secured Series Trust which is a Foreign Currency Trust.

  

	(b)	 (Only Foreign Currency Note Trustee or Foreign Currency Noteholders may direct Security Trustee): Despite any other provision of this
Schedule, the Master Security Trust Deed or the relevant General Security Deed in relation to a Secured Series Trust (but subject to Clause 14 of this Schedule), for so long as the Foreign Currency Note Trustee or any Foreign Currency Noteholders,
as the case may be, are the only Voting Secured Creditors in accordance with the definition of this term, it or they, as the case may be, may direct the Security Trustee to do any act or thing which the Security Trustee is required to do, or may
only do, at the direction of an Extraordinary Resolution of Voting Secured Creditors. 

  

	(c)	 (Foreign Currency Note Trustee or Foreign Currency Noteholders can direct enforcement): Subject to Clause 14(c) of this Schedule, the Master
Security Trust Deed and the relevant General Security Deed in relation to a Secured Series Trust, at any time while an Event of Default subsists: 

  

	 	(i)	 if the Foreign Currency Note Trustee or the Foreign Currency Noteholders, as the case may be, are Voting Secured Creditors but are not the only
Voting Secured Creditors in accordance with the definition of that term; and 

  

	 	(ii)	 if the Foreign Currency Note Trustee or any Foreign Currency Noteholders (by way of an Extraordinary Resolution of the Foreign Currency Noteholders
under and in accordance with the applicable Foreign Currency Note Trust Deed), as the case may be, directs the Security Trustee to enforce the Security (whether in the case of the Foreign Currency Note Trustee directed to do so by the Foreign
Currency Noteholders or as it determines on behalf of the Foreign Currency Noteholders), 

 the Security
Trustee will enforce the Security as if directed to do so by an Extraordinary Resolution of Voting Secured Creditors. 
  

	(d)	 (Security Trustee not liable): The Security Trustee will not be liable to any Voting Secured Creditors for complying with the directions of
a Foreign Currency Note Trustee or the Foreign Currency Noteholders, as the case may be in accordance with this Clause 20. 

  

	(e)	 (Meeting Requirements): If at a particular time a Foreign Currency Note Trustee is the only Voting Secured Creditor, or any Foreign Currency
Noteholders are the only Voting Secured Creditors, in accordance with the definition of that term, if the Master Security Trust Deed or this Schedule provides for a meeting of Voting Secured Creditors to be convened, or for any particular issue to
be put to such a meeting, notwithstanding any other provision of the Master Security Trust Deed or this Schedule, the requirement to convene such a meeting and put such issue to such meeting will be satisfied if (in the case of the Foreign Currency
Note Trustee) written directions are sought from the Foreign Currency Note Trustee, or (in the case of the Foreign Currency Noteholders) a meeting of the relevant Foreign Currency Noteholders is convened under the applicable Foreign Currency Note
 

  
 69 

 
Trust Deed to consider passing an Extraordinary Resolution, on the particular issue that would otherwise be put to such meeting. Upon such a direction being given by the Foreign Currency Note
Trustee, or upon an Extraordinary Resolution under the applicable Foreign Currency Note Trust Deed being passed, a meeting of Voting Secured Creditors will be regarded as having been duly called, convened and held and for the direction or the
Extraordinary Resolution under the applicable Foreign Currency Note Trust Deed to be properly passed as an Extraordinary Resolution of such meeting of the Voting Secured Creditors. 

 

	(f)	 (Voting Entitlement etc of the Foreign Currency Note Trustee): If at a meeting of Voting Secured Creditors, the Foreign Currency Note
Trustee is a Voting Secured Creditor, it will have a Voting Entitlement equal to the aggregate Voting Entitlement of all the Foreign Currency Noteholders on whose behalf it votes. 

  
 70 

 SIGNATORIES 
  

					
	 EXECUTED as a DEED
	  		    	
		 	
	 SIGNED SEALED and DELIVERED for and on behalf of P.T. LIMITED ACN 004 454 666 by its
Attorney under a Power of Attorney dated 27/02/2007 and the Attorney declares that the Attorney has not received any notice of the revocation of such Power of Attorney, in the presence of:

 
	  	 	    	   A del Rio

  Signature of Attorney

			
	   N Doughty
	  		    	   Alfonso del Rio

	  Signature of Witness	  		    	  Name of Attorney in full
			
	   Nerissa Jayne Doughty
	  		    	
	  Name of Witness in full	  		    	
			
	     
	  		    	
	 SIGNED SEALED and DELIVERED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ACN 003 435
443 by its Attorney under a Power of Attorney dated 26/02/2007 and the Attorney declares that the Attorney has not received any notice of the revocation of such Power of Attorney, in the presence of:

 
	  	 	    	   A del Rio

  Signature of Attorney

			
	   N Doughty
	  		    	   Alfonso del Rio

	  Signature of Witness	  		    	  Name of Attorney in full
			
	   Nerissa Jayne Doughty
	  		    	
	  Name of Witness in full	  		    	
			
	     
	  		    	
	 SIGNED SEALED and DELIVERED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ACN 000 001 007 by its
Attorney under a Power of Attorney dated 27/02/2007 and the Attorney declares that the Attorney has not received any notice of the revocation of such Power of Attorney, in the presence of:

 
	  	 	    	   A del Rio

  Signature of Attorney

			
	   N Doughty
	  		    	   Alfonso del Rio

	  Signature of Witness	  		    	  Name of Attorney in full
			
	   Nerissa Jayne Doughty
	  		    	
	  Name of Witness in full	  		    	

  
 71 

 SIGNATORIES 

EXECUTED as a DEED 
  

					
	 SIGNED SEALED and DELIVERED for and on behalf of P.T. LIMITED ABN 67 004 454 666 by its Attorneys under a Power of Attorney
dated 16/09/14 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/ Hagbarth Strom

	  	 	  	 Signature of Attorney
	  	 	  	
	  	 	  	
	  	 	  	
		  	 	  	  Hagbarth Strom

		  	 	  	  Name of Attorney in full

		 	
	  /s/ Eugene Tee
	  	 	  	  /s/ Nora McDonnell

	 Signature of Witness	  		  	  Signature of Attorney

			
	  Eugene Tee
	  		  	  Nora McDonnell

	 Name of Witness in full	  		  	  Name of Attorney in full

			
		  		  	
	 SIGNED SEALED and DELIVERED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 by 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/ Hagbarth Strom

	  	 	  	 Signature of Attorney

	  	 	  	
	  	 	  	
	  	 	  	
		  	 	  	  Hagbarth Strom

		  	 	  	  Name of Attorney in full

		 	
	  /s/ Eugene Tee
	  	 	  	  /s/ Nora McDonnell

	  Signature of Witness
	  		  	  Signature of Attorney

			
	  Eugene Tee
	  		  	  Nora McDonnell

	  Name of Witness in full
	  		  	  Name of Attorney in full

  
 10 

					
	 SIGNED SEALED and DELIVERED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443 by its
Attorneys under a Power of Attorney dated 30 June 2015 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

	  	 	  	  Signature of Attorney

	  	 	  	
	  	 	  	
	  	 	  	
		  	 	  	  Kevin Lee

		  	 	  	  Name of Attorney in full

		 	
	  /s/ Peter Fogarty
	  	 	  	  /s/ Kristen Adler

	 Signature of Witness	  		  	  Signature of Attorney

			
	  Peter Fogarty
	  		  	  Kristen Adler

	 Name of Witness in full	  		  	  Name of Attorney in full

			
		  		  	
	  
 SIGNED SEALED and DELIVERED
for and on behalf of MACQUARIE LEASING PTY LIMITED ABN 38 002 674 982 by its Attorneys under a Power of Attorney dated 6 November 2015 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/ Anastasia Walker

	  	 	  	 Signature of Attorney

	  	 	  	
	  	 	  	
	  	 	  	
		  	 	  	  Anastasia Walker

		  	 	  	  Name of Attorney in full

		 	
	  /s/ Rebecca Austin
	  	 	  	  /s/ Sarah Lim

	  Signature of Witness
	  		  	  Signature of Attorney

			
	  Rebecca Austin
	  		  	  Sarah Lim

	  Name of Witness in full
	  		  	  Name of Attorney in full

  
 11 

					
	 SIGNED SEALED and DELIVERED for and on behalf of MACQUARIE BANK LIMITED ABN 46 008 583 542 by its Attorneys under a Power of
Attorney 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:
	  	 	  	  /s/ Kevin Lee

	  	 	  	  Signature of Attorney

	  	 	  	
	  	 	  	
	  	 	  	
		  	 	  	  Kevin Lee

		  	 	  	  Name of Attorney in full

		 	
	  /s/ Peter Fogarty
	  	 	  	  /s/ Kristen Adler

	 Signature of Witness	  		  	  Signature of Attorney

			
	  Peter Fogarty
	  		  	  Kristen Adler

	 Name of Witness in full	  		  	  Name of Attorney in full

			
		  		  	
	 SIGNED SEALED and DELIVERED for and on behalf of THE BANK OF NEW YORK MELLON by its Authorised Signatory:
	  	 	  	
	  	 	  	
	  	 	  	
	  	 	  	
		 	
	  /s/ Teresa Wyazomierski
	  	 	  	  /s/ James Briggs

	  Signature of Witness
	  		  	  Signature of Authorised Signatory

			
	  Teresa Wyazomierski
	  		  	  James Briggs

	  Name of Witness in full
	  		  	  Name of Authorised Signatory in full

			
		  		  	
	 SIGNED SEALED and DELIVERED for and on behalf of THE BANK OF NEW YORK MELLON, LONDON BRANCH by its Authorised
Signatory:
	  	 	  	
	  	 	  	
	  	 	  	
	  	 	  	
		 	
	  /s/ Ian Lee
	  	 	  	  /s/ Andrea Ruver

	  Signature of Witness
	  		  	  Signature of Authorised Signatory

			
	  Ian Lee
	  		  	  Andrea Ruver

	  Name of Witness in full
	  		  	  Name of Authorised Signatory in full

  
 12

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