XXXXXXX XXX
Medallion Trust Series 2007-1G
Agency Agreement
Perpetual Trustee Company Limited
ABN 42 000 001 007
Securitisation Advisory Services Pty. Limited
ABN 88 064 133 946
The Bank of New York
The Bank of New York, London Branch
Deutsche International Corporate Services (Ireland) Limited
If you have any questions about the details of this document
PLEASE CONTACT XXXXX XXXXXX ON + 61 2 9353 4000
Xxxxxxx Xxx
Lawyers
Levels 19-35 Xx. 0 X'Xxxxxxx Xxxxxx Xxxxxx XXX 0000 Xxxxxxxxx
PO Box H3 Australia Square Sydney NSW 1215
T + 61 2 9353 4000 F + 61 2 8220 6700
xxx.xxxxxxxxxx.xxx
Our reference 174/14708/80050681
TABLE OF CONTENTS
1. DEFINITIONS AND INTERPRETATION.................................................... 2
1.1 Definitions............................................................... 2
1.2 Series Supplement and Master Trust Deed Definitions....................... 4
1.3 Interpretation............................................................ 5
1.4 Issuer Capacity........................................................... 6
1.5 Transaction Document...................................................... 6
1.6 Incorporated Definitions and other Transaction Documents and provisions... 6
2. APPOINTMENT OF PAYING AGENTS...................................................... 7
2.1 Appointment............................................................... 7
2.2 Several Obligations of Paying Agents...................................... 7
3. PAYMENTS.......................................................................... 7
3.1 Quarterly Payment by Issuer............................................... 7
3.2 Payments by Paying Agents................................................. 7
3.3 Method of Payment for Offered Book-Entry Notes............................ 7
3.4 Method of Payment for Offered Definitive Notes............................ 8
3.5 Non-Payment............................................................... 8
3.6 Late Payment.............................................................. 8
3.7 Reimbursement............................................................. 8
3.8 Quarterly Payments under Currency Swaps................................... 8
3.9 Paying Agent holds funds on trust......................................... 9
3.10 Principal Paying Agent may deal with funds................................ 9
3.11 No Set-Off................................................................ 9
3.12 Holders of Offered Notes.................................................. 9
3.13 Repayment of Moneys....................................................... 10
3.14 Paying Agents to Record, Notify Payments and Deliver Surrendered Notes.... 10
4. APPOINTMENT AND DUTIES OF THE AGENT BANK.......................................... 10
4.1 Appointment............................................................... 10
4.2 Determinations by Agent Bank.............................................. 10
4.3 Notification by Agent Bank................................................ 11
4.4 Offered Note Trustee to Perform Agent Bank's Function..................... 11
4.5 Documents to Agent Bank................................................... 11
5. APPOINTMENT AND DUTIES OF THE OFFERED NOTE REGISTRARS............................. 11
5.1 Offered Note Registrars................................................... 11
5.2 Offered Note Registers to be Kept......................................... 11
5.3 Transfer or Exchange of Offered Notes..................................... 12
5.4 Replacement of Lost or Mutilated Offered Notes............................ 12
5.5 Obligations upon Transfer, Exchange or Replacement of Offered Notes....... 12
5.6 No Charge for Transfer or Exchange........................................ 13
5.7 Restricted Period......................................................... 13
5.8 Cancellation of Offered Notes............................................. 13
5.9 Provision of Information and Inspection of Registers...................... 13
5.10 Correctness of Register and Information................................... 14
5.11 Non-recognition of Equitable Interests.................................... 14
5.12 Rectification of an Offered Note Register................................. 14
6. OFFERED NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS.............................. 14
i
6.1 Following Enforcement of the Charge or issue of Definitive Notes.......... 14
6.2 Good Discharge to Issuer.................................................. 15
6.3 Change of Authorised Officers............................................. 15
7. REDEMPTION OF OFFERED NOTES....................................................... 15
7.1 Part Redemption of Offered Notes on Quarterly Distribution Dates.......... 15
7.2 Early Redemption.......................................................... 16
8. GENERAL AGENT MATTERS............................................................. 16
8.1 Notices to Offered Noteholders............................................ 16
8.2 Copies of Documents for Inspection........................................ 16
8.3 Notice of any Withholding or Deduction.................................... 17
8.4 Information and Forms..................................................... 17
8.5 European Union Tax Directive.............................................. 17
9. INDEMNITY......................................................................... 17
9.1 Indemnity by Issuer....................................................... 17
9.2 Indemnity by Note Agent................................................... 17
10. CHANGES IN AGENTS................................................................. 18
10.1 Appointment and Removal................................................... 18
10.2 Resignation............................................................... 18
10.3 Limitation of Appointment and Termination................................. 18
10.4 Payment of amounts held by the Paying Agent............................... 19
10.5 Records held by an Offered Note Registrar................................. 19
10.6 Successor to Principal Paying Agent, Paying Agent, Agent Bank or
an Offered Note Registrar................................................. 20
10.7 Notice to Offered Noteholders............................................. 20
10.8 Change in Specified Office................................................ 21
11. MISCELLANEOUS DUTIES AND PROTECTIONS.............................................. 21
11.1 Agents are agents of the Issuer........................................... 21
11.2 Agency.................................................................... 21
11.3 Reliance.................................................................. 21
11.4 Entitled to Deal.......................................................... 21
11.5 Consultation.............................................................. 22
11.6 Duties and Obligations.................................................... 22
11.7 Income Tax Returns........................................................ 22
11.8 Representation by each Agent.............................................. 22
12. FEES AND EXPENSES................................................................. 22
12.1 Payment of Fee............................................................ 22
12.2 Payment of Expenses....................................................... 22
12.3 No Other Fees............................................................. 23
12.4 Payment of Fees........................................................... 23
12.5 No Commission............................................................. 23
12.6 Fees are Expenses of the Series Trust..................................... 23
12.7 Timing of Payments........................................................ 23
13. NOTICES........................................................................... 23
13.1 Method of Delivery........................................................ 23
13.2 Deemed Receipt............................................................ 24
13.3 Email..................................................................... 24
13.4 Communications through Principal Paying Agent............................. 24
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14. APPOINTMENT OF CLASS A-2 IRISH PAYING AGENT AND CLASS A-4 IRISH PAYING AGENT...... 24
14.1 Appointment............................................................... 24
14.2 Resignation and Termination............................................... 24
15. ISSUER'S LIMITATION OF LIABILITY.................................................. 25
15.1 Limitation on Issuer's Liability.......................................... 25
15.2 Claims against Issuer..................................................... 25
15.3 Breach of Trust........................................................... 25
15.4 Acts or omissions......................................................... 25
15.5 No Authority.............................................................. 25
15.6 No obligation............................................................. 26
16. GENERAL........................................................................... 26
16.1 Waiver.................................................................... 26
16.2 Written Waiver, Consent and Approval...................................... 26
16.3 Severability.............................................................. 26
16.4 Survival of Indemnities................................................... 26
16.5 Assignments............................................................... 26
16.6 Successors and Assigns.................................................... 26
16.7 Moratorium Legislation.................................................... 26
16.8 Amendments................................................................ 27
16.9 Governing Law............................................................. 27
16.10 Jurisdiction.............................................................. 27
16.11 Counterparts.............................................................. 27
16.12 Limitation of Offered Note Trustee's Liability............................ 27
16.13 Contra proferentem........................................................ 27
16.14 Know your customer........................................................ 27
16.15 Compliance with Regulation AB............................................. 28
iii
THIS AGENCY AGREEMENT MADE AT SYDNEY ON 15 FEBRUARY 2007
PARTIES PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 of Level 12, 123
Pitt, Sydney, Australia, in its capacity as trustee of the Series
Trust (as hereinafter defined) (hereinafter included in the expression
the "ISSUER")
SECURITISATION ADVISORY SERVICES PTY LIMITED ABN 88 064 133 946 of
Level 7, 00 Xxxxxx Xxxxx, Xxxxxx, Xxxxxxxxx (hereinafter included by
incorporation in the expression the "MANAGER")
THE BANK OF NEW YORK of 000 Xxxxxxx Xxxxxx, 00X, Xxx Xxxx, Xxx Xxxx
10286 as trustee of the Offered Note Trust ("BNY" and hereinafter
included by incorporation in the expression "OFFERED NOTE TRUSTEE")
THE BANK OF NEW YORK of 000 Xxxxxxx Xxxxxx, 00X, Xxx Xxxx, Xxx Xxxx
10286 (hereinafter included in the expression the "US DOLLAR NOTE
REGISTRAR")
THE BANK OF NEW YORK of 000 Xxxxxxx Xxxxxx, 00X, Xxx Xxxx, Xxx Xxxx
10286 (hereinafter included in the expression the "PRINCIPAL PAYING
AGENT")
THE BANK OF NEW YORK of 000 Xxxxxxx Xxxxxx, 00X, Xxx Xxxx, Xxx Xxxx
10286 (hereinafter included in the expression the "AGENT BANK")
THE BANK OF NEW YORK, LONDON BRANCH of 48th floor, Xxx Xxxxxx Xxxxxx,
Xxxxxx X00 0XX ("BNY LONDON" and hereinafter included in the
expression the "PAYING AGENT")
THE BANK OF NEW YORK, LONDON BRANCH of 48th floor, Xxx Xxxxxx Xxxxxx,
Xxxxxx X00 0XX (hereinafter included in the expression the "EURO NOTE
REGISTRAR")
DEUTSCHE INTERNATIONAL CORPORATE SERVICES (IRELAND) LIMITED of 0
Xxxxxxxxxxxxx Xxxxx, I.F.S.C., Dublin 1, Ireland (hereinafter included
in the expression the "CLASS A-2 IRISH PAYING AGENT", "CLASS A-4 IRISH
PAYING AGENT" and "OFFERED NOTE IRISH PAYING AGENT")
BACKGROUND
A. The Issuer, in its capacity as trustee of the Series Trust, proposes to
issue Offered Notes.
B. The Offered Notes will be constituted pursuant to the Offered Note Trust
Deed.
C. The Issuer wishes to appoint The Bank of New York as the initial Principal
Paying Agent, the initial US Dollar Note Registrar and the initial Agent
Bank in respect of the Offered Notes and The Bank of New York has accepted
these appointments on the terms and conditions of this Agreement.
D. The Issuer wishes to appoint The Bank of New York, London Branch as an
initial Paying Agent and the initial Euro Note Registrar in respect of the
Offered Notes and The Bank of New York, London Branch has accepted that
appointment on the terms and conditions of this Agreement.
X. The Issuer also wishes to appoint Deutsche International Corporate
Services (Ireland) Limited as the initial paying agent in the Republic of
Ireland in respect of the Offered Notes and the Class A-2 Notes and
Deutsche International Corporate Services (Ireland) Limited has accepted
that appointment on the terms and conditions of this Agreement.
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OPERATIVE PROVISIONS
1. DEFINITIONS AND INTERPRETATION
1.1 DEFINITIONS
In this Agreement, unless the contrary intention appears:
"AGENT" means a several reference to each Paying Agent, each Offered Note
Registrar, and the Agent Bank.
"AGENT BANK" means initially The Bank of New York or, if The Bank of New
York resigns or its appointment is terminated as the Issuer's reference
agent in respect of the Offered Notes, the person from time to time
appointed in its place to perform the functions of such reference agent
under this Agreement.
"AUTHORISED OFFICER" in relation to:
(a) the Issuer and the Manager, has the same meaning as in the Master
Trust Deed;
(b) the Offered Note Trustee, the US Dollar Note Registrar, the Agent
Bank and the Principal Paying Agent while these are the same person
as the Offered Note Trustee, has the same meaning as the term
"Authorised Officer" in relation to the Offered Note Trustee has in
the Offered Note Trust Deed;
(c) The Bank of New York, London Branch as Paying Agent and Euro Note
Registrar means a responsible officer of the Corporate Trust
Administration department of The Bank of New York, London Branch; and
(d) any other Note Agent, means the persons appointed from time to time
by that Note Agent to act as its Authorised Officers for the purposes
of this Agreement as certified in writing by 2 directors or a
director and secretary of that Note Agent to the other parties to
this Agreement.
"CLASS A-2 IRISH PAYING AGENT" means Deutsche International Corporate
Services (Ireland) Limited or, if Deutsche International Corporate
Services (Ireland) Limited resigns or its appointment is terminated as
paying agent in the Republic of Ireland in respect of the Class A-2 Notes,
the person from time to time appointed in its place to perform the
functions of such paying agent under this Agreement.
"CLASS A-4 IRISH PAYING AGENT" means Deutsche International Corporate
Services (Ireland) Limited or, if Deutsche International Corporate
Services (Ireland) Limited resigns or its appointment is terminated as
paying agent in the Republic of Ireland in respect of the Class A-4 Notes,
the person from time to time appointed in its place to perform the
functions of such paying agent under this Agreement.
"EURO NOTE REGISTER" means the register established by the Euro Note
Registrar in respect of the Class A-3 Notes in accordance with clause 5.2.
"EURO NOTE REGISTRAR" means The Bank of New York, London Branch or if The
Bank of New York, London Branch resigns or its appointment is terminated
as note registrar in respect of the Class A-3 Notes, the person from time
to time appointed in its place to perform the functions of such note
registrar under this Agreement.
"EUROPEAN UNION TAX DIRECTIVE" means the European Union Council Directive
2003/48/EC on the taxation of savings income which was adopted on 3 June
2003, or any law or regulation implementing or complying with, or
introduced to conform with such directive.
2
"IRISH BUSINESS DAY" means a day (other than a Saturday, Sunday or public
holiday in Dublin) on which the Irish Stock Exchange is open.
"ISSUER" means initially Perpetual Trustee Company Limited or, if
Perpetual Trustee Company Limited retires or is removed as trustee of the
Series Trusts (as defined in the Master Trust Deed), the then Substitute
Trustee and includes the Manager when acting as the trustee of the Series
Trust in accordance with the Master Trust Deed.
"MASTER TRUST DEED" means the Master Trust Deed dated 8 October 1997
between the Issuer and the Manager, as amended from time to time.
"NOTE AGENT" means a several reference to each Agent, the Class A-2 Irish
Paying Agent and the Class A-4 Irish Paying Agent.
"OFFERED BOOK ENTRY NOTE" has the same meaning as in the Offered Note
Trust Deed.
"OFFERED DEFINITIVE NOTE" has the same meaning as in the Offered Note
Trust Deed.
"OFFERED NOTE" has the same meaning as in the Offered Note Trust Deed.
"OFFERED NOTE IRISH PAYING AGENT" means Deutsche International Corporate
Services (Ireland) Limited or, if Deutsche International Corporate
Services (Ireland) Limited resigns or the appointment is terminated as
paying agent in the Republic of Ireland in respect of the Offered Notes,
the person from time to time appointed in its place to perform the
functions of such paying agent under this Agreement.
"OFFERED NOTE REGISTER" means, as the context requires, the Euro Note
Register, the US Dollar Note Register, or both.
"OFFERED NOTE REGISTRAR" means, as the context requires, the Euro Note
Registrar, the US Dollar Note Registrar, or both.
"OFFERED NOTE TRUST" means the trust of that name constituted by the
Offered Note Trust Deed.
"OFFERED NOTEHOLDERS" has the same meaning as in the Offered Note Trust
Deed.
"PAYING AGENT" means:
(a) except where the context otherwise requires, the Principal Paying
Agent;
(b) the Bank of New York, London Branch until it resigns or its
appointment is terminated as paying agent;
(c) if an application is made to admit the Offered Notes to the Daily
Official List of the Irish Stock Exchange, the Offered Note Irish
Paying Agent; and
(d) each other person from time to time appointed hereunder to perform
the functions of a paying agent, but does not include the Class A-2
Irish Paying Agent and the Class A-4 Irish Paying Agent.
"PRINCIPAL PAYING AGENT" means The Bank of New York or, if The Bank of New
York resigns or its appointment is terminated as principal paying agent,
the person from time to time appointed in its place to perform the
functions of the principal paying agent under this Agreement.
"QUARTERLY SERVICING REPORT" has the same meaning as in the Offered Note
Conditions.
3
"SERIES SUPPLEMENT" means a Series Supplement dated on or about the date
of this Agreement between Commonwealth Bank of Australia ABN 48 123 123
124, Homepath Pty Limited ABN 35 081 986 530, the Manager and the Issuer.
"SERIES TRUST" means the trust known as the Medallion Trust Series 2007-1G
established pursuant to the Master Trust Deed and the Series Supplement.
"SPECIFIED OFFICE" in relation to:
(a) the US Dollar Note Registrar, means the offices of the US Dollar Note
Registrar as specified in the Offered Note Conditions or otherwise
under this Agreement as the offices of the US Dollar Note Registrar
where surrenders of Class A-1 Notes for transfer, exchange,
replacement or redemption will occur and where, in respect of one of
such offices, the US Dollar Note Register will be kept, as varied
from time to time in accordance with this Agreement;
(b) the Euro Note Registrar, means the offices of the Euro Note Registrar
as specified in the Offered Note Conditions or otherwise under this
Agreement as the offices of the Euro Note Registrar where surrenders
of Class A-3 Notes for transfer, exchange, replacement or redemption
will occur and where, in respect of one of such offices, the Euro
Note Register will be kept, as varied from time to time in accordance
with this Agreement;
(c) a Paying Agent, means the office of the Paying Agent specified in the
Offered Note Conditions or otherwise under this Agreement as the
office at which payments in respect of the Offered Notes will be
made, as varied from time to time in accordance with this Agreement;
and
(d) the Agent Bank, means the office of the Agent Bank specified in the
Offered Note Conditions or otherwise under this Agreement as the
office at which the Agent Bank will carry out its duties under this
Agreement, as varied from time to time in accordance with this
Agreement.
"STAMP" means the Securities Transfer Agents Medallion Program.
"UCC" means the Uniform Commercial Code of New York.
"US DOLLAR NOTE REGISTER" means the register established by the US Dollar
Note Registrar in respect of the Class A-1 Notes in accordance with clause
5.2.
"US DOLLAR NOTE REGISTRAR" means The Bank of New York or if The Bank of
New York resigns or its appointment is terminated as note registrar in
respect of the Class A-1 Notes, the person from time to time appointed in
its place to perform the functions of such note registrar under this
Agreement.
1.2 SERIES SUPPLEMENT AND MASTER TRUST DEED DEFINITIONS
Subject to clause 1.6, unless defined in this Agreement, words and phrases
defined in either or both of the Master Trust Deed and the Series
Supplement have the same meaning in this Agreement. Where there is any
inconsistency in a definition between this Agreement (on the one hand) and
the Master Trust Deed or the Series Supplement (on the other hand), this
Agreement prevails. Where there is any inconsistency in a definition
between the Master Trust Deed and the Series Supplement, the Series
Supplement prevails over the Master Trust Deed in respect of this
Agreement. Subject to clause 1.6, where words or phrases used but not
defined in this Agreement are defined in the Master Trust Deed in relation
to a Series Trust (as defined in the Master Trust Deed) and/or an Other
Trust such words or phrases are to be construed in this Agreement, where
necessary, as being used only in relation to the Series Trust (as defined
in this Agreement) and/or the CBA Trust, as the context requires.
4
1.3 INTERPRETATION
In this Agreement, unless the contrary intention appears:
(a) headings are for convenience only and do not affect the
interpretation of this Agreement;
(b) a reference to this "AGREEMENT" includes the Background;
(c) the expression "PERSON" includes an individual, the estate of an
individual, a body politic, a corporation and a statutory or other
authority or association (incorporated or unincorporated);
(d) a reference to a person includes that person's executors,
administrators, successors, substitutes and assigns, including any
person taking by way of novation;
(e) subject to clause 1.6, a reference to any document or agreement is to
such document or agreement as amended, novated, supplemented, varied
or replaced from time to time;
(f) a reference to any legislation or to any section or provision of any
legislation includes any statutory modification or re-enactment or
any statutory provision substituted for that legislation and all
ordinances, by-laws, regulations and other statutory instruments
issued under that legislation, section or provision;
(g) words importing the singular include the plural (and vice versa) and
words denoting a given gender include all other genders;
(h) a reference to a clause is a reference to a clause of this Agreement;
(i) a reference to "WILFUL DEFAULT" in relation to a party means, subject
to clause 1.3(j), any wilful failure by that party to comply with, or
wilful breach by that party of, any of its obligations under any
Transaction Document, other than a failure or breach which:
(i) A. arises as a result of a breach of a Transaction Document by
a person other than:
(1) that party; or
(2) any other person referred to in clause 1.3(j); and
B. the performance of the action (the non-performance of which
gave rise to such breach) is a pre-condition to that party
performing the said obligation; or
(ii) is in accordance with a lawful court order or direction or is
required by law; or
(iii) is in accordance with a proper instruction or direction of
Investors given at a meeting convened under any Transaction
Document;
(j) a reference to the "FRAUD", "NEGLIGENCE" or "WILFUL DEFAULT" of a
party means the fraud, negligence or wilful default of that party and
of its officers, employees, agents and any other person where that
party is liable for the acts or omissions of such other person under
the terms of any Transaction Document;
5
(k) where any word or phrase is given a defined meaning, any other part
of speech or other grammatical form in respect of such word or phrase
has a corresponding meaning;
(l) where any day on which a payment is due to be made or a thing is due
to be done under this Agreement is not a Business Day, that payment
must be made or that thing must be done on the immediately succeeding
Business Day;
(m) a reference to the "CLOSE OF BUSINESS" on any day is a reference to
5.00 pm on that day;
(n) a reference to time is to local time in Sydney;
(o) subject to clause 13.2, each party will only be considered to have
knowledge or awareness of, or notice of, a thing or grounds to
believe anything by virtue of the officers of that party (or any
Related Body Corporate of that party) having day to day
responsibility for the administration or management of that party's
(or a Related Body Corporate of that party's) obligations in relation
to the Series Trust having actual knowledge, actual awareness or
actual notice of that thing, or grounds or reason to believe that
thing (and similar references will be interpreted in this way); and
(p) a reference to the enforcement of the Charge means that the Security
Trustee appoints (or the Voting Secured Creditors as contemplated by
clause 8.4 of the Security Trust Deed appoint) a Receiver over any
Charged Property, or takes possession of any Charged Property,
pursuant to the Security Trust Deed (expressions used in this clause
have the same meanings as in the Security Trust Deed).
1.4 ISSUER CAPACITY
In this Agreement, except where provided to the contrary:
(a) (REFERENCES TO ISSUER): a reference to the Issuer is a reference to
the Issuer in its capacity as trustee of the Series Trust only, and
in no other capacity; and
(b) (REFERENCES TO ASSETS OF THE ISSUER): a reference to the undertaking,
assets, business or money of the Issuer is a reference to the
undertaking, assets, business or money of the Issuer in the capacity
referred to in paragraph (a).
1.5 TRANSACTION DOCUMENT
For the purposes of the Master Trust Deed and the Series Supplement, this
Agreement is a Transaction Document.
1.6 INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS
Where in this Agreement a word or expression is defined by reference to
its meaning in another Transaction Document or there is a reference to
another Transaction Document or to a provision of another Transaction
Document, any amendment to the meaning of that word or expression or to
that other Transaction Document or provision (as the case may be) will be
of no effect for the purposes of this Agreement unless and until the
amendment is consented to by the parties to this Agreement.
6
2. APPOINTMENT OF PAYING AGENTS
2.1 APPOINTMENT
The Issuer, at the direction of the Manager, hereby appoints the Principal
Paying Agent as its initial principal paying agent, and each other Paying
Agent from time to time as its paying agent, for making payments in
respect of the Offered Notes pursuant to the Transaction Documents at
their respective Specified Offices in accordance with the terms and
conditions of the Agreement. The Principal Paying Agent, and each other
Paying Agent, xxxxxx accepts that appointment.
2.2 SEVERAL OBLIGATIONS OF PAYING AGENTS
While there is more than one Paying Agent, the obligations of the Paying
Agents under this Agreement are several and not joint.
3. PAYMENTS
3.1 QUARTERLY PAYMENT BY ISSUER
Subject to clause 3.8, the Issuer must on each Quarterly Distribution
Date, pay to or to the order of the Principal Paying Agent to an account
specified by the Principal Paying Agent in same day funds:
(a) (CLASS A-1 NOTES): not later than 10.00 am (New York time) the amount
in US$ as may be required (after taking account of any money then
held by the Principal Paying Agent and available for the purpose) to
be paid on that Quarterly Distribution Date in respect of the Class
A-1 Notes; and
(b) (CLASS A-3 NOTES): not later than 10.00 am (London time) the amount
in Euro as may be required (after taking account of any money then
held by the Principal Paying Agent and available for the purpose) to
be paid on that Quarterly Distribution Date in respect of the Class
A-3 Notes,
in each case, under the Offered Note Conditions.
3.2 PAYMENTS BY PAYING AGENTS
Subject to payment being duly made as provided in clause 3.1(a) in the
case of the Class A-1 Notes and in clause 3.1(b) in the case of the Class
A-3 Notes (or the Principal Paying Agent otherwise being satisfied that
the relevant payment will be duly made on the due date), and subject to
clause 6, the Paying Agents will pay or cause to be paid to the Offered
Noteholders on behalf of the Issuer on each Quarterly Distribution Date
the relevant amounts of principal and interest due in respect of the
relevant Offered Notes in accordance with this Agreement and the Offered
Note Conditions.
3.3 METHOD OF PAYMENT FOR OFFERED BOOK-ENTRY NOTES
The Principal Paying Agent will cause all payments of principal or
interest (as the case may be) due in respect of Offered Book-Entry Notes
to be made to the relevant Depository or, if applicable, to that
Depository's nominee in whose name Offered Book-Entry Notes are
registered, to the account or accounts designated by that Depository or,
if applicable, that nominee and otherwise in accordance with Condition 8.1
of the Offered Note Conditions.
7
3.4 METHOD OF PAYMENT FOR OFFERED DEFINITIVE NOTES
The Paying Agents will cause all payments of principal or interest (as the
case may be) due in respect of Offered Definitive Notes to be made in
accordance with Condition 8.1 of the Offered Note Conditions.
3.5 NON-PAYMENT
(a) (NO OBLIGATION ON PAYING AGENTS): If the Issuer fails to make any
payment, unless and until the full amount of the payment has been
made under the terms of this Agreement (except as to the time of
making the payment) or other arrangements satisfactory to the
Principal Paying Agent have been made, none of the Principal Paying
Agent nor any of the other Paying Agents is bound to make any payment
in accordance with this clause 3 (but may, in its discretion, make
any such payment).
(b) (NOTICE OF NON-RECEIPT): The Principal Paying Agent will immediately
notify by facsimile the other Paying Agents, the Offered Note
Trustee, the Issuer, the Security Trustee and the Manager if the full
amount of any payment of principal or interest in respect of the
Offered Notes required to be made pursuant to the Offered Note
Conditions is not unconditionally received by it or to its order in
accordance with this Agreement.
3.6 LATE PAYMENT
(a) (LATE PAYMENTS TO BE PAID IN ACCORDANCE WITH THIS AGREEMENT): If any
payment under clause 3.1 is made late but otherwise in accordance
with the provisions of this Agreement, each Paying Agent will make
the payments required to be made by it in respect of the Offered
Notes as provided in this clause 3.
(b) (NOTICE): If the Principal Paying Agent does not receive on a
Quarterly Distribution Date the full amount of principal and interest
then payable on any Offered Note in accordance with the Offered Note
Conditions, but receives the full amount later, it will:
(i) forthwith upon receipt of the full amount notify the other
Paying Agents, the Issuer, the Offered Note Trustee, the
Security Trustee and the Manager; and
(ii) as soon as practicable after receipt of the full amount give
notice, in accordance with Condition 11.1 of the Offered Note
Conditions, to the Offered Noteholders that it has received the
full amount.
3.7 REIMBURSEMENT
The Principal Paying Agent will (provided that it has been placed in funds
by the Issuer) on demand promptly reimburse each other Paying Agent for
payments of principal and interest properly made by that Paying Agent in
accordance with the Offered Note Conditions and this Agreement. The Issuer
will not be responsible for the apportionment of any moneys between the
Principal Paying Agent and the other Paying Agents and a payment to the
Principal Paying Agent of any moneys due to the Paying Agents will operate
as a good discharge to the Issuer in respect of such moneys.
3.8 QUARTERLY PAYMENTS UNDER CURRENCY SWAPS
The payment by the Issuer of its Australian dollar payment obligations
under the Series Supplement on each Quarterly Distribution Date to:
8
(a) (CLASS A-1 CURRENCY SWAP): the Currency Swap Provider in respect of
the Class A-1 Currency Swap will be a good discharge of its
corresponding US Dollar obligations under clause 3.1; and
(b) (CLASS A-3 CURRENCY SWAP): the Currency Swap Provider in respect of
the Class A-3 Currency Swap will be a good discharge of its
corresponding Euro obligations under clause 3.1,
but, in each case, will not relieve the Issuer of any liability in respect
of any default in payment in respect of a Class A-1 Note or a Class A-3
Noteunder any other Transaction Document.
3.9 PAYING AGENT HOLDS FUNDS ON TRUST
Each Paying Agent will hold in a separate account on trust for the Offered
Note Trustee and the Offered Noteholders all sums held by such Paying
Agent for the payment of principal and interest with respect to Offered
Notes until such sums are paid to the Offered Note Trustee or the
applicable Offered Noteholders in accordance with the Offered Note Trust
Deed or the Offered Note Conditions or repaid under clause 3.13.
3.10 PRINCIPAL PAYING AGENT MAY DEAL WITH FUNDS
Subject to the terms of this Agreement, the Principal Paying Agent is
entitled to deal with moneys paid to it under this Agreement in the same
manner as other moneys paid to it as a banker by its customers. The
Principal Paying Agent is entitled to retain for its own account any
interest earned on such moneys, except as required by law.
3.11 NO SET-OFF
No Paying Agent is entitled to exercise any right of set-off, withholding,
counterclaim or lien against, or make any deduction in any payment to, any
person entitled to receive amounts of principal or interest on the Offered
Notes in respect of moneys payable by it under this Agreement.
3.12 HOLDERS OF OFFERED NOTES
Except as ordered by a court of competent jurisdiction or as required by
law, each Paying Agent is entitled to treat the person:
(a) (OFFERED BOOK-ENTRY NOTES): who is, while an Offered Book-Entry Note
remains outstanding, the registered owner of that Offered Book-Entry
Note as recorded in the applicable Offered Note Register as the
absolute owner of that Offered Book-Entry Note and as the person
entitled to receive payments of principal or interest (as applicable)
and each person shown in the records of the applicable Depository as
the holder of any Offered Note represented by that Offered Book-Entry
Note will be entitled to receive from the registered owner of that
Offered Book-Entry Note any payment so made only in accordance with
the respective rules and procedures of that Depository;
(b) (OFFERED DEFINITIVE NOTES): who is the registered owner of any
Offered Definitive Note as recorded in the applicable Offered Note
Register as the absolute owner or owners of that Offered Definitive
Note (whether or not that Offered Definitive Note is overdue and
despite any notice of ownership or writing on it or any notice of
previous loss or theft or of any trust or other interest in it); and
(c) (OFFERED NOTE TRUSTEE): who, when an Offered Book-Entry Note in
respect of any Offered Note is no longer outstanding but Offered
Definitive Notes in respect of the Offered Notes have not been
issued, is for the time being the Offered Note Trustee,
9
as the person entrusted with the receipt of principal or interest, as
applicable, on behalf of the relevant Offered Noteholders,
in all cases and for all purposes, despite any notice to the contrary, and
will not be liable for so doing.
3.13 REPAYMENT OF MONEYS
(a) (PRESCRIPTION): Immediately on any entitlement to receive principal
or interest under any Offered Note becoming void under the Offered
Note Conditions, the Principal Paying Agent will repay to the Issuer
the amount which would have been due in respect of that principal or
interest if it had been paid before the entitlement became void,
together with any fees applicable to that payment or entitlement (pro
rated as to the amount and time) to the extent already paid under
clause 12.
(b) (NO REPAYMENT WHILE OUTSTANDING AMOUNTS DUE): Notwithstanding clause
3.13(a) the Principal Paying Agent is not obliged to make any
repayment to the Issuer while any fees and expenses which should have
been paid to or to the order of the Principal Paying Agent or, if
applicable, the Offered Note Trustee, by the Issuer remain unpaid.
3.14 PAYING AGENTS TO RECORD, NOTIFY PAYMENTS AND DELIVER SURRENDERED NOTES
Each Paying Agent must:
(a) (NOTIFY OFFERED NOTE REGISTRARS): promptly notify the applicable
Offered Note Registrar of each payment made by it, or at its
direction, to Offered Noteholders in respect of the Offered Notes;
(b) (RECORDS): keep a full and complete record of each payment made by
it, or at its direction, to Offered Noteholders and provide copies of
such records to the Issuer, the Manager, the Offered Note Trustee or
the applicable Offered Note Registrar upon request; and
(c) (DELIVER): promptly deliver to the applicable Offered Note Registrar
any Offered Notes surrendered to it pursuant to Condition 8.2 of the
Offered Note Conditions.
A record by a Paying Agent under this clause 3.14 is sufficient evidence,
unless the contrary is proved, of the relevant payments having been made
or not made.
4. APPOINTMENT AND DUTIES OF THE AGENT BANK
4.1 APPOINTMENT
The Issuer, at the direction of the Manager, hereby appoints the Agent
Bank as its initial reference agent in respect of the Offered Notes upon
the terms and conditions contained in this Agreement and the Agent Bank
hereby accepts that appointment.
4.2 DETERMINATIONS BY AGENT BANK
The Agent Bank must perform such duties, and make such calculations,
determinations, notifications and publications at its Specified Office as
are set forth in the Offered Note Conditions and the Currency Swap
Agreement (in respect of the Class A-1 Currency Swap and the Class A-3
Currency Swap, each as defined in the Currency Swap Agreement) to be
performed or made by it until the Offered Notes are redeemed (or deemed to
be redeemed) in full in accordance with the Offered Note Conditions and
must perform any other duties as
10
requested by the Issuer, the Manager or the Principal Paying Agent which
are reasonably incidental to those duties.
4.3 NOTIFICATION BY AGENT BANK
If the Agent Bank fails to perform any duty or to make any calculation,
determination, notification or publication as provided in clause 4.2, it
must forthwith notify the Issuer, the Manager, the Offered Note Trustee,
the Principal Paying Agent and the Currency Swap Provider thereof.
4.4 OFFERED NOTE TRUSTEE TO PERFORM AGENT BANK'S FUNCTION
If the Agent Bank at any time for any reason does not determine an
Interest Rate for the Offered Notes, or calculate a Class A-1 Interest
Amount or Class A-3 Interest Amount (each as defined in the Offered Note
Conditions), the Offered Note Trustee must do so and each such
determination or calculation will be as if made by the Agent Bank for the
purposes of the Offered Note Conditions. In doing so, the Offered Note
Trustee will apply the provisions of Condition 6 of the Offered Note
Conditions, with any necessary consequential amendments, to the extent
that it can and, in all other respects it will do so in such a manner as
it considers fair and reasonable in all the circumstances.
4.5 DOCUMENTS TO AGENT BANK
The Manager and the Issuer will provide to the Agent Bank such documents
and other information as the Agent Bank reasonably requires in order for
the Agent Bank to properly fulfil its duties in respect of the Offered
Notes and the Currency Swap Agreement.
5. APPOINTMENT AND DUTIES OF THE OFFERED NOTE REGISTRARS
5.1 OFFERED NOTE REGISTRARS
The Issuer, at the direction of the Manager, hereby appoints:
(a) (US DOLLAR NOTE REGISTRAR): the US Dollar Note Registrar as its
initial note registrar in respect of the Class A-1 Notes upon the
terms and conditions contained in this Agreement and the US Dollar
Note Registrar hereby accepts that appointment; and
(b) (EURO NOTE REGISTRAR): the Euro Note Registrar as its initial note
registrar in respect of the Class A-3 Notes upon the terms and
conditions contained in this Agreement and the Euro Note Registrar
hereby accepts that appointment.
5.2 OFFERED NOTE REGISTERS TO BE KEPT
The US Dollar Note Registrar must, in respect of the Class A-1 Notes, keep
a register, at one of its Specified Offices, and the Euro Note Registrar
must, in respect of the Class A-3 Notes, keep a register, at its Specified
Office, in which, subject to such reasonable regulations as the applicable
Offered Note Registrar may prescribe, that Offered Note Registrar must
keep a full and complete record of:
(a) (OFFERED NOTEHOLDER DETAILS): the name, address and, where
applicable, taxation, social security or other identifying number of
each Offered Noteholder, the details of the Offered Notes held by
that Offered Noteholder and the details of the account to which any
payments due to the Offered Noteholder are to be made in each case as
notified by that Offered Noteholder from time to time;
(b) (EXCHANGE ETC. OF OFFERED NOTES): the issue and any exchange,
transfer, replacement, redemption (in whole or part) or cancellation
of an Offered Note;
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(c) (PAYMENTS): all payments made in respect of the Offered Notes (as
notified to it by each Paying Agent pursuant to clause 3.14(a));
(d) (PRINCIPAL): the Invested Amount and the Stated Amount of each
Offered Note from time to time (as notified to it by the Manager
pursuant to clause 7.1); and
(e) (OTHER INFORMATION): such other information as the Manager reasonably
requires or the applicable Offered Note Registrar considers
appropriate or desirable.
5.3 TRANSFER OR EXCHANGE OF OFFERED NOTES
Offered Notes held by an Offered Noteholder may be transferred or may be
exchanged for other Offered Notes of the same class in any authorised
denominations and a like Invested Amount, provided in each case that the
requirements of Section 8-401(a) of the UCC are met, by that Offered
Noteholder upon:
(a) (SURRENDER AND INSTRUMENT OF TRANSFER OR EXCHANGE): the surrender of
the Offered Notes to be transferred or exchanged duly endorsed with,
or accompanied by, a written instrument of transfer or exchange in
the form, in the case of a transfer, annexed to the Offered Notes or
otherwise in a form satisfactory to the applicable Offered Note
Registrar duly executed by the Offered Noteholder, or its attorney
duly authorised in writing, with such signature guaranteed by an
"eligible guarantor institution" meeting the requirements of that
Offered Note Registrar which requirements include membership of, or
participation in, STAMP or such other "signature guarantee program"
as may be determined by that Offered Note Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Exchange
Act; and
(b) (OTHER DOCUMENTS): the provision of such other documents as that
Offered Note Registrar may reasonably require,
to the applicable Offered Note Registrar at a Specified Office of that
Offered Note Registrar.
5.4 REPLACEMENT OF LOST OR XXXXXXXXX OFFERED NOTES
If any Offered Note is lost, stolen, mutilated, defaced or destroyed it
may, provided that the requirements of Section 8-405 of the UCC are met,
be replaced with other Offered Notes of the same class in any authorised
denominations, and a like Invested Amount, upon surrender to the
applicable Offered Note Registrar of the Offered Notes to be replaced
(where the Offered Notes have been mutilated or defaced) at a Specified
Office of that Offered Note Registrar, the provision of such evidence and
indemnities as that Offered Note Registrar or the Issuer may reasonably
require and payment of that Offered Note Registrar's and the Issuer's
expenses incurred, and any tax or governmental charge that may be imposed,
in connection with such replacement.
5.5 OBLIGATIONS UPON TRANSFER, EXCHANGE OR REPLACEMENT OF OFFERED NOTES
Subject to this Deed, upon compliance by the relevant Offered Noteholder
with the provisions of clauses 5.3 or 5.4, as applicable, in relation to
the transfer, exchange or replacement of any Offered Notes:
(a) (ADVISE ISSUER): the applicable Offered Note Registrar must within 3
Business Days so advise the Issuer and the Offered Note Trustee (if
it is not the Offered Note Registrar) in writing and provide details
of the new Offered Notes to be issued in place of those Offered
Notes;
(b) (EXECUTION AND AUTHENTICATION): the Issuer must, within 3 Business
Days of such advice, execute and deliver to the Offered Note Trustee
for authentication in the
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name of the relevant Offered Noteholder or the designated transferee
or transferees, as the case may be, one or more new Offered Notes of
the same class in any authorised denominations, and a like Invested
Amount as those Offered Notes (in each case as specified by the
applicable Offered Note Registrar) and the Offered Note Trustee must
within 3 Business Days of receipt of such executed Offered Notes
authenticate them and (if it is not that Offered Note Registrar)
deliver those Offered Notes to that Offered Note Registrar; and
(c) (DELIVERY TO OFFERED NOTEHOLDER): the applicable Offered Note
Registrar must, within 3 Business Days of receipt of such new Offered
Notes (or authentication of such Offered Notes if that Offered Note
Registrar is the Offered Note Trustee), forward to the relevant
Offered Noteholder (being the transferee in the case of a transfer of
an Offered Note) such new Offered Notes.
5.6 NO CHARGE FOR TRANSFER OR EXCHANGE
No service charge may be made to an Offered Noteholder for any transfer or
exchange of Offered Notes, but the applicable Offered Note Registrar may
require payment by the Offered Noteholder of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with
any transfer or exchange of Offered Notes.
5.7 RESTRICTED PERIOD
Notwithstanding the preceding provisions of this clause 5, an Offered Note
Registrar need not register transfers or exchanges of Offered Notes, and
the Issuer is not required to execute nor the Offered Note Trustee to
authenticate any Offered Notes, for a period of 30 days preceding the due
date for any payment with respect to the Offered Notes or for such period,
not exceeding 30 days, as is specified by the Offered Note Trustee prior
to any meeting of Relevant Investors, which includes Offered Noteholders,
under the Master Trust Deed or prior to any meeting of Voting Secured
Creditors, which includes Offered Noteholders, under the Security Trust
Deed.
5.8 CANCELLATION OF OFFERED NOTES
Each Offered Note Registrar must cancel or destroy all Offered Notes that
have been surrendered to it for transfer, exchange or replacement
(including any Offered Book Entry Notes surrendered pursuant to clause
3.4(b) of the Offered Note Trust Deed) or surrendered to a Paying Agent
for redemption and delivered to that Offered Note Registrar and must, upon
request, provide a certificate to the Issuer, the Offered Note Trustee or
the Manager with the details of all such Offered Notes.
5.9 PROVISION OF INFORMATION AND INSPECTION OF REGISTERS
Each Offered Note Registrar must:
(a) (INFORMATION): provide to the Issuer, the Manager, the Offered Note
Trustee and each other Agent such information as is contained in the
Offered Note Register maintained by it and is required by them in
order to perform any obligation pursuant to a Transaction Documents;
(b) (INSPECTION): make the Offered Note Register maintained by it:
(i) available for inspection or copying by the Issuer, the Manager,
the Offered Note Trustee and each other Agent or their agents or
delegates; and
(ii) available for inspection by each applicable Offered Noteholder
but only in respect of information relating to that Offered
Noteholder,
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at one of that Offered Note Registrar's Specified Offices during local
business hours.
5.10 CORRECTNESS OF REGISTER AND INFORMATION
The Issuer, the Offered Note Trustee, the Manager and each Agent (other
than each Offered Note Registrar) may accept the correctness of an Offered
Note Register and any information provided to it by an Offered Note
Registrar and is not required to enquire into its authenticity. None of
the Issuer, the Offered Note Trustee, the Manager or any Agent (including
each Offered Note Registrar) is liable for any mistake in an Offered Note
Register or in any purported copy except to the extent that the mistake is
attributable to its own fraud, negligence or wilful default.
5.11 NON-RECOGNITION OF EQUITABLE INTERESTS
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 an Offered Note Register and except as
otherwise provided in any Transaction Document, or required by Statute or
ordered by a court of competent jurisdiction, none of the Offered Note
Registrars, the Offered Note Trustee, the Issuer, the Manager or any other
Agent is to be affected by or compelled to recognise (even when having
notice of it) any right or interest in any Offered Notes other than the
registered Offered Noteholder's absolute right to the entirety of them and
the receipt of a registered Offered Noteholder is a good discharge to the
Issuer, the Manager, the Offered Note Trustee and each Agent.
5.12 RECTIFICATION OF AN OFFERED NOTE REGISTER
If:
(a) (ENTRY OMITTED): an entry is omitted from an Offered Note Register;
(b) (ENTRY MADE OTHERWISE THAN IN ACCORDANCE WITH THIS DEED): an entry is
made in an Offered Note Register otherwise than in accordance with
this Agreement;
(c) (WRONG ENTRY EXISTS): an entry wrongly exists in an Offered Note
Registrar;
(d) (ERROR OR DEFECT EXISTS IN REGISTER); there is an error or defect in
any entry in an Offered Note Register; or
(e) (DEFAULT MADE): default is made or unnecessary delay takes place in
entering in an Offered Note Register that any person has ceased to be
the holder of Offered Notes,
then the applicable Offered Note Registrar may rectify the same.
6. OFFERED NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS
6.1 FOLLOWING ENFORCEMENT OF THE CHARGE OR ISSUE OF DEFINITIVE NOTES
At any time after either an Event of Default (unless waived by the
Security Trustee pursuant to clause 9.5 of the Security Trust Deed) or the
enforcement of the Charge or at any time after Offered Definitive Notes
have not been issued when required in accordance with the Offered Note
Trust Deed, the Offered Note Trustee may:
(a) (REQUIRE AGENTS): by notice in writing to the Issuer, the Manager,
and each Agent require any one or more of the Agents either:
(i) A. to act as the Agent of the Offered Note Trustee on the
terms and conditions of this Agreement in relation to
payments to be made by or on behalf of the Offered Note
Trustee under
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the terms of the Offered Note Trust Deed, except that the
Offered Note Trustee's liability under any provision of
this Agreement for the indemnification of the Principal
Paying Agent, the Paying Agents and the Agent Bank will be
limited to any amount for the time being held by the
Offered Note Trustee on the trust of the Offered Note Trust
Deed and which is available to be applied by the Offered
Note Trustee for that purpose; and
B. hold all Offered Notes, and all amounts, documents and
records held by them in respect of the Offered Notes, on
behalf of the Offered Note Trustee; or
(ii) to deliver up all Offered Notes and all amounts, documents and
records held by them in respect of the Offered Notes, to the
Offered Note Trustee or as the Offered Note Trustee directs in
that notice, other than any documents or records which an Agent
is obliged not to release by any law; and
(b) (REQUIRE ISSUER): by notice in writing to the Issuer require it to
make (or arrange to be made) all subsequent payments in respect of
the Offered Notes to the order of the Offered Note Trustee and not to
the Principal Paying Agent and, with effect from the issue of that
notice to the Issuer and until that notice is withdrawn, clause
6.1(b) of the Offered Note Trust Deed will not apply.
6.2 GOOD DISCHARGE TO ISSUER
The payment by or on behalf of the Issuer of its payment obligations on
each Quarterly Distribution Date under the Series Supplement and the
Offered Note Conditions to the Offered Note Trustee in accordance with
clause 6.1 is a good discharge to the Issuer and the Issuer will not be
liable for any act or omission or default of the Offered Note Trustee
during the period it is required to make payments to the Offered Note
Trustee under clause 6.1.
6.3 CHANGE OF AUTHORISED OFFICERS
The Offered Note Trustee will forthwith give notice to the Manager, the
Issuer, the Security Trustee and each Agent of any change in the
Authorised Officers of the Offered Note Trustee.
7. REDEMPTION OF OFFERED NOTES
7.1 PART REDEMPTION OF OFFERED NOTES ON QUARTERLY DISTRIBUTION DATES
(a) (MANAGER TO MAKE DETERMINATIONS ETC): Two Business Days prior to each
Quarterly Distribution Date, the Manager will make the determinations
referred to in Condition 7.11(a) of the Offered Note Conditions in
relation to that Quarterly Distribution Date and will give to the
Issuer, the Offered Note Trustee, the Principal Paying Agent, the
Agent Bank, each Offered Note Registrar and the Irish Stock Exchange
the notifications, and will cause to be made to the Noteholders of
the Offered Notes the publication, required by Condition 7.11(b) of
the Offered Note Conditions. If the Manager does not at any time for
any reason make the determinations referred to in Condition 7.11(a)
of the Offered Note Conditions it must forthwith advise the Offered
Note Trustee and the Agent Bank and such determinations must be made
by the Agent Bank, or failing the Agent Bank, by the Offered Note
Trustee in accordance with such Condition 7.11(c) of the Offered Note
Conditions (but based on the information in its possession) and each
such determination will be deemed to have been made by the Manager.
15
(b) (NOTIFY EACH DEPOSITORY): If any Offered Notes are outstanding, on
receipt of a notification under Condition 7.11(b) of the Offered Note
Conditions, the Principal Paying Agent must notify each Depository of
any proposed redemption in accordance with that Depository's
applicable procedures, specifying the principal amount of each
Offered Note to be redeemed and the date on which the redemption is
to occur and must provide a copy to each Depository of the
notification received under Condition 7.11(b) of the Offered Note
Conditions.
7.2 EARLY REDEMPTION
(a) (NOTICE TO PAYING AGENT ETC): If the Issuer intends to redeem all
(but not some only) of the Offered Notes prior to the Scheduled
Maturity Date (as defined in the Offered Note Conditions) pursuant to
Conditions 7.3 or 7.4 of the Offered Note Conditions, the Manager
will direct the Issuer to give the requisite notice to the Sellers,
the Offered Note Trustee, the Principal Paying Agent, each Offered
Note Registrar, the Agent Bank and the Offered Noteholders in
accordance with Conditions 7.3 or 7.4 (as the case may be) of the
Offered Note Conditions and stating the date on which such Offered
Notes are to be redeemed.
(b) (NOTICE TO EACH DEPOSITORY): The Principal Paying Agent will, on
receipt of a notice under clause 7.2(a), and if any Offered Book
Entry Notes are outstanding, notify each Depository of the proposed
redemption in accordance with that Depository's applicable
procedures, specifying the Invested Amount and Stated Amount of each
Offered Book-Entry Note to be redeemed, the amount of principal to be
repaid in relation to each Offered Book-Entry Note and the date on
which the Offered Book-Entry Notes are to be redeemed.
8. GENERAL AGENT MATTERS
8.1 NOTICES TO OFFERED NOTEHOLDERS
(a) (NOTICES TO BE GIVEN BY OFFERED NOTE REGISTRARS): At the request of
the Issuer, the Offered Note Trustee, the Manager, the Security
Trustee or any other Agent, and at the expense of the Issuer, each
Offered Note Registrar will arrange for the delivery of all notices
and the Quarterly Servicing Report to the applicable Offered
Noteholders in accordance with the Offered Note Conditions.
(b) (COPY TO OFFERED NOTE TRUSTEE): Each Offered Note Registrar will
promptly send to the Offered Note Trustee one copy of the form of
every notice given to the applicable Offered Noteholders in
accordance with the Offered Note Conditions (unless such notice is
given at the request of the Offered Note Trustee).
An Offered Note Registrar will not be responsible for, or liable to any
person in respect of, the contents of any notices or reports delivered by
it at the request of the Issuer, the Offered Note Trustee, the Manager,
the Security Trustee or any other Agent pursuant to this clause 8.1.
8.2 COPIES OF DOCUMENTS FOR INSPECTION
The Manager will provide to:
(a) (OFFERED NOTE REGISTRAR): each Offered Note Registrar sufficient
copies of all documents required by the Offered Note Conditions or
the Offered Note Trust Deed to be available to the applicable Offered
Noteholders; and
(b) (OFFERED NOTE IRISH PAYING AGENT): the Offered Note Irish Paying
Agent, the Class A-2 Irish Paying Agent and the Class A-4 Irish
Paying Agent, copies of all documents required by the listing rules
of the Irish Stock Exchange to be available
16
to the applicable Offered Noteholders, Class A-2 Noteholders or Class
A-4 Noteholders,
for issue or inspection.
8.3 NOTICE OF ANY WITHHOLDING OR DEDUCTION
If the Issuer or any Paying Agent is, in respect of any payment in respect
of the Offered Notes, compelled to withhold or deduct any amount for or on
account of any taxes, duties or charges as contemplated by Condition 8.4
of the Offered Note Conditions, the Issuer must give notice to the
Principal Paying Agent, the Offered Note Trustee and the Offered
Noteholders in accordance with Condition 11.1 of the Offered Note
Conditions immediately after becoming aware of the requirement to make the
withholding or deduction and must give to the Principal Paying Agent and
the Offered Note Trustee such information as they require to enable each
of them to comply with the requirement.
8.4 INFORMATION AND FORMS
The Issuer and the Manager each severally covenants in favour of each
Agent that it will, following a request by an Agent, provide to that
Agent, as that Agent may reasonably require to enable it to perform its
duties and functions under this Agreement, such information, forms and
other documents that are in the possession of the Issuer or the Manager,
as the case may be, or which it is otherwise entitled to obtain from any
person.
8.5 EUROPEAN UNION TAX DIRECTIVE
(a) The obligations of each Paying Agent which is domiciled in a Member
State of the European Union under this agreement are subject to:
(i) the provisions of the European Union Tax Directive; and
(ii) the "beneficial owner" (as defined in the European Union Tax
Directive) providing to that Paying Agent such information and
documents (if any) required by that Paying Agent in order for
it to comply with the European Union Tax Directive.
(b) The Trustee authorises each Paying Agent to make any disclosures
mandatorily required by the European Union Tax Directive to be made
to the competent authority of the Member State of the European Union
of that Paying Agent.
9. INDEMNITY
9.1 INDEMNITY BY ISSUER
Subject to clause 15, the Issuer undertakes to indemnify each Note Agent
and its directors, officers, employees and controlling persons against all
losses, liabilities, costs, claims, actions, damages, expenses or demands
which any of them may incur or which may be made against any of them as a
result of or in connection with the appointment of or the exercise of the
powers and duties by the Note Agent under this Agreement except as may
result from its fraud, negligence or wilful default or that of its
directors, officers, employees or controlling persons or any of them, or
breach by it of the terms of this Agreement and notwithstanding the
resignation or removal of that Note Agent pursuant to clause 10.
9.2 INDEMNITY BY NOTE AGENT
Each Note Agent undertakes to indemnify on a several basis the Issuer, the
Manager and each of their respective directors, officers, employees and
controlling persons against all losses, liabilities, costs, claims,
actions, damages, expenses or demands which any of them may incur
17
or which may be made against any of them as a result of (but not including
any consequential, indirect, punitive or special damages to the extent
resulting from) its wilful default, negligence or fraud or that of its
directors, officers, employees or controlling persons or any of them, or
breach by it of the terms of this Agreement.
10. CHANGES IN AGENTS
10.1 APPOINTMENT AND REMOVAL
The Issuer (on the direction of the Manager) may with the prior written
approval of the Offered Note Trustee (which approval must not be
unreasonably withheld or delayed):
(a) (APPOINT NEW AGENTS): appoint:
(i) additional or alternative Paying Agents (other than the
Principal Paying Agent); or
(ii) an alternative Agent Bank, Offered Note Registrar or Principal
Paying Agent; and
(b) (TERMINATE APPOINTMENT OF AGENTS): subject to this clause 10,
terminate the appointment of any Agent by giving written notice to
that effect to the Agent whose appointment is to be terminated copied
to each Rating Agency, the Offered Note Trustee and (if it is not the
Agent whose appointment is to be terminated) the Principal Paying
Agent:
(i) with effect immediately on the giving of that notice, if any of
the following occurs in relation to the Agent (as the case may
be):
A. an Insolvency Event;
B. it ceases to conduct business or proposes to cease conduct
of its business or a substantial part of that business; or
C. it fails to remedy within five Business Days after prior
written notice by the Issuer or Manager any material
breach of this Agreement on the part of the Agent (as the
case may be); and
(ii) otherwise, with effect on a date not less than 60 days' from
that notice (which date must be not less than 30 days before
any due date for payment on any Offered Notes).
10.2 RESIGNATION
Subject to this clause 10, an Agent may resign its appointment under this
Agreement at any time by giving to the Issuer, the Manager, each Rating
Agency and (where the Agent resigning is not the Principal Paying Agent)
the Principal Paying Agent not less than 90 days' written notice to that
effect (which notice must expire not less than 30 days before, any due
date for payment on any Offered Notes).
10.3 LIMITATION OF APPOINTMENT AND TERMINATION
Notwithstanding clauses 10.1 and 10.2:
(a) (PRINCIPAL PAYING AGENT AND OFFERED NOTE REGISTRARS): the resignation
by, or the termination of, the appointment of the Principal Paying
Agent or an Offered Note Registrar will not take effect until a new
Principal Paying Agent or Offered Note Registrar, as the case may be,
approved in writing by the Offered Note Trustee has been appointed on
terms previously approved in writing by the Offered Note
18
Trustee (in each case, the approval not to be unreasonably withheld
or delayed) and with, in the case of the US Dollar Note Registrar,
Specified Offices in each of New York and London, and in the case of
the Euro Note Registrar, a Specified Office in London;
(b) (APPOINTMENT BY RETIRING AGENT): if any Agent resigns in accordance
with clause 10.2 but, by the day falling 15 days before the expiry of
any notice under clause 10.2 the Issuer has not appointed a new
Agent, then the relevant Agent may appoint in its place any reputable
bank or trust company of good standing approved in writing by the
Offered Note Trustee and appointed on terms previously approved in
writing by the Offered Note Trustee (in each case, the approval not
to be unreasonably withheld or delayed);
(c) (SPECIFIED OFFICE OF PAYING AGENT IN NEW YORK AND LONDON): the
resignation by, or the termination of the appointment of, any Paying
Agent will not take effect if, as a result of the resignation or
termination, there would not be a Paying Agent which has a Specified
Office in New York City or there would not be a Paying Agent which
has a Specified Office in London;
(d) (OFFICE OF PAYING AGENT IN THE REPUBLIC OF IRELAND): so long as the
Offered Notes are listed on the Daily Official List of the Irish
Stock Exchange and the listing rules of the Irish Stock Exchange
require the appointment of a paying agent which has an office in the
Republic of Ireland as a condition of such listing, the resignation
by, or the termination of the appointment of, the Offered Note Irish
Paying Agent will not take effect if, as a result of the resignation
or termination, there would not be a Paying Agent which has an
specified office in the Republic of Ireland;
(e) (SPECIFIED OFFICE OF AGENT BANK): the resignation by, or the
termination of the appointment of the Agent Bank will not take effect
until a new Agent Bank having its Specified Office in London or New
York has been appointed; and
(f) (TERMS OF APPOINTMENT OF ADDITIONAL PAYING AGENTS): the appointment
of any additional Paying Agent will be on the terms and the
conditions of this Agreement and each of the parties to this
Agreement must co-operate fully to do all further acts and things and
execute any further documents as may be necessary or desirable to
give effect to the appointment of the Paying Agent (which will not,
except in the case of an appointment under clause 10.1(a) or a
termination under clause 10.1(b)(ii), be at the cost of the Issuer or
Manager).
10.4 PAYMENT OF AMOUNTS HELD BY THE PAYING AGENT
If the appointment of a Paying Agent is terminated, that Paying Agent
must, on the date on which that termination takes effect, pay to the
successor Paying Agent any amount held by it for payment of principal or
interest in respect of any Offered Note and must deliver to the successor
Paying Agent all records maintained by it and all documents (including any
Offered Notes) held by it pursuant to this Agreement.
10.5 RECORDS HELD BY AN OFFERED NOTE REGISTRAR
If the appointment of an Offered Note Registrar is terminated, that
Offered Note Registrar must, on the date on which that termination takes
effect, deliver to its successor Offered Note Registrar the applicable
Offered Note Register and all records maintained by it and all documents
(including any applicable Offered Notes) held by it pursuant to this
Agreement.
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10.6 SUCCESSOR TO PRINCIPAL PAYING AGENT, PAYING AGENT, AGENT BANK OR AN
OFFERED NOTE REGISTRAR
(a) (APPOINTMENT AND RELEASE): On the execution by the Issuer, the
Manager and any successor Principal Paying Agent, Paying Agent, Agent
Bank or Offered Note Registrar of an instrument effecting the
appointment of that successor Principal Paying Agent, Paying Agent,
Agent Bank or Offered Note Registrar that successor Principal Paying
Agent, Paying Agent, Agent Bank or Offered Note Registrar, as the
case may be, will, without any further act, deed or conveyance,
become vested with all the authority, rights, powers, trusts,
immunities, duties and obligations of its predecessor as if
originally named as Principal Paying Agent, Paying Agent, Agent Bank
or Offered Note Registrar, as the case may be, in this Agreement and
that predecessor, on payment to it of the pro rata proportion of its
administration fee and disbursements then unpaid (if any), will have
no further liabilities under this Agreement, except for any accrued
liabilities arising from or relating to any act or omission occurring
prior to the date on which the successor Principal Paying Agent,
Paying Agent, Agent Bank or Offered Note Registrar was appointed.
(b) (MERGER): Any corporation:
(i) into which the Principal Paying Agent, a Paying Agent, the
Agent Bank or an Offered Note Registrar is merged;
(ii) with which the Principal Paying Agent, a Paying Agent, the
Agent Bank or an Offered Note Registrar is consolidated;
(iii) resulting from any merger or consolidation to which the
Principal Paying Agent, a Paying Agent, the Agent Bank or an
Offered Note Registrar is a party; or
(iv) to which the Principal Paying Agent, a Paying Agent, the Agent
Bank or an Offered Note Registrar sells or otherwise transfers
all or substantially all the assets of its corporate trust
business,
must, on the date when that merger, conversion, consolidation, sale
or transfer becomes effective and to the extent permitted by
applicable law, become the successor Principal Paying Agent, Paying
Agent, Agent Bank or applicable Offered Note Registrar, as the case
may be, under this Agreement without the execution or filing of any
agreement or document or any further act on the part of the parties
to this Agreement, unless otherwise required by the Issuer or the
Manager, and after that effective date all references in this
Agreement to the Principal Paying Agent, Paying Agent, Agent Bank, US
Dollar Note Registrar or Euro Note Registrar, as the case may be,
will be references to that corporation.
10.7 NOTICE TO OFFERED NOTEHOLDERS
The Manager on behalf of the Issuer will, within 5 days of:
(a) (TERMINATION): the termination of the appointment of any Agent;
(b) (RESIGNATION): the resignation of any Agent; or
(c) (APPOINTMENT): the appointment of a new Agent,
give to the Offered Noteholders notice of the termination, appointment or
resignation in accordance with Condition 11.1 of the Offered Note
Conditions (in the case of a termination under clause 10.1(b)(i) or 10.2
at the cost of the outgoing Agent). Notwithstanding clauses 10.1 and 10.2,
neither the termination of the appointment of an Agent, nor the
20
resignation of an Agent, will take effect until notice thereof is given to
the Offered Noteholders in accordance with this clause 10.7.
10.8 CHANGE IN SPECIFIED OFFICE
(a) (AGENTS CHANGE): If any Agent proposes to change its Specified Office
(which must be within the same city as its previous Specified
Office), it must give to the Issuer the Manager, the Offered Note
Trustee and the other Agents not less than 30 days' prior written
notice of that change, giving the address of the new Specified Office
and stating the date on which the change is to take effect. No change
of a Specified Office may occur in the period 30 days before any due
date for payment on any Offered Notes.
(b) (NOTICE TO OFFERED NOTEHOLDERS): The Manager must, within 14 days of
receipt of a notice under clause 10.8(a) (unless the appointment is
to terminate pursuant to clause 10.1 or 10.2 on or prior to the date
of that change) give to the Offered Noteholders notice in accordance
with Condition 11.1 of the Offered Note Conditions of that change and
of the address of the new Specified Office, but the cost of giving
that notice must be borne by the Agent which is changing its
Specified Office and not by the Issuer or the Manager.
11. MISCELLANEOUS DUTIES AND PROTECTIONS
11.1 AGENTS ARE AGENTS OF THE ISSUER
(a) (AGENT OF THE SERIES TRUST): Subject to clause 6.1, each Agent is the
agent of the Issuer in its capacity as trustee of the Series Trust
only.
(b) (ISSUER NOT RESPONSIBLE FOR AGENTS): Notwithstanding any other
provision contained in this Agreement, any other Transaction Document
or at law, the Issuer in its personal capacity is not responsible for
any act or omission of any Agent.
11.2 AGENCY
Subject to any other provision of this Agreement, each Agent acts solely
for and as agent of the Issuer and does not have any obligations towards
or relationship of agency or trust with any person entitled to receive
payments of principal and/or interest on the Offered Notes and is
responsible only for the performance of the duties and obligations imposed
on it pursuant to clause 11.6.
11.3 RELIANCE
Each Agent is protected and will incur no liability for or in respect of
any action taken, omitted or suffered by it in reliance upon any
instruction, request or order from the Issuer or the Manager or in
reliance upon any Offered Note or upon any notice, resolution, direction,
consent, certificate, affidavit, statement or other paper or document
reasonably believed by it to be genuine and to have been delivered, signed
or sent by the proper party or parties.
11.4 ENTITLED TO DEAL
An Agent is not precluded from acquiring, holding or dealing in any
Offered Notes or from engaging or being interested in any contract or
other financial or other transaction with the Issuer or the Manager as
freely as if it were not an agent of the Issuer under this Agreement and
in no event whatsoever (other than fraud, wilful default or negligence)
will any Agent be liable to account to the Issuer or any person entitled
to receive amounts of principal or interest on the Offered Notes for any
profit made or fees or commissions received in connection with this
agreement or any Offered Notes.
21
11.5 CONSULTATION
Each Agent may, after 5 days' prior notice to the Issuer and the Manager,
consult as to legal matters with lawyers selected by it, who may be
employees of or lawyers to the Issuer, the Manager or the relevant Agent.
An Agent is not required to provide 5 days prior notice of the
consultation specified above if, in the reasonable opinion of that Agent,
to do so would be contrary to the performance by it of its obligations
under this Agreement, provided that such Agent must provide written notice
to the Issuer and the Manager as soon as practicable after that
consultation.
11.6 DUTIES AND OBLIGATIONS
Each Agent will perform the duties and obligations, and only the duties
and obligations, contained in or reasonably incidental to this Agreement
and the Offered Note Conditions and no implied duties or obligations
(other than general laws as to agency) will be read into this Agreement or
the Offered Note Conditions against any Agent. An Agent is not required to
take any action under this Agreement which would require it to incur any
expense or liability for which (in its reasonable opinion) either it would
not be reimbursed within a reasonable time or in respect of which it has
not been indemnified to its satisfaction.
11.7 INCOME TAX RETURNS
The Principal Paying Agent will deliver to each Offered Noteholder such
information as may be reasonably required to enable such Offered
Noteholder to prepare its federal and state income tax returns.
11.8 REPRESENTATION BY EACH AGENT
Each Agent represents and warrants that it is duly qualified to assume its
obligations under this Agreement and has obtained all necessary approvals
required to execute, deliver and perform its obligations under this
Agreement.
12. FEES AND EXPENSES
12.1 PAYMENT OF FEE
The Issuer will pay to each Note Agent during the period that any of the
Offered Notes or the Class A-2 Notes remain outstanding the administration
fee separately agreed by that Note Agent and the Issuer. If the
appointment of a Note Agent is terminated under this Agreement, the Note
Agent must refund to the Issuer that proportion of the fee (if any) which
relates to the period during which the Note Agent's appointment is
terminated.
12.2 PAYMENT OF EXPENSES
The Issuer must pay or reimburse to each Note Agent all reasonable costs,
expenses, charges, stamp duties and other Taxes and liabilities properly
incurred by that Note Agent in the performance of the obligations of that
Note Agent under this Agreement including, without limitation, all costs
and expenses (including legal costs and expenses) incurred by that Note
Agent in the enforcement of any obligations under this Agreement. Nothing
in this clause 12.2 entitles or permits a Note Agent to be reimbursed or
indemnified for general overhead costs and expenses (including, without
limitation, rents and any amounts payable by that Note Agent to its
employees in connection with their employment) incurred directly or
indirectly in connection with the business activities of that Note Agent
or in the exercise of its rights, powers and discretions or the
performance of its duties and obligations under this Agreement.
22
12.3 NO OTHER FEES
Except as provided in clauses 12.1 and 12.2, or as expressly provided
elsewhere in this Agreement, neither the Issuer nor the Manager has any
liability in respect of any fees or expenses of any Note Agent in
connection with this Agreement.
12.4 PAYMENT OF FEES
The above fees, payments and expenses will be paid in United States
dollars. The Issuer will in addition pay any value added tax which may be
applicable. The Principal Paying Agent will arrange for payment of
commissions to the other Paying Agents and arrange for the reimbursement
of their expenses promptly upon demand, supported by evidence of that
expenditure, and provided that payment is made as required by clause 12.1
the Issuer will not be concerned with or liable in respect of that
payment.
12.5 NO COMMISSION
Subject to this clause 12, no Paying Agent may charge any commission or
fee in relation to any payment by it under this Agreement.
12.6 FEES ARE EXPENSES OF THE SERIES TRUST
Notwithstanding any other provision of this Agreement, the fees referred
to in clause 12.1 (including any value added tax on such fees) and amounts
payable by the Issuer under clause 12.2 are an Expense of the Series Trust
and will be paid in accordance with the Series Supplement.
12.7 TIMING OF PAYMENTS
All payments by the Issuer to a Note Agent under this clause 12 are
payable on the first Quarterly Distribution Date following demand by that
Note Agent from funds available for this purpose in accordance with the
Series Supplement.
13. NOTICES
13.1 METHOD OF DELIVERY
Subject to clause 13.4, any notice, request, certificate, approval,
demand, consent or other communication to be given under this Agreement
(other than notices to the Offered Noteholders) must:
(a) (IN WRITING AND SIGNED BY AN AUTHORISED OFFICER): except in the case
of communication by email, be in writing and signed by an Authorised
Officer of the party giving the same; and
(b) (DELIVERY): be:
(i) left at the address of the addressee;
(ii) sent by prepaid ordinary post to the address of the addressee;
(iii) sent by facsimile to the facsimile number of the addressee; and
(iv) sent by email by an Authorised Officer of the party giving the
same in accordance with the addressee's email address,
as notified by that addressee from time to time to the other parties
to this Agreement as its address for service pursuant to this
Agreement.
23
13.2 DEEMED RECEIPT
A notice, request, certificate, demand, consent or other communication
under this Agreement is deemed to have been received:
(a) (DELIVERY): where delivered in person, upon receipt;
(b) (POST): where sent by post, on the 3rd (7th if outside Australia) day
after posting;
(c) (FAX): where sent by facsimile, on production by the dispatching
facsimile machine of a transmission report which indicates that the
facsimile was sent in its entirety to the facsimile number of the
recipient; and
(d) (EMAIL): where sent by email, on the date the email is received.
However, if the time of deemed receipt of any notice is not before 5.30 pm
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.
13.3 EMAIL
A notice, request, certificate, approval, demand, consent or other
communication to be given under this Agreement may only be given by email
where the recipient has separately agreed that that communication or
communications of that type, may be given by email.
13.4 COMMUNICATIONS THROUGH PRINCIPAL PAYING AGENT
All communications relating to this Agreement between the Issuer and the
Agent Bank and any of the other Paying Agents or between the Paying Agents
themselves will, except as otherwise provided in this Agreement, be made
through the Principal Paying Agent.
14. APPOINTMENT OF CLASS A-2 IRISH PAYING AGENT AND CLASS A-4 IRISH PAYING
AGENT
14.1 APPOINTMENT
The Issuer, at the direction of the Manager, hereby appoints the Class A-2
Irish Paying Agent as the initial paying agent in relation to the Class
A-2 Notes and the Class A-4 Irish Paying Agent as the initial paying agent
in relation to the Class A-4 Notes. The appointment is made to fulfil the
requirement under the listing rules of the Irish Stock Exchange as a
condition of listing the Class A-2 Notes and Class A-4 Notes on the Daily
Official List of the Irish Stock Exchange. The Class A-2 Irish Paying
Agent and Class A-4 Irish Paying Agent will have only such duties,
obligations and responsibilities as may from time to time be agreed in
writing between the Issuer, the Manager, the Class A-2 Irish Paying Agent
and the Class A-4 Irish Paying Agent and will have no other duties,
obligations or responsibilities under this Agreement other than as
provided in this clause 14 and clause 9.2. The Class A-2 Irish Paying
Agent and the Class A-4 Irish Paying Agent hereby accepts its appointment
and agrees that during the term of its appointment it will maintain an
office in the Republic of Ireland. A reference to an Agent in clauses 8.4,
11.4 and 11.5, and to a Paying Agent in clause 10.6, includes a reference
to the Class A-2 Irish Paying Agent and the Class A-4 Irish Paying Agent.
14.2 RESIGNATION AND TERMINATION
The Issuer, at the direction of the Manager, may terminate the appointment
of the Class A-2 Irish Paying Agent and the Class A-4 Irish Paying Agent
under this Agreement at any time by giving written notice to the Class A-2
Irish Paying Agent and the Class A-4 Irish Paying Agent (copied to the
Manager) to that effect. The Class A-2 Irish Paying Agent and the Class
A-4 Irish Paying Agent may resign its appointment under this Agreement at
any time by giving to
24
the Issuer and the Manager not less than 90 days' written notice to that
effect. The termination of the appointment or the retirement of the Class
A-2 Irish Paying Agent and the Class A-4 Irish Paying Agent will not have
any effect until a replacement agent is appointed with an office in the
Republic of Ireland for so long as the listing rules of the Irish Stock
Exchange require such a paying agent as a condition of listing the Class
A-2 Notes and the Class A-4 Notes on the Daily Official List of the Irish
Stock Exchange.
15. ISSUER'S LIMITATION OF LIABILITY
15.1 LIMITATION ON ISSUER'S LIABILITY
The Issuer enters into this Agreement only in its capacity as trustee of
the Series Trust and in no other capacity. A liability incurred by the
Issuer acting in its capacity as trustee of the Series Trust arising under
or in connection with this Agreement is limited to and can be enforced
against the Issuer only to the extent to which it can be satisfied out of
the Assets of the Series Trust out of which the Issuer is actually
indemnified for the liability. This limitation of the Issuer's liability
applies despite any other provision of this Agreement (other than clause
15.3) and extends to all liabilities and obligations of the Issuer in any
way connected with any representation, warranty, conduct, omission,
agreement or transaction related to this Agreement.
15.2 CLAIMS AGAINST ISSUER
The parties other than the Issuer may not sue the Issuer in respect of any
liabilities incurred by the Issuer acting in its capacity as trustee of
the Series Trust in any capacity other than as trustee of the Series Trust
including seeking the appointment of a receiver (except in relation to the
Assets of the Series Trust) a liquidator, an administrator or any similar
person to the Issuer or prove in any liquidation, administration or
similar arrangements of or affecting the Issuer (except in relation to the
Assets of the Series Trust).
15.3 BREACH OF TRUST
The provisions of this clause 15 will not apply to any obligation or
liability of the Issuer to the extent that it is not satisfied because
under the Master Trust Deed, the Series Supplement or any other
Transaction Document or by operation of law there is a reduction in the
extent of the Issuer's indemnification out of the Assets of the Series
Trust as a result of the Issuer's fraud, negligence or wilful default.
15.4 ACTS OR OMISSIONS
It is acknowledged that the Relevant Parties are responsible under the
Transaction Documents for performing a variety of obligations relating to
the Series Trust. No act or omission of the Issuer (including any related
failure to satisfy its obligations or any breach of representations or
warranties under this Agreement) will be considered fraudulent, negligent
or a wilful default for the purposes of clause 15.3 to the extent to which
the act or omission was caused or contributed to by any failure by any
Relevant Party or any other person appointed by the Issuer under any
Transaction Document (other than a person whose acts or omissions the
Issuer is liable for in accordance with any Transaction Document) to
fulfil its obligations relating to the Series Trust or by any other act or
omission of a Relevant Party or any other such person.
15.5 NO AUTHORITY
No Agent appointed in accordance with this Agreement has authority to act
on behalf of the Issuer in a way which exposes the Issuer to any personal
liability and no act or omission of any such person will be considered
fraudulent, negligent or wilful default of the Issuer for the purposes of
clause 15.3.
25
15.6 NO OBLIGATION
The Issuer is not obliged to enter into any commitment or obligation under
or in relation to this Agreement or any Transaction Document (including
incur any further liability) unless the Issuer's liability is limited in a
manner which is consistent with this clause 15 or otherwise in a manner
satisfactory to the Issuer in its absolute discretion.
16. GENERAL
16.1 WAIVER
A failure to exercise or enforce or a delay in exercising or enforcing or
the partial exercise or enforcement of any right, remedy, power or
privilege under this Agreement by a party will not in any way preclude or
operate as a waiver of any further exercise or enforcement of such right,
remedy, power or privilege of the exercise or enforcement of any other
right, remedy, power or privilege under this Agreement or provided by law.
16.2 WRITTEN WAIVER, CONSENT AND APPROVAL
Any waiver, consent or approval given by a party under this Agreement will
only be effective and will only bind that party if it is given in writing,
or given verbally and subsequently confirmed in writing, and executed by
that party or on its behalf by two Authorised Officers of that party.
16.3 SEVERABILITY
Any provision of this Agreement which is illegal, void or unenforceable in
any jurisdiction is ineffective in such jurisdiction to the extent only of
such illegality, voidness or unenforceability without invalidating the
remaining provisions of this Agreement.
16.4 SURVIVAL OF INDEMNITIES
The indemnities contained in this Agreement are continuing, and survive
the termination of this Agreement.
16.5 ASSIGNMENTS
No party may assign or transfer any of its rights or obligations under
this Agreement without the prior written consent of the other parties and
confirmation from the Rating Agencies that such assignment will not lead
to a reduction, qualification or reduction of its then rating of the
Offered Notes.
16.6 SUCCESSORS AND ASSIGNS
This Agreement is binding upon and ensures to the benefit of the parties
to this Agreement and their respective successors and permitted assigns.
16.7 MORATORIUM LEGISLATION
To the fullest extent permitted by law, the provisions of all statutes
whether existing now or in the future operating directly or indirectly:
(a) (TO AFFECT OBLIGATIONS): to lessen or otherwise to vary or affect in
favour of any party any obligation under this Agreement; or
(b) (TO AFFECT RIGHTS): to delay or otherwise prevent or prejudicially
affect the exercise of any rights or remedies conferred on a party
under this Agreement,
26
are hereby expressly waived, negatived and excluded.
16.8 AMENDMENTS
The parties to this Agreement may only amend this Agreement in accordance
with clause 33.1(b) of the Series Supplement.
16.9 GOVERNING LAW
This Agreement is governed by and must be construed in accordance with the
laws of the Australian Capital Territory.
16.10 JURISDICTION
Each party irrevocably and unconditionally:
(a) (SUBMISSIONS TO JURISDICTION): submits to the non-exclusive
jurisdiction of the courts of the Australian Capital Territory;
(b) (WAIVER OF INCONVENIENT FORUM): waives any objection it may now or in
the future have to the bringing of proceedings in those courts and
any claim that any proceedings have been brought in an inconvenient
forum; and
(c) (SERVICE OF NOTICE): agrees, without preventing any other mode of
service permitted by law, that any document required to be served in
any proceedings may be served in the manner in which notices and
other written communications may be given under clause 13.
16.11 COUNTERPARTS
This Agreement may be executed in a number of counterparts and all such
counterparts taken together will constitute one and the same instrument.
16.12 LIMITATION OF OFFERED NOTE TRUSTEE'S LIABILITY
The Offered Note Trustee is a party to this Agreement in its capacity as
trustee of the Offered Note Trust. The liability of the Offered Note
Trustee under this Agreement is limited in the manner and to the same
extent as under the Offered Note Trust Deed.
16.13 CONTRA PROFERENTEM
Each provision of this Agreement will be interpreted without disadvantage
to the party who (or whose representative) drafted that provision.
16.14 KNOW YOUR CUSTOMER
Subject to any confidentiality, privacy or general trust law obligations
owed by The Bank of New York to Offered Noteholders or by Perpetual
Trustee Company Limited to Noteholders and any applicable confidentiality
or privacy laws, each party ("INFORMATION PROVIDER") agrees to provide any
information and documents reasonably required by another party for that
other party to comply with any applicable anti-money laundering or
counter-terrorism financing laws including, without limitation, any laws
imposing "know your customer" or other identification checks or procedures
on a party, but only to the extent that such information is in the
possession of, or otherwise readily available to, the Information
Provider. Any party may decline to perform any obligation under the
Transaction Documents to the extent that it forms the view, in its
reasonable opinion, that notwithstanding that it has taken all reasonable
steps to comply with such anti-money
27
laundering or counter-terrorism financing laws, it is required to decline
to perform those obligations under any such laws.
16.15 COMPLIANCE WITH REGULATION AB
Each party acting in a certain capacity under this Agreement acknowledges
and agrees with the Manager that to the extent that party agrees with the
Manager that it is "participating in the servicing function" in relation
to the Series Trust within the meaning of Item 1122 of Regulation AB,
clauses 16.31(b) and (d) of the Series Supplement will apply to this
Agreement as if references to "the Servicer" in those clauses were
references to the relevant party acting in that capacity and the
definition of "Subcontractor" in clause 1.1 of the Series Supplement will
be construed accordingly; provided that the Offered Note Trustee, the US
Dollar Note Registrar, the Principal Paying Agent, the Agent Bank, the
Paying Agent and the Euro Note Registrar shall only be required to make
reports required by the clause 16.31(d) of the Series Supplement in
respect of each of the servicing criteria listed in Item 1122(d) of
Regulation AB except for the criteria listed in items 1122(d)(i)-(v),
1122(2)(i), 1122(d)(2)(iii)-(vii), 1122(d)(3)(i) and 1122(d)(4)(i)-(xv).
28
EXECUTED as an agreement.
SIGNED for and on behalf of
PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 000 001 007
by -------------------------------------
its Attorney under a Power of Attorney Signature of Attorney
dated and who declares that he or she
has not received any notice of the
revocation of such Power of Attorney, in
the presence of:
---------------------------------------- -------------------------------------
Signature of Witness Name of Attorney in full
----------------------------------------
Name of Witness in full
SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES PTY
LIMITED ABN 88 064 133 946
by -------------------------------------
its Attorney under a Power of Attorney Signature of Attorney
dated and who declares that he or she
has not received any notice of the
revocation of such Power of Attorney, in
the presence of:
----------------------------------------
Signature of Witness
----------------------------------------
Name of Witness in full
1
SIGNED for THE BANK OF NEW YORK by its
Authorised Signatory:
-------------------------------------
Authorised Signatory
----------------------------------------
Signature of Witness
----------------------------------------
Name of Witness in full
SIGNED for THE BANK OF NEW YORK,
LONDON BRANCH by its
Authorised Signatory:
-------------------------------------
Authorised Signatory
----------------------------------------
Signature of Witness
----------------------------------------
Name of Witness in full
2
SIGNED for and on behalf of
DEUTSCHE INTERNATIONAL CORPORATE
SERVICES (IRELAND) LIMITED
by -------------------------------------
its Attorney under a Power of Attorney Signature of Attorney
dated and who declares that he or she
has not received any notice of the
revocation of such Power of Attorney, in
the presence of:
----------------------------------------
Signature of Witness
----------------------------------------
Name of Witness in full
3
