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                                                                   Exhibit 4.3

                                                 Very Final Draft: 27 March 2001
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P.T. Limited
ABN 67 004 454 666
Security Trustee

The Bank of New York, New York Branch
Class A-1 Note Trustee

Securitisation Advisory Services Pty. Limited
ABN 88 064 133 946
Manager

Perpetual Trustee Company Limited
ABN 42 000 001 007
Trustee

Series [     ] Medallion Trust
Security Trust Deed

                                    Lawyers
          Levels 23-35 No.1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                Our ref - 174/784/1697903 Contact - Ben Sandstad

            Sydney o Melbourne o Brisbane o Perth o Canberra o Darwin

      Liability is limited by the Solicitors Scheme under the Professional
                             Standards Act 1994 NSW

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Table of Contents

1.  Definitions and interpretation.............................................1

    1.1         Definitions....................................................1
    1.2         Series Supplement and Master Trust Deed Definitions............6
    1.3         Interpretation.................................................7
    1.4         Incorporation of Annexure......................................9
    1.5         Trustee's capacity.............................................9
    1.6         Determination of Outstanding Hedge Money.......................9
    1.7         Amounts Outstanding...........................................10
    1.8         Benefit of Covenants under this Deed..........................10
    1.9         Obligations Several...........................................10
    1.10        Incorporated Definitions and other Provisions.................10

2.  The Security Trust........................................................10

    2.1         Appointment of Security Trustee...............................10
    2.2         Declaration of Security Trust.................................10
    2.3         Duration of Security Trust....................................10
    2.4         Benefit of Security Trust.....................................10
    2.5         Interested Persons Bound......................................11
    2.6         Nature of Rights of Secured Creditors.........................11
    2.7         Shared Securities.............................................11

3.  Payment of Secured Moneys.................................................11

    3.1         Covenant in Favour of Security Trustee........................11
    3.2         Payments to Secured Creditors.................................11

4.  Charge....................................................................11

    4.1         The Charge....................................................11
    4.2         Floating Charge...............................................11
    4.3         Ranking of Charge.............................................11
    4.4         Crystallisation of Floating Charge............................11
    4.5         Consent to Dealings...........................................12
    4.6         Re-Conversion from Fixed into Floating Charge.................12
    4.7         Replacement of fixed charge over Charged Property.............12
    4.8         Subsequent dealing............................................12
    4.9         Limit and Prospective Liability Amount........................13

5.  Representations and warranties............................................13

    5.1         By the Trustee................................................13
    5.2         By the Manager................................................14
    5.3         By the Security Trustee.......................................15

6.  Trustee's and Manager's covenants.........................................16

    6.1         Covenants in respect of Charged Property......................16
    6.2         General Covenants.............................................16
    6.3         Dealing in Accordance with Master Trust Deed, the
                Series Supplement etc.........................................17
    6.4         Manager's Undertaking.........................................17

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7.  Events of Default.........................................................17

8.  Rights and obligations of the Security Trustee following Event of
    Default...................................................................19

    8.1         Notify Voting Secured Creditors and Convene Meeting of
                Voting Secured Creditors......................................19
    8.2         Extraordinary Resolutions.....................................19
    8.3         Security Trustee to Act in Accordance with Directions.........19
    8.4         Security Trustee Must Receive Indemnity.......................20
    8.5         Notice to Trustee.............................................20
    8.6         Manager convenes meeting......................................21
    8.7         Notice of Event of Default....................................21
    8.8         Notice of action to remedy Event of Default...................21

9.  Enforcement...............................................................21

    9.1         Power to Deal with and Protection of the Charged Property.....21
    9.2         Restrictions on Power to Enforce..............................21
    9.3         No Obligation to Enforce......................................22
    9.4         Limitation on Rights of Secured Creditors.....................22
    9.5         Immaterial Waivers............................................22
    9.6         Acceleration of Secured Moneys following Event of Default.....22

10. Receivers - appointment and powers........................................23

    10.1        Appointment of Receiver.......................................23
    10.2        Joint Receivers...............................................23
    10.3        Remuneration of Receiver......................................23
    10.4        Indemnification of Receiver...................................23
    10.5        Appointment over part.........................................23
    10.6        Powers of Receiver............................................23
    10.7        Indemnity.....................................................26

11. Powers and protections for Security Trustee and Receiver and
    power of attorney.........................................................26

    11.1        Security Trustee has Powers of Receiver.......................26
    11.2        Act Jointly...................................................26
    11.3        No Liability for Loss.........................................27
    11.4        No Liability to Account as Mortgagee in Possession............27
    11.5        No Conflict...................................................27
    11.6        Contract Involving Conflict of Duty...........................27
    11.7        Power of Attorney.............................................27
    11.8        Security Trustee May Make Good Default........................28
    11.9        Notice for Exercise of Powers.................................28
    11.10       Benefit for Receiver etc......................................29

12. Protection of persons dealing with Security Trustee or Receiver...........29

    12.1        No Enquiry....................................................29
    12.2        Receipts......................................................29

13. Application of moneys.....................................................29

    13.1        Priority of Payments..........................................29
    13.2        Moneys Received...............................................32
    13.3        Application of Moneys.........................................32
    13.4        Investment of Funds...........................................32
    13.5        Conversion into A$ of Class A-1 Notes denominated in US$......33

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    13.6        Application of Class A-1 Currency Swap Termination Proceeds...33
    13.7        Satisfaction of Debts.........................................33

14. Supplemental Security Trustee provisions..................................34

    14.1        Limitations on Powers and Duties of Security Trustee..........34
    14.2        Limitation on Security Trustee's Actions......................34
    14.3        Additional Powers, Protections, etc...........................34
    14.4        Limitation of Liability.......................................38
    14.5        Dealings with Trust...........................................39
    14.6        Discretion of Security Trustee as to Exercise of Powers.......39
    14.7        Delegation of Duties of Security Trustee......................40
    14.8        Related Body Corporate of the Security Trustee................40

15. Duties of the Security Trustee............................................40

    15.1        Duties of the Security Trustee limited to duties
                in this Deed..................................................40
    15.2        Security Trustee's Further Duties.............................40
    15.3        Trustee Liable for Negligence etc.............................41
    15.4        No Liability for Transaction Documents........................41
    15.5        Resolution of Conflicts.......................................41

16. Indemnity by Trustee......................................................41

    16.1        Indemnity.....................................................41
    16.2        Extent of Security Trustee's Indemnity........................42
    16.3        Costs of experts..............................................42
    16.4        Non-Discharge.................................................42
    16.5        Retention of Lien.............................................43

17. Meetings of Voting Secured Creditors......................................43

    17.1        Meetings Regulated by the Annexure............................43
    17.2        Limitation on Security Trustee's Powers.......................43

18. Continuing security and releases..........................................43

    18.1        Liability Preserved...........................................43
    18.2        Trustee's Liability Not Affected..............................43
    18.3        Waiver by Trustee.............................................44

19. Remuneration and retirement of security trustee...........................44

    19.1        Remuneration..................................................44
    19.2        Retirement of Security Trustee................................44
    19.3        Removal by Manager............................................45
    19.4        Security Trustee May Retire...................................45
    19.5        Retirement of Trustee under Master Trust Deed.................45
    19.6        Appointment of Substitute Security Trustee by
                Voting Secured Creditors......................................45
    19.7        Release of Security Trustee...................................46
    19.8        Vesting of Security Trust Fund in Substitute
                Security Trustee..............................................46
    19.9        Substitute Security Trustee to Execute Deed...................46
    19.10       Rating Agencies Advised.......................................46

20. Assurance.................................................................47

    20.1        Further Assurance.............................................47
    20.2        Postponement or Waiver of Security Interests..................47
    20.3        Registration of Charge........................................47
    20.4        Caveats.......................................................47

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21. Payments..................................................................48

    21.1        Moneys Repayable as Agreed or on Demand.......................48
    21.2        No Set-Off or Deduction.......................................48

22. Discharge of the Charge...................................................48

    22.1        Release.......................................................48
    22.2        Contingent Liabilities........................................48
    22.3        Charge Reinstated.............................................48

23. Class A-1 Note Trustee....................................................49

    23.1        Capacity......................................................49
    23.2        Exercise of rights............................................49
    23.3        Instructions or directions....................................49
    23.4        Payments......................................................49
    23.5        Notices.......................................................49
    23.6        Limitation of Class A-1 Note Trustee's Liability..............49

24. Amendment.................................................................50

    24.1        Amendment by Security Trustee.................................50
    24.2        Consent required Generally....................................50
    24.3        Consent to Payment Modification in relation to
                Class A-1 Notes...............................................50
    24.4        No Rating Agency Downgrade....................................50
    24.5        Distribution of Amendments....................................51

25. Expenses and stamp duties.................................................51

    25.1        Expenses......................................................51
    25.2        Stamp Duties..................................................51
    25.3        Goods and Services Tax........................................52

26. Governing law and jurisdiction............................................52

    26.1        Governing Law.................................................52
    26.2        Jurisdiction..................................................52

27. Notices...................................................................52

    27.1        Method of Delivery............................................52
    27.2        Deemed Receipt................................................53

28. Trustee's Limited Liability...............................................53

    28.1        Limitation on Trustee's Liability.............................53
    28.2        Claims against Trustee........................................53
    28.3        Breach of Trustee.............................................53
    28.4        Acts or omissions.............................................54
    28.5        No Authority..................................................54
    28.6        No Obligation.................................................54

29. Miscellaneous.............................................................54

    29.1        Assignment by Trustee.........................................54
    29.2        Assignment by Manager.........................................54
    29.3        Assignment by Security Trustee................................54
    29.4        Assignment by Class A-1 Note Trustee..........................54
    29.5        Certificate of Security Trustee...............................55
    29.6        Continuing Obligation.........................................55
    29.7        Settlement Conditional........................................55
    29.8        No Merger.....................................................55

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    29.9        Interest on Judgment..........................................55
    29.10       No Postponement...............................................55
    29.11       Severability of Provisions....................................55
    29.12       Remedies Cumulative...........................................56
    29.13       Waiver........................................................56
    29.14       Consents and Approvals........................................56
    29.15       Written Waiver, Consent and Approval..........................56
    29.16       Time of Essence...............................................56
    29.17       Moratorium Legislation........................................56
    29.18       Debit Accounts................................................56
    29.19       Set-Off.......................................................57
    29.20       Binding on Each Signatory.....................................57
    29.21       Counterparts..................................................57

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Security Trust Deed made at Sydney on [          ]
Parties     P.T. Limited, ABN 67 004 454 666, a company incorporated in the
            State of Victoria and having an office at Level 7, 39 Hunter Street,
            Sydney, NSW 2000 Australia (hereinafter included in the expression
            the "Security Trustee")

            The Bank of New York, New York Branch a New York banking corporation
            acting through its New York branch at 101 Barclay Street, 21W, New
            York 10286 (hereinafter included by incorporation in the expression
            the "Class A-1 Note Trustee")

            Securitisation Advisory Services Pty. Limited, ABN 88 064 133 946, a
            company incorporated in the State of New South Wales and having an
            office at Level 8, 48 Martin Place, Sydney, NSW 2000 Australia
            ("Manager")

            Perpetual Trustee Company Limited, ABN 42 000 001 007, a company
            incorporated in the State of New South Wales and having an office at
            Level 3, 39 Hunter Street, Sydney, NSW 2000 Australia ("Trustee")

Recitals

A.    The Trustee is the trustee, and the Manager is the manager, of the Series
      Trust.

B.    The Trustee is authorised to enter into this Deed to charge the assets of
      the Series Trust to secure the payment in full of the Secured Moneys to
      the Secured Creditors of the Series Trust.

C.    The Class A-1 Note Trustee has been appointed as trustee under the Class
      A-1 Note Trust Deed to act on behalf of the Class A-1 Noteholders.

D.    The Security Trustee has agreed to act as trustee for the benefit of the
      Secured Creditors on the terms and conditions and with the powers and
      authorities contained in this Deed.

This deed provides

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1.    Definitions and interpretation

1.1   Definitions

      In this Deed, unless the contrary intention appears:

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

      "Authorised Officer" means:

      (a)   in relation to the Security Trustee, a director or secretary of the
            Security Trustee or an officer of the Security Trustee whose title
            contains the word or words "manager" or "counsel" or a person
            performing the functions of any of them;

      (b)   in relation to the Class A-1 Note Trustee, an Authorised Officer of
            the Class A-1 Note Trustee for the purposes of the Class A-1 Note
            Trust Deed;

      (c)   in relation to the Trustee, an Authorised Officer of the Trustee for
            the purposes of the Master Trust Deed; and

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

      "Charge" means the charge created by this Deed.

      "Charged Property" means all the Assets of the Series Trust held by the
      Trustee from time to time as trustee of the Series Trust and the benefit
      of all covenants, agreements, undertakings, representations, warranties
      and other choses in action in favour of the Trustee under the Transaction
      Documents, but does not include any of the foregoing situated outside the
      State of New South Wales at the time of the execution and delivery of this
      Deed.

      "Charge Release Date" subject to clause 22.3 means the date the Security
      Trustee releases the Charged Property from the Charge.

      "Class A-1 Currency Swap Termination Proceeds" means the US dollars
      proceeds (if any) received from the Currency Swap Provider under a Class
      A-1 Currency Swap as a result of the occurrence (if any) of an "Early
      Termination Date" thereunder, and includes any interest earned and
      credited thereon whilst such proceeds are invested in the US dollar
      interest bearing account referred to in clause 13.6.

      "Class A-1 Trust" has the same meaning as in the Class A-1 Note Trust
      Deed.

      "Class B Basic Term Modification" means an alteration, addition or
      amendment to this Deed or to the terms and conditions of the Securities
      which has the effect of:

      (a)   reducing, cancelling, postponing the date of payment, modifying the
            method for the calculation or altering the order of priority under
            this Deed, of any amount payable in respect of any principal or
            interest in respect of the Class B Notes;

      (b)   altering the currency in which payments under the Class B Notes are
            to be made;

      (c)   altering the majority required to pass an Extraordinary Resolution
            under this Deed; or

      (d)   sanctioning any scheme or proposal for the exchange or sale of the
            Class B Notes for or the conversion of the Class B Notes into or the
            cancellation of the Class B Notes in consideration of shares, stock,
            notes, bonds, debentures, debenture stock and/or other obligations
            and/or securities of the Trustee or any other company formed or to
            be formed, or for or into or in consideration of cash, or partly for
            or into or in consideration of such shares, stock, notes, bonds,
            debentures, debenture stock and/or other obligations and/or
            securities as aforesaid and partly for or in consideration of cash.

      "Event of Default" has the meaning given to it in clause 7.

      "Extraordinary Resolution" of the Voting Secured Creditors or a class of
      Voting Secured Creditors means:

      (a)   a resolution which is passed at a meeting of the then Voting Secured
            Creditors or, where applicable, a class of Voting Secured Creditors
            duly convened and held in accordance with the provisions of this
            Deed (including the Annexure) by a majority consisting of not less
            than 75% of the votes (determined in accordance with clause 8(d)(i)
            of the Annexure) of the persons present and voting at the meeting
            who are then Voting Secured Creditors, or Voting Secured Creditors
            of that class, or representing such Voting Secured Creditors or, if
            a poll is demanded, by then Voting Secured Creditors, or Voting
            Secured Creditors of

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            that class, holding or representing between them Voting Entitlements
            comprising in aggregate a number of votes which is not less than 75%
            of the aggregate number of votes comprised in the Voting
            Entitlements held or represented by all the persons present at the
            meeting voting on such poll; or

      (b)   a resolution in writing in relation to all Voting Secured Creditors
            or the class of Voting Secured Creditors pursuant to clause 16 of
            the Annexure.

      "Foreign Currency" means a currency other than Australian dollars.

      "Insolvency Event" in relation to:

      (a)   the Trustee, means each of the following events:

            (i)   an application is made to a court (which application is not
                  dismissed or stayed on appeal within 30 days) for an order or
                  an order is made that the Trustee be wound up or dissolved;

            (ii)  an application is made to a court for an order appointing a
                  liquidator, a provisional liquidator, a receiver or a receiver
                  and manager in respect of the Trustee (which application is
                  not dismissed or stayed on appeal within 30 days), or one of
                  them is appointed, whether or not under an order;

            (iii) except on terms approved by the Security Trustee, the Trustee
                  enters into, or resolves to enter into, a scheme of
                  arrangement, deed of company arrangement or composition with,
                  or assignment for the benefit of, all or any class of its
                  creditors, or it proposes a reorganisation, moratorium or
                  other administration involving any of them;

            (iv)  the Trustee resolves to wind itself up, or otherwise dissolve
                  itself, or gives notice of intention to do so, except to
                  reconstruct or amalgamate while solvent on terms approved by
                  the Security Trustee or is otherwise wound up or dissolved;

            (v)   the Trustee is or states that it is unable to pay its debts
                  when they fall due;

            (vi)  as a result of the operation of section 459F(1) of the
                  Corporations Law, the Trustee is taken to have failed to
                  comply with a statutory demand;

            (vii) the Trustee is or makes a statement from which it may be
                  reasonably deduced by the Security Trustee that the Trustee
                  is, the subject of an event described in section 459C(2)(b) or
                  section 585 of the Corporations Law;

            (viii) the Trustee takes any step to obtain protection or is granted
                  protection from its creditors, under any applicable
                  legislation or an administrator is appointed to the Trustee or
                  the board of directors of the Trustee propose to appoint an
                  administrator to the Trustee or the Trustee becomes aware that
                  a person who is entitled to enforce a

<PAGE>

                  charge on the whole or substantially the whole of the
                  Trustee's property proposes to appoint an administrator to the
                  Trustee; and

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

      (b)   the Security Trustee, has the same meaning as in the Master Trust
            Deed (provided that any approval thereunder must be given by the
            Manager rather than the Trustee as specified therein).

      "Interested Persons" means a collective reference to the Trustee, the
      Secured Creditors, the Manager and all persons claiming through them and
      "Interested Person" means a several reference to all Interested Persons.

      "Liquidity Facility Limit" means the "Facility Limit" as defined in the
      Liquidity Facility Agreement.

      "Manager" means Securitisation Advisory Services Pty. Limited or if
      Securitisation Advisory Services Pty. Limited retires or is removed as
      manager of the Series Trust, any then Substitute Manager and includes the
      Trustee when acting as the Manager in accordance with the provisions of
      the Master Trust Deed.

      "Master Trust Deed" means the Master Trust Deed dated 8 October 1997 and
      made between the Trustee and the Manager, as amended from time to time.

      "Outstanding Cash Advance Deposit" on a given date means the amount of the
      Cash Advance Deposit on that date together with all accrued but unpaid
      interest on the Cash Advance Deposit payable to the Liquidity Facility
      Provider pursuant to the Liquidity Facility Agreement.

      "Outstanding Interest Rate Swap Prepayment Amount" has the same meaning as
      in each Interest Rate Swap Agreement.

      "Potential Event of Default" has the same meaning as in the Class A-1 Note
      Trust Deed.

      "Pre-Default Action" means:

      (a)   an action which the Security Trustee is required or empowered to
            take prior to an Event of Default under:

            (i)   paragraphs (a)(iii), (a)(iv) and (a)(vii) of the definition of
                  "Insolvency Event" in this clause 1.1; and

            (ii)  clauses 6.1, 6.2(c), 8.3, 8.4, 9.5, 11.5, 11.8, 14, 15.2,
                  16.1, 17.2, 19, 20.1, 20.2, 22, 24 and 29; and

      (b)   such action as the Security Trustee considers necessary to cause the
            Trustee to comply with its obligations under clause 19.1.

      "Prior Interest" means the lien over, and right of indemnification from,
      the Charged Property held by the Trustee under, and calculated in
      accordance with, the Master Trust Deed for Trustee Indemnity Costs (other
      than the Secured Moneys and other than the Arranging Fees payable to the
      Manager) in relation to the Series Trust which are unpaid, or paid by the
      Trustee but not reimbursed to the Trustee from the Assets of the Series
      Trust.

      "Receiver" means a receiver appointed by the Security Trustee under this
      Deed and

<PAGE>

      includes a receiver and manager and where more than one person has been
      appointed as receiver or receiver and manager each such person and also
      any servant agent or delegate of any such receiver or receiver and
      manager.

      "Representative" means:

      (a)   in relation to a Voting Secured Creditor, a person appointed as a
            proxy for that Voting Secured Creditor pursuant to clause 10 of the
            Annexure; and

      (b)   without limiting the generality of paragraph (a), in relation to a
            Voting Secured Creditor that is a body corporate, a person appointed
            pursuant to clause 11 of the Annexure by that Voting Secured
            Creditor.

      "Secured Creditors" means the Class A-1 Note Trustee (in its personal
      capacity and as trustee of the Class A-1 Trust), each Agent, each
      Securityholder, each Hedge Provider, the Liquidity Facility Provider, the
      Standby Redraw Facility Provider, the Servicer and each Seller and
      "Secured Creditor" means each of the Secured Creditors.

      "Secured Moneys" means, without double counting, the aggregate of all
      moneys owing to the Security Trustee or to a Secured Creditor under any of
      the Transaction Documents provided that:

      (a)   the amount owing by the Trustee in relation to the principal
            component of a Security is to be calculated by reference to the
            Invested Amount of that Security;

      (b)   the amount owing by the Trustee in relation to the principal
            component of the Standby Redraw Facility Agreement is to be
            calculated by reference to the aggregate of the Standby Redraw
            Facility Principal and the Unreimbursed Principal Charge-offs in
            relation to the Standby Redraw Facility Principal; and

      (c)   the Secured Moneys do not include any fees or value added tax
            payable to the Class A-1 Note Trustee referred to in clause 12.7 of
            the Class A-1 Note Trust Deed or to the Agents referred to in clause
            12.6 of the Agency Agreement.

      "Security Trust" means the trust established under clause 2.2 of this
      Deed.

      "Security Trust Fund" means any property and benefits which the Security
      Trustee holds on trust for the Secured Creditors under this Deed
      including, without limitation, all the right, title and interest of the
      Security Trustee in connection with the Charge and any property which
      represents the proceeds of sale of any such property or proceeds of
      enforcement of the Charge.

      "Security Trustee" means P.T. Limited or if P.T. Limited retires or is
      removed as security trustee, any then Substitute Security Trustee.

      "Senior Security" means a Class A-1 Note, a Class A-2 Note or a Redraw
      Bond.

      "Senior Securityholder" means a Class A-1 Noteholder, a Class A-2
      Noteholder or a Redraw Bondholder.

      "Series Supplement" means the Series Supplement dated on or about the date
      of this Deed between the Commonwealth Bank of Australia, ABN 48 123 123
      124, State Bank of New South Wales Limited, ABN 32 003 963 228, the
      Manager and the Trustee.

      "Series Trust" means the trust known as the Series [     ] Medallion Trust
      established pursuant to the Master Trust Deed and the Series Supplement.

<PAGE>

      "Statute" means any legislation now or hereafter in force of the
      Parliament of the Commonwealth of Australia or of any State or Territory
      thereof and any rule regulation ordinance by-law statutory instrument
      order or notice now or hereafter made under such legislation.

      "Substitute Security Trustee" at any given time means the entity then
      appointed as Security Trustee under clause 19.

      "Trustee Indemnity Costs" means the fees, costs, charges and expenses
      incurred by, or payable to the Trustee (in its capacity as trustee of the
      Series Trust) in accordance with the Master Trust Deed (including clause
      16.11 of the Master Trust Deed) and the Series Supplement.

      "Voting Entitlement" means, on a particular date the number of votes which
      a Voting Secured Creditor would be entitled to exercise if a meeting of
      Voting Secured Creditors were held on that date, being in respect of a
      given Voting Secured Creditor and subject to clause 13.5(c), the number
      calculated by dividing the Secured Moneys owing to that Voting Secured
      Creditor by 10 and rounding the resultant figure down to the nearest whole
      number, provided that if the Class A-1 Note Trustee is a then Voting
      Secured Creditor it will have a Voting Entitlement equal to the aggregate
      Voting Entitlement (determined in accordance with the foregoing) for all
      Class A-1 Noteholders.

      "Voting Secured Creditor" means:

      (a)   for so long as the Secured Moneys of the Securityholders are 75% or
            more of the then total Secured Moneys:

            (i)   if any Class A-1 Note then remains outstanding, the Class A-1
                  Note Trustee (or, if the Class A-1 Note Trustee has become
                  bound to notify, or seek directions from, the Class A-1
                  Noteholders or to take steps and/or to proceed under the Class
                  A-1 Note Trust Deed and fails to do so as and when required by
                  the Class A-1 Note Trust Deed and such failure is continuing,
                  the Class A-1 Noteholders); if any Class A-2 Notes remain
                  outstanding, the Class A-2 Noteholders; and if any Redraw
                  Bonds remain outstanding, the Redraw Bondholders; or

            (ii)  if no Senior Security then remains outstanding, the Class B
                  Noteholders; and

      (b)   otherwise:

            (i)   if any Class A-1 Notes remain outstanding, the Class A-1 Note
                  Trustee (or, if the Class A-1 Note Trustee has become bound to
                  take steps and/or to proceed under the Class A-1 Note Trust
                  Deed and fails to do so as and when required by the Class A-1
                  Note Trust Deed and such failure is continuing, the Class A-1
                  Noteholders); and

            (ii)  each other then Secured Creditor (other than the Class A-1
                  Note Trustee and the Class A-1 Noteholders).

1.2   Series Supplement and Master Trust Deed Definitions

      Subject to clause 1.10, unless defined in this Deed, words and phrases
      defined in either or both of the Master Trust Deed and the Series
      Supplement have the same meaning in this Deed. Where there is any
      inconsistency in a definition between this Deed (on the one hand) and the
      Master Trust Deed or the Series Supplement (on the other

<PAGE>

      hand), this Deed 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
      Deed. Subject to clause 1.10, where words or phrases used but not defined
      in this Deed 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 Deed, where necessary, as
      being used only in relation to the Series Trust (as defined in this Deed)
      and/or the CBA Trust (as defined in the Series Supplement), as the context
      requires.

1.3   Interpretation

      In this Deed unless the contrary intention appears:

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

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

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

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

      (e)   subject to clause 1.10, a reference to this Deed, the Master Trust
            Deed or to any other deed, agreement, document or instrument
            includes, respectively, this Deed, the Master Trust Deed or such
            other deed, agreement, document or instrument as amended, novated,
            supplemented, varied or replaced from time to time;

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

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

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

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

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

      (k)   a reference to a Schedule or an Annexure is a reference to the
            Schedule or Annexure to this Deed;

      (l)   where any word or phrase is given a defined meaning any other part
            of speech

<PAGE>

            or other grammatical form in respect of such word or phrase has a
            corresponding meaning;

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

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

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

      (p)   a reference to any thing (including, without limitation, the Secured
            Money, any other amount and the Charged Property) is a reference to
            the whole and each part of it and a reference to a group of persons
            is a reference to all of them collectively, to any two or more of
            them collectively and to each of them individually;

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

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

      (s)   a reference to "wilful default" in relation to the Trustee, the
            Security Trustee or the Manager means, subject to clause 1.3(t), any
            wilful failure to comply with, or wilful breach by, the Trustee, the
            Security Trustee or the Manager (as the case may be) of any of its
            obligations under any Transaction Document, other than a failure or
            breach which:

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

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

                        2)    any other person referred to in clause 1.3(t) in
                              relation to the Trustee, the Security Trustee or
                              the Manager (as the case may be); and

                  B.    the performance of the action (the non-performance of
                        which gave rise to such breach) is a precondition to the
                        Trustee, the Security Trustee or the Manager (as the
                        case may be) performing the said obligation;

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

            (iii) is:

                  A.    in accordance with any proper instruction or direction
                        of the Voting Secured Creditors given at a meeting of
                        Voting Secured Creditors convened pursuant to this Deed;
                        or

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

<PAGE>

                        Supplement);

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

      (u)   subject to clause 27.2, 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) which have the day to day
            responsibility for the administration or management of that party's
            (or a Related Body Corporate of that party's) obligations in
            relation to the Series Trust or this Deed, having actual knowledge,
            actual awareness or actual notice of that thing, or grounds or
            reason to believe that thing (and similar references will be
            interpreted in this way). In addition, notice, knowledge or
            awareness of an Event of Default means notice, knowledge or
            awareness of the occurrence of the events or circumstances
            constituting an Event of Default. The Security Trustee will be
            regarded as being actually aware of an Event of Default if it
            receives a written notice from the Trustee, the Manager or the Class
            A-1 Note Trustee that the Trustee, the Manager or the Class A-1 Note
            Trustee (as the case may be) believes, on reasonable grounds, that
            the Event of Default has occurred; and

      (v)   a reference to prospective liabilities includes, without limitation,
            the liabilities of the Trustee under the Transaction Documents.

1.4   Incorporation of Annexure

      This Deed incorporates the Annexure which forms part of, and is subject
      to, this Deed.

1.5   Trustee's capacity

      In this Deed, unless expressly specified otherwise:

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

      (b)   (References to Assets of Trustee): a reference to the undertaking,
            assets, business or money of the Trustee is a reference to the
            undertaking, assets, business or money of the Trustee in the
            capacity referred to in paragraph (a); and

      (c)   (Insolvency Event): a reference in the definition of "Insolvency
            Event" in clause 1.1 to the Trustee is to the Trustee only in its
            capacity as trustee of the Series Trust and does not include the
            Trustee personally, as trustee of any other trust fund or in any
            other capacity whatsoever.

1.6   Determination of Outstanding Hedge Money

      The amounts owing by the Trustee to a Hedge Provider under a Hedge
      Agreement are to be determined by the Manager on the relevant date as if
      an "Early Termination Date" (as defined in the relevant Hedge Agreement)
      has been designated in respect of all "Transactions" (as defined in the
      relevant Hedge Agreement) in accordance with the relevant Hedge Agreement
      at the time of such determination.

<PAGE>

1.7   Amounts Outstanding

      For the purposes of determining whether any amount constitutes Secured
      Moneys, for the purposes of clause 7(g) and, for the purposes of clause
      13.1 (and for these purposes only), the calculation of any amounts owing
      or due by the Trustee shall be made without regard to any limitation on
      the Trustee's liability that may be construed as meaning that such amounts
      are not owing or are not due and payable.

1.8   Benefit of Covenants under this Deed

      Unless the context indicates a contrary intention, the Security Trustee
      holds the covenants, undertaking and other obligations and liabilities of
      the Trustee and the Manager under this Deed on trust for the benefit of
      the Secured Creditors on the terms and conditions of this Deed.

1.9   Obligations Several

      The obligations of the parties under this Deed are several.

1.10  Incorporated Definitions and other Provisions

      Where in this Deed a word or expression is defined by reference to its
      meaning in another Transaction Document or there is a reference to another
      Transaction Document or to a provision of another Transaction Document,
      any amendment to the meaning of that word or expression, to that
      Transaction Document or to that provision (as the case may be) will be of
      no effect for the purposes of this Deed unless and until the amendment is
      consented to by all parties to this Deed.

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2.    The Security Trust

2.1   Appointment of Security Trustee

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

2.2   Declaration of Security Trust

      The Security Trustee declares that it holds the Security Trust Fund on
      trust for those persons who are Secured Creditors at the time of
      distribution of any money by the Security Trustee pursuant to clause 13.1.

2.3   Duration of Security Trust

      The Security Trust commences on the date of this Deed and terminates on
      the first to occur of

      (a)   (Charge Release Date): the Charge Release Date; and

      (b)   (80th anniversary): the 80th anniversary of the date of this Deed.

2.4   Benefit of Security Trust

      Each Secured Creditor is entitled to the benefit of the Security Trust on
      the terms and conditions contained in this Deed.

<PAGE>

2.5   Interested Persons Bound

      The provisions of this Deed, the Master Trust Deed and the Series
      Supplement are binding upon every Interested Person and the Security
      Trustee.

2.6   Nature of Rights of Secured Creditors

      Prior to any distribution to the Secured Creditors pursuant to clause
      13.1, no Secured Creditor is entitled to any equitable or proprietary
      interest in the Charged Property, or any rights held by the Security
      Trustee under clause 1.8, and only has a mere right of action against the
      Security Trustee to properly perform its covenants under this Deed and to
      account to the Secured Creditors in accordance with this Deed.

2.7   Shared Securities

      The Security Trustee is bound by clause 7.3 of the Series Supplement in
      respect of each Shared Security notified by the Servicer to the Security
      Trustee in writing to be affected by the CBA Trust as if a reference
      therein to the Trustee was a reference to both the Security Trustee and
      the Receiver.

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3.    Payment of Secured Moneys

3.1   Covenant in Favour of Security Trustee

      The Trustee covenants in favour of the Security Trustee that it will duly
      and punctually pay the Secured Moneys to, or to the order of, the Security
      Trustee as and when the same fall due for payment.

3.2   Payments to Secured Creditors

      Notwithstanding clause 3.1, every payment by the Trustee, or the Security
      Trustee in accordance with this Deed, to the Secured Creditors on account
      of the Secured Moneys will operate as payment by the Trustee to the
      Security Trustee in satisfaction of the Trustee's obligations in respect
      of the Secured Moneys.

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4.    Charge

4.1   The Charge

      The Trustee charges all its present and future, right, title and interest
      in the Charged Property, subject only to the Prior Interest, to the
      Security Trustee for the payment in full of all the Secured Moneys.

4.2   Floating Charge

      The Charge is a floating charge over the Charged Property.

4.3   Ranking of Charge

      Subject only to the Prior Interest, the Charge is a first ranking charge
      having priority over all other Security Interests of the Trustee over the
      Charged Property.

4.4   Crystallisation of Floating Charge

      If the Charge has not otherwise taken effect as a fixed charge, it takes
      effect as a fixed

<PAGE>

      charge automatically and immediately over all the Charged Property if an
      Event of Default occurs, other than if an Event of Default described in
      clauses 7(c) or (e) occurs, in which event it takes effect as a fixed
      charge automatically and immediately over the affected Charged Property.
      Upon the Charge becoming a fixed charge pursuant to the foregoing
      provisions of this clause, the Security Trustee is deemed to have
      intervened at that point in time and to have exercised all its rights of
      intervention in respect of the relevant Charged Property.

4.5   Consent to Dealings

      The Trustee must not (and the Manager will not give any direction to the
      Trustee to) dispose of or deal with the Charged Property, whether the
      Charge is floating or fixed unless such disposition or such other dealing
      is permitted by or required by and will be effected in accordance with the
      terms of the Master Trust Deed, the Series Supplement or any other
      Transaction Document. Without limiting the generality of the foregoing,
      the Trustee or its delegates may (notwithstanding that the Charge has
      taken effect as a fixed charge) discharge in accordance with the terms of
      the Transaction Documents, any Mortgage Loan, Mortgage or Collateral
      Security. Any Mortgage Loan, Mortgage or Collateral Security which is
      discharged by the Trustee or its delegates pursuant to this clause will
      automatically, and without the need for any act on the part of the
      Security Trustee, be free from and released from this Charge.

4.6   Re-Conversion from Fixed into Floating Charge

      Subject to clause 4.7, at any time after the Charge has taken effect as a
      fixed charge over the Charged Property, the Security Trustee may (and
      will, if directed by an Extraordinary Resolution of the then Voting
      Secured Creditors) by notice in writing to the Trustee convert the Charge
      from a fixed charge into a floating charge as regards any asset or assets
      specified in such notice. Upon such notice being received by the Trustee,
      the Charge as regards such specified asset or assets will immediately
      become and operate as a floating charge subject to the provisions of this
      Deed and will cease to be a fixed charge over such specified asset or
      assets.

4.7   Replacement of fixed charge over Charged Property

      If the Charge has taken effect as a fixed charge as a result of the
      occurrence of the Event of Default described in clause 7(a)(i) the
      Security Trustee must, upon notification from the Manager that another
      Authorised Trustee Corporation has been appointed as trustee of the Series
      Trust, by notice in writing to the Trustee convert the charge from a fixed
      charge into a floating charge as regards the Charged Property.

4.8   Subsequent dealing

      From the effective date specified in a notice given under clause 4.6 or
      4.7:

      (a)   (Trustee may deal as if floating charge): the Trustee may deal with
            the Charged Property the subject of the notice, if it was acquired
            by the Trustee before the effective date of the notice, as if it had
            always been charged by way of floating charge under this Deed;

      (b)   (Treat the fixing as not having occurred): the floating charge given
            by this Deed in respect of Charged Property the subject of the
            notice acquired by the Trustee on or after the effective date of the
            notice continues to operate as a floating charge as if it had never
            been a fixed charge; and

      (c)   (Third person may rely on notice that Charge is floating): a person
            dealing

<PAGE>

            with the Trustee in relation to the Charged Property the subject of
            the notice may rely on a notice from the Security Trustee as
            conclusive evidence that, as at the time the notice is issued, such
            Charged Property is charged by way of floating charge.

4.9   Limit and Prospective Liability Amount

      (a)   (Amount Recoverable): The Charge is security for the whole of the
            Secured Moneys, but the aggregate amount recoverable under the
            Charge may not exceed A$30,000,000,000.

      (b)   (Fixed Priorities): For the purposes of fixing priorities between
            the Charge and any subsequent charge registered under the
            Corporations Law, the Charge secures a prospective liability up to a
            maximum amount of A$30,000,000,000.

      (c)   (No Obligation): Nothing in this clause 4.9 creates any obligation
            upon the Security Trustee to enter into any arrangement or to
            advance any moneys or do any act or thing as a result whereof if so
            created, entered into, advanced or done there would be Secured
            Moneys, or limits or affects the provisions of section 279(2) of the
            Corporations Law.

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5.    Representations and warranties

5.1   By the Trustee

      The Trustee represents and warrants to the Security Trustee that:

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

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

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

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

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

<PAGE>

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

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

      (h)   (Good title): it is the lawful owner of, and has good right to
            charge in the manner provided in this Deed, the Charged Property
            and, subject only to the Master Trust Deed, the Series Supplement,
            this Deed and the Prior Interest, the Charged Property is free of
            all other Security Interests;

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

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

      (k)   (Master Trust Deed and the Series Supplement): the Series Trust is
            solely constituted by the Master Trust Deed and the Series
            Supplement;

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

      (m)   (Trustee's power): it has power under the Master Trust Deed and the
            Series Supplement to charge the Charged Property as provided in this
            Deed; and

      (n)   (No breach): it is not in breach of any material provision of the
            Master Trust Deed or the Series Supplement.

5.2   By the Manager

      The Manager represents and warrants to the Security Trustee that:

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

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

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

      (d)   (Filings): it has filed all corporate notices and effected all
            registrations with the Australian Securities and Investments
            Commission or similar office in its jurisdiction of incorporation
            and in any other jurisdiction as required by law and all such
            filings and registrations are current, complete and accurate;

<PAGE>

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

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

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

5.3   By the Security Trustee

      The Security Trustee represents and warrants to the Manager and the
      Trustee that:

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

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

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

      (d)   (Filings): it has filed all corporate notices and effected all
            registrations with the Australian Securities and Investments
            Commission or similar office in its jurisdiction of incorporation
            and in any other jurisdiction as required by law and all such
            filings and registrations are current, complete and accurate;

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

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

<PAGE>

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

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6.    Trustee's and Manager's covenants

6.1   Covenants in respect of Charged Property

      The Trustee undertakes that it will not without the prior written consent
      of the Security Trustee or as otherwise permitted by this Deed, the Master
      Trust Deed or the Series Supplement:

      (a)   (No Security Interests): subject only to the Prior Interest, attempt
            to create or permit to exist any Security Interest howsoever ranking
            over any part of the Charged Property; and

      (b)   (No sale, lease etc.): subject to clause 6.3, convey, assign,
            transfer, lease or otherwise dispose or part with possession of,
            make any bailment over, or create or permit to exist any other
            interest in any part of the Charged Property at any time such part
            of the Charged Property is subject to the Charge.

6.2   General Covenants

      The Trustee agrees to:

      (a)   (Comply with Transaction Documents): comply with its obligations and
            duties under the Master Trust Deed (in so far as it applies to the
            Series Trust), the Series Supplement and the other Transaction
            Documents;

      (b)   (Copy of A$ Securityholder details): at the same time or as soon as
            practical after a notice referred to in clause 6.2(e) is given to
            the Security Trustee by the Trustee or after the Trustee receives a
            notice pursuant to clause 6.4(b), provide to the Security Trustee
            and the Class A-1 Note Trustee a current copy of the Register
            relating to the Series Trust maintained by the Trustee under clause
            9 of the Master Trust Deed and details (to the extent known by it)
            of the identity, and notice details, of each Secured Creditor and
            the Secured Moneys owing to each Secured Creditor;

      (c)   (Assistance to Security Trustee): provide to the Security Trustee,
            as the Security Trustee may reasonably require to enable the
            Security Trustee to perform its duties and functions under this Deed
            (and which the Security Trustee has been unable to obtain from any
            other party to the Transaction Documents), such information, copies
            of any accounting records and other documents, statements and
            reports required to be maintained by, or that are otherwise in the
            possession of, the Trustee, or which the Trustee is entitled to
            obtain from any person;

      (d)   (Documents of title): if the Charge has taken effect as a fixed
            charge, deposit with the Security Trustee immediately or as soon as
            the Trustee receives them:

            (i)   anything evidencing a Security Interest and any document of
                  title given to the Trustee to secure the payment of a monetary
                  obligation to the Trustee; and

<PAGE>

            (ii)  any documents of title relating to property over which the
                  Charge operates as a fixed charge,

            where, in such case, such evidence or documents (as the case may be)
            are then in the Trustee's possession or control;

      (e)   (Notify Events of Default etc.): notify the Security Trustee if it
            becomes aware of the occurrence of an Event of Default, a Potential
            Event of Default, a Servicer Default, a Perfection of Title Event, a
            Trustee Default, a Manager Default or a Potential Termination Event
            and provide the Security Trustee with details of such occurrence;

      (f)   (Not incur unauthorised indebtedness): not give any guarantees or
            incur any Borrowings (which does not include debts incurred to trade
            creditors in the ordinary course of the Trustee's business as
            trustee of the Series Trust) other than as permitted or contemplated
            by the Transaction Documents;

      (g)   (Not release obligations): not discharge or release any person from
            any of their obligations under the Transaction Documents to which
            the Trustee is a party save where such discharge or release is in
            accordance with the Transaction Documents; and

      (h)   (Not engage in other activities): not engage (in its capacity as
            trustee of the Series Trust) in any business or other activities
            except as permitted or contemplated by the Transaction Documents.

6.3   Dealing in Accordance with Master Trust Deed, the Series Supplement etc.

      The Trustee may deal with and pay or apply the Charged Property in
      accordance with the provisions of the Master Trust Deed, the Series
      Supplement and any other Transaction Document at any time that the Charged
      Property is subject to the floating charge.

6.4   Manager's Undertaking

      The Manager undertakes to the Trustee and the Security Trustee that:

      (a)   (No direction in breach of clause 6): it will not give any direction
            to the Trustee under the Master Trust Deed or the Series Supplement
            which would, if complied with, result in the Trustee breaching the
            terms of this clause 6; and

      (b)   (Notification of Events of Default etc.): it will promptly notify
            the Trustee and the Security Trustee if it becomes aware of the
            occurrence of an Event of Default, a Potential Event of Default, a
            Servicer Default, a Perfection of Title Event, a Trustee Default, a
            Manager Default or a Potential Termination Event and provide the
            Trustee and the Security Trustee with details of such occurrence.

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7.    Events of Default

      Each of the following events is an Event of Default whether or not caused
      by any reason whatsoever outside the control of any Interested Person or
      any other person:

      (a)   (i)   (Trustee retires and replacement not found): the Trustee
                  retires or is removed, or is required to retire or be removed,
                  as trustee of the Series Trust in accordance with clause 19 of
                  the Master Trust Deed,

<PAGE>

                  another Authorised Trustee Corporation is not appointed as
                  trustee of the Series Trust within 30 days of the occurrence
                  of that event and the Manager fails within a further 20 days
                  to convene a meeting of Investors in accordance with clauses
                  19.3 and 19.4 of the Master Trust Deed;

            (ii)  (Loss of indemnity): the Security Trustee becomes aware or is
                  notified by the Manager or the Trustee that the Trustee is
                  (for any reason) not entitled fully to exercise its right of
                  indemnity against the Assets of the Series Trust to satisfy
                  any liability to a Secured Creditor and the circumstances are
                  not rectified to the reasonable satisfaction of the Security
                  Trustee within 14 days of the Security Trustee requiring the
                  Trustee in writing to rectify them; or

            (iii) (Series Trust Imperfectly constituted): the Series Trust is
                  not properly constituted or is imperfectly constituted in a
                  manner or to an extent that is regarded by the Security
                  Trustee (acting reasonably) to be materially prejudicial to
                  the interests of any class of Secured Creditor and is
                  incapable of being remedied or if it is capable of being
                  remedied this has not occurred to the reasonable satisfaction
                  of the Security Trustee within 30 days of the discovery
                  thereof;

      (b)   (Insolvency Event): an Insolvency Event occurs in relation to the
            Trustee;

      (c)   (Enforcement of Security Interests etc.): distress or execution is
            levied or a judgment, order or a Security Interest is enforced, or
            becomes enforceable, over any of the Charged Property or any Asset
            of the Series Trust for an amount exceeding (either individually or
            in aggregate) A$1,000,000, or can be rendered enforceable by the
            giving of notice, lapse of time or fulfilment of any condition;

      (d)   (Void or loss of priority): the Charge:

            (i)   is or becomes wholly or partly void, voidable or
                  unenforceable; or

            (ii)  at or after the date of this Deed, loses the priority which it
                  is expressed to have in clause 4.3 (other than as mandatorily
                  preferred by law or by an act or omission of the Security
                  Trustee);

      (e)   (Creates Security Interest): the Trustee breaches the undertaking in
            clause 6.1 or attempts to create or allows to exist a Security
            Interest over the Charged Property otherwise than in accordance with
            the Master Trust Deed, the Series Supplement or this Deed;

      (f)   (Tax Commissioner's determination): the Commissioner of Taxation, or
            its delegate, determines to issue a notice (under any legislation
            that imposes a Tax) requiring any person obliged or authorised to
            pay money to the Trustee to instead pay such money to the
            Commissioner in respect of any Tax or any fines and costs imposed on
            the Trustee;

      (g)   (Failure to Pay Secured Moneys): any Secured Moneys are not paid
            within 10 days of when due (other than any Secured Moneys relating
            to the Class B Notes); and

      (h)   (Other Event of Default): any other event occurs which is described
            in a Transaction Document as an Event of Default for the purposes of
            this Deed.

<PAGE>

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8.    Rights and obligations of the Security Trustee following Event of Default

8.1   Notify Voting Secured Creditors and Convene Meeting of Voting Secured
      Creditors

      Without prejudice to the operation of clause 9.2(b), upon becoming aware
      of the occurrence of an Event of Default, the Security Trustee must
      promptly (and, in any event, within 2 Business Days):

      (a)   (Notify Secured Creditors and the Rating Agencies): notify all then
            Secured Creditors and the Rating Agencies of the Event of Default
            and provide to such Secured Creditors and the Rating Agencies full
            details of the Event of Default known to the Security Trustee and
            the actions and procedures, of which the Security Trustee is aware,
            which are being taken or will be taken by the Trustee and the
            Manager to remedy the relevant Event of Default; and

      (b)   (Convene meeting of Voting Secured Creditors): convene a meeting of
            the then Voting Secured Creditors and propose the necessary
            Extraordinary Resolutions (in both cases in accordance with the
            provisions of the Annexure) to seek directions by way of an
            Extraordinary Resolution of the then Voting Secured Creditors
            regarding the action the Security Trustee should take as a result of
            such Event of Default pursuant to clause 8.2.

8.2   Extraordinary Resolutions

      At a meeting of the then Voting Secured Creditors referred to in clause
      8.1(b) or by a resolution in writing signed by all Voting Secured
      Creditors, the Voting Secured Creditors may direct the Security Trustee by
      Extraordinary Resolution to:

      (a)   (Accelerate Secured Moneys): declare the Secured Moneys immediately
            due and payable under clause 9.6;

      (b)   (Appoint Receiver): appoint a Receiver in accordance with clause 10
            and, if a Receiver is to be appointed, the Voting Secured Creditors
            must by a further Extraordinary Resolution determine the amount of
            the Receiver's remuneration;

      (c)   (Exercise power of sale): instruct the Security Trustee by notice in
            writing to sell and realise the Charged Property and otherwise
            enforce the Charge; and/or

      (d)   (Other action): take such other action that the Security Trustee is
            permitted to take under this Deed as the Voting Secured Creditors
            may specify in the terms of such Extraordinary Resolution.

8.3   Security Trustee to Act in Accordance with Directions

      (a)   (Must implement Extraordinary Resolution): Subject to clause 8.3(b),
            the Security Trustee must take all action necessary to give effect
            to any Extraordinary Resolution of the Voting Secured Creditors and
            must comply with all directions contained in or given pursuant to
            any Extraordinary Resolution of the Voting Secured Creditors.

      (b)   (Exceptions): The obligation of the Security Trustee pursuant to
            clause 8.3(a) is subject to:

<PAGE>

            (i)   this Deed; and

            (ii)  if required by the Security Trustee (in its absolute
                  discretion), the Security Trustee being adequately indemnified
                  to its reasonable satisfaction from the Charged Property or,
                  if requested at any time before or during the relevant
                  meeting, the Security Trustee receiving from the Voting
                  Secured Creditors an indemnity in a form reasonably
                  satisfactory to the Security Trustee (which may be by way of
                  an Extraordinary Resolution of the Voting Secured Creditors)
                  against all actions, proceedings, claims and demands to which
                  it may render itself liable, and all costs, charges, damages
                  and expenses which it may incur, in giving effect to an
                  Extraordinary Resolution of the Voting Secured Creditors.

      (c)   (Ranking of indemnities): The Security Trustee must first claim on
            its indemnity from the Charged Property and if it does not receive
            such indemnity from the Charged Property within 2 Business Days of
            the first claim then it may claim on any indemnity from the Voting
            Secured Creditors, including any indemnity provided under clause
            8.4.

8.4   Security Trustee Must Receive Indemnity

      If:

      (a)   (Security Trustee requires indemnity): the Security Trustee convenes
            a meeting of the Voting Secured Creditors, or is required by an
            Extraordinary Resolution of the Voting Secured Creditors to take any
            action to enforce this Deed, and advises the Voting Secured
            Creditors at any time before or during the meeting that the Security
            Trustee will not take that action in relation to the enforcement of
            this Deed unless it is personally indemnified by the Voting Secured
            Creditors to its reasonable satisfaction against all actions,
            proceedings, claims and demands to which it may render itself
            liable, and all costs, charges, damages and expenses which it may
            incur, in relation to the enforcement of this Deed and put in funds
            to the extent to which it may become liable (including costs and
            expenses); and

      (b)   (Voting Secured Creditors refuse to grant indemnity): the Voting
            Secured Creditors refuse to grant the requested indemnity and put it
            in funds,

      the Security Trustee will not be obliged to act in relation to the
      enforcement of this Deed. In these circumstances, the Voting Secured
      Creditors may then exercise such powers, and enjoy such protections and
      indemnities, of the Security Trustee under this Deed, any Security
      Interest or any other document or agreement at any time created or entered
      into in favour of the Security Trustee as security for the Secured Moneys
      or by law as they determine by Extraordinary Resolution. The Security
      Trustee will not be liable in any manner whatsoever if the Voting Secured
      Creditors exercise, or do not exercise, the rights given to them in the
      preceding sentence.

8.5   Notice to Trustee

      If the Voting Secured Creditors pass an Extraordinary Resolution referred
      to in clause 8.2 at a meeting convened following an Event of Default, the
      Security Trustee must notify the Trustee in writing within 1 Business Day
      after such Extraordinary Resolution is so passed.

<PAGE>

8.6   Manager convenes meeting

      If the Security Trustee fails to convene a meeting, or to propose the
      necessary Extraordinary Resolutions, in accordance with clause 8.1(b), the
      Manager must convene a meeting of Voting Secured Creditors, or propose the
      necessary Extraordinary Resolutions (as the case may be), in accordance
      with this clause 8, which meeting is to have only the same powers as if
      convened by the Security Trustee and is to be conducted in accordance with
      the provisions of the Annexure, in which event all references in this Deed
      and the Annexure to the Security Trustee in relation to the requirements
      of meetings of Voting Secured Creditors will be read and construed,
      mutatis mutandis, as references to the Manager.

8.7   Notice of Event of Default

      If the Security Trustee becomes aware of the occurrence of an Event of
      Default, and the Trustee has not given the Security Trustee notice in
      accordance with clause 6.2(e) the Security Trustee must promptly give the
      Trustee notice of the occurrence of the Event of Default.

8.8   Notice of action to remedy Event of Default

      If the Trustee and the Manager take any action or procedures to remedy an
      Event of Default, both the Trustee and the Manager must keep the Security
      Trustee informed of those actions and procedures.

--------------------------------------------------------------------------------
9.    Enforcement

9.1   Power to Deal with and Protection of the Charged Property

      If the Charge crystallises and becomes fixed pursuant to the provisions of
      this Deed:

      (a)   (Power to deal with the Charged Property ceases): the Trustee's
            power to deal with the Charged Property will, subject to clauses 4.5
            and 4.6, immediately cease; and

      (b)   (Protection of Charged Property): the Security Trustee will have the
            right either in its own name or in the name of the Trustee to
            immediately seek and obtain appropriate relief in relation to that
            part of the Charged Property affected or threatened by the relevant
            Event of Default.

9.2   Restrictions on Power to Enforce

      If an Event of Default occurs, the Security Trustee must not declare the
      Secured Moneys immediately due and payable under clause 9.6, appoint a
      Receiver under clause 10 or, subject to the operation of clauses 4.4 to
      4.7 (inclusive), otherwise enforce the Charge unless:

      (a)   (Voting Secured Creditors authorise action): the Voting Secured
            Creditors have passed an Extraordinary Resolution under or referred
            to in clause 8.2 or at a meeting convened pursuant to clause 8.6 or
            pursuant to clause 2 of the Annexure; or

      (b)   (Delay would be prejudicial): in the opinion of the Security
            Trustee, the delay required to obtain the directions of the Voting
            Secured Creditors in accordance with clause 8.2 would be prejudicial
            to the interests of the Secured Creditors as a class (in which case
            the Security Trustee must take those actions).

<PAGE>

9.3   No Obligation to Enforce

      Upon the occurrence of an Event of Default, subject to clauses 8.1, 9.2
      and 15.3, pending the receipt of directions from the Voting Secured
      Creditors as contemplated by clauses 8.2, 8.3 and 8.4, the Security
      Trustee is not bound to take any action under this Deed or give any
      consent or waiver or make any determination under this Deed (including,
      without limiting the generality of the foregoing, to appoint any Receiver,
      to declare the Charge enforceable or the Secured Moneys immediately due
      and payable or to take any other proceedings). Nothing in this clause
      affects the operation of clause 4.4 upon the occurrence of an Event of
      Default or the Charge becoming enforceable prior to the Security Trustee
      receiving directions from the Voting Secured Creditors.

9.4   Limitation on Rights of Secured Creditors

      Subject to clause 8.4:

      (a)   (Powers Exercisable by Security Trustee only): the powers, rights
            and remedies conferred on the Security Trustee by this Deed are
            exercisable by the Security Trustee only, and no Secured Creditor is
            entitled to exercise the same or any of them; and

      (b)   (Secured Creditors cannot enforce): without limiting the generality
            of the foregoing, no Secured Creditor is entitled to enforce the
            Charge or the provisions of this Deed exercisable by the Security
            Trustee or to appoint a Receiver to any of the Charged Property or
            otherwise to exercise any power conferred by the terms of any
            applicable law on chargees.

9.5   Immaterial Waivers

      The Security Trustee may, on such terms and conditions as it may deem
      expedient, without the consent of the Secured Creditors, and without
      prejudice to its rights in respect of any subsequent breach:

      (a)   (Waiver of Breaches): agree to any waiver or authorisation of any
            breach or proposed breach of any of the terms and conditions of the
            Transaction Documents ; and

      (b)   (Waiver of Events of Default): determine that any event that would
            otherwise be an Event of Default will not be treated as an Event of
            Default for the purpose of this Deed,

      which is not, in the opinion of the Security Trustee, materially
      prejudicial to the interests of the Secured Creditors as a class. No such
      waiver, authorisation or determination may be made in contravention of any
      prior directions contained in an Extraordinary Resolution of the Voting
      Secured Creditors. Any such waiver, authorisation or determination will,
      if the Security Trustee so requires, be notified to the Secured Creditors
      by the Manager as soon as practicable after it is made in accordance with
      this Deed.

9.6   Acceleration of Secured Moneys following Event of Default

      If any Event of Default occurs, at any time thereafter if the Event of
      Default is continuing, the Security Trustee may by written notice to the
      Trustee and the Manager, declare in accordance with this Deed the Secured
      Moneys to be immediately due and payable, whereupon the Secured Moneys
      will immediately become due and payable (subject to the limitation
      contained in clause 29 of the Series Supplement or any equivalent
      limitation in relation to the relevant Secured Moneys).

<PAGE>

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10.   Receivers - appointment and powers

10.1  Appointment of Receiver

      (a)   (Conditions of appointment): Following the occurrence of an Event of
            Default, if the Voting Secured Creditors pass the Extraordinary
            Resolutions under or referred to in clause 8.2(b), the Security
            Trustee must appoint in writing a person or persons to be a receiver
            or receiver and manager of the Charged Property to deal with the
            Charged Property in accordance with any instructions given by the
            Voting Secured Creditors by Extraordinary Resolution and may
            withdraw the appointment of any such Receiver as to the Charged
            Property and in case of the removal, retirement or death of any such
            Receiver may appoint another person or persons in its place on
            substantially the same terms as the previous Receiver.

      (b)   (No liability for Receiver): Neither the Trustee nor the Security
            Trustee will be responsible for anything done or not done by a
            Receiver. However, the Security Trustee must to the extent of a
            prudent security trustee monitor the performance by any person or
            persons appointed by it under clause 10.1(a) of that person's or
            those persons' duties as Receiver of the Charged Property.

10.2  Joint Receivers

      If more than one person is appointed as a Receiver of the Charged
      Property, the Security Trustee may specify whether such appointment and
      the powers of each such person will at its option be joint or joint and
      several and, failing such specification, such appointment and the powers
      of each such person will be deemed to be joint and several.

10.3  Remuneration of Receiver

      The Security Trustee must fix the remuneration of a Receiver in accordance
      with the terms of the Extraordinary Resolution passed under clause 8.2(b).

10.4  Indemnification of Receiver

      Without limiting the generality of clause 10.7, each Receiver must be
      granted an indemnity for its remuneration, costs, liabilities and expenses
      by the Security Trustee. However, the Security Trustee will not be
      required to grant such indemnity to a Receiver unless it is reasonably
      satisfied that its liability under that indemnity is limited so as not to
      exceed the Security Trustee's right of indemnity out of the Security Trust
      Fund. Any moneys payable by the Security Trustee under such an indemnity
      must be paid out of the Charged Property in accordance with this Deed and
      will form part of the Secured Moneys.

10.5  Appointment over part

      The power to appoint a Receiver over all of the Charged Property may be
      exercised whether or not a Receiver has already been appointed over part
      of it.

10.6  Powers of Receiver

      A Receiver, without the need for any consent from the Trustee, has all of
      the following powers in addition to any of the other powers conferred by
      this Deed:

      (a)   (To take possession): to enter, take possession of, have access to,
            make use of and collect and manage the Charged Property;

<PAGE>

      (b)   (To collect moneys): to convert, liquidate and reduce the Charged
            Property into money and, except as provided in clause 13.6, to
            convert any of the Charged Property denominated in a Foreign
            Currency into Australian dollars;

      (c)   (To carry on business): to carry on or concur in carrying on any
            business then conducted by the Trustee and to effect all insurances
            and do all acts which the Trustee might do in the ordinary course of
            such business for the protection or improvement of the Charged
            Property;

      (d)   (To borrow or raise money): to borrow or raise in any way from the
            Security Trustee or any other person any moneys which may be
            required for the purposes referred to in this Deed and in the name
            of the Trustee or otherwise to secure any moneys so borrowed or
            raised by the grant of any Security Interest over the Charged
            Property or any part thereof so that such Security Interest ranks in
            priority to, equally with or after the Charge, provided that the
            Security Trustee will not be bound to enquire as to the necessity or
            propriety of any such borrowing or raising nor be responsible for
            the misapplication or non-application of any moneys so borrowed or
            raised;

      (e)   (To employ): to employ managers, solicitors, auctioneers, brokers,
            consultants, professional advisers, workmen, officers, agents,
            employees and servants, including any person associated with a firm
            or company in which the Receiver is a member or in which he is
            interested and such person may charge for his services as if he had
            been independently retained for all or any of the purposes in this
            Deed referred to at such salaries or remuneration as the Receiver
            thinks fit and without the need for further enquiry and, without
            thereby incurring any liability to the Trustee, may act upon such
            person's advice as to the timing of or any incident or term of any
            sale including whether or not the Charged Property should be offered
            for sale by auction and as to the need for and amount of any reserve
            price and as to the adequacy of any rent or of any price obtainable
            on sale by private treaty;

      (f)   (To sell property): to sell or concur in selling whether or not the
            Receiver has taken possession of the Charged Property, by public
            auction, private treaty or tender, for cash or on credit, in one lot
            or in parcels with or without special conditions or stipulations as
            to title, the time and the mode of payment of purchase moneys and
            otherwise, as the Receiver thinks fit with power to allow the
            purchase moneys to remain on mortgage over the property sold or on
            any other security or without any security and upon such other terms
            and conditions as the Receiver considers expedient with full power
            to buy in and to rescind or vary any contract for sale and to resell
            without being responsible for loss and to exercise all or any rights
            powers and remedies of the Trustee thereunder and to execute such
            contracts, deeds, agreements, transfers, assignments and assurances
            of all or any part of the Charged Property in the name and on behalf
            of the Trustee or otherwise and to do all other acts and things for
            implementing and completing any such sale that the Receiver deems
            necessary;

      (g)   (To give up possession): to give up possession of the Charged
            Property at any time;

      (h)   (To invest proceeds against contingencies): if any of the Secured
            Moneys are contingent, to invest deposit or hold any part of the
            Charged Property in such form or in such mode of investment for the
            time being as the Receiver in its absolute discretion thinks fit,
            with like power to vary, transpose or re-invest such investments or
            deposits from time to time until such part of the Secured

<PAGE>

            Moneys cease to be contingent;

      (i)   (To enter into contracts): to enter into, vary or terminate any
            contract, undertaking, covenant, instrument, obligation or
            arrangement with any person for any purpose connected with this Deed
            or the Charged Property or in furtherance of any power in this Deed
            upon such terms and conditions as the Receiver in its absolute
            discretion thinks fit including, without limitation, granting or
            conferring options to in favour of or exercisable by any person for
            the purpose of or in connection with the sale, purchase, leasing or
            hiring of the Charged Property;

      (j)   (To perform contracts): to perform, observe and carry out and
            enforce specific performance of, to exercise or refrain from
            exercising, the Trustee's rights and powers under, to obtain the
            benefit of and to vary or rescind, all contracts and rights forming
            part of the Charged Property and all instruments and arrangements
            entered into or held by the Trustee;

      (k)   (To take proceedings): to institute, conduct or defend any
            proceedings in law, equity or bankruptcy and to submit to
            arbitration in the name of the Trustee or otherwise and on any terms
            any proceeding, claim, question or dispute in connection with the
            Charged Property or otherwise;

      (l)   (To compromise): to make any settlement, arrangement or compromise
            regarding any action or dispute arising in connection with the
            Charged Property, to grant to any person involved therein time or
            other indulgence and to execute such releases or discharges in
            connection therewith as the Receiver thinks expedient in the
            interests of the Security Trustee;

      (m)   (To appeal): to appeal against or to enforce any judgment or order;

      (n)   (To bankrupt debtors and wind-up companies): to make debtors
            bankrupt and to wind-up companies and to do all things in connection
            with any bankruptcy or winding up which the Receiver thinks
            necessary for the recovery or protection of the Charged Property or
            any part thereof or for the security or other benefit of the
            Security Trustee or the Secured Creditors;

      (o)   (To delegate): with the consent in writing of the Security Trustee,
            to delegate to any person for such time or times as the Security
            Trustee approves, any of the powers in this Deed conferred upon the
            Receiver including this power of delegation;

      (p)   (To file): to file all certificates, registrations and other
            documents and to take any and all action on behalf of the Trustee
            which the Security Trustee or Receiver believes necessary to
            protect, preserve or improve any or all of the Charged Property and
            the rights of the Trustee and the Security Trustee in respect of any
            agreement for sale and to obtain for the Security Trustee all of the
            benefits of this Deed and in particular the placing of the Trustee
            into liquidation or the appointment of a Receiver is deemed to be an
            event against which the Security Trustee may protect its rights;

      (q)   (To operate bank accounts): to operate to the exclusion of the
            Trustee any bank account in the name of the Trustee whether alone or
            jointly and to withdraw any moneys to the credit of such account and
            to sign and endorse or to authorise others to sign and endorse in
            the name of the Trustee cheques, promissory notes, bills of exchange
            and other negotiable instruments;

<PAGE>

      (r)   (To exercise Trustee's powers): to exercise all the powers, rights
            and entitlements conferred upon the Trustee under the terms of, or
            pursuant to the general law or Statute in respect of, any Charged
            Property;

      (s)   (To do all other things necessary): to do all things necessary to
            perform observe and fulfil any of the covenants on the part of the
            Trustee under this Deed; and

      (t)   (To do such things as are expedient): to do all such other acts and
            things without limitation as it thinks expedient for the interests
            of the Security Trustee or the Secured Creditors,

      and will have such further powers and discretions as the Security Trustee
      by notice in writing to the Receiver confers upon the Receiver for the
      purposes referred to in this clause 10.6.

10.7  Indemnity

      The Security Trustee may give such indemnities to the Receiver in respect
      of the performance by the Receiver of his duties as are permitted by law
      and if the Security Trustee is obliged to pay any moneys pursuant to any
      such indemnity the same will become part of the Secured Moneys.

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11.   Powers and protections for Security Trustee and Receiver and power of
      attorney

11.1  Security Trustee has Powers of Receiver

      At any time after an Event of Default occurs, the Security Trustee, in
      addition to the powers conferred on it by any other provision of this Deed
      or by law, may, without giving any notice, exercise all or any of the
      powers conferred on a Receiver, or which would be conferred on a Receiver
      if appointed by this Deed, as if the same had been expressly conferred on
      the Security Trustee and the Security Trustee may itself exercise such
      powers, authorities and discretions and/or may appoint an agent or joint
      and/or several agents for that purpose. When any such agent(s) are
      appointed the Security Trustee may:

      (a)   (Remuneration of agent): fix the remuneration of such agent(s) upon
            the same basis that such agent(s) would have been entitled to
            remuneration if appointed as Receiver(s) pursuant to the provisions
            of clause 10.3 or otherwise pay the reasonable charges of such
            agent(s);

      (b)   (Withdraw appointment of agent): withdraw the appointments of any
            such agent(s); and

      (c)   (Appoint another agent): in the case of the removal, retirement or
            death of any such agent(s) may appoint another person or persons in
            its place.

11.2  Act Jointly

      The Security Trustee or Receiver may exercise any of the powers conferred
      upon the Security Trustee or the Receiver in conjunction with the exercise
      of similar powers by the holder of any other Security Interests over the
      Charged Property or part thereof or by any receiver appointed by such
      holder and may enter into and give effect to such agreements and
      arrangements with such other holder or receiver as the Security Trustee or
      Receiver thinks fit.

<PAGE>

11.3  No Liability for Loss

      The Security Trustee is not nor is any Receiver liable or otherwise
      accountable for any omission, delay or mistake or any loss or irregularity
      in or about the exercise, attempted exercise, non-exercise or purported
      exercise of any of the powers of the Security Trustee or of the Receiver
      except for fraud, negligence or wilful default.

11.4  No Liability to Account as Mortgagee in Possession

      Neither the Security Trustee nor any Receiver will by reason of the
      Security Trustee or the Receiver entering into possession of the Charged
      Property or any part thereof be liable to account as mortgagee or chargee
      in possession or for anything except actual receipts or be liable for any
      loss upon realisation or for any default, omission, delay or mistake for
      which a mortgagee or chargee in possession might be liable.

11.5  No Conflict

      The Security Trustee and any Receiver may exercise any power under this
      Deed notwithstanding that the exercise of that power involves a conflict
      between any duty owed to the Trustee by the Security Trustee or such
      Receiver and:

      (a)   (Duty owed to others): any duty owed by the Security Trustee or
            Receiver to any other person; or

      (b)   (Interest of others): the interests of the Security Trustee or
            Receiver.

11.6  Contract Involving Conflict of Duty

      Any contract which involves any such conflict of duty or interest will not
      be void or voidable by virtue of any such conflict of duty or interest nor
      will the Security Trustee or Receiver be liable to account to the Trustee
      or any other person for any moneys because of any such conflict of
      interest or duty.

11.7  Power of Attorney

      The Trustee irrevocably appoints the Security Trustee, each Authorised
      Officer of the Security Trustee, any Receiver and such other person or
      persons as any of such Authorised Officers or Receiver (with, in the case
      of the Receiver, the prior consent of the Security Trustee) may for that
      purpose from time to time appoint, severally, the attorney and attorneys
      of the Trustee to, upon the occurrence of an Event of Default:

      (a)   (Acts): do all acts and things that under this Deed or implied in
            this Deed ought to be done by the Trustee;

      (b)   (Registration): take all such steps and proceedings and to do and
            execute all such acts, deeds and things for securing, perfecting and
            registering this Deed;

      (c)   (Further assurance): execute in favour of the Trustee all such legal
            mortgages, fixed charges, transfers, assignments and other
            assurances of all or any part of the Charged Property and to do at
            any time all things necessary to ensure the expeditious stamping and
            registration of such mortgages, charges, transfers, assignments and
            other assurances;

      (d)   (Commence proceedings): in the name and on behalf of the Trustee or
            in the name of the Security Trustee or the said attorney to ask
            demand sue for recover and receive of and from all and every person
            whomsoever and to give effectual

<PAGE>

            receipts for all or any part of the Charged Property;

      (e)   (Delegate): delegate such of its powers (including, and where
            applicable, this power of delegation) as the Security Trustee would
            be entitled to delegate under clause 14.3(k) if it held those powers
            in its own right rather than as attorney of the Trustee to any
            person for any period and may revoke a delegation;

      (f)   (Conflicts): exercise or concur in exercising its powers even if the
            attorney has a conflict of duty in exercising its powers or has a
            direct or personal interest in the means or result of that exercise
            of powers; and

      (g)   (Further acts): perform and execute all such further and other acts
            deeds matters and things which will become necessary or be regarded
            by the Security Trustee or the said attorney as necessary for more
            satisfactorily securing the payment of the Secured Moneys or as
            expedient in relation to the Charged Property,

      as effectually as the Trustee could or might do and for all or any of the
      purposes described in paragraphs (a) to (g) above appoint any substitute
      or substitutes for any such attorney and to remove at pleasure any
      attorney or substitute. The Trustee ratifies and confirms and agrees to
      allow, ratify and confirm all and whatsoever its attorney lawfully does or
      causes to be done under and by virtue of this power of attorney and
      declares that this power of attorney is to continue to be of full force
      and effect until all such acts, deeds, payments, matters and things as the
      Security Trustee thinks proper to execute, perform, make, institute or
      carry through have been done, made and completed notwithstanding the
      determination of this Deed or of the agreements and arrangements referred
      to in this Deed. The Trustee declares that this power of attorney is
      irrevocable and is given as security.

11.8  Security Trustee May Make Good Default

      If the Trustee defaults in duly performing, observing and fulfilling any
      covenant on the part of the Trustee in this Deed contained or implied it
      will be lawful for, but not obligatory upon the Security Trustee, without
      prejudice to any other power of the Security Trustee, to do all things and
      pay all moneys necessary or expedient in the opinion of the Security
      Trustee to make good or to attempt to make good such default to the
      satisfaction of the Security Trustee and all such moneys will form part of
      the Secured Moneys.

11.9  Notice for Exercise of Powers

      (a)   (No notice required): The powers conferred on the Security Trustee
            or the Receiver by this Deed, by any Statute or by the general law
            may be exercised by the Security Trustee, the Receiver or any
            attorney of the Trustee under this Deed, immediately upon or at any
            time after the Charge becomes enforceable without any notice or
            expiration of time being necessary.

      (b)   (Where notice is mandatory): 1 day is fixed as the period:

            (i)   for which an Event of Default must continue before the
                  Security Trustee may serve any notice in writing as may be
                  specified in any Statute affecting the Security Trustee's
                  powers; and

            (ii)  for which an Event of Default must continue after the service
                  of notice before any power of sale given by any such Statute
                  may be exercised.

<PAGE>

11.10 Benefit for Receiver etc.

      The Security Trustee will be deemed to have accepted the benefit of this
      clause 11 as agent for the Receiver and any attorney, agent or other
      person appointed under this Deed or by the Security Trustee who are not
      parties to this Deed and the Security Trustee will hold the benefit of
      such provisions on trust for the benefit of those grantees.

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12.   Protection of persons dealing with Security Trustee or Receiver

12.1  No Enquiry

      No purchaser or other person dealing with the Security Trustee, the
      Receiver or any attorney appointed under this Deed or to whom is tendered
      for registration an instrument executed by the Security Trustee, the
      Receiver or any attorney appointed under this Deed, will be bound to
      inquire as to whether any Event of Default has occurred or whether the
      Charge has become enforceable or whether any Secured Moneys are owing or
      payable or whether the Receiver or attorney has been properly appointed or
      the propriety or regularity of the exercise or purported exercise of any
      power by the Security Trustee, the Receiver or such attorney or any other
      matter or thing or be affected by actual or constructive notice that any
      lease, sale, dealing or instrument is unnecessary or improper and
      notwithstanding any irregularity or impropriety in any lease, sale,
      dealing or instrument the same will as regards the protection and title of
      the lessee, purchaser or such other person be deemed to be authorised by
      the aforesaid powers and will be valid and effectual accordingly.

12.2  Receipts

      The receipt of the Security Trustee, the Receiver or any attorney
      appointed under this Deed of any moneys or assets which come into the
      hands of the Security Trustee, the Receiver or such attorney by virtue of
      the powers of the Security Trustee, the Receiver or the attorney will as
      to the moneys or assets paid or handed over effectually discharge the
      person, other than the Trustee, paying or handing over the money or assets
      from being concerned to see to the application or being answerable or
      accountable for any loss or misapplication thereof and from any liability
      to inquire whether the Charge has become enforceable or whether the
      Secured Moneys have become payable pursuant to the provisions of this Deed
      or otherwise as to the propriety or regularity of the appointment of such
      Receiver or attorney or the propriety or regularity of the exercise of
      such powers by the Security Trustee, the Receiver or the attorney (as the
      case may be).

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13.   Application of moneys

13.1  Priority of Payments

      Subject to clause 13.6, all moneys received in connection with this Deed
      by the Security Trustee or by the Receiver in relation to the Charged
      Property pursuant to the provisions of this Deed are to be applied as
      follows:

      (a)   (Security Trustee's indemnity and the Prior Interest): first,
            rateably towards satisfaction of amounts which become owing or
            payable under clauses 16.1, 16.2 and 16.3 (except the Receiver's
            remuneration) and in payment of the Prior Interest;

      (b)   (Fees): second, in payment rateably of any fees and any liabilities,
            losses, costs, claims, actions, damages, expenses, demands, charges,
            stamp duties and other Taxes due to the Security Trustee, the Class
            A-1 Note Trustee or any Agent and

<PAGE>

            the Receiver's remuneration;

      (c)   (Outgoings): third, in payment rateably of such other outgoings
            and/or liabilities that the Receiver, the Security Trustee or the
            Class A-1 Note Trustee has incurred in performing their obligations,
            or exercising their powers, under this Deed and, in the case of the
            Class A-1 Note Trustee, under the Class A-1 Note Trust Deed;

      (d)   (Payment of prior Security Interest): fourth, in payment of other
            Security Interests (if any) over the Charged Property of which the
            Security Trustee is aware having priority to the Charge (other than
            the Prior Interest), in the order of their priority (and the
            Security Trustee and the Receiver are entitled to rely upon a
            certificate from the holder of the prior Security Interest as to the
            amount so secured and will not be bound to enquire further as to the
            accuracy of that amount or as to whether that amount or any part
            thereof is validly secured by such other prior Security Interest);

      (e)   (Payment of Class A-1 Currency Swap Termination Proceeds to Class A-
            1 Noteholders): fifth, in payment to the Class A-1 Noteholders of
            the Class A-1 Currency Swap Termination Proceeds (if any) toward
            satisfaction of any Secured Moneys owing in relation to the Class
            A-1 Notes (such Secured Moneys for this purpose will be denominated
            in US dollars);

      (f)   (Payment of Class A-1 Principal Carryover Amount): sixth, in payment
            rateably, to the Class A-1 Noteholders of the balance (if any) of
            the Class A-1 Principal Carryover Amount held upon the enforcement
            of the Charge, towards satisfaction of any Secured Moneys owing to
            the Class A-1 Noteholders (such payments being converted from
            Australian dollars into US dollars in accordance with clause
            13.5(b));

      (g)   (Payment of accrued but unpaid interest on Class A-1 Notes):
            seventh, in payment rateably to the Class A-1 Noteholders towards
            satisfaction of interest accrued but unpaid in relation to the Class
            A-1 Notes (such payments being converted from Australian dollars
            into US dollars in accordance with clause 13.5(a)) PROVIDED THAT the
            total amount distributed pursuant to this paragraph (g) shall not
            exceed the Income Carryover Amount as at the Monthly Distribution
            Date immediately prior to the date of enforcement of the Charge;

      (h)   (Payment of Outstanding Cash Advance Deposit): eighth, in payment to
            the Liquidity Facility Provider of the Outstanding Cash Advance
            Deposit;

      (i)   (Payment of Accrued Interest Adjustment, Collateral and
            Prepayments): ninth, in payment rateably to:

            (i)   the Relevant Seller of so much of the Accrued Interest
                  Adjustment in respect of the Mortgage Loans forming part of
                  the Assets of the Series Trust that has not then been paid to
                  the Relevant Seller;

            (ii)  CBA of the then Seller Deposit; and

            (iii) each Interest Rate Swap Provider of the Outstanding Interest
                  Rate Swap Prepayment Amount;

      (j)   (Payment of Secured Moneys to Senior Securityholders, the Hedge
            Providers, the Liquidity Facility Provider, the Standby Redraw
            Facility Provider and the Sellers): tenth, in payment rateably:

<PAGE>

            (i)   subject to clause 13.5(b) in the case of the Class A-1
                  Noteholders, to the Senior Securityholders of all other
                  Secured Moneys owing in relation to the Senior Securities (the
                  Secured Moneys owing in respect of the principal component of
                  the Senior Securities for this purpose will be calculated
                  based on their Stated Amount and such Secured Moneys in
                  respect of the Class A-1 Notes will be converted from US
                  dollars to Australian dollars in accordance with clause
                  13.5(a)), to be applied amongst them:

                  A.    first, towards all interest accrued but unpaid on the
                        Senior Securities at that time (to be distributed
                        rateably amongst the Senior Securities); and

                  B.    second, in reduction of the Stated Amount in respect of
                        the Senior Securities at that time (to be distributed
                        rateably amongst the Senior Securities);

            (ii)  to the Liquidity Facility Provider of any other Secured Moneys
                  owing to the Liquidity Facility Provider under the Liquidity
                  Facility Agreement;

            (iii) to the Standby Redraw Facility Provider of any Secured Moneys
                  owing to the Standby Redraw Facility Provider under the
                  Standby Redraw Facility Agreement (the Secured Moneys owing in
                  respect of the principal component of the Standby Redraw
                  Facility Agreement for this purpose will be calculated by
                  reference to the Standby Redraw Facility Principal);

            (iv)  to each Hedge Provider rateably of any other Secured Moneys
                  owing to that Hedge Provider under the Hedge Agreements; and

            (v)   to the Relevant Seller of the amount of all then Seller
                  Advances which have not been repaid to the Relevant Seller in
                  accordance with the Series Supplement;

      (k)   (Payment of other Secured Moneys for Senior Securityholders):
            eleventh, subject to clause 13.5(b) in the case of the Class A-1
            Noteholders, to the Senior Securityholders and the Standby Redraw
            Facility Provider of all Unreimbursed Principal Charge-Offs
            constituting remaining Secured Moneys owing in respect of the Senior
            Securities or Standby Redraw Facility Agreement (such Secured Moneys
            in respect of the Class A-1 Notes will be converted from US dollars
            to Australian dollars in accordance with clause 13.5(a)) to be
            distributed rateably amongst the Senior Securityholders and the
            Standby Redraw Facility Provider;

      (l)   (Payment of Exchange Rate differential to Class A-1 Noteholders):
            twelfth, if after the application of clause 13.5(b) in respect of
            any Australian dollar payments under clauses 13.1(j) and (k), and
            after the application of clauses 13.1(e), (f) and (g), there are
            still Secured Moneys owing in respect of the Class A-1 Notes
            (denominated in US dollars), in payment, subject to clause 13.5(b),
            amongst the Class A-1 Notes of such remaining Secured Moneys owing
            in relation to the Class A-1 Notes until, after the further
            application of clause 13.5(b), all Secured Moneys owing in respect
            of the Class A-1 Notes (denominated in US dollars) are paid to the
            Class A-1 Noteholders;

      (m)   (Payment of Secured Moneys to Class B Noteholders): thirteenth, to
            the Class B Noteholders in repayment of all Secured Moneys owing in
            relation to the

<PAGE>

            Class B Notes to be applied amongst them:

            (i)   first, towards all interest accrued but unpaid on the Class B
                  Notes at that time (to be distributed equally amongst such
                  Class B Notes); and

            (ii)  second, in reduction of the Invested Amount in respect of the
                  Class B Notes at that time (to be distributed equally amongst
                  the Class B Notes);

      (n)   (Other Secured Moneys): fourteenth, to pay rateably to each Secured
            Creditor any remaining amounts forming part of the Secured Moneys
            and owing to that Secured Creditor;

      (o)   (Subsequent Security Interests): fifteenth, in payment of subsequent
            Security Interests over the Charged Property of which the Security
            Trustee is aware, in the order of their priority and the Security
            Trustee and the Receiver will be entitled to rely upon a certificate
            from the holder of any subsequent Security Interests as to the
            amount so secured and will not be bound to enquire further as to the
            accuracy of that amount or as to whether that amount or any part
            thereof is validly secured by the subsequent Security Interests; and

      (p)   (Surplus): sixteenth, to pay the surplus (if any) to the Trustee to
            be distributed by the Trustee in accordance with the terms of the
            Master Trust Deed and the Series Supplement, but will not carry
            interest as against the Security Trustee.

13.2  Moneys Received

      In applying any moneys towards satisfaction of the Secured Moneys, the
      Trustee will be credited only with so much of the moneys available for
      that purpose as the Security Trustee or the Receiver has actually received
      and is not required for whatever reason to be disgorged, such credit to
      date from the time of such receipt.

13.3  Application of Moneys

      Notwithstanding any principle or presumption of law to the contrary or any
      direction given at the time of it being received by the Security Trustee
      or the Receiver, the Security Trustee and the Receiver each has, subject
      to this Deed, an absolute discretion without the need to communicate its
      election to any person to apply any payment or credit received by it under
      this Deed in reduction of any part or parts of the Secured Moneys,
      whenever and on whatever account the same became secured.

13.4  Investment of Funds

      Unless expressly provided in this Deed, all moneys received by the
      Security Trustee following the Charge becoming enforceable and not
      required to be immediately applied under this Deed will be invested by the
      Security Trustee as it thinks appropriate in Authorised Short-Term
      Investments on the following terms and conditions:

      (a)   (May vary): the Security Trustee may from time to time vary and deal
            with or dispose of such investments; and

      (b)   (Maturity): the Security Trustee must invest only in Authorised
            Short-Term Investments that mature such that the Security Trustee is
            able to distribute the proceeds of those investments in or towards
            discharge of the Secured Moneys as they become due and payable.

<PAGE>

13.5  Conversion into A$ of Class A-1 Notes denominated in US$

      (a)   (Conversion for the purposes of clause 13.1(j)(i) and clause
            13.1(k)): in calculating the amount of any Secured Moneys to be
            distributed to the Class A-1 Noteholders in accordance with clause
            13.1(j)(i) and clause 13.1(k), the Security Trustee will convert the
            amount of such Secured Moneys from US dollars to Australian dollars
            at the exchange rate below which produces the lowest amount in
            Australian dollars:

            (i)   the A$ Exchange Rate; or

            (ii)  the spot exchange rate as advised to the Security Trustee by
                  the Manager between US dollars and Australian dollars used for
                  the calculation of any amounts payable on the occurrence of an
                  "Early Termination Date" (if any) under the Class A-1 Currency
                  Swaps (or, if different, the average of such rates).

      (b)   (Payments in US$): All actual payments to the Class A-1 Noteholders
            by the Security Trustee pursuant to this Deed must be made in US
            dollars. The Security Trustee must convert (and pay to the Class A-1
            Noteholders) all Australian dollar amounts payable to the Class A-1
            Noteholders under clauses 13.1(f), (g), (j) and (k) (and, if
            applicable, clause 13.1(l)) at the rate that it is able to acquire
            US dollars in the Australian spot foreign exchange market. It need
            only apply so many Australian dollars for this purpose as is
            sufficient to acquire the necessary US dollars, when combined with
            the US dollars (if any) from the application of clause 13.1(e), as
            equals the Secured Moneys (denominated in US dollars) owing in
            respect of the Class A-1 Notes. If, after the application of this
            clause 13.5(b), there is any surplus of Australian dollars these are
            to be applied in accordance with clause 13.1(j) to the other Secured
            Creditors referred to therein (if necessary) and clauses 13.1(m)-(p)
            (as applicable);

      (c)   (Voting Entitlements): In calculating the Secured Moneys in respect
            of the Class A-1 Notes for the purposes of the definitions of
            "Voting Entitlements" and "Voting Secured Creditors" and the Secured
            Moneys for the Annexure, such Secured Moneys will be converted to
            Australian dollars from US dollars in accordance with clause
            13.5(a).

13.6  Application of Class A-1 Currency Swap Termination Proceeds

      Any Class A-1 Currency Swap Termination Proceeds received by the Security
      Trustee must be retained by the Security Trustee in US dollars and must be
      invested by it in a US dollar interest bearing account with a bank or
      other financial institution selected by it and must be applied, if there
      are any Secured Moneys owing in respect of the Class A-1 Notes, first in
      accordance with clause 13.1(e). If there are no such Secured Moneys owing
      in respect of the Class A-1 Notes, or only part of the Class A-1 Swap
      Termination Proceeds are sufficient to pay all Secured Moneys (denominated
      in US dollars) owing in respect of the Class A-1 Notes, the balance may be
      converted to Australian dollars for application in accordance with clause
      13.1.

13.7  Satisfaction of Debts

      Each Secured Creditor will accept the distribution of money to it under
      clause 13.1 in full and final satisfaction of all Secured Moneys owing to
      it and any debt represented by any shortfall after any final distribution
      under clause 13.1 will thereupon be extinguished.

<PAGE>

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14.   Supplemental Security Trustee provisions

14.1  Limitations on Powers and Duties of Security Trustee

      Notwithstanding any other provision of this Deed, unless and until there
      is an Event of Default, the Security Trustee has no powers, rights, duties
      or responsibilities other than:

      (a)   (To hold on Trust): the duty to hold the Security Trust Fund on
            trust;

      (b)   (To take the benefit of the Charge): the power to take the benefit
            of the Charge (but not to take any action to enforce the Charge);
            and

      (c)   (Pre-Default Action): the power to perform a Pre-Default Action.

      Prior to the Security Trustee becoming aware of the occurrence of an Event
      of Default, the Security Trustee is not required to take and may not take
      any action under this Deed other than Pre-Default Actions.

14.2  Limitation on Security Trustee's Actions

      Notwithstanding knowledge by or notice to the Security Trustee of any
      breach, anticipatory or actual, of, or default under, any covenant,
      obligation, condition or provision by the Trustee or the Manager contained
      in or imposed by any Transaction Document, the Security Trustee is only
      required to take all such steps and do all such things as it is empowered
      to do having regard to the powers, authorities and discretions vested in
      it pursuant to this Deed and the obligations imposed on the Security
      Trustee by this Deed.

14.3  Additional Powers, Protections, etc.

      By way of supplement to any Statute regulating the Security Trust and in
      addition to the powers, rights and protections which may from time to time
      be vested in or available to the Security Trustee by the general law, it
      is expressly declared, notwithstanding anything to the contrary in this
      Deed (and subject only to clause 15.2) as follows:

      (a)   (Liability to account): The Security Trustee is under no obligation
            to account to any Interested Person for any moneys received pursuant
            to this Deed other than those received by the Security Trustee from
            the Trustee or received or recovered by the Security Trustee or the
            Receiver under this Deed, subject always to such deductions and
            withholdings by the Security Trustee or the Receiver as are
            authorised by this Deed. Subject to clauses 14.4 and 15.3, the
            liabilities of the Security Trustee to any Interested Person or any
            other person under or in connection with this Deed can only be
            enforced against the Security Trustee to the extent to which they
            can be satisfied out of such moneys in accordance with this Deed.

      (b)   (Act on professional advice): The Security Trustee may act on the
            opinion or advice of, or information obtained from, any lawyer,
            valuer, banker, broker, accountant or other expert appointed by the
            Security Trustee or by a person other than Security Trustee where
            that opinion, advice or information is addressed to the Security
            Trustee or by its terms is expressed to be capable of being relied
            upon by the Security Trustee. The Security Trustee will not be
            responsible to any Interested Person for any loss occasioned by so
            acting. Any such opinion, advice or information may be sent or
            obtained by letter, telex or facsimile transmission and the Security
            Trustee will not be liable to any Interested Person for acting in
            good faith on any opinion, advice or information

<PAGE>

            purporting to be conveyed by such means even though it contains some
            error which is not a manifest error or is not authentic.

      (c)   (No enquiry): The Security Trustee is not bound to give notice to
            any person of the execution of this Deed or to take any steps to
            ascertain whether there has occurred any Event of Default or event
            which, with the giving of notice or the lapse of time would
            constitute an Event of Default or to keep itself informed about the
            circumstances of the Trustee or the Manager and, until it has
            knowledge or express notice to the contrary, the Security Trustee
            may assume that no Event of Default has occurred and that the
            Trustee and the Manager and any other party to the Transaction
            Documents (other than the Security Trustee) are observing and
            performing all the obligations on their part contained in the
            Transaction Documents and need not inquire whether that is, in fact,
            the case.

      (d)   (Notice of Event of Default): The Security Trustee is not obliged to
            notify the Secured Creditors of the happening of any Event of
            Default except in the circumstances set out in clause 8.1.

      (e)   (Acts pursuant to resolutions): The Security Trustee will not be
            responsible for having acted in good faith upon any resolution
            purporting to have been passed at any meeting of the Voting Secured
            Creditors in respect of which minutes have been made and signed even
            though it may subsequently be found that there was some defect in
            the constitution of such meeting or the passing of such resolution
            or that for any reason such resolution was not valid or binding upon
            the Secured Creditors or upon the Security Trustee.

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

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

            (ii)  all statements (including statements made or given to the best
                  of the maker's knowledge and belief or similarly qualified)
                  contained in any information, report, balance sheet, profit
                  and loss account, certificate or statement given pursuant to
                  or in relation to this Deed, the Master Trust Deed or the
                  Series Supplement;

            (iii) all accounts supplied to the Security Trustee pursuant to this
                  Deed and all reports of the Auditor supplied to the Security
                  Trustee pursuant to this Deed; and

            (iv)  notices and other information supplied to the Security Trustee
                  under this Deed,

            save, in each case, when it is aware that the information supplied
            pursuant to subclauses (i) to (iv) is incorrect or incomplete.

      (g)   (Director's certificates): The Security Trustee may call for and may
            accept as sufficient evidence of any fact or matter or of the
            expediency of any dealing, transaction, step or thing a certificate
            signed by any two directors or duly authorised officers of the
            Trustee or the Manager as to any fact or matter upon

<PAGE>

            which the Security Trustee may, in the exercise of any of its
            duties, powers, authorities and discretions under this Deed, require
            to be satisfied or to have information to the effect that in the
            opinion of the person or persons so certifying any particular
            dealing, transaction, step or thing is expedient and the Security
            Trustee will not be bound to call for further evidence and will not
            be responsible for any loss that may be occasioned by acting on any
            such certificate.

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

      (i)   (Discretion): The Security Trustee, as regards all the powers,
            trusts, authorities and discretions vested in it, has, subject to
            any express provision to the contrary contained in this Deed,
            absolute and uncontrolled discretion as to the exercise of such
            powers, authorities, trusts and discretions and, in the absence of
            fraud, negligence or wilful default on its part, will be in no way
            responsible to any Interested Person or any other person for any
            loss, costs, damages, expenses or inconvenience which may result
            from the exercise or non-exercise of such powers, authorities,
            trusts and discretions.

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

      (k)   (Delegation): Subject to clause 14.7, the Security Trustee may
            whenever it thinks it expedient in the interests of Secured
            Creditors, delegate to any person or fluctuating body of persons
            selected by it all or any of the duties, powers, authorities, trusts
            and discretions vested in the Security Trustee by this Deed provided
            that, except as provided in any Transaction Documents, the Security
            Trustee may not delegate to such third parties any material part of
            its powers, duties or obligations as Security Trustee. Any such
            delegation may be by power

<PAGE>

            of attorney or in such other manner as the Security Trustee may
            think fit and may be made upon such terms and conditions (including
            power to sub-delegate) and subject to such regulations as the
            Security Trustee may think fit. Provided that the Security Trustee
            has exercised reasonable care and good faith in the selection of
            such delegate, it will not be under any obligation to any Interested
            Person to supervise the proceedings or be in any way responsible for
            any loss incurred by reason of any misconduct or default on the part
            of any such delegate or sub-delegate.

      (l)   (Apply to court): The Security Trustee may, whenever it thinks it
            expedient in the interests of the Secured Creditors, apply to any
            court for directions in relation to any question of law or fact
            arising either before or after an Event of Default and assent to, or
            approve, any applications of any Secured Creditor, the Trustee or
            the Manager.

      (m)   (Disclosure): Subject to this Deed, any applicable laws and any duty
            of confidentiality owed by any Interested Person to any other
            person, the Security Trustee may, for the purpose of meeting its
            obligations under this Deed, disclose to any Secured Creditor any
            confidential, financial or other information made available to the
            Security Trustee by the Trustee, the Manager, any other Interested
            Person or any other person in connection with this Deed.

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

      (o)   (Defect in title): The Security Trustee is not bound or concerned to
            examine or enquire into nor be liable for any defect or failure in
            the title of the Trustee to the Charged Property and is entitled to
            accept any such title without requisition or objection.

      (p)   (Notice of Charge or enforcement): The Security Trustee is under no
            obligation to give any notice of the Charge to any debtors of the
            Trustee or to any purchaser or any other person whomsoever or,
            subject to this Deed, to enforce payment of any moneys payable to
            the Trustee or to realise any of the Charged Property or to take any
            steps or proceedings for that purpose unless the Security Trustee
            thinks fit to do so.

      (q)   (Give up possession of Charged Property): The Security Trustee,
            acting in accordance with this Deed or the terms of any
            Extraordinary Resolution passed by the Voting Secured Creditors in
            accordance with this Deed, may give up possession of the Charged
            Property at any time.

      (r)   (No duty as chargee): Nothing in this Deed imposes a duty upon the
            Security Trustee to exercise its powers as chargee under this Deed
            or at law in circumstances where a motion at a meeting of Voting
            Secured Creditors that a receiver be appointed is put and is not
            passed.

      (s)   (Other Security Interests): If the Security Trustee sees fit to
            redeem or take any transfer of any Security Interest ranking in
            priority to or pari passu with the Charge including the Prior
            Interest (the "Other Security Interest") wholly or in part then,
            notwithstanding any provision as to interest contained in the Other
            Security Interest or any presumption of law to the contrary all
            moneys expended

<PAGE>

            by the Security Trustee in so doing including the consideration paid
            to the holder of the Other Security Interest, stamp duty and legal
            costs and disbursements will be deemed to be principal moneys
            secured by the Other Security Interest, and also part of the Secured
            Moneys and moneys the payment of which forms part of the obligations
            of the Trustee under this Deed, and the provisions of this Deed will
            be deemed incorporated in the Other Security Interest and will
            prevail over the terms and conditions of the Other Security Interest
            in the case of any inconsistency.

      (t)   (Liability limited): Except for the obligations imposed on it under
            this Deed, the Security Trustee is not obliged to do or omit to do
            any thing including enter into any transaction or incur any
            liability unless the Security Trustee's liability is limited in a
            manner satisfactory to the Security Trustee in its absolute
            discretion.

      (u)   (No duty to provide information): Subject to the express
            requirements of this Deed and any requirement of applicable law, the
            Security Trustee has no duty (either initially, or on a continuing
            basis) to consider or provide any Secured Creditors with any
            information with respect to the Trustee or the Manager (whenever
            coming into its possession).

      (v)   (Exercise of rights subject to Extraordinary Resolution): Without
            limiting its rights, powers and discretions, but subject to its
            express duties or obligations under this Deed (including, without
            limiting the generality of the foregoing, clause 8) the Security
            Trustee will not be required to exercise any right, power or
            discretion (including to require anything to be done, form any
            opinion or give any notice, consent or approval) without the
            specific instructions of the Voting Secured Creditors given by
            Extraordinary Resolution.

      (w)   (No liability for acting in accordance with directions): The
            Security Trustee is not to be under any liability whatsoever for
            acting in accordance with any direction obtained from Voting Secured
            Creditors at a meeting convened under clause 8.

      (x)   (No liability for breach): The Security Trustee is not to be under
            any liability whatsoever for a failure to take any action in respect
            of any breach by the Trustee of its duties as trustee of the Series
            Trust of which the Security Trustee is not aware or in respect of
            any Event of Default of which the Security Trustee is not aware.

      (y)   (Dispute or Ambiguity): In the event of any dispute or ambiguity as
            to the construction or enforceability of this Deed or any other
            Transaction Document, or the Security Trustee's powers or
            obligations under or in connection with this Deed or the
            determination or calculation of any amount or thing for the purpose
            of this Deed or the construction or validity of any direction from
            Voting Secured Creditors, provided the Security Trustee is using
            reasonable endeavours to resolve such ambiguity or dispute, the
            Security Trustee, in its absolute discretion, may (but will have no
            obligation to) refuse to act or refrain from acting in relation to
            matters affected by such dispute or ambiguity.

14.4  Limitation of Liability

      Notwithstanding any other provision of this Deed, the Security Trustee
      will have no liability under or in connection with this Deed or any other
      Transaction Document (whether to the Secured Creditors, the Trustee, the
      Manager or any other person) other than to the extent to which the
      liability is able to be satisfied out of the property of the Security

<PAGE>

      Trust Fund from which the Security Trustee is actually indemnified for the
      liability. This limitation will not apply to a liability of the Security
      Trustee to the extent that it is not satisfied because, under this Deed or
      by operation by law, there is a reduction in the extent of the Security
      Trustee's indemnification as a result of the Security Trustee's fraud,
      negligence or wilful default. Nothing in this clause 14.4 or any similar
      provision in any other Transaction Document limits or adversely affects
      the powers of the Security Trustee, any receiver or attorney in respect of
      the Charge or the Charged Property.

14.5  Dealings with Trust

      None of the:

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

      (b)   (Related Bodies Corporate): Related Bodies Corporate of the Security
            Trustee;

      (c)   (Directors etc.): directors or officers of the Security Trustee or
            its Related Bodies Corporate; or

      (d)   (Shareholders): shareholders of the Security Trustee or its Related
            Bodies Corporate,

      is prohibited from:

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

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

            (i)   contracting with;

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

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

            any other of them or any Secured Creditor; or

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

      None of the persons mentioned is liable to account to the Secured
      Creditors for any profits or benefits (including, without limitation, bank
      charges, commission, exchange brokerage and fees) derived in connection
      with any contract or transaction referred to in paragraphs (e) or (f). The
      preceding provisions of this clause 14.5 only apply if the relevant
      person, in connection with the action, contract or transaction, acts in
      good faith to all Secured Creditors.

14.6  Discretion of Security Trustee as to Exercise of Powers

      Subject to any express provision to the contrary contained in this Deed,
      the Security Trustee will, as regards all the powers, authorities and
      discretions vested in it by this Deed have absolute discretion as to the
      exercise of them in all respects and, in the absence of fraud, negligence
      or wilful default on its part, the Security Trustee will not be in any way
      responsible for any loss, costs, damages, claims or obligations that may
      result from the exercise or non-exercise of them.

<PAGE>

14.7  Delegation of Duties of Security Trustee

      The Security Trustee must not delegate to any person any of its trusts,
      duties, powers, authorities or discretions under this Deed except:

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

      (b)   (Related Body Corporate): subject to clause 14.8, to a Related Body
            Corporate of the Security Trustee; or

      (c)   (As otherwise permitted): in accordance with the provisions of this
            Deed.

14.8  Related Body Corporate of the Security Trustee

      Where the Security Trustee delegates any of its trusts, duties, powers,
      authorities and discretions to any person who is a Related Body Corporate
      of the Security Trustee, the Security Trustee at all times remains liable
      for the acts or omissions of such Related Body Corporate and for the
      payment of fees of that Related Body Corporate when acting as delegate.

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15.   Duties of the Security Trustee

15.1  Duties of the Security Trustee limited to duties in this Deed

      The Security Trustee has no duties or responsibilities in its capacity as
      trustee other than those expressly set out in this Deed.

15.2  Security Trustee's Further Duties

      Subject to clause 14.1, the Security Trustee must comply with the duties
      and responsibilities imposed on it by this Deed and must:

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

      (b)   (Exercise diligence etc.): exercise all due diligence and vigilance
            in carrying out its functions and duties and in protecting the
            rights and interests of the Secured Creditors;

      (c)   (Have regard to the Interests of Secured Creditors): in the exercise
            of all discretions vested in it by this Deed and all other
            Transaction Documents, except where expressly provided otherwise,
            have regard to the interest of the Secured Creditors as a class;

      (d)   (Retain the Trust Fund): subject to this Deed, retain the Security
            Trust Fund in safe custody and hold it on trust for the Secured
            Creditors upon the terms of this Deed; and

      (e)   (Not sell etc.): not sell, mortgage, charge or part with the
            possession of any part or the whole of the Security Trust Fund (or
            permit any of its officers, agents and employees to do so) except as
            permitted or contemplated by this Deed.

<PAGE>

15.3  Trustee Liable for Negligence etc.

      Nothing in this Deed will in any case in which the Security Trustee has
      failed to show the degree of care and diligence required of it as Security
      Trustee (having regard to the provisions of this Deed conferring on the
      Security Trustee any duties, powers, trusts, authorities or discretions,
      including any provisions relieving the Security Trustee of specified
      responsibilities) relieve or indemnify it from or against any liability
      for fraud, negligence or wilful default.

15.4  No Liability for Transaction Documents

      The Security Trustee has no responsibility for the form or content of this
      Deed or any other Transaction Document and will have no liability arising
      in connection with any inadequacy, invalidity or unenforceability (other
      than as a result of a breach of this Deed by the Security Trustee) of any
      provision of this Deed or any Transaction Document.

15.5  Resolution of Conflicts

      (a)   (Resolve Conflicts in favour of the Securityholders): Subject to the
            provisions of this Deed, if there is at any time in the Security
            Trustee's opinion, with respect to enforcement or the exercise of
            any of the Security Trustee's duties, powers or discretions, a
            conflict between the interests of any Secured Creditor or class of
            Secured Creditor (on the one hand) and the interests of the
            Securityholders as a whole (on the other hand), the Security Trustee
            must give priority to the interests of the Securityholders as a
            whole.

      (b)   (Resolve Conflicts in favour of the Senior Securityholders): Subject
            to the provisions of this Deed (other than clause 15.5(a)), the
            Security Trustee must give priority to the interests only of the
            Senior Securityholders as a class if, in the Security Trustee's
            opinion, there is a conflict between the interests of the Senior
            Securityholders (on the one hand) and the Class B Noteholders or the
            other persons entitled to the benefit of the Charge (on the other
            hand) (in relation to which in determining the interests of the
            Class A-1 Noteholders the Security Trustee may rely on a
            determination of the Class A-1 Note Trustee).

      (c)   (No Liability): Provided that the Security Trustee acts in good
            faith, it will not incur any liability to any Secured Creditor for
            giving effect to paragraph (a) or (b).

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16.   Indemnity by Trustee

16.1  Indemnity

      Subject to this Deed and without prejudice to any right of indemnity given
      by law, the Security Trustee, the Manager, the Class A-1 Note Trustee, the
      Receiver or attorney or other person appointed under this Deed (including,
      without limitation, any person appointed by the Security Trustee, the
      Manager, the Class A-1 Note Trustee or the Receiver or any person to whom
      any duties, powers, trusts, authorities or discretions may be delegated by
      the Security Trustee, the Manager, the Class A-1 Note Trustee or the
      Receiver) ("appointee") will be indemnified by the Trustee against all
      loss, liabilities and expenses properly incurred by the Security Trustee,
      the Manager, the Class A-1 Note Trustee, the Receiver, attorney or
      appointee (as the case may be) in the execution or purported execution of
      any duties, powers, trusts, authorities or discretions vested in such
      persons pursuant to this Deed, including, without limitation, all
      liabilities and expenses consequent upon any mistake or oversight, error
      of judgment or want of prudence on the

<PAGE>

      part of such persons and against all actions, proceedings, costs, claims
      and demands in respect of any matter or thing properly done or omitted in
      any way relating to this Deed, unless any of the foregoing is due to
      actual fraud, negligence or wilful default on the part of the Security
      Trustee, the Manager, the Class A-1 Note Trustee, the Receiver, attorney
      or appointee (as the case may be). The Security Trustee may in priority to
      any payment to the Secured Creditors retain and pay out of any moneys in
      its hands upon the trusts of this Deed all sums necessary to effect such
      indemnity including, without limitation, the amount of any such
      liabilities and expenses, and also any remuneration outstanding to the
      Security Trustee under clause 19.1.

16.2  Extent of Security Trustee's Indemnity

      The Security Trustee is entitled to be indemnified by the Trustee for:

      (a)   (Registration etc. costs): the costs, charges and expenses
            (including legal costs and expenses at the usual commercial rates of
            the relevant legal services provider) of the Security Trustee in
            connection with the negotiation, preparation, execution, stamping,
            registration and completion of this Deed, any deed amending this
            Deed and the Charge;

      (b)   (Costs of waiver etc.): the costs, charges and expenses (including
            legal costs and expenses at the usual commercial rates of the
            relevant legal services provider) of the Security Trustee in
            connection with any consent, exercise or non-exercise of rights or
            powers or performance of obligations (including, without limitation,
            in connection with the contemplated or actual enforcement or
            preservation of any rights or powers or performance of obligations
            under this Deed), production of title documents, waiver, variation,
            release or discharge in connection with the Charge or the Charged
            Property;

      (c)   (Taxes): Taxes and fees (including, without limitation, registration
            fees) and fines and penalties in respect of fees, which may be
            payable or determined to be payable in connection with this Deed or
            a payment or receipt or any other transaction contemplated by this
            Deed; and

      (d)   (Legal costs): without limiting the generality of clause 16.2(b),
            all legal costs and disbursements (at the usual commercial rates of
            the relevant legal services provider) and all other costs,
            disbursements, outgoings and expenses of the Security Trustee in
            connection with the initiation, carriage and settlement of any court
            proceedings (including, without limitation, proceedings against the
            Trustee arising from any neglect, breach or default by the Trustee
            under this Deed) in respect of this Deed.

16.3  Costs of experts

      The liabilities and expenses referred to in clause 16.2 include, without
      limitation, those payable to any independent consultant or other person
      appointed to evaluate any matter of concern (including, without
      limitation, any person consulted by the Security Trustee pursuant to
      clause 14.3(b)), any agent of the Security Trustee, any Receiver or any
      attorney appointed under this Deed, and, in the case of the Security
      Trustee, its administration costs in connection with any event referred to
      in clause 16.2.

16.4  Non-Discharge

      Unless otherwise specifically stated in any discharge of the Security
      Trust, the provisions of this clause 16 will continue in full force and
      effect despite such discharge.

<PAGE>

16.5  Retention of Lien

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

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17.   Meetings of Voting Secured Creditors

17.1  Meetings Regulated by the Annexure

      The provisions of the Annexure will apply to all meetings of Voting
      Secured Creditors and to the passing of resolutions at those meetings.

17.2  Limitation on Security Trustee's Powers

      Save as provided for in this Deed, the Security Trustee will not assent or
      give effect to any matter which a meeting of Voting Secured Creditors is
      empowered by Extraordinary Resolution to do, unless the Security Trustee
      has previously been authorised to do so by an Extraordinary Resolution of
      Voting Secured Creditors. Nothing in this Deed prevents the Security
      Trustee taking such action as it considers appropriate to enforce any
      rights of indemnity or reimbursement.

--------------------------------------------------------------------------------
18.   Continuing security and releases

18.1  Liability Preserved

      Notwithstanding any payout figure quoted or other form of account stated
      by the Security Trustee and notwithstanding the rule in Groongal Pastoral
      Company Limited (In Liquidation) v Falkiner (35 CLR 157), no grant of full
      or partial satisfaction of or discharge from this Deed by the Security
      Trustee will release the Trustee under this Deed until all the Secured
      Moneys have in fact been received by the Security Trustee and are not
      liable for whatever reason to be disgorged notwithstanding that such
      quotation or statement of account may have arisen from the mistake,
      negligence, error of law or error of fact of the Security Trustee its
      servants or agents.

18.2  Trustee's Liability Not Affected

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

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

      (b)   (Delay in recovery): the Security Trustee failing or neglecting to
            recover by the realisation of any other security or otherwise any of
            the Secured Moneys;

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

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

<PAGE>

18.3  Waiver by Trustee

      The Trustee waives in favour of the Security Trustee:

      (a)   (All rights necessary to give effect to Deed): all rights whatsoever
            against the Security Trustee and any other person estate or assets
            to the extent necessary to give effect to anything in this Deed;

      (b)   (Promptness and diligence): promptness and diligence on the part of
            the Security Trustee and any other requirement that the Security
            Trustee take any action or exhaust any right against any other
            person before enforcing this Deed; and

      (c)   (All rights inconsistent with Deed): all rights inconsistent with
            the provisions of this Deed including any rights as to contribution
            or subrogation which the Trustee might otherwise be entitled to
            claim or enforce.

--------------------------------------------------------------------------------
19.   Remuneration and retirement of security trustee

19.1  Remuneration

      Subject to clause 28, the Security Trustee is to be remunerated by the
      Trustee for acting as trustee under this Deed whether before or after the
      occurrence of an Event of Default, at the rate agreed from time to time
      between the Manager, the Security Trustee and the Trustee.

19.2  Retirement of Security Trustee

      The Security Trustee covenants that it will retire as Security Trustee if:

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

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

      (c)   (Related Trustee retires): a Related Body Corporate of it retires as
            trustee of the Series Trust under clause 19.1, clause 19.2 or clause
            19.4 of the Master Trust Deed or is removed as trustee of the Series
            Trust under clause 19.3 of the Master Trust Deed and the Manager
            requires the Security Trustee by notice in writing to retire;

      (d)   (Voting Secured Creditors require retirement): an Extraordinary
            Resolution requiring its retirement is passed at a meeting of Voting
            Secured Creditors;

      (e)   (Breach of duty): when required to do so by the Manager or the
            Trustee by notice in writing, it fails or neglects within 14 days
            after receipt of such notice to carry out or satisfy any material
            duty imposed on it by this Deed in respect of the Security Trust; or

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

<PAGE>

19.3  Removal by Manager

      If an event referred to in clause 19.2 occurs and the Security Trustee
      does not retire immediately after that event, the Manager is entitled to,
      and must forthwith, remove the Security Trustee from office immediately by
      notice in writing to the Security Trustee. On the retirement or removal of
      the Security Trustee under the provisions of clause 19.2 or this clause
      19.3:

      (a)   (Notify Rating Agencies): the Manager must promptly notify the
            Rating Agencies and the Class A-1 Note Trustee of such retirement or
            removal; and

      (b)   (Appoint Substitute Security Trustee): subject to any approval
            required by law, the Trustee is entitled to and must use its best
            endeavours to appoint in writing some other Authorised Trustee
            Corporation which is approved by the Rating Agencies to be the
            Substitute Security Trustee. If the Trustee does not appoint a
            Substitute Security Trustee, the Manager may appoint a Substitute
            Security Trustee who is approved by the Rating Agencies.

19.4  Security Trustee May Retire

      The Security Trustee may retire as trustee under this Deed upon giving 3
      months notice in writing to the Trustee, the Manager, the Class A-1 Note
      Trustee and the Rating Agencies or such lesser time as the Manager, the
      Trustee, the Security Trustee and the Class A-1 Note Trustee agree. Upon
      such retirement, the Security Trustee, subject to any approval required by
      law, may appoint in writing any other Authorised Trustee Corporation who
      is approved by the Rating Agencies and the Manager, which approval must
      not be unreasonably withheld by the Manager, as Security Trustee in its
      stead. If the Security Trustee does not propose a replacement by the date
      which is 1 month prior to the date of its proposed retirement, the Manager
      is entitled to appoint a Substitute Security Trustee, which must be an
      Authorised Trustee Company who is approved by the Rating Agencies, as of
      the date of the proposed retirement.

19.5  Retirement of Trustee under Master Trust Deed

      The retiring Security Trustee must use its best endeavours to appoint in
      writing some other Authorised Trustee Corporation who is approved by the
      Manager and the Rating Agencies as Security Trustee in its place. If the
      retiring Security Trustee does not appoint a Substitute Security Trustee
      by the date which is 1 month prior to the date of its proposed retirement,
      the Manager may appoint a Substitute Security Trustee, which must be an
      Authorised Trustee Company approved by the Rating Agencies. The retirement
      of the retiring Security Trustee will take effect upon the earlier to
      occur of:

      (a)   (Expiry of 3 month period): the expiry of a 3 month period
            commencing on the retirement or removal of the trustee of the Series
            Trust under the Master Trust Deed; and

      (b)   (Appointment of a Substitute Security Trustee): the appointment of a
            Substitute Security Trustee.

19.6  Appointment of Substitute Security Trustee by Voting Secured Creditors

      If a Substitute Security Trustee has not been appointed under clauses
      19.3, 19.4 or 19.5 at a time when the position of Security Trustee becomes
      vacant in accordance with those clauses, the Manager must act as Security
      Trustee in accordance with the terms of this Deed and must promptly
      convene a meeting of Voting Secured Creditors at which Voting

<PAGE>

      Secured Creditors, holding or representing between them Voting
      Entitlements comprising in aggregate a number of votes which is not less
      than 75% of the aggregate number of votes comprised in the total Voting
      Entitlements at the time, appoint any person nominated by any of them to
      act as Security Trustee. The Manager is entitled to receive the fee
      payable in accordance with clause 19.1 for the period during which the
      Manager acts as Security Trustee pursuant to this clause 19.

19.7  Release of Security Trustee

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

19.8  Vesting of Security Trust Fund in Substitute Security Trustee

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

19.9  Substitute Security Trustee to Execute Deed

      Each Substitute Security Trustee must upon its appointment execute a deed
      in such form as the Manager may require whereby such Substitute Security
      Trustee must undertake to the Secured Creditors jointly and severally to
      be bound by all the covenants on the part of the Security Trustee under
      this Deed from the date of such appointment.

19.10 Rating Agencies Advised

      The Manager must promptly:

      (a)   (Retirement): approach and liaise with the Rating Agencies in
            respect of any consents required from it to the replacement of the
            Security Trustee pursuant to clause 19.5;

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

      (c)   (Approval for change in ownership): notify the Rating Agencies and
            the Class A-1 Note Trustee of any approvals given by the Manager
            pursuant to clause 19.2(f).

<PAGE>

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20.   Assurance

20.1  Further Assurance

      The Trustee will and will procure that all persons having or claiming any
      estate or interest in the Charged Property will at any time now or in the
      future upon the request of the Security Trustee and at the cost of the
      Trustee, make, do and execute or cause to be made, done and executed all
      such actions, documents and assurances which are necessary or appropriate:

      (a)   (To secure the Secured Moneys): to more satisfactorily secure to the
            Security Trustee the payment of the Secured Moneys;

      (b)   (To assure the Charged Property): to assure or more satisfactorily
            assure the Charged Property to the Security Trustee;

      (c)   (As directed): as the Security Trustee may direct; or

      (d)   (Appointment of Substitute Security Trustee): for a Substitute
            Security Trustee appointed under clause 19 to obtain the benefit of
            this Deed,

      and in particular will, whenever requested by the Security Trustee,
      execute in favour of the Security Trustee such legal mortgages, transfers,
      assignments or other assurances of all or any part of the Charged Property
      in such form and containing such powers and provisions as the Security
      Trustee requires.

20.2  Postponement or Waiver of Security Interests

      The Trustee will (and the Manager will give all necessary directions to
      enable the Trustee to) if required by the Security Trustee immediately
      cause:

      (a)   (Postpone other Security Interests): any Security Interest (other
            than the Prior Interest) which has arisen or which arises from time
            to time by operation of law over the Charged Property in favour of
            any person including the Trustee to be at the Security Trustee's
            option postponed in all respects after and subject to this Deed or
            to be otherwise discharged released or terminated; and

      (b)   (Discharge of Secured Moneys): any Borrowing or other obligation
            secured by any such Security Interest at the Security Trustee's
            option to be waived, released, paid or performed.

20.3  Registration of Charge

      The Manager will at its own expense ensure that this Deed is promptly
      registered as a charge on any appropriate register to the extent and
      within such time limits as may be prescribed by law so as to ensure the
      full efficacy of this Deed as a security to the Security Trustee in all
      jurisdictions in which any part of the Charged Property may now or at any
      time during the continuance of this Deed be located, in which the Trustee
      may carry on any business or in which the Trustee is or may become
      resident or registered.

20.4  Caveats

      The Trustee is not obliged to do anything under this clause 20 to enable
      the Security Trustee to, and the Security Trustee must not, lodge a caveat
      to record its interest in the Charged Property at the land titles office
      in any State or Territory, unless the Charge has taken effect as a fixed
      charge and the Trustee would, under the terms of the Master Trust

<PAGE>

      Deed, be entitled to lodge caveats.

--------------------------------------------------------------------------------
21.   Payments

21.1  Moneys Repayable as Agreed or on Demand

      Unless otherwise agreed pursuant to the terms of any Secured Moneys, such
      Secured Moneys are payable by the Trustee to the Security Trustee in
      Australian dollars immediately upon demand by the Security Trustee.

21.2  No Set-Off or Deduction

      All payments by the Trustee of any moneys forming part of the Secured
      Moneys are to be free of any set-off or counterclaim and without deduction
      or withholding for any present or future Taxes unless the Trustee is
      compelled by law to deduct or withhold the same, in which event the
      Trustee will pay to the Security Trustee such additional amounts necessary
      to enable the Security Trustee to receive after all deductions and
      withholdings for such Taxes a net amount equal to the full amount which
      would otherwise have been payable under this Deed had no such deduction or
      withholding been required to be made.

--------------------------------------------------------------------------------
22.   Discharge of the Charge

22.1  Release

      Upon proof being given to the reasonable satisfaction of the Security
      Trustee that all Secured Moneys have been paid in full, including that all
      costs, charges, moneys and expenses incurred by or payable to or at the
      direction of the Security Trustee, the Receiver or any attorney appointed
      under this Deed have been paid and upon adequate provision having been
      made to the reasonable satisfaction of the Security Trustee of all costs,
      charges, moneys and expenses reasonably likely thereafter to be incurred
      by or payable to or at the direction of the Security Trustee, the Receiver
      or any attorney appointed under this Deed in respect of the Series Trust,
      then the Security Trustee will at the request of the Manager or the
      Trustee, and at the cost of the Trustee, release the Charged Property from
      the Charge and this Deed.

22.2  Contingent Liabilities

      The Security Trustee is under no obligation to grant a release of the
      Charge or this Deed unless at the time such release is sought:

      (a)   (No Secured Moneys owing): none of the Secured Moneys are
            contingently or prospectively owing except where there is no
            reasonable likelihood of the contingent or prospective event
            occurring; and

      (b)   (No liabilities): the Security Trustee has no contingent or
            prospective liabilities whether or not there is any reasonable
            likelihood of such liabilities becoming actual liabilities in
            respect of any bills, notes, drafts, cheques, guarantees, letters of
            credit or other instruments or documents issued, drawn, endorsed or
            accepted by the Security Trustee for the account or at the request
            of the Trustee for the Series Trust.

22.3  Charge Reinstated

      If any claim is made by any person that any moneys applied in payment or
      satisfaction of the Secured Moneys must be repaid or refunded under any
      law (including, without limit,

<PAGE>

      any law relating to preferences, bankruptcy, insolvency or the winding up
      of bodies corporate) and the Charge has already been discharged, the
      Trustee will, at the Trustee's expense, promptly do, execute and deliver,
      and cause any relevant person to do, execute and deliver, all such acts
      and instruments as the Security Trustee may require to reinstate this
      Charge. This clause will survive the discharge of the Charge unless the
      Security Trustee agrees otherwise in writing.

--------------------------------------------------------------------------------
23.   Class A-1 Note Trustee

23.1  Capacity

      The Class A-1 Note Trustee is a party to this Deed in its capacity as
      trustee for the Class A-1 Noteholders from time to time under the Class
      A-1 Note Trust Deed.

23.2  Exercise of rights

      Except as otherwise provided in this Deed and in the Class A-1 Note Trust
      Deed:

      (a)   (Only by Class A-1 Note Trustee): the rights, remedies and
            discretions of the Class A-1 Noteholders under this Deed including
            all rights to vote or give instructions or consent to the Security
            Trustee and to enforce any undertakings or warranties under this
            Deed, may only be exercised by the Class A-1 Note Trustee on behalf
            of the Class A-1 Noteholders in accordance with the Class A-1 Note
            Trust Deed; and

      (b)   (Limited Right of Enforcement by Class A-1 Noteholders): the Class
            A-1 Noteholders may only exercise enforcement rights in respect of
            the Charged Property through the Class A-1 Note Trustee and only in
            accordance with this Deed.

23.3  Instructions or directions

      The Security Trustee may rely on any instructions or directions given to
      it by the Class A-1 Note Trustee as being given on behalf of all the Class
      A-1 Noteholders from time to time and need not inquire whether any such
      instructions or directions are in accordance with the Class A-1 Note Trust
      Deed, whether the Class A-1 Note Trustee or the Class A-1 Noteholders from
      time to time have complied with any requirements under the Class A-1 Note
      Trust Deed or as to the reasonableness or otherwise of the Class A-1 Note
      Trustee.

23.4  Payments

      Any payment to be made to a Class A-1 Noteholder under this Deed may be
      made to the Class A-1 Note Trustee or a Paying Agent on behalf of that
      Class A-1 Noteholder.

23.5  Notices

      Any notice to be given to a Class A-1 Noteholder under this Deed may be
      given to the Class A-1 Note Trustee on behalf of that Class A-1
      Noteholder. Any costs to the Class A-1 Note Trustee of publishing such
      notice to the Class A-1 Noteholders will, subject to clause 28, be
      reimbursed by the Trustee to the Class A-1 Note Trustee.

23.6  Limitation of Class A-1 Note Trustee's Liability

      The liability of the Class A-1 Note Trustee under this Deed is limited in
      the manner and to the same extent as under the Class A-1 Note Trust Deed.

<PAGE>

--------------------------------------------------------------------------------
24.   Amendment

24.1  Amendment by Security Trustee

      Subject to this clause 24 and to any approval or consent required by law
      (including, without limitation, the United States Trust Indenture Act of
      1939) and under clause 24.2, the Security Trustee, the Manager, the Class
      A-1 Note Trustee and the Trustee may together agree by way of supplemental
      deed to alter, add to or revoke any provision of this Deed (including this
      clause 24) so long as such alteration, addition or revocation:

      (a)   (Necessary or expedient): in the opinion of the Security Trustee or
            of a barrister or solicitor instructed by the Security Trustee is
            necessary or expedient to comply with the provisions of any Statute
            or regulation or with the requirements of any Governmental Agency;

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

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

      (d)   (Otherwise desirable): in the opinion of the Security Trustee and
            the Trustee is otherwise desirable for any reason,

      provided that the Security Trustee, the Manager, the Class A-1 Note
      Trustee and the Trustee may not alter, add to or revoke any provision of
      this Deed unless the Manager has notified the Rating Agencies and the
      Class A-1 Note Trustee 5 Business Days in advance.

24.2  Consent required Generally

      If any alteration, addition or revocation referred to in clause 24.1(d)
      would, if it were an Extraordinary Resolution of the Voting Secured
      Creditors require any consent to be effective under clause 14 of the
      Annexure, the alteration, addition or revocation may be effected only if
      the relevant consent is obtained in accordance with such clause. Nothing
      in this clause limits the operation of the proviso in clause 24.1.

24.3  Consent to Payment Modification in relation to Class A-1 Notes

      If any alteration, addition or revocation referred to in clause 24.1
      effects or purports to effect a Payment Modification (as defined in the
      Class A-1 Note Trust Deed) it will not be effective as against a given
      Class A-1 Noteholder unless consented to by that Class A-1 Noteholder.

24.4  No Rating Agency Downgrade

      The Security Trustee will be entitled to assume that any proposed
      alteration, addition or revocation referred to in clause 24.1 (other than
      a Payment Modification) will not be

<PAGE>

      materially prejudicial to the interests of a Class of Securityholders or
      all Securityholders if each of the Rating Agencies confirms in writing
      that if the alteration, addition or revocation is effected this will not
      lead to a reduction, qualification or withdrawal of the then rating given,
      respectively, to the Class of Securities, or to each Class of the
      Securities, by the Rating Agency. The Class A-1 Note Trustee will be
      entitled to assume that any proposed alteration, addition or revocation
      will not be materially prejudicial to the interests of Class A-1
      Noteholders if each of the Rating Agencies confirms in writing that if the
      alteration, addition or revocation is effected this will not lead to a
      reduction, qualification or withdrawal of the then rating given,
      respectively, to the Class A-1 Notes by the Rating Agency.

24.5  Distribution of Amendments

      The Manager must distribute to all Secured Creditors a copy of any
      amendment made pursuant to clause 24.1 as soon as reasonably practicable
      after the amendment has been made.

--------------------------------------------------------------------------------
25.   Expenses and stamp duties

25.1  Expenses

      Subject to clause 28, the Trustee will on demand reimburse the Security
      Trustee and the Class A-1 Note Trustee for and keep the Security Trustee
      and the Class A-1 Note Trustee indemnified against all expenses including
      legal costs and disbursements (at the usual commercial rates of the
      relevant legal services provider) incurred by the Security Trustee or the
      Class A-1 Note Trustee (as the case may be) in connection with:

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

      (b)   (Enforcement): the exercise, enforcement, preservation or attempted
            exercise enforcement or preservation of any rights under this Deed
            including without limitation any expenses incurred in the evaluation
            of any matter of material concern to the Security Trustee or the
            Class A-1 Note Trustee; and

      (c)   (Inquiries of Governmental Agency): any inquiry by a Governmental
            Agency concerning the Trustee or the Charged Property or a
            transaction or activity the subject of the Transaction Documents.

25.2  Stamp Duties

      (a)   (Trustee must pay): The Trustee will pay all stamp, loan,
            transaction, registration and similar Taxes including fines and
            penalties, financial institutions duty and federal debits tax which
            may be payable to or required to be paid by any appropriate
            authority or determined to be payable in connection with the
            execution, delivery, performance or enforcement of this Deed or any
            payment, receipt or other transaction contemplated in this Deed.

      (b)   (Trustee must indemnify): The Trustee will indemnify and keep
            indemnified each of the Security Trustee and the Class A-1 Note
            Trustee against any loss or liability incurred or suffered by it as
            a result of the delay or failure by the Trustee to pay such Taxes.

<PAGE>

25.3  Goods and Services Tax

      Notwithstanding any other provision of this Deed or the Master Trust Deed,
      if the Security Trustee becomes liable to remit to a Governmental Agency
      an amount of GST in connection with its supplies under this Deed, the
      Security Trustee is not entitled to any reimbursement of that GST from the
      Trustee out of the Assets of the Series Trust or the Security Trust Fund.
      Nothing in this clause 25.3 prevents the time in attendance costs of the
      Security Trustee charged pursuant to clause 19.5 of the Series Supplement
      from including a component that represents or is referable to GST.

--------------------------------------------------------------------------------
26.   Governing law and jurisdiction

26.1  Governing Law

      This Deed is governed by and construed in accordance with the laws of the
      State of New South Wales.

26.2  Jurisdiction

      (a)   (Submission to jurisdiction): The Trustee, the Security Trustee, the
            Manager and each of the Secured Creditors each irrevocably submits
            to and accepts generally and unconditionally the non-exclusive
            jurisdiction of the Courts and appellate Courts of the State of New
            South Wales with respect to any legal action or proceedings which
            may be brought at any time relating in any way to this Deed.

      (b)   (Waiver of inconvenient forum): The Trustee, the Security Trustee,
            the Manager and each of the Secured Creditors each irrevocably
            waives any objection it may now or in the future have to the venue
            of any such action or proceedings brought in such courts and any
            claim it may now or in the future have that any such action or
            proceedings have been brought in an inconvenient forum.

--------------------------------------------------------------------------------
27.   Notices

27.1  Method of Delivery

      Subject to this clause, any notice, request, certificate, approval,
      demand, consent or other communication to be given under this Deed must:

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

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

      (c)   (Delivery): be in the case of a party to this Deed or any Secured
            Creditor, other than a Securityholder:

            (i)   left at the address of the addressee;

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

            (iii) sent by facsimile to the facsimile number of the addressee,
                  notified by that addressee from time to time to the other
                  parties to this Deed as its address for service pursuant to
                  this Deed.

<PAGE>

      Any notice, request, certificate, approval, demand, consent or other
      communication to be given under this Deed to a Class A-1 Noteholder will
      be effectively given if it is given to the Class A-1 Note Trustee in
      accordance with this clause and to a Class A-2 Noteholder, a Class B
      Noteholder or a Redraw Bondholder will be effectively given if sent to the
      address thereof then appearing in the Register.

27.2  Deemed Receipt

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

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

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

      (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.

      However, if the time of deemed receipt of any notice is not before 5.30 pm
      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.

--------------------------------------------------------------------------------
28.   Trustee's Limited Liability

28.1  Limitation on Trustee's Liability

      The Trustee enters into this Deed only in its capacity as trustee of the
      Series Trust and in no other capacity. A liability incurred by the Trustee
      acting in its capacity as trustee of the Series Trust arising under or in
      connection with this Deed is limited to and can be enforced against the
      Trustee only to the extent to which it can be satisfied out of Assets of
      the Series Trust out of which the Trustee is actually indemnified for the
      liability. This limitation of the Trustee's liability applies despite any
      other provision of this Deed (other than clause 28.3) and extends to all
      liabilities and obligations of the Trustee in any way connected with any
      representation, warranty, conduct, omission, agreement or transaction
      related to this Deed.

28.2  Claims against Trustee

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

28.3  Breach of Trustee

      The provisions of this clause 28 will not apply to any obligation or
      liability of the Trustee to the extent that it is not satisfied because
      under the Master Trust Deed, the Series Supplement or any other
      Transaction Document or by operation of law there is a reduction in the
      extent of the Trustee's indemnification out of the Assets of the Series
      Trust, as a result of the Trustee's fraud, negligence or wilful default.

<PAGE>

28.4  Acts or omissions

      It is acknowledged that the Relevant Parties are responsible under the
      Transaction Documents for performing a variety of obligations relating to
      the Series Trust. No act or omission of the Trustee (including any related
      failure to satisfy its obligations or any breach of representation or
      warranty under this Deed) will be considered fraudulent, negligent or a
      wilful default for the purpose of clause 28.3 to the extent to which the
      act or omission was caused or contributed to by any failure by any
      Relevant Party or any other person appointed by the Trustee under any
      Transaction Document (other than a person whose acts or omissions the
      Trustee is liable for in accordance with any 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.

28.5  No Authority

      No attorney, agent, receiver or receiver and manager appointed in
      accordance with this Deed has authority to act on behalf of the Trustee in
      a way which exposes the Trustee to any personal liability and no act or
      omission of any such person will be considered fraud, negligence or wilful
      default of the Trustee for the purposes of clause 28.3.

28.6  No Obligation

      The Trustee is not obliged to enter into any commitment or obligation
      under this Deed or any Transaction Document (including incur any further
      liability) unless the Trustee's liability is limited in a manner which is
      consistent with this clause 28 or otherwise in a manner satisfactory to
      the Trustee in its absolute discretion.

--------------------------------------------------------------------------------
29.   Miscellaneous

29.1  Assignment by Trustee

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

29.2  Assignment by Manager

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

29.3  Assignment by Security Trustee

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

29.4  Assignment by Class A-1 Note Trustee

      The Class A-1 Note Trustee will not assign or otherwise transfer all or
      any part of the benefit of this Deed or any of its rights, duties and
      obligations under this Deed except to a successor trustee appointed under
      and in accordance with the Class A-1 Note Trust Deed.

<PAGE>

29.5  Certificate of Security Trustee

      A certificate in writing signed by an Authorised Officer of the Security
      Trustee certifying the amount payable by the Trustee to the Security
      Trustee or to the Secured Creditors or certifying that a person identified
      therein is a Secured Creditor or certifying any other act, matter, thing
      or opinion relating to this Deed is conclusive and binding on all
      Interested Persons in the absence of manifest error on the face of the
      certificate or evidence to the contrary.

29.6  Continuing Obligation

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

29.7  Settlement Conditional

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

29.8  No Merger

      Neither this Deed nor any of the Security Trustee's or the Receiver's
      powers will merge or prejudicially affect nor be merged in or
      prejudicially affected by and the Trustee's obligations under this Deed
      will not in any way be abrogated or released by any other security any
      judgment or order any contract any cause of action or remedy or any other
      matter or thing existing now or in the future in respect of the Secured
      Moneys.

29.9  Interest on Judgment

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

29.10 No Postponement

      The Security Trustee's rights under this Deed will not be discharged,
      postponed or in any way prejudiced by any subsequent Security Interest nor
      by the operation of the rules known as the rule in Hopkinson v Rolt or the
      rule in Claytons Case.

29.11 Severability of Provisions

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

<PAGE>

29.12 Remedies Cumulative

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

29.13 Waiver

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

29.14 Consents and Approvals

      Where any act matter or thing under this Deed depends on the consent or
      approval of the Security Trustee then unless expressly provided otherwise
      in this Deed such consent or approval may be given or withheld in the
      absolute and unfettered discretion of the Security Trustee and may be
      given subject to such conditions as the Security Trustee thinks fit in its
      absolute and unfettered discretion.

29.15 Written Waiver, Consent and Approval

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

29.16 Time of Essence

      Time is of the essence in respect of the Trustee's obligations under this
      Deed.

29.17 Moratorium Legislation

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

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

      (b)   (Delay Exercise of Powers): to delay or otherwise prevent or
            prejudicially affect the exercise of any powers conferred on the
            Security Trustee or the Receiver under this Deed,

      are expressly waived negatived and excluded.

29.18 Debit Accounts

      The Trustee authorises the Security Trustee at any time after the Charge
      becomes enforceable pursuant to the provisions of this Deed, to apply
      without prior notice any credit balance whether or not then due to which
      the Trustee is at any time entitled on any account at any office of the
      Security Trustee in or towards satisfaction of any sum then due and unpaid
      from the Trustee to the Security Trustee under this Deed or on any other
      account whatsoever and the Trustee further authorises the Security Trustee
      without prior notice to set-off any amount owing whether present or future
      actual contingent or prospective and on

<PAGE>

      any account whatsoever by the Security Trustee to the Trustee against any
      of the Secured Moneys. The Security Trustee is not obliged to exercise any
      of its rights under this clause, which are without prejudice and in
      addition to any right of set-off, combination of accounts, lien or other
      right to which it is at any time otherwise entitled whether by operation
      of law contract or otherwise.

29.19 Set-Off

      No Secured Creditor may set-off or apply any sum or debt in any currency
      (whether or not matured) in any account comprised in the Charged Property
      towards satisfaction of any amount that would otherwise form part of the
      Secured Moneys.

29.20 Binding on Each Signatory

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

29.21 Counterparts

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

Executed as a deed.

Signed sealed and delivered for and on behalf of PT Limited, ABN 67 004 454 666,
by
its Attorney under a Power of Attorney dated and registered Book No. 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 Attorney


__________________________________

Signature of Witness

__________________________________

Name of Witness in full


<PAGE>

The common seal of The Bank of New York was affixed to this Deed in the presence
of:


__________________________________

Signature of Witness

__________________________________

Name of Witness in full


                                       _________________________________________

                                       Signature of Attorney

Signed sealed and delivered for and on behalf of Securitisation Advisory
Services Pty. Limited, ABN 88 064 133 946 by

its Attorney under a Power of Attorney dated   and registered Book No.   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


                                       _________________________________________

                                       Signature of Attorney

Signed sealed and delivered for and on behalf of
Perpetual Trustee Company Limited, ABN 42 000 001 007, by

its Attorney under a Power of Attorney dated   and registered Book No.   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

<PAGE>

THIS IS THE ANNEXURE REFERRED TO IN A SECURITY TRUST DEED BETWEEN P.T. LIMITED,
THE BANK OF NEW YORK, NEW YORK BRANCH, SECURITISATION ADVISORY SERVICES PTY.
LIMITED AND PERPETUAL TRUSTEE COMPANY LIMITED

--------------------------------------------------------------------------------

               PROVISIONS FOR MEETINGS OF VOTING SECURED CREDITORS

1.    Definitions and incorporation of terms

      In this Annexure, unless specified otherwise or the context indicates a
      contrary intention:

      (a)   words and expressions which are defined in or by virtue of clause 1
            of the abovementioned Security Trust Deed (the "Security Trust
            Deed") have the same meanings in this Annexure;

      (b)   a "holder" in relation to Secured Moneys will be construed as
            including a Securityholder in relation to any outstanding
            Securities; and

      (c)   references to clauses are references to clauses in this Annexure.

2.    Convening of meetings

      (a)   (Meeting at any time): The Security Trustee, the Trustee or the
            Manager at any time may convene a meeting of the Voting Secured
            Creditors.

      (b)   (Meeting on request): Subject to the Security Trustee being
            indemnified to its reasonable satisfaction against all costs and
            expenses occasioned thereby, the Security Trustee will convene a
            meeting of the Voting Secured Creditors if requested to do so by
            Voting Secured Creditors who hold between them Voting Entitlements
            comprising an aggregate number of votes which is no less than 10% of
            the aggregate number of votes comprising the Voting Entitlements of
            all Voting Secured Creditors at that time.

      (c)   (Time and place approved by Security Trustee):

            (i)   Every meeting of Voting Secured Creditors will be held at such
                  time and place as the Security Trustee approves (or, failing
                  such approval by the Security Trustee within a reasonable
                  period, as approved by the Manager), provided that, subject to
                  paragraphs (ii) and (iii) and clause 4, any such meeting shall
                  not be held until the Class A-1 Note Trustee has had, in its
                  opinion, sufficient time to either seek directions from the
                  Class A-1 Noteholders or to determine that it need not seek
                  those directions, in each case in accordance with clause 7 of
                  the Class A-1 Note Trust Deed.

            (ii)  Upon receiving notice of a meeting of the Voting Secured
                  Creditors, the Class A-1 Note Trustee (if applicable) will as
                  soon as practicable comply with clause 7 of the Class A-1 Note
                  Trust Deed.

            (iii) The proviso in sub-paragraph (i) does not apply if:

                  A.    the Class A-1 Note Trustee, in its absolute discretion,
                        so decides; or

                  B.    there are then no Class A-1 Notes outstanding.

      (d)   (Meetings in more than one place): A meeting of Voting Secured
            Creditors may, if the Security Trustee so determines, be held at two
            or more meeting venues linked

<PAGE>

            together by audio-visual communication equipment which, by itself or
            in conjunction with other arrangements:

            (i)   gives the Voting Secured Creditors in the separate venues a
                  reasonable opportunity to participate in the proceedings;

            (ii)  enables the chairman to be aware of proceedings in each such
                  venue; and

            (iii) enables the Voting Secured Creditors in each such venue to
                  vote on a show of hands and on a poll.

            A Voting Secured Creditor at one of the separate meeting venues is
            taken to be present at the meeting of the Voting Secured Creditors
            and is entitled to exercise all rights which a Voting Secured
            Creditor has under the Security Trust Deed and this Annexure in
            relation to a meeting of Voting Secured Creditors. Where a meeting
            of Voting Secured Creditors is held at two or more meeting venues
            pursuant to this clause 2(d), that meeting will be regarded as
            having been held at the venue determined by the chairman of the
            meeting.

      (e)   (Meetings only in accordance with the Security Trust Deed): A
            meeting of Voting Secured Creditors may only be convened in
            accordance with the Security Trust Deed and this Annexure.

3.    Notice of meetings

      (a)   (Notice): Subject to clauses 2(c)(i) and 4, at least 14 days' notice
            (inclusive of the day on which the notice is given and of the day on
            which the meeting is held) of a meeting of the Voting Secured
            Creditors must be given to the Voting Secured Creditors.

      (b)   (Accidental omission does not invalidate): The accidental omission
            to give notice to or the non-receipt of notice by any Voting Secured
            Creditor does not invalidate the proceedings at any meeting.

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

      (d)   (Manner of notice): Notice of a meeting must be given in the manner
            provided in the Security Trust Deed.

      (e)   (Details to be included in notice): A notice of a meeting of the
            Voting Secured Creditors must specify:

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

            (ii)  the reason for the meeting being convened;

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

            (iv)  the terms of any proposed resolution;

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

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

<PAGE>

4.    Shorter notice of meeting

      A meeting of the Voting Secured Creditors may be held on shorter notice
      than provided by clause 3 if so agreed by a resolution of Voting Secured
      Creditors at the meeting who:

      (a)   (Majority in number): are a majority in number of Voting Secured
            Creditors (present in person or by proxy) having the right to attend
            and vote at the meeting; and

      (b)   (95% Voting Entitlements): hold or represent between them Voting
            Entitlements comprising in aggregate a number of votes which is not
            less than 95% of the aggregate number of votes comprised in all
            Voting Entitlements at the time.

5.    Chairman

      At a meeting of Voting Secured Creditors, some person (whether or not a
      Secured Creditor or a representative of the Security Trustee) nominated in
      writing by the Security Trustee must preside as chairman. If no such
      nomination is made or no such nominated person is present within 15
      minutes after the time appointed for the holding of the meeting, the
      Voting Secured Creditors present must choose one of their number to be
      chairman.

6.    Quorum

      At any such meeting, any 2 or more persons present in person holding, or
      being Representatives holding or representing between them, in the
      aggregate 67% or more of the aggregate number of votes comprised in all
      Voting Entitlements at that time will form a quorum for the transaction of
      business and no business (other than the choosing of a chairman) is to be
      transacted at any meeting unless the requisite quorum is present at the
      commencement of business.

7.    Adjournment

      (a)   (Adjournment): If within 15 minutes from the time appointed for any
            such meeting a quorum is not present, the meeting must, if convened
            upon the requisition of Voting Secured Creditors, be dissolved. In
            any other case it must stand adjourned (unless the Security Trustee
            agrees that it be dissolved) for such period, not being less than 7
            days nor more than 42 days, as may be appointed by the chairman. At
            such adjourned meeting, two or more persons present in person
            holding, or being Representatives holding or representing between
            them, Voting Entitlements comprising in aggregate a number of votes
            which is not less than 50% of the aggregate number of votes
            comprised in all Voting Entitlements at the time must (except for
            the purpose of passing an Extraordinary Resolution) form a quorum
            and will have the power to pass any resolution and to decide upon
            all matters which could properly have been dealt with at the
            meetings from which the adjournment took place had a quorum been
            present at such meeting. The quorum at any such adjourned meeting
            for passing an Extraordinary Resolution will be as specified in
            clause 6.

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

      (c)   (Notice of adjourned meeting): At least 5 days' notice of any
            meeting adjourned through want of a quorum is to be given in the
            same manner as of an original meeting and such notice must state the
            quorum required at such adjourned meeting.

<PAGE>

            It will not, however, otherwise be necessary to give any notice of
            an adjourned meeting.

8.    Voting procedure

      (a)   (Casting votes): Every question submitted to a meeting must be
            decided in the first instance by a show of hands and in case of
            equality of votes the chairman must both on a show of hands and on a
            poll have a casting vote in addition to the vote or votes (if any)
            to which he or she may be entitled as a Voting Secured Creditor or
            as a Representative.

      (b)   (Evidence of votes): At any meeting, unless a poll is (before or on
            the declaration of the result of the show of hands) demanded by the
            chairman, the Trustee, the Manager, the Class A-1 Note Trustee or
            the Security Trustee or by one or more persons holding, or being
            Representatives holding or representing between them, in aggregate a
            number of votes which is not less than 2% of the aggregate number of
            votes comprised in all Voting Entitlements at the time, a
            declaration by the chairman that a resolution has been carried by a
            particular majority or lost or not carried by any particular
            majority will be conclusive evidence of the fact without proof of
            the number or proportion of the votes recorded in favour of or
            against such resolution.

      (c)   (Polls): If at any meeting a poll is so demanded, it must be taken
            in such manner and (subject to the provisions of this Annexure)
            either at once or after such an adjournment as the chairman directs
            and the result of such poll will be deemed to be the resolution of
            the meeting at which the poll was demanded as at the date of the
            taking of the poll. The demand for a poll must not prevent the
            continuance of the meeting for the transaction of any business other
            than the question on which the poll has been demanded. Any poll
            demanded at any meeting on the election of a chairman or on any
            question of adjournment must be taken at the meeting without
            adjournment.

      (d)   (Voting by Secured Creditors):

            (i)   On a show of hands every Voting Secured Creditor who is
                  present in person or by proxy and has the right to vote at the
                  relevant meeting on that resolution has one vote except that
                  the Class A-1 Note Trustee has one vote for each then Class
                  A-1 Noteholder.

            (ii)  On a poll every Voting Secured Creditor who is present in
                  person or by proxy and has the right to vote has the number of
                  votes comprised in their Voting Entitlement.

      (e)   (Person May Cast Votes Differently): Any person entitled to more
            than one vote need not use or cast all of the votes to which he or
            she is entitled in the same way.

      (f)   (Voting by corporation): A corporation being a Voting Secured
            Creditor may vote by any officer or representative duly authorised
            in writing who is entitled to speak, demand a poll, vote, act as a
            proxy and in all other respects exercise the rights of a Voting
            Secured Creditor and must be reckoned as a Voting Secured Creditor
            for all purposes.

      (g)   (Voting by person of unsound mind): A Voting Secured Creditor of
            unsound mind or in respect of whom an order has been made by any
            court having jurisdiction in respect of mental health may vote
            whether on a show of hands or on a poll by his committee curator
            bonis or other person in the nature of a committee curator bonis
            appointed by such court.

<PAGE>

      (h)   (Objection to voter's qualification): No objection is to be raised
            as to the qualification of any voter except at the meeting or
            adjourned meeting at which the vote objected to is given or tendered
            and every vote not disallowed at such meeting will be valid for all
            purposes. Any such objection made in due time will be referred to
            the chairman of the meeting and his decision will be final and
            conclusive.

9.    Right to attend and speak

      The Trustee, the Manager and the Security Trustee (through their
      respective representatives) and their respective financial and legal
      advisers will be entitled to attend and speak at any meeting of Voting
      Secured Creditors. No person will otherwise be entitled to attend or vote
      at any meeting of the Voting Secured Creditors or to join with others in
      requesting the convening of such a meeting unless he or she is a Voting
      Secured Creditor or is a Representative.

10.   Appointment of proxies

      (a)   (Proxy): Each appointment of a proxy must be in writing and,
            together (if required by the Security Trustee) with proof
            satisfactory to the Security Trustee of its due execution, must be
            deposited at the registered office of the Security Trustee or at
            such other place designated by the Security Trustee not less than 24
            hours before the time appointed for holding the meeting or adjourned
            meeting at which the named proxy proposes to vote and in default,
            the appointment of proxy will not be treated as valid unless the
            chairman of the meeting decides otherwise before such meeting or
            adjourned meeting proceeds to business. A notarially certified copy
            of proof (if applicable) of due execution must if required by the
            Security Trustee be produced by the proxy at the meeting or
            adjourned meeting. The Security Trustee will be under no obligation
            to investigate or be concerned with the validity of, or the
            authority of, the proxy named in any such appointment. The proxy
            named in any appointment of proxy need not be a Voting Secured
            Creditor.

      (b)   (Proxy valid): Any vote given in accordance with the terms of an
            appointment of proxy conforming with clause 10(a) will be valid
            notwithstanding the previous revocation or amendment of the
            appointment of proxy or of any of the Voting Secured Creditor's
            instructions pursuant to which it was executed, provided that no
            intimation in writing of such revocation or amendment has been
            received by the Security Trustee at its registered office or by the
            chairman of the meeting in each case not less than 24 hours before
            the commencement of the meeting or adjourned meeting at which the
            appointment of proxy is used.

11.   Corporate representatives

      A person authorised under sections 250D of the Corporations Law by a
      Voting Secured Creditor being a body corporate to act for it at any
      meeting will, in accordance with his or her authority until his or her
      authority is revoked by the body corporate concerned, be entitled to
      exercise the same powers on behalf of that body corporate as that body
      corporate could exercise if it were an individual Voting Secured Creditor
      and will be entitled to produce evidence of his or her authority to act at
      any time before the time appointed for the holding of or at the meeting or
      adjourned meeting or for the taking of a poll at which he or she proposes
      to vote.

12.   Rights of representatives

      A Representative has the right to demand or join in demanding a poll and
      (except and to the extent to which the Representative is specially
      directed to vote for or against any proposal) has power generally to act
      at a meeting for the Voting Secured Creditor concerned. The Security
      Trustee and any officer of the Security Trustee may be appointed a
      Representative.

<PAGE>

13.   Powers of a meeting of voting secured creditors

      (a)   (Powers): subject to clauses 13(b) and 14 and, to the extent
            applicable, the mandatory provisions of the United States Trust
            Indenture Act of 1939, a meeting of Voting Secured Creditors has,
            without prejudice to any rights or powers conferred on other persons
            by the Security Trust Deed, power exercisable by Extraordinary
            Resolution:

            (i)   to direct the Security Trustee in the action that should be
                  taken by it following the occurrence of an Event of Default;

            (ii)  to sanction any action that the Security Trustee or a Receiver
                  proposes to take to enforce the provisions of the Security
                  Trust Deed;

            (iii) to sanction any proposal by the Manager, the Trustee or the
                  Security Trustee for any modification, abrogation, variation
                  or compromise of, or arrangement in respect of, the rights of
                  the Secured Creditors against the Trustee or the Manager
                  whether such rights arise under the Security Trust Deed, the
                  other Transaction Documents or otherwise;

            (iv)  to postpone the day when the Secured Moneys become payable and
                  to suspend or postpone for a time the payment of the Secured
                  Moneys;

            (v)   to sanction the exchange or substitution of the Secured Moneys
                  for, or the conversion of the Secured Moneys into, notes or
                  other obligations or securities of the Trustee or any other
                  body corporate formed or to be formed;

            (vi)  to assent to any modification of the provisions contained in
                  the Security Trust Deed or the Securities which will be
                  proposed by the Trustee, the Manager or the Security Trustee;

            (vii) to give any authority, direction, guidance or sanction sought
                  by the Security Trustee from the Voting Secured Creditors;

            (viii) to appoint any persons (whether Voting Secured Creditors or
                  not) as a committee or committees to represent the interests
                  of the Secured Creditors and to confer upon such committee or
                  committees any powers or discretions which the Voting Secured
                  Creditors could themselves exercise by Extraordinary
                  Resolution;

            (ix)  to approve a person proposed to be appointed as a Substitute
                  Security Trustee under the Security Trust Deed and power to
                  remove any Security Trustee for the time being thereof;

            (x)   to discharge or exonerate the Security Trustee from any
                  liability in respect of any act or omission for which it may
                  become responsible under the Security Trust Deed;

            (xi)  to do any other thing which under the Security Trust Deed is
                  required to be given by an Extraordinary Resolution of the
                  Voting Secured Creditors; and

            (xii) to authorise the Security Trustee or any other person to
                  concur in and execute and do all such documents, acts and
                  things as may be necessary to carry out and give effect to any
                  Extraordinary Resolution.

<PAGE>

      (b)   (Limitations): A meeting of Voting Secured Creditors does not have
            power to, nor will any resolution submitted to the meeting propose
            or have the effect of:

            (i)   removing the Security Trustee or the Manager from office,
                  other than in accordance with the terms of the Security Trust
                  Deed or the Series Supplement;

            (ii)  interfering with the management of the Series Trust;

            (iii) winding up or terminating the Series Trust; or

            (iv)  disposing of, or otherwise dealing with, the Assets of the
                  Series Trust.

      (c)   (Class B Noteholders): No Extraordinary Resolution of a separate
            meeting of the Class B Noteholders (other than one referred to in
            clause 14(a)) shall be effective for any purpose unless:

            (i)   there are then no Senior Securities outstanding;

            (ii)  it has been sanctioned by an Extraordinary Resolution of the
                  Voting Secured Creditors representing or being the Senior
                  Securityholders; or

            (iii) the Security Trustee is of the opinion that its becoming
                  effective will not be materially prejudicial to the interests
                  of the Senior Securityholders or any class of Senior
                  Securityholders.

      (d)   (Assumptions): The Security Trustee is entitled to assume that a
            Class B Basic Term Modification referred to in clause 14(a) of this
            Annexure will not be materially prejudicial to the interests of the
            Class B Noteholders and that an Extraordinary Resolution of the
            Class B Noteholders in clause 13(c) will not be materially
            prejudicial to the interests of the Senior Securityholders, if each
            of the Rating Agencies confirm in writing that the Class B Basic
            Term Modification or the Extraordinary Resolution (respectively)
            upon coming into effect will not lead to a reduction, qualification
            or withdrawal of the then rating by that Rating Agency of the Class
            B Notes or any of the Senior Securities.

14.   Extraordinary resolution binding on secured creditors

      Subject to clause 13(b), an Extraordinary Resolution of the Voting Secured
      Creditors is binding upon all Secured Creditors and each of the Secured
      Creditors, the Trustee, the Manager and the Security Trustee is bound to
      give effect to the Extraordinary Resolution, provided that:

      (a)   (Class B Basic Term Modification): an Extraordinary Resolution of
            the Voting Secured Creditors to sanction a Class B Basic Term
            Modification will not be effective for any purpose unless its
            becoming effective has been sanctioned by an Extraordinary
            Resolution of the Class B Noteholders or the Security Trustee is of
            the opinion that its becoming effective will not be materially
            prejudicial to the interests of the Class B Noteholders;

      (b)   (Extraordinary Resolution affecting Class A-1 Noteholders): subject
            to clause 14(c) in the case of an Extraordinary Resolution
            purporting to effect a Payment Modification (as defined in the Class
            A-1 Note Trust Deed), an Extraordinary Resolution which by its
            terms, in the opinion of the Class A-1 Note Trustee in accordance
            with, and subject to, the Class A-1 Note Trust Deed, affects the
            Class A-1 Noteholders only, or in a manner different to the rights
            of Secured Creditors generally, or alters the terms of the Class A-1
            Notes, or is materially prejudicial to

<PAGE>

            the interests of the Class A-1 Noteholders, will not be effective
            unless a Special Majority (as defined in the Class A-1 Note Trust
            Deed) of the Class A-1 Noteholders has consented, in accordance with
            the Class A-1 Note Trust Deed, to such Extraordinary Resolution of
            the Voting Secured Creditors or, if the Class A-1 Noteholders have
            become entitled to attend a meeting of Voting Secured Creditors, the
            Class A-1 Noteholders at a separate meeting pass an Extraordinary
            Resolution consenting to such Extraordinary Resolution of the Voting
            Secured Creditors;

      (c)   (Payment Modification in relation to Class A-1 Notes): an
            Extraordinary Resolution which by its terms effects or purports to
            effect a Payment Modification (as that expression is defined in the
            Class A-1 Note Trust Deed) will not be effective as against a given
            Class A-1 Noteholder unless consented to by that Class A-1
            Noteholder;

      (d)   (Extraordinary Resolution affecting Class A-2 Noteholders): an
            Extraordinary Resolution, which by its terms, in the opinion of the
            Security Trustee, affects the Class A-2 Noteholders only, or in a
            manner different to the rights of the Secured Creditors generally,
            or alters the terms of the Class A-2 Notes, or is materially
            prejudicial to the interests of the Class A-2 Noteholders, will not
            be effective unless the Class A-2 Noteholders at a separate meeting
            pass an Extraordinary Resolution consenting to such Extraordinary
            Resolution of the Voting Secured Creditors;

      (e)   (Extraordinary Resolution affecting Redraw Bondholders): such an
            Extraordinary Resolution, which by its terms, in the opinion of the
            Security Trustee, affects the Redraw Bondholders only, or in a
            manner different to the rights of the Secured Creditors generally,
            or alters the terms of the Redraw Bonds, or is materially
            prejudicial to the interests of the Redraw Bondholders will not be
            effective unless the Redraw Bondholders at a separate meeting pass
            an Extraordinary Resolution consenting to such Extraordinary
            Resolution of the Voting Secured Creditors.

      (f)   (Extraordinary Resolution affecting other Secured Creditors): such
            an Extraordinary Resolution which by its terms, in the opinion of
            the Security Trustee, affects the Standby Redraw Facility Provider,
            the Liquidity Facility Provider, a Hedge Provider and/or the Sellers
            (each in its capacity as a Secured Creditor) (a "Relevant Secured
            Creditor") only, or in a manner different to the rights of Secured
            Creditors generally, or is materially prejudicial to the interests
            of a Relevant Secured Creditor will not be effective unless the
            Relevant Secured Creditor consents in writing to the Extraordinary
            Resolution.

15.   Minutes and records

      Minutes of all resolutions and proceedings at every meeting must be made
      and duly entered in the books to be provided for that purpose by the
      Security Trustee. Any such minutes if purporting to be signed by the
      chairman of the meeting at which such resolutions were passed or
      proceedings transacted or by the chairman of the next succeeding meeting
      (if any) of Voting Secured Creditors, are conclusive evidence of the
      matters stated in them. Until the contrary is provided, every such meeting
      in respect of the proceedings of which minutes have been made and signed
      are deemed to have been duly convened and held and all resolutions passed
      and proceedings conducted at such meetings are deemed to have been duly
      passed and conducted.

16.   Written resolutions

      Notwithstanding the preceding provisions of this Annexure, a resolution of
      all the Voting Secured Creditors or a class of Voting Secured Creditors
      (including an Extraordinary Resolution of the Voting Secured Creditors or
      a class of Voting Secured Creditors) may be

<PAGE>

      passed, without any meeting or previous notice being required, by an
      instrument or notes in writing which have:

      (a)   in the case of a resolution (including an Extraordinary Resolution)
            of all the Voting Secured Creditors, been signed by all the Voting
            Secured Creditors and, in the case of a resolution (including an
            Extraordinary Resolution) of a class of Voting Secured Creditors,
            been signed by all the Voting Secured Creditors in the class; and

      (b)   any such instrument shall be effective upon presentation to the
            Security Trustee for entry in the records referred to in clause 15.

17.   Invalid resolutions

      Any resolution of the Voting Secured Creditors which purports to direct
      the Security Trustee or a Receiver to take any action which would hinder
      the performance of any party under the Master Trust Deed or a Transaction
      Document (except to the extent that enforcement action is taken against
      the Trustee or in respect of the Charged Property) is invalid.

18.   Further procedures for meetings

      Subject to all other provisions of the Security Trust Deed, the Security
      Trustee may without the consent of the Voting Secured Creditors prescribe
      such further regulations regarding the holding of meetings of the Voting
      Secured Creditors and attendance and voting at such meetings as the
      Security Trustee may in its sole discretion determine including
      particularly (but without prejudice to the generality of the foregoing)
      such regulations and requirements as the Security Trustee thinks
      reasonable:

      (a)   (Regarding entitlement to vote): so as to satisfy itself that
            persons who purport to attend or vote at any meeting of Voting
            Secured Creditors are entitled to do so in accordance with this
            Annexure and the other provisions of the Security Trust Deed; and

      (b)   (Regarding Representatives): as to the form of appointment of a
            Representative.

19.   Class of secured creditors

      The provisions of this Annexure apply, mutatis mutandis, to a meeting of
      any class of Voting Secured Creditors under this Annexure or the Security
      Trust Deed. If the Class A-1 Noteholders become entitled to attend a
      meeting of Voting Secured Creditors or to have their own separate meeting,
      the evidence of the entitlement of such Class A-1 Noteholders to attend
      such meeting and to vote thereat, and any other relevant matters, will be
      determined in accordance with the Class A-1 Note Trust Deed and the Agency
      Agreement, with such amendments as determined by the Security Trustee.