Document:

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                                                      [CLAYTON UTZ LOGO OMITTED]
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[MACQUARIE BANK LIMITED
ABN 46 008 583 542]
Redraw Facility Provider

[PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827]
Borrower

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

REDRAW FACILITY AGREEMENT
PUMA GLOBAL TRUST NO. [ ]

                           [CLAYTON UTZ LOGO OMITTED]
          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 - 801/706/21723315 CONTACT - NINIAN LEWIS

            SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

  Liability limited by the Solicitors' Limitation of Liability Scheme approved
                under the Professional Standards Act 1994 (NSW)

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TABLE OF CONTENTS

<TABLE>

<S>         <C>         <C>                                                                                     <C>
1...........INTERPRETATION........................................................................................1

            1.1         Definitions...............................................................................1
            1.2         Sub-Fund Notice and Trust Deed definitions................................................4
            1.3         Interpretation............................................................................4
            1.4         Borrower capacity.........................................................................4
            1.5         Trust Deed and Sub-Fund Notice............................................................5
            1.6         Incorporated definitions and other Transaction Documents and provisions...................5

2...........THE FACILITY..........................................................................................5

            2.1         Redraw Facility...........................................................................5
            2.2         Method of making Advances.................................................................5
            2.3         Purpose...................................................................................5
            2.4         Extension of Scheduled Redraw Termination Date............................................5
            2.5         Termination of the facility...............................................................6

3...........CONDITIONS PRECEDENT..................................................................................6

            3.1         Conditions precedent to First Advance.....................................................6
            3.2         Conditions Precedent to all Advances......................................................6

4...........DRAWDOWN..............................................................................................7

            4.1         Preparation of Drawdown Notices...........................................................7
            4.2         Requirements of Drawdown Notices..........................................................7
            4.3         Availability of facility..................................................................7
            4.4         Making of Advances........................................................................8
            4.5         Maximum Advances..........................................................................8

5...........INTEREST..............................................................................................8

            5.1         Interest Period...........................................................................8
            5.2         Rate of interest..........................................................................8
            5.3         Calculation of interest...................................................................8
            5.4         Payment of interest.......................................................................8
            5.5         Carry forward of unpaid interest..........................................................8

6...........REPAYMENT OF REDRAW PRINCIPAL.........................................................................9

            6.1         Repayment of the Redraw Principal during the Availability Period..........................9
            6.2         Redrawing.................................................................................9
            6.3         Repayment on termination..................................................................9

7...........PAYMENTS..............................................................................................9

8...........ILLEGALITY AND INCREASED COST.........................................................................9

            8.1         Illegality................................................................................9
            8.2         Increased cost...........................................................................10

9...........FEES.................................................................................................10

            9.1         Payment of fees..........................................................................10

10..........REDUCTION OF THE REDRAW FACILITY.....................................................................11

            10.1        Reduction of Facility Limit by Manager or Borrower.......................................11
            10.2        No reduction in Facility Limit below Advances outstanding................................11

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11..........REPRESENTATIONS AND WARRANTIES.......................................................................11

            11.1        General representations and warranties...................................................11
            11.2        PUMA Trust representations and warranties................................................12
            11.3        Representations and warranties repeated..................................................12

12..........UNDERTAKINGS.........................................................................................12

            12.1        General..................................................................................12
            12.2        Manager's undertakings after Manager Event...............................................13

13..........EVENTS OF DEFAULT....................................................................................13

            13.1        Events of Default........................................................................13
            13.2        Consequences of Event of Default.........................................................14

14..........TRUSTEE PROVISIONS...................................................................................14

            14.1        Limitation on Borrower's liability.......................................................14
            14.2        Claims against Borrower..................................................................14
            14.3        Breach of Trust..........................................................................14
            14.4        Acts or omissions........................................................................14
            14.5        No obligation............................................................................15

15..........ASSIGNMENT...........................................................................................15

            15.1        Assignment by Borrower...................................................................15
            15.2        Assignment by Manager....................................................................15
            15.3        Assignment by Redraw Facility Provider...................................................15

16..........NOTICES..............................................................................................15

            16.1        Method of Delivery.......................................................................15
            16.2        Address for notices......................................................................16
            16.3        Deemed receipt...........................................................................16
            16.4        Email....................................................................................16

17..........INDEMNITY............................................................................................16

            17.1        Indemnity on demand......................................................................16
            17.2        Redraw Facility Provider obligations.....................................................16
            17.3        Losses on liquidation or re-employment of deposits.......................................17
            17.4        Payment on Payment Date..................................................................17

18..........MISCELLANEOUS........................................................................................17

            18.1        Stamp Duties.............................................................................17
            18.2        Waiver...................................................................................17
            18.3        Written waiver, consent and approval.....................................................17
            18.4        Severability.............................................................................18
            18.5        Survival of indemnities..................................................................18
            18.6        Successors and assigns...................................................................18
            18.7        Moratorium legislation...................................................................18
            18.8        Amendments...............................................................................18
            18.9        Governing law............................................................................18
            18.10       Jurisdiction.............................................................................18
            18.11       Counterparts.............................................................................19

SCHEDULE 1.......................................................................................................20

FORM OF DRAWDOWN NOTICE..........................................................................................20
</TABLE>

                                                                             ii.
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REDRAW FACILITY AGREEMENT MADE AT SYDNEY ON [ ]

PARTIES           [MACQUARIE BANK LIMITED ABN 46 008 583 542 a company
                  incorporated in Australia and registered in the Australian
                  Capital Territory and having an office at Level 15, 1 Martin
                  Place, Sydney, New South Wales] ("REDRAW FACILITY PROVIDER")

                  [PERPETUAL TRUSTEES AUSTRALIA LIMITED ABN 86 000 431 827 a
                  company incorporated in Australia and registered in New South
                  Wales and having an office at Level 7, 9 Castlereagh Street,
                  Sydney, New South Wales]("BORROWER")

                  MACQUARIE SECURITISATION LIMITED ABN 16 003 297 336 a company
                  incorporated in Australia and registered in New South Wales
                  and having an office at Level 23, 20 Bond Street, Sydney, New
                  South Wales ("MANAGER")

RECITALS

A.      The Borrower and the Manager are respectively the trustee and the
        manager of the PUMA Trust.

B.      It is proposed that Notes will be issued by the Borrower as trustee of
        the PUMA Trust pursuant to the Trust Deed, the Note Trust Deed and the
        Sub-Fund Notice.

C.      The Manager has requested the Redraw Facility Provider to provide the
        Borrower with the Redraw Facility to assist the Borrower to fund Redraws
        or Subordinate Funded Further Advances to be made or which have been
        made by the Borrower to Mortgagors under Approved Mortgages which are
        included in the PUMA Trust in accordance with the Sub-Fund Notice.

D.      The Redraw Facility Provider has agreed to provide the Redraw Facility
        to the Borrower on the terms and conditions contained in this Agreement.

THE PARTIES AGREE

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1.      INTERPRETATION

1.1     DEFINITIONS

        In this Agreement, unless the contrary intention appears:

        "ADVANCE" means the principal amount of each advance to the Borrower by
        the Redraw Facility Provider in accordance with this Agreement.

        "APPROVED PURPOSE" means the use of an Advance:

        (a)  to fund Redraws in accordance with the Sub-Fund Notice where there
             are insufficient Collections that may be applied for this purpose
             in accordance with the Sub-Fund Notice;

        (b)  to fund Subordinate Further Advances;

        (c)  to fund the acquisition of Approved Mortgages which have
             Subordinate Further Advance Amounts, to the extent of that
             Subordinate Further Advance Amount; and

        (d)  to repay any outstanding Advances.

        "AUTHORISED SIGNATORY" in relation to the Redraw Facility Provider means
        any person from

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        time to time appointed by the Redraw Facility Provider to act as its
        Authorised Signatory for the purposes of this Agreement and notified to
        the Borrower.

        "AVAILABILITY PERIOD" means the period commencing on the date of this
        Agreement and ending on the Redraw Facility Termination Date.

        ["BBSW" in relation to an Interest Period means the rate expressed as a
        percentage per annum appearing at approximately 10.10 am on the first
        occurring Payment Date during that Interest Period on the Reuters Screen
        page "BBSW" as being the average of the mean buying and selling rates
        appearing on that page for a bill of exchange having a tenor of one
        month and rounded to 4 decimal places. If on that Payment Date fewer
        than 4 banks are quoted on the Reuters Screen page "BBSW" the rate for
        that Payment Date will be calculated as above by taking the rates
        otherwise quoted by 4 Banks on application by the Redraw Facility
        Provider for such a bill of the same tenor eliminating the highest and
        lowest mean rates and taking the average of the remaining rates rounded
        to 4 decimal places. If a rate cannot be determined in accordance with
        the foregoing procedures, then "BBSW" for that Interest Period means
        such rate as is specified in good faith by the Redraw Facility Provider
        having regard to comparable indices then available as to the rates
        otherwise bid and offered for such bills of one month tenor around that
        time.]

        "BORROWER" means [Perpetual Trustees Australia Limited] or if [Perpetual
        Trustees Australia Limited] retires or is removed as trustee of the PUMA
        Trust under the Trust Deed, the then substitute Trustee.

        "DRAWDOWN DATE" means any date on which an Advance is, or is to be,
        made.

        "DRAWDOWN NOTICE" means a notice substantially in the form set out in
        Schedule 1 (or in such other form as may be agreed between the Redraw
        Facility Provider, the Manager and the Borrower).

        "EFFECTIVE CONTROL" means:

        (a)  control of the composition of the board of directors of the
             Manager;

        (b)  control of more than half of the voting power of the Manager; or

        (c)  control of more than half of the issued share capital of the
             Manager excluding any part of such issued share capital which
             carries no right to participate beyond a specified amount in the
             distribution of either profit or capital.

        "EVENT OF DEFAULT" means any of the events set out or referred to in
        clause [13.1] of this Agreement as an Event of Default.

        "FACILITY LIMIT" at any time means the lesser of:

        (a)  A$[ ]; and

        (b)  the amount, if any, to which the Facility Limit has been reduced at
             that time by the Manager or the Borrower in accordance with clause
             [10],

        or such greater or lesser amount from time to time agreed in writing
        between the Manager and the Redraw Facility Provider (and notified in
        writing to the Borrower), provided that in the case of an increase in
        the Facility Limit, each Current Rating Authority is notified and
        confirms that such an increase in the Facility Limit will not result in
        a downgrade, withdrawal or qualification of any ratings then assigned by
        it to the Notes.

        "INTEREST PERIOD" means each period determined in accordance with clause
        [5.1].

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        "MANAGER" means Macquarie Securitisation Limited or if Macquarie
        Securitisation Limited retires or is removed as manager of the PUMA
        Trust, any substitute manager appointed in its place by the Borrower
        pursuant to the Management Deed.

        "MANAGER DEFAULT" has the same meaning as in the Note Trust Deed.

        "MANAGER EVENT" means the Manager is not or ceases to be a body over
        which the Redraw Facility Provider has Effective Control.

        "NOTE CONDITIONS" has the same meaning as in the Note Trust Deed.

        "OBLIGATIONS" means all of the liabilities of the Borrower to the Redraw
        Facility Provider under this Agreement and, without limiting the
        generality of the foregoing, includes any liabilities which:

        (a)  are liquidated;

        (b)  are present, prospective or contingent;

        (c)  relate to the payment of money or the performance or omission of
             any act;

        (d)  sound in damages only; or

        (e)  accrue as a result of any Event of Default.

        "POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of
        notice or the lapse of time or both, would constitute an Event of
        Default under the Security Trust Deed.

        "PRESCRIBED RATE" in relation to an Interest Period means:

        (a)  the sum of [BBSW] for that Interest Period and [ ]% per annum; or

        (b)  such greater or lesser amount from time to time agreed in writing
             between the Redraw Facility Provider and the Manager, and notified
             to the Borrower, provided that, in the case of an increase in the
             Prescribed Rate, each Current Rating Authority is notified and
             confirms that such an increase in the Prescribed Rate will not
             result in a reduction, withdrawal or qualification of any ratings
             then assigned by it to the Notes.

        "RECEIVER" means a person appointed under or by virtue of the Security
        Trust Deed as a receiver or receiver and manager.

        "REDRAW FACILITY" means the facility provided by the Redraw Facility
        Provider to the Borrower pursuant to the terms of this Agreement.

        "REDRAW FACILITY PRINCIPAL" means the aggregate of the Advances which
        have not been repaid to the Redraw Facility Provider in accordance with
        this Agreement.

        "REDRAW FACILITY TERMINATION DATE" means the earliest of:

        (a)  the Scheduled Redraw Termination Date;

        (b)  the date which the Redraw Facility Provider appoints as the Redraw
             Facility Termination Date in accordance with clause [8.1];

        (c)  the date upon which the Facility Limit is reduced to zero in
             accordance with clause [10]; and

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        (d)  the date on which the Redraw Facility Provider declares the Redraw
             Facility terminated in accordance with clause [13.2(b)].

        "RELEVANT PARTIES" has the same meaning as in the Note Conditions.

        "SCHEDULED REDRAW TERMINATION DATE" means the date which is 364 days
        after the date of this Agreement or such later date specified by the
        Redraw Facility Provider pursuant to clause [2.4].

        "SUB-FUND NOTICE" means the Sub-Fund Notice dated on or prior to the
        date of this Agreement issued by the Manager to the Borrower which
        provides for the establishment of PUMA Global Trust No. [ ].

        "TAX" has the same meaning as in the Security Trust Deed.

        "TRUST DEED" means the Consolidated PUMA Trust Deed dated 13 July 1990
        (as amended and supplemented from time to time) between the person
        referred to therein as the Founder and the Borrower.

        "TRUSTEE DEFAULT" has the same meaning as in the Note Trust Deed.

        "UNUTILISED FACILITY AMOUNT" means on any day the amount calculated as
        follows:

                               UFA = FL - A

        where:

        UFA   =     the Unutilised Facility Amount on that day;

        FL    =     the Facility Limit on that day; and

        A     =     the aggregate of the Advances outstanding on that day.

1.2     SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

        Subject to clause [1.6], unless defined in this Agreement, words and
        phrases defined in either or both of the Trust Deed and the Sub-Fund
        Notice have the same meaning in this Agreement. Where there is any
        inconsistency in a definition between this Agreement (on the one hand)
        and the Trust Deed or the Sub-Fund Notice (on the other hand), this
        Agreement prevails. Where there is any inconsistency in a definition
        between the Trust Deed and the Sub-Fund Notice, the Sub-Fund Notice
        prevails over the Trust Deed in respect of this Agreement. Subject to
        clause [1.6], where words or phrases used but not defined in this
        Agreement are defined in the Trust Deed in relation to a Fund such words
        or phrases are to be construed in this Agreement, where necessary, as
        being used only in relation to the PUMA Trust.

1.3     INTERPRETATION

        The provisions of clause [1.2] of the Trust Deed are incorporated into
        this Agreement as if set out in full in this Agreement and as if
        references to "this Deed" were to "this Agreement" and references to a
        "Banking Day" were to a "Business Day".

1.4     BORROWER CAPACITY

        In this Agreement, except where provided to the contrary:

        (a)  (REFERENCES TO BORROWER): a reference to the Borrower is a
             reference to the Borrower in its capacity as trustee of the PUMA
             Trust only, and in no other

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             capacity; and

        (b)  (REFERENCES TO ASSETS OF THE BORROWER): a reference to the
             undertaking, assets, business or money of the Borrower is a
             reference to the undertaking, assets, business or money of the
             Borrower in the capacity referred to in paragraph (a).

1.5     TRUST DEED AND SUB-FUND NOTICE

        For the purposes of the Trust Deed and the Sub-Fund Notice this
        Agreement is a Transaction Document and a Stand-by Arrangement.

1.6     INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS

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

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2.      THE FACILITY

2.1     REDRAW FACILITY

        Subject to this Agreement, the Redraw Facility Provider agrees to make
        Advances to the Borrower during the Availability Period up to an
        aggregate principal amount equal to the Facility Limit.

2.2     METHOD OF MAKING ADVANCES

        Advances under the Redraw Facility will be made in accordance with
        clause [4.4].

2.3     PURPOSE

        The Manager will direct the Borrower to use, and the Borrower will use,
        the proceeds of each Advance (if any) under the Redraw Facility
        exclusively for the Approved Purpose.

2.4     EXTENSION OF SCHEDULED REDRAW TERMINATION DATE

        (a)  (MANAGER TO REQUEST EXTENSION): Not less than 120 days before the
             then Scheduled Redraw Termination Date (or such other period as
             agreed between the Manager and the Redraw Facility Provider), the
             Manager may deliver a notice in writing to the Redraw Facility
             Provider (with a copy to the Borrower) requesting the Redraw
             Facility Provider to extend the Scheduled Redraw Termination Date.

        (b)  (REDRAW FACILITY PROVIDER MAY EXTEND): Following receipt by the
             Redraw Facility Provider of the notice referred to in paragraph
             (a), by no later than 60 days prior to the Scheduled Redraw
             Termination Date (or such other period as agreed between the Redraw
             Facility Provider and the Borrower) the Redraw Facility Provider
             may, in its absolute discretion, send the Borrower a notice in
             writing (copied to the Manager) extending the then Scheduled Redraw
             Termination Date to the new Scheduled Redraw Termination Date
             specified in the notice (which must be a date no more than 364 days
             after the date of the notice).

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2.5     TERMINATION OF THE FACILITY

        The Redraw Facility will terminate, and the Redraw Facility Provider's
        obligation to make any Advances will cease, on the Redraw Facility
        Termination Date.

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3.      CONDITIONS PRECEDENT

3.1     CONDITIONS PRECEDENT TO FIRST ADVANCE

        The Redraw Facility Provider is not obliged to make the first Advance
        under this Agreement to the Borrower unless the Redraw Facility Provider
        has received each of the following, in form and substance acceptable to
        the Redraw Facility Provider:

        (a)  (THIS AGREEMENT): this Agreement duly executed and delivered by the
             Borrower and the Manager;

        (b)  (POWER OF ATTORNEY): a copy of each power of attorney under which
             this Agreement has been or will be executed by the Borrower and the
             Manager certified as a true copy by the Borrower and the Manager
             respectively;

        (c)  (AUTHORISED SIGNATORIES): a list of the Authorised Signatories of
             the Manager;

        (d)  (SECURITY TRUST DEED): a copy of the Security Trust Deed executed
             by each of the parties to the Security Trust Deed and certified as
             a true copy by the Manager;

        (e)  (SUB-FUND NOTICE): a copy of the Sub-Fund Notice executed by each
             of the parties to the Sub-Fund Notice and certified as a true copy
             by the Manager;

        (f)  (SECURITY TRUST DEED REGISTERED): evidence of the due registration
             or the lodgement for due registration of the Security Trust Deed
             with the Australian Securities and Investments Commission; and

        (g)  (LEGAL OPINION): a legal opinion addressed to the Redraw Facility
             Provider from the Borrower's solicitors in form and substance
             satisfactory to the Redraw Facility Provider.

        The Redraw Facility Provider must confirm in writing to the Manager
        (copied to the Borrower) as soon as reasonably practicable upon being
        satisfied all these conditions precedent have been met.

3.2     CONDITIONS PRECEDENT TO ALL ADVANCES

        The obligation of the Redraw Facility Provider to make and continue to
        make each Advance under this Agreement is subject to the further
        conditions precedent that:

        (a)  (REPRESENTATIONS AND WARRANTIES BY BORROWER OR MANAGER TRUE): the
             representations and warranties made or deemed to be made by the
             Borrower or the Manager in all Transaction Documents are true and
             correct as of the date of the relevant Drawdown Notice and the
             relevant Drawdown Date as though made on those dates;

        (b)  (MORTGAGE INSURANCE): each Approved Mortgage which is an asset of
             the PUMA Trust has in relation to it as at the Drawdown Date in
             relation to the Advance a Mortgage Insurance Policy from a solvent
             insurer which provides 100% cover for principal and interest losses
             (other than principal and interest in respect of Subordinate Funded
             Further Advances);

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        (c)  (NO EVENT OF DEFAULT): no Event of Default or Potential Event of
             Default is subsisting at the date of the corresponding Drawdown
             Notice and the Drawdown Date or will result from the provision or
             continuation of the Advance;

        (d)  (NO NOTICE OF SECURITY INTERESTS): other than in respect of
             priorities granted by statute, the Redraw Facility Provider has not
             received notice from any person that it claims to have a Security
             Interest ranking in priority to or equal with the Security Interest
             held by the Redraw Facility Provider under the Security Trust Deed
             (other than as provided in the Security Trust Deed); and

        (e)  (NOTES IN EXISTENCE): the Class [ ] Notes and the A$ Class [ ]
             Notes to be issued on the Closing Date have been issued and the A$
             Class [ ] Notes issued on the Closing Date have not been redeemed
             or repaid in full.

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4.      DRAWDOWN

4.1     PREPARATION OF DRAWDOWN NOTICES

        If on any date the Manager determines that an Advance under this
        Agreement is to be applied in accordance with the Sub-Fund Notice, the
        Manager may:

        (a)  (PREPARE DRAWDOWN NOTICE): prepare a Drawdown Notice (containing
             the details referred to in clause [4.2]) requesting an Advance on
             that date of an amount determined by the Manager; and

        (b)  (DELIVER DRAWDOWN NOTICE): deliver the Drawdown Notice to the
             Redraw Facility Provider, with a copy to the Borrower, no later
             than the close of business on that day (or such later time as the
             Redraw Facility Provider and the Borrower may agree).

4.2     REQUIREMENTS OF DRAWDOWN NOTICES

        A Drawdown Notice given under clause [4.1(b)] must:

        (a)  (AUTHORISED SIGNATORY): be signed by an Authorised Signatory of the
             Manager;

        (b)  (IRREVOCABLE): be expressed to be irrevocable; and

        (c)  (SPECIFY): specify:

             (i)  the Drawdown Date for the requested Advance; and

             (ii) the amount of the requested Advance.

4.3     AVAILABILITY OF FACILITY

        Subject to clause [4.5], during the Availability Period the Redraw
        Facility Provider must make an Advance on the Drawdown Date of the
        requested Advance provided that:

        (a)  (RECEIPT OF DRAWDOWN NOTICE): the Redraw Facility Provider has
             received a duly signed and completed Drawdown Notice by the time
             specified in clause [4.1(b)]; and

        (b)  (CONDITIONS PRECEDENT): the requirements of clause [3] have been
             satisfied or waived in writing by the Redraw Facility Provider
             before the Drawdown Notice is given.

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<PAGE>

4.4     MAKING OF ADVANCES

        Subject to clause [4.3], after receipt of a Drawdown Notice the amount
        of the Advance requested in a Drawdown Notice must, unless otherwise
        directed by the Manager, be deposited by the Redraw Facility Provider in
        an Account or a Combined Account in immediately available funds no later
        than [ ] on the Drawdown Date.

4.5     MAXIMUM ADVANCES

        The maximum aggregate amount of Advances that the Redraw Facility
        Provider may be obliged to make under the Redraw Facility is, when
        aggregated with all Advances then outstanding, an amount equal to the
        Facility Limit.

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5.      INTEREST

5.1     INTEREST PERIOD

        (a)  (DURATION): The duration of the Redraw Facility is divided into
             successive Interest Periods.

        (b)  (FIRST INTEREST PERIOD): The first Interest Period commences on
             (and includes) the Drawdown Date for the first Advance and ends on
             (but excludes) the next following [Monthly] Payment Date.

        (c)  (SUCCEEDING INTEREST PERIODS): Each succeeding Interest Period
             commences on (and includes) a [Monthly] Payment Date and ends on
             (but excludes) the next following [Monthly] Payment Date.

        (d)  (LAST INTEREST PERIOD): The last Interest Period ends on but
             excludes the [Monthly] Payment Date that all moneys the payment or
             repayment of which form part of the Obligations are paid or repaid
             in full to the Redraw Facility Provider.

5.2     RATE OF INTEREST

        The rate of interest applicable to the Redraw Facility Principal for an
        Interest Period is the Prescribed Rate for that Interest Period.

5.3     CALCULATION OF INTEREST

        Interest on the Redraw Facility Principal accrues from day to day in
        respect of each Interest Period at the Prescribed Rate for that Interest
        Period on the amount of the Redraw Facility Principal on that day and
        will be calculated on the basis of the actual number of days elapsed in
        a 365 day year.

5.4     PAYMENT OF INTEREST

        The Borrower at the direction of the Manager will on the [Monthly]
        Payment Date at the end of each Interest Period in respect of the Redraw
        Facility Principal pay to the Redraw Facility Provider so much of the
        then accrued interest on the Redraw Facility Principal as there are
        funds available for this purpose in accordance with the Sub-Fund Notice.

5.5     CARRY FORWARD OF UNPAID INTEREST

        If any payment by the Borrower on a [Monthly] Payment Date pursuant to
        clause [5.4] is insufficient to pay the full amount of accrued interest
        on the Redraw Facility Principal up to the close of the Interest Period
        then just ended, such unpaid accrued interest will in turn accrue
        interest (as a separate and independent obligation) until paid at the
        Prescribed Rate for each

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        succeeding Interest Period and, if not paid on the [Monthly] Payment
        Date at the end of each such succeeding Interest Period, such interest
        on unpaid interest will itself bear interest in accordance with this
        clause [5.5].

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6.      REPAYMENT OF REDRAW PRINCIPAL

6.1     REPAYMENT OF THE REDRAW PRINCIPAL DURING THE AVAILABILITY PERIOD

        Subject to clause [6.3], the Borrower must on each Payment Date pay to
        the Redraw Facility Provider the Redraw Facility Principal as at the
        close of business on the Business Day immediately preceding that Payment
        Date to the extent of the funds available for this purpose in accordance
        with the Sub-Fund Notice.

6.2     REDRAWING

        Amounts repaid pursuant to clause [6.1] may be redrawn by the Borrower
        in accordance with the terms of this Agreement.

6.3     REPAYMENT ON TERMINATION

        Notwithstanding clause [6.1] and subject to the terms of the Security
        Trust Deed, on the [Monthly] Payment Date immediately following the
        Redraw Facility Termination Date, the Borrower must pay or repay so much
        of the Redraw Facility Principal together with interest accrued on the
        Redraw Facility Principal and all other money, the payment or repayment
        of which forms part of the Obligations, as is available for this purpose
        in accordance with the Sub-Fund Notice. If all amounts due in accordance
        with this clause [6.3] are not paid or repaid in full on the [Monthly]
        Payment Date immediately following the Redraw Facility Termination Date,
        on each succeeding [Monthly] Payment Date the Borrower must pay or repay
        so much of such amounts as there are funds available for this purpose in
        accordance with the Sub-Fund Notice until such amounts are paid or
        repaid in full.

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7.      PAYMENTS

        All payments to be made by the Borrower under this Agreement must be
        made:

        (a)  (DUE DATE): not later than close of business on the due date for
             payment;

        (b)  (AS DIRECTED): in the manner and to such account as the Redraw
             Facility Provider directs in writing; and

        (c)  (SET-OFF): without set-off or counterclaim and free and clear of
             and without deduction for or on account of present or future Taxes,
             levies, imposts, duties, charges, fees, deductions, withholdings,
             restrictions or conditions of any nature.

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8.      ILLEGALITY AND INCREASED COST

8.1     ILLEGALITY

        If any change in applicable law, regulation, treaty or official
        directive or in the interpretation or administration thereof by any
        Governmental Agency charged with the administration thereof makes it
        unlawful or impossible for the Redraw Facility Provider to maintain or
        give effect to its obligations under this Agreement, the Redraw Facility
        Provider may by written notice to the Borrower (with a copy to the
        Manager) appoint a date as the Redraw Facility Termination Date which
        date must not be prior to 30 days (or such shorter period required by
        law) after the date of receipt by the Borrower of written notice from
        the Redraw Facility Provider appointing the Redraw Facility Termination
        Date.

                                                                               9
<PAGE>

8.2     INCREASED COST

        (a)  (CHANGE IN LAW): If by reason of any change in law or in its
             interpretation or administration or of compliance with any request
             from or requirement of any fiscal, monetary or other authority:

             (i)    the Redraw Facility Provider incurs a cost as a result of
                    its having entered into or performing its obligations under
                    this Agreement or as a result of any Advance being
                    outstanding hereunder;

             (ii)   there is any increase in the cost to the Redraw Facility
                    Provider of funding or maintaining any Advance;

             (iii)  the amount of principal, interest or other amount payable to
                    the Redraw Facility Provider or the effective return to the
                    Redraw Facility Provider under this Agreement is reduced; or

             (iv)   the Redraw Facility Provider becomes liable to make any
                    payment (not being a payment of Tax on its overall net
                    income) on or calculated by reference to the amount of
                    Advances made under this Agreement,

             then from time to time on notification by the Redraw Facility
             Provider (copied to the Manager) the Borrower will on the [Monthly]
             Payment Date following such notification, and on each succeeding
             [Monthly] Payment Date until the Redraw Facility Provider is paid
             in full, pay to the Redraw Facility Provider so much of the amounts
             sufficient to indemnify the Redraw Facility Provider against such
             cost, increased cost, reduction or liability as there are funds
             available for this purpose in accordance with the Sub-Fund Notice.

        (b)  (NO DEFENCE): If the Redraw Facility Provider has acted in good
             faith it will not be a defence to the Borrower, in the event of any
             failure by the Borrower to comply with its payment obligations
             under clause [8.2(a)], that any such cost, increased cost,
             reduction or liability could have been avoided. However, the Redraw
             Facility Provider will negotiate in good faith with the Borrower
             and the Manager with a view to finding a means by which such cost,
             increased cost, reduction or liability may be minimised.

        (c)  (CERTIFICATE CONCLUSIVE): The Redraw Facility Provider's
             certificate as to the amount of, and basis for arriving at, any
             such cost, increased cost, reduction or liability is conclusive and
             binding on the Borrower in the absence of manifest error on the
             face of the certificate.

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9.      FEES

9.1     PAYMENT OF FEES

        The Borrower must pay to the Redraw Facility Provider a fee of [0.10]%
        per annum of the Unutilised Facility Amount. The fee will be calculated
        and accrue daily from the Closing Date on the basis of a 365 day year
        and must be paid quarterly in arrears on each [Quarterly] Payment Date
        from the funds available for this purpose in accordance with the
        Sub-Fund Notice and to the extent that such funds are not sufficient to
        pay the fee in full, the fee must be paid from the funds available on
        each succeeding Payment Date until paid in full. The fee may be varied
        from time to time as agreed in writing between the Redraw Facility
        Provider and the Manager and notified to the Borrower, provided that in
        the case of an increase in the fee, each Current Rating Authority is
        notified and confirms that such increase in the fee will not result in a
        downgrade, withdrawal or qualification of any ratings then assigned by
        it to the Notes.

                                                                              10
<PAGE>

--------------------------------------------------------------------------------
10.     REDUCTION OF THE REDRAW FACILITY

10.1    REDUCTION OF FACILITY LIMIT BY MANAGER OR BORROWER

        Subject to clause [10.2], the Manager or the Borrower may on any
        Business Day reduce the Facility Limit in whole or in part if on that
        Business Day:

        (a)  (NO CREDIT RATING DOWNGRADE): if any Notes are outstanding, each
             Current Rating Authority has previously confirmed in writing that
             the reduction in the Facility Limit on that Business Day will not
             result in a downgrade, qualification or withdrawal of the credit
             ratings then assigned by it to the Notes; and

        (b)  (NOTICE): the Redraw Facility Provider has received not less than
             [5] Business Days prior to the reduction (or such other period as
             agreed between the Manager and the Redraw Facility Provider),
             written notice from the Manager (with a copy to the Borrower) or
             the Borrower (with a copy to the Manager) specifying that Business
             Day as the date the reduction is to take effect and the amount to
             which the Facility Limit is to be reduced.

10.2    NO REDUCTION IN FACILITY LIMIT BELOW ADVANCES OUTSTANDING

        Neither the Borrower nor the Manager may reduce the Facility Limit on
        any Business Day below the aggregate of the Advances then outstanding on
        that Business Day.

--------------------------------------------------------------------------------
11.     REPRESENTATIONS AND WARRANTIES

11.1    GENERAL REPRESENTATIONS AND WARRANTIES

        The Borrower in its capacity as trustee of the PUMA Trust represents and
        warrants to the Redraw Facility Provider that:

        (a)  (EXECUTION, DELIVERY AND PERFORMANCE): the execution, delivery and
             performance of this Agreement and each other Transaction Document
             to which it is 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;

        (b)  (CORPORATE POWER AND AUTHORISATION): the Borrower has the power to
             enter into, and to perform its obligations, and has taken all
             corporate and other action necessary to authorise the entry into
             of, and performance of its obligations under, this Agreement and
             each other Transaction Document to which it is a party;

        (c)  (LEGALLY BINDING OBLIGATION): this Agreement and each of the other
             Transaction Documents to which it is a party constitute its valid
             and legally binding obligations subject to stamping and any
             necessary registration except as such enforceability may be limited
             by any applicable bankruptcy, insolvency, reorganisation,
             moratorium, or trust or general principles of equity or other
             similar laws affecting creditors' rights generally;

        (d)  (NO EVENT OF DEFAULT): to the best of the Borrower's knowledge, no
             Event of Default or event which with the giving of notice, lapse of
             time or other applicable condition would become an Event of Default
             has occurred which has not been waived or remedied in accordance
             with this Agreement;

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

                                                                              11
<PAGE>

        (f)  (EXECUTION, DELIVERY AND PERFORMANCE): the execution, delivery and
             performance of this Agreement and each other Transaction Document
             to which it is a party does not violate its constitution.

11.2    PUMA TRUST REPRESENTATIONS AND WARRANTIES

        The Borrower in its capacity as trustee of the PUMA Trust represents and
        warrants to the Redraw Facility Provider in relation to the PUMA Trust
        as follows:

        (a)  (PUMA TRUST VALIDLY CREATED): the PUMA Trust has been validly
             created and is in existence at the date of this Agreement;

        (b)  (SOLE TRUSTEE): the Borrower has been validly appointed as trustee
             of the PUMA Trust and is presently the sole trustee of the PUMA
             Trust;

        (c)  (NO PROCEEDINGS TO REMOVE): no notice has been given to the
             Borrower and to the Borrower's knowledge no resolution has been
             passed or direction or notice has been given, removing the Borrower
             as trustee of the PUMA Trust;

        (d)  (BORROWER'S POWER): the Borrower has power under the Trust Deed to
             enter into the Transaction Documents to which it is a party in its
             capacity as trustee of the PUMA Trust; and

        (e)  (GOOD TITLE): the Borrower is the legal owner of the assets of the
             PUMA Trust and has power under the Trust Deed to mortgage or charge
             them in the manner provided in the Security Trust Deed.

11.3    REPRESENTATIONS AND WARRANTIES REPEATED

        Each representation and warranty contained in clauses [11.1] and [11.2]
        will be deemed to be repeated on each Drawdown Date with reference to
        the facts and circumstances then subsisting, as if made on each such
        day.

--------------------------------------------------------------------------------
12.     UNDERTAKINGS

12.1    GENERAL

        The Borrower undertakes to the Redraw Facility Provider that it will:

        (a)  (ACT CONTINUOUSLY): act continuously as trustee of the PUMA Trust
             in accordance with the Trust Deed and the Sub-Fund Notice until the
             PUMA Trust is terminated or until it has retired or been removed in
             accordance with the Trust Deed;

        (b)  (DO ALL THINGS NECESSARY): do everything and take all such actions
             which are necessary (including, without limitation, obtaining all
             such authorisations and approvals as are appropriate) to ensure
             that it is able to exercise all its powers and remedies and perform
             all its obligations under this Agreement, other arrangements
             entered into by the Borrower pursuant to this Agreement and each
             Transaction Document to which it is a party;

        (c)  (MAINTAIN AUTHORISATIONS): ensure that each authorisation required
             for it to maintain its status as trustee of the PUMA Trust is
             obtained and promptly renewed and maintained in full force and
             effect; and

        (d)  (NOT AMEND OR REVOKE): not consent to amend or revoke the
             provisions of any Transaction Document without the prior written
             consent of the Redraw Facility Provider.

                                                                              12
<PAGE>

12.2    MANAGER'S UNDERTAKINGS AFTER MANAGER EVENT

        At   any time after a Manager Event occurs the Manager will:

        (a)  (NOTIFY REDRAW FACILITY PROVIDER): immediately notify the Redraw
             Facility Provider as soon as it becomes actually aware of the
             occurrence of:

             (i)    any Event of Default, Potential Event of Default, Manager
                    Default or Trustee Default and the steps taken to remedy
                    that event; or

             (ii)   any litigation, arbitration, criminal or administrative
                    proceedings relating to any of the Borrower's property,
                    assets or revenues that involves a claim against it in
                    excess of A$[ ] or that, if decided adversely to it, could
                    have a material adverse effect on its ability to perform the
                    Obligations,

             and in each case advise the Redraw Facility Provider of what steps
             it has taken and what steps it proposes to take in relation to such
             occurrences; and

        (b)  (DELIVER ACCOUNTS): deliver to the Redraw Facility Provider:

             (i)    as soon as practicable and in any event not later than [120]
                    days after the close of each of the PUMA Trust's financial
                    years, a copy of the audited annual accounts of the PUMA
                    Trust;

             (ii)   as soon as practicable and in any event not later than [90]
                    days after each of the PUMA Trust's financial years, a copy
                    of the report prepared by the Auditor in accordance with
                    clause [13.5] of the Trust Deed (if any);

             (iii)  as and when required by the Redraw Facility Provider, a
                    certificate executed by 2 Authorised Signatories on behalf
                    of the Manager stating to the best of the knowledge of the
                    Manager whether or not an Event of Default, Potential Event
                    of Default, Manager Default or Trustee Default has occurred
                    and if the same has occurred, setting out the details
                    thereof and the steps (if any) taken by the Manager to
                    remedy or cure the same; and

             (iv)   promptly, such further information regarding the PUMA
                    Trust's financial condition and business operations within
                    the knowledge of the Manager as the Redraw Facility Provider
                    from time to time reasonably requires.

--------------------------------------------------------------------------------
13.     EVENTS OF DEFAULT

13.1    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 the Borrower or
        any other person:

        (a)  (FAILURE TO REPAY OR PAY): the Borrower fails to repay, in
             accordance with this Agreement, any Advance or fails to pay any
             interest, fees, costs, charges, expenses or other moneys payable
             under this Agreement in each case within [10] days of the due date
             for payment of such amount;

        (b)  (BREACH OF UNDERTAKING): at any time after a Manager Event occurs,
             the Borrower breaches its undertaking in clause [12.1(d)]; and

        (c)  (EVENT OF DEFAULT UNDER SECURITY TRUST DEED): an Event of Default
             (as defined in

                                                                              13
<PAGE>

             the Security Trust Deed) occurs.

13.2    CONSEQUENCES OF EVENT OF DEFAULT

        At any time after the occurrence of an Event of Default the Redraw
        Facility Provider may, without being obliged to do so and
        notwithstanding any waiver of any previous default, by written notice to
        the Borrower:

        (a)  (DECLARE ADVANCES DUE): declare the Redraw Facility Principal,
             accrued interest and all other sums which have accrued due under
             this Agreement (whether or not presently payable) to be due,
             whereupon they will become, immediately due and payable; and/or

        (b)  (DECLARE REDRAW FACILITY TERMINATED): declare the Redraw Facility
             terminated in which case the obligations of the Redraw Facility
             Provider under this Agreement will immediately terminate from the
             date of receipt by the Borrower of such written notice.

--------------------------------------------------------------------------------
14.     [TRUSTEE PROVISIONS

14.1    LIMITATION ON BORROWER'S LIABILITY

        The Borrower enters into this Agreement only in its capacity as trustee
        of the PUMA Trust and in no other capacity. A liability incurred by the
        Borrower acting in its capacity as trustee of the PUMA Trust arising
        under or in connection with this Agreement is limited to and can be
        enforced against the Borrower only to the extent to which it can be
        satisfied out of the assets of the PUMA Trust out of which the Borrower
        is actually indemnified for the liability. This limitation of the
        Borrower's liability applies despite any other provision of this
        Agreement (other than clause 14.3) and extends to all liabilities and
        obligations of the Borrower in any way connected with any
        representation, warranty, conduct, omission, agreement or transaction
        related to this Agreement.

14.2    CLAIMS AGAINST BORROWER

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

14.3    BREACH OF TRUST

        The provisions of this clause 14 will not apply to any obligation or
        liability of the Borrower to the extent that it is not satisfied because
        under the Trust Deed, the Sub-Fund Notice, any other Transaction
        Document or by operation of law there is a reduction in the extent of
        the Borrower's indemnification out of the assets of the PUMA Trust as a
        result of the Borrower's fraud, negligence or wilful default.

14.4    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 PUMA Trust. No act or omission of the Borrower (including any
        related failure to satisfy its obligations or any breach or
        representation or warranty under this Agreement) will be considered
        fraudulent, negligent or a wilful default for the purpose of clause 14.3
        to the extent to which the act or omission was

                                                                              14
<PAGE>

        caused or contributed to by any failure by any Relevant Party or any
        other person appointed by the Borrower under any Transaction Document
        (other than a person whose acts or omissions the Borrower is liable for
        in accordance with any Transaction Document) to fulfil its obligations
        in relation to the PUMA Trust or by any other act or omission of a
        Relevant Party or any other such person.

14.5    NO OBLIGATION

        The Borrower is not obliged to enter into any commitment or obligation
        under this Agreement or any Transaction Document (including incur any
        further liability) unless the Borrower's liability is limited in a
        manner which is consistent with this clause 14 or otherwise in a manner
        satisfactory to the Borrower in its absolute discretion.]

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

15.     ASSIGNMENT

15.1    ASSIGNMENT BY BORROWER

        The Borrower will not assign or otherwise transfer the benefit of this
        Agreement or any of its rights, duties or obligations under this
        Agreement except to a substitute Trustee which is appointed as a
        successor trustee of the PUMA Trust under and in accordance with the
        Trust Deed and which is acceptable to the Redraw Facility Provider and
        the Manager (each of whose consent is not to be unreasonably withheld).

15.2    ASSIGNMENT BY MANAGER

        The Manager will not assign or otherwise transfer the benefit of this
        Agreement or any of its rights, duties or obligations under this
        Agreement except to a substitute Manager which is appointed as a
        successor manager of the PUMA Trust under and in accordance with the
        Management Deed and which is acceptable to the Redraw Facility Provider
        (whose consent is not to be unreasonably withheld).

15.3    ASSIGNMENT BY REDRAW FACILITY PROVIDER

        The Redraw Facility Provider, with the consent of the Manager, may at
        any time assign or otherwise transfer all or any part of the benefit of
        this Agreement or any of its rights, duties and obligations under this
        Agreement to another Bank or financial institution and may disclose to a
        proposed assignee or transferee information in the possession of the
        Redraw Facility Provider relating to the Borrower and the Manager.

--------------------------------------------------------------------------------
16.     NOTICES

16.1    METHOD OF DELIVERY

        Subject to clause [16.4], any notice, request, certificate, approval,
        demand, consent or other communication to be given under this Agreement
        must:

        (a)  (AUTHORISED SIGNATORY): except in the case of communications by
             email, be in writing and signed by an Authorised Signatory of the
             party giving the same; and

        (b)  (DELIVERY): be:

             (i)    left at the address of the addressee;

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

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

                                                                              15
<PAGE>

             (iv)   sent by email by an Authorised Signatory of the party giving
                    the same to the addressee's specified email address.

16.2    ADDRESS FOR NOTICES

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

16.3    DEEMED RECEIPT

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

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

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

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

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

        However, if the time of deemed receipt of any notice is not before [5.00
        pm] (Sydney time) on a Business Day at the address of the recipient it
        is deemed to have been received at the commencement of business on the
        next Business Day.

16.4    EMAIL

        A notice, request, certificate, approval, demand, consent or other
        communication to be given under this Agreement may only be given by
        email where the recipient has agreed that that communication, or
        communications of that type, may be given by email and subject to such
        conditions as may be required by the recipient.

--------------------------------------------------------------------------------
17.     INDEMNITY

17.1    INDEMNITY ON DEMAND

        Subject to clause [14], the Borrower will on demand indemnify the Redraw
        Facility Provider against any loss, cost or expenses which the Redraw
        Facility Provider may sustain or incur as a consequence of any act or
        omission of the Borrower which gives rise to any of the following:

        (a)  (OVERDUE SUMS): any sum payable by the Borrower under this
             Agreement not being paid when due;

        (b)  (EVENT OF DEFAULT): the occurrence of any Event of Default; or

        (c)  (PAYMENT OF PRINCIPAL): the Redraw Facility Provider receiving
             payments of principal other than on the last day of the relevant
             Interest Period for any reason.

17.2    REDRAW FACILITY PROVIDER OBLIGATIONS

        (a)  (REDRAW FACILITY PROVIDER OBLIGATIONS): If the Redraw Facility
             Provider receives written notice of any act, matter or thing which,
             in the Redraw Facility Provider's reasonable opinion, may give rise
             to a loss, cost, charge, liability or expense in relation to which
             the Borrower would be required to indemnify or reimburse it

                                                                              16
<PAGE>

             under clause [17.1], then the Redraw Facility Provider must notify
             the Borrower of that act, matter or thing, giving such details as
             it is practicable to give as soon as reasonably practicable and in
             any event within [5] Business Days of it coming to its attention
             provided that failure to do so will not result in any loss or
             reduction in the indemnity contained in clause [17.1].

        (b)  (REDRAW FACILITY PROVIDER TO CONSULT): The Redraw Facility Provider
             must consult with the Borrower in good faith in relation to the
             conduct of any proceedings that may give rise to a claim under the
             indemnity in clause [17.1].

17.3    LOSSES ON LIQUIDATION OR RE-EMPLOYMENT OF DEPOSITS

        Any loss, cost or expense referred to in clause [17.1] will include the
        amount determined in good faith by the Redraw Facility Provider as being
        any loss (other than an amount for loss of profit other than loss of
        margin) including loss of margin, cost or expense incurred by reason of
        the liquidation or re-employment of deposits or other funds acquired or
        contracted for the Redraw Facility Provider to fund or maintain any
        overdue amounts referred to in clause [17.1(a)] or payments of principal
        referred to in clause [17.1(c)].

17.4    PAYMENT ON PAYMENT DATE

        Any payments to be made by the Borrower pursuant to this clause [17]
        will only be made on the Payment Date following demand by the Redraw
        Facility Provider and on each succeeding Payment Date until the Redraw
        Facility Provider is paid in full by payment of so much of the amount
        sufficient to indemnify the Redraw Facility Provider as is available for
        this purpose in accordance with the Sub-Fund Notice.

--------------------------------------------------------------------------------
18.     MISCELLANEOUS

18.1    STAMP DUTIES

        (a)  (BORROWER MUST PAY): The Borrower will pay all stamp, loan
             transaction and similar Taxes and all registration fees including
             fines and penalties (except such fines and penalties incurred
             through the act, neglect or omission of the Redraw Facility
             Provider after the Redraw Facility Provider has requested and been
             put in funds to pay such Taxes or fees), financial institutions
             duty and debits tax which may be payable 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
             Agreement.

        (b)  (BORROWER MUST INDEMNIFY): Subject to clause [14], the Borrower
             will indemnify and keep indemnified the Redraw Facility Provider
             against any loss or liability incurred or suffered by it as a
             result of the delay or failure by the Borrower to pay such Taxes or
             fees.

18.2    WAIVER

        A failure to exercise or enforce or a delay in exercising or enforcing
        or the partial exercise or enforcement of any right, remedy, power or
        privilege under this Agreement by the Redraw Facility Provider 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
        Agreement or provided by law.

18.3    WRITTEN WAIVER, CONSENT AND APPROVAL

        Any waiver, consent or approval given by the Redraw Facility Provider
        under this Agreement

                                                                              17
<PAGE>

        will only be effective and will only bind the Redraw Facility Provider
        if it is given in writing, or given verbally and subsequently confirmed
        in writing, and executed by the Redraw Facility Provider or on its
        behalf by 2 Authorised Signatories of the Redraw Facility Provider.

18.4    SEVERABILITY

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

18.5    SURVIVAL OF INDEMNITIES

        The indemnities contained in this Agreement are continuing obligations
        of the Borrower, separate and independent from the other obligations of
        the Borrower and will survive the termination of this Agreement.

18.6    SUCCESSORS AND ASSIGNS

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

18.7    MORATORIUM LEGISLATION

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

        (a)  (TO AFFECT OBLIGATIONS): to lessen or otherwise to vary or affect
             in favour of the Borrower any obligation under this Agreement; or

        (b)  (TO AFFECT RIGHTS): to delay or otherwise prevent or prejudicially
             affect the exercise of any rights or remedies conferred on the
             Redraw Facility Provider under this Agreement,

        are hereby expressly waived, negatived and excluded.

18.8    AMENDMENTS

        No amendment to this Agreement will be effective unless in writing and
        executed by each of the parties to this Agreement. The Manager must
        provide a copy of each proposed amendment to each Current Rating
        Authority before the amendment becomes effective.

18.9    GOVERNING LAW

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

18.10   JURISDICTION

        The Borrower irrevocably and unconditionally:

        (a)  (SUBMISSION TO JURISDICTION): submits to the non-exclusive
             jurisdiction of the courts of New South Wales;

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

                                                                              18
<PAGE>

        (c)  (SERVICE OF NOTICE): agrees, without preventing any other mode of
             service permitted by law, that any document required to be served
             in any proceedings may be served in the manner in which notices and
             other written communications may be given under clause [16].

18.11   COUNTERPARTS

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

                                                                              19
<PAGE>

SCHEDULE 1

FORM OF DRAWDOWN NOTICE

TO:                         [Macquarie Bank Limited, ABN 46 008 583 542] (the
                            "REDRAW FACILITY PROVIDER")

ADDRESS:                    Level 15, 1 Martin Place Sydney NSW 2000

ATTENTION:                  [                    ]

FROM:                       Macquarie Securitisation Limited, ABN 16 003 297 336
                            (the "Manager")

DATE:                       [                    ]

The Manager hereby irrevocably requests you to make an Advance on the Drawdown
Date specified below for an amount equal to the amount specified below in
accordance with clause [4] of the Redraw Facility Agreement dated [ ] between
[Perpetual Trustees Australia Limited, ABN 86 000 431 827], the Redraw Facility
Provider and the Manager of PUMA Global Trust No.[ ], as novated or supplemented
from time to time (the "REDRAW FACILITY AGREEMENT"):

(a)     Drawdown Date:                                            [    ]

(b)     Amount of requested Advance:                              A$[  ]

Words used and not otherwise defined in this letter have the same meaning as in
the Redraw Facility Agreement.

SIGNED for and on behalf of MACQUARIE SECURITISATION
LIMITED, ABN 16 003 297 336,

------------------------------------------------------------
Authorised Signatory

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

Name

------------------------------------------------------------
Title:

                                                                              20
<PAGE>

<TABLE>

<S>                                                                   <C>
SIGNED as an agreement.

SIGNED for and on behalf of [MACQUARIE BANK           |
LIMITED, ABN 46 008 583 542] by its Attorneys         |
                                                      |               ------------------------------------------------
and                                                   |
under a Power of Attorney dated           and         |               Signature of Attorney
each Attorney declares that he or she has not         |
received any notice of the revocation of such Power   |
of Attorney, in the presence of:                      |

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

Signature of Witness                                                  Signature of Attorney

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

Name of Witness in full

SIGNED for and on behalf of [PERPETUAL                |
TRUSTEES AUSTRALIA LIMITED, ABN 86 000 431            |               ------------------------------------------------
827] by its Attorney                                  |
under a Power of Attorney dated                       |               Signature of Attorney
and the Attorney declares that he or she has not      |
received any notice of the revocation of such Power   |
of Attorney, in the presence of:                      |
                                                      |

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

Signature of Witness                                                  Name of Attorney in full

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

Name of Witness in full
</TABLE>

                                                                              21
<PAGE>

<TABLE>

<S>                                                                   <C>
SIGNED for and on behalf of MACQUARIE                 |
SECURITISATION LIMITED, ABN 16 003 297 336            |
by its Attorneys                                      |               ------------------------------------------------
and                                                   |
under a Power of Attorney dated                       |               Signature of Attorney
and each Attorney declares that he or she has not     |
received any notice of the revocation of such Power   |
of Attorney, in the presence of:                      |
                                                      |
                                                      |
------------------------------------------------------                ------------------------------------------------

Signature of Witness                                                  Signature of Attorney

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

Name of Witness in full
</TABLE>

                                                                              22<PAGE>

                                                      [CLAYTON UTZ LOGO OMITTED]
--------------------------------------------------------------------------------

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

[ ]
Party A

[PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827]
Party B

ISDA MASTER AGREEMENT
THE PUMA FUND

                           [CLAYTON UTZ LOGO OMITTED]
                                     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 - 801/1537356 CONTACT - NINIAN LEWIS

            SYDNEY O MELBOURNE O BRISBANE O PERTH O CANBERRA O DARWIN

  Liability limited by the Solicitors' Limitation of Liability Scheme approved
                under the Professional Standards Act 1994 (NSW)

<PAGE>

                                    SCHEDULE

                                     TO THE

                                MASTER AGREEMENT

                             DATED AS OF [ ] BETWEEN

                        MACQUARIE SECURITISATION LIMITED
                               ABN 16 003 297 336
                                   ("MANAGER")

                                       AND

                                       [ ]
                                   ("PARTY A")

                                       AND

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                               ABN 86 000 431 827
                       AS TRUSTEE OF THE VARIOUS SUB-FUNDS
               FROM TIME TO TIME ESTABLISHED UNDER THE TRUST DEED
                                   ("PARTY B")

PART 1. TERMINATION PROVISIONS.

In this Agreement:

(a)    "SPECIFIED ENTITY" does not apply in relation to Party A or Party B.

(b)    The definition of "SPECIFIED TRANSACTION" is not applicable.

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

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

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

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

       (iii)  Section 5(b)(ii) will apply to Party A as the Affected Party but
              is subject to Parts 5(4)(b) and 5(5)(d) of this Schedule. Section
              5(b)(iii) will not apply to Party A as the Burdened Party.

(d)    The "AUTOMATIC EARLY TERMINATION" provisions in Section 6(a) will not
       apply to Party A or Party B.

(e)    PAYMENTS ON EARLY TERMINATION. For the purposes of Section 6(e) of this
       Agreement:

       (i)    Market Quotation will apply; and

       (ii)   the Second Method will apply.

(f)    "TERMINATION CURRENCY" means, unless otherwise specified in the
       Confirmation in relation

                                                                               1

<PAGE>

       to the Transaction:

       (i)    in relation to a Transaction which is a Currency Swap, US$.
              However, if an amount in respect of an Early Termination Date and
              a Currency Swap is payable by Party B (the "Party B Termination
              Amount"), Party B will pay that amount in Australian dollars. For
              this purpose, the Party B Termination Amount will be converted
              into Australian dollars by applying the definition of "Termination
              Currency Equivalent" in the Agreement as if the amount payable by
              Party B (in Australian dollars) is the "amount in the Termination
              Currency", the "Termination Currency" is Australian dollars, the
              "Other Currency" is US$ and the Party B Termination Amount is an
              "amount denominated in a currency other than the Termination
              Currency"; and

       (ii)   in relation to all other Transactions, Australian dollars.

(g)    "ADDITIONAL TERMINATION EVENT" applies. The following is an Additional
       Termination Event in respect of the Transactions of the relevant Sub-Fund
       in relation to which both Party A and Party B are Affected Parties:

       "An Event of Default, as defined in the Security Trust Deed in relation
       to the relevant Sub-Fund, occurs and the Security Trustee shall have been
       directed in accordance with and subject to the Security Trust Deed to
       declare, or has declared, the Relevant Notes in relation to the
       Transaction immediately due and payable in accordance with the Security
       Trust Deed."

PART 2. TAX REPRESENTATIONS

(a)    PAYER TAX REPRESENTATIONS. For the purpose of Section 3(e) of this
       Agreement, Party A and Party B each make the following representation:

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

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

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

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

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

(b)    PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f) of this
       Agreement:

       Party A makes the following representation when acting through its [ ]
       Office:

       Each payment received or to be received by it under each Transaction will
       be effectively connected with its conduct of a trade or business in the
       United States.

       Party B makes the following representation when transacting with Party A
       acting through its New York Office:

       It is a "foreign trust" for United States tax purposes.

                                                                               2
<PAGE>

PART 3. AGREEMENT TO DELIVER DOCUMENTS

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

(a)    TAX FORMS, DOCUMENTS OR CERTIFICATES TO BE DELIVERED ARE:

<TABLE>
<CAPTION>
PARTY REQUIRED TO DELIVER              FORM/DOCUMENT/CERTIFICATE                    DATE BY WHICH TO BE DELIVERED
DOCUMENT

<S>                                    <C>                                          <C>
Party A and Party B                    Any document or certificate reasonably       As soon as reasonably
                                       required or reasonably requested by a        practicable following a
                                       party in connection with its                 request by a party.
                                       obligations to make a payment under
                                       this Agreement which would enable that
                                       party to make the payment free from
                                       any deduction or withholding for or on
                                       account of Tax or which would reduce
                                       the rate at which deduction or
                                       withholding for or on account of Tax
                                       is applied to that payment (including
                                       where Party A is acting through its [
                                       ] Office, and without limitation, any
                                       United States Form W-8BEN or other
                                       relevant United States tax form).
</TABLE>

(b)    OTHER DOCUMENTS TO BE DELIVERED ARE:

<TABLE>
<CAPTION>
PARTY REQUIRED TO DELIVER              FORM/DOCUMENT/CERTIFICATE                    DATE BY WHICH TO BE DELIVERED
DOCUMENT

<S>                                    <C>                                          <C>
Party A, Party B and the Manager       A certificate specifying the names,          On the execution of this
                                       title and specimen signatures of the         Agreement and each
                                       persons authorised to execute this           Confirmation, unless that
                                       Agreement and each Confirmation or           certificate has already been
                                       other communication in writing made          supplied and remains true and
                                       pursuant to this Agreement on its            in effect, and when the
                                       behalf.                                      certificate is updated.

Manager                                A certified copy to Party A of the           Not less than 5 Business Days
                                       Trust Deed and a certified copy to           (or such lesser period as
                                       Party A of any document that amends in       Party A agrees to) before the
                                       any way the terms of the Trust Deed.         Trade Date of the first
                                                                                    occurring Transaction entered
                                                                                    into by Party B as trustee of
                                                                                    the Sub-Fund and in the case
                                                                                    of any amending documents
                                                                                    entered into subsequent to
                                                                                    that date, promptly after each
                                                                                    amending document (if any) has
                                                                                    been entered into.

</TABLE>

                                                                               3
<PAGE>

<TABLE>
<S>                                    <C>                                          <C>
Manager                                A certified copy to Party A of each          Not less than 5 Business Days
                                       Sub-Fund Notice and Security Trust           (or such lesser period as
                                       Deed in relation to a Sub-Fund created       Party A agrees to) before the
                                       after the date of this Agreement and         Trade Date of the first
                                       each other Transaction Document in           occurring Transaction entered
                                       relation to such a Sub-Fund as is            into by Party B as trustee of
                                       reasonably requested by Party A and          the Sub-Fund and in the case
                                       (without limiting any obligation Party       of any amending documents
                                       B may have to notify Party A of              entered into subsequent to
                                       amendments thereto) a certified copy         that date, promptly after each
                                       to Party A of any document that amends       amending document (if any) has
                                       in any way the terms of that Sub-Fund        been entered into.
                                       Notice or Security Trust Deed or the
                                       terms of any such Transaction Document.

Manager                                A certified copy to Party A of the           Not less than 5 Business Days
                                       terms and conditions of the Relevant         (or such lesser period as
                                       Notes in relation to each Transaction        Party A agrees to) before the
                                       (if any) and (without limiting any           Trade Date of that Transaction
                                       obligation Party B may have to notify        and in the case of any
                                       Party A of amendments thereto) a             amending documents entered
                                       certified copy to Party A of any             into subsequent to that date,
                                       document that amends in any way those        promptly after each amending
                                       terms and conditions.                        document (if any) has been
                                                                                    entered into.

Party A                                A certified copy to Party B and the          Not less than 5 Business Days
                                       Manager of each Credit Support               (or such lesser period as
                                       Document (if any) specified in respect       Party B and the Manager agree
                                       of Party A and (without limiting any         to) before the Trade Date of
                                       obligation Party A may have under the        the first occurring
                                       terms of that Credit Support Document        Transaction and in the case of
                                       to notify Party B or the Manager of          any amending documents entered
                                       amendments thereto) a certified copy         into subsequent to that date,
                                       to Party B and the Manager of any            promptly after each amending
                                       document that amends in any way the          document (if any) has been
                                       terms of that Credit Support Document.       entered into.
</TABLE>

All documents delivered under this Part 3(b) are covered by the Section 3(d)
representation. For the purposes of this Part 3(b), a copy of a document is
taken to be certified if a director or secretary of the party providing the
document, or a person authorised to execute this Agreement or a Confirmation on
behalf of that party or a solicitor acting for that party, has certified it to
be a true and complete copy of the document of which it purports to be a copy.

PART 4. MISCELLANEOUS

(a)    ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this
       Agreement:

       Address for notices or communications to PARTY A:

                                                                               4
<PAGE>

       All notices to Party A under Sections 5 or 6 of this Agreement (other
       than Section 5(a)(i)) shall be sent to:

       [ ]
       Attention:      [ ]
       Telex No.:      [ ]Answerback:  [ ]

       Unless otherwise specified in the Confirmation for the relevant
       Transaction, all other notices to Party A shall be sent directly to:

       Address:        [  ]

       Attention:      [  ]

       Facsimile No.:  [  ]Address for notices or communications to PARTY B:

       Address:        [Perpetual Trustees Australia Limited
                       Level 7
                       9 Castlereagh Street
                       Sydney  NSW  2000
                       AUSTRALIA]

       Attention:      [Manager, Securitisation Services]

       Facsimile No.:  [+ 612 9221 7870]

       Additionally, a copy of all notices as well as any changes to Party A's
       address, telephone number or facsimile number must be sent to:

       Address:        Macquarie Securitisation Limited
                       Level 22
                       20 Bond Street
                       Sydney  NSW  2000
                       AUSTRALIA

       Attention:      The Manager: PUMA Programme

       Facsimile No.:  + 612 8232 4755

(b)    PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:

       Party A appoints as its Process Agent: [ ]

       Party B appoints as its Process Agent: not applicable.

(c)    OFFICES. The provisions of Section 10(a) will apply to this Agreement.

(d)    MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:

       Party A is a Multibranch Party and may act through the following offices:
       [ ].

       Party B is not a Multibranch Party.

(e)    CALCULATION AGENT.

       The Calculation Agent in relation to each Transaction is:

       (i)    in respect of all notices, determinations and calculations in
              respect of amounts denominated in US$, Party A; and

                                                                               5
<PAGE>

       (ii)   in respect of all other notices, determinations and calculations,
              the Manager,

       unless otherwise specified in a Confirmation in relation to the relevant
       Transaction.

(f)    CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

       (i)    In relation to Party A: Nil

       (ii)   In relation to Party B: in relation to the Transactions of a
              Sub-Fund, the Security Trust Deed in relation to that Sub-Fund.

(g)    CREDIT SUPPORT PROVIDER.

       (i)    In relation to Party A: Nil

       (ii)   In relation to Party B: Nil

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

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

(i)    NETTING OF PAYMENTS. Subparagraph [(ii)] of Section [2(c)] of this
       Agreement will not apply in respect of all Transactions (entered into by
       Party B as trustee of the same Sub-Fund and by Party A through the same
       Office).

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

PART 5. OTHER PROVISIONS

(1)    PAYMENTS: In Section [2]:

       (a)    In Section [2(a)(i)] add the following sentence:

              "Each payment will be by way of exchange for the corresponding
              payment or payments payable by the other party (if any)".

       (b)    In Section [2(a)(ii)] insert immediately after the words "freely
              transferable funds" the following words:

              ", free of any set-off, counterclaim, deduction or withholding
              (except as expressly provided in this Agreement) and in the manner
              customary for payment in the required currency".

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

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

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

                                                                               6
<PAGE>

              "(v)   Where

                     (1)    payments are due pursuant to Section [2(a)(i)] by
                            Party A to Party B (the "PARTY A PAYMENT") and by
                            Party B to Party A (the "PARTY B PAYMENT") on the
                            same day; and

                     (2)    the Security Trust Deed in relation to the relevant
                            Sub-Fund has become, and remains at that time,
                            enforceable,

                     then Party A's obligation to make the Party A Payment will
                     be subject to the condition precedent (which will be an
                     "applicable condition precedent" for the purpose of Section
                     [2(a)(iii)(3)]) that Party A first receives either:

                     (3)    the Party B Payment; or

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

       (e)    Add the following new sentence to Section [2(b)]:

              "Each new account so designated shall be in the same tax
              jurisdiction as the original account."

       (f)    In Section [2(d)]:

              (i)    the words "in respect of which X would not be required to
                     pay an additional amount to Y under Section [2(d)(i)(4)]"
                     are deleted where they appear in Section [2(d)(ii)(1)]; and

              (ii)   section [2(d)(i)(4)] is deleted in its entirety,

              provided that, notwithstanding the foregoing, Section [2(d)(i)(4)]
              and Section [2(d)(ii)] will apply without any amendment with
              respect to any payment by Party B to Party A of interest on any
              amount calculated as being due by Party B in respect of any Early
              Termination Date in respect of any Transaction under Section
              [6(e)] to the extent that payment of such amount is delayed by the
              operation of Part [5(5)(f)].

(2)    REPRESENTATIONS: In Section 3:

       (a)    Section [3(a)(v)] is amended by inserting immediately after the
              words "creditors' rights generally" the following:

              "(including in the case of a party being an ADI (as that term is
              defined in the Reserve Bank Act, 1959 (Cth)), section 13A(3) of
              the Banking Act, 1959 (Cth) or any other analogous provision under
              any law applicable to a party.";

       (b)    the second line of Section [3] is amended by inserting after the
              words "is entered into" the words "or novated" and by inserting
              "[3(g), 3(h), 3(i) and 3(j)]" after the words "Section [3(f)]";

       (c)    insert the following new paragraphs [(g), (h), (i) and (j)] in
              Section [3 ] immediately after Section [3(f) ]:

              "(g)   RELATIONSHIP BETWEEN PARTIES. Each party will be deemed to
                     represent to the other parties on the date on which it
                     enters into a Transaction that (absent a written agreement
                     between the parties that expressly imposes affirmative
                     obligations to the contrary for that Transaction):-

                                                                               7
<PAGE>

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

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

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

              (h)    SUB-FUND. By Party B, in respect of Party B only, in its
                     capacity as trustee of the relevant Sub-Fund in respect of
                     each Transaction:

                     (i)    SUB-FUND VALIDLY CREATED. The Sub-Fund has been
                            validly created and is in existence at the date of
                            this Agreement.

                     (ii)   SOLE TRUSTEE. It has been validly appointed as
                            trustee of the Sub-Fund and is presently the sole
                            trustee of the Sub-Fund.

                     (iii)  NO PROCEEDINGS TO REMOVE. No notice has been given
                            to it and to its knowledge no resolution has been
                            passed, or direction or notice has been given,
                            removing it as trustee of the Sub-Fund.

                     (iv)   POWER. It has power under the Trust Deed to enter
                            into this Agreement and the Security Trust Deed in
                            relation to the Sub-Fund in its capacity as trustee
                            of the Sub-Fund.

                     (v)    GOOD TITLE. It is the lawful owner of the assets of
                            the Sub-Fund and has power under the Trust Deed to
                            mortgage or charge them in the manner provided in
                            the Security Trust Deed in relation to the Sub-Fund
                            and, subject only to that Security Trust Deed and
                            any Security Interest permitted under that Security
                            Trust Deed, those assets are free of all other
                            Security Interests (except for Party B's right of
                            indemnity out of the assets of the Sub-Fund).

              (i)    NON-ASSIGNMENT. It has not assigned (whether absolutely, in
                     equity, by way of security or otherwise), declared any
                     trust over or given any charge over any of its rights under
                     this Agreement or any Transaction except, in the case of
                     Party B, for the Security Interests created under a
                     Security Trust Deed.

                                                                               8
<PAGE>

              (j)    CONTRACTING AS PRINCIPAL. Each Transaction is entered into
                     by that party as principal and not otherwise."

       (d)    insert the following paragraph at the end of Section [3]:

              "Party B may notify Party A, the Manager and each Current Rating
              Authority in relation to a Sub-Fund of any circumstance which may
              arise from time to time of which it becomes aware and which would
              constitute a breach of any representation or warranty contained in
              this Section [3]. In the event that Party B makes such
              notification, the relevant representation or warranty to which the
              notification relates will be deemed not to be repeated by Party B
              on each date on which a Transaction is entered into or novated (or
              in the case of the representations in Section [3(f),(g),(h), (i)
              and (j)] at any time) after the date of such notification."

(3)    EVENT OF DEFAULT: In Section [5(a)]:

       (a)    FAILURE TO PAY OR DELIVER: delete paragraph [(i)] and replace it
              with the following:

              "(i)   FAILURE TO PAY OR DELIVER. Failure by the party to make,
                     when due, any payment under this Agreement or delivery
                     under Section [2(a)(i) or 2(e)] required to be made by it
                     if such failure is not remedied at or before 10.00am on the
                     tenth day after notice of such failure is given to the
                     party;"

       (b)    CONSEQUENTIAL AMENDMENTS:

              (i)    delete "or" at the end of Section [5(a)(vii)]; and

              (ii)   replace the full stop at the end of Section [5(a)(viii)]
                     with "; or"; and

       (c)    DOWNGRADE OBLIGATIONS: insert the following new paragraph [(ix)]:

              "(ix)  DOWNGRADE OBLIGATIONS. In respect of Party A only, Party A
                     fails to comply with Part 5(21) if such failure is not
                     remedied on or before the tenth Business Day (or such later
                     day as Party B and the Manager may agree and which the
                     Current Rating Authorities confirm in writing will not
                     result in a reduction, qualification or withdrawal of the
                     credit ratings then assigned by them to the Relevant Notes
                     in relation to the Transactions) after notice of such
                     failure is given to Party A.".

(4)    TERMINATION EVENTS:

       (a)    ILLEGALITY: In respect of each Currency Swap, the parties agree
              that the imposition by any Governmental Agency of an Australian
              jurisdiction of any exchange controls, restrictions or
              prohibitions which would otherwise constitute an Illegality for
              the purposes of Sections [5(b)(i) or 5(c)] will not be an event
              which constitutes an Illegality for the purposes of those Sections
              so that following the occurrence of such event:

              (i)    neither Party A nor Party B will be entitled to designate
                     an Early Termination Date in respect of that Currency Swap
                     as a result of that event occurring;

              (ii)   payment by Party B in accordance with Part [5(1)] of the
                     Schedule or the Confirmation will continue to constitute
                     proper performance of its payment obligations in respect of
                     that Currency Swap; and

              (iii)  Party A's obligations in respect of that Currency Swap or
                     this Agreement

                                                                               9
<PAGE>

                     will, to the extent permitted by law, be unaffected by the
                     occurrence of that event,

              but nothing in this Part [5(4)(a)] limits the rights of Party A or
              Party B in relation to any other Termination Event or Event of
              Default resulting from such event including any rights of Party A
              or Party B arising as a result of a failure by Party A or Party B
              to make any payment in accordance with this Agreement.

       (b)    PARTY A'S LIMITED RIGHTS IN RELATION TO TAX EVENT:

              (i)    Subject to Section [6(b)(ii)], Party A may designate an
                     Early Termination Date in respect of a Transaction if it is
                     an Affected Party following a Tax Event only if the Manager
                     or the Relevant Note Trustee (if any) in relation to the
                     Transaction has notified the parties in writing that it is
                     satisfied that all amounts owing to the Relevant
                     Noteholders in respect of the Transaction are capable of
                     being paid in full on the date on which the Relevant Notes
                     in respect of the Transaction are to be redeemed.

              (ii)   If a Tax Event in respect of a Transaction occurs where
                     Party A is the Affected Party and Party A is unable to
                     transfer all its rights and obligations under this
                     Agreement in respect of the Transaction to an Affiliate
                     pursuant to Section [6(b)(ii)], Party A may, at its cost,
                     transfer all its rights, powers and privileges and all its
                     unperformed and future obligations under this Agreement in
                     respect of the Transaction to any person approved by the
                     Manager (which approval must not be unreasonably withheld)
                     provided that each Current Rating Authority in relation to
                     the relevant Sub-Fund has confirmed in writing that the
                     transfer will not result in a reduction, qualification or
                     withdrawal of the credit ratings then assigned by them to
                     the Relevant Notes in relation to the Transactions of that
                     Sub-Fund.

(5)    TERMINATION:

       (a)    TERMINATION BY PARTY B: Party B must not designate an Early
              Termination Date in relation to a Transaction without the prior
              written consent of the Relevant Note Trustee (if any) in relation
              to that Transaction.

       (b)    TERMINATION BY THE RELEVANT NOTE TRUSTEE: If while an Event of
              Default or Termination Event that gives Party B the right to
              designate an Early Termination Date in relation to a Transaction
              is subsisting, Party B does not exercise its right to terminate a
              Transaction, then the Relevant Note Trustee (if any) in relation
              to that Transaction may designate an Early Termination Date in
              relation to that Transaction as if it were a party to this
              Agreement.

       (c)    CONSULTATION ON EARLY TERMINATION DATE: Each party may only
              designate an Early Termination Date after using its best
              endeavours to have prior consultation with the other parties as to
              the timing of the Early Termination Date.

       (d)    TRANSFERS TO AVOID TERMINATION:

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

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

                     "However, if Party A is that other party it must, if so
                     requested by the Manager, use reasonable efforts to make
                     such a transfer to an Affiliate provided the Current Rating
                     Authorities have given prior written

                                                                              10
<PAGE>

                     confirmation to the Manager or the Relevant Note Trustee
                     (if any) that such a transfer will not result in a
                     reduction, qualification or withdrawal of the credit
                     ratings then assigned by them to the Relevant Notes in
                     relation to the Affected Transactions. Party A will not be
                     required to incur a loss, excluding immaterial incidental
                     expenses, in connection with any such transfer."

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

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

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

                     (2)    where the other party is Party B, if the Current
                            Rating Authorities have confirmed in writing that
                            such transfer will not result in a reduction,
                            qualification or withdrawal of the credit ratings
                            then assigned by them to the Relevant Notes in
                            relation to the Affected Transactions."

       (e)    DETERMINATION OF MARKET QUOTATION BY PARTY B: If Party B is
              required to determine a Market Quotation in respect of a
              Terminated Transaction pursuant to Section [6(e)], Party B must
              consult with Party A in relation to such determination prior to
              making the determination and must provide to each Reference
              Market-maker in relation to the Market Quotation such information
              in relation to the Terminated Transaction, provided by Party A to
              Party B, as Party A may reasonably request.

       (f)    TERMINATION PAYMENTS BY PARTY B: Notwithstanding Section
              [6(d)(ii)], any amount calculated as being due by Party B in
              respect of any Early Termination Date in respect of a Currency
              Swap under Section 6(e) will be payable (along with interest on
              the outstanding amount from that Early Termination Date to the
              date of payment in accordance with Section 6(e)) on the Payment
              Date in relation to that Currency Swap (as specified in the
              relevant Confirmation) immediately following the date that such
              amount would otherwise be payable under Section [6(d)(ii)] (or
              will be payable on that date if that date is a Payment Date)
              except to the extent that such amount may be satisfied from a
              distribution under the relevant Security Trust Deed or the payment
              of an upfront premium in respect of a Replacement Currency Swap in
              accordance with Part [5(16)(b)].

(6)    CURRENCY SWAPS:

       (a)    Subject to paragraph (b), if an Early Termination Date is
              designated in respect of a Currency Swap:

              (i)    an amount with respect to that Early Termination Date and
                     Currency Swap must be calculated in accordance with Section
                     [6(e)(i)(3)] or Section [6(e)(ii)], as applicable,
                     independently of any other Transactions (including any
                     other Currency Swap) and notwithstanding that there are
                     other Terminated Transactions in relation to that Early
                     Termination Date; and

              (ii)   that amount (and any interest on it) must be paid in
                     accordance with Section [6(d)(ii)] independently of amounts
                     due by or to the payer in respect of other Terminated
                     Transactions (and without set-off against

                                                                              11
<PAGE>

                     amounts due to the payer under this Agreement or
                     otherwise).

       (b)    Notwithstanding paragraph (a), any amount payable by or to a party
              in respect of an Early Termination Date being designated in
              relation to a Currency Swap may be set-off against any sum or
              obligation owing to or by that party in accordance with Part
              [5(25)].

       Nothing in this Part [5(6)] affects the obligation of the parties under
       Section 6 in respect of Transactions which are not Currency Swaps.

(7)    NO SET-OFF: Section [6(e)] is amended by deleting the last sentence of
       the first paragraph.

(8)    TRANSFER: Section [7] is replaced with:

              "7.    ESSENTIAL TERM: TRANSFER

              (a)    Neither the interests nor the obligations of either party
                     in or under this Agreement (including any Transaction) are
                     capable of being assigned or transferred (whether at law,
                     in equity or otherwise), charged or the subject of any
                     trust (other than the relevant Sub-Fund or the trust and
                     charge created pursuant to the Credit Support Document in
                     relation to Party B) or other fiduciary obligation. Any
                     action by a party which purports to do any of these things
                     is void.

              (b)    Nothing in this Section 7:

                     (i)    restricts a transfer by a party after the other
                            parties have agreed to the variation of this
                            Agreement to the extent necessary to permit such
                            transfer;

                     (ii)   restricts a novation of the interests and
                            obligations of a party in or under this Agreement
                            (including any Transaction) including, but not
                            limited to, for the purposes of giving effect to a
                            transfer under Section [6(b)(ii)], Part
                            [5(4)(b)(ii)], Part [5(21)(b) or Part 5(27)];

                     (iii)  restricts a transfer by a party of all or any part
                            of its interest in any amount payable to it from a
                            Defaulting Party under Section [6(e)];

                     (iv)   restricts a transfer by Party B or the Manager to a
                            new Trustee or new Manager, respectively, in
                            accordance with the Trust Deed or Management Deed;
                            or

                     (v)    restricts Party B from granting security over a
                            Transaction or this Agreement pursuant to the Credit
                            Support Document in relation to Party B.

              (c)    Each party acknowledges that the other party enters into
                     this Agreement and each Transaction on the basis that this
                     Section [7] must be strictly observed and is essential to
                     the terms of this Agreement (including each Transaction)."

(9)    FACSIMILE TRANSMISSION: In Section [12]:

       (a)    delete the following words where they appear in lines 2 and 3 of
              Section [12(a)]:

              "(except that a notice or other communication under Section [5] or
              Section [6] may not be given by facsimile transmission or
              electronic messaging system)".

                                                                              12
<PAGE>

       (b)    replace Section [12(a)(iii)] with:

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

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

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

(10)   DEFINITIONS

       In this Agreement, unless the contrary intention appears:

       (a)    TRUST DEED: subject to Part [5(10)(h)], unless defined in this
              Agreement words and phrases defined in the Trust Deed have the
              same meaning in this Agreement;

       (b)    TRUSTEE CAPACITY:

              (i)    a reference to Party B is a reference to Party B in its
                     capacity as trustee of the relevant Sub-Fund only, and in
                     no other capacity;

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

              (iii)  without limiting the foregoing, Section [5(a)(vii)] will
                     only apply to Party B in its capacity as trustee of the
                     relevant Sub-Fund and:

                     (A)    reference in Section [5(a)(vii)(1)] to Party B being
                            dissolved is to the relevant Sub-Fund being
                            dissolved;

                     (B)    Party B in its capacity as trustee of the relevant
                            Sub-Fund is not insolvent or unable to pay its debts
                            for the purposes of Section [5(a)(vii)(2)] to the
                            extent that its obligation to make any payment is
                            limited by the Transaction Documents in relation to
                            the Sub-Fund; and

                     (C)    the appointment of a new Trustee in relation to the
                            Sub-Fund in accordance with the Trust Deed is not,
                            of itself, an event to which Section [5(a)(vii)]
                            applies in relation to Party B.

       (c)    DEFINITIONS: in Section [14]:

              (i)    replace the definition of "LOCAL BUSINESS DAY" with the
                     following:

                     ""LOCAL BUSINESS DAY" has the same meaning as given to the
                     term "BUSINESS DAY" in the Confirmation for each
                     Transaction (including by way of incorporation by
                     reference)."

              (ii)   insert the following new definitions:

                                                                              13
<PAGE>

                     "CURRENCY SWAP" means a Transaction which, in the relevant
                     Confirmation, is expressed to be a Currency Swap for the
                     purposes of the Agreement.

                     "CURRENT RATING AUTHORITY" in relation to the Transactions
                     of a Sub-Fund has the meaning given to that term in
                     relation to the Sub-Fund in the Trust Deed.

                     "MASTER NOVATION ANNEX" means the Master Novation Annex
                     annexed to this Schedule.

                     "PRESCRIBED RATING PERIOD" in relation to a Transaction
                     means (unless otherwise specified in the Confirmation in
                     relation to the Transaction) in relation to any credit
                     ratings assigned to Party A by a Current Rating Authority:

                     (a)    a period of 30 Business Days from the date of
                            assignment of that credit rating where the credit
                            ratings of Party A immediately after that assignment
                            are less than the Prescribed Rating but greater than
                            or equal to a short term credit rating of A-2 by S&P
                            and long term credit ratings of BBB+ by S&P, A3 by
                            Moody's and BBB+ by Fitch; and

                     (b)    a period of 5 Business Days from the date of
                            assignment of that credit rating where the credit
                            ratings of Party A immediately after that assignment
                            are less than a short term credit rating of A-2 by
                            S&P and long term credit ratings of BBB+ by S&P, A3
                            by Moody's and BBB+ by Fitch,

                     or, in either case, such greater period as is agreed to in
                     writing by each relevant Current Rating Authority. If any
                     one or more of S&P, Moody's or Fitch is not a Current
                     Rating Authority in relation to the Transaction then the
                     ratings of such a credit rating agency will not be relevant
                     for the purposes of determining the Prescribed Rating
                     Period.

                     "PRESCRIBED RATING" means, unless otherwise specified in
                     the Confirmation in relation to the Transaction:

                     (a)    in relation to a Transaction which is a Currency
                            Swap either a short term credit rating of A-1+ by
                            S&P or a long term credit rating of AA- by S&P (if
                            S&P is a Current Rating Authority in relation to the
                            Transaction), a short term credit rating of F1 by
                            Fitch or a long term credit rating of A by Fitch (if
                            Fitch is a Current Rating Authority in relation to
                            the Transaction) and a long term credit rating of A2
                            by Moody's (if Moody's is a Current Rating Authority
                            in relation to the Transaction); or

                     (b)    in relation to all other Transactions, either a
                            short term credit rating of A-1 by S&P (if S&P is a
                            Current Rating Authority in relation to the
                            Transaction) and long term credit ratings of A by
                            Fitch (if Fitch is a Current Rating Authority in
                            relation to the Transaction) and of A2 by Moody's
                            (if Moody's is a Current Rating Authority in
                            relation to the Transaction).

                     "RELEVANT NOTE TRUSTEE" in relation to a Transaction has
                     the meaning (if any) given to that term in the Confirmation
                     for that Transaction.

                     "RELEVANT NOTES" in relation to a Transaction means
                     (subject to the

                                                                              14
<PAGE>

                     relevant Confirmation) all the Notes issued by the Trustee
                     as trustee of the relevant Sub-Fund in relation to the
                     Transaction, and all Specified Investor Securities in
                     relation to those Notes, in each case which remain
                     outstanding.

                     "RELEVANT NOTEHOLDERS" in relation to a Transaction means
                     the Noteholders in respect of the Relevant Notes in
                     relation to that Transaction.

                     "REPLACEMENT CURRENCY SWAP" has the meaning given to it in
                     Part [5(16)].

                     "TRUST DEED" means the Deed of Trust dated 13 July 1990 (as
                     amended in its application to the relevant Sub-Fund) made
                     between the party named as the Founder in the First
                     Schedule of that Deed and Party B, pursuant to which the
                     trust funds collectively known as the "PUMA Fund" are
                     constituted.

       (d)    INTERPRETATION:

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

              (ii)   a reference to "WILFUL DEFAULT" in relation to Party B
                     means, subject to Part [5(10)(d)(iii)] of this Schedule,
                     any wilful failure by Party B to comply with, or wilful
                     breach by Party B of, any of its obligations under any
                     Transaction Document in relation to the relevant Sub-Fund,
                     other than a failure or breach which:

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

                                   (a)    Party B; or

                                   (b)    any other person referred to in Part
                                          [5(10)(d)(iii)] of this Schedule; and

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

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

                     C.     is in accordance with any proper instruction or
                            direction of:

                            (1)    the Secured Creditors given at a meeting or
                                   deemed meeting of Secured Creditors convened
                                   pursuant to the Security Trust Deed in
                                   relation to the relevant Sub-Fund; or

                            (2)    Noteholders in relation to Notes of the
                                   relevant Sub-Fund given at a meeting or
                                   deemed meeting convened under the Trust Deed
                                   or an Issuing Document;

                                                                              15
<PAGE>

              (iii)  a reference to the "FRAUD", "NEGLIGENCE" or "WILFUL
                     DEFAULT" of Party B means the fraud, negligence or wilful
                     default of Party B and of its officers, employees, agents
                     and any other person where Party B is liable for the acts
                     or omissions of such other person under the terms of any
                     Transaction Document in relation to the relevant Sub-Fund;

              (iv)   a reference to "neither party" will be construed as a
                     reference to "no party";

              (v)    a reference to "other party" will be construed as a
                     reference to "other parties"; and

              (vi)   where a relevant Sub-Fund was created prior to 7 September,
                     2001 a reference to "Notes" is to be construed as a
                     reference to "Registered Stock" and a reference to
                     "Noteholders" to be construed as a reference to
                     "Investors".

       (e)    ISDA DEFINITIONS: The 2000 ISDA Definitions and Annex to the 2000
              ISDA Definitions (as published by the International Swaps and
              Derivatives Association, Inc ("ISDA")) (the "2000 ISDA
              DEFINITIONS") as at the date of this Agreement are incorporated
              into this Agreement and each Confirmation.

       (f)    INCONSISTENCY: Subject to Part [5(10)(a)], unless specified
              otherwise, in the event of any inconsistency between any two or
              more of the following documents in respect of a Transaction they
              will take precedence over each other in the following order in
              respect of that Transaction:

              (i)    any Confirmation;

              (ii)   this Schedule;

              (iii)  the 2000 ISDA Definitions; and

              (iv)   the printed form of the 1992 ISDA Master Agreement which
                     forms part of this Agreement.

       (g)    SWAP TRANSACTION: Any reference to a:

              (i)    "SWAP TRANSACTION" in the 2000 ISDA Definitions is deemed
                     to be a reference to a "TRANSACTION" for the purpose of
                     interpreting this Agreement or any Confirmation; and

              (ii)   "TRANSACTION" in this Agreement or any Confirmation is
                     deemed to be a reference to a "SWAP TRANSACTION" for the
                     purpose of interpreting the 2000 ISDA Definitions.

       (h)    INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND
              PROVISIONS: Where in this Agreement a word or expression is
              defined by reference to its meaning in another Transaction
              Document or there is a reference to another Transaction Document
              or to a provision of another Transaction Document, any amendment
              to the meaning of that word or expression or to that other
              Transaction Document or provision (as the case may be) will be of
              no effect for the purposes of this Agreement unless and until the
              amendment is consented to by the parties to this Agreement.

(11)   LIMITATION OF LIABILITY: Insert the following Section [15], after Section
       [14]:

       "15.   PARTY B'S LIMITATION OF LIABILITY

                                                                              16
<PAGE>

              (a)    (LIMITATION ON PARTY B'S LIABILITY): Party B enters into
                     this Agreement only in its capacity as trustee of the
                     relevant Sub-Fund (as defined below) and in no other
                     capacity. A liability incurred by Party B acting in its
                     capacity as trustee of the relevant Sub-Fund arising under
                     or in connection with this Agreement is limited to and can
                     be enforced against Party B only to the extent to which it
                     can be satisfied out of the assets of the relevant Sub-Fund
                     out of which Party B is actually indemnified for the
                     liability. This limitation of Party B liability applies
                     despite any other provision of this Agreement (other than
                     Section [15(c)]) and extends to all liabilities and
                     obligations of Party B in any way connected with any
                     representation, warranty, conduct, omission, agreement or
                     transaction related to this Agreement.

              (b)    (CLAIMS AGAINST PARTY B): The parties other than Party B
                     may not sue Party B in respect of liabilities incurred by
                     Party B acting in its capacity as trustee of the relevant
                     Sub-Fund in any other capacity other than as trustee of
                     that Sub-Fund, including seek the appointment of a receiver
                     (except in relation to assets of that Sub-Fund), a
                     liquidator, an administrator, or any similar person to
                     Party B or prove in any liquidation, administration or
                     arrangements of or affecting Party B (except in relation to
                     the assets of that Sub-Fund).

              (c)    (BREACH OF TRUST): The provisions of this Section [15] will
                     not apply to any obligation or liability of Party B in
                     respect of the relevant Sub-Fund to the extent that it is
                     not satisfied because under the Trust Deed or any other
                     Transaction Document in relation to the relevant Sub-Fund
                     or by operation of law there is a reduction in the extent
                     of Party B's indemnification out of the assets of the
                     relevant Sub-Fund, as a result of Party B's fraud,
                     negligence or wilful default in respect of the relevant
                     Sub-Fund.

              (d)    (ACTS OR OMISSIONS): It is acknowledged that the Manager
                     and other parties to the Transaction Documents in relation
                     to the relevant Sub-Fund other than Party B (the "RELEVANT
                     PARTIES") are responsible under those Transaction Documents
                     for performing a variety of obligations relating to the
                     relevant Sub-Fund. No act or omission of Party B (including
                     any related failure to satisfy its obligations or any
                     breach of representation or warranty under this Agreement)
                     will be considered fraudulent, negligent or a wilful
                     default of Party B for the purpose of paragraph (c) of this
                     Section [15] in respect of the relevant Sub-Fund 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 Party B under any such
                     Transaction Document (other than a person whose acts or
                     omissions Party B is liable for in accordance with such a
                     Transaction Document) to fulfil its obligations relating to
                     the relevant Sub-Fund or by any other act or omission of a
                     Relevant Party or any other such person.

              (e)    (NO OBLIGATION): Party B is not obliged to enter into any
                     further commitment or obligation under this Agreement or
                     any Transaction Document unless Party B's liability is
                     limited in a manner which is consistent with this Section
                     [15] or otherwise in a manner satisfactory to Party B in
                     its absolute discretion.

              (f)    (SEGREGATION): Party B will enter into each Transaction as
                     trustee of a Sub-Fund. Each Confirmation in relation to a
                     Transaction must specify the name of the Sub-Fund to which
                     the Transaction relates and each

                                                                              17
<PAGE>

                     novation of a Transaction pursuant to the Master Novation
                     Annex must specify the name of Sub-Fund to which the
                     relevant Transaction is being novated. Without limiting the
                     generality of this Section [15], the provisions of this
                     Agreement shall have effect severally in respect of each
                     Sub-Fund in respect of which the Trustee holds its rights
                     under a Transaction whether by originally being a party to
                     the Transaction in that capacity or as a result of a
                     novation (each a "RELEVANT SUB-FUND") and shall be
                     enforceable by or against Party B in its capacity as
                     trustee of each such Sub-Fund as though a separate
                     Agreement applied between Party A and Party B for each of
                     Party B's said several capacities, to the intent that
                     (inter alia):

                     (i)    unless the context indicates a contrary intention,
                            each reference to "Party B" in this Agreement shall
                            be construed as a several reference to Party B in
                            its capacity as trustee of the relevant Sub-Fund;

                     (ii)   this Agreement together with each Confirmation
                            relating to the relevant Sub-Fund will form a single
                            separate agreement between Party A and Party B in
                            its capacity as trustee of that Sub-Fund and
                            references to the respective obligations (including
                            references to payment obligations generally and in
                            the context of provisions for the netting of
                            payments and the calculation of amounts due on early
                            termination) of Party A and Party B shall be
                            construed accordingly as a several reference to each
                            mutual set of obligations arising under each such
                            separate agreement between Party A and Party B in
                            its several capacities as trustee of each relevant
                            Sub-Fund and, other than where the context requires
                            otherwise in this Section [15(f)], reference in this
                            Agreement to the "Sub-Fund" or the "relevant
                            Sub-Fund" is to that Sub-Fund only in the separate
                            agreement relating to that Sub-Fund;

                     (iii)  representations made and agreements entered by the
                            parties under this Agreement are made and entered
                            severally by Party B in its capacity as trustee of
                            each Sub-Fund and may be enforced by Party B against
                            Party A severally in Party B's said several
                            capacities (and by Party A against Party B in Party
                            B's said several capacities);

                     (iv)   rights of termination, and obligations and
                            entitlements consequent upon termination, only
                            accrue to Party A against Party B severally in Party
                            B's capacity as trustee of each Sub-Fund, and only
                            accrue to Party B against Party A severally in Party
                            B's said several capacities; and

                     (v)    without limiting Section [15], the occurrence of an
                            Event of Default or Termination Event in respect of
                            one Sub-Fund shall not in itself constitute an Event
                            of Default or Termination Event in respect of any
                            other Sub-Fund."

(12)   FURTHER ASSURANCES: Each party will, upon request by the other party (the
       "REQUESTING PARTY") at the expense of the requesting party, perform all
       such acts and execute all such agreements, assurances and other documents
       and instruments as the requesting party reasonably requires (and, in the
       case of Party B, are within the powers granted to Party B under the Trust
       Deed) to assure and confirm the rights and powers afforded, created or
       intended to be

                                                                              18
<PAGE>

       afforded or created, under or in relation to this Agreement and each
       Transaction or other dealing which occurs under or is contemplated by it.

(13)   PROCEDURES FOR ENTERING INTO TRANSACTIONS

       (a)    With respect to each Transaction entered into pursuant to this
              Agreement and for the purposes of Section [9(e)(ii)], Party A
              will, by or promptly after the relevant Trade Date, send Party B
              and the Manager a Confirmation in such form as may be agreed
              between Party A, Party B and the Manager, and Party B and the
              Manager must promptly then confirm the accuracy of and sign and
              return, or request the correction of, such Confirmation.

       (b)    Party B will enter into each Transaction in its capacity as
              trustee of a Sub-Fund as specified in the relevant Confirmation.

(14)   AUTHORISED OFFICER: Each party will be entitled to assume, in the absence
       of any knowledge to the contrary, that any person signing any
       Confirmation, notice or other written communication issued in respect of
       this Agreement on behalf of a party is authorised by that party to do so.

(15)   RECORDED CONVERSATIONS: Each party:

       (a)    consents to the electronic recording of its telephone
              conversations with another party (or any of its associated
              persons) with or without the use of an automatic tone warning
              device;

       (b)    will provide transcripts of such recordings (if any) upon
              reasonable request by the other party (at the reasonable cost of
              the party requesting);

       (c)    acknowledges that such recordings and transcripts can be used as
              evidence by either party in any dispute between them; and

       (d)    acknowledges that no party is obligated to maintain copies of such
              recordings and transcripts for the benefit of another party.

(16)   REPLACEMENT CURRENCY SWAP:

       (a)    If any Transaction under this Agreement which is a Currency Swap
              is terminated, Party B may, at the direction of the Manager, enter
              into one or more currency swaps which replace that Transaction
              (collectively a "REPLACEMENT CURRENCY SWAP") provided that:

              (i)    the Current Rating Authorities in relation to the
                     Transaction confirm in writing that the entry into the
                     Replacement Currency Swap by Party B will not result in a
                     reduction, qualification or withdrawal of the credit
                     ratings then assigned by them to the Relevant Notes in
                     relation to the Transaction; and

              (ii)   the liability of Party B under the Replacement Currency
                     Swap is limited to at least the same extent that its
                     liability is limited under that Transaction.

       (b)    If Party B enters into a Replacement Currency Swap pursuant to
              paragraph (a) and a Settlement Amount (or any interest on that
              Settlement Amount in accordance with Section [6(d)(ii))] is
              payable by Party B to Party A upon termination of the Transaction
              referred to in Part [5(16)(a)], Party B must (unless otherwise
              agreed between Party A, Party B and the Manager) direct the
              Replacement Currency Swap provider to pay any upfront premium to
              enter into the Replacement Currency Swap

                                                                              19
<PAGE>

              due to Party B directly to Party A in satisfaction of and to the
              extent of Party B's obligation to pay the Settlement Amount (and
              any interest on that Settlement Amount in accordance with Section
              [6(d)(ii)]) to Party A, and to the extent such premium is not
              greater than or equal to the Settlement Amount, the balance may be
              satisfied by Party B as Fees and Expenses of the relevant
              Sub-Fund.

       (c)    If Party B enters into a Replacement Currency Swap pursuant to
              paragraph (a) and a Settlement Amount (or any interest on that
              Settlement Amount in accordance with Section [6(d)(ii)]) is
              payable by Party A to Party B upon termination of the Transaction
              referred to in Part [5(16)(a)], Party B must (unless otherwise
              agreed between Party A, Party B and the Manager) direct Party A to
              pay that amount to the Replacement Currency Swap provider in
              satisfaction of or towards and to the extent of Party B's
              obligation (if any) to pay an upfront premium to the Replacement
              Currency Swap provider to enter into the Replacement Currency
              Swap.

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

(17)   KNOWLEDGE OR AWARENESS: Subject to Section [12(a)], each party will only
       be considered to have knowledge or awareness of, or notice of, a thing or
       grounds to believe anything by virtue of the officers of that party or
       any Related Body Corporate of that party which have the day to day
       responsibility for the administration or management of that party's (or a
       Related Body Corporate of that party's) obligations in relation to the
       relevant Sub-Fund or the Transactions entered into under this Agreement
       having actual knowledge, actual awareness or actual notice of that thing,
       or grounds or reason to believe that thing (and similar references will
       be interpreted in this way).

(18)   DISCLOSURE TO RELATED BODIES CORPORATE: In relation to information Party
       B in its capacity as trustee of the Sub-Fund (the "RECIPIENT") receives
       from the Manager or Party A (the "DISCLOSER") in relation to a Sub-Fund
       or the trust established under the Security Trust Deed (the
       "INFORMATION"), each Discloser hereby severally authorises and consents
       to the Recipient making available such Information, except to the extent
       that the making available of such Information is prohibited by law
       (including, without limitation, the Privacy Act), to:

       (a)    (RELATED BODY CORPORATE): any Related Body Corporate of the
              Recipient which acts as custodian or Security Trustee of the
              assets of the Sub-Fund or which otherwise has responsibility for
              the management or administration of the Sub-Fund, including its
              assets; and

       (b)    (RECIPIENT): the Recipient acting in its capacity as Manager or
              custodian (as applicable) of the Sub-Fund.

       Notwithstanding any other provision of this Agreement, the Recipient will
       not have any liability to the Discloser or any other person for the use,
       non-use, communication or non-communication of the Information in the
       above manner, except to the extent to which the Recipient has an express
       contractual obligation to disclose or not to disclose or to use or not to
       use certain information received by it and fails to do so. The Recipient
       must ensure that each person referred to in paragraphs (a) and (b) above
       is bound by the same duties of confidentiality in relation to any
       Information received by that person pursuant to this Part [5(18)] as
       apply to the Recipient.

(19)   RESTRICTIONS ON PARTY B'S RIGHTS: Party B must at all times act in
       accordance with the instructions of the Manager in relation to this
       Agreement.

(20)   APPOINTMENT OF MANAGER: Party B hereby exclusively appoints the Manager
       as its attorney to act on Party B's behalf and exercise all rights and
       powers of Party B with respect to this Agreement. Without limiting the
       generality of the foregoing, the Manager may issue and receive on behalf
       of Party B all notices, certificates and other communications to or by
       Party A

                                                                              20
<PAGE>

       under this Agreement until such time as Party B serves written notice on
       Party A of the revocation of the Manager's authority to act on behalf of
       Party B in accordance with this Part [5(20)]. The Manager hereby accepts
       such appointment. Party A is not obliged to enquire into the authority of
       the Manager to exercise or satisfy any of Part B's rights or obligations
       on Party B's behalf.

(21)   COLLATERALISATION OF PARTY A'S OBLIGATIONS UNDER THE TRANSACTIONS:

       (a)    (MAINTAINING RATINGS): If the unsecured and unsubordinated debt
              obligations of Party A (or any applicable assignee or its
              guarantor) shall cease to have a credit rating equal to or higher
              than the Prescribed Rating in relation to any Transactions of a
              Sub-Fund, then Party A shall immediately notify the Current Rating
              Authorities in relation to the Transactions and Party B and within
              the Prescribed Rating Period in relation to the Transactions
              (unless during this period Party A and Party B receive written
              confirmation from those Current Rating Authorities that the
              downgrade would not result in a reduction, qualification or
              withdrawal of the credit ratings then assigned by them to the
              Relevant Notes in relation to the Transactions) at its cost
              either:

              (i)    provided that Party A and Party B receive prior written
                     confirmation from such Current Rating Authorities that
                     there will not be a reduction, qualification or withdrawal
                     of the credit ratings then assigned by them to the Relevant
                     Notes in relation to the Transactions as a result of the
                     downgrade following collateral arrangements being put in
                     place, put in place an appropriate mark-to-market
                     collateral agreement (consisting of either cash or
                     securities) which may be based either on S&P's New Interest
                     Rate and Currency Swap Criteria published in January 1999
                     (as may be amended from time to time) or on any other
                     agreement reached between the parties, in support of its
                     obligations under the relevant Transactions;

              (ii)   enter into an agreement novating its rights and obligations
                     under this Agreement in respect of the relevant
                     Transactions to a replacement swap counterparty which the
                     Current Rating Authorities in relation to the Transactions
                     confirm in writing will not result in a reduction,
                     qualification or withdrawal of the credit ratings then
                     assigned by them to the Relevant Notes in relation to the
                     Transactions; or

              (iii)  enter into some other arrangements in respect of those
                     Transactions which the Current Rating Authorities in
                     relation to the Transactions confirm in writing will not
                     result in a reduction, qualification or withdrawal of the
                     credit ratings then assigned by them to the Relevant Notes
                     in relation to the Transactions.

       (b)    (AMENDING AGREEMENT): If collateral is lodged under Part
              [5(21)(a)(i)] above, the parties must execute an amending
              agreement incorporating into this Agreement an ISDA Credit Support
              Annex (New York law or English law version as selected by Party
              A), and until executed such an ISDA Credit Support Annex will be
              taken to supplement and form part of this Agreement, and any
              collateral lodged will be subject to its terms, as if the ISDA
              Credit Support Annex were incorporated into this Agreement (but
              without any Paragraph 13 other than as necessary to give effect to
              the obligations described in this Part [5(21)]) prior to the
              lodgement of any such collateral. Party B and the Manager
              acknowledge that any collateral lodged under Part [5(21)(a)(i)]
              will not be an asset of the Sub-Fund in relation to the
              Transactions available for distribution in accordance with the
              Security Trust Deed in relation to that Sub-Fund.

                                                                              21
<PAGE>

       (c)    (FURTHER ASSURANCE): Where Party A elects to novate its rights and
              obligations under this Agreement in respect of the Transactions to
              a replacement counterparty in accordance with Part [5(21)(a)(ii)]
              above, Party B, at the direction of the Manager, and the Manager
              must, at the cost of Party A, do all things requested by Party A
              which are necessary to novate the relevant rights and obligations
              to the replacement counterparty.

       (d)    (RETURN OF COLLATERAL): If, at any time, Party A's obligations
              under this Agreement in respect of the Transactions are novated in
              accordance with Part [5(21)(a)(ii)] above, Party A shall be
              immediately entitled to any collateral which it has provided under
              any collateral agreement contemplated by Part [5(21)(a)(i)] (less
              any amount withdrawn in accordance with Part [5(21)(e)]).

       (e)    (WITHDRAWALS OF COLLATERAL): Party B may only make withdrawals
              from any account into which collateral is provided by Party A (the
              "COLLATERAL ACCOUNT") if directed to do so by the Manager and then
              only for the purpose of:

              (i)    novating obligations under this Agreement in respect of the
                     Transactions in accordance with Part [5(21)(a)(ii)]
                     (including the costs of obtaining a replacement
                     counterparty);

              (ii)   refunding to Party A any excess in the amount of any
                     collateral deposited to the Collateral Account over the
                     amount Party A is required to maintain under any collateral
                     agreement contemplated by Part [5(21)(a)(i)];

              (iii)  withdrawing any amount which has been incorrectly deposited
                     into the Collateral Account;

              (iv)   paying bank accounts debit tax or other equivalent taxes
                     and any fees payable in respect of the Collateral Account;
                     or

              (v)    funding the amount of any payment due to be made by Party A
                     under this Agreement following the failure by Party A to
                     make that payment.

              The Manager must direct Party B to, and Party B must, refund or
              pay to Party A the amount of any payment which may be made to
              Party A under paragraphs (ii) or (iii) above as soon as such
              refund or payment is possible.

       (f)    (INTEREST): All interest on the Collateral Account will accrue and
              be payable monthly to Party A providing the amount deposited to
              the Collateral Account is not less than the amount Party A is
              required to maintain under the collateral agreement contemplated
              by Part [5(21)(a)(i)].

       (g)    (VARIATION): Notwithstanding that Party A has elected to satisfy
              its obligations pursuant to this Part [5(21)] in a particular
              manner, it may subsequently and from time to time vary the manner
              in which it satisfies its obligations pursuant to this Part
              [5(21)] (but will not be entitled to any additional grace period
              in relation to such a variation).

(22)   AMENDMENT TO THIS AGREEMENT: None of Party A, Party B or the Manager may
       amend this Agreement to the extent that it applies to any Transaction
       unless the Current Rating Authorities in relation to the Transaction have
       confirmed in writing that the proposed amendment will not result in a
       reduction, qualification or withdrawal of the credit ratings then
       assigned by them to the Relevant Notes in relation to the Transaction.

                                                                              22
<PAGE>

(23)   HEDGE ARRANGEMENT: Party B and the Manager agree that each Transaction of
       a relevant Sub-Fund is a "Hedge Arrangement" and (where applicable) a
       "Support Facility" for the purposes of the Trust Deed and the Security
       Trust Deed with respect to the Sub-Fund.

(24)   NO AMENDMENT: Each of Party B and the Manager agrees that it will not
       consent to any amendment to any provision in any Transaction Document in
       relation to a Sub-Fund with respect to which there is a Transaction
       dealing with the ranking, priority or entitlement of Party A in respect
       of any security or moneys relating to that Sub-Fund without the prior
       written consent of Party A.

(25)   SET OFF: A new Section [6(f)] is inserted as follows:

       "(f)   (i)    Upon the designation of any Early Termination Date in
                     respect of all Transactions, and subject to paragraph (ii)
                     below, the party that is not the Defaulting Party or
                     Affected Party ("X") may, subject to sub-paragraph (ii)
                     below, without prior notice to the Defaulting or Affected
                     Party ("Y"), set off any sum or obligation arising under
                     this Agreement or any other ISDA Master Agreement between
                     Party A (or any Affiliate of Party A) and Party B ("OTHER
                     ISDA") (whether matured or unmatured, whether or not
                     contingent and irrespective of the currency, place of
                     payment or booking office of the sum or obligation) owed by
                     Y to X or any Affiliate of X (the "X SET OFF AMOUNT")
                     against any sum or obligation arising under this Agreement
                     or any Other ISDA (whether matured or unmatured, whether or
                     not contingent and irrespective of the currency, place of
                     payment or booking office of the sum or obligation) owed by
                     X or any Affiliate of X to Y (the "Y SET OFF AMOUNT"). X
                     will give notice to the other party of any set off effected
                     under this Section [6(f)].

                     For this purpose, either the X Set Off Amount or the Y Set
                     Off Amount (or the relevant portion of such set off
                     amounts) may be converted by X into the currency in which
                     the other set off amount is denominated at the rate of
                     exchange at which X would be able, acting in a reasonable
                     manner and in good faith, to purchase the relevant amount
                     of such currency.

                     If a sum or obligation is unascertained, X may in good
                     faith estimate that obligation and set-off in respect of
                     the estimate, subject to the relevant party accounting to
                     the other when the obligation is ascertained.

              (ii)   Set-off rights may only be exercised under sub-paragraph
                     (i):

                     A.     in respect of sums or obligations between the
                            parties which relate to the same Sub-Fund; and

                     B.     to the extent that this will not cause Party A to
                            satisfy any sum or obligation owing to it which, but
                            for the operation of this clause, would not (or
                            would not until a later date) be satisfied in
                            accordance with the order of priority of payments to
                            be made under the Sub-Fund Notice or any special
                            terms and conditions of the Relevant Notes in
                            relation to the Sub-Fund or, if an Event of Default
                            has occurred and is subsisting, under the Security
                            Trust Deed in relation to the Sub-Fund in accordance
                            with the order of priority of payments to be made
                            under that Security Trust Deed.

                                                                              23
<PAGE>

                     (iii)  Nothing in this Section [6(f)] shall be effective to
                            create a charge or other security interest. This
                            Section [6(f)] shall be without prejudice and in
                            addition to any right of set-off, combination of
                            accounts, lien or other rights to which any party is
                            at any time otherwise entitled (whether by operation
                            of law, contract or otherwise)."

(26)   [EXISTING TRANSACTIONS:

       (a)    This Agreement replaces the ISDA Master Agreement dated [ ]
              between [ ] and Perpetual Trustees Australia Limited (the
              "ORIGINAL MASTER AGREEMENT").

       (b)    On and from the date of this Agreement, each Transaction under the
              Original Master Agreement entered into before the date of this
              Agreement (each an "EXISTING TRANSACTION") will cease to be
              governed by the Original Master Agreement and will instead be
              deemed to be governed at all times by this Agreement (and in this
              respect each reference to the Original Master Agreement in a
              Confirmation for an Existing Transaction will be deemed to be a
              reference to this Agreement) except that each Existing Transaction
              which is expressed to be subject to the 1991 ISDA Definitions (as
              published by the International Swap Dealers Association, Inc.)
              (the "1991 ISDA DEFINITIONS") will remain subject to them rather
              than the 2000 ISDA Definitions (and Parts 5 (10)(e), (f) and (g)
              of this Agreement will be interpreted as if reference to the 2000
              ISDA Definitions were reference to the 1991 ISDA Definitions).

       (c)    In addition, on and from the date of this Agreement, each Existing
              Transaction entered into with [ ] will be taken to be entered into
              with [ ].

       (d)    [] represents to Party B and the Manager that each of the
              representations in Section 3 is correct as at the date of this
              Agreement with respect to [ ] on the basis that the Existing
              Transactions are taken to be have been entered into with [ ] under
              the terms of this Agreement.

       (e)    Subject to the above, the rights and obligations of the parties
              under each Existing Transaction remain unaffected.]

(27)   MASTER NOVATION ANNEX. From time to time Party A, the Manager and Party B
       may agree to novate one or more Transactions from a Sub-Fund to another
       Sub-Fund. Each such novation will be governed by the Master Novation
       Annex annexed to this Agreement. The parties acknowledge that Section 15
       applies to each such novation.

(28)   ACCELERATED PAYMENTS CLAUSE. Where Party B is the Fixed Rate Payer under
       a Transaction, Party B (acting at the direction of the Manager) may
       reduce the Fixed Rate applicable to that Transaction in accordance with
       the following procedure.

       (a)    At any time Party B may serve a notice on Party A in writing
              requesting a reduction in the Fixed Rate and specifying:

              (i)    the Transaction in respect of which the reduction is
                     sought;

              (ii)   the amount which Party B proposes to pay to Party A in
                     consideration of the reduction (the "ACCELERATED AMOUNT");

              (iii)  the Payment Date from which the reduced Fixed Rate shall be
                     effective (the "RELEVANT PAYMENT DATE"); and

              (iv)   a day, being a Business Day no earlier than 1 clear
                     Business Day after the day on which service of the notice
                     is effective, on which payment of

                                                                              24
<PAGE>

                     the Accelerated Amount will be made and the reduction will
                     become binding (the "VARIATION DATE").

       (b)    Upon such a notice being served, the parties must negotiate in
              good faith to agree not later than the Business Day immediately
              preceding the nominated Variation Date, a reduced Fixed Rate which
              would apply from the Relevant Payment Date in consideration of
              payment of the Accelerated Amount.

       (c)    If agreement is reached in accordance with Part [5(28)(b)], then:

              (i)    on the Variation Date, Party B shall pay Party A the
                     Accelerated Amount; and

              (ii)   with effect from the Variation Date the Transaction
                     (including the Confirmation in respect thereof) shall be
                     varied so that, with effect from the Relevant Payment Date
                     (and in respect of each Payment Date thereafter), the Fixed
                     Rate shall be the rate agreed pursuant to Part [5(28)(b)].

       (d)    If agreement is not reached in accordance with Part [5(28)(b)],
              then, at the option of Party B:

              (i)    Party B will not pay Party A the Accelerated Amount and the
                     Fixed Rate will not be altered; or

              (ii)   Party B may, notwithstanding the failure to reach an
                     agreement pursuant to Part [5(28)(b)], pay the Accelerated
                     Amount to Party A on the Variation Date and the reduced
                     Fixed Rate to apply from the Relevant Payment Date shall be
                     determined by Party B (or by the Manager on its behalf) in
                     accordance with Part [5(28)(e)] below.

       (e)    If Part [5(28)(d)(ii)] applies, the reduced Fixed Rate shall be
              the then applicable Fixed Rate for the Transaction reduced by such
              amount as, when applied from the Relevant Payment Date through to
              the Maturity Date for the Transaction, results in reductions of
              each of the remaining Fixed Amounts payable by Party B under the
              Transaction, which reductions have an aggregate discounted present
              value as at the Variation Date equal to the amount of the
              Accelerated Payment. The rate to be applied in determining each of
              the discounted present values required for that calculation shall
              be, for each relevant maturity, the average of the rates quoted to
              Party B (or the Manager on its behalf) by 3 leading dealers in the
              Australian interest rate swap market as the fixed rate each such
              dealer would be prepared to pay in an equivalent swap for that
              maturity minus 20 basis points or, in the event that it is not
              possible to obtain such quotes, the rate to be applied shall be
              the rate reasonably determined by the parties having regard to
              comparable indices then available.

       (f)    Neither the Floating Rate nor the Notional Amount is to vary as a
              result of the operation of this clause.

       (g)    Party B shall not be entitled to require any reduction of the
              Fixed Rate by application of this Part [5(28)] that would result
              in the Fixed Rate being negative.

       (h)    Upon a Transaction being varied in accordance with this Part
              [5(28)], that Transaction so varied shall be reconfirmed by the
              parties in accordance with Part [5(13)(a)] of this Schedule as
              though it were a new Transaction.

                                                                              25
<PAGE>

                              MASTER NOVATION ANNEX

This Master Novation Annex is annexed to and forms part of the ISDA Master
Agreement dated [ ] between [ ] as Party A, [Perpetual Trustees Australia
Limited] as Party B (in its capacity as trustee of various Sub-Funds) and
Macquarie Securitisation Limited as the Manager (the "AGREEMENT").

1.     DEFINITIONS

       In this Annex:

       "NOVATION CONFIRMATION" means a confirmation in the form of novation
       confirmation set out in the Schedule to this Annex or in such other form
       as agreed between Party A, the Manager and Party B (itself or the Manager
       on its behalf).

       "NOVATION DATE" means, in relation to a Transaction, the date agreed by
       Party A, the Manager and Party B (itself or the Manager on its behalf) as
       the date the novation of that Transaction becomes effective.

       "RELEVANT SELLING SUB-FUND" means, in relation to a Transaction, Party B
       in its capacity as trustee of the Sub-Fund from which that Transaction is
       to be novated.

       "RELEVANT PURCHASING SUB-FUND" means in relation to a Transaction, Party
       B in its capacity as trustee of the Sub-Fund to which that Transaction is
       to be novated.

       Terms defined in the Agreement (including by way of incorporation by
       reference) have the same meaning in this Annex unless otherwise defined
       in this Annex.

2.     CONSIDERATION

       Each novation of a Transaction under this Annex constitutes, without the
       need for anything further, a binding agreement on the part of each of the
       Relevant Selling Sub-Fund, the Relevant Purchasing Sub-Fund, the Manager
       and Party A that the consideration constituted by the releases and
       obligations given and undertaken respectively pursuant to this Annex,
       together with such other consideration as may be provided under the
       Transaction Documents in relation to those Sub-Funds or elsewhere, in
       respect of the novation of that Transaction and any other dealing or
       transaction that occurs in conjunction with that novation, comprises
       adequate commercial consideration for their respective releases and
       obligations under this Annex in relation to the novation of that
       Transaction. The Manager represents on each Novation Date for a
       Transaction that valuable consideration is being paid by the Relevant
       Selling Sub-Fund to the Relevant Purchasing Sub-Fund (or vice versa) for,
       amongst other things, the novation.

3.     NOVATION FROM SELLING SUB-FUND TO PURCHASING SUB-FUND

3.1    RELEASE OF SELLING SUB-FUND

       On and from the Novation Date for a Transaction, the Relevant Selling
       Sub-Fund and Party A will have no further rights against, or obligations
       to, each other in connection with that Transaction.

3.2    ASSUMPTION BY PURCHASING SUB-FUND

       On the Novation Date for a Transaction, the Relevant Purchasing Sub-Fund
       is deemed to undertake to Party A that it will duly observe and perform
       and totally assume all the obligations of the Relevant Selling Sub-Fund
       under that Transaction as if the Relevant Purchasing Sub-Fund had been
       named as a party to that Transaction instead of the Relevant Selling
       Sub-Fund.

3.3    ACKNOWLEDGEMENT BY PARTY A

       On the Novation Date for a Transaction, Party A is deemed to undertake
       and acknowledge to the

                                                                              26
<PAGE>

       Relevant Purchasing Sub-Fund that the Relevant Purchasing Sub-Fund is on
       and from the Novation Date entitled to all the rights and entitlements of
       the Relevant Selling Sub-Fund under that Transaction.

3.4    REFERENCES TO PARTY B

       On and from the Novation Date for a Transaction, every reference in the
       Confirmation for that Transaction to "Party B" or the Relevant Selling
       Sub-Fund is deemed to be a reference to the Trustee in its capacity as
       trustee of the Relevant Purchasing Sub-Fund.

4.     REPRESENTATIONS AND WARRANTIES

       On the Novation Date for a Transaction, the Manager and Party A are
       deemed to represent and warrant to the Relevant Purchasing Sub-Fund as at
       that date, that:

       (a)    (DUE PERFORMANCE): each of the Relevant Selling Sub-Fund, in the
              case of the Manager, and Party A, in the case of Party A, has duly
              and punctually performed and observed all the terms and conditions
              of that Transaction on its part to be performed and observed;

       (b)    (NO DEFAULT): to the best of its knowledge and belief there is no
              default or any event which is, or with the lapse of time or expiry
              of notice or at the election of any person could become, an Event
              of Default or a Termination Event in relation to that Transaction;

       (c)    (NO AMENDMENT): other than as disclosed in writing prior to that
              Novation Date, the terms of that Transaction are fully disclosed
              in its Confirmation and have not been supplemented, amended or
              varied; and

       (d)    (NO CROSS-CLAIMS): neither the Relevant Selling Sub-Fund, in the
              case of the Manager, nor Party A, in the case of Party A, has made
              any claim, cross-claim, cross-demand or exercised any right of
              set-off against the other in respect of that Transaction other
              than in accordance with the terms of that Transaction.

5.     AGREEMENT AND CONFIRMATION

5.1    AGREEMENT TO NOVATE

       An agreement to novate a Transaction under this Annex becomes binding
       when Party A, the Manager and Party B (itself or the Manager on its
       behalf) agree (whether orally or otherwise) the Novation Date for that
       Transaction and the Sub-Fund to which it will be novated.

5.2    NOVATION CONFIRMATIONS

       As soon as practicable after an agreement to novate has been entered into
       in accordance with Section 5.1 of this Annex, Party B (itself or the
       Manager on its behalf) and the Manager must issue to Party A a Novation
       Confirmation. Upon receipt of a Novation Confirmation, Party A must
       promptly either:

       (a)    confirm the accuracy of the Novation Confirmation by
              counter-signing and returning that Novation Confirmation to the
              Manager; or

       (b)    request the correction of that Novation Confirmation.

                                                                              27
<PAGE>

                      SCHEDULE TO THE MASTER NOVATION ANNEX

                              NOVATION CONFIRMATION

[Date]

TO:       [ ] ("PARTY A")

FROM:     [PERPETUAL TRUSTEES AUSTRALIA LIMITED, ABN 86 000 431 827] ("PARTY B")

AND       MACQUARIE SECURITISATION LIMITED, ABN 16 003 297 336

NOVATION CONFIRMATION

The parties refer to the ISDA Master Agreement dated [ ] made between Party A,
the Manager and Party B (the "AGREEMENT"). Unless the context indicates a
contrary intention, terms defined in the Agreement have the same meaning where
used in this Novation Confirmation.

For the purposes of this Novation Confirmation:

(a)    a reference to the Relevant Selling Sub-Fund is a reference to [Name of
       Sub-Fund];

(b)    a reference to the Relevant Purchasing Sub-Fund is a reference to [Name
       of Sub-Fund]; and

(c)    a reference to the Novation Date is a reference to [Insert Date].

The parties hereby confirm and agree that as of the Novation Date each of the
Transactions (the "NOVATED TRANSACTIONS") referred to in the Schedule to this
Novation Confirmation is novated from the Relevant Selling Sub-Fund to the
Relevant Purchasing Sub-Fund in accordance with the terms of the Master Novation
Annex.

                                    SCHEDULE

                              NOVATED TRANSACTIONS

<TABLE>
<S>          <C>              <C>             <C>                    <C>              <C>
[SERIAL NO.  TRADE DATE       FACILITY NO.    NOTIONAL AMOUNT        FIXED SWAP RATE  CURRENT FLOATING RATE]
</TABLE>

[Aggregate Notional Amount:

Aggregate Fixed Swap Rate (being a weighted average calculated by reference to
the Notional Amount of each Novated Transaction):                     ]

This Novation Confirmation supplements and forms part of the Master Agreement.

                                                                              28
<PAGE>

Confirmed as of the date first above written.

FOR AND ON BEHALF OF THE MANAGER AS ATTORNEY FOR PARTY B:

......................................         ..................................

(Authorised Officer)                          (Authorised Officer)

FOR AND ON BEHALF OF THE MANAGER:

......................................        ...................................

(Authorised Officer)                         (Authorised Officer)

FOR AND ON BEHALF OF PARTY A:

......................................        ...................................

(Authorised Officer)                         (Authorised Officer)

                                                                              29

<PAGE>

[ ]

<TABLE>
<CAPTION>
<S>         <C>                                                   <C>
TO:         [Perpetual Trustees Australia Limited                 Macquarie Securitisation Limited
            (as trustee of the PUMA Global Trust No. [ ])         Level 23
            Level 7                                               20 Bond Street
            9 Castlereagh Street                                  Sydney  NSW  2000
            Sydney  NSW  2000                                     AUSTRALIA
            AUSTRALIA]

            ATTENTION:     Manager, Securitisation Services       ATTENTION: The Manager: PUMA Programme
</TABLE>

CONFIRMATION - PUMA GLOBAL TRUST NO. [ ] - [US$] CLASS [ ] NOTES

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between us on the terms specified below (the
"TRANSACTION"). This letter constitutes a "CONFIRMATION" as referred to in the
Master Agreement specified below.

This Confirmation is entered into by [Perpetual Trustees Australia Limited, ABN
86 000 431 827] as trustee of the PUMA Global Trust No. [ ] (the "PUMA TRUST").

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [ ], as amended, novated or supplemented from time
to time (the "AGREEMENT"), between [ ] ("PARTY A"), [Perpetual Trustees
Australia Limited as trustee of, inter alia, the PUMA Trust] ("PARTY B") and
Macquarie Securitisation Limited, ABN 16 003 297 336 (the "MANAGER"). All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below.

This Confirmation incorporates the attached Definitions Schedule which forms
part of, and is subject to, this Confirmation.

The Transaction is a Currency Swap for the purposes of the Agreement.

The terms of the particular Transaction to which this Confirmation relates are
specified below:

<TABLE>
<CAPTION>
<S>                                                     <C>
1.     OUR REFERENCE:                                    [ ]

2.     TRADE DATE:                                       [ ]

3.     EFFECTIVE DATE:                                   Closing Date (being [ ])

4.     TERMINATION DATE:                                 The earlier of:

                                                         (a)      the date that the Relevant Notes have been
                                                                  redeemed in full in accordance with the Note
                                                                  Conditions; and

                                                         (b)      the Final Maturity Date (being the
                                                                  [Quarterly]Payment Date falling in [ ]).
</TABLE>

                                                                               1
<PAGE>

<TABLE>
<CAPTION>
<S>                                                     <C>
5.     FLOATING AMOUNTS

5.1    FLOATING AMOUNTS PAYABLE BY PARTY A:

(A)    Floating Rate Payer:                              Party A

       Calculation Amount:                               For each Floating Rate Payer Payment Date, the aggregate
                                                         Principal Balance of the Relevant Notes as at the end of
                                                         the first day of the Calculation Period ending on but
                                                         excluding that Floating Rate Payer Payment Date (after
                                                         taking into account any reductions in the Principal Balance
                                                         of the Relevant Notes on that day)

       Floating Rate Payer Payment Dates:                Each [Quarterly] Payment Date during the period commencing
                                                         on and including [ ] and ending on and including the
                                                         Termination Date, subject to adjustment in accordance with
                                                         the Following Business Day Convention

       Floating Rate Option:                             [USD-LIBOR-BBA]

       Designated Maturity:                              [Three months] provided that in relation to the first
                                                         Calculation Period Linear Interpolation will apply

       Spread:                                           In respect of:

                                                         (a)       Floating Rate Payer Payment Dates on or prior to
                                                                   [ ] (or if that day is not a Business Day, the
                                                                   next following Business Day), [ ]%; and

                                                         (b)       Floating Rate Payer Payment Dates after [ ] (or
                                                                   if that day is not a Business Day, the next
                                                                   following Business Day), [ ]%.

       Floating Rate Day Count Fraction:                 [Actual/360]

       Reset Dates:                                      The first day of each Calculation Period

       Compounding:                                      Inapplicable

(B)    Floating Rate Payer:                              Party A

       Calculation Amount:                               The Outstanding Class [ ] Interest Amount in relation to
                                                         that Floating Rate Payer Payment Date

       Floating Rate Payer Payment Dates:                Each [Quarterly] Payment Date during the period commencing
                                                         on and including [ ] and ending on and including the
                                                         Termination Date, subject to adjustment in accordance with
                                                         the Following Business Day Convention

       Floating Rate Option:                             [USD-LIBOR-BBA]

       Designated Maturity:                              [Three months]

       Spread:                                           In respect of:
</TABLE>

                                                                               2
<PAGE>

<TABLE>
<CAPTION>
<S>                                                     <C>
                                                         (a)       Floating Rate Payer Payment Dates on or prior to
                                                                   [ ] (or if that day is not a Business Day, the
                                                                   next following Business Day), []%; and

                                                         (b)       Floating Rate Payer Payment Dates after [ ] (or
                                                                   if that day is not a Business Day, the next
                                                                   following Business Day), [ ]%.

       Floating Rate Day Count Fraction:                 [Actual/360]

       Reset Dates:                                      The first day of each Calculation Period

       Compounding:                                      Inapplicable

(C)    Outstanding Class [ ] Interest Amount:            On each Floating Rate Payer Payment Date, Party A must pay
                                                         to Party B the Outstanding Class [ ] Interest Amount in
                                                         relation to that Floating Rate Payer Payment Date

5.2    FLOATING AMOUNTS PAYABLE BY PARTY B:

(A)    Floating Rate Payer:                              Party B

       Calculation Amount:                               For each Floating Rate Payer Payment Date, the A$
                                                         Equivalent of the aggregate Principal Balances of the
                                                         Relevant Notes as at the end of the first day of the
                                                         Calculation Period ending on but excluding that Floating
                                                         Rate Payer Payment Date (after taking into account any
                                                         reductions in the Principal Balance of the Relevant Notes
                                                         on that day)

       Floating Rate Payer Payment Dates:                Each [Quarterly] Payment Date during the period commencing
                                                         on and including [ ] and ending on and including the
                                                         Termination Date, subject to adjustment in accordance with
                                                         the Following Business Day Convention

       Floating Rate Option:                             [AUD-BBR-BBSW]

       Designated Maturity:                              [Three months] provided that in relation to the first
                                                         Calculation Period Linear Interpolation will apply

       Spread:                                           In respect of:

                                                         (a)       Floating Rate Payer Payment Dates on or prior to
                                                                   [ ] (or if that day is not a Business Day, the
                                                                   next following Business Day), [ ]%; and

                                                         (b)       Floating Rate Payer Payment Dates after [ ] (or
                                                                   if that day is not a Business Day, the next
                                                                   following Business Day), [ ]%.

       Floating Rate Day Count Fraction:                 [Actual/365 (Fixed)]

       Reset Dates:                                      The first day of each Calculation Period

       Compounding:                                      Inapplicable
</TABLE>

                                                                               3
<PAGE>

<TABLE>
<CAPTION>
<S>                                                     <C>
(B)    Floating Rate Payer:                              Party B

       Calculation Amount:                               The Outstanding A$ Class [ ] Interest Amount in relation to
                                                         that Floating Rate Payer Payment Date

       Floating Rate Payer Payment Dates:                Each [Quarterly] Payment Date during the period commencing
                                                         on and including [ ] and ending on and including the
                                                         Termination Date, subject to adjustment in accordance with
                                                         the Following Business Day Convention

       Floating Rate Option:                             [AUD-BBR-BBSW]

       Designated Maturity:                              [Three months]

       Spread:                                           In respect of:

                                                         (a)       Floating Rate Payer Payment Dates on or prior to
                                                                   [ ] (or if that day is not a Business Day, the
                                                                   next following Business Day), [ ]%; and

                                                         (b)       Floating Rate Payer Payment Dates after [ ] (or
                                                                   if that day is not a Business Day, the next
                                                                   following Business Day), [ ]%.

       Floating Rate Day Count Fraction:                 [Actual/365 (Fixed)]

       Reset Dates:                                      The first day of each Calculation Period

       Compounding:                                      Inapplicable

(C)    Outstanding A$ Class [ ] Interest    Amount:      On each Floating Rate Payer Payment Date, Party B will pay
                                                         to Party A the Outstanding A$ Class [ ] Interest Amount in
                                                         relation to that Floating Rate Payer Payment Date

5.3    PROPORTIONATE ADJUSTMENT OF  FLOATING             If the A$ Class [ ] Interest Payment in relation to a
       AMOUNTS                                           [Quarterly] Payment Date will be less than the aggregate of
                                                         the Floating Amounts payable by Party B to Party A on that
                                                         [Quarterly] Payment Date (as notified by the Manager to Party A
                                                         pursuant to paragraph [9] and including any Unpaid A$ Class [ ]
                                                         Interest Amount), Party A may, in its discretion, elect, by
                                                         notice in writing to Party B and the Manager (such notice to be
                                                         received by both such parties prior to that [Quarterly] Payment
                                                         Date), to pay to Party B on that [Quarterly] Payment Date (in return
                                                         for payment by Party B of the A$ Class [ ] Interest Payment and in
                                                         lieu of the Floating Amounts that would otherwise be payable by
                                                         Party A to Party B on that [Quarterly] Payment Date) a
                                                         proportion of the Floating Amounts that would otherwise be
                                                         payable by Party A to Party B on that [Quarterly] Payment
                                                         Date (including any Unpaid Class [ ] Interest Amounts) being
                                                         the same proportion as the A$ Class [ ] Interest Payment bears
                                                         to the Floating Amounts payable by Party B to Party A on that
                                                         [Quarterly] Payment Date.

                                                         Notwithstanding any election by Party A pursuant to
</TABLE>

                                                                               4
<PAGE>

<TABLE>
<CAPTION>
<S>                                                     <C>
                                                         this paragraph 5.3, a failure by Party B to pay to Party A the full
                                                         amount of the Floating Amounts payable by Party B on a
                                                         [Quarterly] Payment Date constitutes a failure to pay for the
                                                         purposes of Section [5(a)(i)] of the Agreement.

6.     EXCHANGES

6.1    INITIAL EXCHANGE:

       Initial Exchange Date:                            Effective Date

       Party A Initial Exchange Amount:                  The A$ Equivalent of the Party B Initial Exchange Amount,
                                                         being A$[ ].

       Party B Initial Exchange Amount:                  The aggregate Original Principal Balances of the Relevant
                                                         Notes on the Closing Date, being [ ].

6.2    INSTALMENT EXCHANGE:

       Instalment Exchange Date:                         Each [Quarterly] Payment Date (other than the Final
                                                         Exchange Date)

       Party A Instalment Exchange Amount:               In respect of an Instalment Exchange Date means the [US$]
                                                         Equivalent of the A$ Class [ ] Principal Amount in relation
                                                         to the [Quarterly] Payment Date occurring on that
                                                         Instalment Exchange Date

       Party B Instalment Exchange Amount:               In respect of an Instalment Exchange Date means the
                                                         A$ Class [ ] Principal Amount in relation to the
                                                         [Quarterly] Payment Date occurring on that Instalment
                                                         Exchange Date
6.3    FINAL EXCHANGE:

       Final Exchange Date:                              Termination Date

       Party A Final Exchange Amount:                    The US$ Equivalent of the A$ Class [ ] Principal Amount in
                                                         relation to the [Quarterly] Payment Date which is the Final
                                                         Exchange Date

       Party B Final Exchange Amount:                    The A$ Class [ ] Principal Amount in relation to the
                                                         [Quarterly] Payment Date which is the Final Exchange Date

7.     EXCHANGE RATES:

       For the purpose of the definitions of
       "A$ EQUIVALENT" and ["US$]
       EQUIVALENT":

       [US$] Exchange Rate:                              [ ]

       A$ Exchange Rate:                                 [ ]
</TABLE>

                                                                               5
<PAGE>

<TABLE>
<CAPTION>
<S>                                                     <C>
8.     ACCOUNT DETAILS:

8.1    PAYMENTS TO PARTY A

       Account for payments in [US$]:                   The account notified in writing by Party A to Party B from
                                                        time to time

       Account for payments in A$:                      The account in Australia notified in writing by Party A to
                                                        Party B from time to time

8.2    PAYMENTS TO PARTY B

       Account for payments in [US$]:                   Directly to the Relevant Principal Paying Agent to the
                                                        account outside of Australia notified in writing by the
                                                        Relevant Principal Paying Agent to Party A for that
                                                        purpose.  On payment of any such amount by Party A to the
                                                        Relevant Principal Paying Agent, Party A's obligations will
                                                        be fully discharged in respect of that payment.  Party A is
                                                        entitled to rely on any such notice and is not obliged to
                                                        enquire into the authority of the Relevant Principal Paying
                                                        Agent to give such notice.

       Account for payments in A$:                      The account notified in writing by Party B to Party A  for
                                                        that purpose

9.     NOTIFICATIONS TO PARTY A                         On or before the Determination Time in respect of each
                                                        [Quarterly] Payment Date the Manager must notify Party A in
                                                        writing of:

                                                        (a)     the A$ Class [ ] Principal Amount in relation to
                                                                that [Quarterly] Payment Date;

                                                        (b)     the A$ Class [ ] Interest Amount in relation to that
                                                                [Quarterly] Payment Date;

                                                        (c)     the Unpaid A$ Class [ ] Interest Amount (if any) in
                                                                relation to that [Quarterly] Payment Date;

                                                        (d)     the A$ Class [ ] Interest Payment in relation to
                                                                that [Quarterly] Payment Date.

10.    OFFICES:                                         The Office of Party A for this Transaction is [ ].

                                                        The Office of Party B for this Transaction is [not
                                                        applicable].

11.    PAYMENTS                                         Except as provided below (and without limiting Section
                                                        [2(a)(ii)] of the Agreement), payments under this Agreement
                                                        by:

                                                        (i)    Party A, will be made by [10.00am (New York   time)]; and

                                                        (ii)   Party B, will be made by [4.00pm (Sydney time)],

                                                         on the due date for value on that date in the place of the account
                                                         specified in accordance with paragraph [8] above.
</TABLE>

                                                              6
<PAGE>

<TABLE>
<CAPTION>
<S>                                                      <C>

                                                         Notwithstanding the foregoing, Party A must pay the Party A Initial
                                                         Exchange Amount to Party B by [2.00pm (Sydney time)] on the Initial
                                                         Exchange Date and Party B must pay Party A the Party B Initial
                                                         Exchange Amount by [12.00 noon (New York time)] on the Initial
                                                         Exchange Date.
</TABLE>

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

Yours sincerely

CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:

SIGNED for and on behalf of
[ ]

By:

                     (Authorised Officer )

Name:

Title:

<TABLE>
<CAPTION>
<S>                                                    <C>
CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:          CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:

SIGNED for and on behalf of                            SIGNED for and on behalf of
[PERPETUAL TRUSTEES AUSTRALIA                          MACQUARIE SECURITISATION LIMITED,
LIMITED, ABN 86 000 431 827]                           ABN 16 003 297 336
as trustee of the PUMA Global Trust No. [ ]

By:                                                    By:
              (Authorised Officer)                             (Authorised Officer)

Name:                                                  Name:

Title:                                                 Title:
</TABLE>

                                                                               7
<PAGE>

                              DEFINITIONS SCHEDULE

In this Confirmation and in the Agreement to the extent that it relates to the
PUMA Global Trust No. [ ], unless the context otherwise requires:

"A$ CLASS [ ] INTEREST PAYMENT" in relation to a [Quarterly] Payment Date means
the amount paid or available to be paid (as the case may be) on that [Quarterly]
Payment Date under clause [5.1(d)(i)] of the Sub-Fund Notice in respect of the
A$ Class [ ] Interest Amount and Unpaid A$ Class [ ] Interest Amount on that
[Quarterly] Payment Date.

[insert similar definition for any other notes denominated in a currency other
than Australian dollars as applicable to each relevant currency swap]

"A$ CLASS [ ] PRINCIPAL AMOUNT" has the same meaning as in the Sub-Fund Notice.

[insert similar definition for any other notes denominated in a currency other
than Australian dollars as applicable to each relevant currency swap]

"A$ EQUIVALENT" has the same meaning as in the Sub-Fund Notice.

"AGENCY AGREEMENT" means the Agency Agreement dated on or about the date of this
Confirmation between Party B, the Manager, [The Bank of New York, New York
Branch] and [The Bank of New York, London Branch].

["AUD-BBR-BBSW" means that the rate for a Reset Date will be the rate expressed
as a percentage per annum appearing on the Reuters Screen Page "BBSW" at
approximately 10.10am Sydney time on that Reset Date for a bill of exchange
having a tenor equal to the Designated Maturity, as being the average of the
mean buying and selling rates appearing on that page for such a bill of exchange
rounded to four decimal places. If fewer than four banks quote on the Reuters
Screen page "BBSW", the rate for that date and specified term will be calculated
as above by taking the rates otherwise quoted by 4 banks on application by the
Calculation Agent for such a bill of the same tenor, eliminating the highest and
lowest mean rates and taking the average of the remaining mean rates rounded to
four decimal places. If a rate cannot be determined in accordance with the
foregoing procedures, then AUD-BBR-BBSW means such rate as is specified in good
faith by the Calculation Agent at or around that time on that date, having
regard, to the extent possible, to comparable indices then available as to the
rates otherwise bid and offered for such bills of that tenor around that time.]

"BUSINESS DAY" means any day on which banks are open for business in Sydney, New
York City and London other than a Saturday, a Sunday or a public holiday in
Sydney, New York City or London.

"CLASS [ ] INTEREST PAYMENT" means, on any [Quarterly] Payment Date, the
Floating Amounts payable by Party A under paragraph [5.1] of this Confirmation,
as adjusted (if appropriate) in accordance with paragraph [5.3] of this
Confirmation.

[insert similar definition for any other notes denominated in a currency other
than Australian dollars as applicable to each relevant currency swap]

"DETERMINATION TIME" in relation to a [Quarterly] Payment Date means on or about
[ ] Sydney time [5] Business Days prior to that [Quarterly] Payment Date.

"NOTE CONDITIONS" means the terms and conditions of the Relevant Notes annexed
to the Relevant Notes.

"NOTE TRUST DEED" means the Note Trust Deed dated on or about the date of this
Confirmation between Party B, the Manager and the Relevant Note Trustee.

"OUTSTANDING A$ CLASS [ ] INTEREST AMOUNT" in relation to a Floating Rate Payer
Payment Date means

                                                                               8
<PAGE>

the aggregate amount of the Floating Amounts referred to in paragraph [5.2] with
respect to the immediately preceding Floating Rate Payer Payment Date which were
not paid by Party B on that Floating Rate Payer Payment Date as a result of the
operation of paragraph [5.3].

[insert similar definition for any other notes denominated in a currency other
than Australian dollars as applicable to each relevant currency swap]

"OUTSTANDING CLASS [ ] INTEREST AMOUNT" in relation to a Floating Rate Payer
Payment Date means the aggregate amount of the Floating Amounts referred to in
paragraph [5.1] with respect to the immediately preceding Floating Rate Payer
Payment Date which were not paid by Party A on that Floating Rate Payer Payment
Date as a result of the operation of paragraph [5.3].

[insert similar definition for any other notes denominated in a currency other
than Australian dollars as applicable to each relevant currency swap]

"RATE PAGE" means Telerate Page 3750 or, if Telerate Page 3750 ceases to quote
the relevant rate, such other page, section or part of Telerate as quotes the
relevant rate and is selected by the Calculation Agent or, if there is no such
page, section or part of such other page, section or part of a different screen
information service as quotes the relevant rate selected by the Calculation
Agent and approved by the Relevant Note Trustee.

"RELEVANT AGENT BANK" means [The Bank of New York, New York Branch] or, if [The
Bank of New York] is removed or retires as Agent Bank under the Agency
Agreement, any person appointed from time to time in its place in accordance
with the Agency Agreement.

"RELEVANT NOTEHOLDERS" means the Class [ ] Noteholders and [insert name of other
notes denominated in a currency other than Australian dollars as applicable to
each relevant currency swap] as that term is defined in the Note Trust Deed.

"RELEVANT NOTES" means the Class [ ] Notes and [insert name of other notes
denominated in a currency other than Australian dollars as applicable to each
relevant currency swap] issued by Party B under the Note Trust Deed.

"RELEVANT NOTE TRUSTEE" means [The Bank of New York, New York Branch] or, if
[The Bank of New York] is removed or retires as the trustee for the Relevant
Noteholders, any person appointed from time to time in its place in accordance
with the Note Trust Deed.

"RELEVANT PRINCIPAL PAYING AGENT" means [The Bank of New York, New York Branch]
or, if [The Bank of New York] is removed or retires as Principal Paying Agent
under the Agency Agreement, any person appointed from time to time in its place
in accordance with the Agency Agreement.

"SECURITY TRUST DEED" means the Security Trust Deed dated [ ] between Party B,
the Manager, the Relevant Note Trustee and [Perpetual Trustee Company Limited,
ABN 42 001 001 007].

"SUB-FUND NOTICE" means the Sub-Fund Notice dated [ ] between Party B and the
Manager.

"UNPAID A$ CLASS [ ] INTEREST AMOUNT" in relation to a Floating Rate Payer
Payment Date means the aggregate of the Floating Amounts referred to in
paragraphs [5.2(B)] and [(C)] with respect to that Floating Rate Payer Payment
Date.

"UNPAID CLASS [ ] INTEREST AMOUNT" in relation to a Floating Rate Payer Payment
Date means the aggregate of the Floating Amounts referred to in paragraphs
[5.1(B)] and [(C)] with respect to that Floating Rate Payer Payment Date.

["US$] EQUIVALENT" in relation to an amount which is calculated, determined or
expressed in A$, or which includes a component determined or expressed in A$,
means that A$ amount or A$ component (as

                                                                               9
<PAGE>

the case may be) multiplied by the [US$] Exchange Rate.

["USD-LIBOR-BBA" has the meaning ascribed to that term in the 2000 ISDA
Definitions except that:

(a)   reference to "London Banking Days" in section 7.1(w)(xvii) of the Annex to
      the 2000 ISDA Definitions is replaced with reference to "London/New York
      Business Days" as that expression is defined in the Note Conditions;

(b)   reference to "Telerate Page 3750" in section 7.1(w)(xvii) of the Annex to
      the 2000 ISDA Definitions is replaced with reference to "Rate Page" (as
      defined above); and

(c)   the interest rate so determined will be rounded to four decimal places,

and that if USD-LIBOR-BBA cannot be determined in accordance with the 2000 ISDA
Definitions as varied above (including endeavouring to determine a rate under
the definition of "USD-LIBOR-Reference banks" in section 7.1(w)(xx)), it will
remain as the most recently determined rate obtained from a Rate Page for a
preceding Calculation Period.]

Terms defined in the Note Conditions (including by incorporation by reference)
have the same meaning in this Confirmation unless otherwise defined in this
Confirmation.

                                                                              10

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