Document:

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(MULTICURRENCY - CROSS BORDER)

                                      ISDA
               INTERNATIONAL SWAPS & DERIVATIVES ASSOCIATION, INC.

                                MASTER AGREEMENT

                                   dated as of

Macquarie Securitisation Limited,              Deutsche Bank AG New York Branch
ABN 16 003 297 336                                        ("Party A")

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")

have entered and/or anticipate entering into one or more transactions (each a
"TRANSACTION") that are or will be governed by this Master Agreement, which
includes the schedule (the "SCHEDULE"), and the documents and other confirming
evidence (each a "CONFIRMATION") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:-

1.   INTERPRETATION

(a)  DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
     the meanings therein specified for the purpose of this Master Agreement.

(b)  INCONSISTENCY. In the event of any inconsistency between the provisions of
     the Schedule and the other provisions of this Master Agreement, the
     Schedule will prevail. In the event of any inconsistency between the
     provisions of any Confirmation and this Master Agreement (including the
     Schedule), such Confirmation will prevail for the purpose of the relevant
     Transaction.

(c)  SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
     that this Master Agreement and all Confirmations form a single agreement
     between the parties (collectively referred to as this "AGREEMENT"), and the
     parties would not otherwise enter into any Transactions.

2.   OBLIGATIONS

(a)  GENERAL CONDITIONS

     (i)  Each party will make each payment or delivery specified in each
          Confirmation to be made by it, subject to the other provisions of this
          Agreement.

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     (ii) Payments under this Agreement will be made on the due date for value
          on that date in the place of the account specified in the relevant
          Confirmation or otherwise pursuant to this Agreement, in freely
          transferable funds and in the manner customary for payments in the
          required currency. Where settlement is by delivery (that is, other
          than by payment), such delivery will be made for receipt on the due
          date in the manner customary for the relevant obligation unless
          otherwise specified in the relevant Confirmation or elsewhere in this
          Agreement.

     (iii) Each obligation of each party under Section 2(a)(i) is subject to (1)
          the condition precedent that no Event of Default or Potential Event of
          Default with respect to the other party has occurred and is
          continuing, (2) the condition precedent that no Early Termination Date
          in respect of the relevant Transaction has occurred or been
          effectively designated and (3) each other applicable condition
          precedent specified in this Agreement.

(b)  CHANGE OF ACCOUNT. Either party may change its account for receiving a
     payment or delivery by giving notice to the other party at least five Local
     Business Days prior to the scheduled date for the payment or delivery to
     which such change applies unless such other party gives timely notice of a
     reasonable objection to such change.

(c)  NETTING. If on any date amounts would otherwise be payable:-

     (i)  in the same currency; and

     (ii) in respect of the same Transaction,

     by each party to the other, then, on such date, each party's obligation to
     make payment of any such amount will be automatically satisfied and
     discharged and, if the aggregate amount that would otherwise have been
     payable by one party exceeds the aggregate amount that would otherwise have
     been payable by the other party, replaced by an obligation upon the party
     by whom the larger aggregate amount would have been payable to pay to the
     other party the excess of the larger aggregate amount over the smaller
     aggregate amount.

     The parties may elect in respect of two or more Transactions that a net
     amount will be determined in respect of all amounts payable on the same
     date in the same currency in respect of such Transactions, regardless of
     whether such amounts are payable in respect of the same Transaction. The
     election may be made in the Schedule or a Confirmation by specifying that
     subparagraph (ii) above will not apply to the Transactions identified as
     being subject to the election, together with the starting date (in which
     case subparagraph (ii) above will not, or will cease to, apply to such
     Transactions from such date). This election may be made separately for
     different groups of Transactions and will apply separately to each pairing
     of Offices through which the parties made and receive payments or
     deliveries.

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(d)  DEDUCTION OR WITHHOLDING FOR TAX

     (i)  GROSS-UP. All payments under this Agreement will be made without any
          deduction or withholding for or on account of any Tax unless such
          deduction or withholding is required by any applicable law, as
          modified by the practice of any relevant governmental revenue
          authority, then in effect. If a party is so required to deduct or
          withhold, then that party ("X") will:-

          (1)  promptly notify the other party ("Y") of such requirement;

          (2)  pay to the relevant authorities the full amount required to be
               deducted or withheld (including the full amount required to be
               deducted or withheld from any additional amount paid by X to Y
               under this Section 2(d)) promptly upon the earlier of determining
               that such deduction or withholding is required or receiving
               notice that such amount has been assessed against Y;

          (3)  promptly forward to Y an official receipt (or a certified copy),
               or other documentation reasonably acceptable to Y, evidencing
               such payment to such authorities; and

          (4)  if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
               payment to which Y is otherwise entitled under this Agreement,
               such additional amount as is necessary to ensure that the net
               amount actually received by Y (free and clear of Indemnifiable
               Taxes, whether assessed against X or Y) will equal the full
               amount Y would have received had no such deduction or withholding
               been required. However, X will not be required to pay any
               additional amount to Y to the extent that it would not be
               required to be paid but for:

               (A)  the failure by Y to comply with or perform any agreement
                    contained in Section 4(a)(i), 4(a)(iii) or 4 (d); or

               (B)  the failure of a representation made by Y pursuant to
                    Section 3(f) to be accurate and true unless such failure
                    would not have occurred but for (1) any action taken by a
                    taxing authority, or brought in a court of competent
                    jurisdiction, on or after the date on which a Transaction is
                    entered into (regardless of whether such action is taken or
                    brought with respect to a party to this Agreement) or (II) a
                    Change in Tax Law.

     (ii) LIABILITY. If:-

          (1)  X is required by any applicable law, as modified by the practice
               of any relevant governmental revenue authority, to make any
               deduction or withholding in respect of which X would not be
               required to pay an additional amount to Y under Section
               2(d)(i)(4);

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               (2)  X does not so deduct or withhold; and

               (3)  a liability resulting from such Tax is assessed directly
                    against X,

               then, except to the extent Y has satisfied or then satisfies the
               liability resulting from such Tax, Y will promptly pay to X the
               amount of such liability (including any related liability for
               interest, but including any related liability for penalties only
               if Y has failed to comply with or perform any agreement contained
               in Section 4(a)(i), 4(a)(iii) or 4(d).

(e)  DEFAULT INTEREST, OTHER AMOUNTS. Prior to the occurrence or effective
     designation of an Early Termination Date in respect of the relevant
     Transaction, a party that defaults in the performance of any payment
     obligation will, to the extent permitted by laws and subject to Section
     6(c), be required to pay interest (before as well as after judgment) on the
     overdue amount to the other party on demand in the same currency as such
     overdue amount, for the period from (and including) the original due date
     for payment to (but excluding) the date of actual payment, at the Default
     Rate. Such interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed. If, prior to the occurrence or
     effective designation of an Early Termination Date in respect of the
     relevant Transaction, a party defaults in the performance of any obligation
     required to be settled by delivery, it will compensate the other party on
     demand if and to the extent provided for in the relevant Confirmation or
     elsewhere in this Agreement.

3.   REPRESENTATIONS

     Each party represents to the other party (which representations will be
     deemed to be repeated by each party on each date on which a Transaction is
     entered into and, in the case of the representations in Section 3(f), at
     all times until the termination of this Agreement) that:-

     (a)  BASIC REPRESENTATIONS

           (i)   STATUS. it is duly organised and validly existing under the
                 laws of the jurisdiction of its organisation or incorporation
                 and, if relevant under such laws, in good standing;

           (ii)  POWERS. it has the power to execute this Agreement and any
                 other documentation relating to this Agreement to which it is a
                 party, to deliver this Agreement and any other documentation
                 relating to this Agreement that it is required by this
                 Agreement to deliver and to perform its obligations under this
                 Agreement and any obligations it has under any Credit Support
                 Document to which it is a party and has taken all necessary
                 action to authorize such execution, delivery and performance;

           (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and
                 performance do not violate or conflict with any law applicable
                 to it, any provision of

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                 its constitutional documents, any order or judgment of any
                 court or other agency of government applicable to it or any of
                 its assets or any contractual restriction binding on or
                 affecting it or any of its assets;

           (iv)  CONSENTS. All governmental and other consents that are required
                 to have been obtained by it with respect to this Agreement or
                 any Credit Support Document to which it is a party have been
                 obtained and are in full force and effect and all conditions of
                 any such consents have been complied with; and

           (v)   OBLIGATIONS BINDING. its obligations under this Agreement and
                 any Credit Support document to which it is a party constitute
                 its legal, valid and binding obligations, enforceable in
                 accordance with their respective terms (subject to applicable
                 bankruptcy, reorganization, insolvency, moratorium or similar
                 laws affecting creditors' rights generally and subject, as to
                 enforceability, to equitable principles of general application
                 (regardless of whether enforcement is sought in a proceeding in
                 equity or at law)).

     (b)  ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event Of
          Default or, to its knowledge, Termination Event with respect to it has
          occurred and is continuing and no such event or circumstance would
          occur as a result of its entering into or performing its obligations
          under this Agreement or any Credit Support Document to which it is
          party.

     (c)  ABSENCE OF LITIGATION. There is not pending or, to its knowledge,
          threatened against it or any of its Affiliates any action, suit or
          proceeding at law or in equity or before any court, tribunal,
          governmental body, agency or official or any arbitrator that is likely
          to affect the legality, validity or enforceability against it of this
          Agreement or any Credit Support document to which it is a party or its
          ability to perform its obligations under this Agreement or such Credit
          Support document.

     (d)  ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
          furnished in writing by or on behalf of it to the other party and is
          identified for the purpose of this Section 3(d) in the Schedule is, as
          of the date of the information, true, accurate and complete in every
          material respect.

     (e)  PAYER TAX REPRESENTATION. Each representation specified in the
          Schedule as being made by it for the purpose of this Section 3 (e) is
          accurate and true.

     (f)  PAYEE TAX REPRESENTATION. Each representation specified in the
          Schedule as being made by it for the purpose of this Section 3(f) is
          accurate and true.

4.       AGREEMENTS

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         Each party agrees with the other that, so long as either party has or
         may have any obligation under this Agreement or under any Credit
         Support Document to which it is a party:-

          (a)  FURNISH SPECIFIED INFORMATION. it will deliver to the other party
               or, in certain cases under subparagraph (iii) below, to such
               government or taxing authority as the other party reasonably
               directs:-

               (i)    any forms, documents or certificates relating to taxation
                      specified in the Schedule or any Confirmation;

               (ii)   any other documents specified in the Schedule or any
                      Confirmation; and

               (iii)  upon reasonable demand by such other party, any form or
                      document that may be required or reasonably requested in
                      writing in order to allow such other party or its Credit
                      Support Provider to make a payment under this Agreement or
                      any applicable Credit Support document without any
                      deduction or withholding for or on account of any Tax or
                      with such deduction or withholding at a reduced rate (so
                      long as the completion, execution or submission of such
                      form or document would not materially prejudice the legal
                      or commercial position of the party in receipt of such
                      demand), with any such form or document to be accurate and
                      completed in a manner reasonably satisfactory to such
                      other party and to be executed and to be delivered with
                      any reasonably required certification,

               in each case by the date specified in the Schedule or such
               Confirmation or, if none is specified, as soon as reasonably
               practicable.

          (b)  MAINTAIN AUTHORIZATIONS. it will use all reasonable efforts to
               maintain in full force and effect all consents of any
               governmental or other authority that are required to be obtained
               by it with respect to this Agreement or any Credit Support
               Document to which it is a party and will use all reasonable
               efforts to obtain any that may become necessary in the future.

          (c)  COMPLY WITH LAWS. It will comply in all material respects will
               all applicable laws and orders to which it may be subject if
               failure so to comply would materially impair its ability to
               perform its obligations under this Agreement or any Credit
               Support Document to which it is a party.

          (d)  TAX AGREEMENT. It will give notice of any failure of a
               representation made by it under Section 3(f) to be accurate and
               true promptly upon learning of such failure.

          (e)  PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any
               Stamp Tax levied or imposed upon it or in respect of its
               execution or performance of this Agreement by a jurisdiction in
               which it is incorporated, organised, managed

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               and controlled, or considered to have its seat, or in which a
               branch or office through which it is acting for the purpose of
               this Agreement is located ("Stamp Tax Jurisdiction") and will
               indemnify the other party against any Stamp Tax levied or imposed
               upon the other party or in respect of the other party's execution
               or performance of this Agreement by any such Stamp Tax
               Jurisdiction which is not also a Stamp Tax Jurisdiction with
               respect to the other party.

5.   EVENTS OF DEFAULT AND TERMINATION EVENTS

(a)  EVENTS OF DEFAULT. The occurrence at any time with respect to a party or,
     if applicable, any Credit Support Provider of such party or any Specified
     Entity of such party of any of the following events constitutes an event of
     default (an "EVENT OF DEFAULT") with respect to such party:-

     (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 on or before
          the third Local Business Day after notice of such failure is given to
          the party;

     (ii) BREACH OF AGREEMENT. Failure by the party to comply with or perform
          any agreement or obligation (other than an obligation to make any
          payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
          or to give notice of a Termination Event or any agreement or
          obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
          with or performed by the party in accordance with this Agreement if
          such failure is not remedied on or before the thirtieth day after
          notice of such failure is given to the party;

     (iii) CREDIT SUPPORT DEFAULT

          (1)  Failure by the party or any Credit Support Provider of such party
               to comply with or perform any agreement or obligation to be
               complied with or performed by it in accordance with any Credit
               Support Document if such failure is continuing after any
               applicable grace period has elapsed;

          (2)  the expiration or termination of such Credit Support Document or
               the failing or ceasing of such Credit Support Document to be in
               full force and effect for the purpose of this Agreement (in
               either case other than in accordance with its terms) prior to the
               satisfaction of all obligations of such party under each
               Transaction to which such Credit Support Document relates without
               the written consent of the other party; or

          (3)  the party or such credit Support Provider disaffirms, disclaims,
               repudiates or rejects, in whole or in part, or challenges the
               validity of, such Credit Support Document;

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     (iv) MISREPRESENTATION. A representation (other than a representation under
          Section 3(e) or (f)) made or repeated or deemed to have been made or
          repeated by the party or any Credit Support Provider of such party in
          this Agreement or any Credit Support Document proves to have been
          incorrect or misleading in any material respect when made or repeated
          or deemed to have been made or repeated;

     (v)  DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
          Provider of such party or any applicable Specified Entity of such
          party (1) defaults under a Specified Transaction and, after giving
          effect to any applicable notice requirement or grace period, there
          occurs a liquidation of, an acceleration of obligations under, or an
          early termination of, that Specified Transaction, (2) defaults, after
          giving effect to any applicable notice requirement or grace period, in
          making any payment or delivery due on the last payment, delivery or
          exchange date of, or any payment on early termination of, a Specified
          Transaction (or such default continues for at least three Local
          Business Days if there is no applicable notice requirement or grace
          period) or (3) disaffirms, disclaims, repudiates or rejects, in whole
          or in part, a Specified Transaction (or such action is taken by any
          person or entity appointed or empowered to operate it or act on its
          behalf);

     (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
          applying to the party, the occurrence or existence of

               (1)  a default, event of default or other similar condition or
                    event (however described) in respect of such party, any
                    Credit Support Provider of such party or any applicable
                    Specified Entity of such party under one or more agreements
                    or instruments relating to Specified Indebtedness of any of
                    them (individually or collectively) in an aggregate amount
                    of not less than the applicable Threshold Amount (as
                    specified in the Schedule) which has resulted in such
                    Specified Indebtedness becoming, or becoming capable at such
                    time of being declared, due and payable under such
                    agreements or instruments, before it would otherwise have
                    been due and payable; or

               (2)  a default by such party, such Credit Support Provider or
                    such Specified Entity (individually or collectively) in
                    making one or more payments on the due date thereof in an
                    aggregate amount of not less than the applicable Threshold
                    Amount under such agreements or instruments (after giving
                    effect to any applicable notice requirement or grace
                    period);

     (vii) BANKRUPTCY. The party, any Credit Support Provider of such party or
          any applicable Specified Entity of such party:

          (1)  is dissolved (other than pursuant to a consolidation,
               amalgamation or merger);

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          (2)  becomes insolvent or is unable to pay its debts or fails or
               admits in writing its inability generally to pay its debts as
               they become due;

          (3)  makes a general assignment, arrangement or composition with or
               for the benefit of its creditors;

          (4)  institutes or has instituted against it a proceeding seeking a
               judgment of insolvency or bankruptcy or any other relief under
               any bankruptcy or insolvency law or other similar law affecting
               creditors' rights, or a petition is presented for its winding-up
               or liquidation, and, in the case of any such proceeding or
               petition instituted or presented against it, such proceeding or
               petition:

               (A)  results in a judgment of insolvency or bankruptcy or the
                    entry of an order for relief or the making of an order for
                    its winding-up or liquidation; or

               (B)  is not dismissed, discharged, stayed or restrained in each
                    case within 30 days of the institution or presentation
                    thereof;

          (5)  has a resolution passed for its winding-up, official management
               or liquidation (other than pursuant to a consolidation,
               amalgamation or merger);

          (6)  seeks or becomes subject to the appointment of an administrator,
               provisional liquidator, conservator, receiver, trustee, custodian
               or other similar official for it or for all or substantially all
               its assets;

          (7)  has a secured party take possession of all or substantially all
               its assets or has a distress, execution, attachment,
               sequestration or other legal process levied, enforced or sued on
               or against all or substantially all its assets and such secured
               party maintains possession, or any such process is not dismissed,
               discharged, stayed or restrained, in each case within 30 days
               thereafter;

          (8)  causes or is subject to any event with respect to it which, under
               the applicable laws of any jurisdiction, has an analogous effect
               to any of the events specified in clauses (1) to (7) (inclusive);
               or

          (9)  takes any action in furtherance of, or indicating its consent to,
               approval of, or acquiescence in, any of the foregoing acts; or

     (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
            of such party consolidates or amalgamates with, or merges with or
            into, or transfers all or substantially all its assets to, another
            entity and, at the time of such consolidation, amalgamation, merger
            or transfer:-

          (1)  the resulting, surviving or transferee entity fails to assume all
               the obligations of such party or such Credit Support Provider
               under this Agreement or any Credit Support Document to which it
               or its

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               predecessor was a party by operation of law or pursuant to an
               agreement reasonably satisfactory to the other party to this
               Agreement; or

          (2)  the benefits of any Credit Support Document fail to extend
               (without the consent of the other party) to the performance by
               such resulting, surviving or transferee entity of its obligations
               under this Agreement.

(b)  TERMINATION EVENTS. The occurrence at any time with respect to a party or,
     if applicable, any Credit Support Provider of such party or any specified
     Entity of such party of any event specified below constitutes an Illegality
     if the event is specified in (i) below, a Tax Event if the event is
     specified in (ii) below or a Tax Event Upon merger if the event is
     specified in (iii) below, and, if specified to be applicable, a Credit
     Event Upon Merger if the event is specified pursuant to (iv) below or an
     Additional Termination Event if the event is specified pursuant to (v)
     below:-

     (i)  ILLEGALITY. Due to the adoption of, or any change in, any applicable
          law after the date on which a Transaction is entered into, or due to
          the promulgation of, or any change in, the interpretation by any
          court, tribunal or regulatory authority with competent jurisdiction of
          any applicable law after such date, it becomes unlawful (other than as
          a result of a breach by the party of Section 4(b)) for such party
          (which will be the Affected Party):-

          (1)  to perform any absolute or contingent obligation to make a
               payment or delivery or to receive a payment or delivery in
               respect of such Transaction or to comply with any other material
               provision of this Agreement relating to such Transaction; or

          (2)  to perform, or for any Credit Support Provider of such party to
               perform, any contingent or other obligation which the party (or
               such Credit Support Provider) has under any Credit Support
               Document relating to such Transaction;

     (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
          brought in a court of competent jurisdiction, on or after the date on
          which a Transaction is entered into (regardless of whether such action
          is taken or brought with respect to a party to this Agreement) or (y)
          a Change in Tax Law, the party (which will be the Affected Party)
          will, or there is a substantial likelihood that it will, on the next
          succeeding Scheduled Payment Date:

          (1)  be required to pay to the other party an additional amount in
               respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except
               in respect of interest under Section 2(e), 6(d)(ii) or 6(e)); or

          (2)  receive a payment from which an amount is required to be deducted
               or withheld for or on account of a Tax (except in respect of
               interest under Section 2(e), 6 (d)(ii) or 6(e)) and no additional
               amount is required to be paid in respect of such Tax under
               Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A)
               or B));

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     (iii) TAX EVENT UPON MERGER. The party (the "BURDENED PARTY") on the next
           succeeding Scheduled Payment Date will either:

          (1)  be required to pay an additional amount in respect of an
               Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
               interest under Section 2(e), 6(d)(ii) or 6(e)); or

          (2)  receive a payment from which an amount has been deducted or
               withheld for or on account of any Indemnifiable Tax in respect of
               which the other party is not required to pay an additional amount
               (other than by reason of Section 2(d)(i)(4)(A) or B)), in either
               case as a result of a party consolidating or amalgamating with,
               or merging with or into, or transferring all or substantially all
               its assets to, another entity (which will be the Affected Party)
               where such action does not constitute an event described in
               Section 5(a)(viii);

     (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is specified
          in the Schedule as applying to the party, such party ("X"), any Credit
          Support Provider of X or any applicable Specified Entity of X
          consolidates or amalgamates with, or merges with or into, or transfers
          all or substantially all its assets to, another entity and such action
          does not constitute an event described in Section 5(a)(viii) but the
          creditworthiness of the resulting, surviving or transferee entity is
          materially weaker than that of X, such Credit Support Provider or such
          Specified Entity, as the case may be, immediately prior to such action
          (and, in such event, X or its successor or transferee, as appropriate,
          will be the Affected Party); or

     (v)  ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event" is
          specified in the Schedule or any Confirmation as applying, the
          occurrence of such event (and, in such event) the Affected Party or
          Affected Parties shall be as specified for such Additional Termination
          Event in the Schedule or such Confirmation).

(c)  EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
     otherwise constitute or give rise to an Event of Default also constitutes
     an Illegality, it will be treated as an Illegality and will not constitute
     an Event of Default.

6.   EARLY TERMINATION

(a)  RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
     Default with respect to a party (the "DEFAULTING PARTY") has occurred and
     is then continuing, the other party (the "NON-DEFAULTING PARTY") may, by
     not more than 20 days notice to the Defaulting Party specifying the
     relevant Event of Default, designate a day not earlier than the day such
     notice is effective as an Early Termination Date in respect of all
     outstanding Transactions. If, however, "Automatic Early Termination" is
     specified in the Schedule as applying to a party, then an Early Termination
     Date in respect of all outstanding Transactions will occur immediately upon
     the occurrence with respect to such party of an Event of Default specified
     in Section 5(a)(vii)(1), (3),

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     (5), (6) or, to the extent analogous thereto, (8), and as of the time
     immediately preceding the institution of the relevant proceeding or the
     presentation of the relevant petition upon the occurrence with respect to
     such party of an Event of Default specified in Section 5(a)(vii)(4) or, to
     the extent analogous thereto, (8).

(b)  RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

     (i)  NOTICE. If a Termination Event occurs, an Affected Party will,
          promptly upon becoming aware of it, notify the other party, specifying
          the nature of that Termination Event and each Affected Transaction and
          will also give such other information about that Termination Event as
          the other party may reasonably require.

     (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an illegality under
          Section 5(b)(i)(1) or a Tax Event occurs and there is only one
          Affected Party, or if a Tax Event Upon Merger occurs and the Burdened
          Party is the Affected Party, the Affected Party will, as a condition
          to its right to designate an Early Termination Date under Section
          6(b)(iv), use all reasonable efforts (which will not require such
          party to incur a loss, excluding immaterial, incidental expenses) to
          transfer within 20 days after it gives notice under Section 6(b)(i)
          all its rights and obligations under this Agreement in respect of the
          Affected Transactions to another of its Offices or Affiliates so that
          such Termination Event ceases to exist.

          If the Affected Party is not able to make such a transfer it will give
          notice to the other party to that effect within such 20 day period,
          whereupon the other party may effect such a transfer within 30 days
          after the notice is given under Section 6(b)(i).

          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 if such other party's
          policies in effect at such time would permit it to enter into
          transactions with the transferee on the terms proposed.

    (iii) TWO AFFECTED PARTIES. If an illegality under Section 5(b)(i)(1) or a
          Tax Event occurs and there are two Affected Parties, each party will
          use all reasonable efforts to reach agreement within 30 days after
          notice thereof is given under Section 6(b)(i) on action to avoid that
          Termination Event.

     (iv) RIGHT TO TERMINATE. If:-

          (1)  a transfer under Section 6(b)(ii) or an agreement under Section
               6(b)(iii), as the case may be, has not been effected with respect
               to all Affected Transactions within 30 days after an Affected
               Party gives notice under Section 6(b)(i); or

                                       12
<PAGE>

          (2)  an Illegality under Section 5(b)(i)(2), a Credit Event Upon
               Merger or an Additional Termination Event occurs, or a Tax Event
               Upon Merger occurs and the Burdened Party is not the Affected
               Party,

          either party in the case of an Illegality, the Burdened Party in the
          case of a Tax Event Upon Merger, any Affected Party in the case of a
          Tax Event or an Additional Termination Event if there is more than one
          Affected Party, or the party which is not the Affected Party in the
          case of a Credit Event Upon Merger or an Additional Termination Event
          if there is only one Affected Party may, by not more than 20 days
          notice to the other party and provided that the relevant Termination
          Event is then continuing, designate a day not earlier than the day
          such notice is effective as an Early Termination Date in respect of
          all Affected Transactions.

(c)  EFFECT OF DESIGNATION

     (i)  If notice designating an Early Termination Date is given under Section
          6(a) or (b), the Early Termination Date will occur on the date so
          designated, whether or not the relevant Event of Default or
          Termination Event is then continuing.

     (ii) Upon the occurrence or effective designation of an Early Termination
          Date, no further payments or deliveries under Section 2(a)(i) or 2(e)
          in respect of the Terminated Transactions will be required to be made,
          but without prejudice to the other provisions of this Agreement. The
          amount, if any, payable in respect of an Early Termination Date shall
          be determined pursuant to Section 6(e).

(d)  CALCULATIONS

     (i)  STATEMENT. On or as soon as reasonably practicable following the
          occurrence of an Early Termination Date, each party will make the
          calculations on its part, if any, contemplated by Section 6(e) and
          will provide to the other party a statement:

          (1)  showing, in reasonable detail, such calculations (including all
               relevant quotations and specifying any amount payable under
               Section 6(e)); and

          (2)  giving details of the relevant account to which any amount
               payable to it is to be paid. In the absence of written
               confirmation from the source of a quotation obtained in
               determining a Market Quotation, the records of the party
               obtaining such quotation will be conclusive evidence of the
               existence and accuracy of such quotation.

     (ii) PAYMENT DATE. An amount calculated as being due in respect of any
          Early Termination Date under Section 6(e) will be payable on the day
          that notice of the amount payable is effective (in the case of an
          Early Termination Date which is designated or occurs as a result of an
          Event of Default) and on the day which is two Local Business Days
          after the day on which notice of the amount payable is effective (in
          the case of an Early Termination Date which is designated as a result
          of a Termination Event). Such amount will be paid

                                       13
<PAGE>

          together with (to the extent permitted under applicable law) interest
          thereon (before as well as after judgment) in the Termination
          Currency, from (and including) the relevant Early Termination Date to
          (but excluding) the date such amount is paid, at the Applicable Rate.
          Such interest will be calculated on the basis of daily compounding and
          the actual number of days elapsed.

(e)  PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
     following provisions shall apply based on the parties' election in the
     Schedule of a payment measure, either "Market Quotation" or "Loss" , and a
     payment method, either the "First Method" or the "Second Method". If the
     parties fail to designate a payment measure or payment method in the
     Schedule, it will be deemed that "Market Quotation" or the "Second Method",
     as the case may be, shall apply. The amount, if any, payable in respect of
     an Early Termination Date and determined pursuant to this Section will be
     subject to any Set-off.

     (i)  EVENTS OF DEFAULT. If the Early Termination Date results from an Event
          of Default:-

          (1)  FIRST METHOD AND MARKET QUOTATION. If the First Method and Market
               Quotation apply, the Defaulting Party will pay to the
               Non-defaulting Party the excess, if a positive number, of:

               (A)  the sum of the Settlement Amount (determined by the
                    Non-defaulting Party) in respect of the Terminated
                    Transactions and the Termination Currency Equivalent of the
                    Unpaid Amounts owing to the Non-defaulting Party over

               (B)  the Termination Currency Equivalent of the Unpaid Amounts
                    owing to the Defaulting Party.

          (2)  FIRST METHOD AND LOSS. If the First Method and Loss apply, the
               Defaulting Party will pay to the Non-defaulting Party, if a
               positive number, the Non-defaulting Party's loss in respect of
               this Agreement.

          (3)  SECOND METHOD AND MARKET QUOTATION. If the Second Method and
               Market Quotation apply, an amount will be payable equal to:

               (A)  the sum of the Settlement Amount (determined by the
                    Non-defaulting Party) in respect of the Terminated
                    Transactions and the Termination Currency Equivalent of the
                    Unpaid Amounts owing to the Non-defaulting Party less

               (B)  the Termination Currency Equivalent of the Unpaid Amounts
                    owing to the Defaulting Party. If that amount is a positive
                    number, the Defaulting Party will pay it to the
                    Non-defaulting Party; if it is a negative number, the
                    Non-defaulting Party will pay the absolute value of that
                    amount to the Defaulting Party.

                                       14
<PAGE>

                  (4)      SECOND METHOD AND LOSS. If the Second Method and Loss
                           apply, an amount will be payable equal to the
                           Non-defaulting Party's Loss in respect of this
                           Agreement. If that amount is a positive number, the
                           Defaulting Party will pay it to the Non-defaulting
                           Party; if it is a negative number, the Non defaulting
                           Party will pay the absolute value of that amount to
                           the Defaulting Party.

     (ii) TERMINATION EVENTS. If the Early Termination Date results from a
          Termination Event:-

          (1)  ONE AFFECTED PARTY. If there is one Affected Party, the amount
               payable will be determined in accordance with Section 6(e)(i)(3),
               if Market Quotation applies, or Section 6(e)(i)(4), if Loss
               applies, except that, in either case, references to the
               Defaulting Party and to the Non-defaulting Party will be deemed
               to be references to the Affected Party and the party which is not
               the Affected Party, respectively, and, if Loss applies and fewer
               than all the Transactions are being terminated, Loss shall be
               calculated in respect of all Terminated Transactions.

          (2)  TWO AFFECTED PARTIES. If there are two Affected Parties:-

               (A)  If Market Quotation applies, each party will determine a
                    Settlement Amount in respect of the Terminated Transactions,
                    and an amount will be payable equal to:

                    (I)  the sum of (a) one-half of the difference between the
                         Settlement Amount of the party with the higher
                         Settlement Amount ("X") and the Settlement Amount of
                         the party with the lower Settlement Amount ("Y") and
                         (b) the Termination Currency Equivalent of the Unpaid
                         Amounts owing to X less

                    (II) the Termination Currency Equivalent of the Unpaid
                         Amounts owing to Y; and

               (B)  If Loss applies, each party will determine its Loss in
                    respect of this Agreement (or, if fewer than all the
                    Transactions are being terminated, in respect of all
                    Terminated Transactions) and an amount will be payable equal
                    to one-half of the difference between the Loss of the party
                    with the higher Loss ("X") and the loss of the party with
                    the lower Loss ("Y")

          If the amount payable is a positive number, Y will pay it to X; if it
          is a negative number, X will pay the absolute value of that amount to
          Y.

    (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
          Termination Date occurs because "Automatic Early Termination" applies
          in respect of a party, the amount determined under this Section 6(e)
          will be subject to such adjustments as are appropriate and permitted
          by law to reflect any payments or

                                       15
<PAGE>

          deliveries made by one party to the other under this Agreement (and
          retained by such other party) during the period from the relevant
          Early Termination Date to the date for payment determined under
          Section 6(d)(ii).

     (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies an
          amount recoverable under this Section 6(e) is a reasonable
          pre-estimate of loss and not a penalty. Such amount is payable for the
          loss of bargain and the loss of protection against future risks and
          except as otherwise provided in this Agreement neither party will be
          entitled to recover any additional damages as a consequence of such
          losses.

7.   TRANSFER

     Subject to Section 6(b)(ii), neither this Agreement nor any interest or
     obligation in or under this Agreement may be transferred (whether by way of
     security or otherwise) by either party without the prior written consent of
     the other party, except that:-

(a)  a party may make such a transfer of this Agreement pursuant to a
     consolidation or amalgamation with, or merger with or into, or transfer of
     all or substantially all its assets to, another entity (but without
     prejudice to any other right or remedy under this Agreement);

(b)  and a party may make such a transfer of all or any part of its interest in
     any amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.   CONTRACTUAL CURRENCY

(a)  PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
     be made in the relevant currency specified in this Agreement for that
     payment (the "CONTRACTUAL CURRENCY"). To the extent permitted by applicable
     law, any obligation to make payments under this Agreement in the
     Contractual Currency will not be discharged or satisfied by any tender in
     any currency other than the Contractual Currency, except to the extent such
     tender results in the actual receipt by the party to which payment is owed,
     acting in a reasonable manner and in good faith in converting the currency
     so tendered into the Contractual Currency, of the full amount in the
     Contractual Currency of all amounts payable in respect of this Agreement.
     If for any reason the amount in the Contractual Currency so received falls
     short of the amount in the Contractual Currency payable in respect of this
     Agreement, the party required to make the pavement will, to the extent
     permitted by applicable law, immediately pay such additional amount in the
     Contractual Currency as may be necessary to compensate for the shortfall.
     If for any reason the amount in the Contractual Currency so received
     exceeds the amount in the Contractual Currency payable in respect of this
     Agreement, the party receiving the payment will refund promptly the amount
     of such excess.

                                       16
<PAGE>

(b)  JUDGMENTS. To the extent permitted by applicable law, if any judgment or
     order expressed in a currency other than the Contractual Currency is
     rendered:

     (i)  for the payment of any amount owing in respect of this Agreement;

     (ii) for the payment of any amount relating to any early termination in
          respect of this Agreement; or

     (iii) in respect of a judgment or order of another court for the payment of
          any amount described in (i) or (ii) above, the party seeking recovery,
          after recovery in full of the aggregate amount to which such party is
          entitled pursuant to the judgment or order, will be entitled to
          receive immediately from the other party the amount of any shortfall
          of the Contractual Currency received by such party as a consequence of
          sums paid in such other currency and will refund promptly to the other
          party any excess of the Contractual Currency received by such party as
          a consequence of sums paid in such other currency if such shortfall or
          such excess arises or results from any variation between the rate of
          exchange at which the Contractual Currency is converted into the
          currency of the judgment or order for the purposes of such judgment or
          order and the rate of exchange at which such party is able, acting in
          a reasonable manner and in good faith in converting the currency
          received into the Contractual Currency, to purchase the Contractual
          Currency with the amount of the currency of the judgment or order
          actually received by such party. The term "rate of exchange" includes,
          without limitation, any premiums and costs of exchange payable in
          connection with the purchase of or conversion into the Contractual
          Currency.

(c)  SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
     indemnities constitute separate and independent obligations from the other
     obligations in this Agreement, will be enforceable as separate and
     independent causes of action, will apply notwithstanding any indulgence
     granted by the party to which any payment is owed and will not be affected
     by judgment being obtained or claim or proof being made for any other sums
     payable in respect of this Agreement.

(d)  EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
     for a party to demonstrate that it would have suffered a loss had an actual
     exchange or purchase been made.

9.   MISCELLANEOUS

(a)  ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
     understanding of the parties with respect to its subject matter and
     supersedes all oral communication and prior writings with respect thereto.

(b)  AMENDMENTS. No amendment, modification or waiver in respect of this
     Agreement will be effective unless in writing (including a writing
     evidenced by a facsimile transmission) and executed by each of the parties
     or confirmed by an exchange of telexes or electronic messages on an
     electronic messaging system.

                                       17
<PAGE>

(c)  SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
     6(c)(ii), the obligations of the parties under this Agreement will survive
     the termination of any Transaction.

(d)  REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
     powers, remedies and privileges provided in this Agreement are cumulative
     and are not exclusive of any rights, powers, remedies and privileges
     provided by law.

(e)  COUNTERPARTS AND CONFIRMATIONS.

     (i)  This Agreement (and each amendment, modification and waiver in respect
          of it) may be executed and delivered in counterparts (including by
          facsimile transmission), each of which will be deemed an original.

     (ii) The parties intend that they are legally bound by the terms of each
          Transaction from the moment they agree to those terms (whether orally
          or otherwise). A Confirmation shall be entered into as soon as
          practicable and may be executed and delivered in counterparts
          (including by facsimile transmission) or be created by an exchange of
          telexes or by an exchange of electronic messages on an electronic
          messaging system, which in each case will be sufficient for all
          purposes to evidence a binding supplement to this Agreement. The
          parties will specify therein or through another effective means that
          any such counterpart, telex or electronic message constitutes a
          Confirmation.

(f)  NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
     privilege in respect of this Agreement will not be presumed to operate as a
     waiver, and a single or partial exercise of any right, power or privilege
     will not be presumed to preclude any subsequent or further exercise, of
     that right, power or privilege or the exercise of any other right, power or
     privilege.

(g)  HEADINGS. The headings used in this Agreement are for convenience of
     reference only and are not to affect the construction of or to be taken
     into consideration in interpreting this Agreement.

10.  OFFICES; MULTIBRANCH PARTIES

(a)  If Section 10(a) is specified in the Schedule as applying, each party that
     enters into a Transaction through an Office other than its head or home
     office represents to the other party that, notwithstanding the place of
     booking office or jurisdiction of incorporation or organisation of such
     party, the obligations of such party are the same as if it had entered into
     the Transaction through its head or home office. This representation will
     be deemed to be repeated by such party on each date on which a Transaction
     is entered into.

(b)  Neither party may change the Office through which it makes and receives
     payments or deliveries for the purpose of a Transaction without the prior
     written consent of the other party.

                                       18
<PAGE>

(c)  If a party is specified as a Multibranch Party in the Schedule, such
     Multibranch Party may make and receive payments or deliveries under any
     Transaction through any Office listed in the Schedule, and the Office
     through which it makes and receives payments or deliveries with respect to
     a Transaction will be specified in the relevant Confirmation.

11.  EXPENSES

     A Defaulting Party will, on demand, indemnify and hold harmless the other
     party from and against all reasonable out-of-pocket expenses, including
     legal fees and Stamp Tax, incurred by such other party by reason of the
     enforcement and protection of its rights under this Agreement or any Credit
     Support Document to which the Defaulting Party is a party or by reason of
     the early termination of any Transaction, including, but not limited to,
     costs of collection.

12.      NOTICES

(a)      EFFECTIVENESS. Any notice or other communication in respect of this
         Agreement may be given in any manner set forth below (except that a
         notice or other communication under Section 5 or 6 may not be given by
         facsimile transmission or electronic messaging system) to the address
         or number or in accordance with the electronic messaging system details
         provided (see the Schedule) and will be deemed effective as indicated:-

          (i)  if in writing and delivered in person or by courier, on the date
               it is delivered;

          (ii) if sent by telex, on the date the recipient's answer back is
               received;

         (iii) if sent by facsimile transmission, on the date that transmission
               is received by a responsible employee of the recipient in legible
               form (it being agreed that the burden of proving receipt will be
               on the sender and will not be met by a transmission report
               generated by the sender's facsimile machine);

          (iv) if sent by certified or registered mail (airmail, if overseas) or
               the equivalent (return receipt requested), on the date that mail
               is delivered or its delivery is attempted; or

          (v)  if sent by electronic messaging system, on the date that
               electronic message is received,

          unless the date of that delivery (or attempted delivery) or that
          receipt, as applicable, is not a Local Business Day or that
          communication is delivered (or attempted) or received, as applicable,
          after the close of business on a Local Business Day, in which case
          that communication shall be deemed given and effective on the first
          following day that is a Local Business Day.

                                       19
<PAGE>

(b)  CHANGE OF ADDRESSES. Either party may by notice to the other change the
     address, telex or facsimile number or electronic messaging system details
     at which notices or other communications are to be given to it.

13.  GOVERNING LAW AND JURISDICTION

(a)  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with the law specified in the Schedule.

(b)  JURISDICTION. With respect to any suit, action or proceedings relating to
     this Agreement ("PROCEEDINGS"), each party irrevocably:-

     (i)  submits to the jurisdiction of the English courts, if this Agreement
          is expressed to be governed by English law, or to the non-exclusive
          jurisdiction of the courts of the State Of New York and the United
          States District Court located in the Borough of Manhattan in New York
          City if this agreement is expressed to be governed by the laws of the
          State of New York; and

     (ii) waives any objection which it may have at any time to the laying of
          venue of any Proceedings brought in any such court, waives any claim
          that such Proceedings have been brought in an inconvenient forum and
          further waives the right to object, with respect to such Proceedings,
          that such court does not have any jurisdiction over such party.

     Nothing in this Agreement precludes either party from bringing Proceedings
     in any other jurisdiction (outside , if this Agreement is expressed to be
     governed by English law, the Contracting States, as defined in Section 1(3)
     of the Civil Jurisdiction and Judgments Act 1982 or any modification,
     extension or re-enactment thereof for the time being in force) nor will the
     bringing of Proceedings in any one or more jurisdictions preclude the
     bringing of Proceedings in any other jurisdiction.

(c)  SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
     any) specified opposite its name in the Schedule to receive, for it and on
     its behalf, service of process in any Proceedings. If for any reason any
     party's Process Agent is unable to act as such, such party will promptly
     notify the other party and within 30 days appoint a substitute process
     agent acceptable to the other party. The parties irrevocably consent to
     service of process given in the manner provided for notices in Section 12.
     Nothing in this Agreement will affect the right of either party to serve
     process in any other manner permitted by law.

(d)  WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
     permitted by applicable law, with respect to itself and its revenues and
     assets (irrespective of their use or intended use), all immunity on the
     grounds of sovereignty or other similar grounds from:

     (i)  suit,

     (ii) jurisdiction of any court,

                                       20
<PAGE>

    (iii) relief by way of injunction, order for specific performance or for
          recovery of property attachment of its assets (whether before or
          after judgment), and

     (iv) execution or enforcement of any judgment to which it or its revenues
          or assets might otherwise be entitled in any Proceedings in the courts
          of any jurisdiction and irrevocably agrees, to the extent permitted by
          applicable law, that it will not claim any such immunity in any
          Proceedings.

14.  DEFINITIONS

     As used in this Agreement:-

     "ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

     "AFFECTED PARTY" has the meaning specified in Section 5(b).

     "AFFECTED TRANSACTIONS" means:

     (a)  with respect to any Termination Event consisting of an Illegality, Tax
          Event or Tax Event Upon Merger, all Transactions affected by the
          occurrence of such Termination Event; and

     (b)  with respect to any other Termination Event, all Transactions.

     "AFFILIATE" means, subject to the Schedule, in relation to any person, any
     entity controlled, directly or indirectly, by the person, any entity that
     controls, directly or indirectly, the person or any entity directly or
     indirectly under common control with the person. For this purpose,
     "control" of any entity or person means ownership of a majority of the
     voting power of the entity or person.

     "APPLICABLE RATE" means:

     (a)  in respect of obligations payable or deliverable (or which would have
          been but for Section 2(a)(iii)) by a Defaulting Party, the Default
          Rate;

     (b)  in respect of an obligation to pay an amount under Section 6(e) of
          either party from and after the date (determined in accordance with
          Section 6(d)(ii)) on which that amount is payable, the Default Rate;

     (c)  in respect of all other obligations payable or deliverable (or which
          would have been but for Section 2(a)(iii)) by a Non-defaulting Party,
          the Non-default Rate; and

     (d)  in all other cases, the Termination Rate.

     "BURDENED PARTY" has the meaning specified in Section 5(b).

     "CHANGE IN TAX LAW" means the enactment, promulgation, execution or
     ratification of, or any change in or amendment to, any law (or in the
     application or official

                                       21
<PAGE>

     interpretation of any law) that occurs on or after the date on which the
     relevant Transaction is entered into.

     "CONSENT" includes a consent, approval, action, authorisation, exemption,
     notice, filing, registration or exchange control consent.

     "CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

     "CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is
     specified as such in this Agreement.

     "CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

     "DEFAULT RATE" means a rate per annum equal to the costs (without proof or
     evidence of any actual cost) to the relevant payee (as certified by it) if
     it were to fund or of funding the relevant amount plus 1 % per annum.

     "DEFAULTING PARTY" has the meaning specified in Section 6(a).

     "EARLY TERMINATION DATE" means the date determined in accordance with
     Section 6(a) or 6(b)(iv).

     "EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if
     applicable, in the Schedule.

     "ILLEGALITY" has the meaning specified in Section 5(b).

     "INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be
     imposed in respect of a payment under this Agreement but for a present or
     former connection between the jurisdictions of the government or taxation
     authority imposing such Tax and the recipient of such payment or a person
     related to such recipient (including, without limitation, a connection
     arising from such recipient or related person being or having been a
     citizen or resident of such jurisdiction, or being or having been
     organised, present or engaged in a trade or business in such jurisdiction,
     or having had a permanent establishment or fixed place of business in such
     jurisdiction, but excluding a connection arising solely from such recipient
     or related person having executed, delivered, performed its obligations or
     received a payment under, or enforced, this Agreement or a Credit Support
     Document).

     "LAW" includes any treaty, law, rule or regulation (as modified, in the
     case of tax matters, by the practice of any relevant governmental revenue
     authority) and "lawful" and "unlawful" will be construed accordingly.

     "LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which
     commercial banks are open for business (including dealings in foreign
     exchange and foreign currency deposits):

     (a)  in relation to any obligation under Section 2(a)(i), in the place(s)
          specified in the relevant Confirmation or, if not so specified, as
          otherwise agreed by the

                                       22
<PAGE>

          parties in writing or determined pursuant to provisions contained, or
          incorporated by reference, in this Agreement,

     (b)  in relation to any other payment, in the place where the relevant
          account is located and, if different, in the principal financial
          centre, if any, of the currency of such payment,

     (c)  in relation to any notice or other communication, including notice
          contemplated under Section 5(a)(i), in the city specified in the
          address for notice provided by the recipient and, in the case of a
          notice contemplated by Section 2(b), in the place where the relevant
          new account is to be located and (d) in relation to section
          5(a)(v)(2), in the relevant locations for performance with respect to
          such Specified Transaction.

     "LOSS" means, with respect to this Agreement or one or more Terminated
     Transactions, as the case may be, and a party, the Termination Currency
     Equivalent of an amount that party reasonably determines in good faith to
     be its total losses and costs (or gain, in which case expressed as a
     negative number) in connection with this Agreement or that Terminated
     Transaction or group of Terminated Transactions, as the case may be,
     including any loss of bargain, cost of funding or, at the election of such
     party but without duplication, loss or cost incurred as a result of its
     terminating, liquidating, obtaining or re-establishing any hedge or related
     trading position (or any gain resulting from any of them). Loss includes
     losses and costs (or gains) in respect of any payment or delivery required
     to have been made (assuming satisfaction of each applicable condition
     precedent) on or before the relevant Early Termination Date and not made,
     except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or
     6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
     out-of-pocket expenses referred to under Section 11. A party will determine
     its Loss as of the relevant Early Termination Date, or, if that is not
     reasonably practicable, as of the earliest date thereafter as is reasonably
     practicable. A party may (but need not) determine its Loss by reference to
     quotations of relevant rates or prices from one or more leading dealers in
     the relevant markets.

     "MARKET QUOTATION" means, with respect to one or more Terminated
     Transactions and a party making the determination, an amount determined on
     the basis of quotations from Reference Market-makers. Each quotation will
     be for an amount, if any, that would be paid to such party (expressed as a
     negative number) or by such party (expressed as a positive number) in
     consideration of an agreement between such party (taking into account any
     existing Credit Support Document with respect to the obligations of such
     party) and the quoting Reference Market-maker to enter into a transaction
     (the "Replacement Transaction") that would have the effect of preserving
     for such party the economic equivalent of any payment or delivery (whether
     the underlying obligation was absolute or contingent and assuming the
     satisfaction of each applicable condition precedent) by the parties under
     Section 2(a)(i) in respect of such Terminated Transaction or group of
     Terminated Transactions that would, but for the occurrence of the relevant
     Early Termination Date, have been required after that date. For this
     purpose, Unpaid Amounts in respect of the Terminated Transaction or group
     of Terminated Transactions are to be excluded but, without limitation, any
     payment or delivery that would, but for the relevant Early Termination
     Date, have

                                       23
<PAGE>

     been required (assuming satisfaction of each applicable condition
     precedent) after that Early Termination Date is to be included. The
     Replacement Transaction would be subject to such documentation as such
     party and the Reference Market-maker may, in good faith, agree. The party
     making the determination (or its agent) will request each Reference
     Market-maker to provide its quotation to the extent as reasonably
     practicable after the relevant Early Termination Date. The day and time as
     of which those quotations are to be obtained will be selected in good faith
     by the party obliged to make a determination under Section 6(e), and, if
     each party is so obliged, after consultation with the other. If more than
     three quotations are provided, the Market Quotation will be the arithmetic
     mean of the quotations, without regard to the quotations having the highest
     and lowest values. If exactly three quotations are provided, the Market
     Quotation will be the quotation remaining after disregarding the highest
     and lowest quotations. For this purpose, if more than one quotation has the
     same highest value or lowest value, then one of such quotations shall be
     disregarded. if fewer than three quotations are provided, it will be deemed
     that the Market Quotation in respect of such Terminated Transaction or
     group of Terminated Transactions cannot be determined.

     "NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof
     or evidence of any actual costs) to the Non-defaulting Party (as certified
     by it) if it were to fund the relevant amount.

     "NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

     "OFFICE" means a branch or office of a party, which may be such party's
     head or home office.

     "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.

     "REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
     selected by the party determining a Market Quotation in good faith:

     (a)  from among dealers of the highest credit standing which satisfy all
          the criteria that such party applies generally at the time in deciding
          whether to offer or to make an extension of credit; and

     (b)  to the extent practicable, from among such dealers having an office in
          the same city.

     "RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions:

     (a)  in which the party is incorporated, organised, managed and controlled
          or considered to have its seat,

     (b)  where an Office through which the party is acting for purposes of this
          Agreement is located,

     (c)  in which the party executes this Agreement, and

                                       24
<PAGE>

     (d)  in relation to any payment, from or through which such payment is
          made.

     "SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to
     be made under Section 2(a)(i) with respect to a Transaction.

     "SET-OFF" means set-off, offset, combination of accounts, right of
     retention or withholding or similar right or requirement to which the payer
     of an amount under Section 6 is entitled or subject (whether arising under
     this Agreement, another contract, applicable law or otherwise) that is
     exercised by, or imposed on, such payer.

     'SETTLEMENT AMOUNT' means, with respect to a party and any Early
     Termination Date, the sum of:-

     (a)  the Termination Currency Equivalent of the Market Quotations (whether
          positive or negative) for each Terminated Transaction or group of
          Terminated Transactions for which a Market Quotation is determined;
          and

     (b)  such party's Loss (whether positive or negative and without reference
          to any Unpaid Amounts) for each Terminated Transaction or group of
          Terminated Transactions for which a Market Quotation cannot be
          determined or would not (in the reasonable belief of the party making
          the determination) produce a commercially reasonable result.

     "SPECIFIED ENTITY" has the meaning specified in the Schedule.

     "SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation
     (whether present or future, contingent or otherwise, as principal or surety
     or otherwise) in respect of borrowed money.

     "SPECIFIED TRANSACTION" means, subject to the Schedule,

     (a)  any transaction (including an agreement with respect thereto) now
          existing or hereafter entered into between one party to this Agreement
          (or any Credit Support Provider of such party or any applicable
          Specified Entity of such party) and the other party to this Agreement
          (or any Credit Support Provider of such other party or any applicable
          Specified Entity of such other party) which is a rate swap
          transaction, basis swap, forward rate transaction, commodity swap,
          commodity option, equity or equity index swap, equity or equity index
          option, bond option, interest rate option, foreign exchange
          transaction, cap transaction, floor transaction, collar transaction,
          currency swap transaction, cross-currency rate swap transaction,
          currency option or any other similar transaction (including any option
          with respect to any of these transactions),

     (b)  any combination of these transactions, and

     (c)  any other transaction identified as a Specified Transaction in this
          Agreement or the relevant confirmation.

     "STAMP TAX"' means any stamp, registration, documentation or similar tax.

                                       25
<PAGE>

     "TAX" means any present or future tax, levy, impost, duty, charge,
     assessment or fee of any nature (including interest, penalties and
     additions thereto) that is imposed by any government or other taxing
     authority in respect of any payment under this Agreement other than a
     stamp, registration, documentation or similar tax.

     "TAX EVENT" has the meaning specified in Section 5(b).

     "TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

     "TERMINATED TRANSACTIONS" means with respect to any Early Termination Date:

     (a)  if resulting from a Termination Event, all Affected Transactions; and

     (b)  if resulting from an Event of Default, all Transactions (in either
          case) in effect immediately before the effectiveness of the notice
          designating that Early Termination Date (or, if "Automatic Early
          Termination" applies, immediately before that Early Termination Date).

     "TERMINATION CURRENCY" has the meaning specified in the Schedule.

     "TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount
     denominated in the Termination Currency, such Termination Currency amount
     and, in respect of any amount denominated in a currency other that the
     Termination Currency (the "OTHER CURRENCY"), the amount in the Termination
     Currency determined by the party making the relevant determination as being
     required to purchase such amount of such Other Currency as at the relevant
     Early Termination Date, or, if the relevant Market Quotation or Loss (as
     the case may be), is determined as of a later date, that later date, with
     the Termination Currency at the rate equal to the spot exchange rate of the
     foreign exchange agent (selected as provided below) for the purchase of
     such Other Currency with the Termination Currency at or about 11:00 a.m.
     (in the city in which such foreign exchange agent is located) on such date
     as would be customary for the determination of such a rate for the purchase
     of such Other Currency for value on the relevant Early Termination Date or
     that later date. The foreign exchange agent will, if only one party is
     obliged to make a determination under Section 6(e), be selected in good
     faith by that party and otherwise will be agreed by the parties.

     "TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon
     Merger or, if specified to be applicable, a Credit Event Upon Merger or an
     Additional Termination Event.

     "TERMINATION RATE" means a rate per annum equal to the arithmetic mean of
     the cost (without proof or evidence of any actual cost) to each party (as
     certified by such party) if it were to fund or of funding such amounts.

     "UNPAID AMOUNTS" owing to any party means, with respect to an Early
     Termination Date, the aggregate of:

                                       26
<PAGE>

     (a)  in respect of all Terminated Transactions, the amounts that became
          payable (or that would have become payable but for Section 2(a)(iii))
          to such party under Section 2(a)(i) on or prior to such Early
          Termination Date and which remain unpaid as at such Early Termination
          Date; and

     (b)  in respect of each Terminated Transaction, for each obligation under
          Section 2(a)(i) which was (or would have been but for Section
          2(a)(iii)) required to be settled by delivery to such party on or
          prior to such Early Termination Date and which has not been so settled
          as at such Early Termination Date, an amount equal to the fair market
          value of that which was (or would have been) required to be delivered
          as of the originally scheduled date for delivery, in each case
          together with (to the extent permitted under applicable law) interest,
          in the currency of such amounts, from (and including) the date such
          amounts or obligations were or would have been required to have been
          paid or performed to (but excluding) such Early Termination Date, at
          the Applicable Rate. Such amounts of interest will be calculated on
          the basis of daily compounding and the actual number of days elapsed.
          The fair market value of any obligation referred to in clause (6)
          above shall be reasonably determined by the party obliged to make the
          determination under Section 6(e) or, if each party is so obliged, it
          shall be the average of the Termination Currency Equivalents of the
          fair market values reasonably determined by both parties.

                                       27
<PAGE>

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

<TABLE>
<CAPTION>
<S>                                                       <C>
Macquarie Securitisation Limited, ABN 16 003 297 336           Deutsche Bank AG New York Branch
                                                                         ("Party A")

____________________________________________________           ___________________________________________
         (Name of Party)                                                (Name of Party)

By:                                                           By:
Name:                                                         Name:
Title:                                                        Title:
Date                                                          Date:

Perpetual Trustees Australia Limited, ABN 86 000 431 827
         ("Party B")

___________________________________________
         (Name of Party)

By:
Name:
Title:
Date
</TABLE>

                                       28
<PAGE>

                                                          DRAFT:  24 AUGUST 2001
--------------------------------------------------------------------------------

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

DEUTSCHE BANK AG, NEW YORK BRANCH
Party A

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827
Party B

ISDA MASTER AGREEMENT
CURRENCY SWAP AGREEMENT
THE PUMA FUND

          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        2001 BETWEEN

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

                                       AND

                        DEUTSCHE BANK AG, NEW YORK BRANCH
                                   ("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(b)(iv)
             Section 5(a)(iii)       Section 5(a)(vi)
             Section 5(a)(iv)

      (iii)  Section 5(b)(ii) will apply to Party A as the Affected
             Party but is subject to Parts 5(6)(b) and 5(7)(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.

                                                                               1
<PAGE>

(f)      "TERMINATION CURRENCY" means US$ provided that if an amount due in
         respect of an Early Termination Date will be payable by Party B to
         Party A the Termination Currency for the purpose of calculating and
         paying that amount is Australian Dollars.

(g)      "ADDITIONAL TERMINATION EVENT" applies. The following is an Additional
         Termination Event in respect of the Transactions of a 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 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:

         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 representations:

         It is an Australian resident and does not derive the payments under
         this Agreement in part or whole in carrying on business in a country
         outside Australia at or through a permanent establishment of itself in
         a country outside Australia. Party B further represents that it is a
         "foreign trust" for United States tax purposes.

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:

                                                                               2
<PAGE>

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

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

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,
                                       without limitation, any United States
                                       Form W-8BEN or other relevant United
                                       States tax form).

(b)      OTHER DOCUMENTS TO BE DELIVERED ARE:

PARTY REQUIRED TO DELIVER              FORM/DOCUMENT/CERTIFICATE                    DATE BY WHICH TO BE DELIVERED
DOCUMENT

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.

Party A, Party B and the               A legal opinion as to the validity           On or prior to the Trade
Manager                                and enforceability of its obligations        Date of the first occurring
                                       under this Agreement in form and             Transaction.
                                       substance (and issued by legal
                                       counsel) reasonably acceptable to
                                       each other party.

Party B                                A certified copy to Party A of the           Not less than 5 Business
                                       Trust Deed and a certified copy to           Days (or such lesser period
                                       Party A of any document that                 as Party A agrees to) before
                                       amends in any way the terms of the           the Trade Date of the first
                                       Trust Deed.                                  occuring Transaction 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.

Party B                                A certified copy to Party A of each          Not less than 5 Business
                                       Sub-Fund Notice and Security                 Days (or such lesser period
                                       Trust Deed in relation to a                  as Party A agrees to) before
                                       A certified copy to Party A of each          Not less than 5 Business Days
                                       Sub-Fund Notice and Security Trust Deed      (or such lesser period as
                                       in relation to a                             Party A agrees to) before
</TABLE>

                                                                               3
<PAGE>

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

                                       Sub-Fund and each other Transaction          the Trade Date of the first
                                       Document in relation to a Sub-Fund as is     occurring Transaction entered
                                       reasonably requested by Party A and          into by Party B as trustee of
                                       (without limiting any obligation Party B     the Sub-Fund and in the case
                                       may have to notify Party A of amendments     of any amending documents
                                       thereto) a certified copy to Party A of      entered into subsequent to
                                       any document that amends in any way the      that date, promptly after each
                                       terms of that Sub-Fund Notice or Security    amending document (if any) has
                                       Trust Deed or the terms of any such          been entered into.
                                       Transaction Document.

Party B                                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
                                       and (without limiting any obligation          Trade Date of that Transaction
                                       Party B may have to notify Party A of         and in the case of any
                                       amendments thereto) a certified copy to       amending documents entered
                                       Party A of any document that amends in        into subsequent to that date,
                                       any way those terms and conditions.           promptly after each amending
                                                                                     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 Document       (or such lesser period as
                                       (if any) specified in respect of Party        Party B and the Manager agree
                                       A and (without limiting any obligation        to) before the Trade Date of
                                       Party A may have under the terms of           the first occurring
                                       that Credit Support Document to notify        Transaction and in the case of
                                       Party B or the Manager of amendments          any amending documents entered
                                       thereto) a certified copy to Party B          into subsequent to that date,
                                       and the Manager of any document that          promptly after each amending
                                       amends in any way the terms of that           document (if any) has been
                                       Credit Support Document.                      entered into.

</TABLE>

Other than the legal opinions referred to in this Part 3(b), 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:

            Address:                Level 17, 31 West 42nd Street
                                    New York
                                    NY 10019, USA

            Attention:              Paul Vambutas

                                                                               4
<PAGE>
            Facsimile No:           +1 212 469 7210

            with a copy to:

            Address:                Level 18, 225 George Street
                                    Sydney NSW 2000

            Attention:              Colin Keays

            Facsimile No.:          +612 9258 3632

            Address for notices or communications to PARTY B:

            Address:                Perpetual Trustees Australia Limited
                                    Level 3
                                    39 Hunter 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:   Deutsche Bank AG,
                                                     Sydney Branch
                                                     Level 18, 225 George Street
                                                     Sydney NSW 2000.

            Party B appoints as its Process Agent:   not applicable.

(c)         OFFICES.  The provisions of Section 10(a) will not apply to this
                      Agreement.

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

            Party A is not a Multibranch Party.

            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 A denominated in US$,Party A; and

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

                                                                               5
<PAGE>

(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 apply in respect of all Transactions.

(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) the first sentence is deleted and replaced
                  with the following sentence:

                  "Unless specified otherwise in this Agreement, payments under
                  this Agreement by:

                  (i)      Party A, will be made by [12.00 noon] (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 the relevant Confirmation or otherwise
                  pursuant to this Agreement, in freely transferable funds, 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)."

                                                                               6
<PAGE>

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

                  "(v)     Where 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, 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:

                           (1)      the Party B Payment; or

                           (2)      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."

(2)      PARTY B'S PAYMENT INSTRUCTIONS: Party B irrevocably authorises and
         instructs Party A to make payment of:

         (i)      the Initial Exchange Amount in respect of each Transaction due
                  from Party A to Party B in respect of the Initial Exchange
                  Date of that Transaction by paying that amount direct to the
                  account notified in writing by Party B to Party A for that
                  purpose; and

         (ii)     any other amount due from Party A to Party B under that
                  Transaction by paying that amount direct to the Relevant
                  Principal Paying Agent in relation to that Transaction 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 obligation 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.

(3)      PARTY A'S PAYMENT INSTRUCTIONS: Party A irrevocably authorises and
         instructs Party B to make payment of:

         (i)      any amount denominated in A$ due from Party B to the account
                  in Australia notified in writing by Party A to Party B from
                  time to time; and

         (ii)     any amount denominated in US$ due from Party B to the account
                  notified in writing by Party A to Party B from time to time.

(4)      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)      after "Section 3(f)" in line 2 of Section 3 insert "3(g),
                  3(h), 3(i) and 3(j)";

                                       7
<PAGE>

         (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):-

                           (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

                                                                               8
<PAGE>

                                    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.

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

(5)      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.".

(6)      TERMINATION EVENTS:

         (a)      ILLEGALITY: In respect of each Transaction, 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 Transaction as a result of that event occurring;

                  (ii)     payment by Party B in accordance with Part 5(3) of
                           the Schedule will continue to constitute proper
                           performance of its payment obligations in respect of
                           that Transaction; and

                  (iii)    Party A's obligations in respect of that Transaction
                           or this Agreement will, to the extent permitted by
                           law, be unaffected by the occurrence of that event,

                                                                               9
<PAGE>

                           but nothing in this Part 5(6)(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 Relevant Note Trustee 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 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.

(7)      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 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 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 following 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 Relevant Note Trustee in relation
                           to the Affected Transactions, use reasonable efforts
                           to make such a transfer to an Affiliate provided the
                           Current Rating Authorities have given prior written
                           confirmation to the Relevant Note Trustee 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

                                                                              10
<PAGE>

                           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
                  Transaction 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 Transaction (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(17)(b).

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

(9)      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;

                                                                              11
<PAGE>

                           (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(6)(b)(ii) or
                                    Part 5(21)(b);

                           (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)."

(10)     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)";

         (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.".

(11)      DEFINITIONS

         In this Agreement, unless the contrary intention appears:

         (a)      TRUST DEED: subject to Part 5(11)(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;

                                                                              12
<PAGE>

                  (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(11)(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
                                    Section 15 or any similar provision in a
                                    Transaction Document 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 definitions of "AFFECTED TRANSACTIONS",
                           "LOCAL BUSINESS DAY" with the following:

                           ""AFFECTED TRANSACTIONS" means, with respect to a
                           Termination Event, all Transactions."

                           ""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:

                           "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.

                           "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-1 by S&P
                                    and long term credit ratings of A- by S&P,
                                    A3 by Moody's and A- 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-1 by S&P and long term
                                    credit ratings of A- by S&P, A3 by Moody's
                                    or A- 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

                                                                              13
<PAGE>

                                    then the ratings of such a credit rating
                                    agency will not be relevant for the purposes
                                    of determining the Prescribed Rating Period.

                                    "PRESCRIBED RATING" in relation to a
                                    Transaction means (unless otherwise
                                    specified in the Confirmation in relation to
                                    the Transaction) 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) and long term credit ratings of
                                    AA- by Fitch (if Fitch is a Current Rating
                                    Authority in relation to the Transaction)
                                    and 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 given to that
                                    term in the Confirmation for that
                                    Transaction.

                                    "RELEVANT PRINCIPAL PAYING AGENT" in
                                    relation to a Transaction has the meaning
                                    given to that term in the Confirmation for
                                    that Transaction.

                                    "RELEVANT NOTES" in relation to a
                                    Transaction has the meaning given to that
                                    term in the Confirmation for that
                                    Transaction.

                                    "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(17).

                                    "TRUST DEED" means the Deed of Trust dated
                                    13 July 1990 (as amended) 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(11)(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(11)(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

                                                                              14
<PAGE>

                           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;

                  (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"; and

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

         (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(11)(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 form 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 1991 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

                                                                              15
<PAGE>

                  this Agreement unless and until the amendment is consented to
                  by the parties to this Agreement.

(12)     LIMITATION OF LIABILITY: Insert the following Section 15, after
         Section 14:

         "15.     PARTY B'S LIMITATION OF LIABILITY

                  (a)      (LIMITATION ON PARTY B'S LIABILITY): Party B enters
                           into this Agreement only in its capacity as trustee
                           of each Sub-Fund and in no other capacity. A
                           liability incurred by Party B acting in its capacity
                           as trustee of a 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
                           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 a 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 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
                           Sub-Fund, as a result of Party B's fraud, negligence
                           or wilful default.

                  (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 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 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
                           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.

                                                                              16
<PAGE>

                  (f)      (SEGREGATION): Without limiting the generality of
                           this Section 15, the provisions of this Agreement
                           shall have effect severally in respect of each
                           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
                                    respective capacities as trustee of each
                                    Sub-Fund;

                           (ii)     this Agreement together with each
                                    Confirmation relating to a particular
                                    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 Sub-Fund;

                           (iii)    representations made and agreements entered
                                    by the parties under this Agreement are made
                                    and entered severally by Party B in its
                                    respective capacities 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 respective capacities
                                    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."

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

(14)     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;

                                                                              17
<PAGE>

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

(15)     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.

(16)     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.

(17)     REPLACEMENT CURRENCY SWAP AGREEMENT:

         (a)      If any Transaction under this Agreement 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(17)(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 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(17)(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

                                                                              18
<PAGE>

                  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(17) will survive the termination of this Agreement.

(18)     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).

(19)     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(19) as apply to the Recipient.

(20)     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.

(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 the
                  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)      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

                                                                              19
<PAGE>

                           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, 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 such collateral arrangements
                           being put in place;

                  (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 version), 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.

         (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

                                                                              20
<PAGE>

                           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 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.

(23)     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 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(23) of the
         Schedule. 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 Party B's rights or obligations on Party B's behalf.

(24)     SUPPORT FACILITY: Party B and the Manager agree that this Agreement and
         each Confirmation in relation to a Transaction of the relevant Sub-Fund
         is a Support Facility with respect to the Sub-Fund.

(25)     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.

                                                                              21
<PAGE>

                                                           DRAFT: 24 AUGUST 2001

    FORM OF CONFIRMATION FOR CLASS A CURRENCY SWAP - PUMA GLOBAL TRUST NO. 1

                [LETTERHEAD OF DEUTSCHE BANK AG, NEW YORK BRANCH]

[          ] 2001

<TABLE>
<CAPTION>
<S>  <C>                                                 <C>
TO:  Perpetual Trustees Australia Limited                Macquarie Securitisation Limited
     (as trustee of the PUMA Global Trust No. 1)         Level 23
     Level 3                                             20 Bond Street
     39 Hunter Street                                    Sydney  NSW  2000
     Sydney  NSW  2000                                   AUSTRALIA
     AUSTRALIA

     ATTENTION:  [                             ]         ATTENTION: [                    ]

</TABLE>

CONFIRMATION - PUMA GLOBAL TRUST NO. 1 - US$ CLASS A 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. 1 (the "PUMA TRUST").

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [       ] 2001, as amended, novated or supplemented
from time to time (the "AGREEMENT"), between Deutsche Bank AG, New York Branch
("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 terms of the particular Transaction to which this Confirmation relates are
specified below:

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 [   ]).

                                                                               1
<PAGE>

<TABLE>
<CAPTION>
<S>     <C>                                               <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 [ ] 2001
                                                         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:

                                                         (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 A 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 [           ] 2001 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>                                                <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 A Interest Amount:              On each Floating Rate Payer Payment Date,
                                                         Party A must pay to Party B the Outstanding
                                                         Class A 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
                                                         [                          ] 2001 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

</TABLE>

                                                                               3
<PAGE>
<TABLE>
<CAPTION>

<S>    <C>                                               <C>

       Compounding:                                      Inapplicable

(B)    Floating Rate Payer:                              Party B

       Calculation Amount:                               The Outstanding A$ Class A 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
                                                         [              ] 2001 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 A Interest Amount:           On each Floating Rate Payer Payment Date,
                                                         Party B will pay

5.3    PROPORTIONATE ADJUSTMENT OF                       If the A$ Class A Interest Payment in
       FLOATING AMOUNTS                                  relation to a 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 A
                                                         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 A
                                                         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

</TABLE>

                                                                               4
<PAGE>
<TABLE>
<CAPTION>

<S>    <C>                                               <C>

5.3    Proportionate Adjustment of  Floating             If the A$ Class A 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
                                                         A 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 A 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 A Interest Amounts) being the same proportion
                                                         as the A$ Class A 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 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,
                                                         Amount, being A$[            ]

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

                                                         Notwithstanding Section 2(a)(ii) of the
                                                         Agreement, Party A must pay the Party A
                                                         Initial Exchange Amount to Party B by 4.00pm
                                                         (Sydney time) on the Initial Exchange Date
                                                         and Party B must pay Party A the Party B
                                                         Initial Exchange Amount by 4.00pm (New York
                                                         time) on the Initial Exchange Date. Section
                                                         2(a)(v) of the Agreement will not apply to
                                                         the payments of the Initial Exchange
                                                         Amounts.

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 A
                                                         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 A 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 A Principal Amount in
                                                         relation to the Quarterly Payment Date which is the Final
                                                         Exchange Date
</TABLE>

                                                                               5
<PAGE>

<TABLE>
<CAPTION>

<S>    <C>                                               <C>
       Party B Final Exchange Amount:                   The A$ Class A 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:                                 [                       ]

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 in
                                                        accordance with Part 5(3)(ii) of the Schedule to the
                                                        Agreement

       Account for payments in A$:                      The account notified in writing by Party A
                                                        to Party B in accordance with Part 5(3)(i)
                                                        of the Schedule to the Agreement

8.2    PAYMENTS TO PARTY B

       Account for payments in US$:                     The account notified in writing by the
                                                        Principal Paying Agent to Party A in
                                                        accordance with Part 5(2)(ii) of the
                                                        Schedule to the Agreement

       Account for payments in A$:                      The account notified in writing by Party B
                                                        to Party A in accordance with Part 5(2)(i)
                                                        of the Schedule to the Agreement

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 A Principal Amount in
                                                                 relation to that Quarterly Payment
                                                                 Date;

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

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

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

10.    OFFICES:                                         The Office of Party A for each Transaction is
                                                        New York.

11.    TAXES                                            Section 2(d) of the Agreement is amended as it
                                                        applies to the Transaction as follows:
</TABLE>

                                                                               6
<PAGE>

<TABLE>
<CAPTION>

<S>    <C>                                               <C>

                                                        (i)      The word "if" is deleted at the
                                                                 beginning of Section 2(d)(i)(4) and
                                                                 the following words are inserted
                                                                 instead:

                                                                    "if and only if X is Party A and".

                                                        (ii)     In Section 2(d)(ii) the words "(if
                                                                 and only if Y is Party A)" are
                                                                 inserted after the word "then" at
                                                                 the beginning of the last
                                                                 paragraph.

                                                        Without prejudice to the above amendments,
                                                        it is agreed that Party B:

                                                        (iii)    is not obliged to pay in respect of
                                                                 the Transaction:

                                                                 (1)      any additional amount to Party A
                                                                          under Section 2(d)(i)(4); or

                                                                 (2)      any amount to Party A under Section
                                                                          2(d)(ii); and

                                                        (iv)     will not receive payments under the
                                                                 Transaction from which deductions
                                                                 or withholdings have been made
                                                                 under Section 2(d).

                                                        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 the
                                                        Transaction under Section 6(e) to the extent
                                                        that payment of such amount is delayed by
                                                        the operation of Part 5(7)(f) of the
                                                        Agreement.
</TABLE>

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

Executed documents will follow by mail.

Yours sincerely

CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:

SIGNED for and on behalf of
DEUTSCHE BANK AG, NEW YORK BRANCH

By:

                                                                               7
<PAGE>

                     (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 LIMITED, ABN 86 000 431   MACQUARIE SECURITISATION LIMITED,
                                                       ABN 16 003 297 336 827
as trustee of the PUMA Global Trust No. 1

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

                                                       Name:
Name:

                                                       Title:
Title:
</TABLE>

                                                                               8
<PAGE>

                              DEFINITIONS SCHEDULE

In this Confirmation and in the Agreement to the extent that it relates to the
PUMA Global Trust No. 1, unless the context otherwise requires:

"A$ CLASS A 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 A Interest Amount and Unpaid A$ Class A Interest Amount on that Quarterly
Payment Date.

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

"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.

"CLASS A 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.

"DETERMINATION TIME" in relation to a Quarterly Payment Date means on or about
11.00am 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 A INTEREST AMOUNT" in relation to a Floating Rate Payer
Payment Date means 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.

"OUTSTANDING CLASS A 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.

"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

                                                                               9
<PAGE>

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 A Noteholders as that term is defined in
the Note Trust Deed.

"RELEVANT NOTES" means the Class A Notes 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 [on or about the date
of this Confirmation] 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 [on or about the date of this
Confirmation] between Party B and the Manager.

"UNPAID A$ CLASS A 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 A 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 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.

                                                                              10
<PAGE>

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

                                                                              11
<PAGE>

                                                           DRAFT: 24 AUGUST 2001

    FORM OF CONFIRMATION FOR CLASS B CURRENCY SWAP - PUMA GLOBAL TRUST NO. 1

                [LETTERHEAD OF DEUTSCHE BANK AG, NEW YORK BRANCH]

[         ] 2001

<TABLE>
<CAPTION>
<S>     <C>                                              <C>
TO:    Perpetual Trustees Australia Limited              Macquarie Securitisation Limited
       (as trustee of the PUMA Global Trust No. 1)       Level 23
       Level 3                                           20 Bond Street
       39 Hunter Street                                  Sydney  NSW  2000
       Sydney  NSW  2000                                 AUSTRALIA
       AUSTRALIA

       ATTENTION:    [        ]                          ATTENTION: [        ]

</TABLE>

CONFIRMATION - PUMA GLOBAL TRUST NO. 1 - US$ CLASS B 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. 1 (the "PUMA TRUST").

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [ ] 2001, as amended, novated or supplemented from
time to time (the "AGREEMENT"), between Deutsche Bank AG, New York Branch
("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 terms of the particular Transaction to which this Confirmation relates are
specified below:

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 [         ]).

                                                                               1
<PAGE>

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

5.1    FLOATING AMOUNTS PAYABLE TO PARTY

(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
                                                    [       ] 2001 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:

                                                    (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 B 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 [        ] 2001
                                                    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>                                           <C>
       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

(C)    Outstanding Class B Interest Amount:              On each Floating Rate Payer Payment Date,
                                                         Party A must pay to Party B the Outstanding
                                                         Class B 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 [              ] 2001 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
</TABLE>

                                                                               3
<PAGE>

<TABLE>
<CAPTION>
<S>    <C>                                           <C>
       Compounding:                                      Inapplicable

(B)    Floating Rate Payer:                              Party B

       Calculation Amount:                               The Outstanding A$ Class B 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 [                  ] 2001 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 B Interest                   On each Floating Rate Payer Payment Date, Party B will pay
       Amount:                                           to Party A the Outstanding A$ Class B Interest Amount in
                                                         relation to that Floating Rate Payer Payment Date

5.3    PROPORTIONATE ADJUSTMENT OF FLOATING             If the A$ Class B 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
                                                         B Interest Amount), Party A must pay to Party B on that
                                                         Quarterly Payment Date (in return for payment by Party B of
                                                         the A$ Class B 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 B Interest Amounts) being the same proportion
                                                         as the A$ Class B Interest Payment bears to the Floating
                                                         Amounts payable by Party B to Party
</TABLE>

                                                                               4
<PAGE>

<TABLE>
<CAPTION>
<S>    <C>                                           <C>
                                                         A on that Quarterly Payment Date.

                                                         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, where Party B pays to Party A the A$ Class B
                                                         Interest Payment on that Quarterly Payment Date, does not
                                                         constitute a failure to pay for the purposes of Section
                                                         5(a)(i) of the Agreement if any of the Class A Notes are
                                                         outstanding on that Quarterly Payment Date.

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 US$[             ]

                                                         Notwithstanding Section 2(a)(ii) of the Agreement, Party A
                                                         must pay the Party A Initial Exchange Amount to Party B by
                                                         4.00pm (Sydney time) on the Initial Exchange Date and Party
                                                         B must pay Party A the Party B Initial Exchange Amount by
                                                         4.00pm (New York  time) on the Initial Exchange Date.
                                                         Section 2(a)(v) of the Agreement will not apply to the
                                                         payments of the Initial Exchange Amounts.

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 B 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 B 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 B Principal Amount in
                                                         relation to the Quarterly Payment Date which is the Final
                                                         Exchange Date

</TABLE>

                                                                               5
<PAGE>

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

       Party B Final Exchange Amount:                    The A$ Class B 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:                                 [                      ]

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 in
                                                         accordance with Part 5(3)(ii) of the Schedule to the
                                                         Agreement

       Account for payments in A$:                       The account notified in writing by Party A to Party B in
                                                         accordance with Part 5(3)(i) of the Schedule to the Agreement

8.2    PAYMENTS TO PARTY B

       Account for payments in US$:                      The account notified in writing by the Principal Paying
                                                         Agent to Party A in accordance with Part 5(2)(ii) of the
                                                         Schedule to the Agreement

       Account for payments in A$:                       The account notified in writing by Party B to Party A in
                                                         accordance with Part 5(2)(i) of the Schedule to the Agreement

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 B Principal Amount in relation to that
                                                                 Quarterly Payment Date;

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

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

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

10.    OFFICES:                                          The Office of Party A for each Transaction is New York.
                                                         The Office of Party B for each Transaction is Sydney.

11.    TAXES                                             Section 2(d) of the Agreement is amended as it applies
                                                         to the Transaction as follows:
</TABLE>

                                                                               6
<PAGE>

                                    (i)      The word "if" is deleted at the
                                             beginning of Section 2(d)(i)(4) and
                                             the following words are inserted
                                             instead:

                                                 "if and only if X is Party A
                                                 and".

                                    (ii)     In Section 2(d)(ii) the words "(if
                                             and only if Y is Party A)" are
                                             inserted after the word "then" at
                                             the beginning of the last
                                             paragraph.

                                    Without prejudice to the above amendments,
                                    it is agreed that Party B:

                                    (iii)    is not obliged to pay in respect of
                                             the Transaction:

                                            (1)   any additional amount to Party
                                                  A under Section 2(d) (i)(4);
                                                  or

                                            (2)   any amount to Party A under
                                                  Section 2(d)(ii); and

                                    (iv)     will not receive payments under the
                                             Transaction from which deductions
                                             or withholdings have been made
                                             under Section 2(d).

                                    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 the
                                    Transaction under Section 6(e) to the extent
                                    that payment of such amount is delayed by
                                    the operation of Part 5(7)(f) of the
                                    Agreement.

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

Executed documents will follow by mail.

Yours sincerely

CONFIRMED AS AT THE DATE FIRST WRITTEN ABOVE:

SIGNED for and on behalf of
DEUTSCHE BANK AG, NEW YORK BRANCH

By:

                     (Authorised Officer)

                                                                               7
<PAGE>

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                                ABN 16 003 297 336 827
as trustee of the PUMA Global Trust No. 1

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

                                      Name:
Name:

                                     Title:
Title:

</TABLE>
                                                                               8

<PAGE>

                              DEFINITIONS SCHEDULE

In this Confirmation and in the Agreement to the extent that it relates to the
PUMA Global Trust No. 1, unless the context otherwise requires:

"A$ CLASS B 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(e)(i) of the Sub-Fund Notice in respect of the A$
Class B Interest Amount and Unpaid A$ Class B Interest Amount on that Quarterly
Payment Date.

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

"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.

"CLASS B 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.

"DETERMINATION TIME" in relation to a Quarterly Payment Date means on or about
11.00am 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 B INTEREST AMOUNT" in relation to a Floating Rate Payer
Payment Date means 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.

"OUTSTANDING CLASS B 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.

"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

                                                                               9
<PAGE>

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 B Noteholders as that term is defined in
the Note Trust Deed.

"RELEVANT NOTES" means the Class B Notes 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 [on or about the date
of this Confirmation] 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 [on or about the date of this
Confirmation] between Party B and the Manager.

"UNPAID A$ CLASS B 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 B 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 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.

                                                                              10
<PAGE>

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

                                                                              11<PAGE>

TABLE OF CONTENTS

<TABLE>
<S>   <C>                                                                                                 <C>
1.    DEFINITIONS AND INTERPRETATION........................................................................2
      1.1         Definitions...............................................................................2
      1.2         Interpretation............................................................................3
      1.3         Trust Deed................................................................................4
      1.4         Benefit of Trust Deed.....................................................................4
      1.5         Rights Accrued under Original Management Deed.............................................4

2.    MANAGEMENT OF THE FUND................................................................................4
      2.1         Duties, Powers and Discretions of Manager.................................................4
      2.2         Limitations on Trustee's Delegation to Manager............................................5
      2.3         Manager's General Powers..................................................................5
      2.4         Manager's Acknowledgement.................................................................5

3.    MANAGER'S DUTIES WHICH SHALL NOT BE DELEGATED.........................................................6
      3.1         Manager's Certificate.....................................................................6
      3.2         Security Enhancements.....................................................................7
      3.3         Maintenance of Books and Records..........................................................7
      3.4         Mortgage Default Statements...............................................................8
      3.5         Proposals for Investment..................................................................8
      3.6         Hedge Arrangements........................................................................8
      3.7         Reconciliation Statements.................................................................8
      3.8         Compliance with Requirements of Mortgage Insurer..........................................8
      3.9         Recommendations for Appointments..........................................................8
      3.10        Originator Entitlement Reports............................................................9
      3.11        Reports on General Insurances.............................................................9
      3.12        Funds for Settlement of Approved Applications.............................................9
      3.13        Inspection of Originators' Records.......................................................10
      3.14        Originator's Professional Indemnity Reports..............................................10
      3.15        Fund Circulars, Offer Letters, Notices and Requests......................................10
      3.16        Approved Valuers.........................................................................10
      3.17        Reporting and Notice Requirements of Mortgage Insurer....................................10
      3.18        Notification of Changes in Parameters....................................................11

4.    MORTGAGE ORIGINATION DEEDS...........................................................................11
      4.1         Intention to Enter.......................................................................11
      4.2         Manager to Advise Trustee of Defaults....................................................11
      4.3         Assumption of Originator's responsibilities by Manager...................................11

5.    COVENANTS BY MANAGER.................................................................................12
      5.1         Perform Obligations......................................................................12
      5.2         Not to Mortgage Fund Assets..............................................................12
      5.3         Act Continuously.........................................................................12
      5.4         Enforce Rights and Remedies - General....................................................12
      5.5         Enforce Rights Against Originator........................................................12
      5.6         Receipt of Fund Moneys...................................................................12
      5.7         Compliance...............................................................................13
      5.8         Not Bind Trustee nor Compound its Rights.................................................13
      5.9         Prejudicial Investments..................................................................13
      5.10        Trustee's Removal........................................................................13
      5.11        Amendments to Parameters.................................................................13
      5.12        Consumer Credit Code provisions..........................................................13

6.    REMUNERATION OF TRUSTEE AND MANAGER..................................................................14
      6.1         Trustee's Fee............................................................................14
</TABLE>

                                                                               i
<PAGE>

<TABLE>
<S>   <C>                                                                                                 <C>
      6.2         Manager's Remuneration...................................................................14
      6.3         Manager's Income Fee.....................................................................14
      6.4         Manager's Residual Asset Management Fee..................................................16

7.    TRUSTEE'S ACCEPTANCE OF APPROVED MORTGAGE LOANS......................................................16
      7.1         Acceptance...............................................................................16
      7.2         Rejection................................................................................16
      7.3         Notice of Rejection......................................................................16

8.    LIABILITY OF MANAGER.................................................................................17
      8.1         Manager May Rely Upon Statement or Certificate by Originator etc.........................17
      8.2         Retainer of Consultants and Agents.......................................................17
      8.3         Trustee's Power to Remedy Manager's Default..............................................17
      8.4         Nominated credit provider................................................................17
      8.5         Primary CCC Indemnity....................................................................18
      8.6         Secondary CCC Indemnity..................................................................18
      8.7         Overall Cap on CCC Liability.............................................................18
      8.8         Trustee's Officers.......................................................................18
      8.9         Trustee's CCC Responsibilities...........................................................19
      8.10        Time at which CCC Liability Arises.......................................................19
      8.11        Survival of indemnities..................................................................20
      8.12        Enforcement of indemnities...............................................................20

9.    RETIREMENT OF MANAGER................................................................................20
      9.1         Voluntary Retirement.....................................................................20
      9.2         Compulsory Retirement....................................................................20
      9.3         Manager's Right to Appoint New Manager...................................................21
      9.4         Trustee's Right to Appoint New Manager...................................................21
      9.5         Consequences of Failure to Appoint New Manager...........................................21
      9.6         Appointment Not to Prejudice Trustee Status..............................................21
      9.7         Delivery of Books and Records............................................................22
      9.8         Execution of Deed by New Manager and Release of Retiring Manager.........................22
      9.9         Manager's Entitlements on Retirement/Removal.............................................22
      9.10        Execution of New Mortgage Origination Deeds by New Manager...............................23

10.   GENERAL REPRESENTATIONS AND WARRANTIES BY MANAGER....................................................23
      10.1        Due Incorporation........................................................................23
      10.2        Due Execution............................................................................23
      10.3        No Breach of Other Documents.............................................................23
      10.4        No Litigation etc........................................................................24

11.   CAPACITY AND LIABILITY OF TRUSTEE....................................................................24
      11.1        This Clause to Prevail...................................................................24
      11.2        Definitions for the purposes of this clause..............................................24
      11.3        Limitation of Liability..................................................................24

12.   GENERAL PROVISIONS...................................................................................25
      12.1        Governing Law............................................................................25
      12.2        Notices..................................................................................25
      12.3        Confidentiality and Public Announcements.................................................26
      12.4        Waivers, Remedies Cumulative.............................................................26
      12.5        Date for Performance.....................................................................26
      12.6        Time of the Essence......................................................................26
      12.7        Severability.............................................................................26
      12.8        Amendment................................................................................26
</TABLE>

                                                                              ii
<PAGE>

<TABLE>
<S>   <C>                                                                                                 <C>
      12.9        Counterparts.............................................................................27
</TABLE>

                                                                             iii

<PAGE>

THIS RESTATED MANAGEMENT DEED IS MADE THE 8TH DAY OF JUNE 1993

PARTIES                PERPETUAL TRUSTEES AUSTRALIA LIMITED ACN 000 431 827 a
                       company incorporated in New South Wales and having its
                       registered office at 39 Hunter Street, Sydney (the
                       "TRUSTEE")

                       PUMA MANAGEMENT LIMITED ACN 003 297 336 (formerly
                       Schroders Australia Mortgage Securities Limited), a
                       company incorporated in New South Wales and having its
                       registered office at Level 22, 20 Bond Street, Sydney
                       (the "MANAGER")

RECITALS

A.   By a Trust Deed dated 13 July 1990, made between the Trustee and the person
     referred to therein as the Founder, as amended by a Deed of Variation of
     Trust dated on or about the date of this Deed, (the "TRUST DEED"), the
     "Pooled Unlisted Mortgage Assets Fund" (now called the "Pooled Unlisted
     Managed Assets Fund" and also the "PUMA Fund") was established.

B.   Pursuant to the Trust Deed the Trustee has been appointed as trustee of the
     Fund.

C.   The Trustee is required by clause 9.3 of the Trust Deed to appoint a duly
     appointed Manager and/or other persons as directed by the Manager to
     perform those duties, powers and discretions detailed in the Trust Deed.

D.   The Trustee is authorised by clause 9.5 of the Trust Deed to delegate to a
     duly appointed Manager and/or other persons reasonably believed by the
     Trustee to be competent, any other duties, powers and discretions arising
     from or in connection with the Fund with the exception of those powers and
     duties detailed in sub-paragraphs (a) to (c) of the said clause 9.5.

E.   Pursuant to a Management Deed (the "ORIGINAL MANAGEMENT DEED") made on 26
     July 1990 between the Trustee and the Manager, the Trustee appointed the
     Manager to perform the functions of the "Manager" as defined in the Trust
     Deed and as detailed in the Original Management Deed.

F.   At the date of this Deed no Sub-Funds have been created and two Warehouse
     Funds have been created which are known as "The PUMA Warehouse Fund No. 1"
     (the "SCHRODERS WAREHOUSE FUND") under which the only Warehousing Investor
     is Schroders Australia Ltd, ACN 000 362 381 (the "SCHRODERS WAREHOUSING
     INVESTOR") and "The PUMA MAC Fund No. 1" (the "MACQUARIE WAREHOUSE FUND")
     under which the only Warehousing Investor is Macquarie Bank Limited, ACN
     008 583 542 (the "MACQUARIE WAREHOUSING INVESTOR")

G.   The Macquarie Warehousing Investor has prior to the execution of this Deed
     consented to this Deed.

H.   The Schroders Warehousing Investor has not been able prior to the execution
     of this Deed to consent to this Deed.

I.   This Deed shall not apply to the Schroders Warehouse Fund or the
     Warehousing Investor Entitlements of the Schroders Warehousing Investor
     until such consent by the Schroders Warehousing Investor is given and
     pending such consent this Deed shall apply only to the Macquarie Warehouse
     Deed and to each Warehouse Fund and Sub-Fund created hereafter.

J.   Subject to the limitation in Recital I, this Deed replaces the Original
     Management Deed and restates the terms of the Manager's appointment as
     "Manager" of the Fund with effect in each case from the date hereof.

                                                                               1
<PAGE>

THE PARTIES AGREE AS FOLLOWS:

1.     DEFINITIONS AND INTERPRETATION

1.1    DEFINITIONS

       In this Deed and the Recitals unless the context otherwise requires:

       "ANNUAL PERIOD" means each period of one calendar year commencing on 1
       April in a year and ending on 31 March in the following year, commencing
       with the period from 1 November 1996 to 31 March 1997.

       "APPROVED APPLICATION" has the meaning given to it in clause 1.1 of the
       Mortgage Origination Deed.

       "DISTRIBUTABLE MINIMUM AMOUNT" in relation to a Fee Period of a Sub-Fund
       means the amount of $1,250 divided by the number of Sub-Funds existing as
       at the commencement of that Fee Period.

       "DUE DATE" in relation to an Approved Mortgage or Loan means the date
       stipulated in an Approved Mortgage or Loan (as the case may be) for
       repayment of the principal sum thereunder.

       "FEE PAYMENT DATE" in relation to:

       (a)   a Sub-Fund means each 31 March and 30 September (or such other
             dates from time to time agreed in writing between the Trustee and
             the Manager) throughout the duration of the Sub-Fund, with the
             final Fee Payment Date for the Sub-Fund being the last day of its
             existence pursuant to the Trust Deed; and

       (b)   a Warehouse Fund means each date provided in the corresponding
             Warehousing Investment Deed to be a Fee Payment Date, or if there
             is no such Warehousing Investment Deed or if no such date is
             provided therein to be a Fee Payment Date, 31 March and 30
             September throughout the duration of the Warehouse Fund (or such
             other dates from time to time agreed in writing between the
             Trustee, the Manager and the corresponding Warehousing Investor)
             with the final Fee Payment Date for the Warehouse Fund in all cases
             being the last day of its existence pursuant to the Trust Deed.

       "FEE PERIOD" in relation to a Relevant Fund means the period from (but
       not including) the previous Fee Payment Date of the Relevant Fund up to
       (and including) the next Fee Payment Date for that Relevant Fund with the
       first Fee Period for a Relevant Fund being the period from (and
       including) the day of its creation pursuant to the Trust Deed up to (and
       including) the first Fee Payment Date for the Relevant Fund.

       "FEE STATEMENT" means a statement prepared and submitted by the Manager
       to the Trustee pursuant to clause 6.3(a).

       "INTERIM CALCULABLE NET INCOME" in relation to a Fee Period of a Sub-Fund
       means the Net Income of the Sub-Fund for that Fee Period after taking
       into account the Manager's Income Fee for that Sub-Fund for that Fee
       Period calculated in accordance with clause 6.3(c)(ii)(A) but prior to
       any adjustment of the Manager's Income Fee pursuant to clauses
       6.3(c)(ii)(B) and (C).

       "MANAGER'S CERTIFICATE" means a certificate issued by the Manager to the
       Trustee pursuant to clause 3.1.

       "MANAGER'S INCOME FEE" means the entitlement of the Manager to a fee on
       each Fee

                                                                               2
<PAGE>

       Payment Date determined pursuant to clause 6.3 of this Deed.

       "MANAGER'S RESIDUAL ASSET FEE" means the entitlement of the Manager to
       the residual asset fee determined pursuant to clause 6.4 of this Deed.

       "MORTGAGE ORIGINATION DEED" means, subject to clause 1.2(d), the pro
       forma Mortgage Origination Deed annexed to this Deed and marked "A" BUT
       in the context of an Originator means the Mortgage Origination Deed
       (whether or not in the form annexed to this Deed and marked "A") actually
       entered into with that Originator.

       "NET INCOME" in relation to a Fee Period of a Sub-Fund means the net
       income of the Sub-Fund for the Fee Period ascertained in accordance with
       the Trust Deed.

       "OFFICER" has the meaning given to it in section 9 of the Corporations
       Law.

       "PARAMETERS" has the meaning given to it in clause 1.1 of the Mortgage
       Origination Deed.

       "PRIMARY CCC INDEMNITY" means the indemnity given by the Manager under
       clause 8.5.

       "PRIMARY CCC INDEMNITY CAP" means:

       (a)   in relation to any Nominated Sub-Fund, $1,000,000; or

       (b)   in relation to any other Fund, $500,000,

       or any other amount agreed between the Manager and the Trustee in writing
       at any time.

       "PROGRAMME PARAMETERS" has the meaning given to it in clause 1.1 of the
       Mortgage Origination Deed.

       "RELEVANT FUND" means each Warehouse Fund and Sub-Fund.

       "SECONDARY CCC INDEMNITY" means the indemnity given by the Manager under
       clause 8.6.

       "SECONDARY CCC INDEMNITY CAP" means, in relation to an Annual Period,
       $9,500,000 (or any other amount agreed between the Manager and the
       Trustee in writing at any time).

       "SETTLEMENT CONFIRMATION" means a certificate issued to the Trustee and
       the Manager by the Title Insurer in respect of a Loan and any Approved
       Mortgages in respect of that Loan in a form agreed to by the parties from
       time to time.

       "SETTLEMENT STATEMENT" has the meaning given to it in clause 1.1 of the
       Mortgage Origination Deed.

       "SOLICITORS CERTIFICATE" has the meaning given to it in clause 1.1 of the
       Mortgage Origination Deed.

       "THIRD SCHEDULE PARAMETERS" has the meaning given to it in clause 1.1 of
       the Mortgage Origination Deed.

       "TRUSTEE'S FEE" means the entitlement of the Trustee to a fee pursuant to
       clause 17.1 of the Trust Deed determined pursuant to clause 6.1 of this
       Deed.

1.2    INTERPRETATION

       In this Deed except to the extent that the context otherwise requires or
       the contrary intention appears:

                                                                               3
<PAGE>

       (a)   references to any legislation or to any provision of any
             legislation shall include any statutory modification or
             re-enactment of, any legislation or provision substituted for or
             replacing (in whole or in substance) such legislation or provision,
             and all legislation and statutory instruments issued under, such
             legislation;

       (b)   words denoting the singular number shall include the plural and
             vice versa;

       (c)   words denoting individuals shall include corporations and firms and
             vice versa;

       (d)   references to this Deed or to any other document or agreement,
             shall include references to this Deed or such document or agreement
             as novated, supplemented, varied or replaced from time to time;

       (e)   references to any person in this Deed or any other document or
             arrangement shall include reference to its successors and permitted
             assigns;

       (f)   words denoting any gender shall include all genders;

       (g)   headings are for convenience only and shall not affect
             interpretation of this Deed;

       (h)   references to "DOLLARS", "DOLLARS", "$" or to another amount are
             references to the relevant units of the lawful currency of the
             Commonwealth of Australia; and

       (i)   "WRITING" includes words of like import including printing, typing,
             lithography and other means of reproducing words in a tangible
             form.

1.3    TRUST DEED

       Subject to clause 1.1, each expression used herein that is defined in the
       Trust Deed and is not defined herein shall have the same meaning herein
       as in the Trust Deed.

1.4    BENEFIT OF TRUST DEED

       The Manager shall have the benefit of all of the rights, powers,
       discretions and entitlements expressed in favour of or conferred upon,
       and shall be bound by all of the obligations and responsibilities assumed
       by, the "Manager" under the Trust Deed as if it was a party thereto.

1.5    RIGHTS ACCRUED UNDER ORIGINAL MANAGEMENT DEED

       The provisions of this Deed shall not affect, diminish or prejudice any
       right or liability, whether present future or contingent, arising under
       the Original Management Deed prior to the date hereof AND the performance
       or omission of any matter or thing by any party thereto prior to the date
       hereof shall be adjudged and determined in all respects pursuant to the
       terms of the Original Management Deed.

--------------------------------------------------------------------------------
2.     MANAGEMENT OF THE FUND

2.1    DUTIES, POWERS AND DISCRETIONS OF MANAGER

       (a)   The Trustee hereby appoints the Manager to perform those duties,
             powers and discretions detailed in clause 9.3 of the Trust Deed.

       (b)   Without limiting the scope of the appointment made in clause 2.1(a)
             the Trustee hereby delegates to the Manager:

             (i)     the general administration and management of the Fund and
                     each of the assets which constitutes the Fund; and

                                                                               4
<PAGE>

             (ii)    the conduct of the day-to-day operation of the Fund.

       (c)   The Manager hereby accepts its appointment pursuant to clauses
             2.1(a) and (b) and agrees that it shall itself, or by its duly
             authorised agents and/or delegates, carry out the obligations
             imposed by this Deed, including the delegations pursuant to clause
             9.3 of the Trust Deed generally.

2.2    LIMITATIONS ON TRUSTEE'S DELEGATION TO MANAGER

       It is acknowledged and agreed that nothing in this clause 2 shall be
       construed as authorising the Manager to be responsible for any of those
       matters detailed in sub-paragraphs (a) to (c) of clause 9.5 of the Trust
       Deed.

2.3    MANAGER'S GENERAL POWERS

       Subject to the provisions of clause 3 and without in any way limiting the
       generality of its powers, the Manager may for the purpose of carrying out
       and performing its duties and obligations:

       (a)   (APPOINT ATTORNEYS): appoint by power of attorney any person to be
             its attorney for such purposes and with such powers, authorities
             and discretions (not exceeding those vested in the Manager) as it
             thinks fit with power for the attorney (but only with the consent
             of the Manager) to sub-delegate any such powers, authorities or
             discretions;

       (b)   (APPOINT DELEGATES): appoint in writing or otherwise any person to
             be the agent delegate or nominee of the Manager as the Manager may
             think necessary or proper for such purposes and with such powers,
             authorities and discretions (not exceeding those vested in the
             Manager) as it thinks fit and this power shall include entering
             into Mortgage Origination Deeds pursuant to clause 4;

       (c)   (ENGAGE EXPERTS): employ, engage, appoint and contract with
             specialist, professional or technical advisers or experts for the
             provision of specialist services in connection with or to assist
             the Manager with the management and development of the Fund;

       (d)   (ENTER INTO CONTRACTS): enter into contracts and incur expenditure
             on behalf of the Fund in connection with the management and
             development of the Fund AND the Trustee shall reimburse the Manager
             for any such expenditure properly incurred by the Manager to the
             extent to which the same is reasonable in amount if the Trustee:

             (i)     is satisfied in the case of a Sub-Fund that the expenditure
                     is in the interests of the Investors of that Sub-Fund; and

             (ii)    is, in accordance with clause 17.2 of the Trust Deed,
                     authorised to reimburse the Manager for the same or in the
                     case of a Warehouse Fund, is permitted by the Warehousing
                     Investment Deed, or has otherwise been authorised by the
                     Warehousing Investor, relating to that Warehouse Fund; and

       (e)   (ISSUE DOCUMENTS): authorise the issue, in the name of the Manager,
             of documents bearing facsimile signatures of the Manager, either
             with or without proper manuscript signatures of its officers
             thereon.

2.4    MANAGER'S ACKNOWLEDGEMENT

       In accepting the appointment as Manager, the Manager acknowledges and
       agrees that it shall

                                                                               5
<PAGE>

       not by virtue of that appointment nor the delegation pursuant to clause
       2.1 be deemed to be an agent, sub-agent, attorney or partner of the
       Trustee in exercising the Manager's rights, powers and discretions and in
       performing the Manager's duties and obligations under this Deed and that
       the Manager is an independent contractor in all respects in relation
       thereto.

--------------------------------------------------------------------------------
3.     MANAGER'S DUTIES WHICH SHALL NOT BE DELEGATED

       The Manager shall be responsible for and attend to the following
       functions in respect of the Fund and shall not delegate those functions
       to any person other than a Related Body Corporate of the Manager or an
       employee of any of them without the prior written consent of the Trustee.

3.1    MANAGER'S CERTIFICATE

       Prior to the settlement of an Approved Mortgage into a Warehouse Fund
       (either through the advance of moneys for the settlement of a Loan
       secured by the Approved Mortgage or through the purchase of the Approved
       Mortgage), the Manager shall provide to the Trustee a certificate, in a
       form approved by the Trustee, in which the Manager shall certify to the
       Trustee that to the best of the Manager's knowledge and belief the loan
       secured by the Approved Mortgage satisfies the criteria for a Loan.

       In such certificate the Manager shall also certify to the Trustee that
       any further terms and conditions imposed by the Mortgage Insurer and set
       out in the Solicitors Certificate or Settlement Confirmation comply with
       the terms and conditions as set out in the corresponding Mortgage
       Insurance Policy (or cover note relating to the same) issued by the
       Mortgage Insurer.

       In such certificate, the Manager shall also provide details of the
       following (which need not be certified by the Manager):

       (a)   (DETAILS OF MORTGAGOR): the name and address of the Mortgagor and,
             where the Mortgagor is not the applicant for a proposed Loan, the
             name and address of the applicant;

       (b)   (PRINCIPAL SUM): the principal sum to be advanced or, in the case
             of a purchase of an Approved Mortgage, secured by the Approved
             Mortgage;

       (c)   (MATURITY AND INTEREST RATE): the term and rate of interest of that
             Approved Mortgage;

       (d)   (PURCHASE PRICE): in the case of the purchase of an Approved
             Mortgage, the purchase price for its acquisition;

       (e)   (RELEVANT FEES): the Trustee's Fees, the Mortgage Insurer's fees,
             the Security Enhancement fees, any Hedge Arrangement fees, the
             Manager's Income Fees and the Originator's fees anticipated to be
             applicable; and

       (f)   (ADDITIONAL INFORMATION): such other information as may be required
             by the Trustee from time to time.

       The Manager shall not provide such certificate in relation to an Approved
       Mortgage until:

       (g)   (SETTLEMENT STATEMENT): it has received the Settlement Statement in
             relation thereto from the Originator;

       (h)   (SOLICITORS CERTIFICATE OR FROM THE TITLE INSURER A SETTLEMENT
             CONFIRMATION): it is satisfied that the Trustee has received from
             the Approved Solicitor a Solicitors Certificate in relation thereto
             (being either the original or a photocopy or facsimile copy
             thereof) BUT the Manager shall not be required to certify as to any
             matter the

                                                                               6
<PAGE>

             subject of the Solicitors Certificate or Settlement Confirmation;
             and

       (i)   (MORTGAGE INSURANCE POLICY): it has received from the proposed
             Mortgage Insurer for that Loan written evidence that the Mortgage
             Insurer has issued a Mortgage Insurance Policy in respect of that
             Loan, a certificate of currency, an undertaking to do so or a cover
             note.

       Subject to clause 7.2, upon receipt by the Trustee of a Manager's
       Certificate in relation to a given Approved Mortgage and if the Trustee
       is satisfied that the same has been properly completed in accordance with
       the requirements hereof, the Trustee shall confirm to the Manager in
       writing prior to the proposed settlement date that, unless instructed to
       the contrary in writing by the Trustee and subject to the receipt of
       settlement funds, it is in order for the Approved Solicitor or the Title
       Insurer to settle the making of the Loan secured by the Approved Mortgage
       or the purchase of the Approved Mortgage (as the case may be).

3.2  SECURITY ENHANCEMENTS

       In relation to all Security Enhancements taken out in respect of the Fund
       the Manager shall:

       (a)   (REMAIN CURRENT): ensure to the extent within its reasonable
             control that at all material times:

             (i)     they are current;

             (ii)    all necessary acts matters and things are performed to
                     ensure the preservation of the Trustee's rights and
                     entitlements under those Security Enhancements; and

             (iii)   all fees, costs and expenses including premiums are
                     promptly paid as and when they fall due, and for the
                     purposes of this clause 3.2(a) the expression "AT ALL
                     MATERIAL TIMES" shall mean from the time the Approved
                     Mortgage corresponding with the Security Enhancement is
                     accepted into a Sub-Fund until the Due Date of the Approved
                     Mortgage;

       (b)   (FIND REPLACEMENT): if any Security Enhancement is terminated for
             whatever reason, use its reasonable endeavours to find a suitable
             replacement Security Enhancement and generally to assist the
             Trustee in complying with the Trustee's obligation imposed by
             clause 10.7(b) of the Trust Deed to advise Investors in relation
             thereto;

       (c)   (ADVISE TRUSTEE OF ENFORCEMENT): advise the Trustee as to the
             appropriate course of action to enable the Trustee to exercise in a
             timely manner any of its rights and obtain any of its entitlements
             under the Security Enhancements; and

       (d)   (PROVIDE REPORTS): provide any reports which are required by the
             party providing the Security Enhancement from time to time.

       Upon becoming actually aware of any breach of or non-compliance (other
       than by the Trustee) with any material term or condition or the whole or
       any of the Security Enhancements made available or continued, the Manager
       shall promptly notify the Trustee in writing of the same.

3.3    MAINTENANCE OF BOOKS AND RECORDS

       The Manager shall establish and maintain all necessary books, records and
       accounts of or in relation to the Fund including books and records of all
       moneys received and disbursed by the

                                                                               7
<PAGE>

       Trustee on behalf of the Fund and the Manager shall produce the same on
       demand for the inspection of the Trustee and provide to the Trustee such
       accounts, reports and details of them as the Trustee may from time to
       time require.

3.4    MORTGAGE DEFAULT STATEMENTS

       The Manager shall provide calendar monthly statements to the Trustee:

       (a)   (Loans in Default): listing those Loans secured by Approved
             Mortgages in respect of which it has become actually aware that any
             party to the relevant Loan or Approved Mortgage (other than the
             Trustee) is in default;

       (b)   (DETAILS OF DEFAULTS): detailing the defaults; and

       (c)   (ACTION TO BE TAKEN): advising the Trustee what action has been
             taken to remedy the default and/or recommending to the Trustee the
             appropriate action to be taken in respect of the default.

3.5    PROPOSALS FOR INVESTMENT

       The Manager shall make written proposals to the Trustee as to the
       investment in appropriate Authorised Investments of any funds held from
       time to time by the Trustee. In making any such proposal the Manager
       shall certify to the Trustee that to the best of its knowledge the
       proposed investment is an Authorised Investment and that such an
       investment complies with the Trust Deed (including clause 10.8 thereof).
       If, based on such certification from the Manager, the Trustee is
       satisfied that the proposed investment is an Authorised Investment and
       that such investment complies with the Trust Deed, it shall make such
       investment in accordance with the Manager's written proposal in relation
       thereto.

3.6    HEDGE ARRANGEMENTS

       Whenever considered necessary by the Manager in order to ensure that
       sufficient moneys are available in the Fund for the payment of Investor
       Entitlements, Warehousing Investor Entitlements and Fees and Expenses,
       the Manager may enter into Hedge Arrangements in respect of and on behalf
       of, and as agent for, the Trustee for the Fund, being Hedge Arrangements
       of a nature, and having terms, previously approved by the Trustee and
       that the Trustee is required to enter into pursuant to the Trust Deed.

3.7    RECONCILIATION STATEMENTS

       The Manager shall prepare and maintain appropriate reconciliation and all
       other bank statements in respect of the Accounts in a form acceptable to
       the Auditors.

3.8    COMPLIANCE WITH REQUIREMENTS OF MORTGAGE INSURER

       The Manager shall comply promptly with the requirements of the Mortgage
       Insurer in respect of any default made by a party to a Loan (other than
       the Trustee) which comes to the actual notice of the Manager and shall
       carry out any directions given by the Mortgage Insurer, subject always to
       the Manager notifying the Trustee of any such directions given by the
       Mortgage Insurer. Any notifications acts or consents required by the
       Mortgage Insurer pursuant to a Mortgage Insurance Policy shall be given
       or done by the Manager in accordance with the provisions and requirements
       of the Mortgage Insurance Policy and the Manager shall promptly
       thereafter bring the same to the notice of the Trustee.

3.9    RECOMMENDATIONS FOR APPOINTMENTS

       The Manager may make recommendations to the Trustee from time to time for
       the

                                       8
<PAGE>

       appointment or approval as the case may be, or removal, of Approved
       Solicitors, Approved Valuers and such other professional advisers as the
       Trustee may require from time to time.

3.10   ORIGINATOR ENTITLEMENT REPORTS

       The Manager shall prepare calendar monthly Originator entitlement reports
       (or at such intervals as shall be agreed upon from time to time with the
       Trustee) and submit copies to the Trustee and subject to their approval
       by the Trustee to the relevant Originator. Each such report shall contain
       inter alia the following details:

       (a)   (Originator): the identification of the Originator to which the
             report relates;

       (b)   (APPROVED MORTGAGES UNDER MANAGEMENT): the total of the principal
             sums currently advanced on Approved Mortgages held as part of the
             Fund which have been introduced by that Originator;

       (c)   (INTEREST): the rates of interest payable under those Approved
             Mortgages and, where applicable, details of any change of the rate
             of interest together with any payments made by Mortgagors which
             exceed or are less than the interest payments they are obliged to
             make under the provisions of those Approved Mortgages;

       (d)   (AMOUNTS TO BE REIMBURSED): any interest or other moneys arising
             from or in connection with those Approved Mortgages for which the
             Originator is entitled to be reimbursed under its Mortgage
             Origination Deed;

       (e)   (ORIGINATOR ENTITLEMENTS): the computation of all amounts to which
             the Originator is then entitled under its Mortgage Origination
             Deed; and

       (f)   (RECOMMENDATION FOR PAYMENT): a recommendation as to whether all or
             any of the amounts referred to in clause 3.10(e) should in fact be
             paid to the Originator.

       The Trustee shall be entitled to assume and rely on the accuracy of an
       Originator entitlement report prepared and submitted to the Trustee
       hereunder by the Manager without verifying the accuracy of the contents
       thereof.

3.11   REPORTS ON GENERAL INSURANCES

       The Manager shall provide a report from time to time to the Trustee of
       details of the renewal of all general insurance policies taken out in
       respect of all improvements on the land the subject of Mortgages and in
       the event that the Manager becomes actually aware that any Originator has
       failed to comply with its obligations under clause 4 of its Mortgage
       Origination Deed in relation to such insurances, the Manager shall
       promptly arrange the requisite insurances in accordance with the
       requirements of the corresponding Mortgage Insurance Policy.

3.12   FUNDS FOR SETTLEMENT OF APPROVED APPLICATIONS

       The Manager shall ensure to the extent within its reasonable control that
       funds for settlement of Approved Applications are available through a
       Warehousing Investor and the Manager acknowledges and agrees that subject
       to this clause and the terms of any contrary agreement with the
       Warehousing Investor:

       (a)   (LIABILITY FOR COSTS): as between the Trustee and the Manager, the
             Manager shall be primarily responsible for payment of all costs and
             expenses incurred by the Warehousing Investor and for which the
             Trustee or the Manager may be liable in the event that an Approved
             Application does not proceed to settlement or that settlement is
             delayed later than the original proposed settlement date, except
             where

                                       9
<PAGE>

             the foregoing results from the Trustee's, or its officer's,
             employee's, agent's or delegate's, fraud, negligence or wilful
             default; and

       (b)   (LIABILITY TO WAREHOUSING INVESTOR): the Trustee shall only become
             liable to the Warehousing Investor pursuant to the provisions of
             the Trust Deed from the date on which the funds provided by the
             Warehousing Investor are subscribed to the Fund or vested in the
             Trustee, except where an Approved Application does not proceed to
             settlement or where settlement is delayed later than the original
             proposed settlement date as a result of the Trustee's, or its
             officer's, employee's, agent's or delegate's, fraud, negligence or
             wilful default.

       For the purposes of this clause, the delegates of the Trustee shall not
       include the Manager or the Originator. The Manager shall be responsible
       as between itself and the Trustee for any personal liability of the
       Trustee for any fraud, negligence or wilful default on the part of an
       Originator. If the Manager is required to make any payment or incurs any
       liability to the Trustee hereunder in respect of an Originator the
       Trustee shall permit the Manager in the Trustee's name to enforce and to
       have the benefit of, and shall if required by the Manager assign to the
       Manager, any rights that the Trustee has against such Originator arising
       from any fraud, negligence or wilful default, or alleged fraud,
       negligence or wilful default, on the part of such an Originator. The
       Manager shall indemnify the Trustee against any liability, costs and
       expenses incurred by the Trustee in relation to such enforcement or
       assignment.

3.13   INSPECTION OF ORIGINATORS' RECORDS

       At least twice in each financial year, the Manager (by its authorised
       officers) shall attend the business premises of each Originator and
       determine to the best of its ability by inspection of the Originator's
       books and records relating to the Loans whether the Originator is
       complying with its obligations under its corresponding Mortgage
       Origination Deed AND providing the Trustee with a written report in
       respect of each inspection and any recommendations arising out of it as
       soon as practicable after the inspection.

3.14   ORIGINATOR'S PROFESSIONAL INDEMNITY REPORTS

       The Manager shall provide to the Trustee at least once in every six
       months and upon request by the Trustee at any other reasonable time a
       report certifying the currency of each Originator's professional
       indemnity insurance and fidelity cover and the level of cover (in each
       case, as advised by the Originator to the Manager).

3.15   FUND CIRCULARS, OFFER LETTERS, NOTICES AND REQUESTS

       The Manager shall submit to the Trustee all circulars, offer letters,
       notices, reports and like items to Investors or prospective Investors
       from the Manager for consent prior to issuing any of them.

3.16   APPROVED VALUERS

       The Manager shall keep the Trustee informed from time to time as to the
       persons who each Mortgage Insurer has approved as an "Approved Valuer".

3.17   REPORTING AND NOTICE REQUIREMENTS OF MORTGAGE INSURER

       The Manager shall assist the Trustee in complying in all respects with
       the requirements of each Mortgage Insurer under its respective Mortgage
       Insurance Policy including without limitation:

       (a)   (PREPARATION OF CLAIMS): at the direction of the Trustee promptly
             preparing for signature by the Trustee and lodging with the
             Mortgage Insurer on the same day or next succeeding Banking Day
             after signature by the Trustee any claims (including

                                       10
<PAGE>

             without limitation any claims in respect of interest not paid by
             borrowers) under Approved Mortgages and, in relation to all such
             claims, complying in all respects with the terms and conditions of
             the Mortgage Insurance Policy including without limitation those
             relating to the making of claims, the time limits imposed by the
             Mortgage Insurance Policy for the making of claims, and the use
             completion and lodgement of claim forms, and generally assisting
             the Trustee in pursuing those claims;

       (b)   (NOTIFICATION OF DEFAULTS): without limiting the provisions of
             clause 3.17(a), where a borrower fails to repay the amount of a
             Loan on or before the Due Date specified in the relevant Approved
             Mortgage, preparing the relevant notification to the Mortgage
             Insurer of that default in a form approved by the Mortgage Insurer
             for signature by the Trustee and ensuring that the notification is
             lodged with the Mortgage insurer in compliance with the Mortgage
             Insurance Policy;

       (c)   (REPORTS TO MORTGAGE INSURERS): promptly informing the Trustee if
             it becomes actually aware of the occurrence of any event under a
             Mortgage Insurance Policy requiring notification thereof to the
             corresponding Mortgage Insurer in relation to any Approved
             Mortgage, preparing the relevant notification to the Mortgage
             Insurer in a form approved by the Mortgage Insurer for signature by
             the Trustee and ensuring that such notification is lodged with the
             Mortgage Insurer within the time limit specified in the Mortgage
             Insurance Policy; and

       (d)   (CORRECTING CLAIMS): where the Mortgage Insurer is of the opinion
             that a claim is incomplete or incorrect, promptly assisting the
             Trustee in correcting the claim so that the Mortgage Insurer will
             pay the claim.

3.18   NOTIFICATION OF CHANGES IN PARAMETERS

       The Manager shall promptly notify all Originators, Approved Solicitors
       and Title Insurers of any amendments to the Parameters and provide each
       of them with copies of any such amendments.

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4.     MORTGAGE ORIGINATION DEEDS

4.1    INTENTION TO ENTER

       It is the intention of the parties that a Mortgage Origination Deed shall
       be entered into by the Manager and the Trustee with such persons as the
       Manager may desire to appoint as Originators to perform certain functions
       of the Manager which it is entitled to delegate pursuant to this Deed
       PROVIDED THAT any such person shall have first been approved as an
       Originator by each Mortgage Insurer. The Manager shall not agree to any
       amendments to it without the Trustee's prior written consent (which shall
       not be unreasonably withheld).

4.2    MANAGER TO ADVISE TRUSTEE OF DEFAULTS

       The Manager shall promptly advise the Trustee of any material breach or
       default by any Originator under its Mortgage Origination Deed when the
       Manager actually becomes aware of such breach or default and in respect
       of any such breach or default shall comply promptly with its obligations
       under clause 5.5.

4.3    ASSUMPTION OF ORIGINATOR'S RESPONSIBILITIES BY MANAGER

       If a Mortgage Origination Deed is terminated, the Manager shall assume to
       the extent possible the responsibilities of the Originator thereunder
       regarding the management, enforcement, and incidental matters, relating
       to the Approved Mortgages the subject thereof pending the

                                       11
<PAGE>

       appointment of a new Originator in relation to such Approved Mortgages or
       the transfer of the responsibilities in relation thereto to an existing
       Originator. Whilst the Manager has so assumed the responsibilities of an
       Originator it shall be entitled to the fee and other remuneration that
       would otherwise be earned by the Originator under such terminated
       Mortgage Origination Deed.

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5.     COVENANTS BY MANAGER

5.1    PERFORM OBLIGATIONS

       The Manager shall perform and/or exercise the duties, powers and
       discretions appointed to it pursuant to clause 2.1 or otherwise delegated
       to it or to which it is appointed under the Trust Deed.

5.2    NOT TO MORTGAGE FUND ASSETS

       The Manager shall not sell mortgage charge or otherwise deal with any
       Authorised Investment in the Fund except in accordance with the Trust
       Deed, this Deed and, in the case of a Warehouse Fund, the corresponding
       Warehousing Investment Deed or as otherwise approved by the corresponding
       Warehousing Investor.

5.3    ACT CONTINUOUSLY

       The Manager shall act continuously as the manager of the Fund and perform
       its obligations under this Deed until it retires or is removed pursuant
       to the provisions of this Deed or the Fund is terminated or vests.

5.4    ENFORCE RIGHTS AND REMEDIES - GENERAL

       Upon becoming actually aware of any breach or non-compliance by any
       person with their obligations to the Fund, the Manager shall, in
       consultation with the Trustee and if the Trustee and the Manager consider
       it to be in the interests of Investors or the Sub-Funds Beneficiary (in
       the case of a Sub-Fund) or a Warehousing Investor (in the case of a
       Warehouse Fund), exercise and enforce promptly all rights and remedies of
       the Manager whether pursuant to this Deed or any other deed, agreement or
       contract to which the Manager or its authorised delegate is a party
       relating to any aspect of the Fund.

5.5    ENFORCE RIGHTS AGAINST ORIGINATOR

       In consultation with the Trustee and if the Trustee and the Manager
       consider it to be in the interests of Investors or the Sub-Funds
       Beneficiary (in the case of a Sub-Fund) or a Warehousing Investor (in the
       case of a Warehouse Fund), the Manager shall exercise and enforce
       promptly all rights and remedies that the Manager may have against any
       Originator appointed or any delegate or agent of the Manager or any third
       parties to recover any moneys due to or loss suffered by the Fund so as
       to ensure that the interests of Investors and Warehousing Investors in
       particular and the Fund generally are protected at all times.

5.6    RECEIPT OF FUND MONEYS

       The Manager shall use its best endeavours to ensure that all payments
       made in respect of Approved Mortgages are paid to the Trustee and, in
       respect of any payments received by the Manager from any Mortgagor under
       an Approved Mortgage, within one Banking Day of receipt, the Manager
       shall forward the same to the Trustee or arrange for the same to be
       credited to the corresponding Account and the Manager shall be deemed to
       hold any such payments in trust for the Trustee until the Manager has
       complied with the provisions of this clause.

                                       12
<PAGE>

5.7    COMPLIANCE

       The Manager shall comply with the provisions of the Trust Deed in respect
       of those functions delegated to it and shall not do anything in respect
       of those delegated functions that will result in the Trustee becoming
       liable in its personal capacity as a consequence of any breach by the
       Manager in the performance of its obligations.

5.8    NOT BIND TRUSTEE NOR COMPOUND ITS RIGHTS

       (a)   The exercise by the Manager or any agent or delegate of the Manager
             in respect of any power vested in it pursuant to the provisions of
             this Deed shall not be exercised in such a way as to bind the
             Trustee personally in any manner whatever.

       (b)   The Manager shall not settle, compound or compromise nor attempt to
             settle, compound or compromise any right of the Trustee in respect
             of any Loan or in respect of any other matters relating to the Fund
             without the prior written approval of the Trustee (which it shall
             give if it is in the interests of Investors or the Sub-Funds
             Beneficiary (in the case of a Sub-Fund) or a Warehousing Investor
             (in the case of a Warehouse Fund)).

5.9    PREJUDICIAL INVESTMENTS

       The Manager shall notify the Trustee immediately if in the opinion of the
       Manager the maintenance of an existing investment of the Fund may
       prejudice the qualification of Registered Stock as a Trustee Investment.

5.10   TRUSTEE'S REMOVAL

       The Manager shall carry out all the obligations imposed on the Manager by
       clause 19 of the Trust Deed.

5.11   AMENDMENTS TO PARAMETERS

       The Manager shall not amend the Third Schedule Parameters in any way
       without obtaining the prior written consent of the Trustee. The Manager
       shall promptly provide the Trustee with a copy of any amendment to the
       Programme Parameters.

5.12   CONSUMER CREDIT CODE PROVISIONS

       (a)   The Manager represents and warrants to the best of its knowledge
             and belief (having exercised reasonable care having regard to the
             nature of the Manager's role) that each Loan and Approved Mortgage
             originated into the Fund from time to time (and any related
             guarantees or other support) that is regulated by the Consumer
             Credit Code complies at the time of origination with the applicable
             provisions of the Consumer Credit Code.

       (b)   The Manager undertakes to use reasonable care having regard to the
             nature of the Manager's role to ensure that each Approved Mortgage
             that is regulated by the Consumer Credit Code continues to be
             managed in accordance with the applicable provisions of the
             Consumer Credit Code.

       (c)   The Manager undertakes to cooperate with the Trustee in respect of
             the establishment and maintenance by the Trustee of a compliance
             system relating to the Puma Fund which is reasonable in scope
             having regard to industry standards and criteria for the purposes
             of establishing a system for ensuring that the Trustee's
             obligations and liabilities under the Consumer Credit Code as it
             applies in connection with the Puma Fund are fully discharged and
             that the Trustee is

                                       13
<PAGE>

             informed of significant issues arising in relation to the
             application of the Consumer Credit Code to the Puma Fund.

       (d)   The limits applicable to the amount of the Manager's liability
             under the Primary CCC Indemnity and the Secondary CCC Indemnity do
             not affect the Manager's liability for breaches of this clause
             5.12.

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6.     REMUNERATION OF TRUSTEE AND MANAGER

       The remuneration of the Trustee and the Manager referred to in this
       clause 6 shall be determined separately for each Warehouse Fund and
       Sub-Fund (a "RELEVANT FUND") and the following provisions shall apply
       mutatis mutandis to each of them.

6.1    TRUSTEE'S FEE

       The Trustee's Fee, or the method of calculation thereof, for each
       Relevant Fund shall be as agreed in writing from time to time between the
       Trustee and the Manager. The Trustee and the Manager may from time to
       time agree in writing to alter the Trustee's Fee provided that any such
       agreement shall not affect the Trustee's Fee in respect of those
       Sub-Funds in existence immediately prior to the date of any such
       agreement under this clause.

6.2    MANAGER'S REMUNERATION

       In consideration of the Manager performing its functions and duties
       hereunder and under the Trust Deed, it shall be entitled for its own use
       and benefit to the following:

       (a)   the Manager's Income Fee for each Fee Period in respect of each
             Relevant Fund; and

       (b)   subject to clause 9.9, the Manager's Residual Asset Fee in respect
             of each Sub-Fund.

6.3    MANAGER'S INCOME FEE

       The Manager's Income Fee for each Relevant Fund shall be calculated and
       payable as follows (subject, in the case of a Warehouse Fund, to any
       contrary agreement with the Warehousing Investor in relation thereto):

       (a)   (PREPARE FEE STATEMENT): Not later than the last Banking Day prior
             to a Fee Payment Date for the Relevant Fund the Manager shall
             prepare and submit to the Trustee a statement in respect of the
             Relevant Fund for the Fee Period ending on that Fee Payment Date
             setting out, inter alia, details of the following for the Fee
             Period to which it relates:

             (i)     the receipts of the Relevant Fund from Authorised
                     Investments and other investments;

             (ii)    all Fees and Expenses for the Relevant Fund that the
                     Trustee has been or is entitled to be reimbursed pursuant
                     to the provisions of the Trust Deed;

             (iii)   the Investor Entitlements or Warehousing Investor
                     Entitlements (as the case may be) paid or accrued and
                     unpaid for the Relevant Fund;

             (iv)    the fees and income relating to the Relevant Fund that have
                     been paid to the Originators or to which they are entitled
                     in accordance with the Mortgage Origination Deeds;

                                       14
<PAGE>

             (v)     any other moneys held in the Account for the Relevant Fund;

             (vi)    any fees to which Originators may become entitled for the
                     first month of the next Fee Period for the Relevant Fund;

             (vii)   in the case of each Sub-Fund:

                     (A)  the Interim Calculable Net Income of the Sub-Fund; and

                     (B)  the Net Income of the Sub-Fund; and

             (viii)  the Manager's Income Fee for the Relevant Fund,

             AND the Manager shall in the statement give a warranty as to the
             accuracy of its contents.

       (b)   (APPROVAL BY TRUSTEE): Within 2 Banking Days of receipt of the Fee
             Statement the Trustee shall notify the Manager of its approval or
             otherwise thereof. If there is any disagreement between the Trustee
             and the Manager as to any part of the Fee Statement which the
             parties are unable to resolve within 5 Banking Days of receipt of
             the Fee Statement by the Trustee, the matter shall be referred to
             the Auditor of the Relevant Fund for determination. The Auditor
             shall act as independent expert, not as arbitrator, and the
             determination in writing of the Auditor shall be conclusive and
             binding on the Manager and the Trustee. The Auditor shall be
             requested to give its determination within 5 Banking Days of the
             referral of the disagreement to it. The costs of the Auditor's
             determination shall be borne by the Trustee as trustee of the
             Relevant Sub-Fund unless the Auditor is of the opinion, in light of
             the determination, that it is proper for such costs to be borne by
             the Manager.

       (c)   (MANAGER'S INCOME FEE): The Manager's Income Fee for a Fee Period
             in relation to each Relevant Fund shall be calculated as follows:

             (i)     in relation to each Warehouse Fund, as from time to time
                     agreed in writing between the corresponding Warehousing
                     Investor and the Manager, and issued in writing to the
                     Trustee; and

             (ii)    in relation to each Sub-Fund, in the following manner:

                     A.   subject to paragraphs (B) & (C) of this sub-clause,
                          the Manager's Income Fee for a Fee Period shall be 2
                          1/2 per cent (or such other percentage as from time to
                          time agreed in writing with the Trustee) per annum of
                          the Face Value of Authorised Investments of the
                          Sub-Fund for the Fee Period calculated daily during
                          the Fee Period and based on a year of 365 days;

                     B.   if the Interim Calculable Net Income of a Sub-Fund for
                          a Fee Period of a Sub-Fund is less than the
                          Distributable Minimum Amount, the Manager's Income Fee
                          for the Fee Period shall be adjusted by reducing it by
                          so much so that the Net Income of the Sub-Fund for
                          that Fee Period is equal to the Distributable Minimum
                          Amount; and

                     C.   if the Interim Calculable Net Income of a Sub-Fund for
                          a Fee Period is greater than the Distributable Minimum
                          Amount, the Manager's Income Fee for the Fee Period
                          shall be adjusted by increasing it by 90% of the
                          difference between such Interim

                                       15
<PAGE>

                          Calculable Net Income and the Distributable Minimum
                          Amount.

       (d)   (PAYABLE): The Manager's Income Fee in respect of a Relevant Fund
             and a Fee Period shall accrue due and, subject to clause 14.5 of
             the Trust Deed, shall be payable on each Fee Payment Date for that
             Relevant Fund and Fee Period.

       (e)   (CORRECTION OF FEE STATEMENT): If at any time either party becomes
             aware that a Fee Statement is incorrect in any way, then that party
             shall immediately notify the other and the Manager shall promptly
             prepare an amended Fee Statement and submit it to the Trustee for
             approval. Upon approval of the amended statement:

             (i)     if it discloses an overpayment has been made to the Manager
                     pursuant to clause 6.3(d), the Manager shall promptly repay
                     the amount of that overpayment to the Trustee; and

             (ii)    if it discloses that there is a further amount owing to the
                     Manager pursuant to clause 6.3(d), the Trustee shall
                     promptly pay that amount to the Manager.

       (f)   (FEE ABSOLUTE): The parties acknowledge and agree that the
             Manager's entitlement to the Manager's Income Fee shall not in any
             way be affected or diminished by the repayment (for any reason) of
             a Loan prior to the Due Date under the relevant Approved Mortgage.

6.4    MANAGER'S RESIDUAL ASSET MANAGEMENT FEE

       Subject to clause 9.9, if upon the termination of a Sub-Fund, and after
       the application of the assets and moneys of the Sub-Fund pursuant to
       clauses 14.2, 14.5 and 14.6 of the Trust Deed, there is a surplus in
       excess of $1,000, the Manager shall be entitled to payment of a residual
       asset management fee of the amount of such excess.

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7.     TRUSTEE'S ACCEPTANCE OF APPROVED MORTGAGE LOANS

7.1    ACCEPTANCE

       Subject to the provisions of clause 7.2 the Trustee shall accept all
       Approved Applications for Loans and all Approved Mortgages arising from
       Approved Applications shall be taken into a Warehouse Fund.

7.2    REJECTION

       Subject to any contrary agreement with, or instructions from, the
       corresponding Warehousing Investor, the Trustee may decline to make a
       Loan or to purchase an Approved Mortgage secured by a Loan in the
       circumstances contemplated in clauses 2.13.1-2.13.9 (inclusive) of the
       Mortgage Origination Deed under which it is entitled to cancel the
       corresponding Approved Application AND the Manager and the Trustee
       acknowledge and agree that the Trustee shall not be obliged to advance
       any funds for settlement of a Loan or to purchase any Approved Mortgage
       secured by a Loan until it has received each of the items and/or is
       satisfied as to each of the matters (as the case requires) referred to in
       such clauses 2.13.1-2.13.9 (inclusive) of the Mortgage Origination Deed.

7.3    NOTICE OF REJECTION

       Where the Trustee cancels any Approved Application pursuant to a Mortgage
       Origination Deed it shall promptly notify the Manager in writing to this
       effect giving reasonable details of

                                       16
<PAGE>

       its grounds for so doing.

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8.     LIABILITY OF MANAGER

       The Manager and the Trustee adopt the provisions of clauses 20 and 23.6
       of the Trust Deed as the same apply to the Manager as if they were set
       out at length in this clause 8 and references in clauses 20 and 23.6 of
       the Trust Deed to "this Deed" unless repugnant to the context shall
       include references to this Restated Management Deed. Without limiting any
       of those provisions the further provisions set out in this clause shall
       also apply.

8.1    MANAGER MAY RELY UPON STATEMENT OR CERTIFICATE BY ORIGINATOR ETC.

       The Manager may act in reliance upon any statement or certificate (or the
       contents thereof) by an Originator, an Approved Solicitor , a Title
       Insurer, an Approved Valuer or any other person believed by the Manager
       in good faith to be competent in relation to the matters upon which it is
       consulted by the Manager, that the Manager has no reason to believe is
       not correct, genuine, signed by the proper parties and with appropriate
       authority. The Manager shall not be liable for any thing done or suffered
       or omitted to be done in reliance upon any such statement or certificate
       (or the contents thereof). Without limiting the generality of this clause
       8.1 the Manager may for all purposes (including pursuant to clause 3.1)
       rely upon any statement (and the information contained therein) by an
       Originator in determining that a proposed loan will constitute a "Loan"
       secured by an "Approved Mortgage".

8.2    RETAINER OF CONSULTANTS AND AGENTS

       Where pursuant to its powers under this Deed the Manager retains any
       person to undertake any work or provide any services or advice to the
       Manager then:

       (a)   (MANAGER LIABLE FOR COSTS): the Manager shall be primarily liable
             for payment of any retainer, fees, costs or other expenses due to
             that person; and

       (b)   (MANAGER ENTITLED TO REIMBURSEMENT): the Manager shall be entitled
             to reimbursement by the Trustee for any such expenditure and the
             Trustee shall make such reimbursement on the next succeeding date
             for payment of Investor Entitlements or, if proper provision has
             been made to the satisfaction of the Trustee in the books of the
             relevant Warehouse Fund or Sub-Fund, then upon demand for
             reimbursement by the Manager.

8.3    TRUSTEE'S POWER TO REMEDY MANAGER'S DEFAULT

       If the Manager is in default in the performance of any of its material
       obligations under this Deed THEN without prejudice to any other rights or
       remedies of the Trustee the Trustee may in its absolute discretion (but
       shall in respect of a default under clause 3.2) remedy the default after
       having given 10 days' written prior notice thereof to the Manager (if
       such default constitutes or would lead to a breach under any other
       Transaction Document and a shorter period is provided for therein before
       such breach constitutes an event of default or a termination event (or
       the equivalent thereof howsoever described), then the Trustee before
       being entitled to remedy that default shall only be required to give that
       shorter period less one day of written prior notice of such default to
       the Manager). The Manager hereby irrevocably authorises the Trustee to
       deduct all costs and expenses so incurred by the Trustee from the
       Manager's Income Fee.

8.4    NOMINATED CREDIT PROVIDER

       For the purposes of regulation 75 of the Consumer Credit Amendment
       Regulation (No. 3) 1996 of Queensland (as applicable in each state and
       territory of Australia) the Trustee

                                       17
<PAGE>

       nominates the Manager as the "credit provider" in respect of each credit
       contract entered into by the Trustee in relation to the Funds, with
       liability as provided in clauses 8.5 and 8.6. The Manager agrees to be
       the "nominated credit provider" on those terms for the purposes of all
       such credit contracts.

8.5    PRIMARY CCC INDEMNITY

       (a)   Subject to clauses 8.5(b) and 8.7, the Manager must indemnify the
             Trustee and its Officers on demand, free of any set-off or
             counterclaim, against any CCC Liability in connection with the
             Funds, except to the extent that such CCC Liability arises from the
             Trustee's, or any of its Officers', employees', agents' or
             delegates' (excluding the Manager), fraud, negligence or wilful
             default.

       (b)   The Manager's liability under the Primary CCC Indemnity in respect
             of any amount is subject to the limitation that the Manager's
             aggregate liability under the Primary CCC Indemnity in any Annual
             Period for any individual Fund cannot exceed the Primary CCC
             Indemnity Cap for that Fund.

8.6    SECONDARY CCC INDEMNITY

       (a)   Subject to clauses 8.6(b) and 8.7, the Manager must indemnify the
             Trustee and its Officers in its personal capacity only (and not in
             its capacity as trustee of, nor for the benefit of, any of the
             trusts comprising the Funds) on demand, free of any set-off or
             counterclaim, in respect of any CCC Liability incurred by the
             Trustee personally in the course of acting in its capacity as
             trustee of the Funds and which remains outstanding after exhaustion
             of the Primary CCC Indemnity and the Trustee's rights of indemnity
             from the assets of the Funds, except to the extent that such CCC
             Liability arises from the Trustee's, or any of its Officers',
             employees', agents' or delegates' (excluding the Manager), fraud,
             negligence or wilful default.

       (b)   The Manager's liability under the Secondary CCC Indemnity in
             respect of any amount is subject to the condition that the
             Manager's aggregate liability under the Secondary CCC Indemnity in
             any Annual Period for the entire PUMA Fund cannot exceed the
             Secondary CCC Indemnity Cap. However this limitation does not apply
             in relation to Nominated Sub-Funds.

8.7    OVERALL CAP ON CCC LIABILITY

       (a)   Subject to clause 8.7(b), the Manager's aggregate liability under
             the Primary CCC Indemnity and the Secondary CCC Indemnity in any
             Annual Period for the entire PUMA Fund cannot exceed $10,000,000
             (or any other amount agreed between the Manager and the Trustee in
             writing at any time).

       (b)   The limitation imposed in clause 8.7(a) does not apply to Nominated
             Sub- Funds.

8.8    TRUSTEE'S OFFICERS

       The Manager acknowledges that:

       (a)   the Trustee holds the benefit of the Primary and Secondary CCC
             Indemnities (the "INDEMNITIES") for itself and on behalf of its
             Officers; and

       (b)   the Trustee is entitled to enforce the indemnities on behalf of its
             Officers.

       The trust on which the benefit of the indemnities are held will terminate
       on the date which is 80 years after the date of this Deed, unless
       terminated earlier by the Trustee. A person will be an Officer for the
       purposes of this Deed if that person is an Officer at any time, whether
       before

                                       18
<PAGE>

       or after the date of this Deed and notwithstanding the person has ceased
       to be an Officer. Any amounts received by the Trustee under the
       indemnities will, after deduction of all amounts payable to the Trustee
       itself under or in connection with the indemnities or their enforcement,
       be paid to each Officer pro rata to the amounts owing to that Officer.

8.9    TRUSTEE'S CCC RESPONSIBILITIES

       (a)   If a claim is made by a person against the Trustee or any of its
             Officers in any way out of or in connection with CCC Liability for
             which the Trustee is entitled to be indemnified by the Manager
             under this Deed, the Trustee must:

             (i)     give written notice of the claim promptly to the Manager;

             (ii)    at the expense of the Manager, take any action (including
                     legal proceedings) which the Manager reasonably requires to
                     avoid, dispute, defend, appeal or compromise the claim and
                     any adjudication of it;

             (iii)   at the expense of the Manager, render all reasonable
                     assistance and co-operation to the Manager in the conduct
                     of any legal or other proceedings including, without
                     limitation:

                     A.   providing the Manager with any relevant documents in
                          its possession; and

                     B.   signing all relevant documents, authorities and
                          directions,

                     which the Manager may reasonably require for the
                     prosecution or advancement of any legal or other
                     proceedings, but excluding any documents which are not
                     relevant or in respect of which the Trustee is entitled to
                     legal privilege; and

             (iv)    use reasonable endeavours to procure that each of its
                     Officers complies with this clause 8.9.

             The Manager will not be liable to the Trustee's Officers under the
             Primary or Secondary CCC Indemnities in respect of any amount of
             CCC Liability that arises because of a failure of the Trustee's
             Officers to comply with this clause 8.9(a)

       (b)   The Trustee must establish and maintain procedures designed to
             ensure that the Manager is advised as soon as practicable of any
             notice given or purportedly given to the Trustee under section
             53(a) of the Consumer Credit Code in respect of an Approved
             Mortgage or proposed Approved Mortgage.

8.10   TIME AT WHICH CCC LIABILITY ARISES

       For the purposes of the Primary and Secondary CCC Indemnities and their
       availability during any Annual Period, CCC Liability arises in the Annual
       Period during which it is first incurred by the Trustee (or its
       Officers). Without limiting the generality of the previous sentence:

       (a)   CCC Liability the subject of an order or judgment of a court (as
             defined in the Consumer Credit Code) or other judicial body arises
             when an order or judgment in respect of that amount of liability is
             first made or given against the Trustee (or its Officer); and

       (b)   CCC Liability the subject of a settlement in respect of a claim
             arises when that settlement is first entered into by the Trustee
             (or its Officer).

                                       19
<PAGE>

8.11   SURVIVAL OF INDEMNITIES

       Each of the Primary and Secondary CCC Indemnities is a continuing
       obligation, separate and independent from the other obligations of the
       parties and it remains in force notwithstanding:

       (a)   the termination, discharge or performance of those other
             obligations;

       (b)   the completion of the transactions contemplated by this Deed;

       (c)   the termination of the PUMA Fund or any of the Funds comprising it;
             and

       (d)   the removal or resignation of the Trustee under the Trust Deed.

8.12   ENFORCEMENT OF INDEMNITIES

       It is not necessary for the Trustee to make payment before enforcing the
       Primary or Secondary CCC Indemnities.

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9.     RETIREMENT OF MANAGER

9.1    VOLUNTARY RETIREMENT

       Subject to clause 9.5, the Manager may at any time retire as Manager upon
       giving not less than ninety days written notice to the Trustee (or such
       shorter period of notice as may be agreed with the Trustee) PROVIDED THAT
       no retirement of the Manager shall become effective until the appointment
       of a new Manager in accordance with clauses 9.3 or 9.4.

9.2    COMPULSORY RETIREMENT

       The Manager shall retire immediately upon written notice from the Trustee
       upon the occurrence of any of the following events:

       (a)   (WINDING UP): the commencement of the winding up of the Manager;

       (b)   (RECEIVER): the appointment of a receiver or official manager in
             respect of the whole or part of the undertaking of the Manager;

       (c)   (ARRANGEMENT): a compromise or arrangement by the Manager with its
             creditors;

       (d)   (MATERIAL BREACH): failure of the Manager to remedy within fourteen
             days after written notice by the Trustee any material breach of its
             obligations;

       (e)   (CEASE BUSINESS): the cessation by the Manager of its business;

       (f)   (CHANGE OF CONTROL): if without the prior written consent of the
             Trustee there occurs:

             (i)     a change in fifty-one per cent (or such other percentage
                     the Trustee may in its absolute discretion determine shall
                     constitute a change in the effective control of the
                     Manager) of the shareholding of the Manager existing at the
                     date of this Deed (whether occurring at one time or through
                     a series or succession of transfers or issues of shares);
                     or

             (ii)    a change in the effective management of the Manager as
                     existing at the date of this Deed such that the Manager is
                     no longer able to fulfil its duties and obligations in
                     relation to the Fund; or

                                       20
<PAGE>

             (iii)   the establishment by any means of any trust under which any
                     third party becomes a beneficial owner of any of the
                     Manager's rights under this Deed,

             and the determination of the Trustee (acting bona fide and
             reasonably) that any of these matters has occurred shall be
             conclusive.

       If the Manager fails to retire after such notice, the Trustee shall have
       the right to remove the Manager immediately.

9.3    MANAGER'S RIGHT TO APPOINT NEW MANAGER

       The Manager shall have the exclusive right for sixty days after giving
       the notice of retirement referred to in clause 9.1 to nominate a new
       Manager (the "MANAGER'S NOMINEE") for appointment by the Trustee in its
       stead. The Trustee shall not refuse to appoint the Manager's Nominee if
       the Manager has:

       (a)   (APPROVED BY CURRENT RATING AUTHORITIES): certified to the Trustee
             that the Manager's Nominee would not cause to its knowledge a
             reduction or withdrawal of the rating by each Current Rating
             Authority of Registered Stock (or Specified Investor Securities, as
             the case may be) relating to each Sub-Fund and is willing to act as
             and undertake the obligations of the Manager contained in this
             Deed;

       (b)   (APPROVED BY MORTGAGE INSURERS): procured the approval by each
             Mortgage Insurer of the proposed appointment; and

       (c)   (MANAGER NOT IN DEFAULT): not done or omitted to do any act or
             thing which shall constitute an unremedied breach of the Manager's
             material obligations contained in this Deed.

       If within the sixty day period referred to in this clause 9.3 the Trustee
       has not approved the appointment of the Manager's Nominee the Trustee
       shall for the succeeding period of sixty days have the exclusive right to
       appoint a new Manager.

9.4    TRUSTEE'S RIGHT TO APPOINT NEW MANAGER

       Where the Manager has retired or has been removed by the Trustee pursuant
       to clause 9.2, the Trustee shall have the right to appoint a new Manager
       and until the appointment is complete the Trustee shall act as Manager.

9.5    CONSEQUENCES OF FAILURE TO APPOINT NEW MANAGER

       Where the Manager has given notice of retirement pursuant to clause 9.1
       and no new Manager has been appointed within one hundred and twenty days
       from the date of the Manager's notice, then the Manager shall not be
       entitled to retire, but shall continue as Manager until termination of
       all Sub-Funds pursuant to the Trust Deed PROVIDED THAT:

       (a)   the Trustee shall not accept further subscriptions to the Fund or
             any Sub-Fund or Warehouse Fund or permit further investments to be
             vested in it pursuant to the Trust Deed; and

       (b)   the Manager may at any time and from time to time submit further
             proposals to the Trustee for the appointment of a company or
             companies to act as Manager.

9.6    APPOINTMENT NOT TO PREJUDICE TRUSTEE STATUS

       Notwithstanding the foregoing provisions, no new Manager shall be
       appointed as Manager of

                                       21
<PAGE>

       the Fund where such appointment is likely to prejudice the rating issued
       by a Current Rating Agency in respect of any Registered Stock or
       Specified Investor Securities.

9.7    DELIVERY OF BOOKS AND RECORDS

       The Manager shall on retirement or removal deliver to the new Manager all
       documents, records, accounts, registers and other property of whatever
       nature relating to the Fund PROVIDED THAT the Manager shall be entitled
       prior to such delivery to take and retain for its own purposes and its
       own expense, but without causing material delay, a copy of the foregoing.

9.8    EXECUTION OF DEED BY NEW MANAGER AND RELEASE OF RETIRING MANAGER

       (a)   Any company appointed as Manager pursuant to this clause 9 shall
             prior to its appointment execute a Deed in such form as the Trustee
             may require (subject to this clause 9.8) whereby such company shall
             undertake to perform all the obligations of the retiring Manager
             under this Deed and thereupon the retiring Manager shall be
             absolved and released from all further obligations under this Deed
             and the new Manager shall and may thereafter exercise all the
             powers and enjoy all the rights (subject to clause 9.9) and shall
             be subject to all the duties and obligations of the Manager under
             this Deed as fully as if such new Manager had been originally named
             as a party to this Deed but the new Manager shall not be required
             to accept responsibility for any antecedent fraud, negligence or
             wilful default on the part of the retiring Manager.

       (b)   Any release in accordance with this clause 9.8 shall not extend to
             any antecedent fraud, negligence or wilful default on the part of
             the retiring Manager.

       (c)   A condition of the appointment of a new Manager shall be that the
             new Manager procures the discharge to the Manager of all the
             Trustee's liabilities to the Manager whether actual, contingent or
             accrued (subject to clause 9.9 in the case of the Manager's Income
             Fee and the Manager's Residual Asset Fee).

9.9    MANAGER'S ENTITLEMENTS ON RETIREMENT/REMOVAL

       Notwithstanding the Manager's retirement or removal for whatever reason
       it shall retain its entitlement to the Manager's Income Fee but only up
       to the date of its retirement or removal PROVIDED ALWAYS that the
       Manager's Income Fee shall be payable subject to the following criteria:

       (a)   (CALCULATION OF FEE PERIOD): the Fee Period referred to in clause
             6.3 shall for the purposes of this clause 9.9 mean the period from
             the previous Fee Payment Date to the date of retirement and/or
             removal;

       (b)   (FEE STATEMENT): the computation of those items listed in clause
             6.3(a) shall be calculated for the Fee Period referred to in clause
             9.9(a);

       (c)   (PAYMENT): the payment and calculation of the Manager's Income Fee
             shall be made at such time as it would have occurred in the usual
             course if the retirement or removal had not occurred;

       (d)   (SET-OFF): the payment shall be reduced by any indebtedness and/or
             liability which the Trustee reasonably considers has arisen or may
             arise and for which the Manager is and/or shall be liable under the
             provisions of this Deed;

       (e)   (PERFORMANCE OF MATERIAL OBLIGATIONS): the Manager's Income Fee
             shall become due and payable only when, subject to clause 9.9(d),
             the Trustee considers the

                                       22
<PAGE>

             Manager has satisfied all of its material obligations imposed by
             this Deed and the Trust Deed or the responsibility for performing
             any outstanding material obligations has been assumed by a new
             Manager.

       Notwithstanding the Manager's retirement or removal, the Manager shall on
       the termination of a Sub-Fund be entitled to the payment of a proportion
       of the Manager's Residual Asset Fee, the proportion being so much of the
       period of its appointment in relation to the Sub-Fund as bears to the
       life of the Sub-Fund.

9.10   EXECUTION OF NEW MORTGAGE ORIGINATION DEEDS BY NEW MANAGER

       Any company appointed as the Manager pursuant to the provisions of this
       clause 9 shall promptly arrange for preparation and execution of
       appropriate documents to vest in the Manager the rights and duties of a
       Manager under any then existing Mortgage Origination Deed.

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10.    GENERAL REPRESENTATIONS AND WARRANTIES BY MANAGER

       The Manager represents and warrants to the Trustee that:

10.1   DUE INCORPORATION

       The Manager has been duly incorporated and is validly existing under the
       laws of Australia, with full power and authority (corporate and other) to
       conduct its business as now being conducted and to enter into and perform
       its obligations under this Deed, owns or possesses or has obtained all
       material governmental registrations, licences, permits, consents, orders,
       approvals and other authorisations necessary to carry on its business as
       now being conducted, and is conducting its business so as to comply in
       all material respects with all applicable statutes, ordinances, rules and
       regulations, noncompliance with which could have a material adverse
       effect on the Manager, in the jurisdictions in which it is conducting
       business.

10.2   DUE EXECUTION

       This Deed has been duly authorised, executed and delivered by the Manager
       and will constitute a valid and binding agreement of the Manager in
       accordance with its terms, except as enforcement thereof may be limited
       by bankruptcy, insolvency, reorganisation, liquidation, receivership,
       moratorium or other similar laws relating to or affecting creditors'
       rights generally or the rights of creditors of trust fund managers or by
       general principles of equity, regardless of whether such enforceability
       is considered in a proceeding in equity or at law.

10.3   NO BREACH OF OTHER DOCUMENTS

       Neither the execution nor the delivery of this Deed nor the issuance,
       delivery and sale of Registered Stock, nor the consummation of any other
       of the transactions contemplated herein nor the fulfilment of the terms
       of this Deed or the Registered Stock will result in the breach of any
       term or provision of the Memorandum and Articles of Association of the
       Manager or conflict with, result in a breach, violation or acceleration
       of or constitute a default under, the terms of any indenture or other
       agreement or instrument to which the Manager is a party or by which it is
       bound, or any statute, order or regulation applicable to the Manager of
       any court, regulatory body, administrative agency or governmental body
       having jurisdiction over the Manager or any of its subsidiaries or other
       related companies. The Manager is not a party to, bound by or in breach
       or violation of any indenture or other agreement or instrument, or
       subject to or in violation of any statute, order or regulation of any
       court, regulatory body, administrative agency or governmental body having
       jurisdiction over it, which to the best knowledge of the Manager
       materially and adversely affects, or may in the future materially and
       adversely affect:

                                       23
<PAGE>

       (a)   the ability of the Manager to perform its obligations under this
             Deed; or

       (b)   the business, operations, financial condition, properties or assets
             of the Manager.

10.4   NO LITIGATION ETC.

       There are no actions or proceedings against, or investigations of, the
       Manager pending, or, to the knowledge of the Manager threatened, before
       any court, administrative agency or other tribunal:

       (a)   asserting the invalidity of this Deed or any Registered Stock;

       (b)   seeking to prevent the issuance of any Registered Stock or the
             consummation of any of the transactions contemplated by this Deed;
             or

       (c)   which might materially and adversely affect the performance by the
             Manager of its obligations under, or the validity or enforceability
             of, this Deed or any Registered Stock.

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11.    CAPACITY AND LIABILITY OF TRUSTEE

11.1   THIS CLAUSE TO PREVAIL

       All provisions of this Deed shall have effect and be applied subject to
       clause 11.3.

11.2   DEFINITIONS FOR THE PURPOSES OF THIS CLAUSE

       For the purposes of clause 11.3:

       (a)   "OBLIGATIONS" means all obligations and liabilities of whatsoever
             kind undertaken or incurred by or devolving upon the Trustee
             (construed in the absence of clause 11.3) under or in respect of
             this Deed or any deed, agreement or other instrument collateral
             herewith or given or entered into pursuant hereto; and

       "ASSETS" includes all assets, property and rights real or personal of any
             nature whatsoever;

       (b)   a reference to fraud, negligence or wilful default by the Trustee
             includes a reference to fraud, negligence or wilful default by any
             officer, employee, delegate (other than an Originator) or agent of
             the Trustee; and

       (c)   the expression "wilful default" in relation to an Obligation means
             a wilful default by the Trustee in performing an Obligation when
             there are sufficient Assets of the Warehouse Fund or Sub-Fund to
             which such Obligation relates or can be properly apportioned to
             recoup or reimburse the Trustee for any costs and expenses it would
             have incurred had it performed or complied with such Obligation.

11.3   LIMITATION OF LIABILITY

       The Trustee enters this Deed only as trustee of the Fund and,
       notwithstanding anything herein contained, the Manager acknowledges and
       declares that the Obligations are undertaken or incurred by the Trustee
       severally in its capacity as trustee of one or more Warehouse Funds and
       Sub-Funds and, accordingly, except for the Trustee's liability resulting
       from the Trustee's fraud, negligence or wilful default of an Obligation,
       the recourse of the Manager against the Trustee in respect of such
       Obligation is limited severally to the Trustee's right of indemnity out
       of the Assets of each of the Warehouse Funds or Sub-Funds in relation to
       which that Obligation was incurred or can be properly apportioned.

                                       24
<PAGE>

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12.    GENERAL PROVISIONS

12.1   GOVERNING LAW

       This Deed shall be governed by and construed in accordance with the laws
       of the State of New South Wales and the parties irrevocably and
       unconditionally submit to the non-exclusive jurisdiction of the courts of
       that State.

12.2   NOTICES

       Every notice, certificate, request, direction, demand or other
       communication of any nature whatsoever required to be served, given or
       made under or arising from this Deed:

       (a)   shall be in writing in order to be valid;

       (b)   shall be deemed to have been duly served, given or made in relation
             to a party if it is:

             (i)     delivered to the address of that party set out in
                     sub-paragraph (e) (or at such other address as may be
                     notified in writing by that party to the other party from
                     time to time); or

             (ii)    posted by pre-paid registered post to such address; or

             (iii)   sent by facsimile to the facsimile number set out in
                     sub-paragraph (e) (or to such other number as may be
                     notified in writing by that party to the other party from
                     time to time);

       (c)   shall be sufficient if executed by the party giving, serving or
             making the same or on its behalf by any two then Authorised
             Signatories of such party;

       (d)   shall be deemed to be given, served or made:

             (i)     (in the case of pre-paid registered post) within 2 Banking
                     Days of posting;

             (ii)    (in the case of facsimile) on receipt of a transmission
                     report confirming successful transmission; and

             (iii)   (in the case of delivery by hand) on delivery;

       (e)   the addresses and facsimile numbers for service of notices as
             referred to in sub-paragraph (b) of this clause are as follows:

             (i)     where the Trustee is the recipient:

                     Perpetual Trustees Australia Limited
                     39 Hunter Street, Sydney
                     New South Wales 2000

                     Fax: (02) 223 7688
                     Attention: Manager - Mortgage Securitisation; and

             (ii)    where the Manager is the recipient:

                     PUMA Management Limited
                     Level 22

                                       25
<PAGE>

                     20 Bond Street, Sydney
                     New South Wales 2000

                     Fax: (02) 237 3370
                     Attention: The Manager: PUMA Programme.

12.3   CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS

       (a)   The parties acknowledge and agree that all of the terms of this
             Deed and all procedures to be implemented pursuant to its
             provisions shall be strictly confidential between the parties and
             they mutually covenant and agree that save as provided in clause
             12.3(b) they will not disclose any of the same to any other person.

       (b)   No public announcement or communication relating to negotiations of
             the parties or the subject matter or the terms of this Deed or
             relating to the Trust Deed shall be made or authorised by or on
             behalf of either party without the prior written approval of the
             other, except disclosures required by law or by and to any Current
             Rating Authority.

12.4   WAIVERS, REMEDIES CUMULATIVE

       Save as provided in this Deed, no failure to exercise and no delay in
       exercising on the part of any party any right, power or privilege under
       this Deed shall operate as a waiver, nor shall any single or partial
       exercise of any right power or privilege preclude any other or further
       exercise of such right power or privilege, or the exercise of any other
       right, power or privilege.

12.5   DATE FOR PERFORMANCE

       Where the date for performance by either party of any of its obligations
       under this Deed falls on a Saturday, Sunday or public holiday that date
       shall be extended to the next Banking Day.

12.6   TIME OF THE ESSENCE

       Time shall be of the essence of the performance by both parties of their
       obligations under this Deed.

12.7   SEVERABILITY

       If any provision of this Deed is prohibited or unenforceable in any
       jurisdiction such provision shall, as to such jurisdiction, be
       ineffective to the extent of such prohibition or unenforceability without
       invalidating the remaining provisions of this Deed or affecting the
       validity or enforceability of such provision in any other jurisdiction.

12.8   AMENDMENT

       The parties may by mutual agreement (in which respect the Manager must
       comply with its obligations under clause 10.8 of the Trust Deed, except
       for the purposes of paragraphs (b) or (f) of this clause 12.8) and by way
       of Supplemental Deed alter, add to or modify this Deed (including this
       clause 12.8) in respect of the management of any one or more Sub-Funds or
       Warehouse Funds so long as such alteration, addition or modification is:

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

       (b)   in the opinion of the Trustee necessary to comply with the
             provisions of any statute or regulation or with the requirements of
             any governmental authority;

                                       26
<PAGE>

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

       (d)   in the opinion of the Trustee neither prejudicial nor likely to be
             prejudicial to the interests of the Investors in respect of a
             Sub-Fund and the Sub-Fund's Beneficiary (in the case of an
             alteration, addition or modification affecting that Sub-Fund) or a
             Warehousing Investor in respect of a Warehouse Fund (in the case of
             an alteration, addition or modification affecting that Warehouse
             Fund);

       (e)   to apply only in respect of a Sub-Fund or Warehouse Fund yet to be
             constituted under the Trust Deed;

       (f)   necessary to ensure that neither the Trust Deed nor any offer in
             respect of Registered Stock is required to be registered with or
             approved by any regulatory authority in any State or Territory of
             the Commonwealth of Australia; or

       (g)   to amend those parts of this Deed as they relate to the Manager's
             Fee including but without limitation a change in their
             characterisation in the light of any amendment to any statute
             regulation or rule and/or changes to acceptable Standards of
             Accounting adopted by the Institute of Chartered Accountants in
             Australia and/or the Australian Society of Accountants.

12.9   COUNTERPARTS

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

EXECUTED as a deed.

THE COMMON SEAL of PERPETUAL
TRUSTEES AUSTRALIA LIMITED ACN
000 431 827 was affixed by the
authority of the Board of Directors
in the presence of:

                                            Common Seal of Perpetual
                                            Trustees Australia Affixed

(Sgd) C P Curran                            (Sgd) P F Adams

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

(Signature of Secretary/Director)           (Signature of Director)

Charles Paul Curran                         Peter Forsyth Adams

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

(Name of Secretary/Director in Full)        (Name of Director in Full)

                                       27
<PAGE>

THE COMMON SEAL of PUMA MANAGEMENT
LIMITED ACN 003 297 336 was affixed
in accordance with its Articles of
Association in the presence of:

                                            Common Seal of PUMA Management
                                            Limited Affixed

(Sgd) R Beardmore                           (Sgd) W R Sheppard

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

(Signature)                                 (Signature)

Russell Trevor Michael Beardmore            Wallace Richard Sheppard

--------------------------------------      -----------------------------------
(Name in Full)                              (Name in Full)

                                       28

<PAGE>

This is the annexure marked "A" referred to in a Restated Management Deed dated
8th June 1993 between Perpetual Trustees Australia Limited and PUMA Management
Limited

                                                                Intld:
                                                                  RTMB
                                                                   WRS

 [FORM OF MORTGAGE ORIGINATION DEED FOR ORIGINATORS THAT ARE NOT CREDIT UNIONS]

                            MORTGAGE ORIGINATION DEED

                       DATE:

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED

                                     Trustee

                        MACQUARIE SECURITISATION LIMITED

                                     Manager

      THE PARTY WHOSE NAME AND ADDRESS ARE SET OUT IN ITEM 1 OF SCHEDULE 1

                                   Originator

                                [GRAPHIC OMITTED]

                        MACQUARIE SECURITISATION LIMITED
                                 ACN 003 297 336
                            Level 23, 20 Bond Street
                                 SYDNEY NSW 2000

                              Ref: Bevan Richardson
                            Telephone: (02) 8232-6090
                            Facsimile: (02) 8232-4966

                      (C) Macquarie Securitisation LimiteD

<PAGE>

                                      INDEX

<TABLE>
<CAPTION>
                                                                                                           PAGE NO.

<S>                                                                                                              <C>
1.    DEFINITIONS AND INTERPRETATION                                                                             1

1.1      DEFINITIONS                                                                                             1

1.2      INTERPRETATION                                                                                          6

1.3      SCHEDULES                                                                                               7

2.    PROCEDURE FOR FUNDING APPROVED MORTGAGE LOANS AND PURCHASE OF APPROVED MORTGAGES                           8

2.1      SUBMISSION OF APPLICATION BY ORIGINATOR                                                                 8

2.2      APPROVAL OF APPLICATION                                                                                 9

2.3      ALLOCATED RATE FOR APPROVED MORTGAGE LOANS                                                             10

2.4      ACCEPTANCE OFFER                                                                                       10

2.5      PROCEDURE AFTER COMMITMENT                                                                             13

2.6      RELIANCE ON ORIGINATOR'S SKILL                                                                         14

2.7      INDEMNITY RE NON-ADHERENCE TO SETTLEMENT DATE                                                          14

2.8      COMMITMENTS TO FUND                                                                                    15

2.9      LOAN APPROVALS                                                                                         18

2.10     ORIGINATOR'S PRE-SETTLEMENT OBLIGATIONS                                                                18

2.11     SETTLEMENT FUNDS                                                                                       19

2.12     SETTLEMENT AND REGISTRATION                                                                            19

2.13     CANCELLATION OF APPROVED APPLICATION                                                                   20

2.14     PAYMENT OF INTEREST DEDUCTED AT SETTLEMENT                                                             21

2.15     DELIVERY OF DOCUMENTS OF TITLE                                                                         21

2.16     EPITOME OF MORTGAGE                                                                                    22
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
<S>                                                                                                             <C>
2.17     MANAGER'S RELIANCE ON DOCUMENTS SUBMITTED                                                              22

2.18     INSTRUCTIONS TO APPROVED SOLICITORS                                                                    22

3.    ORIGINATOR'S OBLIGATIONS IN RESPECT OF TRUST MORTGAGES                                                    22

3.1      PAYMENTS BY BORROWERS                                                                                  22

3.2      MANAGEMENT OF TRUST MORTGAGES                                                                          23

3.3      COMPLIANCE WITH MORTGAGE INSURANCES                                                                    23

3.4      PAYMENT OF MANAGEMENT COSTS AND EXPENSES                                                               23

3.5      MAINTENANCE OF RECORDS                                                                                 23

3.6      REPORTS TO MANAGER                                                                                     23

3.7      CARE AND SKILL                                                                                         23

3.8      TRUSTEE'S ENTITLEMENT TO REGISTRATION AS MORTGAGEE                                                     24

3.9      NOTIFY DEATH OF ANY BORROWER                                                                           24

3.10     ADVISE DEFAULTS                                                                                        24

3.11     REVIEW OF COMPLIANCE WITH MORTGAGES                                                                    24

4.    INSURANCES - ORIGINATOR'S OBLIGATIONS                                                                     24

4.1      GENERAL INSURANCE                                                                                      24

4.2      LAPSING OF POLICIES                                                                                    24

4.3      SETTLEMENT OF CLAIMS                                                                                   25

4.4      ORIGINATOR TO ASSIST IN MORTGAGE INSURANCE CLAIMS                                                      25

4.5      MORTGAGE INSURANCE CLAIMS                                                                              25

5.    DEFAULT BY BORROWER - ORIGINATOR'S OBLIGATIONS                                                            26

5.1      ORIGINATOR MAY PAY INTEREST PAYMENTS OVERDUE FROM BORROWERS                                            26

5.2      ORIGINATOR'S OBLIGATIONS TO MAKE GOOD DEFAULTS BY BORROWERS                                            27

5.3      PRE-CONDITIONS TO TRUSTEE INSTITUTING PROCEEDINGS FOR OUTSTANDING PAYMENTS                             27
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
<S>                                                                                                             <C>
5.4      ORIGINATOR'S OBLIGATIONS TO ENFORCE MORTGAGE TERMS AGAINST BORROWERS                                   28

5.5      CARRIAGE OF SALE                                                                                       29

5.6      SHORTFALL ON SALE                                                                                      29

5.7      INDEMNITY                                                                                              29

5.8      LIMIT OF ORIGINATOR'S POWERS                                                                           30

ORIGINATOR'S LIABILITY FOR PERSONS RETAINED                                                                     30

6.    WARRANTIES BY ORIGINATOR                                                                                  31

6.1      WARRANTIES                                                                                             31

6.2      WARRANTIES TRUE AT SETTLEMENT DATE                                                                     34

6.3      CORRECTNESS OF APPLICATIONS AND SETTLEMENT STATEMENTS                                                  34

6.4      INDEMNITY                                                                                              34

6.5      WARRANTIES TO CONTINUE                                                                                 34

6.6      ORIGINATOR TO NOTIFY BREACH OF WARRANTY                                                                35

6.7      ORIGINATOR TO CONFIRM WARRANTIES ON REQUEST                                                            35

7.    ORIGINATOR TO BUY BACK MORTGAGES                                                                          35

7.1      REQUEST FOR BUY BACK                                                                                   35

7.2      ORIGINATOR'S OBLIGATIONS                                                                               35

7.3      TRUSTEE AND MANAGER OBLIGATIONS                                                                        35

8.    ORIGINATOR'S REMUNERATION                                                                                 36

8.1      LIMITATION                                                                                             36

8.2      MONTHLY FEE                                                                                            36

8.3      NO SET-OFF BY ORIGINATOR                                                                               37

8.4      MANAGER OR TRUSTEE MAY REMEDY ORIGINATOR'S DEFAULT                                                     37

8.5      MANAGER'S STATEMENT OF COSTS AND EXPENSES                                                              37
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
<S>                                                                                                             <C>
9.    STATUS OF ORIGINATOR                                                                                      38

9.1      INDEPENDENT CONTRACTOR                                                                                 38

9.2      ORIGINATOR'S EMPLOYEES                                                                                 38

9.3      ORIGINATOR HAS NO BENEFICIAL INTEREST IN FUND                                                          39

9.4      MANAGEMENT OF ORIGINATOR'S BUSINESS                                                                    39

10.      ORIGINATOR TO OBSERVE PARAMETERS                                                                       39

10.1     STRICT ADHERENCE TO PARAMETERS                                                                         39

10.2     INCONSISTENCY                                                                                          40

10.3     RECEIPT OF COPY OF PARAMETERS                                                                          40

10.4     SUPPLY OF INFORMATION                                                                                  40

11.      FINANCIAL STATEMENTS AND RECORDS                                                                       40

11.1     REPORTS AND STATEMENTS                                                                                 40

11.2     INSPECTION OF ORIGINATOR'S RECORDS                                                                     40

11.3     DOCUMENTS TO REMAIN THE PROPERTY OF THE TRUSTEE                                                        41

11.4     EVIDENCE OF COMPLIANCE WITH LIQUIDITY REQUIREMENTS                                                     41

12.      ASSIGNMENT BY ORIGINATOR                                                                               41

12.1     PRE-CONDITIONS FOR ASSIGNMENT                                                                          41

12.2     CHANGES IN CONTROL OF ORIGINATOR                                                                       42

12.3     ORIGINATOR TO ENTER DEED WITH NEW MANAGER OR TRUSTEE                                                   42

13.      PROFESSIONAL AND FIDELITY INSURANCE                                                                    43

13.1     ORIGINATOR TO OBTAIN AND MAINTAIN PROFESSIONAL AND FIDELITY INSURANCE                                  43

13.2     LAPSING OR TERMINATION OF FIDELITY INSURANCE                                                           43

14.      CHARGE AND SET-OFF                                                                                     43

14.1     CHARGE BY ORIGINATOR                                                                                   43
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
<S>                                                                                                             <C>
14.2     AUTHORITY TO SET-OFF WHERE ORIGINATOR IN DEFAULT                                                       44

15.      OBLIGATIONS OF MANAGER                                                                                 44

15.1     ACCEPTANCE OF APPLICATIONS                                                                             44

15.2     NOTIFICATION OF CHANGES - GENERAL                                                                      44

15.3     NOTIFICATION OF APPROVED SOLICITORS AND APPROVED VALUERS                                               45

15.4     NOTIFICATION OF INSTRUCTIONS FROM MORTGAGE INSURER                                                     45

15.5     INDICATOR BULLETIN                                                                                     45

16.      TERMINATION                                                                                            45

16.1     IMMEDIATE TERMINATION BY MANAGER                                                                       45

16.2     DEFAULT BY ORIGINATOR                                                                                  46

16.3     ORIGINATOR'S PERFORMANCE                                                                               47

16.4     ORIGINATOR'S OBLIGATIONS TO SURVIVE                                                                    47

16.5     ORIGINATOR TO DELIVER BOOKS                                                                            47

16.6     ORIGINATOR'S ENTITLEMENT TO MONTHLY FEE                                                                48

17.      GENERAL PROVISIONS                                                                                     48

17.1     GOVERNING LAW                                                                                          48

17.2     STRICT COMPLIANCE                                                                                      48

17.3     NOTICES                                                                                                49

17.4     CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS                                                               50

17.5     NON MERGER                                                                                             50

17.6     WAIVERS, REMEDIES CUMULATIVE                                                                           50

17.7     STAMP DUTY                                                                                             50

17.8     OTHER MORTGAGE ORIGINATION DEEDS                                                                       50

17.9     DATE FOR PERFORMANCE                                                                                   51
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
<S>                                                                                                             <C>
17.10       TIME OF THE ESSENCE                                                                                 51

17.11       SEVERABILITY                                                                                        51

17.12       GENERAL INDEMNITY                                                                                   51

17.13       COUNTERPARTS                                                                                        51

18.      TRUSTEE'S COVENANT                                                                                     51

18.1     THIS CLAUSE TO PREVAIL                                                                                 51

18.2     DEFINITIONS FOR THE PURPOSES OF THIS CLAUSE                                                            51

18.3     LIMITATION ON LIABILITY                                                                                52

18.4     TRUSTEE'S PERFORMANCE                                                                                  52

19.      GUARANTEE AND INDEMNITY                                                                                52

SCHEDULE 1                                                                                                       54

SCHEDULE 6                                                                                                       55

SCHEDULE 8                                                                                                       57
</TABLE>

<PAGE>

THIS DEED is made the               day of                    2000

BETWEEN    PERPETUAL TRUSTEES AUSTRALIA LIMITED, ACN 000 431 827, a company
           incorporated in New South Wales and having its registered office at
           Level 7, 39 Hunter Street, Sydney (the 'TRUSTEE')

AND        MACQUARIE SECURITISATION LIMITED, ACN 003 297 336, a company
           incorporated in New South Wales and having its registered office at
           Level 3, 20 Bond Street, Sydney (the 'MANAGER')

AND        THE PARTY WHOSE NAME AND ADDRESS ARE SET OUT IN ITEM 1 OF SCHEDULE 1
           (the 'ORIGINATOR')

RECITALS

A.         By a Trust Deed dated 13 July 1990 (the 'TRUST DEED') made between
           the Trustee and the person referred to therein as the Founder a trust
           known as the PUMA Fund (the 'FUND') was established.

B.         By a Deed dated 26 July 1990 (the 'MANAGEMENT DEED') made between the
           Trustee and the Manager the Manager was appointed the Manager of the
           Fund.

C.         The Originator carries on business as a financier and/or financial
           intermediary and has experience in placing moneys on mortgages of
           real estate and in the management of mortgages.

D.         The Originator has requested the Manager to appoint the Originator as
           its non-exclusive delegate to manage and administer those aspects of
           the Fund as are more particularly detailed in this Deed and the
           Manager has agreed to do so in accordance with the provisions of this
           Deed.

E.         By its execution of this Deed the Trustee consents to the appointment
           of the Originator referred to in Recital D in accordance with the
           provisions of this Deed.

THIS DEED WITNESSES

1.         DEFINITIONS AND INTERPRETATION

1.1        DEFINITIONS

           In this Deed, unless the context otherwise indicates:

<PAGE>
                                       2

           "ACCEPTANCE" means an acceptance by the Originator pursuant to clause
           2.4 of an Offer.

           "ALLOCATED RATE" means the rate of interest expressed as a percentage
           per annum applicable on funds offered by the Manager to the
           Originator pursuant to clause 2 which shall include the Originator's
           Management Rate and which may be a rate which is either fixed or
           calculated by reference to a floating indicator.

           "APPLICATION" means an application made by the Originator pursuant to
           clause 2.1.

           "APPLICATION FEE" means the fee required by the Manager to be paid to
           it by the Originator in support of an Application or an Application
           to Fund.

           "APPLICATION TO FUND" has the meaning given to this term in clause
           2.8.1.

           "APPROVED APPLICATION" means an Offer which has been accepted in
           accordance with clause 2.4.

           "APPROVED MORTGAGE" means a Mortgage which at the date it is accepted
           into the Fund shall:

           (1)        be covered by the Security Enhancements or have such other
                      enhancements as are considered by the Trustee and the
                      Manager to be not less than the Security Enhancements but
                      subject always to the provisions of the Trust Deed; and

           (2)        be in accordance with the provisions of this Deed and the
                      Parameters.

           "APPROVED MORTGAGE LOAN" means a loan secured by an Approved
           Mortgage.

           "APPROVED SOLICITOR" means, a solicitor, conveyancer or Licensed Land
           Broker or firm of any of them approved by the Trustee for the
           purposes of the Fund having:

           (1)        not less than 3 principals; and

           (2)        professional indemnity or similar insurance for an amount
                      of not less than $4 million or such greater amount as the
                      Trustee considers appropriate from time to time.

           "APPROVED VALUER" means a registered valuer within the meaning of the
           Valuers Registration Act 1975 (New South Wales) in the case of New
           South Wales land or a registered valuer within the meaning of the
           corresponding legislation in any other State or Territory in relation
           to land situate in such other State or Territory, in each case
           approved by the Trustee and each Mortgage Insurer for the purposes of
           the Fund.

           "ASSOCIATE" means in respect of a natural person:

           (1)        any relative of that person;

<PAGE>
                                       3

           (2)        any company of which that person is a director or a
                      substantial shareholder (as that term is used in the
                      Corporations Law);

           (3)        any person who is a director or a substantial shareholder
                      of a company described in (2) above; or

           (4)        any related body corporate of a company described in (2)
                      above; and

           in respect of a company:

           (1)        any director or substantial shareholder of that company;

           (2)        any company of which that first company is a substantial
                      shareholder; or

           (3)        any related body corporate of that company.

           "AUTHORISED INVESTMENT" means any of the categories of investments
           set out in the Second Schedule to the Trust Deed.

           "BANK" means any bank licensed to carry on banking business in
           Australia having a Prescribed Rating as defined in the Trust Deed.

           "BANKING DAY" means a day other than a Saturday, Sunday or public
           holiday in New South Wales on which Banks are open for business in
           Sydney.

           "BORROWER" means the applicant for a Loan Approval and includes the
           Borrower's successors and permitted assigns and also (where the
           context so admits) a Mortgagor under a Mortgage.

           "BREAK COSTS" means the consideration payable by a Mortgagor under an
           Approved Mortgage for repayment of the principal sum prior to the Due
           Date, whether the repayment is made voluntarily or compulsorily.

           "COLLATERAL SECURITY" or "COLLATERAL DOCUMENT" means any mortgage,
           charge, security, guarantee, indemnity, Encumbrance or other
           agreement which secures any of the moneys and/or obligations secured
           under a Mortgage whether or not it secures other moneys or
           obligations and whether or not it is given contemporaneously with the
           Mortgage.

           "DOCUMENTS OF TITLE" means all documents evidencing the title of a
           Mortgagor to a Property (and in respect of the purchase of Approved
           Mortgages all guarantees, loan deeds and other documents evidencing
           the terms of the Approved Mortgage and/or ancillary or collateral
           thereto) and other documents which the Originator is required to
           obtain on or before settlement of a Mortgage in accordance with the
           Parameters, this Deed and good conveyancing practice and includes all
           collateral securities to a Mortgage.

           "DUE DATE" means the date stipulated in a Mortgage for repayment of
           the principal sum.

<PAGE>
                                       4

           "EASTERN STANDARD TIME" means the time as applicable in Sydney
           (including Eastern Summer Time).

           "ENCUMBRANCE" includes any mortgage, caveat, pledge, charge, lien,
           assignment by way of security, security interest, title retention of
           any kind (specific or general) (including any agreement to give any
           of the foregoing), any conditional sale and any other security
           agreement or arrangement of whatever nature.

           "INTEREST RATE DELIVERY COMMITMENT" has the meaning given to this
           term in clause 2.8.2.

           "INVESTOR" means a person shown in the register established and
           maintained by the Trustee under the provisions of the Trust Deed as
           the holder of an Investor Entitlement.

           "INVESTOR ENTITLEMENT" means the entitlement of an Investor to the
           payment of principal and interest at the rate and at the time shown
           in the register established under the provisions of the Trust Deed in
           respect of an Investor.

           "LICENSED LAND BROKER" means in the case of South Australian land, a
           land broker within the meaning of the Land Agents Valuers and Brokers
           Act 1973 (South Australia) and in the case of Western Australian
           land, a "settlement agent" within the meaning of the Settlement
           Agents Act 1981 (Western Australia).

           "LOCK-IN DATE" means the date on which the Originator accepts an
           Allocated Rate pursuant to either clause 2.4.1(2) or clause 2.4.2(2).

           "LOAN APPROVAL" means an approval for a loan given by the Originator
           to a prospective Borrower and includes an approval for the sale of an
           Approved Mortgage to the Trustee.

           "MORTGAGE" means a registered first mortgage in a form approved by
           the Trustee over any estate or interest in freehold or leasehold land
           situate in any State or Territory of Australia given or transferred
           to the Trustee to secure a loan which satisfies the criteria for an
           Approved Mortgage Loan.

           "MORTGAGE INSURANCE" means the insurance effected by a Mortgage
           Insurance Policy.

           "MORTGAGE INSURANCE POLICY" means each Pool Insurance Policy and each
           Primary Mortgage Insurance Policy.

           "MORTGAGE INSURER" means each corporation or corporations which:

           (a)        is or are approved from time to time by the Trustee and
                      the Manager; and

           (b)        has issued or issues a Mortgage Insurance Policy to the
                      Trustee.

           "MORTGAGE RECORDS" means all mortgage papers and documents files
           receipts insurance policies insurance premium sheets ledger sheets
           payment records correspondence current and historical computerised
           data files and other papers accounts

<PAGE>
                                       5

           and records of whatever kind or description, whether developed or
           originated by the Originator or not, relating to any Trust Mortgage
           or the performance by the Originator of its obligations pursuant to
           this Deed.

           "MORTGAGOR" means the mortgagor named in a Mortgage and includes the
           successors transferees and permitted assigns of the Mortgagor.

           "OFFER" means an Offer made by the Manager to the Originator to
           accept an Application pursuant to clause 2.2.

           "ORIGINATOR'S MANAGEMENT RATE" means the rate calculated on the
           principal sum under each Trust Mortgage introduced by the Originator
           which the Manager agrees to instruct the Trustee to pay to the
           Originator in consideration of the Originator managing those Trust
           Mortgages in accordance with the provisions of this Deed, which rate
           shall be set at 0.25% p.a. or such other amount as the Trustee and
           the Manager may agree from time to time.

           "ORIGINATOR'S RATE" means an amount representing the difference
           between the lower rate of interest under a Trust Mortgage and the
           Allocated Rate for that Mortgage.

           "PARAMETERS" means collectively the Programme Parameters and the
           Third Schedule Parameters.

           "POOL INSURANCE POLICY" means any pool insurance policy from time to
           time taken out in favour of the Trustee in its capacity as trustee of
           the Fund.

           "PRIMARY MORTGAGE INSURANCE POLICY" means a policy of insurance
           (other than a Pool Insurance Policy) under which, inter alia, an
           insurer insures an Approved Mortgage against loss by the Trustee for,
           inter alia, a fixed sum or a percentage (up to and including 100%) of
           the principal amount secured thereby and/or for interest payments
           owing under such Approved Mortgage.

           "PROGRAMME PARAMETERS" means the manual called "The Puma Fund
           Programme Parameters" issued by the Manager setting out in detail the
           obligations of the Originator in relation to the origination and
           management of Approved Mortgages hereunder, as the same may from time
           to time be amended, supplemented or replaced.

           "PROPERTY" means the land and improvements the subject of an Approved
           Application and/or an Approved Mortgage.

           "SECURITY ENHANCEMENTS" means each Mortgage Insurance Policy, any
           relevant stand-by arrangements and/or such other security, support,
           rights and/or benefits made available to the Trustee in support of or
           substitution for an Authorised Investment or income or benefit
           arising thereon as permitted by the Trust Deed.

           "SETTLEMENT DATE" means the date specified in an Approved Application
           for settlement of an Approved Mortgage Loan or the purchase by the
           Trustee of an Approved Mortgage.

<PAGE>
                                       6

           "SETTLEMENT STATEMENT" means a statement in the form set out in
           Schedule 8.

           "SOLICITORS CERTIFICATE" means a certificate in the form set out in
           Schedule 10 of the Programme Parameters given by an Approved
           Solicitor immediately prior to settlement of an Approved Mortgage
           Loan or the purchase by the Trustee of an Approved Mortgage (as the
           case may be).

           "THIRD SCHEDULE PARAMETERS" means the criteria set out in the Third
           Schedule of the Trust Deed.

           "TRANSFER OF MORTGAGE" means a transfer to the Trustee of an Approved
           Mortgage pursuant to clause 2.

           "TRUST MORTGAGE" means Mortgage accepted into the Fund pursuant to
           clause 2.

           "VALUATION" means a valuation of the Property the subject of an
           Approved Application made by an Approved Valuer not more than three
           (3) months prior to the Settlement Date in respect of that Property
           which Valuation:

           (1)        complies with the Parameters;

           (2)        specifies the person who has requested it; and

           (3)        clearly sets out that it is addressed to and can be relied
                      upon by each of the Trustee, the Manager, the Originator
                      and the corresponding Mortgage Insurer,

           PROVIDED THAT:

           (A)        a Valuation which otherwise meets the above criteria shall
                      not be acceptable if it has been undertaken on the
                      instruction of the Borrower;

           (B)        in the case of the purchase of an Approved Mortgage the
                      Trustee may in its discretion accept a Valuation which is
                      re-addressed by the Approved Valuer to the Trustee, the
                      Manager, the Originator and the corresponding Mortgage
                      Insurer.

           "WAREHOUSING INVESTOR" means an investor who becomes a Warehousing
           Investor by virtue of clause 5 of the Trust Deed.

           "WAREHOUSE OBLIGATIONS" means the obligations of the Manager to
           ensure that funds for Settlement of an Approved Application are
           available on the Settlement Date for that Approved Application.

1.2      INTERPRETATION

           In this Deed except to the extent that the context otherwise requires
           or the contrary intention appears:

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                                       7

           1.2.1      references to any legislation or to any provision of any
                      legislation shall include any statutory modification or
                      re-enactment of, any legislation or provision substituted
                      for or replacing (in whole or in substance) such
                      legislation or provision, and all legislation and
                      statutory instruments issued under, such legislation;

           1.2.2      words denoting the singular number shall include the
                      plural and vice versa;

           1.2.3      words denoting individuals shall include corporations and
                      firms and vice versa;

           1.2.4      references to this Deed or to any other document or
                      agreement, shall include references to this Deed or such
                      document or agreement as novated, supplemented, varied or
                      replaced from time to time;

           1.2.5      references to any person in this Deed or any other
                      document or arrangement shall include reference to its
                      successors and permitted assigns;

           1.2.6      words denoting any gender shall include all genders;

           1.2.7      headings are for convenience only and shall not affect
                      interpretation of this Deed;

           1.2.8      where any payment is to be made under or in relation to
                      this Deed on a day not being a Banking Day the requirement
                      for such payment shall be deemed to be on the next
                      following Banking Day;

           1.2.9      references to "dollars", "Dollars", "$" or to another
                      amount are references to the relevant units of the lawful
                      currency of the Commonwealth of Australia;

           1.2.10     "writing" includes words of like import including
                      printing, typing, lithography and other means of
                      reproducing words in a tangible and viable form;

           1.2.11     the expression "RELATED BODY CORPORATE" has the same
                      meaning given to it in section 9 of the Corporations Law;
                      and

           1.2.12     the use of "CORRESPONDING" in association with Mortgage
                      Insurer, Mortgage Insurance and Mortgage Insurance Policy
                      in a provision of this Deed means the existing or proposed
                      Mortgage Insurer, Mortgage Insurance or Mortgage Insurance
                      Policy (as the case may be) relating to the existing or
                      proposed Trust Mortgage or Property the subject of that
                      provision.

1.3        SCHEDULES

           The Manager may with the prior consent of the Trustee (which shall
           not be unreasonably withheld) from time to time vary the form and
           substance of the Schedules to this Deed and from the time that a
           Schedule is so varied, a reference herein to that Schedule shall be
           to the Schedule so varied.

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                                       8

2.         PROCEDURE FOR FUNDING APPROVED MORTGAGE LOANS AND PURCHASE OF
           APPROVED MORTGAGES

2.1        SUBMISSION OF APPLICATION BY ORIGINATOR

           2.1.1      The Originator may submit an Application to the Manager
                      for the Trustee to make an Approved Mortgage Loan or to
                      purchase an Approved Mortgage, which shall be in the form
                      set out in Schedule 4.

           2.1.2      In submitting an Application the Originator:

                      (1)        shall request the Manager to make an Offer in
                                 accordance with clause 2.2;

                      (2)        shall state whether the Application is to be
                                 the subject of an Interest Rate Delivery
                                 Commitment previously made by the Manager and,
                                 if so, give sufficient details to identify the
                                 relevant Interest Rate Delivery Commitment;

                      (3)        may nominate a proposed Settlement Date which
                                 is not more than 10 weeks from the date of
                                 Application or such longer period as the
                                 Manager agrees;

                      (4)        shall state whether the Application is for
                                 funds at a fixed rate or at a floating rate;

                      (5)        may request the Manager to provide an Allocated
                                 Rate for a specified Settlement Date; and

                      (6)        acknowledges that if the Originator does not
                                 request provision of an Allocated Rate then:

                                 (A)        the Originator may request an
                                            Allocated Rate at any time up to a
                                            date being not later than five (5)
                                            Banking Days prior to the Settlement
                                            Date

                                 PROVIDED THAT:

                                 (B)        if the Originator does not request
                                            an Allocated Rate within thirty (30)
                                            days of the date of its Acceptance
                                            of the Offer as specified in clause
                                            2.4.2(2) then, unless the Manager
                                            otherwise agrees, the Approved
                                            Application shall thereupon be
                                            treated as having been cancelled.

           2.1.3      Each Application submitted to the Manager shall:

                      (1)        be properly completed and signed by the
                                 Originator;

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                                       9

                      (2)        be accompanied by:

                                 (A)        a Valuation of the Property;

                                 (B)        copies of all documentation to be
                                            lodged in support of the application
                                            to the Mortgage Insurer for Mortgage
                                            Insurance; and

                                 (C)        any other documents or information
                                            which the Manager may require.

           2.1.4      The Originator acknowledges to the Trustee and the Manager
                      that the Trustee, the Manager and the corresponding
                      Mortgage Insurer will be relying on the information and
                      documentation provided by the Originator in and with the
                      Application, including when the Manager or the Originator
                      (as the case may be) submits the Application to the
                      Mortgage Insurer for approval. The Originator shall
                      indemnify and keep indemnified the Trustee and the Manager
                      from and against any loss or damage which they or either
                      of them may suffer or incur in respect of or otherwise
                      arising from the fact that any of the contents of the
                      Application or the documentation accompanying it (or the
                      copy Application or accompanying documentation to the
                      corresponding Mortgage Insurer) are untrue or misleading.

2.2        APPROVAL OF APPLICATION

           2.2.1      The Manager may (in its absolute discretion) submit the
                      Application to the Trustee for signature of the proposal
                      to a Mortgage Insurer incorporated in the Application and,
                      subject to the next sentence of this clause, the Manager
                      may then lodge the Application and all relevant
                      documentation with that Mortgage Insurer for approval. As
                      an alternative to the Manager lodging the Application and
                      all relevant documentation with a Mortgage Insurer, the
                      Originator may, if permitted by the Manager, lodge a copy
                      of the Application and all relevant documentation direct
                      with that Mortgage Insurer for approval. If the Mortgage
                      Insurer shall require any additional information as a
                      pre-requisite to approving the Application the Originator
                      shall use its best endeavours to procure the same upon
                      notification by the Manager or the Mortgage Insurer of the
                      requirement.

           2.2.2      Upon receipt of approval of the Application by the
                      Mortgage Insurer the Manager may (in its absolute
                      discretion) make an Offer to accept an Application but the
                      Manager shall be under no obligation to do so and may
                      decline to make an Offer notwithstanding the approval of
                      an Application by the Mortgage Insurer.

           2.2.3      The Offer for:

                      (1)        a proposed Approved Mortgage Loan the subject
                                 of an Interest Delivery Rate Commitment shall
                                 be in the form set out in Annexure (a) to
                                 Schedule 3;

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                                       10

                      (2)        a proposed purchase of an Approved Mortgage the
                                 subject of an Interest Delivery Rate Commitment
                                 shall be in the form set out in Annexure (b) to
                                 Schedule 3;

                      (3)        a proposed Approved Mortgage Loan to which
                                 paragraph (1) above does not apply shall be in
                                 the form set out in Schedule 6 and, where
                                 appropriate, with the Annexure to it;

                      (4)        the proposed purchase of an Approved Mortgage
                                 to which paragraph (2) above does not apply
                                 shall be in the form set out in Schedule 7 and,
                                 where appropriate, with the Annexure to it.

           2.2.4      The Originator acknowledges that any such Offer shall be
                      made to the Originator personally and in its capacity as
                      the Originator under this Deed and in no other capacity
                      and shall not in any way be deemed to constitute an offer
                      to any proposed Borrower or to the proposed transferor of
                      an Approved Mortgage.

2.3        ALLOCATED RATE FOR APPROVED MORTGAGE LOANS

           In the case of Applications which are not made pursuant to an
           Interest Delivery Rate Commitment (in accordance with clause
           2.1.2(2)), the Allocated Rate for a Settlement Date shall be:

           2.3.1      in the case of an Approved Mortgage Loan, the Allocated
                      Rate specified in the Annexure to Schedule 6;

           2.3.2      in the case of the purchase of an Approved Mortgage, the
                      Allocated Rate specified in the Annexure to Schedule 7.

2.4        ACCEPTANCE OFFER

           2.4.1  (1) Where the Manager has made an Offer which includes an
                      Annexure to either Schedule 6 or Schedule 7, the
                      Originator may accept the Offer by signing and returning
                      the Schedule 6 and Annexure or the Schedule 7 and Annexure
                      (as appropriate) to the Manager within thirty (30) minutes
                      (or within such other period as may be nominated by the
                      Manager from time to time and indicated in the Offer) of
                      receipt of the Offer by the Originator.

                  (2) If the Originator accepts the Offer in the manner and
                      within the time specified in clause 2.4.1(1), then subject
                      to clause 2.4.5 the Offer and Acceptance shall be deemed
                      completed and an enforceable contract shall subject to the
                      other provisions of this Deed exist between the parties
                      from the time the Manager receives the Acceptance.

                  (3) If the Originator does not accept the Offer in the manner
                      and within the time specified in clause 2.4.1(1), then the
                      Acceptance by the Originator shall be deemed to be an
                      Application under clause 2.1 and the provisions

<PAGE>
                                       11

                      of clause 2.4.2(2) shall apply to it mutatis mutandis.

           2.4.2  (1) Where the Manager has made an Offer which does not include
                      an Annexure to either Schedule 6 or Schedule 7, the
                      Originator may accept the Offer by signing and returning
                      the Schedule 6 without Annexure or the Schedule 7 without
                      Annexure (as appropriate) within 5 Banking Days (or within
                      such other period as may be nominated by the Manager from
                      time to time and indicated in the Offer) of receipt of the
                      Offer by the Originator but in that event the Application
                      shall be treated only as an Approved Application and the
                      following provisions of this clause 2.4.2 shall apply.

                  (2) If the Originator accepts the Offer in the manner and
                      within the time specified in clause 2.4.2(1), then the
                      Originator may (subject always to proviso (ii) below) not
                      less than 5 Banking Days prior to the Settlement Date
                      request the Manager to specify an Allocated Rate and in
                      that event:

                      (A)        the Manager shall promptly furnish to the
                                 Originator the Schedule 6 Annexure or the
                                 Schedule 7 Annexure (as appropriate);

                      (B)        the Originator may accept the Allocated Rate so
                                 offered within thirty (30) minutes of receipt
                                 of the relevant Annexure;

                      (C)        if the Originator accepts the Allocated Rate so
                                 offered, then subject to clause 2.4.5 the Offer
                                 and Acceptance shall be deemed completed and an
                                 enforceable contract shall subject to the other
                                 provisions of this Deed exist between the
                                 parties from the time the Manager receives the
                                 Acceptance,

                      PROVIDED ALWAYS and the parties acknowledge and agree
                      that:

                      (i)        an Approved Application may proceed to
                                 settlement only after an Allocated Rate has
                                 been received and accepted pursuant to this
                                 clause 2.4.2; and

                      (ii)       an Approved Application for which the
                                 Originator has not requested and accepted an
                                 Allocated Rate within 30 calendar days after
                                 the date it accepts the Offer pursuant to
                                 clause 2.4.2(2) shall, unless the Manager
                                 otherwise agrees, be deemed to have been
                                 cancelled.

           2.4.3      The Originator agrees that:

                      (1)        each Application shall, if required by the
                                 Manager, be accompanied by the Application Fee;

<PAGE>
                                       12

                      (2)        if not already paid, the Application Fee shall
                                 become immediately due and payable on the date
                                 it accepts the Offer whether or not the
                                 relevant Annexure was included in the Offer;

                      (3)        if it does not accept the Offer within the
                                 relevant times referred to in clauses 2.4.1 or
                                 2.4.2, then:

                                 (A)        the Offer shall ipso facto lapse;
                                            and

                                 (B)        any Application Fee already paid by
                                            the Originator shall be retained by
                                            the Manager;

                      (4)        the decision of the Manager as to whether an
                                 Acceptance has been properly completed by the
                                 Originator shall be final and binding on the
                                 Originator;

                      (5)        if the Manager declines to make an Offer
                                 pursuant to clause 2.2.2 any Application Fee
                                 already paid by the Originator shall be
                                 refunded to the Originator;

                      (6)        if for any reason other than that specified in
                                 the preceding sub-clause (5):

                                 (A)        funds are not advanced;

                                 (B)        an Allocated Rate is never set; or

                                 (C)        an Approved Application is cancelled
                                            or is deemed to have been cancelled
                                            pursuant to any of the provisions of
                                            this clause 2,

                                 THEN the Manager may in its absolute discretion
                                 refund the whole or part of the Application Fee
                                 actually paid by the Originator OR where the
                                 Application Fee has been debited to the
                                 Originator's account, credit that account with
                                 the whole or part of the Application Fee.

           2.4.4      Where the Originator has not specified a Settlement Date
                      in an Approved Application it may appoint a Settlement
                      Date by giving to the Manager not less than 5 Banking
                      Day's notice in writing expiring at any time not later
                      than 10 weeks after the date of the initial Application
                      (or such longer period as the Manager agrees).

           2.4.5      Notwithstanding any other provision of this Deed, if the
                      Allocated Rate at which the Manager is offering funds to
                      Originators, or the rate being quoted to the Manager for
                      funds, at the time when the Manager receives an Acceptance
                      in accordance with clause 2.4.1(2) or clause 2.4.2(2)(B)
                      is more than at least 0.05% greater than the Allocated
                      Rate applicable at the time when the Manager made the
                      relevant Offer pursuant to clause 2.4.1(1) or furnished an
                      Annexure pursuant to clause 2.4.2(2)(A) (as the case may
                      be) then, at the option of the Manager, the Manager may
                      cancel the Offer made by it by notice in writing to the

<PAGE>
                                       13

                      Originator given no later than the Banking Day following
                      the date of the Originator's abovementioned Acceptance in
                      which event the Manager shall have no further obligations
                      whatsoever in respect of that Offer.

2.4.6                The preceding provisions of this clause 2.4 shall not apply
                     to Offers made pursuant to an Interest Delivery Rate
                     Commitment. The Originator may accept such an Offer by
                     signing and returning the relevant Annexure to Schedule 3
                     within 5 Banking Days (or within such other period as may
                     be nominated by the Manager from time to time and indicated
                     in the Offer) of receipt of the Offer in which case the
                     Offer and Acceptance shall be deemed completed and an
                     enforceable contract shall subject to the other provisions
                     of this Deed exist between the parties from the time the
                     Manager receives the Acceptance.

2.5        PROCEDURE AFTER COMMITMENT

           If the Originator accepts an Offer within the time and in the manner
           specified in clause 2.4 then:

           2.5.1      any Application Fee paid by the Originator shall be
                      applied by the Manager in any manner as the Manager may in
                      its absolute discretion decide and those fees shall not be
                      refundable to the Originator should the Approved
                      Application not proceed for any reason;

           2.5.2      the Originator shall instruct an Approved Solicitor to
                      investigate the title to and all other relevant aspects of
                      each Property the subject of an Approved Application and
                      shall give that Solicitor all instructions on behalf of
                      the Trustee as may be necessary in the circumstances and
                      shall supervise the carrying out of those instructions.
                      Those instructions shall, inter alia, include:

                      (1)        the form of Mortgage to be used (or the
                                 Mortgage the subject of the Approved
                                 Application) and the form of all other
                                 Collateral Documents to be used shall be the
                                 forms approved by the Manager and the Trustee
                                 from time to time;

                      (2)        in the case of the purchase of an Approved
                                 Mortgage, that the benefit of all collateral
                                 securities must be transferred to the Trustee
                                 on settlement;

                      (3)        a direction that the Solicitor shall observe
                                 the requirements of the Parameters and
                                 including in the case of the purchase of
                                 Approved Mortgages that the terms and
                                 conditions of such Mortgages meet the
                                 requirements of the Parameters;

                      (4)        any instructions given by the Originator, the
                                 Manager and/or the Trustee (including the
                                 general requirements of Approved Solicitors
                                 from time to time issued by the Manager and the
                                 Trustee); and

<PAGE>
                                       14

                      (5)        any conditions required by the corresponding
                                 Mortgage Insurer to be met in order for the
                                 Mortgage Insurer to issue Mortgage Insurance
                                 for the proposed Mortgage and generally shall
                                 be in terms identical with those on which the
                                 Manager has approved the Application;

           2.5.3      where the applicable Allocated Rate is established by
                      reference to a floating indicator, the Manager shall
                      determine the applicable value of that floating indicator
                      on the Banking Day immediately preceding the Settlement
                      Date and shall notify the Originator of the resulting
                      Allocated Rate by no later than 3.00 p.m. on the said
                      Banking Day;

           2.5.4      in the case of the proposed purchase of an Approved
                      Mortgage which has existing Mortgage Insurance which
                      accords with the Parameters, the Originator shall procure
                      that the transferor with the consent of the Mortgage
                      Insurer shall assign that policy to the Trustee and the
                      Mortgage Insurer shall provide to the Manager:

                      (1)        a copy of the existing policy of the Mortgage
                                 Insurance; and

                      (2)        evidence that it has been properly assigned to
                                 the Trustee as required by this clause 2.5.4;
                                 and

           2.5.5      in the case of the purchase of an Approved Mortgage and
                      subject to clauses 2.10 and 2.11 the Originator shall sell
                      to the Trustee or procure that the proposed transferor of
                      the Approved Mortgage shall sell to the Trustee and the
                      Trustee shall purchase from the Originator or from the
                      proposed transferor of the Approved Mortgage the relevant
                      Approved Mortgage for the price and on the terms specified
                      in the Approved Application.

2.6        RELIANCE ON ORIGINATOR'S SKILL

           The Originator acknowledges that the Trustee and the Manager will be
           relying on the Originator's reputation, skill and judgement in
           selecting Approved Mortgages which are suitable for Approved Mortgage
           Loans and/or for purchase by the Trustee and in the finalisation and
           settlement of Approved Applications in such a manner as to best serve
           the interests of the Investors and Warehousing Investors. The
           Originator warrants to the Trustee and the Manager that it has and
           will at all times use substantial and sufficient skill and judgement
           in performing its obligations under this Deed.

2.7        INDEMNITY RE NON-ADHERENCE TO SETTLEMENT DATE

           The Originator further acknowledges that in respect of an Approved
           Application it is essential that the relevant Mortgage shall be
           available for entry into the Fund by the Trustee on the Settlement
           Date on and in accordance with the terms of the Approved Application
           for the reason that the Manager will have incurred Warehouse
           Obligations. Without limiting the operation of clause 2.8, commencing
           on the Lock-in Date the Originator shall indemnify and keep
           indemnified the Manager and the Trustee against any loss which the
           Manager or

<PAGE>
                                       15

           the Trustee respectively may suffer or may be likely to suffer as a
           result of the Originator failing to have procured the settlement of
           the relevant Approved Application by the Settlement Date (including
           without limiting the generality of the foregoing, the cancellation of
           an Approved Application pursuant to clause 2.13). The Originator
           agrees that:

           2.7.1      the amount of any such loss shall be the actual costs and
                      expenses incurred by the Manager or the Trustee (as the
                      case may be) in having the warehouse facility (resulting
                      from the Manager incurring Warehouse Obligations)
                      available for drawdown between the Settlement Date and the
                      actual settlement date PROVIDED THAT for the purposes of
                      this sub-clause 2.7.1 the expression "the actual
                      settlement date" shall never mean a date later than the
                      proposed Due Date of the Mortgage the subject of the
                      Approved Application;

           2.7.2      the Manager's or the Trustee's (as the case may be)
                      determination of the amount of any loss or damage suffered
                      by it and referred to in this clause 2.7 shall be final
                      and binding on the Originator and a statement in writing
                      signed on behalf of the Manager or the Trustee by a
                      director, secretary or other authorised officer of the
                      Manager or the Trustee (as the case may be) of such amount
                      shall as against the Originator be conclusive; and

           2.7.3      the Manager shall have the right at any time to cancel the
                      Approved Application if the actual settlement date does
                      not occur within two (2) Banking Days after the Settlement
                      Date (or within such extended period after the Settlement
                      Date as the Manager may agree to in writing) without
                      prejudice to the other provisions of this clause 2.7 AND
                      in that event the Originator acknowledges that neither the
                      Manager nor the Trustee (in the absence of negligence on
                      the part of either of them) shall be liable in any way for
                      any loss or damage incurred by the Originator or by the
                      party to whom the Originator has given the Loan Approval
                      pursuant to clause 2.9.

2.8        COMMITMENTS TO FUND

           2.8.1      In respect of given interest rate products and maturities
                      from time to time specified by the Manager as available
                      for commitments in advance pursuant to this clause 2.8 to
                      fund Approved Mortgage Loans or to purchase Approved
                      Mortgages, the Originator may submit to the Manager an
                      Application to Fund in the form set out in Schedule 2 (an
                      "APPLICATION TO FUND") requesting that the Manager make
                      available funds for an amount specified therein (being not
                      less than $500,000 or such other amount from time to time
                      specified in the Parameters) on the date referred to in
                      the Application to Fund for the purpose of originating
                      Approved Mortgage Loans or purchasing Approved Mortgages.

           2.8.2      Upon receipt of an Application to Fund, the Manager may in
                      its absolute discretion issue to the Originator Part A of
                      an Interest Delivery Rate Commitment in the form of
                      Schedule 3 (an "INTEREST DELIVERY RATE COMMITMENT").

<PAGE>
                                       16

           2.8.3      The Manager shall in Part A of each Interest Delivery Rate
                      Commitment specify the following:

                      (1)        the amount to which the Interest Delivery Rate
                                 Commitment relates (the "COMMITMENT AMOUNT");

                      (2)        the indicative minimum Allocated Rate applying
                                 for that Commitment Amount (the "INDICATIVE
                                 MINIMUM ALLOCATED RATE");

                      (3)        the date on which the Originator must satisfy
                                 its obligations pursuant to clause 2.8.6 in
                                 respect of that Commitment Amount (the
                                 "DELIVERY DATE"); and

                      (4)        the applicable Due Date.

           2.8.4      If the Originator wishes to accept the details specified
                      in Part A of an Interest Delivery Rate Commitment issued
                      by the Manager pursuant to clause 2.8.2 it shall sign and
                      return to the Manager Part B thereof within 30 minutes of
                      the issue of such Part A by the Manager (or such other
                      period specified by the Manager).

           2.8.5      Upon receipt of Part B of an Interest Delivery Rate
                      Commitment, the Manager may in its absolute discretion
                      issue to the Originator a completed Part C of the Interest
                      Delivery Rate Commitment. If in that Part C the Manager
                      specifies a final minimum Allocated Rate (the "FINAL
                      MINIMUM ALLOCATED RATE") which is not greater than the
                      Indicative Minimum Allocated Rate plus 0.05% then:

                      (1)        such Final Minimum Allocated Rate shall be
                                 binding on the Originator and the provisions of
                                 clauses 2.8.6 - 2.8.10 (inclusive) shall apply
                                 to, and only in respect of, such an Interest
                                 Delivery Rate Commitment and the Final Minimum
                                 Allocated Rate in respect thereof; and

                      (2)        the Originator shall deliver to the Manager
                                 immediately upon receipt of that Part C an
                                 acknowledgment in the form of Part D of
                                 Schedule 3 provided that such acknowledgment
                                 shall be by way of confirmation only and a
                                 failure by the Originator to deliver it shall
                                 in no way whatsoever prejudice the binding
                                 agreement which arises pursuant to the
                                 Manager's Part C.

                     If the Manager does not issue a completed Part C of an
                     Interest Rate Delivery Commitment or the Final Minimum
                     Allocated Rate does not fall within the upper limit
                     specified in the preceding sentence of this clause, then
                     Parts A & B of the Interest Rate Delivery Commitment shall
                     lapse and shall not be binding on the Manager or the
                     Originator.

           2.8.6      The Originator shall ensure, subject to the provisions of
                      this Deed, the Parameters and the Trust Deed, that on each
                      Delivery Date Approved Mortgage Loans are originated and
                      Approved Mortgages are purchased in accordance with the

<PAGE>
                                       17

                      procedures set out in this clause 2 each of which has a
                      lower rate of interest of not less than the final Minimum
                      Allocated Rate and a Due Date the same as the Due Date
                      nominated by the Originator in the relevant Application to
                      Fund and which collectively have an aggregate principal
                      sum equal to the Commitment Amount.

           2.8.7      Without affecting the operation of clause 2.8.8, if the
                      Originator has not fully complied with its obligations
                      pursuant to clause 2.8.6 in respect of a given Commitment
                      Amount by the Delivery Date in relation thereto, the
                      Originator shall for the period of 30 days commencing on
                      and from that Delivery Date (the "EXTENDED DELIVERY
                      PERIOD") pay to the Manager on demand compensation
                      calculated on a daily basis in respect of the funding and
                      hedging costs incurred directly or indirectly by the
                      Manager in making available and preserving the Interest
                      Delivery Rate Commitment including without limitation the
                      cost of compensating any relevant Warehousing Investor for
                      its funding and hedging costs incurred in the proposed
                      funding by that Warehousing Investor of the whole or any
                      part of the Commitment Amount. The Manager may at any
                      time, and for any reason, in its absolute discretion
                      terminate or further extend the Extended Delivery Period.
                      Notwithstanding anything herein contained, the Manager
                      shall not be obliged to make any payment to the Originator
                      under this clause.

           2.8.8      The Originator shall on demand pay to the Manager and the
                      Trustee, and shall forever indemnify the Manager and the
                      Trustee against, any costs, expenses or damages incurred
                      by the Manager or the Trustee (as the case may be) as a
                      result of a failure by the Originator to comply with
                      clause 2.8.6 and, without limiting the generality of the
                      foregoing, shall pay to the Manager and the Trustee all
                      costs incurred by the Manager or the Trustee in closing
                      out, terminating, unwinding or the equivalent any
                      arrangement entered into by the Manager or the Trustee in
                      order to make the Commitment Amount available on the
                      Delivery Date for not less than the Final Minimum
                      Allocated Rate (including without limitation the cost of
                      compensating any relevant Warehousing Investor for its
                      funding and hedging costs incurred in the proposed funding
                      by that Warehousing Investor of the whole or any part of
                      the Commitment Amount).

           2.8.9      The Manager's determination of the amount payable by the
                      Originator pursuant to clause 2.8.7 or clause 2.8.8 shall
                      be final and binding on the Originator and any statement
                      in writing signed on behalf of the Manager of such amount
                      shall be conclusive evidence thereof.

           2.8.10     The Manager may make a demand on the Originator pursuant
                      to clauses 2.8.7 or 2.8.8 on its own behalf or on behalf
                      of the Trustee at any time and from time to time. All
                      payments in respect of claims made on behalf of or by the
                      Trustee pursuant to clauses 2.8.8 or 2.8.9 shall, unless
                      otherwise directed in writing by the Trustee, be made by
                      the Originator to the Trustee.

           2.8.11     The Originator agrees that:

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                                       18

                      (1)        each Application to Fund shall, if required by
                                 the Manager, be accompanied by the Application
                                 Fee;

                      (2)        if not already paid, the Application Fee shall
                                 become immediately due and payable on the date
                                 the Manager issues a completed Part C of an
                                 Interest Rate Delivery Commitment in accordance
                                 with clause 2.8.5;

                      (3)        if the Manager does not issue a completed Part
                                 C of an Interest Rate Delivery Commitment in
                                 accordance with clause 2.8.5, any Application
                                 Fee already paid by the Originator shall be
                                 refunded to the Originator;

                      (4)        if for any reason other than that specified in
                                 the preceding sub-clause (3):

                                 (A)        funds are not advanced; or

                                 (B)        an Approved Application is cancelled
                                            or is deemed to have been cancelled
                                            pursuant to any of the provisions of
                                            this clause 2,

                      THEN the Manager may in its absolute discretion refund the
                      whole or part of the Application Fee actually paid by the
                      Originator OR where the Application Fee has been debited
                      to the Originator's account, credit that account with the
                      whole or part of the Application Fee.

2.9        LOAN APPROVALS

           The Originator shall not grant any Loan Approval except pursuant to
           an Approved Application and in compliance with the Parameters. The
           Originator shall not give (and acknowledges that it has no authority
           to give) any undertaking or obligation which purports to bind the
           Trustee and/or the Manager otherwise than pursuant to a Loan
           Approval. The Originator shall indemnify the Manager and the Trustee
           and keep each of them indemnified against any liability however
           arising as a result of the Originator giving any Loan Approval
           otherwise than as provided in this clause.

2.10       ORIGINATOR'S PRE-SETTLEMENT OBLIGATIONS

           The Originator shall not less than five (5) Banking Days prior to the
           proposed settlement date of an Approved Mortgage Loan or the purchase
           of an Approved Mortgage advise the Manager in writing of the proposed
           settlement date and at the same time the Originator shall deliver or
           cause to be delivered to the Manager:

           2.10.1     a Settlement Statement addressed to the Manager in respect
                      of the Approved Mortgage Loan or the Approved Mortgage
                      completed and certified by and/or on behalf of the
                      Originator to be true and correct;

           2.10.2     where applicable, the documents and evidence required by
                      clause 2.5; and

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                                       19

           2.10.3     such other documents or things as from time to time shall
                      be required pursuant to the Parameters or are otherwise
                      stipulated by the Manager.

2.11       SETTLEMENT FUNDS

           The Originator shall advise the Manager not less than two (2) Banking
           Days prior to the proposed settlement date of the amount or amounts
           required to be paid by the Trustee to settle the Approved Mortgage
           Loan or to purchase the Approved Mortgage. Subject to:

           2.11.1     the Manager and the Trustee having received the items
                      specified in clause 2.10;

           2.11.2     the Trustee and the Manager each receiving a copy of the
                      Solicitor's Certificate from the Approved Solicitor in
                      accordance with this Deed and the Parameters; and

           2.11.3     the right of the Trustee and/or the Manager to cancel the
                      Approved Application pursuant to clause 2.13,

                      the Trustee and the Manager shall arrange for settlement
                      in respect of the Approved Mortgage Loan or the purchase
                      of the Approved Mortgage and the Manager shall direct the
                      Trustee on behalf of the Fund, or arrange for a
                      Warehousing Investor, to draw a cheque for the amount of
                      the Approved Mortgage Loan or the purchase price of the
                      Approved Mortgage and to have it available for the
                      collection by the Approved Solicitor (or alternatively to
                      transfer the relevant amount to the trust account of the
                      Approved Solicitor) by 10.30 a.m. Eastern Standard Time on
                      the morning of the proposed settlement date or at such
                      other time as the Trustee may agree. The Originator shall
                      notify the Manager immediately should there be any change
                      to the settlement date previously advised and the
                      Originator shall be responsible for any loss thereby
                      occasioned (including, without limitation, loss calculated
                      in accordance with clause 2.7). If settlement is delayed
                      by more than 3 Banking Days from the Settlement Date the
                      Originator shall cause the Approved Solicitor to remit all
                      settlement moneys previously made available by the Trustee
                      to the Trustee or to such other person as the Trustee may
                      alternatively direct.

2.12       SETTLEMENT AND REGISTRATION

           The Originator shall instruct the Approved Solicitor:

           2.12.1     to attend settlement of the Approved Mortgage Loan or the
                      purchase of the Approved Mortgage and to obtain the
                      Documents of Title;

           2.12.2     immediately after the issue of the copy of its Solicitor's
                      Certificate, to forward the original thereof to the
                      Manager for verification (to be received by the Manager no
                      later than one Banking Day prior to settlement) and as
                      soon as practical following verification the Manager shall
                      forward such original to the Trustee;

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                                       20

2.12.3               immediately after settlement to lodge at the Land Titles
                     Office the Mortgage and/or the Transfer of Mortgage and
                     such other of the Documents of Title which may be necessary
                     to enable the Mortgage and/or the Transfer of Mortgage to
                     be registered without delay; and

2.12.4               to advise the Trustee in writing of the dealing number of
                     the Mortgage or Transfer of Mortgage immediately after it
                     has been lodged for registration.

2.13       CANCELLATION OF APPROVED APPLICATION

           The Originator acknowledges that the Manager and/or the Trustee may
           at any time prior to the actual settlement date by written notice to
           the Originator cancel an Approved Application if:

           2.13.1     either of them is not satisfied that all the criteria for
                      acceptance of an Approved Mortgage into the Fund have been
                      met;

           2.13.2     if the relevant Mortgage:

                      (1)        in the case of an Approved Mortgage Loan, when
                                 prepared by an Approved Solicitor, does not
                                 confirm with the Parameters; or

                      (2)        in the case of the purchase of a Mortgage, is
                                 found not to be an Approved Mortgage;

           2.13.3     the Trustee has not received all of the items referred to
                      in clause 2.10 and 2.11.2;

           2.13.4     the Trustee has not received a certificate from the
                      Manager in accordance with the Manager's obligations under
                      the provisions of the Management Deed;

           2.13.5     the Trustee has become aware that the requisite Security
                      Enhancements applicable to the relevant Mortgage not
                      available;

           2.13.6     for any reason the Trustee is not satisfied that there are
                      or will be on the Settlement Date sufficient funds
                      available at the rate or on the other terms advised by the
                      Manager to the Trustee to be the rate or terms contained
                      in the Approved Application for settlement of the Approved
                      Mortgage Loan or the purchase of the Approved Mortgage
                      including, without limiting the foregoing, an
                      insufficiency of funds or expected insufficiency of funds
                      arising by reason of any change in applicable law,
                      regulation, treaty or official directive or in the
                      interpretation or administration thereof by any
                      governmental, fiscal, monetary or other authority charged
                      with the administration thereof;

           2.13.7     the lower rate of interest under the Approved Mortgage is
                      less than the Allocated Rate;

<PAGE>
                                       21

           2.13.8     the Manager and/or the Trustee believes that acceptance of
                      the application would not be in the best interests of the
                      Fund and/or the Warehousing Investor which is to provide
                      the requisite funds; or

           2.13.9     if the Originator is in breach of this Deed in any respect
                      whatsoever,

           AND the Originator further acknowledges and agrees that if an
           Approved Application is cancelled pursuant to this clause 2.13 then,
           without limiting the operation of clause 2.7;

           2.13.10    notwithstanding that such cancellation may be due to an
                      act or omission by the Manager or the Trustee neither the
                      Manager nor the Trustee shall be liable in any way for any
                      loss or damage incurred by the Originator or by the person
                      to whom the Originator has given the Loan Approval
                      pursuant to clause 2.9 and the Originator shall indemnify
                      and keep indemnified the Manager and the Trustee against
                      any action proceedings claim or demand instituted or made
                      by any such person in respect of any such loss or damage;
                      and

           2.13.11    except to the extent that such cancellation may be due to
                      a negligent act or omission by the Manager or the Trustee
                      the Originator shall compensate the Manager and the
                      Trustee for any funding or hedging costs or liabilities
                      incurred by them in respect of any funds or rates
                      previously committed by either of them to funding the
                      Approved Application, including without limitation any
                      costs arising from an Interest Rate Delivery Commitment or
                      from the commitment of funds consequent upon an
                      Acceptance.

2.14       PAYMENT OF INTEREST DEDUCTED AT SETTLEMENT

           The Originator shall instruct the Approved Solicitor to deliver a
           cheque for any interest payment under an Approved Mortgage which has
           been deducted from the settlement funds to the Trustee as soon as
           possible after settlement and in any event within 3 Banking Days of
           the actual settlement.

2.15       DELIVERY OF DOCUMENTS OF TITLE

           The Originator shall instruct the Approved Solicitor to deliver to
           the Trustee as soon as practicable and, in any event, within five (5)
           Banking Days of the date of receipt by the Approved Solicitor of each
           Mortgage after registration by the appropriate Land Titles Office or
           other appropriate registry of the Mortgage or the Transfer of
           Mortgage:

           2.15.1     the Documents of Title; and

           2.15.2     such other documents or things as may from time to time be
                      required pursuant to the Parameters or are otherwise
                      stipulated by the Manager or the Trustee.

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                                       22

2.16       EPITOME OF MORTGAGE

           The Originator on behalf of the Trustee shall instruct the Approved
           Solicitor to send to the Borrower, the Manager and the Trustee within
           five (5) Banking Days of settlement of each Approved Mortgage Loan an
           epitome of the Mortgage in the form specified by the Manager from
           time to time.

2.17       MANAGER'S RELIANCE ON DOCUMENTS SUBMITTED

           2.17.1     In respect of any document other than a Settlement
                      Statement required to be given or produced to the Manager
                      by the Originator, the Originator acknowledges that the
                      Manager shall not be concerned to enquire as to the
                      correctness and/or proper completion of the document.

           2.17.2     In respect of a Settlement Statement, the Originator
                      acknowledges that the Manager shall only be concerned to
                      enquire as to its completeness and shall not be obliged to
                      enquire as to its correctness.

2.18       INSTRUCTIONS TO APPROVED SOLICITORS

           The Originator undertakes and agrees that:

           2.18.1     it will instruct all Approved Solicitors acting in respect
                      of Approved Mortgage Loans or the purchase of Approved
                      Mortgages that subject to the provisions of clause 2.18.2
                      all such instructions are given by the Originator on
                      behalf of the Trustee and that at all material times those
                      Approved Solicitors will be deemed to be acting on behalf
                      of the Trustee who will be relying upon all advice
                      opinions and certificates given by them;

           2.18.2     notwithstanding the provisions of this Deed generally and
                      clause 2.18.1 in particular or any Mortgage or any rule of
                      law or equity to the contrary the Originator and not the
                      Trustee shall be liable to bear the costs and
                      disbursements (including without limitation duties and
                      taxes of all kinds whether State or Federal) of Approved
                      Solicitors and the Originator agrees to indemnify the
                      Trustee and to keep the Trustee indemnified in respect of
                      the same.

3.         ORIGINATOR'S OBLIGATIONS IN RESPECT OF TRUST MORTGAGES

3.1        PAYMENTS BY BORROWERS

           In respect of all Trust Mortgages the Originator shall direct the
           Borrower to make all payments direct to the account of the Trustee in
           its capacity as mortgagee under the Trust Mortgage in the manner
           authorised by the Trustee from time to time. If the Originator shall
           at any time receive any such payment it shall immediately deposit
           that payment with the Trustee and that payment shall be deemed to be
           held by the Originator in trust for the Trustee until so deposited.

<PAGE>
                                       23

3.2        MANAGEMENT OF TRUST MORTGAGES

           The Originator shall manage each Trust Mortgage using all proper care
           and skill as would be taken by a prudent mortgagee. None of the
           provisions of this Deed shall be construed as in any way limiting the
           Originator's obligations under this clause PROVIDED THAT where this
           Deed deals expressly with a given management responsibility or sets
           out a specific procedure in relation to a particular subject, this
           clause shall not be construed as conferring any power, authority or
           obligation on the Originator that differs from the express terms
           herein contained in relation to that responsibility or to permit any
           other procedure in relation to that particular subject other than the
           express procedure set our herein.

3.3        COMPLIANCE WITH MORTGAGE INSURANCES

           The Originator shall ensure that each Trust Mortgage is managed in
           accordance with the terms of all corresponding Mortgage Insurance and
           where the Originator is required to be approved by the corresponding
           Mortgage Insurer, the Originator shall comply with the terms of any
           such approval and maintain its accreditation as an approved mortgage
           originator.

3.4        PAYMENT OF MANAGEMENT COSTS AND EXPENSES

           The Originator shall pay from its own funds all costs and expenses of
           performing its obligations pursuant to this Deed and except where it
           is expressly authorised by this Deed to do so the Originator shall
           not seek nor shall it be entitled to receive any reimbursement from
           either the Manager or the Trustee.

3.5        MAINTENANCE OF RECORDS

           The Originator shall at its expense maintain records of all Trust
           Mortgages introduced by the Originator which shall include such
           details as the Manager may from time to time require. If requested by
           the Manager the Originator shall provide a true copy of the whole or
           any part of those records.

3.6        REPORTS TO MANAGER

           The Originator shall keep the Manager promptly and regularly informed
           of any action taken by it pursuant to this Deed and will recommend
           appropriate procedures and actions to be taken by the Trustee in
           order to enable the rights and interests of the Trustee, Investors
           and Warehousing Investors to be protected at all times.

3.7        CARE AND SKILL

           The Originator shall at all times use all proper care and skill in
           carrying out its obligations under this Deed and it acknowledges that
           in entering into this Deed the Manager and the Trustee are relying on
           the skill and judgement of the Originator.

<PAGE>
                                       24

3.8        TRUSTEE'S ENTITLEMENT TO REGISTRATION AS MORTGAGEE

           Nothing in this Deed nor any failure by the Manager or the Trustee to
           comply with its terms shall prevent the Trustee from being registered
           as mortgagee under any Trust Mortgage and the Originator shall not in
           any way interfere with such registration and shall lend such
           assistance as may reasonable be required to effect registration.

3.9        NOTIFY DEATH OF ANY BORROWER

           The Originator shall promptly notify the Manager if it receives
           notice of the death of any Borrower.

3.10       ADVISE DEFAULTS

           The Originator shall immediately advise the Manager in writing if it
           becomes aware of, or has reasonable grounds to suspect, the
           occurrence of any default, event of default (howsoever described) or
           any event which with the giving of notice, lapse of time or any
           determination could constitute such an event of default under any
           Approved Mortgage Loan, Approved Mortgage or Collateral Security or
           the occurrence of any act, omission, circumstance or event which
           reasonably could materially adversely effect the financial condition
           of any Borrower, Mortgagor or surety thereof or the ability of any of
           them to perform their respective obligations under any Approved
           Mortgage Loan, Approved Mortgage or Collateral Security.

3.11       REVIEW OF COMPLIANCE WITH MORTGAGES

           The Originator shall conduct regular reviews (being not less than
           annually) in accordance with the Parameters in relation to each Trust
           Mortgage.

4.         INSURANCES - ORIGINATOR'S OBLIGATIONS

4.1        GENERAL INSURANCE

           The Originator shall ensure that all buildings and improvements on
           the Property the subject of a Trust Mortgage shall at all times
           during the currency of the Mortgage be insured by the Mortgagor in
           the names of the Mortgagor and the Trustee for their respective
           interests for their full replacement and reinstatement value against
           all such risks and by such classes of insurance as provided for in
           the Parameters and with such insurance office as the Manager and the
           corresponding Mortgage Insurer shall approve.

4.2        LAPSING OF POLICIES

           The Originator shall ensure that all insurances referred to in clause
           4.1 provide for the Trustee (or such other person as the Manager or
           the Trustee may from time to time specify) to be notified not later
           than fourteen (14) days (or such other number of days as the Manager
           may in writing agree to) prior to any such insurance policies lapsing
           or being

<PAGE>
                                       25

           cancelled. If the Originator becomes aware that any insurance policy
           is about to lapse or be cancelled or has lapsed or cancelled the
           Originator shall immediately after becoming aware thereof:

           4.2.1      notify the Manager and the Trustee;

           4.2.2      pay out of its own funds the amount necessary to renew or
                      replace the lapsed or cancelled policy; and

           4.2.3      provide the Trustee and/or the Manager with details of the
                      new insurances effected.

4.3        SETTLEMENT OF CLAIMS

           The Originator shall not settle or compound any claims pursuant to
           any insurance policy unless it has obtained the prior written
           approval of the Manager and the Trustee and it shall comply with the
           instructions of the Manager, the Trustee and the corresponding
           Mortgage Insurer with respect to the application of the proceeds of
           any such policy to which the Trustee is entitled.

4.4        ORIGINATOR TO ASSIST IN MORTGAGE INSURANCE CLAIMS

           The Originator acknowledges that it is aware there may be policies of
           Mortgage Insurance between the Trustee and a Mortgage Insurer in
           respect of the portfolio of Mortgages which form part of the Fund
           under which the Manager and the Trustee have obligations certain of
           which must be performed within specific time frames. The Originator
           agrees that it shall promptly do all such things and give all such
           reports and information to the Trustee and the Manager as may be
           necessary to enable them to carry out their obligations to the
           Mortgage Insurer within the specific time frames.

4.5        MORTGAGE INSURANCE CLAIMS

           If:

           4.5.1      the Trustee shall claim and recover any moneys pursuant to
                      a policy of Mortgage Insurance; and

           4.5.2      there shall be a surplus remaining after the Trustee has
                      received payment in full in respect of all moneys secured
                      by the Mortgage to which that claim relates,

           then the Manager shall direct the Trustee to the extent that funds
           are available and may lawfully be so applied, to reimburse the
           Originator in respect of any payments made by the Originator pursuant
           to this clause 4 together with the reasonable costs to the Originator
           of making any such payment.

<PAGE>
                                       26

5.         DEFAULT BY BORROWER - ORIGINATOR'S OBLIGATIONS

5.1        ORIGINATOR MAY PAY INTEREST PAYMENTS OVERDUE FROM BORROWERS

           5.1.1      The Manager shall use its best endeavours to give to the
                      Originator on or before the twenty-second day of each
                      calendar month a list (the "DELINQUENT LIST") of those
                      Trust Mortgages under which the Borrower is according to
                      the then records in default in payment of interest
                      ("overdue interest payments").

           5.1.2      Within two (2) Banking Days of receipt of the delinquent
                      list pay to the Trustee the amount of all overdue interest
                      payments in respect of any Borrower as specified in that
                      delinquent list (all such payments shall be calculated at
                      the lower interest rate specified in the relevant Trust
                      Mortgages).

           5.1.3      If the Originator has made a payment pursuant to clause
                      5.1.2 and has not made (and is not required pursuant to
                      clause 5.1.4 to make) a claim in respect of that payment
                      under the Mortgage Insurance Policy then the Manager shall
                      (subject to receipt by the Trustee from the defaulting
                      Borrower of the same) direct the Trustee to reimburse the
                      same to the Originator (calculated at the higher interest
                      rate specified in the corresponding Trust Mortgage)
                      PROVIDED THAT the Manager shall not be obliged to direct
                      the Trustee to take action to recover any interest not
                      paid by the Borrower except as provided in clause 5.3.

           5.1.4      (1)      The parties acknowledge that the Trustee and/or
                               the Manager may establish a Mortgage Insurance
                               Policy in respect of a Trust Mortgage under
                               which the Originator is entitled to claim
                               directly on the Mortgage Insurer in respect of
                               overdue interest payments paid by the
                               Originator pursuant to clause 5.1.2.

                      (2)      The Originator agrees with the Trustee and the
                               Manager that notwithstanding the express and
                               implied provisions of such a Mortgage Insurance
                               Policy, if the Originator makes a second
                               payment under clause 5.1.2 at a time when the
                               first payment has not been reimbursed to it
                               pursuant to clause 5.1.3, it shall claim the
                               entire amount of all then overdue interest
                               payments then outstanding in respect of the
                               relevant Trust Mortgage and paid by it pursuant
                               to clause 5.1.2 and, thereafter, shall claim
                               under the Mortgage Insurance Policy for each
                               succeeding overdue interest payment for that
                               Trust Mortgage paid by it pursuant to clause
                               5.1.2.

                      (3)      The Originator acknowledges that if it makes a
                               claim on a Mortgage Insurance Policy pursuant
                               to this clause 5.1.4 in respect of overdue
                               interest payments for a Trust Mortgage pursuant
                               to clause 5.1.2 then it shall have no
                               entitlement to the corresponding interest
                               payment (calculated at the higher rate
                               specified in the Trust Mortgage) if actually
                               received by the Trustee and/or the Manager.
<PAGE>
                                     27

                      (4)      All claims by the Originator on a Mortgage
                               Insurance Policy shall be made in accordance
                               with this Deed, the Parameters and the
                               corresponding Mortgage Insurance Policy.

                      (5)      Any payment by a Mortgage Insurer in respect of
                               a claim by the Originator pursuant to this
                               clause will be made to the Trustee. The Manager
                               will, after satisfying itself regarding the
                               propriety of the claim, direct the Trustee to
                               pay the corresponding amount to the Originator.

           5.1.5     Notwithstanding any other provision of this Deed the
                     Originator shall have no entitlement to any interest on
                     overdue interest payable in respect of any Trust Mortgage.

5.2        ORIGINATOR'S OBLIGATIONS TO MAKE GOOD DEFAULTS BY BORROWERS

           Subject to this Deed generally and clause 9 in particular, the
           Originator shall on the instruction of the Manager and the Trustee
           take such steps and incur such expenses as are necessary for the
           Trustee to enforce the terms of each Trust Mortgage or otherwise
           exercise any of the rights conferred on the Trustee under each Trust
           Mortgage including the taking out or renewal of insurance policies
           over buildings and improvements on a Property pursuant to clause 4.2
           and undertaking necessary repairs and paying rates and taxes levied
           on any Property. In exercising its powers under this clause the
           Originator shall retain the services and seek the advice of such
           competent and qualified solicitors, valuers, builders and other
           experts as it thinks fit. Where the Originator considers that any
           such expenses will not be substantially recoverable from the Borrower
           or any guarantor or surety it will promptly seek instructions from
           the Manager before taking action but the Originator shall not delay
           payment of any overdue insurance premium pursuant to clause 4 pending
           receipt of instructions. The fact that there may be a shortfall shall
           not exonerate the Originator fom its obligations to make any payments
           pursuant to this clause. If the Borrower subsequently pays the amount
           of the expenses so incurred by the Originator the Manager shall
           direct the Trustee to pay that amount including any interest at the
           higher rate paid on it by the Borrower less any taxes or expenses
           incurred by the Trustee or the Originator for its own use and
           benefit.

5.3        PRE-CONDITIONS TO TRUSTEE INSTITUTING PROCEEDINGS FOR OUTSTANDING
           PAYMENTS

           Upon and in consideration of the Originator making any payments
           pursuant to clauses 4.2, 5.1 and/or 5.2 the Manager shall subject to
           the agreement of the corresponding Mortgage Insurer direct the
           Trustee to institute proceedings against the relevant Borrower to
           recover such payments in accordance with the terms of the relevant
           Trust Mortgage PROVIDED THAT prior to commencement of any such
           proceedings the Originator shall where necessary provide the
           requisite funds to enable those proceedings to be conducted AND the
           Originator shall indemnify the Trustee and keep the Trustee
           indemnified in respect of all costs and expenses incurred in those
           proceedings.
<PAGE>

                                       28

5.4      ORIGINATOR'S OBLIGATIONS TO ENFORCE MORTGAGE TERMS AGAINST BORROWERS

         5.4.1    Upon:

                  (1)      the occurrence of any event of default (howsoever
                           expressed) under a Trust Mortgage; and

                  (2)      receipt of instructions from the Manager and the
                           Trustee,

                  THEN in accordance with the Parameters and subject to those
                  instructions the Originator shall at its own expense take such
                  steps as may lawfully be permitted and as may be required to
                  enable the default to be quickly remedied. Without limiting
                  the generality of the Originator's obligations under this
                  sub-clause 5.4.1 the Originator shall immediately upon receipt
                  of the delinquent list pursuant to sub-clause 5.1.1 make
                  demand on the Borrower named in that list for payment of the
                  overdue interest payment. The Originator shall ensure that
                  each demand is in a form and is served in a manner sufficient
                  for the purposes of any subsequent enforcement which may be
                  pursued in accordance with clause 5.4.2 and shall obtain from
                  Approved Solicitors such legal advice as is necessary to
                  achieve this. Additionally the Originator shall comply with
                  such direction as to the form and service of demand as may be
                  given by the Manager and the Trustee from time to time.

         5.4.2    The Originator shall at the written direction of the Manager
                  and subject to the prior consent of the Trustee at the
                  Originator's expense:

                  (1)      exercise such powers of the Trustee (including its
                           power of sale) as may be necessary and give all
                           notices signed by the Trustee and do all things
                           required by law to realise the Property the subject
                           of the Trust Mortgage or otherwise recover the
                           outstanding amount as soon as reasonably possible;

                  (2)      commence and diligently prosecute such legal
                           proceedings (including proceedings for vacant
                           possession of the Property) as may be necessary.

         5.4.3    The Manager shall lend and shall procure that the Trustee
                  shall lend such assistance as may be necessary to enable the
                  Originator to perform its obligations under this clause 5.4.

         5.4.4    The Originator shall be entitled to be paid:

                  (1)      on discharge of the relevant Trust Mortgage; or

                  (2)      should the Trustee sell the Property as mortgagee,
                           out of the proceeds of sale; or

<PAGE>
                                       29

                  (3)      should a claim be made on and paid by the
                           corresponding Mortgage Insurer from the proceeds of
                           that claim,

                  all expenses which the Originator has incurred pursuant to
                  clause 5.2 or this clause 5.4 PROVIDED THAT such payment shall
                  only be made to the Originator after the Trustee has received
                  payment in full of all moneys secured to it by the Mortgage
                  and any expenses incurred by the Trustee or which the Trustee
                  considers will or may be incurred for which it has not been
                  reimbursed and then only to the extent that funds are
                  available to the Trustee.

         5.4.5    The Manager shall direct the Trustee to make any necessary
                  claim on the corresponding Mortgage Insurer and in such event
                  the Originator shall indemnify the Trustee and keep the
                  Trustee indemnified in respect of all costs and expenses
                  incurred in making any claim but notwithstanding the Manager's
                  direction the Trustee may in its absolute discretion decline
                  to make such claim if it considers in all the circumstances
                  that it is inappropriate to do so.

5.5      CARRIAGE OF SALE

         If the Trustee decides to exercise a power of sale pursuant to a Trust
         Mortgage, the Originator shall at the request of the Manager arrange
         for and shall have the carriage of that sale. The Originator shall do
         all things necessary (including obtaining at its own expense any
         Valuations of the relevant Property) to ensure that the Trustee
         receives an amount equal to the amount which it would have been
         entitled to receive if the Mortgage had been discharged on its Due Date
         in accordance with its terms together with all costs and expenses which
         the Trustee is entitled to recover under the terms of the Mortgage. The
         Originator shall ensure that the proceeds of sale are applied strictly
         in accordance with the terms of the Mortgage and that any monies
         inadvertently received by the Originator from the proceeds of sale are
         paid to the Trustee immediately.

5.6      SHORTFALL ON SALE

         If there is any shortfall upon the sale of any Property whether by the
         Trustee or any other person so that the Trustee does not obtain amount
         sufficient to discharge the Borrower's obligations to the Trustee
         secured by the Mortgage then, in addition to any other obligations it
         may have, the Originator shall if so required by the Manager or the
         Trust Deed make such applications and do such things as may be
         necessary to enable the Trustee to obtain the benefit of any payment to
         which it is or may be entitled pursuant to any Mortgage Insurance
         Policy or building insurance policy and also the benefit of any
         guarantee or personal covenant. The Manager shall lend and shall
         procure that the Trustee shall lend such assistance as may be necessary
         to enable the Originator to perform its obligations under this clause.

5.7      INDEMNITY

         The Originator shall indemnify the Manager and the Trustee and keep
         each of them indemnified in respect of all claims losses damages
         demands and expenses which they or

<PAGE>
                                       30

         either of them may suffer or incur should the Trustee or the Manager be
         held to have failed to act in good faith or to be in breach of its duty
         to a Borrower or any other person (including any wilful or wrongful
         neglect) due to any act or omission of the Originator.

5.8      LIMIT OF ORIGINATOR'S POWERS

         In the exercise of any of the powers of the Trustee as mortgagee under
         any Trust Mortgage, the Originator's powers shall be limited to those
         powers specified in this Deed and/or any further powers from time to
         time agreed to by the Manager and the Trustee and the Originator shall
         not settle, compound or compromise any right of the Manager or the
         Trustee in respect of any Trust Mortgage or otherwise nor attempt to do
         so without the prior written approval of the Manager and the Trustee.

5.9      ORIGINATOR'S LIABILITY FOR PERSONS RETAINED

         Where pursuant to the provisions of this Deed and, in particular,
         pursuant to clauses 5.2 and 5.4, the Originator retains the services of
         any person to undertake any work or action or render any advice or
         report in connection with a Trust Mortgage, then:

         5.9.1    The Originator shall be primarily liable for payment of any
                  retainer fees, costs and/or expenses due to that person; and

         5.9.2    The Originator shall only be entitled to reimbursement of such
                  fees, costs and/or expenses:

                  (1)      after the Trustee has received any relevant payment
                           under any building insurance policy or Mortgage
                           Insurance Policy relating to the Property; or

                  (2)      after settlement of the sale of the Property and then
                           only to the extent of whichever is the lesser of:

                           (A)      the payment received by the Trustee under
                                    sub-clause (1); or

                           (B)      the Trustee's entitlement under the
                                    provisions of the relevant Trust Mortgage to
                                    deduct the relevant amounts from the
                                    proceeds of the sale of the Property,

                  PROVIDED THAT in any case the Originator's entitlement to seek
                  reimbursement shall be limited to the amount of any funds
                  available to the Trustee for proper application to the same.
<PAGE>
                                       31

6.       WARRANTIES BY ORIGINATOR

6.1      WARRANTIES

         The Originator warrants to the Manager and the Trustee that, except as
         may be disclosed in writing by the Originator to the Manager, the
         Trustee and each Mortgage Insurer and approved by each of them prior to
         the settlement of an Approved Mortgage Loan or the transfer of an
         Approved Mortgage to the Trustee, as at the date of such Mortgage or
         Transfer of Mortgage (as the case may be) the following provisions
         relating to the Approved Mortgage and other relevant matters will be
         true and correct in all material respects:

         6.1.1    the Originator has on behalf of the Trustee instructed the
                  Approved Solicitors in accordance with the requirements of
                  clause 2.5.3 and in regard to such other matters as it deemed
                  relevant and which are required in accordance with the
                  Parameters and that those Solicitors have certified as to the
                  matters set forth in the Parameters in the manner required by
                  this Deed that settlement could proceed;

         6.1.2    the Originator has obtained a Valuation which complies with
                  the provisions of the Parameters relating to Valuations;

         6.1.3    the Originator is not aware of the occurrence of any event or
                  any proposal or other circumstances affecting the Property the
                  subject of the Mortgage which may reduce its value as set out
                  in the Valuation;

         6.1.4    all improvements on the Property are insured for their full
                  replacement and reinstatement value in the names of the
                  Mortgagor and the Trustee for their respective interests,
                  those policies required to be effected in accordance with the
                  provisions of this Deed are in full force and effect and
                  provide that the Originator will be notified of any lapsing or
                  cancellation and all premiums have been paid on those policies
                  and that the Mortgage obligates the Mortgagor to maintain all
                  such policies at the Mortgagor's cost and expense and, on the
                  Mortgagor's failure to do so, authorises the mortgagee to
                  maintain such policies at the Mortgagor's cost and expense and
                  to seek reimbursement therefore from the Mortgagor;

         6.1.5    the Mortgage Insurance required to be effected in accordance
                  with the Parameters has been effected and the corresponding
                  Mortgage Insurance Policy has been issued in conformity with
                  the requirements of the Parameters and the premium has been
                  paid or provisions made for the premium to be paid;

         6.1.6    the provisions of the Parameters have been fully complied with
                  and, without limitation, that the terms and conditions of the
                  Mortgage comply in all respects with the terms of the Approved
                  Application;

         6.1.7    the Originator is not aware of any circumstances in respect of
                  the Mortgage, the Property or the Borrower or any surety of
                  the Borrower (including but not limited

<PAGE>
                                       32

                  to the Borrower's or the surety's credit standing) which could
                  reasonably be expected to cause a prudent lender to:

                  (1)      regard the Mortgage as an unacceptable investment;

                  (2)      anticipate the Borrower is likely to make default
                           under the Mortgage;

                  (3)      believe that the value or marketability of the
                           Mortgage could be adversely affected;

         6.1.8    the Borrower's application for Loan Approval and/or the
                  proposed transferor's application for the Fund to purchase the
                  Approved Mortgage has been fully investigated by the
                  Originator and it complies with the Parameters and the
                  Originator is satisfied that all statements and information
                  contained in that application are true and correct and may be
                  relied upon by the Trustee and the Manager;

         6.1.9    except where previously disclosed to and approved in writing
                  by the Trustee, the Borrower is not an employee agent,
                  shareholder, director, manager, consultant or related body
                  corporate of the Originator or an Associate of any such person
                  or company;

         6.1.10   the Mortgage is not a Regulated Mortgage (as defined in
                  section 5 of the Credit Act 1984 or the corresponding
                  legislation in any other State or Territory of the
                  Commonwealth of Australia) to which Part 4 of that Act applies
                  and does not constitute any other contract or agreement
                  regulated or partly regulated by the Credit Act (or such
                  corresponding legislation) or any modification or re-enactment
                  thereof;

         6.1.11   the Originator has been duly incorporated and is validly
                  existing as a Mortgage Originator in good standing under the
                  laws of Australia, with full power and authority (corporate
                  and other) to conduct its business as now being conducted and
                  to enter into and perform its obligations under this Deed,
                  owns or possesses or has obtained all material governmental
                  registrations, licences, permits, consents, orders, approvals
                  and other authorisations necessary to carry on its business as
                  now being conducted, and is conducting its business so as to
                  comply in all material respects with all applicable statutes,
                  ordinances, rules and regulations, non-compliance with which
                  could have a material adverse effect on the Originator in the
                  jurisdictions in which it is conducting business AND that the
                  Originator has acted lawfully in arranging or transferring the
                  Mortgage;

         6.1.12   this Deed has been duly authorised, executed and delivered by
                  the Originator and will constitute a valid and binding
                  agreement of the Originator in accordance with its terms,
                  except as enforcement thereof may be limited by bankruptcy,
                  insolvency, reorganisation, liquidation, receivership,
                  moratorium or other similar laws relating to or affecting
                  creditors' rights generally or by general principles of

<PAGE>
                                       33
                  equity, regardless of whether such enforceability is
                  considered in a proceeding in equity or at law;

         6.1.13   neither the execution nor the delivery of this Deed nor the
                  consummation of any other of the transactions contemplated
                  herein nor the fulfilment of the terms of this Deed will
                  result in the breach of any term or provision of the
                  Memorandum and Articles of Association of the Originator or
                  conflict with, result in a breach, violation or acceleration
                  of or constitute a default under, the terms of any indenture
                  or other agreement or instrument to which the Originator or
                  any of its subsidiaries or other related companies is a party
                  or by which it is bound, or any statute, order or regulation
                  applicable to the Originator or any of its subsidiaries or
                  other related companies of any court, regulatory body,
                  administrative agency or governmental body having jurisdiction
                  over the Originator or any of its subsidiaries or other
                  related companies. Neither the Originator nor any of its
                  subsidiaries or other related companies is a party to, bound
                  by or in breach or violation of any indenture or other
                  agreement or instrument, or subject to or in violation of any
                  statute, order or regulation of any court, regulatory body,
                  administrative agency or governmental body having jurisdiction
                  over it, which materially and adversely affects, or to the
                  best knowledge of the Originator may in the future materially
                  and adversely affect:

                  (1)      the ability of the Originator to perform its
                           obligations under this Deed; or

                  (2)      the business, operations, financial condition,
                           properties or assets of the Originator;

         6.1.14   except as disclosed to and approved in writing by the Manager
                  prior to the execution of this Deed, there are no actions or
                  proceedings against, or investigations of, the Originator
                  pending, or, to the knowledge of the Originator threatened,
                  before any court, administrative agency or other tribunal:

                  (1)      asserting the invalidity of this Deed;

                  (2)      seeking to prevent the consummation of any of the
                           transactions contemplated by this Deed; or

                  (3)      which might materially and adversely affect the
                           performance by the Originator of its obligations
                           under, or the validity or enforceability of, this
                           Deed;

         6.1.15   the Originator is solvent in that no petition to wind it up
                  has been made nor has it currently committed any act of
                  insolvency;

         6.1.16   the Originator is not in breach of any of its obligations
                  under this Deed.
<PAGE>
                                       34

6.2      WARRANTIES TRUE AT SETTLEMENT DATE

         The Originator further warrants to the Manager and the Trustee that all
         warranties contained in clause 6.1 shall be true as at the date of
         settlement of the Approved Mortgage Loan or purchase of the Approved
         Mortgage and further that the warranties contained in sub-clauses
         6.1.11, 6.1.13 and 6.1.15 are and will at all times during the term of
         this Deed remain true and correct.

6.3      CORRECTNESS OF APPLICATIONS AND SETTLEMENT STATEMENTS

         The Originator further warrants to the Manager and the Trustee that
         each Application and Settlement Statement delivered by the Originator
         in accordance with this Deed shall be complete and correct in all
         respects and that any person who certifies such Settlement Statement to
         be true and correct shall have the full authority to certify on behalf
         of the Originator and shall bind the Originator.

6.4      INDEMNITY

         6.4.1    The Originator shall indemnify and keep indemnified the
                  Trustee and the Manager from and against any loss or damage
                  which they or either of them may suffer or incur in respect of
                  any action, claim or demand made or brought in respect of or
                  otherwise arising from or in connection with any breach of any
                  of the warranties contained in any part of this clause 6.

         6.4.2    The Originator acknowledges to the Trustee and the Manager
                  that the Trustee and the Manager will be relying upon the
                  truth and correctness of all warranties contained in any part
                  of this clause 6 in relation to the Acceptance and/or the
                  purchase of Mortgages by the Trustee and otherwise in relation
                  to entering into and continuing to be bound by this Deed.

         6.4.3    Upon settlement to the Trustee's satisfaction of any claim
                  against the Originator under this indemnity the Trustee shall
                  at the request and cost of the Originator assign to the
                  Originator any right of action the Trustee may have against
                  any third party (including without limitation the relevant
                  Borrower and/or any Approved Solicitor or Approved Valuer) in
                  respect of the subject matter giving rise to that breach of
                  warranty and the Trustee shall use its best endeavours to
                  assist the Originator in relation to any claim or proceedings
                  which the Originator may make or intake in respect thereof
                  PROVIDED THAT the Originator shall indemnify the Trustee
                  against all costs it may incur in giving such assistance.

6.5      WARRANTIES TO CONTINUE

         The warranties given in this clause 6 shall continue in full force and
         effect notwithstanding and shall not merge on the acceptance and/or the
         purchase of any Mortgage by the Trustee and notwithstanding the
         termination of this Deed shall continue to bind the Originator in
         relation to any matter or event existing or occurring prior to such
         termination.
<PAGE>
                                       35

6.6      ORIGINATOR TO NOTIFY BREACH OF WARRANTY

         The Originator shall immediately upon discovery of any breach of any of
         the warranties contained in clause 6.1 in respect of any Trust Mortgage
         and without regard to any limitations set forth in such warranty
         concerning the knowledge of the Originator as to the facts stated
         herein, give written notice to the Manager and the Trustee as to the
         particulars of that breach.

6.7      ORIGINATOR TO CONFIRM WARRANTIES ON REQUEST

         Without limiting the obligations of the Originator under clause 6.6,
         the originator shall immediately upon request by the Manager and/or the
         Trustee furnish to the requesting party a written statement confirming
         that the warranties contained in clause 6.1 in respect of a particular
         Trust Mortgage have not been breached in any material way and/or giving
         full particulars of any breach that has come to the knowledge of the
         Originator and which it has not already notified to the Manager and/or
         the Trustee pursuant to clause 6.6

7.       ORIGINATOR TO BUY BACK MORTGAGES

7.1      REQUEST FOR BUY BACK

         In addition to any other right or remedy which the Manager or the
         Trustee may have in case any of the warranties contained in clause 6
         shall in the bona fide opinion of the Trustee (which shall be
         conclusive) be untrue or misleading, the Originator shall at the
         request of the Manager or the Trustee purchase from the Trustee the
         Mortgage or Mortgages to which any breach of warranty relates PROVIDED
         THAT the Originator will only be obliged to purchase such Mortgage or
         Mortgages in circumstances where the breach of warranty has in the bona
         fide opinion of the Trustee (which shall be conclusive) occurred as a
         result of some matter act or thing within the knowledge or control of
         the Originator or any of its officers or employees.

7.2      ORIGINATOR'S OBLIGATIONS

         The Originator shall within thirty (30) days of receipt of a request by
         the Manager or the Trustee pursuant to clause 7.1, pay to the Trustee:

         7.2.1    the amount which the Borrower under the relevant Mortgage
                  would be obliged to pay to the Trustee if the Borrower had
                  discharged his Mortgage on the date of such purchase by the
                  Originator including the amount of any Break Costs as provided
                  in the Mortgage; and

         7.2.2    the costs, fees and expenses of the Trustee and/or the Manager
                  relating to the Mortgage and the breach of warranty.

7.3      TRUSTEE AND MANAGER OBLIGATIONS

         Upon the Trustee receiving the payments referred to in clause 7.2:
<PAGE>
                                       36

         7.3.1    the Manager will direct the Trustee to hand to the Originator
                  the Documents of Title and a transfer of the Mortgage executed
                  by the Trustee in favour of the Originator; and

         7.3.2    the Trustee shall at the request and cost of the Originator
                  assign to the Originator any right of action the Trustee may
                  have against any third party (including without limitation the
                  relevant Borrower and/or any Approved Solicitor or Approved
                  Valuer) in respect of the subject matter giving rise to that
                  breach of warranty and the Trustee shall use its best
                  endeavours to assist the Originator in relation to any claim
                  or proceedings which the Originator may make or initiate in
                  respect thereof PROVIDED THAT the Originator shall indemnify
                  the Trustee against all costs it may incur in giving such
                  assistance.

8.       ORIGINATOR'S REMUNERATION

8.1      LIMITATION

         Save for its entitlement to the monthly fee referred to in clause 8.2
         the Originator shall not be entitled to receive and shall not seek any
         remuneration from either the Manager or the Trustee in respect of
         anything done by it pursuant to this Deed. The Originator acknowledges
         that it intends primarily to seek its remuneration from Borrowers by
         way of procuration fees. The Originator shall not charge procuration
         fees in excess of those allowed by law or, to the extent that there is
         no legal limit, in excess of those recommended from time to time or
         commonly and reasonably charged by those parties affected by the Credit
         (Administration) Act 1984 (New South Wales) or other relevant
         legislation application in any State or Territory other than New South
         Wales.

8.2      MONTHLY FEE

         The Manager shall instruct the Trustee to pay to the Originator a
         monthly fee by way of remuneration for the Originator's performance of
         its obligations under this Deed. That fee shall be:

         8.2.1    computed on the principal sum secured by each Trust Mortgage
                  introduced by the Originator from the date of acceptance of
                  that Trust Mortgage into the Fund until the principal sum
                  secured by such Trust Mortgage has been repaid to the Trustee
                  or this Deed is terminated (whichever is the earlier); ,

                  (1)

         8.2.2    calculated on a daily basis at the total of the Originator's
                  Rate and the Originator's Management Rate; and

         8.2.3    payable monthly in arrears and on such date as the Manager
                  shall determine from time to time,
<PAGE>
                                       37

         PROVIDED THAT if:

         (1)      unless this proviso is waived by the Manager (which it may do
                  in its absolute discretion), the Originator shall be entitled
                  to receive the monthly fee only in respect of those Trust
                  Mortgages under which the Borrower is not in default at the
                  time the monthly fee is calculated;

         (2)      if the principal sum secured by an Approved Mortgage is:

                  (A)      voluntarily repaid by the Borrower prior to the Due
                           Date and has not been re-advanced by the Trustee to
                           the Borrower in respect of any substitute Property;
                           or

                  (B)      repaid prior to the Due Date as a result of the
                           default of the Borrower, ;

         (2)

         then the Originator's entitlement to the monthly fee in respect of that
         Trust Mortgage shall cease with effect from the date of such repayment.

8.3      NO SET-OFF BY ORIGINATOR

         The Originator shall in no circumstances have any right of set-off
         against the Trustee or the Manager.

8.4      MANAGER OR TRUSTEE MAY REMEDY ORIGINATOR'S DEFAULT

         If the Originator is in default in the performance of any of its
         obligations under this Deed THEN without prejudice to any other rights
         or remedies of the Manager and/or the Trustee either the Manager or the
         Trustee may in its absolute discretion and without giving any prior
         notice to the Originator of its intention to do so remedy the default.
         The Originator hereby irrevocably authorises the Trustee to deduct all
         costs and expenses so incurred by the Manager and/or the Trustee from
         the Originator's entitlements under this Deed including without
         limitation those under clauses 5.1, 5.2 and 8.2 (collectively called
         "the Originator's Entitlements"). The Originator shall indemnify and
         keep indemnified the Manager and the Trustee against all such costs and
         expenses in the event that the Originator's Entitlements are at any
         material time insufficient to cover them.

8.5      MANAGER'S STATEMENT OF COSTS AND EXPENSES

         For the purposes of clause 8.4 the Manager's determination of the
         amount of costs and expenses incurred by it shall be final and binding
         on the Originator and a statement in writing signed on behalf of the
         Manager by a director, secretary or other authorised officer of such
         amount shall as against the Originator be conclusive and the Trustee
         shall not be concerned to enquire as to the correctness of same.
<PAGE>
                                       38

9.       STATUS OF ORIGINATOR

9.1      INDEPENDENT CONTRACTOR

         9.1.1    With the exception of the appointment of and delegations to
                  the Originator under this Deed, the Originator acknowledges
                  that in exercising its rights, powers and discretions and
                  performing its duties and obligations under or pursuant to
                  this Deed it is in all respects in relation thereto an
                  independent contractor and acts as a principal and shall not
                  directly or indirectly hold out or permit to be held out to
                  anyone any statement, act, deed, matter or thing indicating
                  that it is an agent, sub-agent, attorney, partner or employee
                  of the Manager or the Trustee. The Originator shall not
                  otherwise engage in conduct which may lead others to believe
                  that it is such an agent, sub-agent, attorney, partner or
                  employee. The Originator shall maintain adequate workers'
                  compensation or other equivalent insurance and shall comply
                  with all reasonable directions of the Manager and the Trustee
                  in that respect and shall otherwise comply with all relevant
                  legal requirements relating to the employment of persons. If
                  the Manager shall so require, the Originator shall cause the
                  Manager to be shown as an insured person on any workers'
                  compensation or other equivalent policy which the Originator
                  may be required by law to effect. The Originator shall
                  indemnify and keep indemnified the Manager and the Trustee
                  from and against any losses, damages, outgoings, costs,
                  charges or expenses suffered or incurred by either of them in
                  respect of any claim, action or demand made or brought against
                  the Manager and/or the Trustee by reason of or arising out of
                  the Originator being held in any court to be an agent,
                  sub-agent, attorney, partner or employee of the Manager and/or
                  the Trustee.

         9.1.2    To the extent of the appointment of an delegations to the
                  Originator under this Deed, neither the Manager nor the
                  Trustee shall be liable for any act or omission, fraud or
                  other misconduct of the Originator or persons appointed by the
                  Originator as employees or otherwise as contemplated by this
                  Deed and the Originator shall indemnify and keep indemnified
                  the Manager and the Trustee from and against any losses,
                  damages, outgoings, costs, charges or expenses suffered or
                  incurred by either of them in respect of any claim, action or
                  demand made or brought against the Manager and/or the Trustee
                  by reason of or arising out of any of the matters referred to
                  in this clause 9.1.2.

9.2      ORIGINATOR'S EMPLOYEES

         The Originator will employ such persons as may be necessary for it to
         carry out its obligations under this Deed. Those persons shall be
         employees of the Originator and neither the Manager nor the Trustee
         shall be liable for any act or omission by any employee, agent,
         solicitor or representative used by the Originator in connection with
         its business and including any business performed pursuant to this
         Deed. The Originator shall indemnify the Trustee and the Manager and
         keep them indemnified in respect of any loss, damage or injury the
         Trustee or the Manager may suffer as a result of any such act or
         omission.
<PAGE>
                                       39

9.3      ORIGINATOR HAS NO BENEFICIAL INTEREST IN FUND

         The Originator acknowledges and agrees that:

         9.3.1    it shall not at any time have any beneficial interest in any
                  property received by or vested in the Trustee as trustee of
                  the Fund and in particular shall have no beneficial interest
                  in any Approved Mortgage accepted into the Fund;

         9.3.2    except for the Originator's Entitlements (as defined in clause
                  8.4) and subject to the limitations thereon imposed by this
                  Deed and in particular by clauses 8.4 and 14 it shall not at
                  any time be entitled to any distribution of income or capital
                  in the Fund;

         9.3.3    without limiting the generality of clauses 9.3.1 and 9.3.2 the
                  Originator shall not (except in its capacity as Originator of
                  an Approved Mortgage) be entitled to:

                  (1)      in any way interfere with or question the exercise or
                           non-exercise by the Manager or the Trustee or any
                           delegate or agent of either of them of their
                           respective duties powers authorities and discretions
                           in relation to the Fund or otherwise under the Trust
                           Deed or this Deed nor bring any proceeding in any
                           court or otherwise or seek any remedies in respect of
                           any such matters except in the case of and to the
                           extent of any fraud, neglect or breach of duty by the
                           Manager or the Trustee or any such delegate or agent;

                  (2)      exercise any rights powers or privileges in respect
                           of any Approved Mortgage;

                  (3)      lodge or enter a caveat or like instrument claiming
                           an estate or interest in any land or real estate over
                           which an Approved Mortgage is held;

                  (4)      negotiate or communicate in any way with any
                           Mortgagor; or

                  (5)      call for the transfer of or passing of benefit in any
                           Approved Mortgage.

9.4      MANAGEMENT OF ORIGINATOR'S BUSINESS

         The Originator shall carry on its business, whether pursuant to this
         Deed or otherwise, in a proper and businesslike manner.

10.      ORIGINATOR TO OBSERVE PARAMETERS

10.1     STRICT ADHERENCE TO PARAMETERS

         The Originator shall strictly adhere to and be bound by the provisions
         of the Parameters.
<PAGE>
                                       40

10.2     INCONSISTENCY

         In the event of any inconsistency between the provisions of this Deed
         and the Parameters, then the provisions of the Parameters shall prevail
         to the extent of the inconsistency.

10.3     RECEIPT OF COPY OF PARAMETERS

         The Originator acknowledges that prior to signing this Deed, it
         received from the Manager a copy of the Parameters in force at the date
         of this Deed and that it has read and understood the extent of its
         obligations under the Parameters.

10.4     SUPPLY OF INFORMATION

         The Originator acknowledges and agrees with the Manager that it shall
         promptly furnish to the Originator or the Trustee all information
         specified in the Parameters at the times specified in the Parameters
         and all information concerning Approved Mortgages and the performance
         of its obligations in respect thereof as provided in this Deed and/or
         as may from time to time be requested by the Manager or the Trustee or
         either of them.

11.      FINANCIAL STATEMENTS AND RECORDS

11.1     REPORTS AND STATEMENTS

         The Originator shall furnish to the Manager:

         11.1.1   within 10 Banking Days of its receiving the same copies of all
                  adverse comments of independent accountants (including,
                  without limitation, any external auditors), reports of
                  competent authorities and internal audit department comments
                  (including without limitation all management letters and
                  internal control memos); and

         11.1.2   unless otherwise required by the Manager, within 4 months of
                  the end of the Originator's financial year audited financial
                  statements in respect of that year prepared in accordance with
                  normal accounting practice and audited by an independent
                  registered company auditor. Where the Manager has good cause
                  to believe that the necessary audit has not been or will not
                  be carried out in a satisfactory, proper and competent manner
                  the Manager shall have the right to require the Originator at
                  the Originator's cost to appoint a further independent auditor
                  nominated by the Originator and approved by the Manager to
                  carry out that audit.

11.2     INSPECTION OF ORIGINATOR'S RECORDS

         The Originator shall permit any person authorised by the Manager or the
         Trustee at any reasonable time during regular business hours to examine
         and make audits of all Mortgage Records and the Manager is authorised
         to reproduce and take copies of those records.
<PAGE>
                                       41

11.3     DOCUMENTS TO REMAIN THE PROPERTY OF THE TRUSTEE

         All Mortgage Records shall be and remain the property of the Trustee.
         The Originator shall not acquire any vested or property rights with
         respect to the Mortgage Records and shall not have the right to
         possession of them except at the will of the Trustee and subject to the
         conditions stated in this clause. It is expressly agreed that the
         Mortgage Records in the possession of the Originator are retained in a
         custodial capacity only. The right to possession and the ownership of
         all Mortgage Records held by the Originator, prepared by the Originator
         or to come into the possession of the Originator by reason of this Deed
         or any other agreement shall immediately after sale to the Trustee of
         the Mortgage to which they relate vest in the Trustee and may be
         retained and maintained by the Originator only at the will of the
         Trustee. Upon written request by the Trustee, the Originator shall
         immediately deliver all Mortgage Records to the Trustee or its nominee.

11.4     EVIDENCE OF COMPLIANCE WITH LIQUIDITY REQUIREMENTS

         In addition to its other obligations pursuant to this clause the
         Originator shall upon request by the Manager or the Trustee immediately
         furnish to the Manager and the Trustee such evidence as either of them
         may reasonably require to establish that at all times during the term
         of this Deed the Originator is complying with this Deed and with all
         liquidity and other requirements specified in the Parameters and/or by
         the corresponding Mortgage Insurer.

12.      ASSIGNMENT BY ORIGINATOR

12.1     PRE-CONDITIONS FOR ASSIGNMENT

         The Originator shall not assign its rights under this Deed without
         prior written consent of the Manager PROVIDED THAT if the Originator
         requests the Manager in writing to agree to such assignment and the
         Originator is not in default in respect of any of its obligations under
         this Deed at the time of making that request, then subject to the
         Manager obtaining the consent of the Trustee to such assignment the
         Manager shall not unreasonably withhold its consent if the Originator
         has:

         12.1.1   proved that the proposed assignee is a respectable responsible
                  and solvent person or company of good financial standing and
                  that it carries on business as a financier and/or financial
                  intermediary and has experience at least equal to that of the
                  Originator in placing moneys on mortgages of real estate and
                  in the management of mortgages;

         12.1.2   given to the Manager at least two references as to the
                  financial circumstances of the proposed assignee and at least
                  two references as to the relevant business experience of the
                  proposed assignee;

         12.1.3   procured the approval by the corresponding Mortgage Insurer of
                  the proposed assignment;
<PAGE>
                                       42

         12.1.4   not done or omitted to do any act or thing which shall
                  constitute an unremedied breach of the Originator's
                  obligations contained in this Deed; and

         12.1.5   procured that such assignee will at its cost execute all
                  relevant documentation (including this Deed mutatis mutandis)
                  in accordance with the Parameters for the assignee to be
                  appointed as the new Originator and has provided such
                  additional Collateral Security and/or guarantees as may be
                  required by the Manager in his absolute discretion,

         PROVIDED ALWAYS that the Manager may withdraw any consent so given if:

         (1)      prior to the Assignment taking effect the Originator is in
                  default in respect of any of its obligations under this Deed;
                  and/or

         (2)      the proposed assignee does not comply with the provisions of
                  clause 12.1.5 within a reasonable time as determined by the
                  Manager,

         AND PROVIDED FURTHER that the covenants and agreements by such assignee
         contained in the documentation referred to in clause 12.1.5 shall be
         deemed supplementary to this Deed and shall not in any way release nor
         be deemed to release the Originator or the Originator's guarantors (if
         any) from its or their liability under this Deed and/or any guarantee
         executed pursuant to clause 19.

12.2     CHANGES IN CONTROL OF ORIGINATOR

         For the purpose of clause 12.1:

         12.2.1   a change in fifty-one (51) per cent (or such other percentage
                  as the Manager may in its absolute discretion determine shall
                  constitute a change in the effective control of the
                  Originator) of the shareholding of the Originator existing at
                  the date of this Deed (whether occurring at one time or
                  through a series or succession of transfers or issues of
                  shares); or

         12.2.2   a change in the effective management of the Originator as
                  existing at the date of this Deed; or

         12.2.3   the establishment by any means of any trust under which any
                  third party becomes a beneficial owner of any of the
                  Originator's rights under this Deed,

         shall be deemed to be an assignment by the Originator requiring consent
         by the Manager as provided in clause 12.1 and the determination of the
         Manager that any of these matters has occurred shall be conclusive.

12.3     ORIGINATOR TO ENTER DEED WITH NEW MANAGER OR TRUSTEE

         If the Manager retires or is removed by the Trustee from its position
         as manager of the Fund the Originator shall at the request of the
         Trustee enter into a new Deed with the New manager of the Fund
         appointed by the Trustee in terms identical with this Deed and

<PAGE>
                                       43

         thereupon the Manager shall have no further obligations to the
         Originator (but without prejudice to any rights or entitlements that
         may have accrued to the Manager against the Originator prior thereto).
         If the Trustee retires or is removed by the Manager from its position
         as trustee of the Fund, the Originator shall at the request of the
         Manager enter into a new Deed with any new trustee in terms identical
         with this Deed and thereupon the Trustee shall have no further
         obligations to the Originator (but without prejudice to any rights or
         entitlements that may have accrued to the Trustee against the
         Originator prior thereto).

13.      PROFESSIONAL AND FIDELITY INSURANCE

13.1     ORIGINATOR TO OBTAIN AND MAINTAIN PROFESSIONAL AND FIDELITY INSURANCE

         The Originator shall prior to execution of this Deed provide evidence
         to the Manager that the Originator has in force a policy of
         professional indemnity and fidelity insurance with an insurer, and on
         terms, acceptable to the Manager and each Mortgage Insurer in respect
         of the Originator's liabilities under this Deed. The Originator shall:

         13.1.1   keep such professional indemnity and fidelity insurance in
                  full force and effect during the currency of this Deed;

         13.1.2   not do or omit to do any thing by reason of which such
                  professional indemnity and fidelity insurance may become
                  liable to be vitiated or terminated; and

         13.1.3   pay every renewal premium and deliver to the Manager three (3)
                  days before each expiry date the receipt of the professional
                  indemnity and fidelity insurer for such renewal premium.

13.2     LAPSING OR TERMINATION OF FIDELITY INSURANCE

         The lapsing or termination of the professional indemnity and fidelity
         insurance referred to in clause 13.1 shall constitute default by the
         Originator under this Deed entitling the Manager to exercise its rights
         and remedies pursuant to clause 8.4 and, in particular, to pay any
         renewal premium required to reinstate such fidelity insurance.

14.      CHARGE AND SET-OFF

14.1     CHARGE BY ORIGINATOR

         For the purposes of better securing to the Manager and the Trustee the
         payment of all costs and expenses incurred by the Manager and/or the
         Trustee in exercise of their rights under clause 8.4 the Originator
         HEREBY CHARGES in favour of the Manager and the Trustee:

         14.1.1   all of the Originator's Entitlements (as defined in clause
                  8.4) which shall or may arise at any time during the currency
                  of this Deed and which at the relevant time have not been
                  received by the Originator; and
<PAGE>
                                       44

         14.1.2   from the date they come into existence, any entitlements that
                  the Originator may have under the Fidelity Insurance referred
                  to in clause 13 in circumstances where the Originator has made
                  a claim under the Fidelity Insurance in connection with a
                  breach of its obligations under this Deed and the Insurer has
                  refused to acknowledge the interests of the Manager and/or the
                  Trustee in that claim,

         AND the Originator undertakes to the Manager and the Trustee that it
         shall if so required by either or both of them at any time at its own
         expense complete, execute and deliver to the Manager and/or the Trustee
         all such further documents and forms as may be required to register the
         charge now given as a first ranking charge at the Australia Securities
         Commission.

14.2     AUTHORITY TO SET-OFF WHERE ORIGINATOR IN DEFAULT

         The Originator hereby irrevocably authorises the Trustee and/or the
         Manager from time to time and at any time without notice to the
         Originator to appropriate transfer and set-off the whole or any part of
         the Originator's Entitlements in or towards payment or satisfaction in
         whole or in part of its obligations to make any payments pursuant to
         this Deed in respect of which it is in default at the time this
         authority is exercised and the Originator acknowledges and agrees that:

         (1)      the Trustee and/or the Manager may act under this authority at
                  their option but shall be under no obligation to do so and
                  shall incur no liability whatever to the Originator arising
                  out of this authority or its exercise;

         (2)      the rights conferred upon the Trustee and the Manager by this
                  authority shall be in addition and without prejudice to any
                  rights that the Trustee or the Manager may otherwise have
                  against the Originator pursuant to this Deed or otherwise in
                  law or equity and shall not be merged in or prejudicially
                  affected by any security of any nature now or in future held
                  by the Trustee or Manager but all such rights and securities
                  shall continue notwithstanding any rule of law or equity to
                  the contrary and the rights hereby conferred shall be in
                  addition to and without prejudice to all other rights and
                  security.

15.      OBLIGATIONS OF MANAGER

         For so long as the Manager is prepared to consider accepting Approved
         Mortgages into the Fund from the Originator the obligations of the
         Manager under this Deed shall be:

15.1     ACCEPTANCE OF APPLICATIONS

         To endeavour to ensure that Mortgages the subject of Approved
         Applications are accepted into the Fund.

15.2     NOTIFICATION OF CHANGES - GENERAL

         To notify the Originator within ten (10) Banking Days:

<PAGE>
                                       45

         15.2.1   of any changes in the specified form of mortgage
                  documentation;

         15.2.2   of the appointment of any new Mortgage Insurer;

         15.2.3   of any changes to the Parameters; and

         15.2.4   of any change to the form or substance to the Schedules to
                  this Deed as contemplated by clause 1.3,

         and in the case of matters referred to in clauses 15.2.1, 15.2.3 and
         15.2.4 to provide the Originator with copies of any such changes.

15.3     NOTIFICATION OF APPROVED SOLICITORS AND APPROVED VALUERS

         To notify the Originator promptly of details of Approved Solicitors and
         Approved Valuers including all new appointments and removals from time
         to time.

15.4     NOTIFICATION OF INSTRUCTIONS FROM MORTGAGE INSURER

         To notify the Originator promptly of instructions received from any
         Mortgage Insurer in relation to a Trust Mortgage.

15.5     INDICATOR BULLETIN

         To provide to the Originator on a daily basis or as often as
         practicable an indicator bulletin giving details of the rates of
         interest applicable from time to time to various kinds of Approved
         Mortgage Loans with differing Due Dates.

16.      TERMINATION

16.1     IMMEDIATE TERMINATION BY MANAGER

         The Manager may terminate this Deed immediately if:

         16.1.1   a receiver or receiver and manager or liquidator or
                  provisional liquidator or trustee or inspector or official
                  manager or similar person is appointed to all or any part of
                  the Originator's undertaking:

         16.1.2   a petition for winding up or similar process of the Originator
                  is presented or an order is made or any effective resolution
                  is passed for the winding up of the Originator;

         16.1.3   proceedings are initiated with a view to obtaining an order
                  for the winding up or similar process of the Originator or any
                  shareholder or director either calls or threatens to call any
                  meeting for the purpose of considering or passing any
                  resolution for the winding up or similar process of the
                  Originator;
<PAGE>
                                       46

         16.1.4   any action is initiated by any competent authority with a view
                  to striking the name of the Originator off any register of
                  companies;

         16.1.5   any distress or execution is levied or enforced against any of
                  the assets or property of the Originator;

         16.1.6   the Originator is unable to pay its debts as they fall due or
                  is unable to certify that it is able to pay its debts as they
                  fall due, commences negotiations with any one or more of its
                  creditors with a view to the general re-adjustment or
                  re-scheduling of its indebtedness or enters or proposes to
                  enter into any arrangement or composition with its creditors;

         16.1.7   in the opinion of the Manager there is a material adverse
                  change in the financial condition of the Originator;

         16.1.8   a person is appointed to investigate all or any part of the
                  affairs of the Originator or any related corporation;

         16.1.9   the Originator ceases or threatens to cease business;

         16.1.10  in the opinion of the Manager there is an adverse event or any
                  circumstance which has arisen involving or in any way relating
                  to the Originator which is or may be detrimental to the
                  interests of the Fund and/or to the rights and entitlements of
                  the Investors;

         16.1.11  in the opinion of the Manager there is an adverse effect on
                  the Originator arising from a substantial change in ownership
                  or change in control of the Originator or any company of which
                  the Originator is a subsidiary;

         16.1.12  any event occurs which the Parameters provide as giving rise
                  to a right in the Manager to terminate this Deed;

         16.1.13  in the opinion of the Manager the Originator fails to remedy
                  promptly any irregularity default or non-compliance disclosed
                  or apparent in any of the reports statements or inspections
                  contemplated by either of clauses 11.1 and 11.2; or

         16.1.14  the Originator ceases to be an approved mortgage manager for
                  the purposes of any Mortgage Insurance Policy.

         Upon any such termination the rights and obligations of the parties
         shall be subject to the provisions of clauses 16.4 to 16.6 (both
         inclusive).

16.2     DEFAULT BY ORIGINATOR

         If the Originator shall be in default under this Deed the Manager may
         give to the Originator written notice specifying that default and
         requiring the Originator to remedy the default within five (5) Banking
         Days of the date of the notice (or such longer period as the Manager
         shall agree to in writing) and if the default is not remedied within
         that period this

<PAGE>
                                       47

         Deed shall be ipso facto terminated but such termination shall not
         affect the rights of the Manager or the Trustee against the Originator
         in respect of that default or of any other liability incurred by the
         Originator under this Deed on or before such termination.

16.3     ORIGINATOR'S PERFORMANCE

         16.3.1   In addition to any other right of termination the Manager may
                  have whether pursuant to this Deed, the general law or
                  otherwise the Manager may terminate this Deed by giving thirty
                  (30) days notice in writing to the Originator at any time if:

                  (1)      at the end of the first year of the currency of this
                           Deed the portfolio of Trust Mortgages introduced by
                           the Originator does not have an aggregate principal
                           sum outstanding of at least the amount specified in
                           Item 2 of Schedule 1; or

                  (2)      the portfolio of Mortgages introduced by the
                           Originator and accepted into the Fund is not, in the
                           opinion of the Manager (which opinion shall be
                           conclusive) performing satisfactorily.

         16.3.2   If either or both the events referred to in clause 16.3.1
                  occur the Manager may (in its absolute discretion) at any time
                  thereafter, and without prejudice at any time to the exercise
                  of its rights under clause 16.3.1, by notice in writing to the
                  Originator specify that it will not thereafter accept
                  Applications from the Originator to make any Approved Mortgage
                  Loans or to purchase any Approved Mortgage Loans, in which
                  case, until otherwise determined by the Manager, the
                  Originator shall immediately thereafter cease to make such
                  Applications to the Manager and the Mortgage Insurer and
                  Applications to Fund and the Manager shall be thereafter
                  released from its obligations under clause 15.

16.4     ORIGINATOR'S OBLIGATIONS TO SURVIVE

         Notwithstanding the termination of this Deed:

         16.4.1   the obligations of the Originator to the Manager and the
                  Trustee in respect of any liability on the part of the
                  Originator arising prior to that termination shall continue;
                  and

         16.4.2   the Originator shall in addition to all of its obligations at
                  law and in equity remain liable to the Manager and the Trustee
                  to carry out its obligations under clauses 3.1 and 7 or any
                  other obligation of the Originator under this Deed.

16.5     ORIGINATOR TO DELIVER BOOKS

         16.5.1   Upon termination of this Deed for any reason whatever the
                  Originator shall at its own expense immediately deliver and/or
                  transfer to the Trustee or its nominee all Mortgage Records
                  and if the Originator does not deliver the Mortgage Records

<PAGE>
                                       48

                  to the Trustee or its nominee within 2 Banking Days after
                  the date of termination of this Deed then it shall be lawful
                  for the Trustee or its nominee by their authorised officers
                  to enter the premises of the Originator at which the
                  Mortgage Records are kept and to take possession of the
                  Mortgage Records and production of this Deed shall
                  constitute sufficient authority for the Trustee or its
                  nominee to do so.

         16.5.2   The Originator hereby irrevocably appoints the Trustee or its
                  nominee its attorney for the purpose of signing all documents
                  and papers and doing all acts and things on behalf of and in
                  the name of the Originator which may be necessary in order to
                  give full effect to the provisions of clause 16.5.1 including
                  (but without limitation) the obtaining of any of the books
                  which the Originator may have lodged with any third person and
                  to effect the transfer into the name of the Trustee or its
                  nominee of any account which the Originator has not
                  transferred in accordance with clause 16.5.1 AND the
                  Originator hereby agrees to ratify and confirm all and
                  whatever such attorney shall do or cause to be done in
                  pursuance of this power of attorney.

16.6     ORIGINATOR'S ENTITLEMENT TO MONTHLY FEE

         Notwithstanding the termination of this Deed for any reason whatever
         the Originator shall retain its entitlement to the monthly fee in
         accordance with clause 8.2 calculated on a pro rata daily basis up to
         the date on which this Deed is deemed to have been terminated (at which
         point its entitlement to such fee shall cease) and the calculation of
         the monthly fee shall be made at such time as it would have occurred in
         the usual course if this Deed had not been terminated PROVIDED THAT the
         payment shall:

         16.6.1   be reduced by any indebtedness and/or liability which the
                  Trustee considers has arisen or may arise and for which the
                  Originator is and/or may be liable under the provisions of
                  this Deed;

         16.6.2   become due and payable only when the Manager considers that
                  the Originator has satisfied all of its obligations imposed by
                  this clause 16.

17.      GENERAL PROVISIONS

17.1     GOVERNING LAW

         This Deed shall be governed by and construed in accordance with the
         laws of the State of New South Wales and the parties irrevocably and
         unconditionally submit to the non-exclusive jurisdiction of the courts
         of that State.

17.2     STRICT COMPLIANCE

         Any failure or omission by the Manager at any time to enforce or
         require strict or timely compliance with any provision of this Deed
         shall not affect or impair that provision in any way or the rights of
         the Manager to avail itself of remedies it may have in respect of any
         breach of any such provision.
<PAGE>
                                       49

17.3     NOTICES

         All Applications, Offers, Acceptances, notices, demands, approvals,
         consents or other communications (collectively called a "NOTICE") under
         this Deed shall be in writing and shall be delivered personally or
         given by prepaid registered post, facsimile or telex to a party or to
         the Trustee at the address facsimile number or telex number of the
         party or the Trustee specified in this clause or at such other address
         facsimile number or telex number as the party may from time to time
         notify the other party in writing. A notice shall be deemed served:

         17.3.1   if posted, two (2) Banking Days after posting;

         17.3.2   if sent by telex, upon receipt by the sender of the
                  recipient's answerback; and

         17.3.3   if sent by facsimile, upon production of a transmission report
                  by the machine from which the facsimile was sent which
                  indicates that the facsimile was sent in its entirety to the
                  facsimile number of the recipient.

         A notice served on a day which is not a Banking Day shall be deemed
         served on the next following Banking Day. A notice may be given by a
         director, secretary or authorised officer of the party giving it. For
         the purposes of this clause:

           THE MANAGER:
           Address:                       Level 23
                                          20 Bond Street, Sydney
                                          New South Wales,  2000

           Telex:                         122245

           Fax:                           (02) 9237 4966

           Attention:                     The Manager: PUMA Programme

           THE ORIGINATOR:                As specified in Schedule 1.

           THE TRUSTEE:
           Address:                       39 Hunter Street, Sydney,
                                          New South Wales, 2000

           Telex:                         AA24781

           Fax:                           (02) 9223 7688

           Attention:                     Manager - Mortgage Securitisation

         The parties may from time to time agree upon other means of
         transmitting notices under this Deed and in that event they will enter
         into a supplementary agreement as to relevant procedures before
         implementing the use of such other means.
<PAGE>
                                       50

17.4     CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS

         17.4.1   The parties acknowledge and agree that all of the terms of the
                  Trust Deed, this Deed, the Parameters and all procedures to be
                  implemented pursuant to the provisions of the Trust Deed, this
                  Deed and the Parameters shall be strictly confidential between
                  the parties and they mutually covenant and agree that save as
                  provided in clause 17.4.2 they will not disclose any of the
                  same to any other person.

         17.4.2   No public announcement or communication relating to
                  negotiations of the parties or the subject matter or the terms
                  of this Deed or relating to the Trustee shall be made or
                  authorised by or on behalf of the Originator without the prior
                  written approval of the Trustee and/or the Manager.

         17.4.3   The Originator acknowledges that it has had an opportunity of
                  inspecting a copy of the Trust Deed at the Manager's premises
                  and further acknowledges that as a result thereof it is
                  satisfied that it fully understands and comprehends it
                  obligations arising from the Trust Deed and the references to
                  it herein.

17.5     NON MERGER

         Except where expressly stated in this Deed, none of the rights of the
         Trustee or obligations of the Originator under this Deed shall merge or
         be extinguished upon the discharge variation or renewal of any Trust
         Mortgage in accordance with its terms or upon the termination of this
         Deed.

17.6     WAIVERS, REMEDIES CUMULATIVE

         Save as provided in this Deed, no failure to exercise and no delay in
         exercising on the part of either party any right, power or privilege
         under this Deed shall operate as a waiver, nor shall any single or
         partial exercise of any right, power or privilege preclude any other or
         further exercise of such right, power or privilege, or the exercise of
         any other right, power or privilege.

17.7     STAMP DUTY

           The Originator shall pay out of its own funds all stamp duty
           (including any penalties) payable in respect of this Deed.

17.8     OTHER MORTGAGE ORIGINATION DEEDS

         The Originator acknowledges and agrees that in relation to the Fund the
         Manager may enter into one or more Mortgage Origination Deeds with
         other persons for the purposes of procuring the Trustee to purchase or
         advance moneys on the security of Approved Mortgages and the delegation
         by the Manager of the management of Approved Mortgages.
<PAGE>
                                       51

17.9     DATE FOR PERFORMANCE

         Where the date for performance by the Originator of any of its
         obligations under this Deed falls on a Saturday, Sunday or public
         holiday that date shall be extended to the next Banking Day.

17.10    TIME OF THE ESSENCE

         Time shall be of the essence of the performance of the Originator's
         obligations under this Deed.

17.11    SEVERABILITY

         If any provision of this Deed is prohibited or unenforceable in any
         jurisdiction such provision shall, as to such jurisdiction, be
         ineffective to the extent of such prohibition or unenforceability
         without invalidating the remaining provisions of this Deed or affecting
         the validity or enforceability of such provision in any other
         jurisdiction.

17.12    GENERAL INDEMNITY

         Without limiting any other indemnity given by the Originator in this
         Deed the Originator hereby indemnifies and agrees to keep indemnified
         the Manager and the Trustee in respect of all claims losses (whether
         consequential or otherwise) damages demands and expenses which they or
         either of them may suffer or incur as a result of any breach
         non-performance or non-observance by the Originator of any of its
         obligations under this Deed.

17.13    COUNTERPARTS

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

18.      TRUSTEE'S COVENANT

18.1     THIS CLAUSE TO PREVAIL

         All provisions of this Deed shall have effect and be applied subject to
         clause 18.3.

18.2     DEFINITIONS FOR THE PURPOSES OF THIS CLAUSE

         For the purposes of clause 18.3:

         (a)      "ASSETS" includes all assets, property and rights real or
                  personal of any nature whatsoever; and

         "OBLIGATIONS" means all obligations and liabilities of whatsoever kind
                  undertaken or incurred by or devolving upon the Trustee under
                  or in respect of this Deed or any Deed, Agreement or other
                  instrument collateral herewith or given or entered into
                  pursuant hereto; and
<PAGE>
                                       52

         (b)      a reference to an action, failure to act, misconduct or breach
                  by the Trustee includes a reference to any action, failure to
                  act, misconduct or breach by any officer or employee of the
                  Trustee.

18.3     LIMITATION ON LIABILITY

         The Trustee enters this Deed only as trustee of the Fund and,
         notwithstanding anything herein contained, the other parties hereto
         acknowledge and declare that the Obligations are undertaken or incurred
         by the Trustee severally in its capacity as trustee of the Fund and,
         accordingly, except for the Trustee's liability resulting from the
         Trustee's own negligent action, its own negligent failure to act, its
         own wilful misconduct in performing its obligations under this Deed or
         its own breach of the Trust Deed, the recourse of the other parties
         hereto against the Trustee in respect of any Obligation is limited
         severally to the Trustee's right of indemnity out of the Assets of the
         Fund.

18.4     TRUSTEE'S PERFORMANCE

         The Trustee agrees to act insofar as its obligations under the Trust
         Deed and generally as trustee of the Fund permit to facilitate the
         performance of this Deed by the Manager.

19.      GUARANTEE AND INDEMNITY

         If so required by the Manager and/or the Trustee the Originator shall
         procure a guarantee of its obligations under this Deed from such
         persons and in such form as required by either or both the Manager and
         the Trustee.

EXECUTED as a deed.
<PAGE>
                                       53

EXECUTED as a deed.

THE COMMON SEAL of                          )
PERPETUAL               TRUSTEES            )
AUSTRALIA LIMITED, ACN 000 431              )
827, was affixed in accordance with its     )
Articles of Association in the presenceof:: )

<TABLE>
<CAPTION>

<S>                                                    <C>
 .................................................     .................................................
(Signature of Secretary/Director)                     (Signature of director)

 .................................................     .................................................
(Name of Secretary/Director in Full)                  (Name of director in Full)
</TABLE>

THE COMMON SEAL of                         )
MACQUARIE     SECURITISATOIN               )
LIMITED, ACN 003 297 336, was              )
affixed in accordance with its Articles of )
Association in the presence of::           )

<TABLE>
<CAPTION>

<S>                                                    <C>
 .................................................     .................................................
(Signature of Secretary/Director)                     (Signature of director)

 .................................................     .................................................
(Name of Secretary/Director in Full)                  (Name of director in Full)
</TABLE>

<PAGE>
                                       54

THE COMMON SEAL of                                      )
                                    ,                   )
ACN         , was affixed in accordance with            )
its Articles of Association in the presence of::        )
                                                        )

<TABLE>
<CAPTION>

<S>                                                             <C>
 .................................................
(Signature of Secretary/Director)                           .................................................
                                                            (Signature of director)
 .................................................
(Name of Secretary/Director in Full)                        .................................................
                                                            (Name of director in Full)
</TABLE>

<PAGE>

                                   SCHEDULE 1

ITEM 1               ORIGINATOR

            NAME:

            AUSTRALIAN COMPANY NUMBER:

            AUSTRALIAN BUSINESS NUMBER:

            ADDRESS:

            TELEPHONE NO:

            FACSIMILE NO:

            ATTENTION:

ITEM 2       MINIMUM PRINCIPAL AMOUNT OF TRUST MORTGAGES BY END OF FIRST YEAR:

<PAGE>
                                       55

                                   SCHEDULE 6

[GRAPHIC OMITTED]

<PAGE>
                                       56

  [GRAPHIC OMITTED]

<PAGE>
                                       57

                                   SCHEDULE 8

[GRAPHIC OMITTED]

<PAGE>

  [ FORM OF MORTGAGE ORIGINATION DEED FOR ORIGINATORS THAT ARE CREDIT UNIONS]

                           MORTGAGE ORIGINATION DEED

                      DATE:

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED

                                     Trustee

                        MACQUARIE SECURITISATION LIMITED

                                     Manager

      THE PARTY WHOSE NAME AND ADDRESS ARE SET OUT IN ITEM 1 OF SCHEDULE 1

                                   Originator

                                [GRAPHIC OMITTED]

                        MACQUARIE SECURITISATION LIMITED
                                 ACN 003 297 336
                             Level 4 10 Bond Street
                                 SYDNEY NSW 2000

                              Ref: Bevan Richardson
                            Telephone: (02) 9237-6090
                            Facsimile: (02) 9237-4966

                      (C) Macquarie Securitisation LimiteD

                                 (AFIC APPROVED)

<PAGE>

                                      INDEX

<TABLE>
<CAPTION>
                                                                  PAGE NO.

<S>                                                              <C>
1.    DEFINITIONS AND INTERPRETATION                                    1

1.1      DEFINITIONS                                                    1

1.2      INTERPRETATION                                                 6

1.3      SCHEDULES                                                      7

2.    PROCEDURE FOR FUNDING APPROVED MORTGAGE LOANS AND
PURCHASE OF APPROVED MORTGAGES                                          8

2.1      SUBMISSION OF APPLICATION BY ORIGINATOR                        8

2.2      APPROVAL OF APPLICATION                                        9

2.3      ALLOCATED RATE FOR APPROVED MORTGAGE LOANS                    10

2.4      ACCEPTANCE OFFER                                              10

2.5      PROCEDURE AFTER COMMITMENT                                    13

2.6      RELIANCE ON ORIGINATOR'S SKILL                                14

2.7      INDEMNITY RE NON-ADHERENCE TO SETTLEMENT DATE                 14

2.8      COMMITMENTS TO FUND                                           15

2.9      LOAN APPROVALS                                                18

2.10     ORIGINATOR'S PRE-SETTLEMENT OBLIGATIONS                       18

2.11     SETTLEMENT FUNDS                                              19

2.12     SETTLEMENT AND REGISTRATION                                   19

2.13     CANCELLATION OF APPROVED APPLICATION                          20

2.14     PAYMENT OF INTEREST DEDUCTED AT SETTLEMENT                    21

2.15     DELIVERY OF DOCUMENTS OF TITLE                                21

2.16     EPITOME OF MORTGAGE                                           22
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<S>                                                                                    <C>
2.17     MANAGER'S RELIANCE ON DOCUMENTS SUBMITTED                                     22

2.18     INSTRUCTIONS TO APPROVED SOLICITORS                                           22

3.    ORIGINATOR'S OBLIGATIONS IN RESPECT OF TRUST MORTGAGES                           22

3.1      PAYMENTS BY BORROWERS                                                         22

3.2      MANAGEMENT OF TRUST MORTGAGES                                                 23

3.3      COMPLIANCE WITH MORTGAGE INSURANCES                                           23

3.4      PAYMENT OF MANAGEMENT COSTS AND EXPENSES                                      23

3.5      MAINTENANCE OF RECORDS                                                        23

3.6      REPORTS TO MANAGER                                                            23

3.7      CARE AND SKILL                                                                23

3.8      TRUSTEE'S ENTITLEMENT TO REGISTRATION AS MORTGAGEE                            24

3.9      NOTIFY DEATH OF ANY BORROWER                                                  24

3.10     ADVISE DEFAULTS                                                               24

3.11     REVIEW OF COMPLIANCE WITH MORTGAGES                                           24

3.12     NO OBLIGATION TO SUPPORT LOSSES                                               24

3.13     RENEGOTIATION OF TERMS                                                        24

4.    INSURANCES - ORIGINATOR'S OBLIGATIONS                                            25

4.1      GENERAL INSURANCE                                                             25

4.2      LAPSING OF POLICIES                                                           25

4.3      SETTLEMENT OF CLAIMS                                                          25

4.4      ORIGINATOR TO ASSIST IN MORTGAGE INSURANCE CLAIMS                             25

4.5      MORTGAGE INSURANCE CLAIMS                                                     26

5.    DEFAULT BY BORROWER - ORIGINATOR'S OBLIGATIONS                                   26

5.1      ORIGINATOR MAY PAY INTEREST PAYMENTS OVERDUE FROM BORROWERS                   26
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<S>                                                                            <C>

5.2      ORIGINATOR'S OBLIGATIONS TO ENFORCE                                      27

5.3      PRE-CONDITIONS TO TRUSTEE INSTITUTING PROCEEDINGS
          FOR OUTSTANDING PAYMENTS                                                28

5.4      ORIGINATOR'S OBLIGATIONS TO ENFORCE MORTGAGE TERMS AGAINST BORROWERS     28

5.5      CARRIAGE OF SALE                                                         29

5.6      SHORTFALL ON SALE                                                        29

5.7      INDEMNITY                                                                29

5.8      LIMIT OF ORIGINATOR'S POWERS                                             30

5.9      REIMBURSEMENT OF EXPENSES OF ORIGINATOR                                  30

6.    WARRANTIES BY ORIGINATOR                                                    31

6.1      WARRANTIES                                                               31

6.2      WARRANTIES TRUE AT SETTLEMENT DATE AND TRANSFER                          34

6.3      CORRECTNESS OF APPLICATIONS AND SETTLEMENT STATEMENTS                    34

6.4      INDEMNITY                                                                34

6.5      WARRANTIES TO CONTINUE                                                   34

6.6      ORIGINATOR TO NOTIFY BREACH OF WARRANTY                                  35

6.7      ORIGINATOR TO CONFIRM WARRANTIES ON REQUEST                              35

7.    ORIGINATOR TO BUY BACK MORTGAGES                                            35

7.1      REQUEST FOR BUY BACK                                                     35

7.2      ORIGINATOR'S OBLIGATIONS                                                 35

7.3      TRUSTEE AND MANAGER OBLIGATIONS                                          36

7.4      LIMITATION ON BUY BACK                                                   36

8.    ORIGINATOR'S REMUNERATION                                                   36

8.1      LIMITATION                                                               36

8.2      MONTHLY FEE                                                              36

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<S>                                                                              <C>

8.3      NO SET-OFF BY ORIGINATOR                                                 37

8.4      MANAGER OR TRUSTEE MAY REMEDY ORIGINATOR'S DEFAULT                       38

8.5      MANAGER'S STATEMENT OF COSTS AND EXPENSES                                38

9.    STATUS OF ORIGINATOR                                                        38

9.1      INDEPENDENT CONTRACTOR                                                   38

9.2      ORIGINATOR'S EMPLOYEES                                                   39

9.3      ORIGINATOR HAS NO BENEFICIAL INTEREST IN FUND                            39

9.4      MANAGEMENT OF ORIGINATOR'S BUSINESS                                      40

10.      ORIGINATOR TO OBSERVE PARAMETERS                                         40

10.1     STRICT ADHERENCE TO PARAMETERS                                           40

10.2     INCONSISTENCY                                                            40

10.3     RECEIPT OF COPY OF PARAMETERS                                            40

10.4     SUPPLY OF INFORMATION                                                    40

11.      FINANCIAL STATEMENTS AND RECORDS                                         40

11.1     REPORTS AND STATEMENTS                                                   40

11.2     INSPECTION OF ORIGINATOR'S RECORDS                                       41

11.3     DOCUMENTS TO REMAIN THE PROPERTY OF THE TRUSTEE                          41

11.4     EVIDENCE OF COMPLIANCE WITH LIQUIDITY REQUIREMENTS                       41

12.      ASSIGNMENT BY ORIGINATOR                                                 41

12.1     PRE-CONDITIONS FOR ASSIGNMENT                                            41

12.2     CHANGES IN CONTROL OF ORIGINATOR                                         42

12.3     ORIGINATOR TO ENTER DEED WITH NEW MANAGER OR TRUSTEE                     43

13.      PROFESSIONAL AND FIDELITY INSURANCE                                      43

13.1     ORIGINATOR TO OBTAIN AND MAINTAIN PROFESSIONAL AND FIDELITY INSURANCE    43
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<S>                                                                   <C>
13.2     LAPSING OR TERMINATION OF FIDELITY INSURANCE                 44

14.      SET-OFF                                                      44

15.      OBLIGATIONS OF MANAGER                                       44

15.1     ACCEPTANCE OF APPLICATIONS                                   44

15.2     NOTIFICATION OF CHANGES - GENERAL                            44

15.3     NOTIFICATION OF APPROVED SOLICITORS AND APPROVED VALUERS     45

15.4     NOTIFICATION OF INSTRUCTIONS FROM MORTGAGE INSURER           45

15.5     INDICATOR BULLETIN                                           45

16.      TERMINATION                                                  45

16.1     IMMEDIATE TERMINATION BY MANAGER                             45

16.2     DEFAULT BY ORIGINATOR                                        46

16.3     ORIGINATOR'S PERFORMANCE                                     47

16.4     ORIGINATOR'S OBLIGATIONS TO SURVIVE                          47

16.5     ORIGINATOR TO DELIVER BOOKS                                  47

16.6     ORIGINATOR'S ENTITLEMENT TO MONTHLY FEE                      48

17.      GENERAL PROVISIONS                                           48

17.1     GOVERNING LAW                                                48

17.2     STRICT COMPLIANCE                                            48

17.3     NOTICES                                                      49

17.4     CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS                     50

17.5     NON MERGER                                                   50

17.6     WAIVERS, REMEDIES CUMULATIVE                                 50

17.7     STAMP DUTY                                                   50

17.8     OTHER MORTGAGE ORIGINATION DEEDS                             50
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<S>                                                                   <C>
17.9     DATE FOR PERFORMANCE                                         51

17.10       TIME OF THE ESSENCE                                       51

17.11       SEVERABILITY                                              51

17.12       GENERAL INDEMNITY                                         51

17.13       COUNTERPARTS                                              51

18.      TRUSTEE'S COVENANT                                           51

18.1     THIS CLAUSE TO PREVAIL                                       51

18.2     DEFINITIONS FOR THE PURPOSES OF THIS CLAUSE                  51

18.3     LIMITATION ON LIABILITY                                      52

18.4     TRUSTEE'S PERFORMANCE                                        52

19.      GUARANTEE AND INDEMNITY                                      52

SCHEDULE 1                                                            54

SCHEDULE 6                                                            55

SCHEDULE 8                                                            57

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THIS DEED is made the           day of          199

BETWEEN     PERPETUAL TRUSTEES AUSTRALIA LIMITED, ACN 000 431 827, a company
            incorporated in New South Wales and having its registered office at
            Level 7, 39 Hunter Street, Sydney (the 'TRUSTEE')

AND         MACQUARIE SECURITISATION LIMITED, ACN 003 297 336, a company
            incorporated in New South Wales and having its registered office at
            Level 3, 20 Bond Street, Sydney (the 'MANAGER')

AND         THE PARTY WHOSE NAME AND ADDRESS ARE SET OUT IN ITEM 1 OF SCHEDULE 1
            (the 'ORIGINATOR')

RECITALS

A.      By a Trust Deed dated 13 July 1990 (the 'TRUST DEED') made between the
        Trustee and the person referred to therein as the Founder a trust known
        as the PUMA Fund (the 'FUND') was established.

B.      By a Deed dated 26 July 1990 (the 'MANAGEMENT DEED') made between the
        Trustee and the Manager the Manager was appointed the Manager of the
        Fund.

C.      The Originator carries on business as a financier and/or financial
        intermediary and has experience in placing moneys on mortgages of real
        estate and in the management of mortgages.

D.      The Originator has requested the Manager to appoint the Originator as
        its non-exclusive delegate to manage and administer those aspects of the
        Fund as are more particularly detailed in this Deed and the Manager has
        agreed to do so in accordance with the provisions of this Deed.

E.      By its execution of this Deed the Trustee consents to the appointment of
        the Originator referred to in Recital D in accordance with the
        provisions of this Deed.

THIS DEED WITNESSES

1.      DEFINITIONS AND INTERPRETATION

1.1     DEFINITIONS

        In this Deed, unless the context otherwise indicates:
<PAGE>

                                      2

        "ACCEPTANCE" means an acceptance by the Originator pursuant to clause
        2.4 of an Offer.

        "ALLOCATED RATE" means the rate of interest expressed as a percentage
        per annum applicable on funds offered by the Manager to the Originator
        pursuant to clause 2 which shall include the Originator's Management
        Rate and which may be a rate which is either fixed or calculated by
        reference to a floating indicator.

        "APPLICATION" means an application made by the Originator pursuant to
        clause 2.1.

        "APPLICATION FEE" means the fee required by the Manager to be paid to it
        by the Originator in support of an Application or an Application to
        Fund.

        "APPLICATION TO FUND" has the meaning given to this term in clause
        2.8.1.

        "APPROVED APPLICATION" means an Offer which has been accepted in
        accordance with clause 2.4.

        "APPROVED MORTGAGE" means a Mortgage which at the date it is accepted
        into the Fund shall:

        (1)     be covered by the Security Enhancements or have such other
                enhancements as are considered by the Trustee and the Manager to
                be not less than the Security Enhancements but subject always to
                the provisions of the Trust Deed; and

        (2)     be in accordance with the provisions of this Deed and the
                Parameters.

        "APPROVED MORTGAGE LOAN" means a loan secured by an Approved Mortgage.

        "APPROVED SOLICITOR" means, unless otherwise permitted under the Trust
        Deed, a solicitor, conveyancer or Licensed Land Broker or firm of any of
        them approved by the Trustee for the purposes of the Fund having:

        (1)     not less than 3 principals; and

        (2)     professional indemnity or similar insurance for an amount of not
                less than $4 million or such greater amount as the Trustee
                considers appropriate from time to time.

        "APPROVED VALUER" means a registered valuer within the meaning of the
        Valuers Registration Act 1975 (New South Wales) in the case of New South
        Wales land or a registered valuer within the meaning of the
        corresponding legislation in any other State or Territory in relation to
        land situate in such other State or Territory, in each case approved by
        the Trustee and each Mortgage Insurer for the purposes of the Fund.

        "ASSOCIATE" means in respect of a natural person:

        (1)     any relative of that person;

<PAGE>
                                       3

        (2)     any company of which that person is a director or a substantial
                shareholder (as that term is used in the Corporations Law);

        (3)     any person who is a director or a substantial shareholder of a
                company described in (2) above; or

        (4)     any related body corporate of a company described in (2) above;
                and

        in respect of a company:

        (1)     any director or substantial shareholder of that company;

        (2)     any company of which that first company is a substantial
                shareholder; or

        (3)     any related body corporate of that company.

        "AUTHORISED INVESTMENT" means any of the categories of investments set
        out in the Second Schedule to the Trust Deed.

        "BANK" means any bank licensed to carry on banking business in Australia
        having a Prescribed Rating as defined in the Trust Deed.

        "BANKING DAY" means a day other than a Saturday, Sunday or public
        holiday in New South Wales on which Banks are open for business in
        Sydney.

        "BORROWER" means the applicant for a Loan Approval and includes the
        Borrower's successors and permitted assigns and also (where the context
        so admits) a Mortgagor under a Mortgage.

        "BREAK COSTS" means the consideration payable by a Mortgagor under an
        Approved Mortgage for repayment of the principal sum prior to the Due
        Date, whether the repayment is made voluntarily or compulsorily.

        "COLLATERAL SECURITY" or "COLLATERAL DOCUMENT" means any mortgage,
        charge, security, guarantee, indemnity, Encumbrance or other agreement
        which secures any of the moneys and/or obligations secured under a
        Mortgage whether or not it secures other moneys or obligations and
        whether or not it is given contemporaneously with the Mortgage.

        "DOCUMENTS OF TITLE" means all documents evidencing the title of a
        Mortgagor to a Property (and in respect of the purchase of Approved
        Mortgages all guarantees, loan deeds and other documents evidencing the
        terms of the Approved Mortgage and/or ancillary or collateral thereto)
        and other documents which the Originator is required to obtain on or
        before settlement of a Mortgage in accordance with the Parameters, this
        Deed and good conveyancing practice and includes all collateral
        securities to a Mortgage.

        "DUE DATE" means the date stipulated in a Mortgage for repayment of the
        principal sum.
<PAGE>
                                       4

        "EASTERN STANDARD TIME" means the time as applicable in Sydney
        (including Eastern Summer Time).

        "ENCUMBRANCE" includes any mortgage, caveat, pledge, charge, lien,
        assignment by way of security, security interest, title retention of any
        kind (specific or general) (including any agreement to give any of the
        foregoing), any conditional sale and any other security agreement or
        arrangement of whatever nature.

        "INTEREST RATE DELIVERY COMMITMENT" has the meaning given to this term
        in clause 2.8.2.

        "INVESTOR" means a person shown in the register established and
        maintained by the Trustee under the provisions of the Trust Deed as the
        holder of an Investor Entitlement.

        "INVESTOR ENTITLEMENT" means the entitlement of an Investor to the
        payment of principal and interest at the rate and at the time shown in
        the register established under the provisions of the Trust Deed in
        respect of an Investor.

        "LICENSED LAND BROKER" means in the case of South Australian land, a
        land broker within the meaning of the Land Agents Valuers and Brokers
        Act 1973 (South Australia) and in the case of Western Australian land, a
        "settlement agent" within the meaning of the Settlement Agents Act 1981
        (Western Australia).

        "LOCK-IN DATE" means the date on which the Originator accepts an
        Allocated Rate pursuant to either clause 2.4.1(2) or clause 2.4.2(2).

        "LOAN APPROVAL" means an approval for a loan given by the Originator to
        a prospective Borrower and includes an approval for the sale of an
        Approved Mortgage to the Trustee.

        "MORTGAGE" means a registered first mortgage in a form approved by the
        Trustee over any estate or interest in freehold or leasehold land
        situate in any State or Territory of Australia given or transferred to
        the Trustee to secure a loan which satisfies the criteria for an
        Approved Mortgage Loan.

        "MORTGAGE INSURANCE" means the insurance effected by a Mortgage
        Insurance Policy.

        "MORTGAGE INSURANCE POLICY" means each Pool Insurance Policy and each
        Primary Mortgage Insurance Policy.

        "MORTGAGE INSURER" means each corporation or corporations which:

        (a)     is or are approved from time to time by the Trustee and the
                Manager; and

        (b)     has issued or issues a Mortgage Insurance Policy to the Trustee.

        "MORTGAGE RECORDS" means all mortgage papers and documents files
        receipts insurance policies insurance premium sheets ledger sheets
        payment records correspondence current and historical computerised data
        files and other papers accounts

<PAGE>
                                       5

        and records of whatever kind or description, whether developed or
        originated by the Originator or not, relating to any Trust Mortgage or
        the performance by the Originator of its obligations pursuant to this
        Deed.

        "MORTGAGOR" means the mortgagor named in a Mortgage and includes the
        successors transferees and permitted assigns of the Mortgagor.

        "OFFER" means an Offer made by the Manager to the Originator to accept
        an Application pursuant to clause 2.2.

        "ORIGINATOR'S MANAGEMENT RATE" means the rate calculated on the
        principal sum under each Trust Mortgage introduced by the Originator
        which the Manager agrees to instruct the Trustee to pay to the
        Originator in consideration of the Originator managing those Trust
        Mortgages in accordance with the provisions of this Deed, which rate
        shall be set at 0.25% p.a. or such other amount as the Trustee and the
        Manager may agree from time to time.

        "ORIGINATOR'S RATE" means an amount representing the difference between
        the lower rate of interest under a Trust Mortgage and the Allocated Rate
        for that Mortgage.

        "PARAMETERS" means collectively the Programme Parameters and the Third
        Schedule Parameters.

        "POOL INSURANCE POLICY" means any pool insurance policy from time to
        time taken out in favour of the Trustee in its capacity as trustee of
        the Fund.

        "PRIMARY MORTGAGE INSURANCE POLICY" means a policy of insurance (other
        than a Pool Insurance Policy) under which, inter alia, an insurer
        insures an Approved Mortgage against loss by the Trustee for, inter
        alia, a fixed sum or a percentage (up to and including 100%) of the
        principal amount secured thereby and/or for interest payments owing
        under such Approved Mortgage.

        "PROGRAMME PARAMETERS" means the manual called "The Puma Fund Programme
        Parameters" issued by the Manager setting out in detail the obligations
        of the Originator in relation to the origination and management of
        Approved Mortgages hereunder, as the same may from time to time be
        amended, supplemented or replaced.

        "PROPERTY" means the land and improvements the subject of an Approved
        Application and/or an Approved Mortgage.

        "SECURITY ENHANCEMENTS" means each Mortgage Insurance Policy, any
        relevant stand-by arrangements and/or such other security, support,
        rights and/or benefits made available to the Trustee in support of or
        substitution for an Authorised Investment or income or benefit arising
        thereon as permitted by the Trust Deed.

        "SETTLEMENT DATE" means the date specified in an Approved Application
        for settlement of an Approved Mortgage Loan or the purchase by the
        Trustee of an Approved Mortgage.
<PAGE>
                                       6

        "SETTLEMENT STATEMENT" means a statement in the form set out in
        Schedule 8.

        "SOLICITORS CERTIFICATE" means a certificate in the form set out in
        Schedule 10 of the Programme Parameters given by an Approved Solicitor
        immediately prior to settlement of an Approved Mortgage Loan or the
        purchase by the Trustee of an Approved Mortgage (as the case may be).

        "THIRD SCHEDULE PARAMETERS" means the criteria set out in the Third
        Schedule of the Trust Deed.

        "TRANSFER OF MORTGAGE" means a transfer to the Trustee of an Approved
        Mortgage pursuant to clause 2.

        "TRUST MORTGAGE" means Mortgage accepted into the Fund pursuant to
        clause 2.

        "VALUATION" means a valuation of the Property the subject of an Approved
        Application made by an Approved Valuer not more than three (3) months
        prior to the Settlement Date in respect of that Property which
        Valuation:

        (1)     complies with the Parameters;

        (2)     specifies the person who has requested it; and

        (3)     clearly sets out that it is addressed to and can be relied upon
                by each of the Trustee, the Manager, the Originator and the
                corresponding Mortgage Insurer,

        PROVIDED THAT:

        (A)     a Valuation which otherwise meets the above criteria shall not
                be acceptable if it has been undertaken on the instruction of
                the Borrower;

        (B)     in the case of the purchase of an Approved Mortgage the Trustee
                may in its discretion accept a Valuation which is re-addressed
                by the Approved Valuer to the Trustee, the Manager, the
                Originator and the corresponding Mortgage Insurer.

        "WAREHOUSING INVESTOR" means an investor who becomes a Warehousing
        Investor by virtue of clause 5 of the Trust Deed.

        "WAREHOUSE OBLIGATIONS" means the obligations of the Manager to ensure
        that funds for Settlement of an Approved Application are available on
        the Settlement Date for that Approved Application.

1.2     INTERPRETATION

        In this Deed except to the extent that the context otherwise requires or
        the contrary intention appears:
<PAGE>
                                       7

        1.2.1   references to any legislation or to any provision of any
                legislation shall include any statutory modification or
                re-enactment of, any legislation or provision substituted for or
                replacing (in whole or in substance) such legislation or
                provision, and all legislation and statutory instruments issued
                under, such legislation;

        1.2.2   words denoting the singular number shall include the plural and
                vice versa;

        1.2.3   words denoting individuals shall include corporations and firms
                and vice versa;

        1.2.4   references to this Deed or to any other document or agreement,
                shall include references to this Deed or such document or
                agreement as novated, supplemented, varied or replaced from time
                to time;

        1.2.5   references to any person in this Deed or any other document or
                arrangement shall include reference to its successors and
                permitted assigns;

        1.2.6   words denoting any gender shall include all genders;

        1.2.7   headings are for convenience only and shall not affect
                interpretation of this Deed;

        1.2.8   where any payment is to be made under or in relation to this
                Deed on a day not being a Banking Day the requirement for such
                payment shall be deemed to be on the next following Banking Day;

        1.2.9   references to "dollars", "Dollars", "$" or to another amount are
                references to the relevant units of the lawful currency of the
                Commonwealth of Australia;

        1.2.10  "writing" includes words of like import including printing,
                typing, lithography and other means of reproducing words in a
                tangible and viable form;

        1.2.11  the expression "RELATED BODY CORPORATE" has the same meaning
                given to it in section 9 of the Corporations Law; and

        1.2.12  the use of "CORRESPONDING" in association with Mortgage Insurer,
                Mortgage Insurance and Mortgage Insurance Policy in a provision
                of this Deed means the existing or proposed Mortgage Insurer,
                Mortgage Insurance or Mortgage Insurance Policy (as the case may
                be) relating to the existing or proposed Trust Mortgage or
                Property the subject of that provision.

1.3     SCHEDULES

        The Manager may with the prior consent of the Trustee (which shall not
        be unreasonably withheld) from time to time vary the form and substance
        of the Schedules to this Deed and from the time that a Schedule is so
        varied, a reference herein to that Schedule shall be to the Schedule so
        varied.
<PAGE>
                                       8

2.      PROCEDURE FOR FUNDING APPROVED MORTGAGE LOANS AND PURCHASE OF APPROVED
        MORTGAGES

2.1     SUBMISSION OF APPLICATION BY ORIGINATOR

        2.1.1   The Originator may submit an Application to the Manager for the
                Trustee to make an Approved Mortgage Loan or to purchase an
                Approved Mortgage, which shall be in the form set out in
                Schedule 4.

        2.1.2   In submitting an Application the Originator:

                (1)     shall request the Manager to make an Offer in accordance
                        with clause 2.2;

                (2)     shall state whether the Application is to be the subject
                        of an Interest Rate Delivery Commitment previously made
                        by the Manager and, if so, give sufficient details to
                        identify the relevant Interest Rate Delivery Commitment;

                (3)     may nominate a proposed Settlement Date which is not
                        more than 10 weeks from the date of Application or such
                        longer period as the Manager agrees;

                (4)     shall state whether the Application is for funds at a
                        fixed rate or at a floating rate;

                (5)     may request the Manager to provide an Allocated Rate for
                        a specified Settlement Date; and

                (6)     acknowledges that if the Originator does not request
                        provision of an Allocated Rate then:

                        (A)     the Originator may request an Allocated Rate at
                                any time up to a date being not later than five
                                (5) Banking Days prior to the Settlement Date

                        PROVIDED THAT:

                        (B)     if the Originator does not request an Allocated
                                Rate within thirty (30) days of the date of its
                                Acceptance of the Offer as specified in clause
                                2.4.2(2) then, unless the Manager otherwise
                                agrees, the Approved Application shall thereupon
                                be treated as having been cancelled.

        2.1.3   Each Application submitted to the Manager shall:

                (1)     be properly completed and signed by the Originator;
<PAGE>
                                       9

                (2)     be accompanied by:

                        (A)     a Valuation of the Property;

                        (B)     copies of all documentation to be lodged in
                                support of the application to the Mortgage
                                Insurer for Mortgage Insurance; and

                        (C)     any other documents or information which the
                                Manager may require.

        2.1.4   The Originator acknowledges to the Trustee and the Manager that
                the Trustee, the Manager and the corresponding Mortgage Insurer
                will be relying on the information and documentation provided by
                the Originator in and with the Application, including when the
                Manager or the Originator (as the case may be) submits the
                Application to the Mortgage Insurer for approval. The Originator
                shall indemnify and keep indemnified the Trustee and the Manager
                from and against any loss, damage, action, claim or demand which
                they or either of them may suffer or incur in respect of or
                otherwise arising from the fact that any of the contents of the
                Application or the documentation accompanying it (or the copy
                Application or accompanying documentation to the corresponding
                Mortgage Insurer) are untrue or misleading.

2.2     APPROVAL OF APPLICATION

        2.2.1   The Manager may (in its absolute discretion) submit the
                Application to the Trustee for signature of the proposal to a
                Mortgage Insurer incorporated in the Application and, subject to
                the next sentence of this clause, the Manager may then lodge the
                Application and all relevant documentation with that Mortgage
                Insurer for approval. As an alternative to the Manager lodging
                the Application and all relevant documentation with a Mortgage
                Insurer, the Originator may, if permitted by the Manager, lodge
                a copy of the Application and all relevant documentation direct
                with that Mortgage Insurer for approval. If the Mortgage Insurer
                shall require any additional information as a pre-requisite to
                approving the Application the Originator shall use its best
                endeavours to procure the same upon notification by the Manager
                or the Mortgage Insurer of the requirement.

        2.2.2   Upon receipt of approval of the Application by the Mortgage
                Insurer the Manager may (in its absolute discretion) make an
                Offer to accept an Application but the Manager shall be under no
                obligation to do so and may decline to make an Offer
                notwithstanding the approval of an Application by the Mortgage
                Insurer.

        2.2.3   The Offer for:

                (1)     a proposed Approved Mortgage Loan the subject of an
                        Interest Delivery Rate Commitment shall be in the form
                        set out in Annexure (a) to Schedule 3;
<PAGE>
                                       10

                (2)     a proposed purchase of an Approved Mortgage the subject
                        of an Interest Delivery Rate Commitment shall be in the
                        form set out in Annexure (b) to Schedule 3;

                (3)     a proposed Approved Mortgage Loan to which paragraph (1)
                        above does not apply shall be in the form set out in
                        Schedule 6 and, where appropriate, with the Annexure to
                        it;

                (4)     the proposed purchase of an Approved Mortgage to which
                        paragraph (2) above does not apply shall be in the form
                        set out in Schedule 7 and, where appropriate, with the
                        Annexure to it.

        2.2.4   The Originator acknowledges that any such Offer shall be made to
                the Originator personally and in its capacity as the Originator
                under this Deed and in no other capacity and shall not in any
                way be deemed to constitute an offer to any proposed Borrower or
                to the proposed transferor of an Approved Mortgage.

2.3     ALLOCATED RATE FOR APPROVED MORTGAGE LOANS

        In the case of Applications which are not made pursuant to an Interest
        Delivery Rate Commitment (in accordance with clause 2.1.2(2)), the
        Allocated Rate for a Settlement Date shall be:

        2.3.1   in the case of an Approved Mortgage Loan, the Allocated Rate
                specified in the Annexure to Schedule 6;

        2.3.2   in the case of the purchase of an Approved Mortgage, the
                Allocated Rate specified in the Annexure to Schedule 7.

2.4     ACCEPTANCE OFFER

        2.4.1   (1)     Where the Manager has made an Offer which includes an
                        Annexure to either Schedule 6 or Schedule 7, the
                        Originator may accept the Offer by signing and returning
                        the Schedule 6 and Annexure or the Schedule 7 and
                        Annexure (as appropriate) to the Manager within thirty
                        (30) minutes (or within such other period as may be
                        nominated by the Manager from time to time and indicated
                        in the Offer) of receipt of the Offer by the Originator.

                (2)     If the Originator accepts the Offer in the manner and
                        within the time specified in clause 2.4.1(1), then
                        subject to clause 2.4.5 the Offer and Acceptance shall
                        be deemed completed and an enforceable contract shall
                        subject to the other provisions of this Deed exist
                        between the parties from the time the Manager receives
                        the Acceptance.

                (3)     If the Originator does not accept the Offer in the
                        manner and within the time specified in clause 2.4.1(1),
                        then the Acceptance by the Originator shall be deemed to
                        be an Application under clause 2.1 and the provisions

<PAGE>
                                       11

                        of clause 2.4.2(2) shall apply to it mutatis mutandis.

        2.4.2   (1)     Where the Manager has made an Offer which does not
                        include an Annexure to either Schedule 6 or Schedule 7,
                        the Originator may accept the Offer by signing and
                        returning the Schedule 6 without Annexure or the
                        Schedule 7 without Annexure (as appropriate) within 5
                        Banking Days (or within such other period as may be
                        nominated by the Manager from time to time and indicated
                        in the Offer) of receipt of the Offer by the Originator
                        but in that event the Application shall be treated only
                        as an Approved Application and the following provisions
                        of this clause 2.4.2 shall apply.

                (2)     If the Originator accepts the Offer in the manner and
                        within the time specified in clause 2.4.2(1), then the
                        Originator may (subject always to proviso (ii) below)
                        not less than 5 Banking Days prior to the Settlement
                        Date request the Manager to specify an Allocated Rate
                        and in that event:

                        (A)     the Manager shall promptly furnish to the
                                Originator the Schedule 6 Annexure or the
                                Schedule 7 Annexure (as appropriate);

                        (B)     the Originator may accept the Allocated Rate so
                                offered within thirty (30) minutes of receipt of
                                the relevant Annexure;

                        (C)     if the Originator accepts the Allocated Rate so
                                offered, then subject to clause 2.4.5 the Offer
                                and Acceptance shall be deemed completed and an
                                enforceable contract shall subject to the other
                                provisions of this Deed exist between the
                                parties from the time the Manager receives the
                                Acceptance,

                        PROVIDED ALWAYS and the parties acknowledge and agree
                        that:

                        (i)     an Approved Application may proceed to
                                settlement only after an Allocated Rate has been
                                received and accepted pursuant to this clause
                                2.4.2; and

                        (ii)    an Approved Application for which the Originator
                                has not requested and accepted an Allocated Rate
                                within 30 calendar days after the date it
                                accepts the Offer pursuant to clause 2.4.2(2)
                                shall, unless the Manager otherwise agrees, be
                                deemed to have been cancelled.

        2.4.3   The Originator agrees that:

                (1)     each Application shall, if required by the Manager, be
                        accompanied by the Application Fee;
<PAGE>
                                       12

                (2)     if not already paid, the Application Fee shall become
                        immediately due and payable on the date it accepts the
                        Offer whether or not the relevant Annexure was included
                        in the Offer;

                (3)     if it does not accept the Offer within the relevant
                        times referred to in clauses 2.4.1 or 2.4.2, then:

                        (A)     the Offer shall ipso facto lapse; and

                        (B)     any Application Fee already paid by the
                                Originator shall be retained by the Manager;

                (4)     the decision of the Manager as to whether an Acceptance
                        has been properly completed by the Originator shall be
                        final and binding on the Originator;

                (5)     if the Manager declines to make an Offer pursuant to
                        clause 2.2.2 any Application Fee already paid by the
                        Originator shall be refunded to the Originator;

                (6)     if for any reason other than that specified in the
                        preceding sub-clause (5):

                        (A)     funds are not advanced;

                        (B)     an Allocated Rate is never set; or

                        (C)     an Approved Application is cancelled or is
                                deemed to have been cancelled pursuant to any of
                                the provisions of this clause 2,

                        THEN the Manager may in its absolute discretion refund
                        the whole or part of the Application Fee actually paid
                        by the Originator OR where the Application Fee has been
                        debited to the Originator's account, credit that account
                        with the whole or part of the Application Fee.

        2.4.4   Where the Originator has not specified a Settlement Date in an
                Approved Application it may appoint a Settlement Date by giving
                to the Manager not less than 5 Banking Day's notice in writing
                expiring at any time not later than 10 weeks after the date of
                the initial Application (or such longer period as the Manager
                agrees).

        2.4.5   Notwithstanding any other provision of this Deed, if the
                Allocated Rate at which the Manager is offering funds to
                Originators, or the rate being quoted to the Manager for funds,
                at the time when the Manager receives an Acceptance in
                accordance with clause 2.4.1(2) or clause 2.4.2(2)(B) is more
                than at least 0.05% greater than the Allocated Rate applicable
                at the time when the Manager made the relevant Offer pursuant to
                clause 2.4.1(1) or furnished an Annexure pursuant to clause
                2.4.2(2)(A) (as the case may be) then, at the option of the
                Manager, the Manager may cancel the Offer made by it by notice
                in writing to the
<PAGE>
                                       13

                Originator given no later than the Banking Day following the
                date of the Originator's abovementioned Acceptance in which
                event the Manager shall have no further obligations whatsoever
                in respect of that Offer.

        2.4.6   The preceding provisions of this clause 2.4 shall not apply to
                Offers made pursuant to an Interest Delivery Rate Commitment.
                The Originator may accept such an Offer by signing and returning
                the relevant Annexure to Schedule 3 within 5 Banking Days (or
                within such other period as may be nominated by the Manager from
                time to time and indicated in the Offer) of receipt of the Offer
                in which case the Offer and Acceptance shall be deemed completed
                and an enforceable contract shall subject to the other
                provisions of this Deed exist between the parties from the time
                the Manager receives the Acceptance.

2.5     PROCEDURE AFTER COMMITMENT

        If the Originator accepts an Offer within the time and in the manner
        specified in clause 2.4 then:

        2.5.1   any Application Fee paid by the Originator shall be applied by
                the Manager in any manner as the Manager may in its absolute
                discretion decide and those fees shall not be refundable to the
                Originator should the Approved Application not proceed for any
                reason;

        2.5.2   the Originator shall instruct an Approved Solicitor to
                investigate the title to and all other relevant aspects of each
                Property the subject of an Approved Application and shall give
                that Solicitor all instructions on behalf of the Trustee as may
                be necessary in the circumstances and shall supervise the
                carrying out of those instructions. Those instructions shall,
                inter alia, include:

                (1)     the form of Mortgage to be used (or the Mortgage the
                        subject of the Approved Application) and the form of all
                        other Collateral Documents to be used shall be the forms
                        approved by the Manager and the Trustee from time to
                        time;

                (2)     in the case of the purchase of an Approved Mortgage,
                        that the benefit of all collateral securities must be
                        transferred to the Trustee on settlement;

                (3)     a direction that the Solicitor shall observe the
                        requirements of the Parameters and including in the case
                        of the purchase of Approved Mortgages that the terms and
                        conditions of such Mortgages meet the requirements of
                        the Parameters;

                (4)     any instructions given by the Originator, the Manager
                        and/or the Trustee (including the general requirements
                        of Approved Solicitors from time to time issued by the
                        Manager and the Trustee); and
<PAGE>
                                       14

                (5)             any conditions required by the corresponding
                                Mortgage Insurer to be met in order for the
                                Mortgage Insurer to issue Mortgage Insurance for
                                the proposed Mortgage and generally shall be in
                                terms identical with those on which the Manager
                                has approved the Application;

        2.5.3   where the applicable Allocated Rate is established by reference
                to a floating indicator, the Manager shall determine the
                applicable value of that floating indicator on the Banking Day
                immediately preceding the Settlement Date and shall notify the
                Originator of the resulting Allocated Rate by no later than 3.00
                p.m. on the said Banking Day;

        2.5.4   in the case of the proposed purchase of an Approved Mortgage
                which has existing Mortgage Insurance which accords with the
                Parameters, the Originator shall procure that the transferor
                with the consent of the Mortgage Insurer shall assign that
                policy to the Trustee and the Mortgage Insurer shall provide to
                the Manager:

                (1)     a copy of the existing policy of the Mortgage Insurance;
                        and

                (2)     evidence that it has been properly assigned to the
                        Trustee as required by this clause 2.5.4; and

        2.5.5   in the case of the purchase of an Approved Mortgage and subject
                to clauses 2.10 and 2.11 the Originator shall sell to the
                Trustee or procure that the proposed transferor of the Approved
                Mortgage shall sell to the Trustee and the Trustee shall
                purchase from the Originator or from the proposed transferor of
                the Approved Mortgage the relevant Approved Mortgage for the
                price and on the terms specified in the Approved Application.

2.6     RELIANCE ON ORIGINATOR'S SKILL

        The Originator acknowledges that the Trustee and the Manager will be
        relying on the Originator's reputation, skill and judgement in selecting
        Approved Mortgages which are suitable for Approved Mortgage Loans and/or
        for purchase by the Trustee and in the finalisation and settlement of
        Approved Applications in such a manner as to best serve the interests of
        the Investors and Warehousing Investors. The Originator warrants to the
        Trustee and the Manager that it has and will at all times use
        substantial and sufficient skill and judgement in performing its
        obligations under this Deed.

2.7     INDEMNITY RE NON-ADHERENCE TO SETTLEMENT DATE

        The Originator further acknowledges that in respect of an Approved
        Application it is essential that the relevant Mortgage shall be
        available for entry into the Fund by the Trustee on the Settlement Date
        on and in accordance with the terms of the Approved Application for the
        reason that the Manager will have incurred Warehouse Obligations.
        Without limiting the operation of clause 2.8, commencing on the Lock-in
        Date the Originator shall indemnify and keep indemnified the Manager and
        the Trustee against any loss which the Manager or

<PAGE>
                                       15

        the Trustee respectively may suffer or may be likely to suffer as a
        result of the Originator failing to have procured the settlement of the
        relevant Approved Application by the Settlement Date (including without
        limiting the generality of the foregoing, the cancellation of an
        Approved Application pursuant to clause 2.1(3). The Originator agrees
        that:

        2.7.1   the amount of any such loss shall be the actual costs and
                expenses incurred by the Manager or the Trustee (as the case may
                be) in having the warehouse facility (resulting from the Manager
                incurring Warehouse Obligations) available for drawdown between
                the Settlement Date and the actual settlement date PROVIDED THAT
                for the purposes of this sub-clause 2.7.1 the expression "the
                actual settlement date" shall never mean a date later than the
                proposed Due Date of the Mortgage the subject of the Approved
                Application;

        2.7.2   the Manager's or the Trustee's (as the case may be)
                determination of the amount of any loss or damage suffered by it
                and referred to in this clause 2.7 shall be final and binding on
                the Originator and a statement in writing signed on behalf of
                the Manager or the Trustee by a director, secretary or other
                authorised officer of the Manager or the Trustee (as the case
                may be) of such amount shall as against the Originator be
                conclusive; and

        2.7.3   the Manager shall have the right at any time to cancel the
                Approved Application if the actual settlement date does not
                occur within two (2) Banking Days after the Settlement Date (or
                within such extended period after the Settlement Date as the
                Manager may agree to in writing) without prejudice to the other
                provisions of this clause 2.7 AND in that event the Originator
                acknowledges that neither the Manager nor the Trustee (in the
                absence of negligence on the part of either of them) shall be
                liable in any way for any loss or damage incurred by the
                Originator or by the party to whom the Originator has given the
                Loan Approval pursuant to clause 2.9.

2.8     COMMITMENTS TO FUND

        2.8.1   In respect of given interest rate products and maturities from
                time to time specified by the Manager as available for
                commitments in advance pursuant to this clause 2.8 to fund
                Approved Mortgage Loans or to purchase Approved Mortgages, the
                Originator may submit to the Manager an Application to Fund in
                the form set out in Schedule 2 (an "APPLICATION TO FUND")
                requesting that the Manager make available funds for an amount
                specified therein (being not less than $500,000 or such other
                amount from time to time specified in the Parameters) on the
                date referred to in the Application to Fund for the purpose of
                originating Approved Mortgage Loans or purchasing Approved
                Mortgages.

        2.8.2   Upon receipt of an Application to Fund, the Manager may in its
                absolute discretion issue to the Originator Part A of an
                Interest Delivery Rate Commitment in the form of Schedule 3 (an
                "INTEREST DELIVERY RATE COMMITMENT").
<PAGE>
                                       16

        2.8.3   The Manager shall in Part A of each Interest Delivery Rate
                Commitment specify the following:

                (1)     the amount to which the Interest Delivery Rate
                        Commitment relates (the "COMMITMENT AMOUNT");

                (2)     the indicative minimum Allocated Rate applying for that
                        Commitment Amount (the "INDICATIVE MINIMUM ALLOCATED
                        RATE");

                (3)     the date on which the Originator must satisfy its
                        obligations pursuant to clause 2.8.6 in respect of that
                        Commitment Amount (the "DELIVERY DATE"); and

                (4)     the applicable Due Date.

        2.8.4   If the Originator wishes to accept the details specified in Part
                A of an Interest Delivery Rate Commitment issued by the Manager
                pursuant to clause 2.8.2 it shall sign and return to the Manager
                Part B thereof within 30 minutes of the issue of such Part A by
                the Manager (or such other period specified by the Manager).

        2.8.5   Upon receipt of Part B of an Interest Delivery Rate Commitment,
                the Manager may in its absolute discretion issue to the
                Originator a completed Part C of the Interest Delivery Rate
                Commitment. If in that Part C the Manager specifies a final
                minimum Allocated Rate (the "FINAL MINIMUM ALLOCATED RATE")
                which is not greater than the Indicative Minimum Allocated Rate
                plus 0.05% then:

                (1)     such Final Minimum Allocated Rate shall be binding on
                        the Originator and the provisions of clauses 2.8.6 -
                        2.8.10 (inclusive) shall apply to, and only in respect
                        of, such an Interest Delivery Rate Commitment and the
                        Final Minimum Allocated Rate in respect thereof; and

                (2)     the Originator shall deliver to the Manager immediately
                        upon receipt of that Part C an acknowledgment in the
                        form of Part D of Schedule 3 provided that such
                        acknowledgment shall be by way of confirmation only and
                        a failure by the Originator to deliver it shall in no
                        way whatsoever prejudice the binding agreement which
                        arises pursuant to the Manager's Part C.

                If the Manager does not issue a completed Part C of an Interest
                Rate Delivery Commitment or the Final Minimum Allocated Rate
                does not fall within the upper limit specified in the preceding
                sentence of this clause, then Parts A & B of the Interest Rate
                Delivery Commitment shall lapse and shall not be binding on the
                Manager or the Originator.

        2.8.6   The Originator shall ensure, subject to the provisions of this
                Deed, the Parameters and the Trust Deed, that on each Delivery
                Date Approved Mortgage Loans are originated and Approved
                Mortgages are purchased in accordance with the

<PAGE>
                                       17

                procedures set out in this clause 2 each of which has a lower
                rate of interest of not less than the final Minimum Allocated
                Rate and a Due Date the same as the Due Date nominated by the
                Originator in the relevant Application to Fund and which
                collectively have an aggregate principal sum equal to the
                Commitment Amount.

        2.8.7   Without affecting the operation of clause 2.8.8, if the
                Originator has not fully complied with its obligations pursuant
                to clause 2.8.6 in respect of a given Commitment Amount by the
                Delivery Date in relation thereto, the Originator shall for the
                period of 30 days commencing on and from that Delivery Date (the
                "EXTENDED DELIVERY PERIOD") pay to the Manager on demand
                compensation calculated on a daily basis in respect of the
                funding and hedging costs incurred directly or indirectly by the
                Manager in making available and preserving the Interest Delivery
                Rate Commitment including without limitation the cost of
                compensating any relevant Warehousing Investor for its funding
                and hedging costs incurred in the proposed funding by that
                Warehousing Investor of the whole or any part of the Commitment
                Amount. The Manager may at any time, and for any reason, in its
                absolute discretion terminate or further extend the Extended
                Delivery Period. Notwithstanding anything herein contained, the
                Manager shall not be obliged to make any payment to the
                Originator under this clause.

        2.8.8   The Originator shall on demand pay to the Manager and the
                Trustee, and shall forever indemnify the Manager and the Trustee
                against, any costs, expenses or damages incurred by the Manager
                or the Trustee (as the case may be) as a result of a failure by
                the Originator to comply with clause 2.8.6 and, without limiting
                the generality of the foregoing, shall pay to the Manager and
                the Trustee all costs incurred by the Manager or the Trustee in
                closing out, terminating, unwinding or the equivalent any
                arrangement entered into by the Manager or the Trustee in order
                to make the Commitment Amount available on the Delivery Date for
                not less than the Final Minimum Allocated Rate (including
                without limitation the cost of compensating any relevant
                Warehousing Investor for its funding and hedging costs incurred
                in the proposed funding by that Warehousing Investor of the
                whole or any part of the Commitment Amount).

        2.8.9   The Manager's determination of the amount payable by the
                Originator pursuant to clause 2.8.7 or clause 2.8.8 shall be
                final and binding on the Originator and any statement in writing
                signed on behalf of the Manager of such amount shall be
                conclusive evidence thereof.

        2.8.10  The Manager may make a demand on the Originator pursuant to
                clauses 2.8.7 or 2.8.8 on its own behalf or on behalf of the
                Trustee at any time and from time to time. All payments in
                respect of claims made on behalf of or by the Trustee pursuant
                to clauses 2.8.8 or 2.8.9 shall, unless otherwise directed in
                writing by the Trustee, be made by the Originator to the
                Trustee.

        2.8.11  The Originator agrees that:
<PAGE>
                                       18

                (1)     each Application to Fund shall, if required by the
                        Manager, be accompanied by the Application Fee;

                (2)     if not already paid, the Application Fee shall become
                        immediately due and payable on the date the Manager
                        issues a completed Part C of an Interest Rate Delivery
                        Commitment in accordance with clause 2.8.5;

                (3)     if the Manager does not issue a completed Part C of an
                        Interest Rate Delivery Commitment in accordance with
                        clause 2.8.5, any Application Fee already paid by the
                        Originator shall be refunded to the Originator;

                (4)     if for any reason other than that specified in the
                        preceding sub-clause (3):

                        (A)     funds are not advanced; or

                        (B)     an Approved Application is cancelled or is
                                deemed to have been cancelled pursuant to any of
                                the provisions of this clause 2,

                THEN the Manager may in its absolute discretion refund the whole
                or part of the Application Fee actually paid by the Originator
                OR where the Application Fee has been debited to the
                Originator's account, credit that account with the whole or part
                of the Application Fee.

2.9     LOAN APPROVALS

        The Originator shall not grant any Loan Approval except pursuant to an
        Approved Application and in compliance with the Parameters. The
        Originator shall not give (and acknowledges that it has no authority to
        give) any undertaking or obligation which purports to bind the Trustee
        and/or the Manager otherwise than pursuant to a Loan Approval. The
        Originator shall indemnify the Manager and the Trustee and keep each of
        them indemnified against any liability however arising as a result of
        the Originator giving any Loan Approval otherwise than as provided in
        this clause.

2.10    ORIGINATOR'S PRE-SETTLEMENT OBLIGATIONS

        The Originator shall not less than five (5) Banking Days prior to the
        proposed settlement date of an Approved Mortgage Loan or the purchase of
        an Approved Mortgage advise the Manager in writing of the proposed
        settlement date and at the same time the Originator shall deliver or
        cause to be delivered to the Manager:

        2.10.1  a Settlement Statement addressed to the Manager in respect of
                the Approved Mortgage Loan or the Approved Mortgage completed
                and certified by and/or on behalf of the Originator to be true
                and correct;

        2.10.2  where applicable, the documents and evidence required by clause
                2.5; and

<PAGE>
                                       19

         2.10.3      such other documents or things as from time to time shall
                     be required pursuant to the Parameters or are otherwise
                     stipulated by the Manager.

2.11     SETTLEMENT FUNDS

         The Originator shall advise the Manager not less than two (2) Banking
         Days prior to the proposed settlement date of the amount or amounts
         required to be paid by the Trustee to settle the Approved Mortgage Loan
         or to purchase the Approved Mortgage. Subject to:

         2.11.1   the Manager and the Trustee having received the items
                  specified in clause 2.10;

         2.11.2   the Trustee and the Manager each receiving a copy of the
                  Solicitor's Certificate from the Approved Solicitor in
                  accordance with this Deed and the Parameters; and

         2.11.3   the right of the Trustee and/or the Manager to cancel the
                  Approved Application pursuant to clause 2.13,

                  the Trustee and the Manager shall arrange for settlement in
                  respect of the Approved Mortgage Loan or the purchase of the
                  Approved Mortgage and the Manager shall direct the Trustee on
                  behalf of the Fund, or arrange for a Warehousing Investor, to
                  draw a cheque for the amount of the Approved Mortgage Loan or
                  the purchase price of the Approved Mortgage and to have it
                  available for the collection by the Approved Solicitor (or
                  alternatively to transfer the relevant amount to the trust
                  account of the Approved Solicitor) by 10.30 a.m. Eastern
                  Standard Time on the morning of the proposed settlement date
                  or at such other time as the Trustee may agree. The Originator
                  shall notify the Manager immediately should there be any
                  change to the settlement date previously advised and the
                  Originator shall be responsible for any loss thereby
                  occasioned (including, without limitation, loss calculated in
                  accordance with clause 2.7). If settlement is delayed by more
                  than 3 Banking Days from the Settlement Date the Originator
                  shall cause the Approved Solicitor to remit all settlement
                  moneys previously made available by the Trustee to the Trustee
                  or to such other person as the Trustee may alternatively
                  direct.

2.12     SETTLEMENT AND REGISTRATION

         The Originator shall instruct the Approved Solicitor:

         2.12.1   to attend settlement of the Approved Mortgage Loan or the
                  purchase of the Approved Mortgage and to obtain the Documents
                  of Title;

         2.12.2   immediately after the issue of the copy of its Solicitor's
                  Certificate, to forward the original thereof to the Manager
                  for verification (to be received by the Manager no later than
                  one Banking Day prior to settlement) and as soon as practical
                  following verification the Manager shall forward such original
                  to the Trustee;
<PAGE>
                                       20

         2.12.3   immediately after settlement to lodge at the Land Titles
                  Office the Mortgage and/or the Transfer of Mortgage and such
                  other of the Documents of Title which may be necessary to
                  enable the Mortgage and/or the Transfer of Mortgage to be
                  registered without delay; and

         2.12.4   to advise the Trustee in writing of the dealing number of the
                  Mortgage or Transfer of Mortgage immediately after it has been
                  lodged for registration.

2.13     CANCELLATION OF APPROVED APPLICATION

         The Originator acknowledges that the Manager and/or the Trustee may at
         any time prior to the actual settlement date by written notice to the
         Originator cancel an Approved Application if:

         2.13.1   either of them is not satisfied that all the criteria for
                  acceptance of an Approved Mortgage into the Fund have been
                  met;

         2.13.2   if the relevant Mortgage:

                  (1)      in the case of an Approved Mortgage Loan, when
                           prepared by an Approved Solicitor, does not confirm
                           with the Parameters; or

                  (2)      in the case of the purchase of a Mortgage, is found
                           not to be an Approved Mortgage;

         2.13.3   the Trustee has not received all of the items referred to in
                  clause 2.10 and 2.11.2;

         2.13.4   the Trustee has not received a certificate from the Manager in
                  accordance with the Manager's obligations under the provisions
                  of the Management Deed;

         2.13.5   the Trustee has become aware that the requisite Security
                  Enhancements applicable to the relevant Mortgage not
                  available;

         2.13.6   for any reason the Trustee is not satisfied that there are or
                  will be on the Settlement Date sufficient funds available at
                  the rate or on the other terms advised by the Manager to the
                  Trustee to be the rate or terms contained in the Approved
                  Application for settlement of the Approved Mortgage Loan or
                  the purchase of the Approved Mortgage including, without
                  limiting the foregoing, an insufficiency of funds or expected
                  insufficiency of funds arising by reason of any change in
                  applicable law, regulation, treaty or official directive or in
                  the interpretation or administration thereof by any
                  governmental, fiscal, monetary or other authority charged with
                  the administration thereof;

         2.13.7   the lower rate of interest under the Approved Mortgage is less
                  than the Allocated Rate;
<PAGE>
                                       21

         2.13.8   the Manager and/or the Trustee believes that acceptance of the
                  application would not be in the best interests of the Fund
                  and/or the Warehousing Investor which is to provide the
                  requisite funds; or

         2.13.9   if the Originator is in breach of this Deed in any respect
                  whatsoever,

         AND the Originator further acknowledges and agrees that if an Approved
         Application is cancelled pursuant to this clause 2.13 then, without
         limiting the operation of clause 2.7;

         2.13.10  notwithstanding that such cancellation may be due to an act or
                  omission by the Manager or the Trustee neither the Manager nor
                  the Trustee shall be liable in any way for any loss or damage
                  incurred by the Originator or by the person to whom the
                  Originator has given the Loan Approval pursuant to clause 2.9
                  and the Originator shall indemnify and keep indemnified the
                  Manager and the Trustee against any action proceedings claim
                  or demand instituted or made by any such person in respect of
                  any such loss or damage; and

         2.13.11  except to the extent that such cancellation may be due to a
                  negligent act or omission by the Manager or the Trustee the
                  Originator shall compensate the Manager and the Trustee for
                  any funding or hedging costs or liabilities incurred by them
                  in respect of any funds or rates previously committed by
                  either of them to funding the Approved Application, including
                  without limitation any costs arising from an Interest Rate
                  Delivery Commitment or from the commitment of funds consequent
                  upon an Acceptance.

2.14     PAYMENT OF INTEREST DEDUCTED AT SETTLEMENT

         The Originator shall instruct the Approved Solicitor to deliver a
         cheque for any interest payment under an Approved Mortgage which has
         been deducted from the settlement funds to the Trustee as soon as
         possible after settlement and in any event within 3 Banking Days of the
         actual settlement.

2.15     DELIVERY OF DOCUMENTS OF TITLE

         The Originator shall instruct the Approved Solicitor to deliver to the
         Trustee as soon as practicable and, in any event, within five (5)
         Banking Days of the date of receipt by the Approved Solicitor of each
         Mortgage after registration by the appropriate Land Titles Office or
         other appropriate registry of the Mortgage or the Transfer of Mortgage:

         2.15.1   the Documents of Title; and

         2.15.2   such other documents or things as may from time to time be
                  required pursuant to the Parameters or are otherwise
                  stipulated by the Manager or the Trustee.
<PAGE>
                                       22

2.16     EPITOME OF MORTGAGE

         The Originator on behalf of the Trustee shall instruct the Approved
         Solicitor to send to the Borrower, the Manager and the Trustee within
         five (5) Banking Days of settlement of each Approved Mortgage Loan an
         epitome of the Mortgage in the form specified by the Manager from time
         to time.

2.17     MANAGER'S RELIANCE ON DOCUMENTS SUBMITTED

         2.17.1   In respect of any document other than a Settlement Statement
                  required to be given or produced to the Manager by the
                  Originator, the Originator acknowledges that the Manager shall
                  not be concerned to enquire as to the correctness and/or
                  proper completion of the document.

         2.17.2   In respect of a Settlement Statement, the Originator
                  acknowledges that the Manager shall only be concerned to
                  enquire as to its completeness and shall not be obliged to
                  enquire as to its correctness.

2.18     INSTRUCTIONS TO APPROVED SOLICITORS

         The Originator undertakes and agrees that:

         2.18.1   it will instruct all Approved Solicitors acting in respect of
                  Approved Mortgage Loans or the purchase of Approved Mortgages
                  that subject to the provisions of clause 2.18.2 all such
                  instructions are given by the Originator on behalf of the
                  Trustee and that at all material times those Approved
                  Solicitors will be deemed to be acting on behalf of the
                  Trustee who will be relying upon all advice opinions and
                  certificates given by them;

         2.18.2   notwithstanding the provisions of this Deed generally and
                  clause 2.18.1 in particular or any Mortgage or any rule of law
                  or equity to the contrary the Originator and not the Trustee
                  shall be liable to bear the costs and disbursements (including
                  without limitation duties and taxes of all kinds whether State
                  or Federal) of Approved Solicitors and the Originator agrees
                  to indemnify the Trustee and to keep the Trustee indemnified
                  in respect of the same.

3.       ORIGINATOR'S OBLIGATIONS IN RESPECT OF TRUST MORTGAGES

3.1      PAYMENTS BY BORROWERS

         In respect of all Trust Mortgages the Originator shall direct the
         Borrower to make all payments direct to the account of the Trustee in
         its capacity as mortgagee under the Trust Mortgage in the manner
         authorised by the Trustee from time to time. If the Originator shall at
         any time receive any such payment it shall immediately deposit that
         payment with the Trustee and that payment shall be deemed to be held by
         the Originator in trust for the Trustee until so deposited.
<PAGE>
                                       23

3.2      MANAGEMENT OF TRUST MORTGAGES

         The Originator shall manage each Trust Mortgage using all proper care
         and skill as would be taken by a prudent mortgagee. None of the
         provisions of this Deed shall be construed as in any way limiting the
         Originator's obligations under this clause PROVIDED THAT where this
         Deed deals expressly with a given management responsibility or sets out
         a specific procedure in relation to a particular subject, this clause
         shall not be construed as conferring any power, authority or obligation
         on the Originator that differs from the express terms herein contained
         in relation to that responsibility or to permit any other procedure in
         relation to that particular subject other than the express procedure
         set our herein.

3.3      COMPLIANCE WITH MORTGAGE INSURANCES

         The Originator shall ensure that each Trust Mortgage is managed in
         accordance with the terms of all corresponding Mortgage Insurance and
         where the Originator is required to be approved by the corresponding
         Mortgage Insurer, the Originator shall comply with the terms of any
         such approval and maintain its accreditation as an approved mortgage
         originator.

3.4      PAYMENT OF MANAGEMENT COSTS AND EXPENSES

         The Originator shall pay from its own funds all costs and expenses of
         performing its obligations pursuant to this Deed and except where it is
         expressly authorised by this Deed to do so the Originator shall not
         seek nor shall it be entitled to receive any reimbursement from either
         the Manager or the Trustee.

3.5      MAINTENANCE OF RECORDS

         The Originator shall at its expense maintain records of all Trust
         Mortgages introduced by the Originator which shall include such details
         as the Manager may from time to time require. If requested by the
         Manager the Originator shall provide a true copy of the whole or any
         part of those records.

3.6      REPORTS TO MANAGER

         The Originator shall keep the Manager promptly and regularly informed
         of any action taken by it pursuant to this Deed and will recommend
         appropriate procedures and actions to be taken by the Trustee in order
         to enable the rights and interests of the Trustee, Investors and
         Warehousing Investors to be protected at all times.

3.7      CARE AND SKILL

         The Originator shall at all times use all proper care and skill in
         carrying out its obligations under this Deed and it acknowledges that
         in entering into this Deed the Manager and the Trustee are relying on
         the skill and judgement of the Originator.
<PAGE>
                                       24

3.8      TRUSTEE'S ENTITLEMENT TO REGISTRATION AS MORTGAGEE

         Nothing in this Deed nor any failure by the Manager or the Trustee to
         comply with its terms shall prevent the Trustee from being registered
         as mortgagee under any Trust Mortgage and the Originator shall not in
         any way interfere with such registration and shall lend such assistance
         as may reasonable be required to effect registration.

3.9      NOTIFY DEATH OF ANY BORROWER

         The Originator shall promptly notify the Manager if it receives notice
         of the death of any Borrower.

3.10     ADVISE DEFAULTS

         The Originator shall immediately advise the Manager in writing if it
         becomes aware of, or has reasonable grounds to suspect, the occurrence
         of any default, event of default (howsoever described) or any event
         which with the giving of notice, lapse of time or any determination
         could constitute such an event of default under any Approved Mortgage
         Loan, Approved Mortgage or Collateral Security or the occurrence of any
         act, omission, circumstance or event which reasonably could materially
         adversely effect the financial condition of any Borrower, Mortgagor or
         surety thereof or the ability of any of them to perform their
         respective obligations under any Approved Mortgage Loan, Approved
         Mortgage or Collateral Security.

3.11     REVIEW OF COMPLIANCE WITH MORTGAGES

         The Originator shall conduct regular reviews (being not less than
         annually) in accordance with the Parameters in relation to each Trust
         Mortgage.

3.12     NO OBLIGATION TO SUPPORT LOSSES

         Subject to this Deed, the Originator shall have no obligation to
         support any losses suffered by the Trustee in relation to any Trust
         Mortgage and the Trustee and the Manager hereby acknowledge the absence
         of any such obligation.

3.13     RENEGOTIATION OF TERMS

         The Originator shall not have any power or authority to reschedule or
         renegotiate the terms of any Trust Mortgage or any Collateral
         Securities relating thereto without the prior written consent of the
         Trustee and the Manager BUT if such consent is given, the Trustee and
         the Manager will be bound by the terms of the rescheduled or
         renegotiated terms of such Trust Mortgage and any Collateral Securities
         relating thereto to the extent contained in such consent.
<PAGE>
                                       25

4.       INSURANCES - ORIGINATOR'S OBLIGATIONS

4.1      GENERAL INSURANCE

         The Originator shall ensure that all buildings and improvements on the
         Property the subject of a Trust Mortgage shall at all times during the
         currency of the Mortgage be insured by the Mortgagor in the names of
         the Mortgagor and the Trustee for their respective interests for their
         full replacement and reinstatement value against all such risks and by
         such classes of insurance as provided for in the Parameters and with
         such insurance office as the Manager and the corresponding Mortgage
         Insurer shall approve.

4.2      LAPSING OF POLICIES

         The Originator shall ensure that all insurances referred to in clause
         4.1 provide for the Trustee (or such other person as the Manager or the
         Trustee may from time to time specify) to be notified not later than
         fourteen (1(4) days (or such other number of days as the Manager may in
         writing agree to) prior to any such insurance policies lapsing or being
         cancelled. If the Originator becomes aware that any insurance policy is
         about to lapse or be cancelled or has lapsed or cancelled the
         Originator shall immediately after becoming aware thereof:

         4.2.1    notify the Manager and the Trustee;

         4.2.2    pay out of its own funds the amount necessary to renew or
                  replace the lapsed or cancelled policy; and

         4.2.3    provide the Trustee and/or the Manager with details of the new
                  insurances effected.

4.3      SETTLEMENT OF CLAIMS

         The Originator shall not settle or compound any claims pursuant to any
         insurance policy unless it has obtained the prior written approval of
         the Manager and the Trustee and it shall comply with the instructions
         of the Manager, the Trustee and the corresponding Mortgage Insurer with
         respect to the application of the proceeds of any such policy to which
         the Trustee is entitled.

4.4      ORIGINATOR TO ASSIST IN MORTGAGE INSURANCE CLAIMS

         The Originator acknowledges that it is aware there may be policies of
         Mortgage Insurance between the Trustee and a Mortgage Insurer in
         respect of the portfolio of Mortgages which form part of the Fund under
         which the Manager and the Trustee have obligations certain of which
         must be performed within specific time frames. The Originator agrees
         that it shall promptly do all such things and give all such reports and
         information to the Trustee and the Manager as may be necessary to
         enable them to carry out their obligations to the Mortgage Insurer
         within the specific time frames.
<PAGE>

                                       26

4.5      MORTGAGE INSURANCE CLAIMS

         If:

         4.5.1    the Trustee shall claim and recover any moneys pursuant to a
                  policy of Mortgage Insurance; and

         4.5.2    there shall be a surplus remaining after the Trustee has
                  received payment in full in respect of all moneys secured by
                  the Mortgage to which that claim relates,

         then the Manager shall direct the Trustee to the extent that funds are
         available and may lawfully be so applied, to reimburse the Originator
         in respect of any payments made by the Originator pursuant to this
         clause 4 together with the reasonable costs to the Originator of making
         any such payment.

5.       DEFAULT BY BORROWER - ORIGINATOR'S OBLIGATIONS

5.1      ORIGINATOR MAY PAY INTEREST PAYMENTS OVERDUE FROM BORROWERS

         5.1.1    The Manager shall use its best endeavours to give to the
                  Originator on or before the twenty-second day of each calendar
                  month a list (the "DELINQUENT LIST") of those Trust Mortgages
                  under which the Borrower is according to the then records in
                  default in payment of interest ("overdue interest payments").

         5.1.2    Within two (2) Banking Days of receipt of the delinquent list
                  the Originator shall, in consideration of clause 5.1.3, be
                  entitled to pay to the Trustee the amount of all overdue
                  interest payments in respect of any Borrower as specified in
                  that delinquent list (all such payments shall be calculated at
                  the lower interest rate specified in the relevant Trust
                  Mortgages).

         5.1.3    If the Originator has made a payment pursuant to clause 5.1.2
                  and has not made (and is not required pursuant to clause 5.1.4
                  to make) a claim in respect of that payment under the Mortgage
                  Insurance Policy then the Manager shall (subject to receipt by
                  the Trustee from the defaulting Borrower of the same) direct
                  the Trustee to reimburse the same to the Originator
                  (calculated at the higher interest rate specified in the
                  corresponding Trust Mortgage) PROVIDED THAT the Manager shall
                  not be obliged to direct the Trustee to take action to recover
                  any interest not paid by the Borrower except as provided in
                  clause 5.3.

         5.1.4    (1)      The parties acknowledge that the Trustee and/or the
                           Manager may establish a Mortgage Insurance Policy in
                           respect of a Trust Mortgage under which the
                           Originator is entitled to claim directly on the
                           Mortgage Insurer in respect of overdue interest
                           payments paid by the Originator pursuant to clause
                           5.1.2.

                  (2)      The Originator agrees with the Trustee and the
                           Manager that notwithstanding the express and implied
                           provisions of such a Mortgage

<PAGE>
                                       27

                           Insurance Policy, if the Originator makes a second
                           payment under clause 5.1.2 at a time when the first
                           payment has not been reimbursed to it pursuant to
                           clause 5.1.3, it shall claim the entire amount of all
                           then overdue interest payments then outstanding in
                           respect of the relevant Trust Mortgage and paid by it
                           pursuant to clause 5.1.2 and, thereafter, shall claim
                           under the Mortgage Insurance Policy for each
                           succeeding overdue interest payment for that Trust
                           Mortgage paid by it pursuant to clause 5.1.2.

                  (3)      The Originator acknowledges that if it makes a claim
                           on a Mortgage Insurance Policy pursuant to this
                           clause 5.1.4 in respect of overdue interest payments
                           for a Trust Mortgage pursuant to clause 5.1.2 then it
                           shall have no entitlement to the corresponding
                           interest payment (calculated at the higher rate
                           specified in the Trust Mortgage) if actually received
                           by the Trustee and/or the Manager.

                  (4)      All claims by the Originator on a Mortgage Insurance
                           Policy shall be made in accordance with this Deed,
                           the Parameters and the corresponding Mortgage
                           Insurance Policy.

                  (5)      Any payment by a Mortgage Insurer in respect of a
                           claim by the Originator pursuant to this clause will
                           be made to the Trustee. The Manager will, after
                           satisfying itself regarding the propriety of the
                           claim, direct the Trustee to pay the corresponding
                           amount to the Originator.

         5.1.5    Notwithstanding any other provision of this Deed the
                  Originator shall have no entitlement to any interest on
                  overdue interest payable in respect of any Trust Mortgage.

5.2      ORIGINATOR'S OBLIGATIONS TO ENFORCE

         Subject to this Deed generally and clause 9 in particular, the
         Originator shall on the instruction of the Manager and the Trustee take
         such steps and incur such expenses as are necessary for the Trustee to
         enforce the terms of each Trust Mortgage or otherwise exercise any of
         the rights conferred on the Trustee under each Trust Mortgage including
         the taking out or renewal of insurance policies over buildings and
         improvements on a Property pursuant to clause 4.2 and undertaking
         necessary repairs and paying rates and taxes levied on any Property. In
         exercising its powers under this clause the Originator shall retain the
         services and seek the advice of such competent and qualified
         solicitors, valuers, builders and other experts as it thinks fit. Where
         the Originator considers that any such expenses will not be
         substantially recoverable from the Borrower or any guarantor or surety
         it will promptly seek instructions from the Manager before taking
         action.
<PAGE>
                                       28

5.3      PRE-CONDITIONS TO TRUSTEE INSTITUTING PROCEEDINGS FOR OUTSTANDING
         PAYMENTS

         Upon and in consideration of the Originator making any payments
         pursuant to clauses 4.2, 5.1 and/or 5.2 the Manager shall subject to
         the agreement of the corresponding Mortgage Insurer direct the Trustee
         to institute proceedings against the relevant Borrower to recover such
         payments in accordance with the terms of the relevant Trust Mortgage
         PROVIDED THAT prior to commencement of any such proceedings the
         Originator shall where necessary provide the requisite funds to enable
         those proceedings to be conducted AND the Originator shall indemnify
         the Trustee and keep the Trustee indemnified in respect of all costs
         and expenses incurred in those proceedings PROVIDED FURTHER THAT where
         the Originator considers that such costs and expenses will not be
         substantially recoverable from the Borrower or any guarantor or surety
         it will promptly seek instructions from the Manager before taking
         action.

5.4      ORIGINATOR'S OBLIGATIONS TO ENFORCE MORTGAGE TERMS AGAINST BORROWERS

         5.4.1    Upon:

                  (1)      the occurrence of any event of default (howsoever
                           expressed) under a Trust Mortgage; and

                  (2)      receipt of instructions from the Manager and the
                           Trustee,

                  THEN in accordance with the Parameters and subject to those
                  instructions the Originator shall at its own expense take such
                  steps as may lawfully be permitted and as may be required to
                  enable the default to be quickly remedied. Without limiting
                  the generality of the Originator's obligations under this
                  sub-clause 5.4.1 the Originator shall immediately upon receipt
                  of the delinquent list pursuant to sub-clause 5.1.1 make
                  demand on the Borrower named in that list for payment of the
                  overdue interest payment. The Originator shall ensure that
                  each demand is in a form and is served in a manner sufficient
                  for the purposes of any subsequent enforcement which may be
                  pursued in accordance with clause 5.4.2 and shall obtain from
                  Approved Solicitors such legal advice as is necessary to
                  achieve this. Additionally the Originator shall comply with
                  such direction as to the form and service of demand as may be
                  given by the Manager and the Trustee from time to time.

         5.4.2    The Originator shall at its own expense on the written
                  direction of the Manager and subject to the prior consent of
                  the Trustee:

                  (1)      exercise such powers of the Trustee (including its
                           power of sale) as may be necessary and give all
                           notices signed by the Trustee and do all things
                           required by law to realise the Property the subject
                           of the Trust Mortgage or otherwise recover the
                           outstanding amount as soon as reasonably possible;
<PAGE>
                                       29

                  (2)      commence and diligently prosecute such legal
                           proceedings (including proceedings for vacant
                           possession of the Property) as may be necessary.

         5.4.3    The Manager shall lend and shall procure that the Trustee
                  shall lend such assistance as may be necessary to enable the
                  Originator to perform its obligations under this clause 5.4.

         5.4.4    The Manager shall direct the Trustee to make any necessary
                  claim on the corresponding Mortgage Insurer and in such event
                  the Originator shall indemnify the Trustee and keep the
                  Trustee indemnified in respect of all costs and expenses
                  incurred in making any claim but notwithstanding the Manager's
                  direction the Trustee may in its absolute discretion decline
                  to make such claim if it considers in all the circumstances
                  that it is inappropriate to do so.

5.5      CARRIAGE OF SALE

         If the Trustee decides to exercise a power of sale pursuant to a Trust
         Mortgage, the Originator shall at the request of the Manager arrange
         for and shall have the carriage of that sale. The Originator shall do
         all things necessary (including obtaining at its own expense any
         Valuations of the relevant Property) to ensure that the Trustee
         receives an amount equal to the amount which it would have been
         entitled to receive if the Mortgage had been discharged on its Due Date
         in accordance with its terms together with all costs and expenses which
         the Trustee is entitled to recover under the terms of the Mortgage. The
         Originator shall ensure that the proceeds of sale are applied strictly
         in accordance with the terms of the Mortgage and that any monies
         inadvertently received by the Originator from the proceeds of sale are
         paid to the Trustee immediately.

5.6      SHORTFALL ON SALE

         If there is any shortfall upon the sale of any Property whether by the
         Trustee or any other person so that the Trustee does not obtain amount
         sufficient to discharge the Borrower's obligations to the Trustee
         secured by the Mortgage then, in addition to any other obligations it
         may have, the Originator shall if so required by the Manager or the
         Trust Deed make such applications and do such things as may be
         necessary to enable the Trustee to obtain the benefit of any payment to
         which it is or may be entitled pursuant to any Mortgage Insurance
         Policy or building insurance policy and also the benefit of any
         guarantee or personal covenant. The Manager shall lend and shall
         procure that the Trustee shall lend such assistance as may be necessary
         to enable the Originator to perform its obligations under this clause.

5.7      INDEMNITY

         The Originator shall indemnify the Manager and the Trustee and keep
         each of them indemnified in respect of all claims losses damages
         demands and expenses which they or either of them may suffer or incur
         should the Trustee or the Manager be held to have failed

<PAGE>
                                       30

         to act in good faith or to be in breach of its duty to a Borrower or
         any other person (including any wilful or wrongful neglect) due to any
         act or omission of the Originator.

5.8      LIMIT OF ORIGINATOR'S POWERS

         In the exercise of any of the powers of the Trustee as mortgagee under
         any Trust Mortgage, the Originator's powers shall be limited to those
         powers specified in this Deed and/or any further powers from time to
         time agreed to by the Manager and the Trustee and the Originator shall
         not settle, compound or compromise any right of the Manager or the
         Trustee in respect of any Trust Mortgage or otherwise nor attempt to do
         so without the prior written approval of the Manager and the Trustee.

5.9      REIMBURSEMENT OF EXPENSES OF ORIGINATOR

         If pursuant to the provisions of this clause 5 of the Originator incurs
         any expenses in performing its obligations in relation to the
         enforcement of a Trust Mortgage or the Originator incurs any expenses
         in relation to retaining the services of any persons to undertake any
         work or action or render any advice or report in connection with the
         enforcement of a Trust Mortgage (such expenses are hereinafter referred
         to as "enforcement expenses"):

         5.9.1    The Originator shall be primarily liable in the first instance
                  for the payment of such enforcement expenses; and

         5.9.2    The Originator shall only be entitled to reimbursement by the
                  Trustee of such enforcement expenses previously consented to
                  by the Manager or the Trustee:

                  (1)      Upon receipt of the corresponding sum from the
                           Borrower under the Trust Mortgage;

                  (2)      Upon receipt of the proceeds of the enforcement of
                           the Trust Mortgage, any Collateral Securities
                           relating thereto or otherwise; and

                  (3)      Upon the receipt of the proceeds from any claim made
                           under the corresponding Mortgage Insurance Policy,

                  PROVIDED THAT any amounts received by the Trustee shall be
                  first applied in payment of all moneys secured to the Trustee
                  by the Trust Mortgage and any expenses incurred by the Trustee
                  or which the Trustee considers will or may be incurred for
                  which it has not been reimbursed PROVIDED FURTHER THAT if upon
                  the exhaustion of the Trustee's rights in relation to the
                  Trust Mortgage, the Collateral Securities, the Mortgage
                  Insurance Policy or otherwise there is any shortfall of
                  sufficient funds to pay the outstanding enforcement expenses
                  of the Originator, the Trustee shall as soon as reasonably
                  practicable thereafter pay such outstanding enforcement
                  expenses to the Originator.
<PAGE>
                                       31

6.       WARRANTIES BY ORIGINATOR

6.1      WARRANTIES

         The Originator warrants to the Manager and the Trustee that, except as
         may be disclosed in writing by the Originator to the Manager, the
         Trustee and each Mortgage Insurer and approved by each of them prior to
         the settlement of an Approved Mortgage Loan or the transfer of an
         Approved Mortgage to the Trustee, as at the date of such Mortgage or
         Transfer of Mortgage (as the case may be) the following provisions
         relating to the Approved Mortgage and other relevant matters will be
         true and correct in all material respects:

         6.1.1    the Originator has on behalf of the Trustee instructed the
                  Approved Solicitors in accordance with the requirements of
                  clause 2.5.3 and in regard to such other matters as it deemed
                  relevant and which are required in accordance with the
                  Parameters and that those Solicitors have certified as to the
                  matters set forth in the Parameters in the manner required by
                  this Deed that settlement could proceed;

         6.1.2    the Originator has obtained a Valuation which complies with
                  the provisions of the Parameters relating to Valuations;

         6.1.3    the Originator is not aware of the occurrence of any event or
                  any proposal or other circumstances affecting the Property the
                  subject of the Mortgage which may reduce its value as set out
                  in the Valuation;

         6.1.4    all improvements on the Property are insured for their full
                  replacement and reinstatement value in the names of the
                  Mortgagor and the Trustee for their respective interests,
                  those policies required to be effected in accordance with the
                  provisions of this Deed are in full force and effect and
                  provide that the Originator will be notified of any lapsing or
                  cancellation and all premiums have been paid on those policies
                  and that the Mortgage obligates the Mortgagor to maintain all
                  such policies at the Mortgagor's cost and expense and, on the
                  Mortgagor's failure to do so, authorises the mortgagee to
                  maintain such policies at the Mortgagor's cost and expense and
                  to seek reimbursement therefore from the Mortgagor;

         6.1.5    the Mortgage Insurance required to be effected in accordance
                  with the Parameters has been effected and the corresponding
                  Mortgage Insurance Policy has been issued in conformity with
                  the requirements of the Parameters and the premium has been
                  paid or provisions made for the premium to be paid;

         6.1.6    the provisions of the Parameters have been fully complied with
                  and, without limitation, that the terms and conditions of the
                  Mortgage comply in all respects with the terms of the Approved
                  Application;

         6.1.7    the Originator is not aware of any circumstances in respect of
                  the Mortgage, the Property or the Borrower or any surety of
                  the Borrower (including but not limited

<PAGE>
                                       32

                  to the Borrower's or the surety's credit standing) which could
                  reasonably be expected to cause a prudent lender to:

                  (1)      regard the Mortgage as an unacceptable investment;

                  (2)      anticipate the Borrower is likely to make default
                           under the Mortgage;

                  (3)      believe that the value or marketability of the
                           Mortgage could be adversely affected;

         6.1.8    the Borrower's application for Loan Approval and/or the
                  proposed transferor's application for the Fund to purchase the
                  Approved Mortgage has been fully investigated by the
                  Originator and it complies with the Parameters and the
                  Originator is satisfied that all statements and information
                  contained in that application are true and correct and may be
                  relied upon by the Trustee and the Manager;

         6.1.9    except where previously disclosed to and approved in writing
                  by the Trustee, the Borrower is not an employee agent,
                  shareholder, director, manager, consultant or related body
                  corporate of the Originator or an Associate of any such person
                  or company;

         6.1.10   the Mortgage is not a Regulated Mortgage (as defined in
                  section 5 of the Credit Act 1984 or the corresponding
                  legislation in any other State or Territory of the
                  Commonwealth of Australia) to which Part 4 of that Act applies
                  and does not constitute any other contract or agreement
                  regulated or partly regulated by the Credit Act (or such
                  corresponding legislation) or any modification or re-enactment
                  thereof;

         6.1.11   where the Trustee purchases a Mortgage, the transfer of that
                  Mortgage and any Collateral Securities related thereto does
                  not contravene the terms and conditions of the Mortgage and
                  such Collateral Securities and all necessary consents to that
                  transfer have been obtained;

         6.1.12   the Originator has been duly incorporated and is validly
                  existing as a Mortgage Originator in good standing under the
                  laws of Australia, with full power and authority (corporate
                  and other) to conduct its business as now being conducted and
                  to enter into and perform its obligations under this Deed,
                  owns or possesses or has obtained all material governmental
                  registrations, licences, permits, consents, orders, approvals
                  and other authorisations necessary to carry on its business as
                  now being conducted, and is conducting its business so as to
                  comply in all material respects with all applicable statutes,
                  ordinances, rules and regulations, non-compliance with which
                  could have a material adverse effect on the Originator in the
                  jurisdictions in which it is conducting business AND that the
                  Originator has acted lawfully in arranging or transferring the
                  Mortgage;
<PAGE>
                                       33

         6.1.13   this Deed has been duly authorised, executed and delivered by
                  the Originator and will constitute a valid and binding
                  agreement of the Originator in accordance with its terms,
                  except as enforcement thereof may be limited by bankruptcy,
                  insolvency, reorganisation, liquidation, receivership,
                  moratorium or other similar laws relating to or affecting
                  creditors' rights generally or by general principles of
                  equity, regardless of whether such enforceability is
                  considered in a proceeding in equity or at law;

         6.1.14   neither the execution nor the delivery of this Deed nor the
                  consummation of any other of the transactions contemplated
                  herein nor the fulfilment of the terms of this Deed will
                  result in the breach of any term or provision of the
                  Memorandum and Articles of Association of the Originator or
                  conflict with, result in a breach, violation or acceleration
                  of or constitute a default under, the terms of any indenture
                  or other agreement or instrument to which the Originator or
                  any of its subsidiaries or other related companies is a party
                  or by which it is bound, or any statute, order or regulation
                  applicable to the Originator or any of its subsidiaries or
                  other related companies of any court, regulatory body,
                  administrative agency or governmental body having jurisdiction
                  over the Originator or any of its subsidiaries or other
                  related companies. Neither the Originator nor any of its
                  subsidiaries or other related companies is a party to, bound
                  by or in breach or violation of any indenture or other
                  agreement or instrument, or subject to or in violation of any
                  statute, order or regulation of any court, regulatory body,
                  administrative agency or governmental body having jurisdiction
                  over it, which materially and adversely affects, or to the
                  best knowledge of the Originator may in the future materially
                  and adversely affect:

                  (1)      the ability of the Originator to perform its
                           obligations under this Deed; or

                  (2)      the business, operations, financial condition,
                           properties or assets of the Originator;

         6.1.15   except as disclosed to and approved in writing by the Manager
                  prior to the execution of this Deed, there are no actions or
                  proceedings against, or investigations of, the Originator
                  pending, or, to the knowledge of the Originator threatened,
                  before any court, administrative agency or other tribunal:

                  (1)      asserting the invalidity of this Deed;

                  (2)      seeking to prevent the consummation of any of the
                           transactions contemplated by this Deed; or

                  (3)      which might materially and adversely affect the
                           performance by the Originator of its obligations
                           under, or the validity or enforceability of, this
                           Deed;

         6.1.16   the Originator is solvent in that no petition to wind it up
                  has been made nor has it currently committed any act of
                  insolvency;
<PAGE>
                                       34

         6.1.17   the Originator is not in breach of any of its obligations
                  under this Deed.

6.2      WARRANTIES TRUE AT SETTLEMENT DATE AND TRANSFER

         The Originator further warrants to the Manager and the Trustee that all
         warranties contained in clause 6.1 shall be true as at the date of
         settlement of the Approved Mortgage Loan or purchase of the Approved
         Mortgage and further that the warranties contained in sub-clauses
         6.1.12 - 6.1.17 (inclusive) are and will at all times during the term
         of this Deed remain true and correct.

6.3      CORRECTNESS OF APPLICATIONS AND SETTLEMENT STATEMENTS

         The Originator further warrants to the Manager and the Trustee that
         each Application and Settlement Statement delivered by the Originator
         in accordance with this Deed shall be complete and correct in all
         respects and that any person who certifies such Settlement Statement to
         be true and correct shall have the full authority to certify on behalf
         of the Originator and shall bind the Originator.

6.4      INDEMNITY

         6.4.1    The Originator shall indemnify and keep indemnified the
                  Trustee and the Manager from and against any loss or damage
                  which they or either of them may suffer or incur in respect of
                  any action, claim or demand made or brought in respect of or
                  otherwise arising from or in connection with any breach of any
                  of the warranties contained in any part of this clause 6.

         6.4.2    The Originator acknowledges to the Trustee and the Manager
                  that the Trustee and the Manager will be relying upon the
                  truth and correctness of all warranties contained in any part
                  of this clause 6 in relation to the Acceptance and/or the
                  purchase of Mortgages by the Trustee and otherwise in relation
                  to entering into and continuing to be bound by this Deed.

         6.4.3    Upon settlement to the Trustee's satisfaction of any claim
                  against the Originator under this indemnity the Trustee shall
                  at the request and cost of the Originator assign to the
                  Originator any right of action the Trustee may have against
                  any third party (including without limitation the relevant
                  Borrower and/or any Approved Solicitor or Approved Valuer) in
                  respect of the subject matter giving rise to that breach of
                  warranty and the Trustee shall use its best endeavours to
                  assist the Originator in relation to any claim or proceedings
                  which the Originator may make or intake in respect thereof
                  PROVIDED THAT the Originator shall indemnify the Trustee
                  against all costs it may incur in giving such assistance.

6.5      WARRANTIES TO CONTINUE

         The warranties given in this clause 6 shall continue in full force and
         effect notwithstanding and shall not merge on the acceptance and/or the
         purchase of any Mortgage by the Trustee

<PAGE>
                                       35

         and notwithstanding the termination of this Deed shall continue to bind
         the Originator in relation to any matter or event existing or occurring
         prior to such termination.

6.6      ORIGINATOR TO NOTIFY BREACH OF WARRANTY

         The Originator shall immediately upon discovery of any breach of any of
         the warranties contained in clause 6.1 in respect of any Trust Mortgage
         and without regard to any limitations set fort in such warranty
         concerning the knowledge of the Originator as to the facts stated
         herein, give written notice to the Manager and the Trustee as to the
         particulars of that breach.

6.7      ORIGINATOR TO CONFIRM WARRANTIES ON REQUEST

         Without limiting the obligations of the Originator under clause 6.6,
         the originator shall immediately upon request by the Manager and/or the
         Trustee furnish to the requesting party a written statement confirming
         that the warranties contained in clause 6.1 in respect of a particular
         Trust Mortgage have not been breached in any material way and/or giving
         full particulars of any breach that has come to the knowledge of the
         Originator and which it has not already notified to the Manager and/or
         the Trustee pursuant to clause 6.6

7.       ORIGINATOR TO BUY BACK MORTGAGES

7.1      REQUEST FOR BUY BACK

         In addition to any other right or remedy which the Manager or the
         Trustee may have in case any of the warranties contained in clause 6
         shall in the bona fide opinion of the Trustee (which shall be
         conclusive) be untrue or misleading, subject to clause 7.4, the
         Originator shall at the request of the Manager or the Trustee purchase
         from the Trustee the Mortgage or Mortgages to which any breach of
         warranty relates PROVIDED THAT the Originator will only be obliged to
         purchase such Mortgage or Mortgages in circumstances where the breach
         of warranty has in the bona fide opinion of the Trustee (which shall be
         conclusive) occurred as a result of some matter act or thing within the
         knowledge or control of the Originator or any of its officers or
         employees.

7.2      ORIGINATOR'S OBLIGATIONS

         The Originator shall within thirty (30) days of receipt of a request by
         the Manager or the Trustee pursuant to clause 7.1, pay to the Trustee:

         7.2.1    the amount which the Borrower under the relevant Mortgage
                  would be obliged to pay to the Trustee if the Borrower had
                  discharged his Mortgage on the date of such purchase by the
                  Originator including the amount of any Break Costs as provided
                  in the Mortgage; and

         7.2.2    the costs, fees and expenses of the Trustee and/or the Manager
                  relating to the Mortgage and the breach of warranty.
<PAGE>

                                       36

7.3      TRUSTEE AND MANAGER OBLIGATIONS

         Upon the Trustee receiving the payments referred to in clause 7.2:

         7.3.1    the Manager will direct the Trustee to hand to the Originator
                  the Documents of Title and a transfer of the Mortgage executed
                  by the Trustee in favour of the Originator; and

         7.3.2    the Trustee shall at the request and cost of the Originator
                  assign to the Originator any right of action the Trustee may
                  have against any third party (including without limitation the
                  relevant Borrower and/or any Approved Solicitor or Approved
                  Valuer) in respect of the subject matter giving rise to that
                  breach of warranty and the Trustee shall use its best
                  endeavours to assist the Originator in relation to any claim
                  or proceedings which the Originator may make or initiate in
                  respect thereof PROVIDED THAT the Originator shall indemnify
                  the Trustee against all costs it may incur in giving such
                  assistance.

7.4      LIMITATION ON BUY BACK

         The Originator shall only be required to purchase a Mortgage pursuant
         to clause 7.1 if the request to do so by the Manager or the Trustee
         occurs within 90 days after the actual Settlement Date of that Mortgage
         PROVIDED THAT nothing contained in this clause shall be construed as in
         any way limiting any right or entitlement that the Trustee or Manager
         may otherwise have in relation to a breach of warranty hereunder in
         relation to that Mortgage or any Collateral Securities in respect
         thereof (including, but without limiting the generality of the
         foregoing, pursuant to clauses 6.4 and 16).

8.       ORIGINATOR'S REMUNERATION

8.1      LIMITATION

         Save for its entitlement to the monthly fee referred to in clause 8.2
         the Originator shall not be entitled to receive and shall not seek any
         remuneration from either the Manager or the Trustee in respect of
         anything done by it pursuant to this Deed. The Originator acknowledges
         that it intends primarily to seek its remuneration from Borrowers by
         way of procuration fees. The Originator shall not charge procuration
         fees in excess of those allowed by law or, to the extent that there is
         no legal limit, in excess of those recommended from time to time or
         commonly and reasonably charged by those parties affected by the Credit
         (Administration) Act 1984 (New South Wales) or other relevant
         legislation application in any State or Territory other than New South
         Wales.

8.2      MONTHLY FEE

         The Manager shall instruct the Trustee to pay to the Originator a
         monthly fee by way of remuneration for the Originator's performance of
         its obligations under this Deed. That fee shall be:

<PAGE>
                                       37

         8.2.1    computed on the principal sum from time to time outstanding
                  under each Trust Mortgage introduced by the Originator from
                  the date of acceptance of that Trust Mortgage into the Fund
                  until, subject to the proviso below, the earliest of:

                  (1)      the Due Date for such Trust Mortgage;

                  (2)      if a default occurs under the Mortgage, the date of
                           the completion of the sale or foreclosure of the
                           Property in relation to such Trust Mortgage; or

                  (3)      the date upon which this Deed is terminated;

         8.2.2    calculated on a daily basis at the total of the Originator's
                  Rate and the Originator's Management Rate; and

         8.2.3    payable monthly in arrears and on such date as the Manager
                  shall determine from time to time,

         PROVIDED THAT if:

         (1)      part or all of the principal sum secured by a Trust Mortgage
                  is:

                  (A)      voluntarily repaid by the Borrower prior to the Due
                           Date and is not simultaneously readvanced by the
                           Trustee to the Borrower in respect of any substitute
                           Property:

                  (B)      repaid prior to the Due Date as a result of the
                           default of the Borrower;

                  (C)      paid to the Trustee by the Mortgage Insurer for the
                           Trust Mortgage; or

                  (D)      otherwise collected, received, or credited to the
                           Mortgagor's or Borrower's account, by the Trustee; or

         (2)      a claim on the Mortgage Insurer under the Mortgage Insurance
                  Policy for the Trust Mortgage in respect of part or all of the
                  principal sum secured by the Trust Mortgage is disallowed by
                  the Mortgage Insurer or the Mortgage Insurer fails to meet
                  such claim within thirty (30) days of the making of the claim,

         then the Originator's Entitlement of the monthly fee in respect of that
         part or all of the principal sum (as the case may be) for that Trust
         Mortgage shall cease with effect from the date of such repayment.

8.3      NO SET-OFF BY ORIGINATOR

         The Originator shall in no circumstances have any right of set-off
         against the Trustee or the Manager.
<PAGE>
                                       38

8.4      MANAGER OR TRUSTEE MAY REMEDY ORIGINATOR'S DEFAULT

         If the Originator is in default in the performance of any of its
         obligations under this Deed THEN without prejudice to any other rights
         or remedies of the Manager and/or the Trustee either the Manager or the
         Trustee may in its absolute discretion and without giving any prior
         notice to the Originator of its intention to do so remedy the default.
         The Originator hereby irrevocably authorises the Trustee to deduct all
         costs and expenses so incurred by the Manager and/or the Trustee from
         the Originator's entitlements under this Deed including without
         limitation those under clauses 5.1, 5.2 and 8.2 (collectively called
         "the Originator's Entitlements"). The Originator shall indemnify and
         keep indemnified the Manager and the Trustee against all such costs and
         expenses in the event that the Originator's Entitlements are at any
         material time insufficient to cover them.

8.5      MANAGER'S STATEMENT OF COSTS AND EXPENSES

         For the purposes of clause 8.4 the Manager's determination of the
         amount of costs and expenses incurred by it shall be final and binding
         on the Originator and a statement in writing signed on behalf of the
         Manager by a director, secretary or other authorised officer of such
         amount shall as against the Originator be conclusive and the Trustee
         shall not be concerned to enquire as to the correctness of same.

9.       STATUS OF ORIGINATOR

9.1      INDEPENDENT CONTRACTOR

         9.1.1    With the exception of the appointment of and delegations to
                  the Originator under this Deed, the Originator acknowledges
                  that in exercising its rights, powers and discretions and
                  performing its duties and obligations under or pursuant to
                  this Deed it is in all respects in relation thereto an
                  independent contractor and acts as a principal and shall not
                  directly or indirectly hold out or permit to be held out to
                  anyone any statement, act, deed, matter or thing indicating
                  that it is an agent, sub-agent, attorney, partner or employee
                  of the Manager or the Trustee. The Originator shall not
                  otherwise engage in conduct which may lead others to believe
                  that it is such an agent, sub-agent, attorney, partner or
                  employee. The Originator shall maintain adequate workers'
                  compensation or other equivalent insurance and shall comply
                  with all reasonable directions of the Manager and the Trustee
                  in that respect and shall otherwise comply with all relevant
                  legal requirements relating to the employment of persons. If
                  the Manager shall so require, the Originator shall cause the
                  Manager to be shown as an insured person on any workers'
                  compensation or other equivalent policy which the Originator
                  may be required by law to effect. The Originator shall
                  indemnify and keep indemnified the Manager and the Trustee
                  from and against any losses, damages, outgoings, costs,
                  charges or expenses suffered or incurred by either of them in
                  respect of any claim, action or demand made or brought against
                  the Manager and/or the Trustee by reason of or arising out of
                  the Originator being held in any court to be an agent,
                  sub-agent, attorney, partner or employee of the Manager and/or
                  the Trustee.
<PAGE>
                                       39

         9.1.2    To the extent of the appointment of an delegations to the
                  Originator under this Deed, neither the Manager nor the
                  Trustee shall be liable for any act or omission, fraud or
                  other misconduct of the Originator or persons appointed by the
                  Originator as employees or otherwise as contemplated by this
                  Deed and the Originator shall indemnify and keep indemnified
                  the Manager and the Trustee from and against any losses,
                  damages, outgoings, costs, charges or expenses suffered or
                  incurred by either of them in respect of any claim, action or
                  demand made or brought against the Manager and/or the Trustee
                  by reason of or arising out of any of the matters referred to
                  in this clause 9.1.2.

9.2      ORIGINATOR'S EMPLOYEES

         The Originator will employ such persons as may be necessary for it to
         carry out its obligations under this Deed. Those persons shall be
         employees of the Originator and neither the Manager nor the Trustee
         shall be liable for any act or omission by any employee, agent,
         solicitor or representative used by the Originator in connection with
         its business and including any business performed pursuant to this
         Deed. The Originator shall indemnify the Trustee and the Manager and
         keep them indemnified in respect of any loss, damage or injury the
         Trustee or the Manager may suffer as a result of any such act or
         omission.

9.3      ORIGINATOR HAS NO BENEFICIAL INTEREST IN FUND

         The Originator acknowledges and agrees that:

         9.3.1    it shall not at any time have any beneficial interest in any
                  property received by or vested in the Trustee as trustee of
                  the Fund and in particular shall have no beneficial interest
                  in any Approved Mortgage accepted into the Fund;

         9.3.2    except for the Originator's Entitlements (as defined in clause
                  8.4) and subject to the limitations thereon imposed by this
                  Deed and in particular by clauses 8.4 and 14 it shall not at
                  any time be entitled to any distribution of income or capital
                  in the Fund;

         9.3.3    without limiting the generality of clauses 9.3.1 and 9.3.2 the
                  Originator shall not (except in its capacity as Originator of
                  an Approved Mortgage) be entitled to:

                  (1)      in any way interfere with or question the exercise or
                           non-exercise by the Manager or the Trustee or any
                           delegate or agent of either of them of their
                           respective duties powers authorities and discretions
                           in relation to the Fund or otherwise under the Trust
                           Deed or this Deed nor bring any proceeding in any
                           court or otherwise or seek any remedies in respect of
                           any such matters except in the case of and to the
                           extent of any fraud, neglect or breach of duty by the
                           Manager or the Trustee or any such delegate or agent;
<PAGE>
                                       40

                  (2)      exercise any rights powers or privileges in respect
                           of any Approved Mortgage;

                  (3)      lodge or enter a caveat or like instrument claiming
                           an estate or interest in any land or real estate over
                           which an Approved Mortgage is held;

                  (4)      negotiate or communicate in any way with any
                           Mortgagor; or

                  (5)      call for the transfer of or passing of benefit in any
                           Approved Mortgage.

9.4      MANAGEMENT OF ORIGINATOR'S BUSINESS

         The Originator shall carry on its business, whether pursuant to this
         Deed or otherwise, in a proper and businesslike manner.

10.      ORIGINATOR TO OBSERVE PARAMETERS

10.1     STRICT ADHERENCE TO PARAMETERS

         The Originator shall strictly adhere to and be bound by the provisions
         of the Parameters.

10.2     INCONSISTENCY

         In the event of any inconsistency between the provisions of this Deed
         and the Parameters, then the provisions of the Parameters shall prevail
         to the extent of the inconsistency.

10.3     RECEIPT OF COPY OF PARAMETERS

         The Originator acknowledges that prior to signing this Deed, it
         received from the Manager a copy of the Parameters in force at the date
         of this Deed and that it has read and understood the extent of its
         obligations under the Parameters.

10.4     SUPPLY OF INFORMATION

         The Originator acknowledges and agrees with the Manager that it shall
         promptly furnish to the Originator or the Trustee all information
         specified in the Parameters at the times specified in the Parameters
         and all information concerning Approved Mortgages and the performance
         of its obligations in respect thereof as provided in this Deed and/or
         as may from time to time be requested by the Manager or the Trustee or
         either of them.

11.      FINANCIAL STATEMENTS AND RECORDS

11.1     REPORTS AND STATEMENTS

         The Originator shall furnish to the Manager:

         11.1.1   within 10 Banking Days of its receiving the same
                  copies of all adverse comments of independent
                  accountants (including, without limitation, any
                  external auditors), reports of competent authorities
                  and internal audit department comments

<PAGE>
                              41

                  (including without limitation all management letters
                  and internal control memos); and

         11.1.2   unless otherwise required by the Manager, within 4
                  months of the end of the Originator's financial year
                  audited financial statements in respect of that year
                  prepared in accordance with normal accounting
                  practice and audited by an independent registered
                  company auditor. Where the Manager has good cause to
                  believe that the necessary audit has not been or will
                  not be carried out in a satisfactory, proper and
                  competent manner the Manager shall have the right to
                  require the Originator at the Originator's cost to
                  appoint a further independent auditor nominated by
                  the Originator and approved by the Manager to carry
                  out that audit.

11.2     INSPECTION OF ORIGINATOR'S RECORDS

         The Originator shall permit any person authorised by the Manager or the
         Trustee at any reasonable time during regular business hours to examine
         and make audits of all Mortgage Records and the Manager is authorised
         to reproduce and take copies of those records.

11.3     DOCUMENTS TO REMAIN THE PROPERTY OF THE TRUSTEE

         All Mortgage Records shall be and remain the property of the Trustee.
         The Originator shall not acquire any vested or property rights with
         respect to the Mortgage Records and shall not have the right to
         possession of them except at the will of the Trustee and subject to the
         conditions stated in this clause. It is expressly agreed that the
         Mortgage Records in the possession of the Originator are retained in a
         custodial capacity only. The right to possession and the ownership of
         all Mortgage Records held by the Originator, prepared by the Originator
         or to come into the possession of the Originator by reason of this Deed
         or any other agreement shall immediately after sale to the Trustee of
         the Mortgage to which they relate vest in the Trustee and may be
         retained and maintained by the Originator only at the will of the
         Trustee. Upon written request by the Trustee, the Originator shall
         immediately deliver all Mortgage Records to the Trustee or its nominee.

11.4     EVIDENCE OF COMPLIANCE WITH LIQUIDITY REQUIREMENTS

         In addition to its other obligations pursuant to this clause the
         Originator shall upon request by the Manager or the Trustee immediately
         furnish to the Manager and the Trustee such evidence as either of them
         may reasonably require to establish that at all times during the term
         of this Deed the Originator is complying with this Deed and with all
         liquidity and other requirements specified in the Parameters and/or by
         the corresponding Mortgage Insurer.

12.      ASSIGNMENT BY ORIGINATOR

12.1     PRE-CONDITIONS FOR ASSIGNMENT

         The Originator shall not assign its rights under this Deed without
         prior written consent of the Manager PROVIDED THAT if the Originator
         requests the Manager in writing to agree

<PAGE>
                                       42

         to such assignment and the Originator is not in default in respect of
         any of its obligations under this Deed at the time of making that
         request, then subject to the Manager obtaining the consent of the
         Trustee to such assignment the Manager shall not unreasonably withhold
         its consent if the Originator has:

         12.1.1   proved that the proposed assignee is a respectable responsible
                  and solvent person or company of good financial standing and
                  that it carries on business as a financier and/or financial
                  intermediary and has experience at least equal to that of the
                  Originator in placing moneys on mortgages of real estate and
                  in the management of mortgages;

         12.1.2   given to the Manager at least two references as to the
                  financial circumstances of the proposed assignee and at least
                  two references as to the relevant business experience of the
                  proposed assignee;

         12.1.3   procured the approval by the corresponding Mortgage Insurer of
                  the proposed assignment;

         12.1.4   not done or omitted to do any act or thing which shall
                  constitute an unremedied breach of the Originator's
                  obligations contained in this Deed; and

         12.1.5   procured that such assignee will at its cost execute all
                  relevant documentation (including this Deed mutatis mutandis)
                  in accordance with the Parameters for the assignee to be
                  appointed as the new Originator and has provided such
                  additional Collateral Security and/or guarantees as may be
                  required by the Manager in his absolute discretion,

         PROVIDED ALWAYS that the Manager may withdraw any consent so given if:

         (1)      prior to the Assignment taking effect the Originator is in
                  default in respect of any of its obligations under this Deed;
                  and/or

         (2)      the proposed assignee does not comply with the provisions of
                  clause 12.1.5 within a reasonable time as determined by the
                  Manager,

         AND PROVIDED FURTHER that the covenants and agreements by such assignee
         contained in the documentation referred to in clause 12.1.5 shall be
         deemed supplementary to this Deed and shall not in any way release nor
         be deemed to release the Originator or the Originator's guarantors (if
         any) from its or their liability under this Deed and/or any guarantee
         executed pursuant to clause 19.

12.2     CHANGES IN CONTROL OF ORIGINATOR

         For the purpose of clause 12.1:

         12.2.1   a change in fifty-one (51) per cent (or such other percentage
                  as the Manager may in its absolute discretion determine shall
                  constitute a change in the effective control

<PAGE>
                                       43

                  of the Originator) of the shareholding of the Originator
                  existing at the date of this Deed (whether occurring at one
                  time or through a series or succession of transfers or issues
                  of shares); or

         12.2.2   a change in the effective management of the Originator as
                  existing at the date of this Deed; or

         12.2.3   the establishment by any means of any trust under which any
                  third party becomes a beneficial owner of any of the
                  Originator's rights under this Deed,

         shall be deemed to be an assignment by the Originator requiring consent
         by the Manager as provided in clause 12.1 and the determination of the
         Manager that any of these matters has occurred shall be conclusive.

12.3     ORIGINATOR TO ENTER DEED WITH NEW MANAGER OR TRUSTEE

         If the Manager retires or is removed by the Trustee from its position
         as manager of the Fund the Originator shall at the request of the
         Trustee enter into a new Deed with the New manager of the Fund
         appointed by the Trustee in terms identical with this Deed and
         thereupon the Manager shall have no further obligations to the
         Originator (but without prejudice to any rights or entitlements that
         may have accrued to the Manager against the Originator prior thereto).
         If the Trustee retires or is removed by the Manager from its position
         as trustee of the Fund, the Originator shall at the request of the
         Manager enter into a new Deed with any new trustee in terms identical
         with this Deed and thereupon the Trustee shall have no further
         obligations to the Originator (but without prejudice to any rights or
         entitlements that may have accrued to the Trustee against the
         Originator prior thereto).

13.      PROFESSIONAL AND FIDELITY INSURANCE

13.1     ORIGINATOR TO OBTAIN AND MAINTAIN PROFESSIONAL AND FIDELITY INSURANCE

         The Originator shall prior to execution of this Deed provide evidence
         to the Manager that the Originator has in force a policy of
         professional indemnity and fidelity insurance with an insurer, and on
         terms, acceptable to the Manager and each Mortgage Insurer in respect
         of the Originator's liabilities under this Deed. The Originator shall:

         13.1.1   keep such professional indemnity and fidelity insurance in
                  full force and effect during the currency of this Deed;

         13.1.2   not do or omit to do any thing by reason of which such
                  professional indemnity and fidelity insurance may become
                  liable to be vitiated or terminated; and

         13.1.3   pay every renewal premium and deliver to the Manager three (3)
                  days before each expiry date the receipt of the professional
                  indemnity and fidelity insurer for such renewal premium.
<PAGE>
                                       44

13.2     LAPSING OR TERMINATION OF FIDELITY INSURANCE

         The lapsing or termination of the professional indemnity and fidelity
         insurance referred to in clause 13.1 shall constitute default by the
         Originator under this Deed entitling the Manager to exercise its rights
         and remedies pursuant to clause 8.4 and, in particular, to pay any
         renewal premium required to reinstate such fidelity insurance.

14.      SET-OFF

         The Originator hereby irrevocably authorises the Trustee and/or the
         Manager from time to time and at any time without notice to the
         Originator to appropriate transfer and set-off the whole or any part of
         the Originator's Entitlements in or towards payment or satisfaction in
         whole or in part of its obligations to make any payments pursuant to
         this Deed in respect of which it is in default at the time this
         authority is exercised and the Originator acknowledges and agrees that:

         (1)      the Trustee and/or the Manager may act under this authority at
                  their option but shall be under no obligation to do so and
                  shall incur no liability whatever to the Originator arising
                  out of this authority or its exercise;

         (2)      the rights conferred upon the Trustee and the Manager by this
                  authority shall be in addition and without prejudice to any
                  rights that the Trustee or the Manager may otherwise have
                  against the Originator pursuant to this Deed or otherwise in
                  law or equity and shall not be merged in or prejudicially
                  affected by any security of any nature now or in future held
                  by the Trustee or Manager but all such rights and securities
                  shall continue notwithstanding any rule of law or equity to
                  the contrary and the rights hereby conferred shall be in
                  addition to and without prejudice to all other rights and
                  security.

15.      OBLIGATIONS OF MANAGER

         For so long as the Manager is prepared to consider accepting Approved
         Mortgages into the Fund from the Originator the obligations of the
         Manager under this Deed shall be:

15.1     ACCEPTANCE OF APPLICATIONS

         To endeavour to ensure that Mortgages the subject of Approved
         Applications are accepted into the Fund.

15.2     NOTIFICATION OF CHANGES - GENERAL

         To notify the Originator within ten (10) Banking Days:

         15.2.1   of any changes in the specified form of mortgage
                  documentation;

         15.2.2   of the appointment of any new Mortgage Insurer;
<PAGE>
                                       45

         15.2.3   of any changes to the Parameters; and

         15.2.4   of any change to the form or substance to the Schedules to
                  this Deed as contemplated by clause 1.3,

         and in the case of matters referred to in clauses 15.2.1, 15.2.3 and
         15.2.4 to provide the Originator with copies of any such changes.

15.3     NOTIFICATION OF APPROVED SOLICITORS AND APPROVED VALUERS

         To notify the Originator promptly of details of Approved Solicitors and
         Approved Valuers including all new appointments and removals from time
         to time.

15.4     NOTIFICATION OF INSTRUCTIONS FROM MORTGAGE INSURER

         To notify the Originator promptly of instructions received from any
         Mortgage Insurer in relation to a Trust Mortgage.

15.5     INDICATOR BULLETIN

         To provide to the Originator on a daily basis or as often as
         practicable an indicator bulletin giving details of the rates of
         interest applicable from time to time to various kinds of Approved
         Mortgage Loans with differing Due Dates.

16.      TERMINATION

16.1     IMMEDIATE TERMINATION BY MANAGER

         The Manager may terminate this Deed immediately if:

         16.1.1   a receiver or receiver and manager or liquidator or
                  provisional liquidator or trustee or inspector or official
                  manager or similar person is appointed to all or any part of
                  the Originator's undertaking:

         16.1.2   a petition for winding up or similar process of the Originator
                  is presented or an order is made or any effective resolution
                  is passed for the winding up of the Originator;

         16.1.3   proceedings are initiated with a view to obtaining an order
                  for the winding up or similar process of the Originator or any
                  shareholder or director either calls or threatens to call any
                  meeting for the purpose of considering or passing any
                  resolution for the winding up or similar process of the
                  Originator;

         16.1.4   any action is initiated by any competent authority with a view
                  to striking the name of the Originator off any register of
                  companies;

         16.1.5   any distress or execution is levied or enforced against any of
                  the assets or property of the Originator;
<PAGE>
                                       46

         16.1.6   the Originator is unable to pay its debts as they fall due or
                  is unable to certify that it is able to pay its debts as they
                  fall due, commences negotiations with any one or more of its
                  creditors with a view to the general re-adjustment or
                  re-scheduling of its indebtedness or enters or proposes to
                  enter into any arrangement or composition with its creditors;

         16.1.7   in the opinion of the Manager there is a material adverse
                  change in the financial condition of the Originator;

         16.1.8   a person is appointed to investigate all or any part of the
                  affairs of the Originator or any related corporation;

         16.1.9   the Originator ceases or threatens to cease business;

         16.1.10  in the opinion of the Manager there is an adverse event or any
                  circumstance which has arisen involving or in any way relating
                  to the Originator which is or may be detrimental to the
                  interests of the Fund and/or to the rights and entitlements of
                  the Investors;

         16.1.11  in the opinion of the Manager there is an adverse effect on
                  the Originator arising from a substantial change in ownership
                  or change in control of the Originator or any company of which
                  the Originator is a subsidiary;

         16.1.12  any event occurs which the Parameters provide as giving rise
                  to a right in the Manager to terminate this Deed;

         16.1.13  in the opinion of the Manager the Originator fails to remedy
                  promptly any irregularity default or non-compliance disclosed
                  or apparent in any of the reports statements or inspections
                  contemplated by either of clauses 11.1 and 11.2; or

         16.1.14  the Originator ceases to be an approved mortgage manager for
                  the purposes of any Mortgage Insurance Policy.

         Upon any such termination the rights and obligations of the parties
         shall be subject to the provisions of clauses 16.4 to 16.6 (both
         inclusive).

16.2     DEFAULT BY ORIGINATOR

         If the Originator shall be in default under this Deed the Manager may
         give to the Originator written notice specifying that default and
         requiring the Originator to remedy the default within five (5) Banking
         Days of the date of the notice (or such longer period as the Manager
         shall agree to in writing) and if the default is not remedied within
         that period this Deed shall be ipso facto terminated but such
         termination shall not affect the rights of the Manager or the Trustee
         against the Originator in respect of that default or of any other
         liability incurred by the Originator under this Deed on or before such
         termination.
<PAGE>
                                       47

16.3     ORIGINATOR'S PERFORMANCE

         16.3.1   In addition to any other right of termination the Manager may
                  have whether pursuant to this Deed, the general law or
                  otherwise the Manager may terminate this Deed by giving thirty
                  (30) days notice in writing to the Originator at any time if:

                  (1)      at the end of the first year of the currency of this
                           Deed the portfolio of Trust Mortgages introduced by
                           the Originator does not have an aggregate principal
                           sum outstanding of at least the amount specified in
                           Item 2 of Schedule 1; or

                  (2)      the portfolio of Mortgages introduced by the
                           Originator and accepted into the Fund is not, in the
                           opinion of the Manager (which opinion shall be
                           conclusive) performing satisfactorily.

         16.3.2   If either or both the events referred to in clause 16.3.1
                  occur the Manager may (in its absolute discretion) at any time
                  thereafter, and without prejudice at any time to the exercise
                  of its rights under clause 16.3.1, by notice in writing to the
                  Originator specify that it will not thereafter accept
                  Applications from the Originator to make any Approved Mortgage
                  Loans or to purchase any Approved Mortgage Loans, in which
                  case, until otherwise determined by the Manager, the
                  Originator shall immediately thereafter cease to make such
                  Applications to the Manager and the Mortgage Insurer and
                  Applications to Fund and the Manager shall be thereafter
                  released from its obligations under clause 15.

16.4     ORIGINATOR'S OBLIGATIONS TO SURVIVE

         Notwithstanding the termination of this Deed:

         16.4.1   the obligations of the Originator to the Manager and the
                  Trustee in respect of any liability on the part of the
                  Originator arising prior to that termination shall continue;
                  and

         16.4.2   the Originator shall in addition to all of its obligations at
                  law and in equity remain liable to the Manager and the Trustee
                  to carry out its obligations under clauses 3.1 and 7 or any
                  other obligation of the Originator under this Deed.

16.5     ORIGINATOR TO DELIVER BOOKS

         16.5.1   Upon termination of this Deed for any reason whatever the
                  Originator shall at its own expense immediately deliver and/or
                  transfer to the Trustee or its nominee all Mortgage Records
                  and if the Originator does not deliver the Mortgage Records to
                  the Trustee or its nominee within 2 Banking Days after the
                  date of termination of this Deed then it shall be lawful for
                  the Trustee or its nominee by their authorised officers to
                  enter the premises of the Originator at which the Mortgage
                  Records are kept and to take possession of the Mortgage
                  Records and

<PAGE>
                                       48

                  production of this Deed shall constitute sufficient authority
                  for the Trustee or its nominee to do so.

         16.5.2   The Originator hereby irrevocably appoints the Trustee or its
                  nominee its attorney for the purpose of signing all documents
                  and papers and doing all acts and things on behalf of and in
                  the name of the Originator which may be necessary in order to
                  give full effect to the provisions of clause 16.5.1 including
                  (but without limitation) the obtaining of any of the books
                  which the Originator may have lodged with any third person and
                  to effect the transfer into the name of the Trustee or its
                  nominee of any account which the Originator has not
                  transferred in accordance with clause 16.5.1 AND the
                  Originator hereby agrees to ratify and confirm all and
                  whatever such attorney shall do or cause to be done in
                  pursuance of this power of attorney.

16.6     ORIGINATOR'S ENTITLEMENT TO MONTHLY FEE

         Notwithstanding the termination of this Deed for any reason whatever
         the Originator shall retain its entitlement to the monthly fee in
         accordance with clause 8.2 calculated on a pro rata daily basis up to
         the date on which this Deed is deemed to have been terminated (at which
         point its entitlement to such fee shall cease) and the calculation of
         the monthly fee shall be made at such time as it would have occurred in
         the usual course if this Deed had not been terminated PROVIDED THAT the
         payment shall:

         16.6.1   be reduced by any indebtedness and/or liability which the
                  Trustee considers has arisen or may arise and for which the
                  Originator is and/or may be liable under the provisions of
                  this Deed;

         16.6.2   become due and payable only when the Manager considers that
                  the Originator has satisfied all of its obligations imposed by
                  this clause 16.

17.      GENERAL PROVISIONS

17.1     GOVERNING LAW

         This Deed shall be governed by and construed in accordance with the
         laws of the State of New South Wales and the parties irrevocably and
         unconditionally submit to the non-exclusive jurisdiction of the courts
         of that State.

17.2     STRICT COMPLIANCE

         Any failure or omission by the Manager at any time to enforce or
         require strict or timely compliance with any provision of this Deed
         shall not affect or impair that provision in any way or the rights of
         the Manager to avail itself of remedies it may have in respect of any
         breach of any such provision.
<PAGE>
                                       49

17.3     NOTICES

         All Applications, Offers, Acceptances, notices, demands, approvals,
         consents or other communications (collectively called a "NOTICE") under
         this Deed shall be in writing and shall be delivered personally or
         given by prepaid registered post, facsimile or telex to a party or to
         the Trustee at the address facsimile number or telex number of the
         party or the Trustee specified in this clause or at such other address
         facsimile number or telex number as the party may from time to time
         notify the other party in writing. A notice shall be deemed served:

         17.3.1   if posted, two (2) Banking Days after posting;

         17.3.2   if sent by telex, upon receipt by the sender of the
                  recipient's answerback; and

         17.3.3   if sent by facsimile, upon production of a transmission report
                  by the machine from which the facsimile was sent which
                  indicates that the facsimile was sent in its entirety to the
                  facsimile number of the recipient.

         A notice served on a day which is not a Banking Day shall be deemed
         served on the next following Banking Day. A notice may be given by a
         director, secretary or authorised officer of the party giving it. For
         the purposes of this clause:

         THE MANAGER:
         Address:                       Level 4
                                        10 Bond Street, Sydney
                                        New South Wales,  2000

         Telex:                         122245

         Fax:                           (02) 9237 4966

         Attention:                     The Manager: PUMA Programme

         THE ORIGINATOR:                As specified in Schedule 1.

         THE TRUSTEE:
         Address:                       39 Hunter Street, Sydney,
                                        New South Wales, 2000

         Telex:                         AA24781

         Fax:                           (02) 9223 7688

         Attention:                     Manager - Mortgage Securitisation

         The parties may from time to time agree upon other means of
         transmitting notices under this Deed and in that event they will
         enter into a supplementary agreement as to relevant procedures before
         implementing the use of such other means.
<PAGE>
                                     50

17.4     CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS

         17.4.1   The parties acknowledge and agree that all of the terms of the
                  Trust Deed, this Deed, the Parameters and all procedures to be
                  implemented pursuant to the provisions of the Trust Deed, this
                  Deed and the Parameters shall be strictly confidential between
                  the parties and they mutually covenant and agree that save as
                  provided in clause 17.4.2 they will not disclose any of the
                  same to any other person.

         17.4.2   No public announcement or communication relating to
                  negotiations of the parties or the subject matter or the terms
                  of this Deed or relating to the Trustee shall be made or
                  authorised by or on behalf of the Originator without the prior
                  written approval of the Trustee and/or the Manager.

         17.4.3   The Originator acknowledges that it has had an opportunity of
                  inspecting a copy of the Trust Deed at the Manager's premises
                  and further acknowledges that as a result thereof it is
                  satisfied that it fully understands and comprehends it
                  obligations arising from the Trust Deed and the references to
                  it herein.

17.5     NON MERGER

         Except where expressly stated in this Deed, none of the rights of the
         Trustee or obligations of the Originator under this Deed shall merge or
         be extinguished upon the discharge variation or renewal of any Trust
         Mortgage in accordance with its terms or upon the termination of this
         Deed.

17.6     WAIVERS, REMEDIES CUMULATIVE

         Save as provided in this Deed, no failure to exercise and no delay in
         exercising on the part of either party any right, power or privilege
         under this Deed shall operate as a waiver, nor shall any single or
         partial exercise of any right, power or privilege preclude any other or
         further exercise of such right, power or privilege, or the exercise of
         any other right, power or privilege.

17.7     STAMP DUTY

         The Originator shall pay out of its own funds all stamp duty (including
         any penalties) payable in respect of this Deed.

17.8     OTHER MORTGAGE ORIGINATION DEEDS

         The Originator acknowledges and agrees that in relation to the Fund the
         Manager may enter into one or more Mortgage Origination Deeds with
         other persons for the purposes of procuring the Trustee to purchase or
         advance moneys on the security of Approved Mortgages and the delegation
         by the Manager of the management of Approved Mortgages.
<PAGE>
                                       51

17.9     DATE FOR PERFORMANCE

         Where the date for performance by the Originator of any of its
         obligations under this Deed falls on a Saturday, Sunday or public
         holiday that date shall be extended to the next Banking Day.

17.10    TIME OF THE ESSENCE

         Time shall be of the essence of the performance of the Originator's
         obligations under this Deed.

17.11    SEVERABILITY

         If any provision of this Deed is prohibited or unenforceable in any
         jurisdiction such provision shall, as to such jurisdiction, be
         ineffective to the extent of such prohibition or unenforceability
         without invalidating the remaining provisions of this Deed or affecting
         the validity or enforceability of such provision in any other
         jurisdiction.

17.12    GENERAL INDEMNITY

         Without limiting any other indemnity given by the Originator in this
         Deed the Originator hereby indemnifies and agrees to keep indemnified
         the Manager and the Trustee in respect of all claims losses (whether
         consequential or otherwise) damages demands and expenses which they or
         either of them may suffer or incur as a result of any breach
         non-performance or non-observance by the Originator of any of its
         obligations under this Deed.

17.13    COUNTERPARTS

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

18.      TRUSTEE'S COVENANT

18.1     THIS CLAUSE TO PREVAIL

         All provisions of this Deed shall have effect and be applied subject to
         clause 18.3.

18.2     DEFINITIONS FOR THE PURPOSES OF THIS CLAUSE

         For the purposes of clause 18.3:

         (a)      "ASSETS" includes all assets, property and rights real or
                  personal of any nature whatsoever; and

                  "OBLIGATIONS" means all obligations and liabilities of
                  whatsoever kind undertaken or incurred by or devolving upon
                  the Trustee under or in respect of this Deed or any Deed,
                  Agreement or other instrument collateral herewith or given
                  or entered into pursuant hereto; and
<PAGE>
                                       52

         (b)      a reference to an action, failure to act, misconduct or breach
                  by the Trustee includes a reference to any action, failure to
                  act, misconduct or breach by any officer or employee of the
                  Trustee.

18.3     LIMITATION ON LIABILITY

         The Trustee enters this Deed only as trustee of the Fund and,
         notwithstanding anything herein contained, the other parties hereto
         acknowledge and declare that the Obligations are undertaken or incurred
         by the Trustee severally in its capacity as trustee of the Fund and,
         accordingly, except for the Trustee's liability resulting from the
         Trustee's own negligent action, its own negligent failure to act, its
         own wilful misconduct in performing its obligations under this Deed or
         its own breach of the Trust Deed, the recourse of the other parties
         hereto against the Trustee in respect of any Obligation is limited
         severally to the Trustee's right of indemnity out of the Assets of the
         Fund.

18.4     TRUSTEE'S PERFORMANCE

         The Trustee agrees to act insofar as its obligations under the Trust
         Deed and generally as trustee of the Fund permit to facilitate the
         performance of this Deed by the Manager.

19.      GUARANTEE AND INDEMNITY

         If so required by the Manager and/or the Trustee the Originator shall
         procure a guarantee of its obligations under this Deed from such
         persons and in such form as required by either or both the Manager and
         the Trustee.

<PAGE>
                                       53

 EXECUTED as a deed.

THE COMMON SEAL of                           )
PERPETUAL           TRUSTEES                 )
AUSTRALIA LIMITED, ACN 000 431               )
827, was affixed in accordance with its      )
Articles of Association in the presence of:: )

<TABLE>
<CAPTION>
<S>                                                        <C>
 .................................................           .................................................
(Signature of Secretary/Director)                           (Signature of director)

 .................................................           .................................................
(Name of Secretary/Director in Full)                        (Name of director in Full)

</TABLE>

THE COMMON SEAL of                         )
MACQUARIE           SECURITISATOIN         )
LIMITED, ACN 003 297 336, was              )
affixed in accordance with its Articles of )
Association in the presence of::           )

<TABLE>
<CAPTION>
<S>                                                         <C>
 .................................................           .................................................
(Signature of Secretary/Director)                           (Signature of director)

 .................................................           .................................................
(Name of Secretary/Director in Full)                        (Name of director in Full)

</TABLE>

<PAGE>
                                       54

THE COMMON SEAL of                                      )
                                    ,                   )
ACN         , was affixed in accordance with            )
its Articles of Association in the presence of::        )
                                                        )

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

 .................................................
(Signature of Secretary/Director)                           .................................................
                                                            (Signature of director)
 .................................................
(Name of Secretary/Director in Full)                        .................................................
                                                            (Name of director in Full)

</TABLE>

                                   SCHEDULE 1

ITEM 1               ORIGINATOR

               NAME:

               AUSTRALIAN COMPANY NUMBER:

               ADDRESS:

               FACSIMILE NO:

ITEM 2          MINIMUM PRINCIPAL AMOUNT OF TRUST MORTGAGES BY END OF
FIRST YEAR

               TEN MILLION DOLLARS ($10,000,000)

<PAGE>
                                       55

                                   SCHEDULE 6

                           P&I APPROVAL - SCHEDULE 6
--------------------------------------------------------------------------------
TO:

Application No:                   Date:                 Originator Loan No:

Lender:      PERPETUAL TRUSTEES AUSTRALIA LIMITED, 1 CASTLEREAGH ST, SYDNEY NSW

-------------------------------------------------------------------------------
We refer to your Application for an Approved Mortgage Loan dated 18/07/2001 and
in accordance with the terms and conditions of the Mortgage Origination Deed
between the Manager and you, we hereby make the following Offer to accept the
Application into the PUMA Fund, subject to any special conditions indicated
below, subject always to the Approved Mortgage Loan conforming with the
provisions of the Parameters and the terms and conditions set out in the
Mortgage Origination Deed and to your compliance with all other requirements of
the Mortgage Origination Deed for the settlement of an Approved Application.

BORROWER(S): 1.                     2.

ADDRESS:

PURPOSE:

SECURITY:   1.
               Valuer:             Valuation Date:       Valuation Expiry Date:

GUARANTOR(S):

LOAN DETAILS:

  Account Number:

  Limit:                    LVR:        Contract Matdate:

  Amount

  Discount:

  Effective Rate:

  Elected Term:

  Fixed Period

  I/O Period:

  Discount Expiry Date:

  Payment Holiday Expiry Date:

MORTGAGE INSURANCE:
  Insurer:                  Mortgage Premium: $              MSL Premium:  $
                            Amendment Fee (payable by Borrower):           $0.00
  Borrower Premium: $0.00

  Total Payable:    $
   (Net RITC):

                                  Page 1 of 2

<PAGE>
                                       56

                           P&I APPROVAL - SCHEDULE 6

-------------------------------------------------------------------------------
TO:

Application No:               Date:                Originator Loan No:

Lender:
-------------------------------------------------------------------------------

ALL MORTGAGE INSURANCE CONDITIONS TO BE SATISFIED
SPECIAL CONDITIONS:

Please refer to the Annexure for rate and settlement details which are part of
this offer in accordance with the Parameters and the terms and conditions of the
Mortgage Origination Deed. If you wish to accept this Offer would you kindly
sign and return by facsimilie transmission this offer by the close out time
herein. If you have requested a rate and a settlement date (or indicated a
floating rate in the application) please also sign the attached Annexure and
return by facsimilie transmission within the nominated close out time herein. If
you have not requested a rate and a settlement date, the Manager undertakes to
quote a rate for all Accepted Mortgage Loans upon request from the Originator at
least five (5) business days prior to the settlement date. This offer lapses if
a rate is not requested 30 days after acceptance of this offer.

Offer Date:                 Close Out Date:

Authorised MSL Signatory:   Authorised MSL Signatory:

The Originator hereby accepts the Offer on the terms and condition set out
herein. The Originator warrents that there are no material changes to the
Original Application dated the 18/07/2001 which would preclude acceptance of the
Mortgage into the PUMA Fund.

For and on behalf of the Originator:            Dated:

                                  Page 2 of 2
<PAGE>
                                       57

                                   SCHEDULE 8

P&I SETTLEMENT STATEMENT - SCHEDULE 8 - DATED

TO: MACQUARIE SECURITISATION LTD, LEVEL 22, 20 BOND STREET, SYDNEY NSW 2000

We advise the following details of an Approved Mortgage Loan for funding for
purchase to the Mortgage Origination Deed between Macquarie Securitisation Ltd
and Mortgage House of Australia Pty Ltd

Lender: PERPETUAL TRUSTEES AUSTRALIA LIMITED, 1 CASTLEREAGH ST, SYDNEY NSW

Application No:

Originator Loan No:

The Originator certifies that there have been no changes or amendments to loan
details as describe in the Schedule 6 Loan Approval, offer date

Borrower(s):

Guarantor(s):

Loan Amount:  $

Security:     1.
                Valuer:        Valuation Date:        Valuation Expiry Date:

Builder Details:

Mortgage Insurer(s):  1.

Solicitors/Conveyancers name below will be providing a Solicitor's Certificate
as to Title to the Trustee and the security documents for their review and
custody following the funding of the Approved Mortgage Loan.

Firm:                  Address:

The Originator hereby certifies that the above details are true and correct and
any special conditions of the Mortgage Insurer, the Originator and the Manager
have been complied with and that subject to the receipt by the Manager of a
satifactory Solicitor's Certificate as to Title the Approved Mortgage/Approved
Mortgage Loan is in order to settle.

Authorised Signatory ............................
Mortgage House of Australia Pty Ltd      Dated:

-----------------------------------------------------------------------------
TO: PERPETUAL TRUSTEES AUSTRALIA LIMITED, 1 CASTLEREAGH ST, SYDNEY NSW

We advise the above details of an Approved Mortgage Loan/Approved Mortgage being
made pursuant to the Trust Deed dated 13/07/1990 which established the PUMA
Fund.

Macquarie Securitisation Ltd hereby certifies that, subject to the receipt of a
Solicitors's Certificate from the above mentioned Solicitor and your
satisfaction therewith, the above mortgage loan is an Authorised Investment
being a loan secured by an Approved Mortgage which satisfied the criteria for an
Approved Mortgage Loan. We also warrant that the additional terms and conditions
imposed by the Mortgage Insurer have been complied with. Please acknowledge that
Macquarie Bank Limited is the beneficial owner of the above mentioned Mortgage
Facility.

<TABLE>
<CAPTION>
<S>                                          <C>
Authorised Signatory  .....................  Authorised Signatory  .................
Macquarie Securitisation Ltd      Dated:      Macquarie Securitisation Ltd      Dated:

The Trustee confirms this Approved Mortgage Loan/Approved Mortgage is in order to settle.
</TABLE>

Authorised Signatory  .....................
Perpetual Trustee Australia Limited          Dated:

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