Document:

Security Trust Deed

                                         Perpetual Trustees Consolidated Limited
                                                                       (Chargor)

                                                                    P.T. Limited
                                                              (Security Trustee)

                                                      Crusade Management Limited
                                                                       (Manager)

                                            Deutsche Bank Trust Company Americas
                                                                  (Note Trustee)

                                              Crusade Global Trust No. 1 of 2007

                                                             Deutsche Bank Place
                                               Corner Hunter and Phillip Streets
                                                               Sydney  NSW  2000
                                                                       Australia
                                                             Tel  61 2 9230 4000
                                                             Fax  61 2 9230 5333
                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2007

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TABLE OF CONTENTS

1.    DEFINITIONS AND INTERPRETATION                                           1
      1.1     Definitions                                                      1
      1.2     Master Trust Deed definitions and Trust Document amendments      4
      1.3     Interpretation                                                   4
      1.4     Determination, statement and certificate sufficient evidence     5
      1.5     Document or agreement                                            5
      1.6     Rights and obligations of Mortgagees                             5
      1.7     Transaction Document                                             5
      1.8     Chargor as trustee                                               5
      1.9     Knowledge of the Chargor                                         5
      1.10    Knowledge of Security Trustee                                    6
      1.11    Conflicts                                                        6

2.    APPOINTMENT OF SECURITY TRUSTEE                                          7
      2.1     The Security Trustee                                             7
      2.2     Duration of Trust                                                7
      2.3     Covenant                                                         7

3.    CHARGE                                                                   7
      3.1     Charge                                                           7
      3.2     Security                                                         7
      3.3     Prospective liability                                            8

4.    NATURE OF CHARGE                                                         8
      4.1     Priority                                                         8
      4.2     Nature of Charge                                                 8
      4.3     Dealing with Mortgaged Property                                  8
      4.4     Crystallisation                                                  8
      4.5     De-crystallisation                                               9

5.    COVENANTS AND WARRANTIES                                                 9
      5.1     Covenant                                                         9
      5.2     Negative covenants                                              10
      5.3     Representations and Warranties                                  11
      5.4     Manager's undertakings                                          11

6.    FURTHER ASSURANCES                                                      12
      6.1     Further assurances                                              12

7.    NOTE TRUSTEE                                                            12
      7.1     Capacity                                                        12
      7.2     Exercise of rights                                              12
      7.3     Instructions or directions                                      12
      7.4     Payments                                                        12
      7.5     Notices                                                         13

8.    EVENTS OF DEFAULT                                                       13
      8.1     Events of Default                                               13

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      8.2     Rights of the Security Trustee upon Event of Default            14
      8.3     Notify Events of Default                                        14

9.    ENFORCEMENT                                                             15
      9.1     Power to enforce                                                15
      9.2     No obligation to enforce                                        15
      9.3     Obligation to convene meeting                                   15
      9.4     Security Trustee to act in accordance with directions           15
      9.5     Security Trustee must receive indemnity                         16
      9.6     Limitation on rights of Mortgagees                              16
      9.7     Immaterial waivers                                              16
      9.8     Acts pursuant to resolutions                                    17
      9.9     Overriding provision                                            17

10.   APPOINTMENT OF RECEIVER                                                 17
      10.1    Appointment                                                     17
      10.2    Agent of Chargor                                                18
      10.3    Receiver's powers                                               18
      10.4    Receiver appointed after commencement of winding up             20
      10.5    Powers exercisable by the Security Trustee                      20
      10.6    Withdrawal                                                      20

11.   REMUNERATION OF SECURITY TRUSTEE                                        21
      11.1    Costs                                                           21
      11.2    Fee                                                             21
      11.3    Cessation of Fee                                                21

12.   POWER OF ATTORNEY                                                       21

13.   COMPLETION OF BLANK SECURITIES                                          22

14.   PERFORMANCE OF CHARGOR'S OBLIGATIONS                                    22

15.   STATUTORY POWERS                                                        22
      15.1    Powers in augmentation                                          22
      15.2    Notice not required                                             22

16.   APPLICATION OF MONEYS RECEIVED                                          23
      16.1    Priorities                                                      23
      16.2    Moneys actually received                                        23
      16.3    Amounts contingently due                                        23
      16.4    Notice of subsequent Security Interests                         23
      16.5    Satisfaction of debts                                           23
      16.6    Payments into US$ Account                                       24
      16.7    Payments out of US$ Account                                     24
      16.8    Payments into Euro Account                                      24
      16.9    Payments out of Euro Account                                    24
      16.10   Excluded amounts                                                24
      16.11   Proportionate Sharing                                           25

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17.   OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY                        25

18.   PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY                         26

19.   PROTECTION OF THIRD PARTIES                                             26
      19.1    No enquiry                                                      26
      19.2    Receipt                                                         26

20.   EXPENSES, INDEMNITY                                                     27
      20.1    Expenses                                                        27
      20.2    Indemnity                                                       27

21.   CURRENCY INDEMNITY                                                      28

22.   STAMP DUTIES                                                            28

23.   INTEREST ON OVERDUE AMOUNTS                                             28
      23.1    Accrual                                                         28
      23.2    Payment                                                         28
      23.3    Rate                                                            29

24.   CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC                         29

25.   SURVIVAL OF REPRESENTATIONS                                             29

26.   INDEMNITY AND REIMBURSEMENT OBLIGATIONS                                 29

27.   CONTINUING SECURITY                                                     29

28.   OTHER SECURITIES                                                        29

29.   DISCHARGE OF THE CHARGE                                                 30
      29.1    Release                                                         30
      29.2    Contingent liabilities                                          30
      29.3    Charge reinstated                                               30

30.   AMENDMENT                                                               31
      30.1    Approval of Manager                                             31
      30.2    Extraordinary Resolution of Voting Mortgagees                   31
      30.3    Distribution of amendments                                      31

31.   CHARGOR'S LIABILITY                                                     31
      31.1    Limitation of liability                                         31
      31.2    Rights against Mortgaged Property preserved                     33
      31.3    Obligation Express                                              33
      31.4    Advice from Professional Advisers                               33
      31.5    Unrestricted Remedies                                           33
      31.6    Restricted Remedies                                             33

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32.   WAIVERS, REMEDIES CUMULATIVE                                            34

33.   CONSENTS AND OPINION                                                    34

34.   SEVERABILITY OF PROVISIONS                                              34

35.   MORATORIUM LEGISLATION                                                  35

36.   ASSIGNMENTS                                                             35

37.   NOTICES                                                                 35

38.   RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE                          36
      38.1    Instructions; extent of discretion                              36
      38.2    No obligation to investigate authority                          36
      38.3    Delegation                                                      36
      38.4    Reliance on documents and experts                               37
      38.5    Notice of transfer                                              37
      38.6    Notice of default                                               37
      38.7    Security Trustee as Mortgagee                                   37
      38.8    Indemnity to Security Trustee                                   37
      38.9    Independent investigation                                       39
      38.10   No monitoring                                                   39
      38.11   Information                                                     39
      38.12   Conflicts                                                       40
      38.13   No Liability                                                    40

39.   RETIREMENT AND REMOVAL OF SECURITY TRUSTEE                              41
      39.1    Retirement                                                      41
      39.2    Removal                                                         41
      39.3    Replacement                                                     41
      39.4    Rating Agencies Approval                                        42

40.   MEETINGS OF MORTGAGEES                                                  42
      40.1    Limitation on Security Trustee's powers                         42
      40.2    Convening of meetings                                           42
      40.3    Notice of meetings                                              43
      40.4    Chairman                                                        44
      40.5    Quorum                                                          44
      40.6    Adjournment                                                     44
      40.7    Voting procedure                                                44
      40.8    Right to attend and speak                                       45
      40.9    Appointment of Proxies                                          46
      40.10   Corporate Representatives                                       46
      40.11   Rights of Representatives                                       46
      40.12   Extraordinary Resolutions                                       47
      40.13   Extraordinary Resolution binding on Mortgagees                  48
      40.14   Minutes and records                                             48
      40.15   Written resolutions                                             48
      40.16   Further procedures for meetings                                 48
      40.17   Note Trustee rights                                             49

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41.   AUTHORISED SIGNATORIES                                                  49

42.   GOVERNING LAW AND JURISDICTION                                          50

43.   COUNTERPARTS                                                            50

44.   SET-OFF                                                                 50

45.   ACKNOWLEDGEMENT BY CHARGOR                                              50

46.   INFORMATION MEMORANDUM                                                  50

47.   SECURITY TRUSTEE'S LIMITED LIABILITY                                    51
      47.1    Reliance on certificate                                         51
      47.2    Security Trustee's reliance on Manager, Note Trustee
              or Servicer                                                     51
      47.3    Compliance with laws                                            51
      47.4    Reliance on experts                                             52
      47.5    Oversights of others                                            52
      47.6    Powers, authorities and discretions                             52
      47.7    Impossibility or impracticability                               52
      47.8    Legal and other proceedings                                     52
      47.9    No liability except for negligence etc                          53
      47.10   Further limitations on Security Trustee's liability             53
      47.11   Conflicts                                                       54
      47.12   Information                                                     55
      47.13   Investigation by Security Trustee                               55

48.   PRIVACY                                                                 55

49.   COMPLIANCE WITH REGULATION AB                                           56
      49.1    Intent of the Parties, Reasonableness                           56
      49.2    Information to be provided by The Security Trustee              56
      49.3    Report on Assessment of Compliance and Attestation              57
      49.4    Use of Subservicers and Subcontractors                          58
      49.5    Indemnification; Remedies                                       58

50.   ANTI-MONEY LAUNDERING                                                   60

SCHEDULE 1                                                                    64
      Servicing Criteria To Be Addressed In Assessment Of Compliance          64

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DATE 5 March 2007

TIME

PARTIES

     1.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of Level
          12 Angel Place, 123 Pitt Street, Sydney, New South Wales 2000 in its
          capacity as trustee of the Crusade Global Trust No. 1 of 2007 (the
          CHARGOR);

     2.   P.T. LIMITED (ABN 67 004 454 666) of Level 12 Angel Place, 123 Pitt
          Street, Sydney, NSW 2000 (the SECURITY TRUSTEE);

     3.   CRUSADE MANAGEMENT LIMITED (ABN 90 070 715 916) of 4-16 Montgomery
          Street, Kogarah, New South Wales 2217 (the MANAGER); and

     4.   DEUTSCHE BANK TRUST COMPANY AMERICAS of 1761 E. St. Andrew Place,
          Santa Ana, California, 92705 USA (the NOTE TRUSTEE).

RECITALS

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

     B    Under the terms of the Master Trust Deed, the Chargor is authorised to
          enter into this deed to charge the Trust Assets to secure the due and
          punctual performance of the obligations of the Chargor under the Trust
          Documents and the payment in full of the Secured Moneys to the
          Mortgagees.

     C    The Security Trustee enters into this deed as Mortgagee and as trustee
          for each other Mortgagee.

     D    The Note Trustee enters into this deed for itself and as trustee for
          and on behalf of each Offshore Noteholder.

IT IS AGREED as follows.

1.   DEFINITIONS AND INTERPRETATION

1.1  DEFINITIONS

     The following definitions apply unless the context requires otherwise.

     ATTORNEY means any attorney appointed under this deed or any Collateral
     Security.

     CHARGE means the charge created by this deed.

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     CHARGE RELEASE DATE means, subject to clause 29.3, the date the Security
     Trustee discharges the Charge and this deed under clause 29.1.

     CHARGOR'S INDEMNITY means:

     (a)  the Chargor's right of indemnity under the Master Trust Deed from the
          Trust Assets in respect of liabilities incurred by the Chargor acting
          in its capacity as trustee of the Trust; and

     (b)  all equitable liens and other Security Interests which the Chargor has
          over the Trust Assets.

     COLLATERAL SECURITY means any Security Interest, Guarantee or other
     document or agreement at any time created or entered into in favour of the
     Security Trustee as security for any Secured Moneys.

     EVENT OF DEFAULT means any of the events specified in clause 8.

     EXTRAORDINARY RESOLUTION means, in relation to the Voting Mortgagees:

     (a)  a resolution passed at a meeting of the Voting Mortgagees duly
          convened and held in accordance with the provisions contained in this
          deed by a majority consisting of not less than three quarters of the
          votes capable of being cast at that meeting by Voting Mortgagees
          present in person or by proxy; or

     (b)  a resolution in writing pursuant to clause 40.15 signed by all the
          Voting Mortgagees, and

     (c)  otherwise has the meaning given to it in the Master Trust Deed.

     GUARANTEE means any guarantee, indemnity, letter of credit, legally binding
     letter of comfort or suretyship, or any other obligation or irrevocable
     offer (whatever called and of whatever nature):

     (a)  to pay or to purchase;

     (b)  to provide funds (whether by the advance of money, the purchase of or
          subscription for shares or other securities, the purchase of assets,
          rights or services, or otherwise) for the payment or discharge of;

     (c)  to indemnify against the consequences of default in the payment of; or

     (d)  to be responsible otherwise for,

     an obligation or indebtedness of another person, a dividend, distribution,
     capital or premium on shares, stock or other interests, or the insolvency
     or financial condition of another person.

     LIQUIDATION includes receivership, compromise, arrangement, amalgamation,
     administration, reconstruction, winding up, dissolution, assignment for the
     benefit of creditors, bankruptcy or death.

     MORTGAGED PROPERTY means the property and rights mortgaged or charged by
     this deed or any Collateral Security.

     MORTGAGEE has the meaning given in the Supplementary Terms Notice.

     NOTEHOLDER MORTGAGEE has the meaning given in the Supplementary Terms
     Notice.

     POWER means a power, right, authority, discretion or remedy which is
     conferred on the Security Trustee, a Mortgagee or a Receiver or Attorney:

     (a)  by this deed or any Collateral Security; or

     (b)  by law in relation to this deed or any Collateral Security.

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     PERSONAL INFORMATION has the meaning given in the Privacy Act 1988 (Cth).

     RECEIVER means a receiver or receiver and manager appointed under this deed
     or any Collateral Security.

     RELEVANT TRUST means a trust other than the Trust, constituted under the
     Master Trust Deed and the Supplementary Terms Notice for the Trust, of
     which the Chargor is a trustee.

     REPRESENTATIVE means:

     (a)  in the case of an Offshore Noteholder, the Note Trustee (as its
          representative or any other person appointed as a proxy for the
          Noteholders in accordance with this deed);

     (b)  in the case of any other Mortgagee, a person who is appointed as a
          proxy for that Mortgagee pursuant to clause 40.9; and

     (c)  without limiting the generality of paragraph (a), in the case of a
          Voting Mortgagee which is a body corporate, a person who is appointed
          pursuant to clause 40.10 by that Mortgagee,

     or as otherwise specified in the Supplementary Terms Notice.

     SECURED MONEYS means all money which the Chargor (whether alone or with
     another person) is or at any time may become actually or contingently
     liable to pay to or for the account of any Mortgagee (whether alone or with
     another person) for any reason whatever under or in connection with a Trust
     Document. Additionally:

     (a)  it includes money by way of principal, interest, fees, costs,
          indemnities, Guarantee, charges, duties or expenses, or payment of
          liquidated or unliquidated damages under or in connection with a Trust
          Document, or as a result of any breach of or default under or in
          connection with, a Trust Document; and

     (b)  where the Chargor would have been liable but for its Liquidation, it
          will be taken still to be liable.

     SETTLOR means Nicolette Andrews.

     ST.GEORGE means St.George Bank Limited (ABN 92 055 513 070) of 4-16
     Montgomery Street, Kogarah, New South Wales 2000.

     SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice dated on or
     after the date of this deed relating to the Trust.

     TRUST means the trust known as the Crusade Global Trust No. 1 of 2007
     constituted under the Notice of Creation of Trust, the Master Trust Deed
     and the Supplementary Terms Notice.

     TRUST ASSETS means the Assets of the Trust from time to time as defined in
     the Master Trust Deed, and includes the rights of the Chargor under the
     Trust Documents in respect of the Trust and under the Collection Account,
     the Liquidity Account, the US$ Account and the Euro Account.

     TRUST DOCUMENT means each of:

     (a)  this deed;

     (b)  the Master Trust Deed;

     (c)  the Supplementary Terms Notice;

     (d)  the Notice of Creation of Trust;

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     (e)  the Servicing Agreement in respect of the Trust;

     (f)  the Custodian Agreement in respect of the Trust;

     (g)  each Note;

     (h)  each Support Facility for the Trust;

     (i)  the Agency Agreement;

     (j)  the Note Trust Deed; or

     (k)  the Subscription Agreements.

     VESTING DATE means the day preceding the earliest of:

     (a)  the 80th anniversary of the date of this deed;

     (b)  the 21st anniversary of the date of the death of the last survivor of
          the lineal descendants of King George V living on the date of this
          deed; and

     (c)  the day after the Charge Release Date.

     VOTING MORTGAGEE has the meaning given in the Supplementary Terms Notice.

1.2  MASTER TRUST DEED DEFINITIONS AND TRUST DOCUMENT AMENDMENTS

     (a)  Words and expressions which are defined in the Master Trust Deed (as
          amended by the Supplementary Terms Notice) and the Supplementary Terms
          Notice (including in each case by reference to another agreement),
          despite their respective times of execution, have the same meanings
          when used in this deed unless the context otherwise requires or unless
          otherwise defined in this deed.

     (b)  Subject to clause 30, no change to the Master Trust Deed or any other
          document (including the order of payment set out in the Supplementary
          Terms Notice) after the date of this deed will change the meaning of
          terms used in this deed or adversely affect the rights of the Security
          Trustee under this deed unless the Security Trustee (subject to clause
          40.17(d), with the prior written consent of the Noteholder Mortgagees)
          has agreed in writing to the changes.

1.3  INTERPRETATION

     Clause 1.2 of the Master Trust Deed applies to this deed as if set out in
     full and:

     (a)  a reference to an ASSET includes any real or personal, present or
          future, tangible or intangible property or asset and any right,
          interest, revenue or benefit in, under or derived from the property or
          asset;

     (b)  an Event of Default SUBSISTS until it has been waived in writing by
          the Security Trustee provided that no such waiver will be capable of
          taking effect unless the Security Trustee has first, subject to clause
          40.17(d), obtained the prior written consent of the Noteholder
          Mortgagees; and

     (c)  a reference to an amount for which a person is CONTINGENTLY LIABLE
          includes an amount which that person may become actually or
          contingently liable to pay if a contingency occurs, whether or not
          that liability will actually arise.

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1.4  DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

     Except where otherwise provided in this deed any determination, statement
     or certificate by the Security Trustee or an Authorised Signatory of the
     Security Trustee provided for in this deed is sufficient evidence of each
     thing determined, stated or certified in the absence of manifest error or
     proof to the contrary.

1.5  DOCUMENT OR AGREEMENT

     A reference to:

     (a)  an AGREEMENT includes a Security Interest, Guarantee, undertaking,
          deed, agreement or legally enforceable arrangement whether or not in
          writing; and

     (b)  a DOCUMENT includes an agreement (as so defined) in writing or a
          certificate, notice, instrument or document.

     A reference to a specific agreement or document includes it as amended,
     novated, supplemented or replaced from time to time, except to the extent
     prohibited by this deed.

1.6  RIGHTS AND OBLIGATIONS OF MORTGAGEES

     (a)  Each Mortgagee is entitled to the benefit of the obligations
          (including warranties) of each of the Security Trustee, the Chargor
          and any other person under this deed and any Collateral Security.

     (b)  Subject to clause 9.4(c) and clause 9.5, no Mortgagee is entitled to
          enforce this deed or any Collateral Security other than through the
          Security Trustee.

     (c)  Each Mortgagee is bound by this deed and each Collateral Security.

     (d)  No Mortgagee is responsible for the obligations of the Security
          Trustee or any other Mortgagee.

     (e)  The provisions of this deed are binding on the Security Trustee, the
          Chargor and the Mortgagees and all persons claiming through them,
          respectively.

1.7  TRANSACTION DOCUMENT

     This deed is a TRANSACTION DOCUMENT for the purposes of the Master Trust
     Deed.

1.8  CHARGOR AS TRUSTEE

     In this deed, except where provided to the contrary:

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

     (b)  a reference to the assets, business, property or undertaking of the
          Chargor is a reference to the assets, business, property or
          undertaking of the Chargor only in the capacity described in paragraph
          (a) above.

1.9  KNOWLEDGE OF THE CHARGOR

     In relation to the Trust, the Chargor will be considered to have knowledge
     or notice of or be aware of any matter or thing if the Chargor has
     knowledge, notice or awareness of that matter or thing by

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     virtue of the actual notice or awareness of the officers or employees of
     the Chargor who have day to day responsibility for the administration of
     the Trust.

1.10 KNOWLEDGE OF SECURITY TRUSTEE

     For the purposes of this deed, the Security Trustee will only be considered
     to have knowledge, notice of or to be aware of any thing if the Security
     Trustee has knowledge, notice or awareness of that thing by virtue of the
     actual knowledge, notice or awareness of the officers or employees of the
     Security Trustee who have day to day responsibility for the administration
     of the security trust established by this deed.

1.11 CONFLICTS

     (a)  Subject to this deed, if there is at any time, with respect to
          enforcement, a conflict between a duty owed by the Security Trustee to
          any Mortgagee or class of Mortgagees, and a duty owed by it to another
          Mortgagee or class of Mortgagees, the Security Trustee must give
          priority to the interests of the Noteholders (which, in the case of
          Offshore Noteholders shall be advised by the Note Trustee acting on
          their behalf and direction as determined in accordance with the terms
          of the Note Trust Deed including, without limitation, clauses 7.1 and
          37 (and at all times in accordance with the requirements of the TIA))
          as provided in this deed and in the Note Trust Deed.

     (b)  Subject to the provisions of this deed (other than paragraph (a)
          above), the Security Trustee must give:

          (i)  priority to the interests only of the Class A Noteholders if, in
               the Security Trustee's opinion (in relation to which in
               determining the interests of the Offshore Noteholders, the
               Security Trustee may rely on the instructions of the Note Trustee
               determined in accordance with the terms of the Note Trust Deed
               including, without limitation, clauses 7.1 and 37 (and at all
               times in accordance with the requirements of the TIA), there is a
               conflict between the interests of the Class A Noteholders and the
               interests of the Class B Noteholders, the Class C Noteholders or
               the other Mortgagees;

          (ii) priority to the interests only of the Class B Noteholders if, in
               the Security Trustee's opinion (in relation to which in
               determining the interests of the Class B Noteholders, the
               Security Trustee may rely on the instructions given in a
               resolution passed in a meeting held in accordance with clause 40
               of this deed) there is a conflict between the interests of the
               Class B Noteholders and the interests of the Class C Noteholders,
               or the other Mortgagees.

     Provided that the Security Trustee acts in accordance with clause 40 of the
     Security Trust Deed and in good faith, it shall not incur any liability to
     any Mortgagee for giving effect to paragraphs (a) or (b) above.

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2.   APPOINTMENT OF SECURITY TRUSTEE

2.1  THE SECURITY TRUSTEE

     The Security Trustee:

     (a)  is appointed to act as trustee on behalf of the Mortgagees on the
          terms and conditions of this deed; and

     (b)  acknowledges and declares that it:

          (i)  holds the sum of A$10.00 received on the date of this deed from
               the Settlor; and

          (ii) will hold the benefit of the Charge, the Mortgaged Property and
               the benefit of each of the Trust Documents to which the Security
               Trustee is a party,

     in each case, on trust for each Mortgagee, in accordance with the terms and
     conditions of this deed.

2.2  DURATION OF TRUST

     The Trust established under this deed commences on the date of this deed
     and ends on the Vesting Date unless determined earlier.

2.3  COVENANT

     The Security Trustee covenants for the benefit of the Approved Seller that
     it will comply with clause 12.4(l)(i) of the Master Trust Deed in relation
     to any Receivable Security or Related Security which the Chargor or the
     Approved Seller has notified in writing to the Security Trustee is affected
     by a Trust Back.

3.   CHARGE

3.1  CHARGE

     (a)  Subject to paragraph (b) the Chargor charges to the Security Trustee,
          for the Security Trustee and as trustee for the Mortgagees, all of the
          present and future Trust Assets and undertaking of the Trust.

     (b)  The Charge does not charge any Trust Assets as at the date of this
          deed which at the time of execution of this deed are, or are taken
          under the applicable stamp duties legislation of the relevant
          jurisdiction to be, situated in any State or Territory of Australia
          other than the Australian Capital Territory, Victoria or the Northern
          Territory and other than any money establishing the Trust which is
          situated in New South Wales.

3.2  SECURITY

     (a)  The security created by this deed secures the due and punctual payment
          of the Secured Moneys.

     (b)  This deed is given in consideration of the Security Trustee and the
          Mortgagees entering into the Trust Documents and for other valuable
          consideration received.

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3.3  PROSPECTIVE LIABILITY

     (a)  For the purpose of the Corporations Act 2001 (Cth) the maximum
          prospective liability (as defined in the Corporations Act 2001 (Cth))
          secured by this deed at any time is A$6,000,000,000 and the total
          amount recoverable under this deed is limited to A$6,000,000,000 or
          its equivalent in another currency.

     (b)  The nature of that prospective liability is advances, interest, fees,
          costs, indemnities and other amounts included in the definition of
          SECURED MONEYS.

4.   NATURE OF CHARGE

4.1  PRIORITY

     The Charge is a first charge and takes priority over all Security Interests
     that have been granted over the Mortgaged Property.

4.2  NATURE OF CHARGE

     The Charge operates, subject to clause 4.4, as a floating charge only, over
     all the Mortgaged Property.

4.3  DEALING WITH MORTGAGED PROPERTY

     (a)  Except as expressly permitted in any Trust Document, the Chargor shall
          not, and the Manager shall not direct the Chargor to:

          (i)  create or allow to exist any Security Interest (other than the
               charge created under this deed) over any Mortgaged Property; or

          (ii) in any other way:

               (A)  dispose of;

               (B)  create or allow any interest in; or

               (C)  part with possession of,

               any Mortgaged Property, except, subject to the Trust Documents,
               any disposal of or dealing with any asset for the time being
               subject to the floating charge created under this deed in the
               ordinary course of its ordinary business.

     (b)  Where by law a Mortgagee may not restrict the creation of any Security
          Interest over an asset ranking after the Charge, paragraph (a) will
          not restrict that creation. However, the Chargor shall ensure that
          before that Security Interest is created the holder of that Security
          Interest enters into a deed of priority in form and substance
          specified by the Security Trustee.

4.4  CRYSTALLISATION

     The floating charge referred to in clause 4.2 will automatically and
     immediately crystallise and operate as a fixed charge:

     (a)  in respect of any asset:

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          (i)   upon the occurrence of an Event of Default;

          (ii)  if the Chargor:

                (A)  creates or allows any Security Interest (other than the
                     charge created under this deed) over;

                (B)  sells, leases or otherwise disposes of;

                (C)  creates or allows any interest in; or

                (D)  parts with possession of,

                that asset in breach of a Trust Document, or agrees or attempts
                to do so or takes any step towards doing so;

          (iii) on the Commissioner of Taxation or his delegate or successor
                signing a notice under:

                (A)  section 218 or section 255 of the Income Tax Assessment Act
                     1936 (Cth) and the Income Tax Assessment Act 1997 (Cth);

                (B)  section 74 of the Sales Tax Assessment Act 1992 (Cth)

                (C)  section 260-5 of the Taxation Administration Act 1953
                     (Cth); or

                (D)  any similar legislation,

                which will affect that asset; or

          (iv)  on a Government Agency taking any step which may result in an
                amount of Tax or an amount owing to a Government Agency ranking
                ahead of the floating charge with respect to that asset; or

     (b)  in respect of all the Mortgaged Property:

          (i)   if an Insolvency Event occurs with respect to the Chargor; or

          (ii)  on the security constituted by this deed being enforced in any
                way.

     Except where expressly stated, no notice or action by any Mortgagee is
     necessary for the charge to crystallise.

4.5  DE-CRYSTALLISATION

     The Security Trustee must, at the direction of the Manager (acting
     reasonably considering the interests of the Mortgagees), at any time
     release any asset which has become subject to a fixed charge under clause
     4.4 from the fixed charge by notice to the Chargor. That asset will then
     again be subject to the floating charge and to the further operation of
     that clause. The Security Trustee must notify each Designated Rating Agency
     for each Class of Notes of any such release.

5.   COVENANTS AND WARRANTIES

5.1  COVENANT

     (a)  The Chargor acknowledges its indebtedness to each Mortgagee in respect
          of the relevant Secured Moneys. The Chargor shall duly and punctually
          pay the Secured Moneys when

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          due in accordance with the Transaction Documents, including in
          accordance with clause 8.2.

     (b)  Subject to the limitations on the obligations and liability of the
          Chargor under the Master Trust Deed and the other Transaction
          Documents, the Chargor shall use its reasonable endeavours to ensure
          that no Event of Default occurs.

     (c)  The Chargor will ensure that it complies with its obligations under
          the Trust Documents.

     (d)  The Chargor will give to the Security Trustee or the Note Trustee a
          copy of the Register and any information in the power or possession of
          the Chargor relating to the Trust that the Security Trustee or the
          Note Trustee (as the case may be) reasonably requests in connection
          with the exercise and performance of its powers and obligations under
          this deed, including without limitation:

          (i)   the identity, and notice details of, each Mortgagee and
                Beneficiary; and

          (ii)  the amount and details of the Secured Moneys owing to each
                Mortgagee.

     (e)  The Manager shall cause this deed to be duly stamped and lodged for
          registration with the Australian Securities and Investments Commission
          before it issues a Note.

5.2  NEGATIVE COVENANTS

     The Chargor shall not do, nor shall the Manager direct or cause the Chargor
     to do, any of the following without the prior written consent of the
     Security Trustee (and, subject to clause 40.17(d), the Noteholder
     Mortgagees) and without prior written confirmation from the Designated
     Rating Agencies of the then current rating for each Class of Notes except
     as permitted by this deed, the Master Trust Deed or the Supplementary Terms
     Notice for the Trust:

     (a)  (NO FINANCIAL INDEBTEDNESS) create, incur, assume, permit or suffer to
          exist any Financial Indebtedness except for:

          (i)   the Notes;

          (ii)  Financial Indebtedness arising under the Trust Documents in
                relation to the Trust (including under a Support Facility); or

          (iii) Financial Indebtedness which is fully subordinated to the
                Secured Moneys or is non-recourse other than with respect to
                proceeds in excess of those needed to pay the Secured Moneys,
                and which does not constitute a claim against the Chargor in the
                event that those excess proceeds are insufficient to pay that
                subordinated Financial Indebtedness; or

          (iv)  Financial Indebtedness when the Chargor has received written
                confirmation from the Designated Rating Agencies for each Class
                of Notes that it will not result in any reduction or withdrawal
                of the ratings assigned to the Notes by the Designated Rating
                Agencies;

     (b)  (NO RELEASE UNDER TRUST DOCUMENTS) give any release or discharge
          (whether full, partial or conditional) to any person in respect of
          their obligations under any of the Trust Documents relating to the
          Trust, except as permitted by the Trust Documents;

     (c)  (BANK ACCOUNTS) open any bank account not permitted in the Trust
          Documents; and

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     (d)  (SECURITY INTEREST) create or permit or suffer to exist any other
          Security Interest over the Mortgaged Property.

5.3  REPRESENTATIONS AND WARRANTIES

     The Chargor makes the following representations and warranties.

     (a)  (TRUST DOCUMENTS REPRESENTATIONS AND WARRANTIES) All representations
          and warranties of the Chargor in the Trust Documents are true or, if
          not yet made, will be true when made.

     (b)  (GOOD TITLE) The Chargor is the lawful owner of the Mortgaged Property
          and has the power under the Master Trust Deed to enter into this deed
          and to charge in the manner provided in this deed the Mortgaged
          Property. Subject only to the Master Trust Deed and this deed, the
          Mortgaged Property is free of all other Security Interests as far as
          the Chargor is aware (other than the Chargor's indemnity from the
          Assets of the Trust).

     (c)  (TRUST VALIDLY CREATED) The Trust has been validly created and is in
          existence at the date of this deed.

     (d)  (SOLE TRUSTEE) The Chargor has been validly appointed as trustee of
          the Trust and is presently the sole trustee of the Trust.

     (e)  (MASTER TRUST DEED) The Trust is constituted pursuant to the Master
          Trust Deed, the Notice of Creation of Trust and the Supplementary
          Terms Notice.

     (f)  (RIGHT OF INDEMNITY) As far as the Chargor is aware, except as
          expressly provided in the Master Trust Deed or the Supplementary Terms
          Notice or statute the Chargor has not limited in any way, and the
          Chargor has no liability which may be set off against, the Chargor's
          Indemnity.

     (g)  (NO PROCEEDINGS TO REMOVE) No notice has been given to the Chargor
          and, to the Chargor's knowledge, no resolution has been passed or
          direction has been given, removing the Chargor as trustee of the
          Trust.

5.4  MANAGER'S UNDERTAKINGS

     The Manager undertakes to the Security Trustee when requested promptly to
     give to the Security Trustee:

     (a)  a copy of each custody audit relating to the Trust given under the
          Custodian Agreement;

     (b)  a copy of each Manager's Report given in relation to the Trust;

     (c)  each audit report issued by the Auditor in relation to the Trust; and

     (d)  a copy of each Trust Document and details and information relating to:

          (i)  the identity, and notice details of, each Support Facility
               Provider; and

          (ii) the Secured Moneys owing to each Support Facility Provider.

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6.   FURTHER ASSURANCES

6.1  FURTHER ASSURANCES

     Whenever the Security Trustee reasonably requests the Chargor to do
     anything:

     (a)  to more satisfactorily mortgage, assure or secure the Mortgaged
          Property to the Mortgagees or the Security Trustee's nominee in a
          manner not inconsistent with this deed or any Trust Document; or

     (b)  to aid in the execution or exercise of any Power,

     the Chargor shall do it immediately, subject to any liability it incurs
     other than from its own negligence, fraud or Default being covered by the
     Chargor's Indemnity. It may include registering this deed, executing or
     registering any other document or agreement, delivering Trust Documents or
     evidence of title and executing and delivering blank transfers.

7.   NOTE TRUSTEE

7.1  CAPACITY

     The Note Trustee enters into this deed for itself and as trustee for and on
     behalf of the Offshore Noteholders from time to time under and subject to
     the terms of the Note Trust Deed. Notwithstanding any other provision of
     this deed, the Note Trustee has no rights, obligations or liabilities under
     this deed until the Note Trust Deed has been duly executed by all parties
     to it.

7.2  EXERCISE OF RIGHTS

     Except as otherwise provided in this deed and in the Note Trust Deed:

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

     (b)  the Offshore Noteholders may only exercise enforcement rights in
          respect of the Mortgaged Property through the Note Trustee and only in
          accordance with this deed and the Note Trust Deed.

7.3  INSTRUCTIONS OR DIRECTIONS

     The Security Trustee may rely on any instructions or directions given to it
     by the Note Trustee as being given on behalf of all Offshore Noteholders
     from time to time and need not inquire whether the Note Trustee or the
     Offshore Noteholders from time to time have complied with any requirements
     under the Note Trust Deed or as to the reasonableness or otherwise of the
     Note Trustee.

7.4  PAYMENTS

     Any payment to be made to an Offshore Noteholder under this deed may be
     made to the Note Trustee or a Paying Agent on behalf of that Offshore
     Noteholder and shall constitute a good discharge.

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7.5  NOTICES

     Any notice to be given to an Offshore Noteholder under this deed may be
     given to the Note Trustee on behalf of that Offshore Noteholder. Any costs
     to the Note Trustee of publishing such notice to the Noteholders will be
     reimbursed by the Chargor to the Note Trustee.

8.   EVENTS OF DEFAULT

8.1  EVENTS OF DEFAULT

     Each of the following is an Event of Default (whether or not it is within
     the control of the Chargor).

     (a)  (FAILURE TO PAY) The Chargor fails to pay:

          (i)  any Interest Entitlement within 10 Business Days of the Payment
               Date on which the Interest Entitlement was due to be paid,
               together with all interest accrued and payable on that Interest
               Entitlement; or

          (ii) any other Secured Moneys, within 10 Business Days of the due date
               for payment (or within any applicable grace period agreed with
               the Mortgagees, or where the Mortgagee is an Offshore Noteholder,
               with the Note Trustee, to whom the Secured Moneys relate).

          Sub-clauses (i) and (ii) above will not constitute Events of Default
          if the Secured Moneys which the Chargor failed to pay are subordinated
          to payments of amounts due to Class A Noteholders while any Secured
          Moneys remain owing:

               (A)  to Class A Noteholders; or

               (B)  to any other person, which rank in priority to amounts due
                    to Class A Noteholders.

     (b)  (BREACH OF OBLIGATION) The Chargor fails to perform or observe any
          other provisions (other than an obligation referred to in paragraph
          (a)) of this deed or a Trust Document where such failure will have a
          Material Adverse Effect and that default (if in the opinion of the
          Security Trustee capable of remedy) is not remedied within 30 days
          after written notice (or such longer period as may be specified in the
          notice) from the Security Trustee requiring the failure to be
          remedied.

     (c)  (INSOLVENCY) An Insolvency Event occurs in relation to the Chargor in
          its capacity as trustee of the Trust.

     (d)  (PRIORITY OF CHARGE) The Charge is not or ceases to be a first ranking
          charge over the Trust Assets, or any other obligation of the Chargor
          (other than as mandatorily preferred by law) ranks ahead of or pari
          passu with any of the Secured Moneys.

     (e)  (ENFORCEMENT OF SECURITY) Any Security Interest over the Trust Assets
          is enforced.

     (f)  (VITIATION OF TRUST DOCUMENTS)

          (i)  All or any part of any Trust Document (other than the Basis Swap
               or, where the Currency Swap is terminated by the provider of the
               Currency Swap as a result of a call exercised by the Trustee
               under Condition 5(i), the Currency Swap) is

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                terminated or is or becomes void, illegal, invalid,
                unenforceable or of limited force and effect; or

          (ii)  a party becomes entitled to terminate, rescind or avoid all or
                part of any Trust Document (other than the Basis Swap or, where
                the Currency Swap is terminated by the provider of the Currency
                Swap as a result of a call exercised by the Trustee under
                Condition 5(i), the Currency Swap),

          where that event has or will have a Material Adverse Effect.

     (g)  (TRUST) Without the prior consent of the Security Trustee (such
          consent, subject to clause 40.17(d), having been approved by the
          Noteholder Mortgagees):

          (i)   the Trust is wound up, or the Chargor is required to wind up the
                Trust under the Master Trust Deed or applicable law, or the
                winding up of the Trust commences;

          (ii)  the Trust is held or is conceded by the Chargor not to have been
                constituted or to have been imperfectly constituted; or

          (iii) unless another trustee is contemporaneously and immediately
                appointed to the Trust under the Trust Documents, the Chargor
                ceases to be authorised under the Trust to hold the property of
                the Trust in its name and to perform its obligations under the
                Trust Documents.

8.2  RIGHTS OF THE SECURITY TRUSTEE UPON EVENT OF DEFAULT

     At any time after an Event of Default occurs, the Security Trustee must
     (subject to clauses 9.2, 9.3, 9.4 and 9.5) if so directed by an
     Extraordinary Resolution of the Voting Mortgagees:

     (a)  declare the Charge immediately enforceable;

     (b)  declare the Secured Moneys immediately due and payable;

     (c)  give a notice crystallising the charge in relation to any or all of
          the Mortgaged Property under clause 4.4; and/or

     (d)  appoint a Receiver over the Trust Assets, or exercise the powers that
          a Receiver would otherwise have if appointed under this deed.

     The Security Trustee may exercise its rights under this clause
     notwithstanding any delay or previous waiver.

8.3  NOTIFY EVENTS OF DEFAULT

     Each of the Chargor and the Manager must promptly notify the Note Trustee,
     the Noteholder Mortgagees, the Security Trustee, and each of the Designated
     Rating Agencies if, to the knowledge of its officers who are responsible
     for the administration of the Trust, it becomes aware of the occurrence of
     an Event of Default, Trustee's Default, Servicer Transfer Event, Custodial
     Transfer Event (as defined in the Custodian Agreement), Title Perfection
     Event or Manager's Default including full details of that Event of Default,
     Trustee's Default, Servicer Transfer Event, Title Perfection Event,
     Custodial Transfer Event or Manager's Default (as the case may be).

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9.   ENFORCEMENT

9.1  POWER TO ENFORCE

     At any time after the Charge becomes enforceable, the Security Trustee may,
     at its discretion and without further notice (subject to the terms of this
     deed including, without limitation, clause 8.2) take such proceedings as it
     may think fit to enforce any of the provisions of this deed.

9.2  NO OBLIGATION TO ENFORCE

     Subject to clause 9.3, pending the receipt of directions from the Voting
     Mortgagees as contemplated by clauses 9.3 and 9.4, the Security Trustee
     shall not be bound to take any action or give any consent or waiver or make
     any determination under this deed (including, without limiting the
     generality of the above, to appoint any Receiver, to declare the Charge
     enforceable or the Secured Moneys immediately due and payable pursuant to
     clause 8.2 or to take any other proceedings referred to in clause 9.1).
     Nothing in this clause shall affect the operation of clause 4.4 or the
     Charge becoming enforceable prior to the Security Trustee receiving
     directions from the Voting Mortgagees.

9.3  OBLIGATION TO CONVENE MEETING

     (a)  Prior to the Security Trustee becoming actually aware of the
          occurrence of an Event of Default and provided that it has been
          indemnified to its satisfaction in accordance with this deed, the
          Security Trustee may enforce this deed without an Extraordinary
          Resolution of the Voting Mortgagees if it believes (in its absolute
          discretion) that it is necessary to do so to protect the interests of
          the Mortgagees.

     (b)  Following the Security Trustee becoming actually aware of the
          occurrence of an Event of Default in accordance with clause 1.10, it
          shall, subject to clause 9.7, promptly convene a meeting of the Voting
          Mortgagees in accordance with this deed, at which it shall seek
          directions from the Voting Mortgagees by way of an Extraordinary
          Resolution of the Voting Mortgagees regarding the action it should
          take as a result of that Event of Default including whether to do any
          of the things referred to in clauses 8.2(a) to (d) inclusive.

9.4  SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

     (a)  Subject to sub-clause (b), the Security Trustee shall take all action
          necessary to give effect to any Extraordinary Resolution of the Voting
          Mortgagees and shall comply with all directions contained in or given
          pursuant to any Extraordinary Resolution of the Voting Mortgagees.

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

          (i)  this deed; and

          (ii) the Security Trustee being adequately indemnified from the
               property held on trust under clause 2.1(b) or the Security
               Trustee receiving from the Voting Mortgagees (other than the Note
               Trustee) an indemnity in a form reasonably satisfactory to the
               Security Trustee (which may be by way of an Extraordinary
               Resolution of the Voting Mortgagees) against all actions,
               proceedings, claims and demands to which it may render itself
               liable, and all costs, charges, damages and expenses which it

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               may incur, in giving effect to an Extraordinary Resolution of the
               Voting Mortgagees.

          The Security Trustee shall first claim on its indemnity from the
          property held on trust under clause 2.1(b) before it claims on any
          indemnity from the Mortgagees other than the Note Trustee, including
          any indemnity provided under clause 9.5. The Note Trustee is in no
          circumstance required to give any indemnity to the Security Trustee.

     (c)  If the Security Trustee becomes bound to take steps and/or proceed
          under this deed and it fails to do so within a reasonable time and
          such failure is continuing, the Voting Mortgagees may exercise such
          powers as they determine by Extraordinary Resolution and then only if
          and to the extent the Voting Mortgagees are able to do so under
          Australian law.

9.5  SECURITY TRUSTEE MUST RECEIVE INDEMNITY

     If:

          (i)  the Security Trustee convenes a meeting of the Voting Mortgagees,
               or is required by an Extraordinary Resolution to take any action
               under this deed, and advises the Voting Mortgagees that the
               Security Trustee will not act in relation to the enforcement of
               this deed unless it is personally indemnified by the Voting
               Mortgagees (other than the Note Trustee) to its reasonable
               satisfaction against all actions, proceedings, claims and demands
               to which it may render itself liable, and all costs, charges,
               damages and expenses which it may incur, in relation to the
               enforcement of this deed and put in funds to the extent to which
               it may become liable (including costs and expenses); and

          (ii) those Voting Mortgagees refuse to grant the requested indemnity,
               and put it in funds,

          then the Security Trustee will not be obliged to act in relation to
          that enforcement. In those circumstances, the Voting Mortgagees may
          exercise such Powers as they determine by Extraordinary Resolution.
          The Note Trustee is in no circumstance required to give any indemnity
          to the Security Trustee.

9.6  LIMITATION ON RIGHTS OF MORTGAGEES

     Subject to this deed (including, without limitation, clauses 9.4(b) and
     9.5), the powers, rights and remedies conferred on the Security Trustee by
     this deed are exercisable by the Security Trustee only, and no Mortgagee is
     entitled without the written consent of the Security Trustee to exercise
     the same or any of them. Without limiting the generality of the foregoing,
     and subject to clauses 9.4(b) and 9.5, no Mortgagee is entitled to enforce
     the Charge or the provisions of this deed or to appoint or cause to be
     appointed a Receiver to any of the Mortgaged Property or otherwise to
     exercise any power conferred by the terms of any applicable law on charges
     except as provided in this deed.

9.7  IMMATERIAL WAIVERS

     (a)  The Security Trustee may (subject to clause 40.17(d)) with the prior
          written consent of the Noteholder Mortgagees, agree, on any terms and
          conditions as it may deem expedient, having first given notice to the
          Note Trustee and to any Designated Rating Agency for each Class of
          Notes, but without the consent of the other Mortgagees and without
          prejudice to its

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          rights in respect of any subsequent breach, to any waiver or
          authorisation of any breach or proposed breach of any of the terms and
          conditions of the Trust Documents or any of the provisions of this
          deed which is not, in the reasonable opinion of the Security Trustee,
          materially prejudicial to the interests of the Mortgagees and may
          determine that any event that would otherwise be an Event of Default
          shall not be treated as an Event of Default for the purpose of this
          deed.

     (b)  No such waiver, authorisation or determination shall be made in
          contravention of any directions contained in an Extraordinary
          Resolution of Voting Mortgagees.

     (c)  Any such waiver, authorisation or determination shall, if the Security
          Trustee so requires, be notified to the Voting Mortgagees by the
          Manager as soon as practicable thereafter in accordance with this
          deed.

9.8  ACTS PURSUANT TO RESOLUTIONS

     The Security Trustee shall not be responsible for having acted in good
     faith upon any resolution purporting to have been passed at any meeting of
     the Voting Mortgagees in respect of which minutes have been made and
     signed, even though it may subsequently be found that there was some defect
     in the constitution of that meeting or the passing of that resolution or
     that for any reason that resolution was not valid or binding upon the
     Voting Mortgagees.

9.9  OVERRIDING PROVISION

     Notwithstanding any other provision of this deed:

     (a)  the Security Trustee is not obliged to do or omit to do anything
          including entering into any transaction or incurring any liability
          unless the Security Trustee's liability is limited in a manner
          satisfactory to the Security Trustee in its absolute discretion; and

     (b)  the Security Trustee will not be under any obligation to advance or
          use its own funds for the payment of any costs, expenses or
          liabilities, except in respect of its own fraud, negligence or breach
          of trust.

10.  APPOINTMENT OF RECEIVER

10.1 APPOINTMENT

     To the extent permitted by law and subject to clause 9, at any time after
     the Charge becomes enforceable under this deed the Security Trustee or any
     Authorised Signatory of the Security Trustee may:

     (a)  appoint any person or any 2 or more persons jointly or severally or
          both to be a Receiver of all or any of the Mortgaged Property;

     (b)  remove any Receiver;

     (c)  appoint another Receiver in addition to or in place of a Receiver;
          and/or

     (d)  fix or vary the remuneration of a Receiver.

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10.2 AGENT OF CHARGOR

     (a)  Subject to clauses 10.2(b) and 10.4, every Receiver is the agent of
          the Chargor. The Chargor alone is responsible for the Receiver's acts
          and defaults.

     (b)  Each Mortgagee acknowledges that:

          (i)  any Receiver will be the agent of the Chargor in its capacity as
               trustee of the Trust only; and

          (ii) notwithstanding anything else in this deed or at law, the Chargor
               in its personal capacity is not responsible for any negligent act
               or negligent omission of the Receiver.

10.3 RECEIVER'S POWERS

     In addition to any powers granted by law, and except to the extent
     specifically excluded by the terms of his appointment and in accordance
     with the interests of the Mortgagees in accordance with this deed, every
     Receiver has power to do anything in respect of the Mortgaged Property that
     the Chargor could do (including, without limitation, having regard to its
     powers under the Master Trust Deed). However, every Receiver acknowledges
     that the Chargor's liability in relation to the Receiver's exercise of
     those powers is limited to the assets of the Trust. His powers include the
     following.

     (a)  (TAKE POSSESSION AND MANAGE) He may take possession of, get in and
          manage the Mortgaged Property.

     (b)  (LEASE) He may lease any of the Mortgaged Property for any term
          (whether or not the Receiver has taken possession).

     (c)  (CARRY ON BUSINESS) He may carry on or concur in carrying on any
          business.

     (d)  (ACQUIRE ANY ASSET) He may acquire in any manner any asset (including
          to take it on lease). After that acquisition it will be included in
          the Mortgaged Property.

     (e)  (MAINTAIN AND IMPROVE THE MORTGAGED PROPERTY) He may do anything to
          maintain, protect or improve any of the Mortgaged Property or to
          obtain income or returns from any of the Mortgaged Property (including
          by development, sub-division, construction, alteration, or repair, of
          any property or by pulling down, dismantling or scrapping, any
          property).

     (f)  (LEND) He may lend money or provide financial accommodation.

     (g)  (SELL)

          (i)  He may sell any of the Mortgaged Property (whether or not the
               Receiver has taken possession).

          (ii) Without limitation, any sale may be made:

               (A)  by public auction, private treaty or tender;

               (B)  for cash or on credit;

               (C)  in one lot or in parcels;

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               (D)  either with or without special conditions or stipulations as
                    to title or time or mode of payment of purchase money or
                    otherwise;

               (E)  with power to allow the whole or any part of the purchase
                    money to be deferred (whether with or without any security);
                    and

               (F)  whether or not in conjunction with the sale of any property
                    by any person.

     (h)  (OPTIONS) He may grant or take put or call options.

     (i)  (SEVER FIXTURES) He may sever fixtures.

     (j)  (EMPLOY) He may employ or discharge any person as employee,
          contractor, agent, professional adviser, consultant or auctioneer for
          any purpose.

     (k)  (COMPROMISE) He may make or accept any arrangement or compromise.

     (l)  (GIVE RECEIPTS) He may give receipts for money and other assets.

     (m)  (PERFORM AND ENFORCE AGREEMENTS) He may:

          (i)   perform or enforce;

          (ii)  exercise or refrain from exercising the Chargor's rights and
                powers under; or

          (iii) obtain the benefit in other ways of,

          any documents or agreements or rights which form part of the Mortgaged
          Property and any documents or agreements entered into in exercise of
          any Power.

     (n)  (VARY AND TERMINATE AGREEMENTS) He may vary, rescind or terminate any
          document or agreement (including surrender or accept the surrender of
          leases).

     (o)  (AUTHORISATIONS) He may apply for, take up, transfer or surrender any
          Authorisation or any variation of any Authorisation.

     (p)  (TAKE INSOLVENCY PROCEEDINGS) He may make, commence and pursue
          insolvency proceedings against any person and do any thing in relation
          to any actual or contemplated Liquidation (including attend and vote
          at meetings of creditors and appoint proxies).

     (q)  (TAKE PROCEEDINGS) He may commence, defend, conduct, settle,
          discontinue or compromise proceedings in the name of the Chargor or
          otherwise.

     (r)  (EXECUTE DOCUMENTS) He may enter into and execute documents or
          agreements on behalf of himself or the Chargor.

     (s)  (OPERATE BANK ACCOUNTS) He may operate any bank account comprising
          part of the Mortgaged Property and open and operate any further bank
          account.

     (t)  (SURRENDER MORTGAGED PROPERTY) He may surrender, release or transfer
          any of the Mortgaged Property.

     (u)  (EXCHANGE MORTGAGED PROPERTY) He may exchange with any person any of
          the Mortgaged Property for other property.

     (v)  (PROMOTE COMPANIES) He may promote the formation of companies with a
          view to purchasing any of the Mortgaged Property or assuming the
          obligations of the Chargor or otherwise.

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     (w)  (DELEGATE) He may delegate to any person approved by the Security
          Trustee any of his Powers (including delegation).

     (x)  (HAVE ACCESS) He may exercise all the rights of the Chargor under the
          Trust Documents with respect to the Trust Assets.

     (y)  (VOTE) He may exercise any voting or other rights or powers in respect
          of any of the Mortgaged Property and do anything in relation to shares
          or marketable securities.

     (z)  (OTHER OUTGOINGS) He may pay any outgoing or indebtedness of the
          Chargor or any other person.

     (aa) (SECURITY INTERESTS) He may redeem any Security Interest or acquire it
          and any debt secured by it.

     (bb) (INSURE) He may take out insurance.

     (cc) (INSURANCE CLAIMS) He may make, enforce, compromise and settle all
          claims in respect of insurance.

     (dd) (INCIDENTAL POWER) He may do anything incidental to the exercise of
          any other Power.

     All of the above paragraphs are to be construed independently. None limits
     the generality of any other.

10.4 RECEIVER APPOINTED AFTER COMMENCEMENT OF WINDING UP

     The power to appoint a Receiver may be exercised even though:

     (a)  an order may have been made or a resolution may have been passed for
          the Liquidation of the Chargor; and

     (b)  a receiver appointed in those circumstances may not, or may not in
          some respects specified by the Receiver, act as the agent of the
          Chargor.

10.5 POWERS EXERCISABLE BY THE SECURITY TRUSTEE

     Whether or not a Receiver has been appointed, the Security Trustee may
     exercise any Power of a Receiver at any time after the Charge becomes
     enforceable under this deed in addition to any Power of the Mortgagees and
     without giving notice. It may exercise those Powers and its Powers without
     taking possession or being liable as mortgagee in possession. Without
     limitation, it may exercise those Powers and its Powers directly or through
     one or more agents. In the latter event, anything done or incurred by such
     an agent will be taken to be done or incurred by the Security Trustee
     provided that the Security Trustee will have no liability in respect of the
     negligence or default of any agent appointed by the Security Trustee with
     reasonable care for the purpose of performing functions of a type which are
     not reasonably capable of supervision by the Security Trustee.

10.6 WITHDRAWAL

     The Security Trustee may at any time (provided it does not have a Material
     Adverse Effect) give up possession of any Mortgaged Property and may at any
     time withdraw any receivership.

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11.  REMUNERATION OF SECURITY TRUSTEE

11.1 COSTS

     In accordance with the Supplementary Terms Notice, the Chargor as trustee
     of the Trust shall reimburse the Security Trustee for all costs and
     expenses of the Security Trustee properly incurred in acting as Security
     Trustee.

11.2 FEE

     (a)  The Security Trustee shall be entitled to a fee from the proceeds of
          the Mortgaged Property at the rate agreed from time to time by the
          Chargor, the Security Trustee and the Manager. This fee shall accrue
          from day to day.

     (b)  If the Security Trustee is required at any time to undertake duties
          which relate to the enforcement of the terms of any Transaction
          Document by the Security Trustee upon a default by any other party
          under the terms of that Transaction Document, the Security Trustee is
          entitled to such additional remuneration as may be agreed between the
          Security Trustee and the Manager or, failing agreement, such amount as
          is determined by a merchant bank (acting as an expert and not as an
          arbitrator) selected by the Security Trustee. The determination of
          such merchant bank shall be conclusive and binding on the Manager and
          the Security Trustee so far as the law allows.

     (c)  The Security Trustee's fee under sub-clause (a) shall be payable in
          arrears for the relevant period on the same dates as the Chargor's fee
          under the Master Trust Deed for the Trust or as agreed from time to
          time by the Chargor, the Security Trustee and the Manager.

11.3 CESSATION OF FEE

     The Security Trustee shall not be entitled to remuneration under clauses
     11.1 or 11.2 in respect of any period after the Charge Release Date or
     after it has resigned or been removed as Security Trustee.

12.  POWER OF ATTORNEY

     (a)  For valuable consideration and by way of security the Chargor
          irrevocably appoints each Receiver and Authorised Signatory of the
          Security Trustee severally its attorney to do anything, following the
          occurrence of an Event of Default, which:

          (i)  the Chargor is obliged to do under or in relation to any Trust
               Document; or

          (ii) any Mortgagee or any Receiver is authorised or empowered to do
               under any Trust Document or any law but only at the times that
               Mortgagee or a Receiver (if a Receiver had been appointed) would
               have been able to do it.

     (b)  Without limitation, the Attorney may, following the occurrence of an
          Event of Default, at any time:

          (i)  do anything which in the opinion of the Security Trustee or
               Attorney is necessary or expedient to secure, preserve, perfect,
               or give effect to the security contained in this deed (including
               anything under clauses 13 or 14). For this purpose, without

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               limitation, he may execute any legal mortgage, transfer,
               assignment and other assurance of any of the Mortgaged Property
               in favour of any Mortgagee, any purchaser or any nominee; and

          (ii) delegate his powers (including delegation).

     (c)  No Attorney appointed under this deed may act inconsistently with this
          deed or any other Trust Document.

13.  COMPLETION OF BLANK SECURITIES

     The Security Trustee, any Authorised Signatory of the Security Trustee, any
     Receiver or any Attorney may complete any document which at any time is
     executed by or on behalf of the Chargor and deposited with the Security
     Trustee. It may complete it in favour of any Mortgagee, any purchaser or
     any nominee. It may not do so inconsistently with this deed or any other
     Trust Document.

14.  PERFORMANCE OF CHARGOR'S OBLIGATIONS

     If at any time the Chargor fails duly to perform any obligation in any
     Trust Document the Security Trustee or any person it authorises may do
     anything which in its opinion is necessary or expedient to make good or to
     attempt to make good that failure to its satisfaction.

15.  STATUTORY POWERS

15.1 POWERS IN AUGMENTATION

     The powers conferred on a mortgagee by law:

     (a)  are in addition to the Powers conferred by this deed;

     (b)  (to the extent permitted by law and, subject to clause 40.17(d), and
          provided there is sufficient time to do so, with the prior written
          consent of the Noteholder Mortgagees) may be exercised by the Security
          Trustee immediately after the Charge becomes enforceable under this
          deed and at any time subsequently; and

     (c)  are excluded or varied only so far as they are inconsistent with the
          express terms of this deed or any Collateral Security.

15.2 NOTICE NOT REQUIRED

     To the extent permitted by law:

     (a)  the Chargor dispenses with any notice or lapse of time required by any
          law before enforcing this deed or any Collateral Security or
          exercising any Power; and

     (b)  subject to this deed, no Mortgagee is required to give notice to any
          person before enforcement or exercise; and

     (c)  any law requiring the giving of notice or the compliance with a
          procedure or the lapse of time before enforcement or exercise is
          excluded.

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16.  APPLICATION OF MONEYS RECEIVED

16.1 PRIORITIES

     The proceeds from the enforcement of the Charge over the Mortgaged Property
     are to be applied in the order of priority set out in the Supplementary
     Terms Notice for that purpose, subject to any other priority which may be
     required by statute or law.

16.2 MONEYS ACTUALLY RECEIVED

     In applying any moneys towards satisfaction of the Secured Moneys, the
     Chargor will be credited only with the money available for that purpose
     which is actually received by the relevant Mortgagee or, where the
     Mortgagee is an Offshore Noteholder, the Note Trustee. The credit will date
     from the time of receipt.

16.3 AMOUNTS CONTINGENTLY DUE

     If any of the Secured Moneys is contingently owing to any Mortgagee at the
     time of a distribution of an amount under clause 16.1, the Security Trustee
     may retain any of that amount. If it does, it shall place the amount
     retained on short term interest bearing deposit until the relevant Secured
     Moneys become actually due or cease to be contingently owing, or it becomes
     reasonably apparent that the relevant contingency will not occur and the
     Security Trustee shall then:

     (a)  pay to that Mortgagee, or (where the Mortgagee is an Offshore
          Noteholder) to the Note Trustee, the amount which becomes actually due
          to it; and

     (b)  apply the balance of the amount retained (together with interest
          earned on the deposit) in accordance with clause 16.1.

16.4 NOTICE OF SUBSEQUENT SECURITY INTERESTS

     (a)  If any Mortgagee receives actual or constructive notice of a
          subsequent Security Interest affecting any of the Mortgaged Property
          it may open a separate account in the name of the Chargor in the books
          of that Mortgagee.

     (b)  If that Mortgagee does not open a new account it will be treated as if
          it had done so at the time it received actual or constructive notice
          of the Security Interest.

     (c)  From the time the new account is opened or is taken to be opened:

          (i)   all advances and accommodation made available by that Mortgagee
                to the Chargor;

          (ii)  all payments and repayments made by the Chargor to that
                Mortgagee; and

          (iii) moneys to be applied towards the Secured Moneys under clause
                16.1,

          will be or will be taken to be debited or credited, as appropriate, to
          the new account. Payments, repayments and other moneys will only be
          applied in reduction of other Secured Moneys owing to that Mortgagee
          to the extent that there is no debit balance in that account.

16.5 SATISFACTION OF DEBTS

     Without limiting clause 31, each Mortgagee shall accept the distribution of
     moneys under this clause in full and final satisfaction of all Secured
     Moneys owing to it, and any debt represented by any shortfall that exists
     after any final distribution under this clause is extinguished.

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16.6 PAYMENTS INTO US$ ACCOUNT

     (a)  The Chargor shall direct the Currency Swap Provider to pay all amounts
          denominated in US$ payable to the Chargor by the Currency Swap
          Provider under the Class A-1 Currency Swap into the US$ Account.

     (b)  If the Chargor receives any amount denominated in US$ from the
          Currency Swap Provider under the Class A-1 Currency Swap it will
          promptly pay that amount to the credit of the US$ Account.

16.7 PAYMENTS OUT OF US$ ACCOUNT

     The Chargor shall, or shall require that the Paying Agent, on its behalf,
     pay all amounts credited to the US$ Account in accordance with the
     Supplementary Terms Notice, the Note Trust Deed and the Agency Agreement.

16.8 PAYMENTS INTO EURO ACCOUNT

     (a)  The Chargor shall direct the Currency Swap Provider to pay all amounts
          denominated in Euros payable to the Chargor by the Currency Swap
          Provider under the Class A-2 Currency Swap into the Euro Account.

     (b)  If the Chargor receives any amount denominated in Euros from the
          Currency Swap Provider under the Class A-2 Currency Swap it will
          promptly pay that amount to the credit of the Euro Account.

16.9 PAYMENTS OUT OF EURO ACCOUNT

     The Chargor shall, or shall require that the Paying Agent, on its behalf,
     pay all amounts credited to the Euro Account in accordance with the
     Supplementary Terms Notice, the Note Trust Deed and the Agency Agreement.

16.10 EXCLUDED AMOUNTS

     For the avoidance of doubt, the following amounts shall not be treated as
     assets of the Trust available for distribution under clause 16.1.

     (a)  Any amounts required by law to be paid to the holder of any prior
          ranking Security Interest over Trust Assets of which the Security
          Trustee has notice which amounts are properly secured by the Security
          Interest.

     (b)  Any of:

          (i)  the proceeds of cash collateral lodged by the provider of a Hedge
               Agreement which are payable to that person under that Hedge
               Agreement; and

          (ii) the proceeds of any other cash collateral lodged by a Support
               Facility Provider under a Support Facility, which are payable to
               the Support Facility Provider.

          This paragraph (b) shall not apply to the extent that the relevant
          moneys are applied in accordance with the relevant document to satisfy
          any obligation owed to the Chargor by the relevant Support Facility
          Provider.

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16.11 PROPORTIONATE SHARING

     (a)  Sharing

          Whenever any Mortgagee receives or recovers any money in respect of
          any sum due from the Chargor under a Trust Document in any way
          (including without limitation by set-off) except those referred to in
          clause 16.10 or through distribution by the Security Trustee under
          this deed (the RECEIVED MONEYS).

          (i)   the Mortgagee shall immediately notify the Security Trustee;

          (ii)  the Mortgagee shall immediately pay that money to the Security
                Trustee (unless the Security Trustee directs otherwise). As
                between each Class of Class A Noteholders, such payments (if
                any) are to be made pari passu and rateably;

          (iii) the Security Trustee shall treat the payment as if it were a
                payment by the Chargor on account of all sums then payable to
                the Mortgagees; and

          (iv) (A)  the payment or recovery will be taken to have been a payment
                    for the account of the Security Trustee and not to the
                    Mortgagee for its own account, and to that extent the
                    liability of the Chargor to the Mortgagee will not be
                    reduced by the recovery or payment, other than to the extent
                    of any distribution received by the Mortgagee under
                    paragraph (iii); and

               (B)  (without limiting sub-paragraph (A)) immediately on the
                    Mortgagee making or becoming liable to make a payment under
                    paragraph (ii), the Chargor shall indemnify the Mortgagee
                    against the payment to the extent that (despite
                    sub-paragraph (A)) its liability has been discharged by the
                    recovery or payment.

     (b)  Netting

          If a Mortgagee receives or recovers any Received Moneys, and does not
          pay that amount to the Security Trustee under paragraph (a) above, the
          Security Trustee may retain out of amounts which would otherwise be
          payable to the Mortgagee under this deed any amounts which the
          Security Trustee considers necessary to put all Mortgagees in the same
          position as if that Mortgagee had complied with, or been required to
          comply with, paragraph (a) above and the Security Trustee's obligation
          to apply monies to such Mortgagee shall be discharged to the extent of
          such retention.

17.  OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY

     (a)  Any Mortgagee and any Receiver or Attorney may rely on the certificate
          of a holder of another Security Interest affecting or purporting to
          affect the Mortgaged Property as to the amount and property secured by
          the Security Interest.

     (b)  The Security Trustee or any Receiver may at any time pay or agree to
          pay the amount certified by the holder of a Security Interest or
          purported Security Interest to be necessary to discharge it or some
          indebtedness secured by it, or to acquire it. From the date of payment
          that amount will be part of the Secured Moneys and the Chargor shall
          indemnify the Security Trustee (and if other Mortgagees indemnify the
          Security Trustee, those other

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          Mortgagees) and the Receiver against that amount. This applies whether
          or not that Security Interest or purported Security Interest was valid
          or prior, equal or subsequent ranking, or the property or moneys
          stated in the certificate were secured by it.

18.  PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY

     To the extent permitted by law, neither any Mortgagee nor any Receiver or
     Attorney will be liable:

     (a)  in respect of any conduct, delay, negligence or breach of duty in the
          exercise or non-exercise of any Power; nor

     (b)  for any loss (including consequential loss) which results,

     except where it arises from fraud, negligence or wilful default on the part
     of any Mortgagee, Receiver or Attorney.

19.  PROTECTION OF THIRD PARTIES

19.1 NO ENQUIRY

     No party to any Dealing (as defined below) and no person asked to register
     a Dealing:

     (a)  is bound to enquire:

          (i)   whether an Event of Default has occurred or whether this deed
                has become enforceable;

          (ii)  whether a person who is, or purports or is purported to be, a
                Receiver or Attorney is duly appointed;

          (iii) as to the amount of Secured Moneys or whether Secured Moneys are
                due and payable; or

          (iv)  in any other way as to the propriety or regularity of the
                Dealing; or

     (b)  is affected by express notice that the Dealing is unnecessary or
          improper.

     For the protection of any party to a Dealing or a person registering a
     Dealing, the Dealing will be taken to be authorised by this deed and will
     be valid accordingly, even if there is any irregularity or impropriety in
     the Dealing.

     In this clause a DEALING is:

     (a)  any payment or any delivery or handing over of an asset to; or

     (b)  any acquisition, incurring of Financial Indebtedness, receipt, sale,
          lease, disposal or other dealing, by,

     any Mortgagee or any Receiver or Attorney, or any person who purports or is
     purported to be a Receiver or Attorney.

19.2 RECEIPT

     The receipt of any Authorised Signatory of any Mortgagee or any Receiver or
     Attorney (or person who purports, or is purported, to be a Receiver or
     Attorney) for any moneys or assets payable to, or

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     receivable or received by it, exonerates the person paying those moneys or
     handing over that asset from being concerned as to their application, or
     from being liable or accountable for their loss or misapplication.

20.  EXPENSES, INDEMNITY

20.1 EXPENSES

     In accordance with the Supplementary Terms Notice and this deed, the
     Chargor shall reimburse each Mortgagee or (where the Mortgagee is an
     Offshore Noteholder who is not a Voting Mortgagee) the Note Trustee,
     Receiver and Attorney for its expenses in relation to:

     (a)  any consent, agreement, approval, waiver or amendment under or in
          relation to the Trust Documents; and

     (b)  (i)  any actual or contemplated enforcement of the Trust Documents or
               the actual or contemplated exercise, preservation or
               consideration of any Powers under the Trust Documents or in
               relation to the Mortgaged Property; and

          (ii) any enquiry by a Government Agency concerning the Chargor or the
               Mortgaged Property or a transaction or activity the subject of
               the Trust Documents, or in connection with which, financial
               accommodation or funds raised under a Trust Document are used or
               provided.

     This includes legal costs and expenses (including in-house lawyers charged
     at their usual rates) on a full indemnity basis, expenses incurred in any
     review or environmental audit, in reimbursing or indemnifying any Receiver
     or Attorney or in retaining consultants to evaluate matters of material
     concern to that Mortgagee and administrative costs including time of its
     executives (whose time and costs are to be charged at reasonable rates).
     This does not limit the generality of clause 20.2.

20.2 INDEMNITY

     Subject to clause 16.1, on demand the Chargor shall indemnify each
     Mortgagee and each Receiver and Attorney against any loss, cost, charge,
     liability or expense that Mortgagee (or any officer or employee of that
     Mortgagee) or any Receiver or Attorney may sustain or incur as a direct or
     indirect consequence of:

     (a)  the occurrence of any Event of Default; or

     (b)  any exercise or attempted exercise of any Power or any failure to
          exercise any Power.

     The indemnities in this clause are obligations of the Chargor (solely in
     its capacity as trustee of the Trust) separate and independent from its
     obligations under the Notes and apply irrespective of any time or
     indulgence granted by the Mortgagees from time to time and shall continue
     in full force and effect despite the judgment or filing of any proof or
     proofs in any bankruptcy, insolvency or liquidation of the Chargor for a
     liquidated sum or sums in respect of amounts due under this deed (other
     than this clause) or the Notes. Any deficiency will constitute a loss
     suffered by the Mortgagees and no proof or evidence of any actual loss
     shall be required by the Chargor or its liquidator.

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21.  CURRENCY INDEMNITY

     The Chargor shall indemnify each Mortgagee against any deficiency which
     arises whenever, for any reason (including as a result of a judgment, order
     or Liquidation):

     (a)  that Mortgagee receives or recovers an amount in one currency (the
          PAYMENT CURRENCY) in respect of an amount denominated under a Trust
          Document in another currency (the DUE CURRENCY); and

     (b)  the amount actually received or recovered by that Mortgagee in
          accordance with its normal practice when it converts the Payment
          Currency into the Due Currency is less than the relevant amount of the
          Due Currency.

22.  STAMP DUTIES

     (a)  The Chargor shall pay (and reimburse each Mortgagee for) all stamp,
          transaction, registration and similar Taxes (including fines and
          penalties) in relation to the execution, delivery, performance or
          enforcement of any Trust Document or any payment or receipt or any
          other transaction contemplated by any Trust Document.

     (b)  Those Taxes include financial institutions duty, debits tax or other
          Taxes payable by return and Taxes passed on to any Mortgagee (other
          than the Note Trustee and the Offshore Noteholders) by any bank or
          financial institution other than interest withholding tax.

     (c)  The Chargor shall indemnify each Mortgagee against any liability
          resulting from delay or omission to pay those Taxes except to the
          extent the liability results from failure by the Mortgagee to pay any
          Tax after having been put in funds to do so by the Chargor.

23.  INTEREST ON OVERDUE AMOUNTS

23.1 ACCRUAL

     Interest accrues on each unpaid amount which is due and payable by the
     Chargor under or in respect of this deed or any Trust Document (including
     interest payable under this clause):

     (a)  on a daily basis up to (but excluding) the date of actual payment from
          (and including) the due date or, in the case of an amount payable by
          way of reimbursement or indemnity, the date of disbursement or loss,
          if earlier;

     (b)  both before and after judgment (as a separate and independent
          obligation); and

     (c)  at the rate provided in clause 23.3,

     except where the Trust Document provides otherwise.

23.2 PAYMENT

     The Chargor shall pay interest accrued under this clause on demand by the
     Security Trustee and on each Payment Date. That interest is payable in the
     currency of the unpaid amount on which it accrues.

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23.3 RATE

     The rate applicable under this clause is the sum of 2% per annum plus the
     higher of the following, each as determined by the Security Trustee:

     (a)  the rate (if any) applicable to the amount immediately before the due
          date; and

     (b)  the Three Month Bank Bill Rate.

24.  CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC

     A certificate signed by an Authorised Signatory of the Security Trustee
     will be sufficient evidence against the Chargor and the Mortgagees, in the
     absence of manifest error or proof to the contrary:

     (a)  as to the amount of Secured Moneys stated in the certificate;

     (b)  that a person specified in that certificate is a Mortgagee;

     (c)  that a document specified in that certificate is a Trust Document; and

     (d)  that the Security Trustee is of the opinion stated in the certificate.

25.  SURVIVAL OF REPRESENTATIONS

     All representations and warranties in a Trust Document survive the
     execution and delivery of the Trust Documents and the provision of advances
     and accommodation.

26.  INDEMNITY AND REIMBURSEMENT OBLIGATIONS

     Each indemnity, reimbursement and similar obligation in a Trust Document:

     (a)  is a continuing obligation;

     (b)  is a separate and independent obligation;

     (c)  is payable on demand;

     (d)  survives termination or discharge of the Trust Document; and

     (e)  is subject to the order of payment contained in the Supplementary
          Terms Notice and clause 16 of this deed and the restriction on
          remedies contained in clause 31.

27.  CONTINUING SECURITY

     Each of this deed and each Collateral Security is a continuing security
     despite any settlement of account, intervening payment or anything else
     until a final discharge of this deed and each Collateral Security has been
     given to the Chargor.

28.  OTHER SECURITIES

     No Power and nothing in this deed or any Collateral Security merges in, or
     in any other way prejudicially affects or is prejudicially affected by:

     (a)  any other Security Interest; or

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     (b)  any judgment, right or remedy against any person,

     which any Mortgagee or any person claiming through any Mortgagee may have
     at any time.

29.  DISCHARGE OF THE CHARGE

29.1 RELEASE

     Upon the Manager (acting reasonably considering the interests of the
     Mortgagees), providing a certificate to the Security Trustee (upon which
     certificate the Security Trustee may rely conclusively) (with a copy of
     that certificate to the Note Trustee) stating that:

     (a)  all Secured Moneys (actually or contingently owing) have been paid in
          full; and

     (b)  all the obligations of the Chargor under the Trust Documents have been
          performed, observed and fulfilled,

     (c)  the Security Trustee shall, subject to clause 29.2, at the request of
          the Manager or the Chargor, and at the cost of the Chargor, release
          the Mortgaged Property from the Charge and this deed.

29.2 CONTINGENT LIABILITIES

     The Security Trustee shall be under no obligation to release the Charge in
     respect of the Trust unless at the time such release is sought:

     (a)  none of the Secured Moneys in respect of the Trust are contingently or
          prospectively owing; or

     (b)  the Security Trustee has contingent or prospective liabilities in
          respect of the Trust or otherwise in connection with this deed but
          there is no reasonable likelihood of such liabilities, becoming actual
          liabilities, including without limitation, in respect of any bills,
          notes drafts, cheques, guarantees, letters of credit or other notes or
          documents issued, drawn, endorsed or accepted by the Security Trustee
          for the account or at the request of the Chargor for the Trust.

29.3 CHARGE REINSTATED

     If any claim is made by any person that any moneys applied in payment or
     satisfaction of the Secured Moneys must be repaid or refunded under any law
     (including, without limit, any law relating to preferences, bankruptcy,
     insolvency or the winding up of bodies corporate) and the Charge has
     already been discharged, the Chargor shall, at the expense of the Trust,
     promptly do, execute and deliver, and cause any relevant person to do,
     execute and deliver, all such acts and notes as the Security Trustee may
     require to reinstate this Charge unless the Security Trustee agrees
     otherwise in writing.

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30.  AMENDMENT

30.1 APPROVAL OF MANAGER

     The Security Trustee and the Chargor may, following the giving of
     reasonable prior notice to each Designated Rating Agency, and with the
     written approval of the Manager and (subject to clause 40.17(d)) the
     Noteholder Mortgagees, by way of supplemental deed alter, add to or modify
     this deed (including this clause 30) 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 Security Trustee necessary to comply with the
          provisions of any law or regulation or with the requirements of any
          Government Agency;

     (c)  in the opinion of the Security Trustee appropriate or expedient as a
          consequence of an amendment to any law or regulation or altered
          requirements of any Government Agency (including, without limitation,
          an alteration, addition or modification which is in the opinion of the
          Security Trustee appropriate or expedient as a consequence of the
          enactment of a law or regulation or an amendment to any law 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 Trust); or

     (d)  in the opinion of the Security Trustee and in accordance with this
          deed neither prejudicial nor likely to be prejudicial to the interest
          of the Mortgagees as a whole or any class of Mortgagees.

30.2 EXTRAORDINARY RESOLUTION OF VOTING MORTGAGEES

     Where in the opinion of the Security Trustee and in accordance with this
     deed, a proposed alteration, addition or modification to this deed, other
     than an alteration, addition or modification referred to in clause 30.1 or
     clause 1.2, is prejudicial or likely to be prejudicial to the interest of
     Mortgagees as a whole or any class of Mortgagees, the Security Trustee and
     the Chargor may make such alteration, addition or modification if
     sanctioned by an Extraordinary Resolution of the Voting Mortgagees or that
     class of Voting Mortgagees.

30.3 DISTRIBUTION OF AMENDMENTS

     The Manager shall distribute to all Mortgagees and each Designated Rating
     Agency, a copy of any amendments made pursuant to clause 30.1 or 30.2 as
     soon as reasonably practicable after the amendment has been made.

31.  CHARGOR'S LIABILITY

31.1 LIMITATION OF LIABILITY

     (a)  General

          Clause 30 of the Master Trust Deed applies to the obligations and
          liabilities of the Chargor and the Manager under this deed.

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     (b)  Limitation of Chargor's Liability

          (i)   This deed applies to the Chargor only in its capacity as trustee
                of the Trust and in no other capacity (except where the
                Transaction Documents provide otherwise). Subject to paragraph
                (iii) below, a liability arising under or in connection with
                this deed or the Trust can be enforced against the Chargor only
                to the extent to which it can be satisfied out of the assets and
                property of the Trust which are available to satisfy the right
                of the Chargor to be exonerated or indemnified for the
                liability. This limitation of the Chargor's liability applies
                despite any other provision of this deed and extends to all
                liabilities and obligations of the Chargor in any way connected
                with any representation, warranty, conduct, omission, agreement
                or transaction related to this deed or the Trust.

          (ii)  Subject to paragraph (iii) below, no person (including any
                Relevant Party) may take action against the Chargor in any
                capacity other than as trustee of the Trust or seek the
                appointment of a receiver (except under this deed), or a
                liquidator, an administrator or any similar person to the
                Chargor or prove in any liquidation, administration or
                arrangements of or affecting the Chargor.

          (iii) The provisions of this clause 31.1(b) shall not apply to any
                obligation or liability of the Chargor to the extent that it is
                not satisfied because under a Transaction Document or by
                operation of law there is a reduction in the extent of the
                Chargor's indemnification or exoneration out of the Assets of
                the Trust as a result of the Chargor's fraud, negligence, or
                Default.

          (iv)  It is acknowledged that the Relevant Parties are responsible
                under the Transaction Documents for performing a variety of
                obligations relating to the Trust. No act or omission of the
                Chargor (including any related failure to satisfy its
                obligations under this deed) will be considered fraud,
                negligence or Default of the Chargor for the purpose of
                paragraph (iii) above to the extent to which the act or omission
                was caused or contributed to by any failure by any Relevant
                Party or any person who has been delegated or appointed by the
                Chargor in accordance with this deed or any other Transaction
                Document to fulfil its obligations relating to the Trust or by
                any other act or omission of a Relevant Party or any such
                person.

          (v)   In exercising their powers under the Transaction Documents, each
                of the Chargor, the Security Trustee and the Noteholders must
                ensure that no attorney, agent, delegate, receiver or receiver
                and manager appointed by it in accordance with this deed has
                authority to act on behalf of the Chargor in a way which exposes
                the Chargor to any personal liability and no act or omission of
                any such person will be considered fraud, negligence, or Default
                of the Chargor for the purpose of paragraph (iii) above.

          (vi)  In this clause, RELEVANT PARTIES means each of the Manager, the
                Servicer, the Calculation Agent, each Note Registrar, each
                Paying Agent, the Note Trustee, and each Support Facility
                Provider.

          (vii) Nothing in this clause 31.1 limits the obligations expressly
                imposed on the Chargor under the Transaction Documents.

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31.2 RIGHTS AGAINST MORTGAGED PROPERTY PRESERVED

     The Mortgaged Property shall secure to the Security Trustee, and the
     Security Trustee shall have recourse to the Mortgaged Property for, all of
     the liabilities of the Chargor to the Mortgagees under the Trust Documents
     notwithstanding that at general law, under statute or under the Master
     Trust Deed the Chargor has not properly incurred such liability as Chargor
     or does not have a right of indemnity in relation to that liability from
     the Mortgaged Property or has failed to execute that degree of care,
     diligence and prudence required of a trustee (including, without limiting
     the generality of the foregoing any fraud, negligence or breach of trust).

31.3 OBLIGATION EXPRESS

     The Chargor, is not obliged to enter into any commitment or obligation
     under this deed, unless:

     (a)  in the case of commitments or obligations that are expressly
          contemplated by a Transaction Document and are between parties to a
          Transaction Document, the Chargor's liability is limited in the same
          manner as set out in this clause 31; or

     (b)  in the case of any other commitments or obligations, the Chargor's
          liability is limited in a manner satisfactory to the Chargor in its
          absolute discretion.

31.4 ADVICE FROM PROFESSIONAL ADVISERS

     Neither the Security Trustee nor the Chargor will be regarded as negligent
     or in breach of trust or Default (as the case may be) to the extent to
     which the Security Trustee or the Chargor (as the case may be) accepts and
     relies on an opinion, advice or letter from a professional adviser (legal,
     financial, audit or otherwise) which contains a dollar amount limitation on
     that professional adviser's liability.

31.5 UNRESTRICTED REMEDIES

     Nothing in clause 31.1(b) or 31.6 limits a Voting Mortgagee in:

     (a)  obtaining an injunction or other order to restrain any breach of this
          deed by any party;

     (b)  obtaining declaratory relief; or

     (c)  any right of enforcement against the Assets of the Trust for payment
          of the liabilities secured by this deed, under and in accordance with
          this deed.

31.6 RESTRICTED REMEDIES

     Except in the event of fraud, negligence or Default by the Chargor (but
     subject to clauses 31.1(b) and 31.5), a Mortgagee shall not:

     (a)  (JUDGMENT) obtain a judgment for the payment of money or damages by
          the Chargor;

     (b)  (STATUTORY DEMAND) issue any demand under s459E(1) of the Corporations
          Act (or any analogous provision under any other law) against the
          Chargor;

     (c)  (WINDING UP) apply for the winding up or dissolution of the Chargor;

     (d)  (EXECUTION) levy or enforce any distress or other execution to, on, or
          against any assets of the Chargor (other than the Trust Assets);

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     (e)  (COURT APPOINTED RECEIVED) apply for the appointment by a court of a
          receiver to any of the assets of the Chargor (other than the Trust
          Assets);

     (f)  (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any set-off or
          counterclaim against the Chargor (other than in respect of the Trust
          Assets); or

     (g)  (ADMINISTRATOR) appoint, or agree to the appointment of, any
          administrator to the Chargor,

     or take proceedings for any of the above and each Mortgagee waives its
     rights to make those applications and take those proceedings.

32.  WAIVERS, REMEDIES CUMULATIVE

     (a)  No failure to exercise and no delay in exercising any Power operates
          as a waiver. No single or partial exercise of any Power precludes any
          other or further exercise of that Power or any other Power.

     (b)  The Powers in this deed and each Collateral Security are in addition
          to, and do not exclude or limit, any right, power or remedy provided
          by law.

33.  CONSENTS AND OPINION

     Except where expressly stated any Mortgagee may give or withhold, or give
     conditionally, approvals and consents, may be satisfied or unsatisfied, may
     form opinions, and may exercise its Powers, at its absolute discretion.

34.  SEVERABILITY OF PROVISIONS

     (a)  Any provision of this deed or any Collateral Security which is
          prohibited or unenforceable in any jurisdiction is ineffective as to
          that jurisdiction to the extent of the prohibition or
          unenforceability. That does not invalidate the remaining provisions of
          this deed or any Collateral Security nor affect the validity or
          enforceability of that provision in any other jurisdiction.

     (b)  Without limiting the generality of paragraph (a):

          (i)  the definition of Secured Moneys does not include any liability
               so long as and to the extent that the inclusion of that liability
               would avoid, invalidate or render ineffective clause 3 or 4 or
               the security constituted by this deed; and

          (ii) the definition of the Mortgaged Property does not include any
               asset so long as and to the extent that the inclusion of that
               asset would invalidate, avoid or render ineffective clause 3 or 4
               or the security constituted by this deed.

          The Chargor shall use its reasonable endeavours to satisfy any
          condition or obtain any Authorisation which relates to it as trustee
          of the Trust, but not in respect of the Trust generally which may be
          necessary to include that liability or asset validly under the Charge
          or this deed.

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35.  MORATORIUM LEGISLATION

     To the full extent permitted by law all legislation which at any time
     directly or indirectly:

     (a)  lessens, varies or affects in favour of the Chargor any obligation
          under this deed or any Collateral Security; or

     (b)  delays, prevents or prejudicially affects the exercise by any
          Mortgagee, any Receiver or Attorney, of any Power,

     is excluded from this deed and any Collateral Security.

36.  ASSIGNMENTS

     (a)  Subject to the other Trust Documents, a Mortgagee may assign its
          rights under this deed and each Collateral Security. If this deed or
          any Mortgagee's interest in it is assigned, the Secured Moneys will
          include all actual and contingent liability of the Chargor to the
          assignee, whether or not it was incurred before the assignment or in
          contemplation of it.

     (b)  The Chargor may only assign or transfer any of its rights or
          obligations under this deed or any Collateral Security in accordance
          with the Transaction Documents and if prior notice has been given to
          each Designated Rating Agency and such assignment or transfer has no
          adverse effect on the ratings of the Notes.

37.  NOTICES

     (a)  All notices, requests, demands, consents, approvals, agreements or
          other communications to or by a party to this deed:

          (i)   must be in writing;

          (ii)  must be signed by an Authorised Signatory of the sender; and

          (iii) will be taken to be duly given or made:

               (A)  (in the case of delivery in person, or by facsimile
                    transmission) when delivered, received or left at the
                    address of the recipient shown in this deed, to any other
                    address it may have notified the sender, or as provided in
                    clause 37(b), but if delivery or receipt is on a day on
                    which business is not generally carried on in the place to
                    which the communication is sent or is later than 4.00 pm
                    (local time), it will be taken to have been duly given or
                    made at the commencement of business on the next day on
                    which business is generally carried on in that place; or

               (B)  (in the case of delivery by post) 3 days after it is posted
                    to such an address.

     (b)  The Security Trustee may give notice to a Mortgagee at the address
          notified to the Security Trustee by the Chargor or the Manager as that
          Mortgagee's address for notice or, where the Mortgagee is a
          Noteholder, at the address of the Note Trustee.

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38.  RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE

38.1 INSTRUCTIONS; EXTENT OF DISCRETION

     (a)  The Security Trustee will have no duties or responsibilities except
          those expressly set out in this deed or any Collateral Security.

     (b)  Subject to this deed, in the exercise of all its Powers the Security
          Trustee shall act in accordance with any Extraordinary Resolution of
          the Voting Mortgagees.

     (c)  In the absence of an Extraordinary Resolution of the Voting
          Mortgagees, the Security Trustee need not act but, if it does act, it
          must act (with prior written notice to the Note Trustee and Noteholder
          Mortgagees) in the best interests of the Mortgagees in accordance with
          this deed.

     (d)  Any action taken by the Security Trustee under this deed or any
          Collateral Security binds all the Mortgagees.

38.2 NO OBLIGATION TO INVESTIGATE AUTHORITY

     (a)  Neither the Chargor nor the Security Trustee need enquire whether any
          Extraordinary Resolution has been passed or as to the terms of any
          Extraordinary Resolution.

     (b)  As between the Chargor on the one hand and the Security Trustee and
          the Mortgagees on the other, all action taken by the Security Trustee
          under this deed or any Collateral Security will be taken to be
          authorised.

38.3 DELEGATION

     (a)  The Security Trustee may employ agents and attorneys, and, provided
          that the Security Trustee exercises reasonable care in selecting them,
          providing the Security Trustee and the agent or attorney, as the case
          may be, are not related bodies corporate (as defined in the
          Corporations Act 2001 (Cth)) the Security Trustee will not be liable
          for the acts or omissions of any such agent or delegate. The Security
          Trustee may at the expense of the Chargor obtain such advice and
          information from lawyers, accountants, bankers and other consultants
          and experts as it considers desirable to allow it to be properly
          advised and informed in relation to its powers and obligations. Before
          obtaining such advice or information (unless the advice or information
          relates to the Manager) before the occurrence of an Event of Default,
          the Security Trustee shall first inform the Manager of the need for
          the advice or information and obtain the approval of the Manager,
          which approval shall not be unreasonably withheld or delayed.

     (b)  Notwithstanding other provisions in this clause 38.3, where the
          Security Trustee employs a related body corporate as agent or
          attorney, the Security Trustee shall be liable for all acts or
          omissions of the agent or attorney done or omitted whilst acting in
          its capacity as such.

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38.4 RELIANCE ON DOCUMENTS AND EXPERTS

     The Security Trustee may rely on:

     (a)  any document (including any facsimile transmission, telegram or telex)
          it reasonably believes to be genuine and correct including any
          document given by the Chargor under clause 5.1(d) or by the Manager
          under clause 5.4; and

     (b)  advice and statements of lawyers, accountants, bankers and other
          consultants and experts, whether or not retained by it.

38.5 NOTICE OF TRANSFER

     The Security Trustee may treat each Mortgagee as the holder of the
     Mortgagee's rights under the Trust Documents until the Security Trustee has
     received a substitution certificate or an instrument of transfer in a form
     approved by the Security Trustee.

38.6 NOTICE OF DEFAULT

     (a)  The Security Trustee will be taken not to have knowledge of the
          occurrence of an Event of Default unless the Security Trustee has
          received notice from a Mortgagee or the Chargor stating that an Event
          of Default has occurred and describing it.

     (b)  If the Security Trustee receives notice of, or becomes aware of, the
          occurrence of events or circumstances constituting an Event of Default
          and that those events or circumstances do constitute an Event of
          Default, the Security Trustee shall notify the Mortgagees.

38.7 SECURITY TRUSTEE AS MORTGAGEE

     (a)  The Security Trustee in its capacity as a Mortgagee has the same
          rights and powers under the Trust Documents as any other Mortgagee. It
          may exercise them as if it were not acting as the Security Trustee.

     (b)  The Security Trustee and its Associates may engage in any kind of
          business with the Chargor, Manager and any Mortgagee or other person
          as if it were not the Security Trustee. It may receive consideration
          for services in connection with any Trust Document and otherwise
          without having to account to the Mortgagees.

38.8 INDEMNITY TO SECURITY TRUSTEE

     (a)  Subject to clause 31, clause 38.8(b) and to the order of payment
          contained in the Supplementary Terms Notice and clause 16 of this
          deed, the Chargor shall indemnify the Security Trustee (to the extent
          not reimbursed by the Chargor) against any loss, cost, liability,
          expense or damage the Security Trustee may sustain or incur directly
          or indirectly under or in relation to the Trust Documents. This does
          not limit the Chargor's liability under any other provision.

     (b)  The Chargor is not liable under this clause for any of the above to
          the extent that they arise from the Security Trustee's fraud,
          negligence or breach of trust.

     (c)  (i)  Subject to paragraph (c)(iii) below, a liability arising
               under or in connection with this deed or the trust constituted
               under this deed can be enforced against the Security Trustee only
               to the extent to which it can be satisfied out of the assets and

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                property of the trust constituted under this deed which are
                available to satisfy the right of the Security Trustee to be
                exonerated or indemnified for the liability. This limitation of
                the Security Trustee's liability applies despite any other
                provision of this deed and extends to all liabilities and
                obligations of the Security Trustee in any way connected with
                any representation, warranty, conduct, omission, agreement or
                transaction related to this deed or the trust constituted under
                this deed.

          (ii)  Subject to paragraph (c)(iii) below, no person (including any
                Relevant Party) may take action against the Security Trustee in
                any capacity other than as trustee of the trust constituted
                under this deed or seek the appointment of a receiver (except
                under this deed), or a liquidator, an administrator or any
                similar person to the Security Trustee or prove in any
                liquidation, administration or arrangements of or affecting the
                Security Trustee.

          (iii) The provisions of this clause 38.8(c) shall not apply to any
                obligation or liability of the Security Trustee to the extent
                that it is not satisfied because under a Transaction Document or
                by operation of law there is a reduction in the extent of the
                Security Trustee's indemnification or exoneration out of the
                assets as a result of the Security Trustee's fraud, negligence
                or breach of trust.

          (iv)  It is acknowledged that the Relevant Parties are responsible
                under the Transaction Documents for performing a variety of
                obligations relating to the Trust and the trust constituted
                under this deed. No act or omission of the Security Trustee
                (including any related failure to satisfy its obligations under
                this deed) will be considered fraud, negligence or breach of
                trust of the Security Trustee for the purpose of paragraph
                (c)(iii) above to the extent to which the act or omission was
                caused or contributed to by any failure by any Relevant Party or
                any person who has been delegated or appointed by the Security
                Trustee in accordance with this deed or any other Transaction
                Document to fulfil its obligations relating to the Trust or the
                trust constituted under this deed or by any other act or
                omission of a Relevant Party or any such person.

          (v)   In exercising their powers under the Transaction Documents, each
                of the Chargor, the Security Trustee and the Noteholders must
                ensure that no attorney, agent, delegate, receiver or receiver
                and manager appointed by it in accordance with this deed has
                authority to act on behalf of the Security Trustee in a way
                which exposes the Security Trustee to any personal liability and
                no act or omission of any such person will be considered fraud,
                negligence or breach of trust of the Security Trustee for the
                purpose of paragraph (c)(iii) above.

          (vi)  The Security Trustee is not obliged to enter into any commitment
                or obligation under this deed, unless:

               (A)  in the case of commitments or obligations that are expressly
                    contemplated by a Transaction Document and are between
                    parties to a Transaction Document, the Security Trustee's
                    liability is limited in the same manner as set out in this
                    sub-clause (c); or

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               (B)  in the case of any other commitments or obligations, the
                    Security Trustee's liability is limited in a manner
                    satisfactory to the Security Trustee in its absolute
                    discretion.

          (vii)  A failure by the Security Trustee to act because it has not
                 received instructions (or proper instructions) from the
                 Mortgagees is not fraud, negligence or breach of trust.

          (viii) In this clause, RELEVANT PARTIES means each of the Manager, the
                 Servicer, the Calculation Agent, each Paying Agent, the Note
                 Trustee, each Note Registrar and each Support Facility
                 Provider.

          (ix)   Nothing in this clause limits the obligations expressly imposed
                 on the Security Trustee under the Transaction Documents.

     (d)  If the Security Trustee becomes aware of any matter in respect of
          which it wishes to claim for indemnification under this clause 38.8,
          the Security Trustee shall promptly notify the Chargor in writing of
          the substance of that matter.

38.9 INDEPENDENT INVESTIGATION

     Each Mortgagee (other than the Note Trustee) confirms that it has made and
     will continue to make, independently and without reliance on the Security
     Trustee, the Chargor or any other Mortgagees (including the Manager) unless
     otherwise provided in the Transaction Documents and based on the Trust
     Documents, agreements and information which it regards appropriate:

     (a)  its own investigations into the Trust, the Notes and other Mortgagee
          (including the Manager); and

     (b)  its own analyses and decisions whether to take or not take action
          under any Trust Document.

     Unless otherwise provided in the Transaction Documents, the Note Trustee
     confirms that it has not relied upon the Security Trustee, the Chargor or
     any other Mortgagee in relation to:

     (c)  investigations into the Trust, the Notes or any other Mortgagee; and

     (d)  any analyses and decisions whether to take or not take action under
          any Trust Document.

38.10 NO MONITORING

     The Security Trustee is not required to keep itself informed as to the
     compliance by the Chargor or the Manager with any Trust Document or any
     other document or agreement or to inspect any property or book of the
     Chargor or the Manager.

38.11 INFORMATION

     The Chargor authorises:

     (a)  the Security Trustee to provide any Mortgagee; and

     (b)  the Note Trustee and any Paying Agent to provide any Offshore
          Noteholder,

     with any information concerning the Trust and Notes which may come into the
     possession of the Security Trustee or the Note Trustee (as the case may
     be). Save for the information which is required by any Transaction Document
     to be provided by it to the respective persons referred to in

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     paragraph (a) or (b) (as the case may be), none of the Security Trustee,
     Note Trustee or any Paying Agent need otherwise provide any other person
     with such information.

38.12 CONFLICTS

     (a)  Subject to clause 1.11, in the event of any dispute, ambiguity or
          doubt as to the construction or enforceability of this deed or of any
          other document or the Security Trustee's powers or obligations under
          or in connection with this deed or the determination or calculation of
          any amount or thing for the purpose of this deed or the construction
          or validity of any direction from the Mortgagees, the Security Trustee
          may:

          (i)  obtain and rely on advice from any person referred to in clause
               38.3 and may comply with such direction or order; and/or

          (ii) apply to a court or similar body for any direction or order the
               Security Trustee considers appropriate,

          and provided the Security Trustee is using reasonable endeavours to
          resolve such ambiguity, dispute or doubt, the Security Trustee, in its
          absolute discretion, may refuse to act or refrain from acting in
          relation to matters affected by such dispute, ambiguity or doubt.

     (b)  Neither the Security Trustee nor the Note Trustee has any
          responsibility for the form or contents of this deed or any other
          Trust Document and nor will it have any liability (except, in each
          case, with respect to itself) arising as a result of or in connection
          with any inadequacy, invalidity or unenforceability of any provision
          of this deed or the other Trust Documents.

38.13 NO LIABILITY

     Without limitation the Security Trustee shall not be liable for:

     (a)  any decline in the value or loss realised upon any sale or other
          disposition made under this deed of any Mortgaged Property or any
          other property charged to the Security Trustee by any other person in
          respect of or relating to the obligations of the Chargor or any person
          in respect of the Chargor or the Secured Moneys or relating in any way
          to the Mortgaged Property;

     (b)  any decline or loss directly or indirectly arising from the Security
          Trustee acting or failing to act as a consequence of an opinion
          reached by it; and

     (c)  any loss, expense or liability which may be suffered as a result of
          any assets secured by this deed, Mortgaged Property or any deeds or
          documents of title thereto being uninsured or inadequately insured or
          being held by or to the order of the Servicer or any of its affiliates
          or by clearing organisations or their operator or by any person on
          behalf of the Note Trustee,

     except to the extent caused by the fraud, negligence or breach of trust of
     the Security Trustee.

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39.  RETIREMENT AND REMOVAL OF SECURITY TRUSTEE

39.1 RETIREMENT

     Subject to any Trust Document to which the Security Trustee is a party, and
     subject also to the appointment of a successor Security Trustee as provided
     in this clause, the Security Trustee may retire at any time upon giving not
     less than three months' notice (or such shorter period as the parties may
     agree) in writing to the Chargor, the Manager, the Note Trustee and each
     Designated Rating Agency without assigning any reason and without being
     responsible for any costs occasioned by such retirement.

39.2 REMOVAL

     Subject to any Trust Document to which the Security Trustee is a party, the
     appointment of a successor Security Trustee as provided in this clause, and
     prior notice being given to each Designated Rating Agency, the Security
     Trustee may be removed:

     (a)  by the Manager if any of the following occurs in relation to the
          Security Trustee:

          (i)   an Insolvency Event occurring in relation to the Security
                Trustee in its personal capacity;

          (ii)  the cessation by the Security Trustee of its business;

          (iii) the Security Trustee fails to comply with any of its obligations
                under any Transaction Document and such action has had, or, if
                continued will have, a Material Adverse Effect, and, if capable
                of remedy, that failure is not remedied within 14 days after the
                earlier of (i) the Security Trustee having become actually aware
                of that failure and (ii) the Security Trustee having received
                written notice with respect thereto from the Manager;

          (iv)  there is a change in the effective control of the Security
                Trustee from that subsisting as at the date of this deed unless
                approved by the Manager; or

     (b)  at any time by an Extraordinary Resolution of the Voting Mortgagees.

39.3 REPLACEMENT

     (a)  Upon notice of resignation or removal the Manager shall have the right
          to appoint a successor Security Trustee who has been previously
          approved by an Extraordinary Resolution of the Voting Mortgagees and
          who accepts the appointment.

     (b)  If no successor Security Trustee is appointed within 30 days after
          notice, the retiring Security Trustee may on behalf of the Mortgagees
          appoint a successor Security Trustee (other than St.George or a
          Related Body Corporate of St.George) who accepts the appointment. If
          no such person is willing to accept this appointment, the Voting
          Mortgagees may elect a Security Trustee from among the Voting
          Mortgagees.

     (c)  On its appointment the successor Security Trustee will have all the
          rights, powers and obligations of the retiring Security Trustee. The
          retiring Security Trustee will be discharged from its rights, powers
          and obligations, subject to paragraph (e).

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     (d)  The retiring Security Trustee shall execute and deliver all documents
          or agreements which are necessary or desirable in its opinion to
          transfer to the successor Security Trustee this deed and each
          Collateral Security or to effect the appointment of the successor
          Security Trustee.

     (e)  After any retiring Security Trustee's resignation or removal, this
          deed will continue in effect in respect of anything done or omitted to
          be done by it while it was acting as Security Trustee.

39.4 RATING AGENCIES APPROVAL

     Any resignation or removal of the Security Trustee and appointment of a
     successor security trustee will not become effective until acceptance of
     the appointment of that successor Security Trustee and confirmation by the
     Designated Rating Agencies that such appointment will not cause a
     downgrading, qualification or withdrawal of the then current ratings of the
     Notes.

40.  MEETINGS OF MORTGAGEES

40.1 LIMITATION ON SECURITY TRUSTEE'S POWERS

     Except as provided for in this deed, the Security Trustee shall not assent
     or give effect to any matter which a meeting of Voting Mortgagees is
     empowered by Extraordinary Resolution to do, unless the Security Trustee
     has previously been authorised to do so by an Extraordinary Resolution of
     Voting Mortgagees.

40.2 CONVENING OF MEETINGS

     (a)  (GENERALLY)

          (i)  Subject to clause 40.17, the Security Trustee or the Manager at
               any time may convene a meeting of the Voting Mortgagees.

          (ii) Subject to clause 40.17, and subject to the Security Trustee
               being adequately indemnified out of the property held on trust
               under clause 2.1(b) against all costs and expenses occasioned as
               a result, the Security Trustee shall convene a meeting of the
               Voting Mortgagees if requested to do so:

               (A)  by the Chargor; or

               (B)  by Voting Mortgagees being holders of not less than 30% of
                    the then Secured Moneys.

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     (b)  (TIME AND PLACE)

          (i)   Every meeting of Voting Mortgagees shall be held at such time
                and place as the Security Trustee approves, provided (subject to
                sub-paragraph (ii) and clause 40.3(b)) that any such meeting
                shall not be held until the Offshore Noteholders have held a
                meeting in accordance with the Note Trust Deed and determined
                how to vote or how to direct the Note Trustee to vote (as the
                case may be) in the meeting of Voting Mortgagees.

          (ii)  Upon receiving notice of a meeting of the Voting Mortgagees, the
                Note Trustee shall as soon as practicable call a meeting of the
                Offshore Noteholders in accordance with the terms of the Note
                Trust Deed.

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

                (A)  the meeting of Offshore Noteholders called in accordance
                     with sub-paragraph (ii) is adjourned more than once; and

                (B)  the Offshore Noteholders' determination under sub-paragraph
                     (i) is not made at the meeting or adjourned meeting (as the
                     case may be).

     (c)  (CLASS OF MORTGAGEES) The provisions of this clause 40 regarding a
          meeting of the Voting Mortgagees shall apply, mutatis mutandis, to a
          meeting of any class of Voting Mortgagee.

40.3 NOTICE OF MEETINGS

     (a)  (PERIOD OF NOTICE) Subject to clause 40.3(b), at least 7 days' notice
          (inclusive of the day on which the notice is given and of the day on
          which the meeting is held) shall be given to the Voting Mortgagees,
          the Beneficiary and all the Designated Rating Agencies.

     (b)  (SHORT NOTICE) Notwithstanding that a meeting is convened upon shorter
          notice than as specified in clause 40.3(a), or a meeting or details of
          that meeting are not notified, advised or approved in accordance with
          this clause 40, it shall be deemed to be duly convened if it is so
          agreed by the Voting Mortgagees representing a quorum (which quorum
          must include the Note Trustee or the Offshore Noteholders, as the case
          maybe).

     (c)  (COPIES) A copy of the notice shall in all cases be given by the party
          to this deed convening the meeting to the other parties to this deed.

     (d)  (METHOD OF GIVING NOTICE) Notice of a meeting shall be given in the
          manner provided in this deed.

     (e)  (CONTENTS OF A NOTICE) Notice of a meeting of Voting Mortgagees shall
          specify, unless in any particular case the Security Trustee otherwise
          agrees:

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

          (ii)  the nature of the resolutions to be proposed.

     (f)  (FAILURE TO GIVE NOTICE) The accidental omission to give notice to or
          the non-receipt of notice by any person entitled to receive it shall
          not invalidate the proceedings at any meeting.

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40.4 CHAIRMAN

     A person (who need not be a Voting Mortgagee and who may be a
     Representative of the Security Trustee) nominated in writing by the
     Security Trustee shall be entitled to take the chair at every such meeting
     but if no such nomination is made or if at any meeting the person nominated
     is not present within 15 minutes after the time appointed for the holding
     of that meeting the Voting Mortgagees present shall choose one of their
     number to be chairman.

40.5 QUORUM

     At any such meeting any two or more persons present in person holding, or
     being Representatives holding or representing, in the aggregate not less
     than 51% of the then Secured Moneys shall form a quorum for the transaction
     of business (other than passing an Extraordinary Resolution in which case
     the quorum shall be any 2 or more persons present in person holding or
     being Representatives holding or representing in aggregate not less than
     67.5% of the then Secured Moneys) and no business (other than the choosing
     of a chairman) shall be transacted at any meeting unless the requisite
     quorum is present at the commencement of business.

40.6 ADJOURNMENT

     (a)  (QUORUM NOT PRESENT) If within 15 minutes from the time appointed for
          any such meeting a quorum is not present the meeting shall, if
          convened on the requisition of the Voting Mortgagees be dissolved. In
          any other case it shall stand adjourned (unless the Security Trustee
          agrees that it be dissolved) for such period, not being less than 7
          days nor more than 42 days, as may be appointed by the chairman. At
          the adjourned meeting two or more persons present in person holding,
          or being Representatives holding or representing 15% of the then
          Secured Moneys shall (except for the purpose of passing an
          Extraordinary Resolution) form a quorum and shall have the power to
          pass any resolution and to decide upon all matters which could
          properly have been dealt with at the meeting from which the
          adjournment took place had a quorum been present at that meeting. The
          quorum at any such adjourned meeting for passing a Extraordinary
          Resolution shall be any 2 or more persons present in person holding or
          being Representatives holding or representing in aggregate not less
          than 20% of the then Secured Moneys.

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

     (c)  (NOTICE OF ADJOURNED MEETING) At least 5 days' notice of any meeting
          adjourned through want of a quorum shall be given in the same manner
          as of an original meeting and such notice shall state the quorum
          required at such adjourned meeting. It shall not, however, otherwise
          be necessary to give any notice of an adjourned meeting.

40.7 VOTING PROCEDURE

     (a)  (SHOW OF HANDS) Every question submitted to a meeting shall be decided
          in the first instance by a show of hands and in case of equality of
          votes the chairman shall, both on a show of hands and on a poll, have
          a casting vote in addition to the vote or votes (if any) to which he
          may be entitled as a Voting Mortgagee or as a Representative.

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     (b)  (DECLARATION) At any meeting, unless a poll is (before or on the
          declaration of the result of the show of hands) demanded by the
          chairman, the Chargor, the Manager, the Note Trustee or the Security
          Trustee or by one or more persons holding, or being a Representative
          or Representatives holding or representing, in aggregate not less than
          15% of the then Secured Moneys, a declaration by the chairman that a
          resolution has been carried by a particular majority or lost or not
          carried by any particular majority shall be conclusive evidence of the
          fact without proof of the number or proportion of the votes recorded
          in favour of or against that resolution.

     (c)  (POLL) If at any meeting a poll is so demanded, it shall be taken in
          such manner and (subject as provided below) either at once or after
          such an adjournment as the chairman directs and the result of such
          poll shall be deemed to be the resolution of the meeting at which the
          poll was demanded as at the date of the taking of the poll. The demand
          for a poll shall not prevent the continuance of the meeting for the
          transaction of any business other than the question on which the poll
          has been demanded.

     (d)  (NO ADJOURNMENT) Any poll demanded at any meeting on the election of a
          chairman or on any question of adjournment shall be taken at the
          meeting without adjournment.

     (e)  (VOTES) Subject to clause 40.7(a), at any meeting:

          (i)  on a show of hands, every person holding, or being a
               Representative holding or representing other persons who hold,
               Secured Moneys shall have one vote except that the Note Trustee
               shall represent the votes of each Offshore Noteholder who has
               directed the Note Trustee to vote on its behalf under the Note
               Trust Deed; and

          (ii) on a poll, every person who is present shall have one vote for
               each US$10,000 (in the case of the Class A-1 Noteholders), the
               Euro equivalent of US$10,000 calculated at the spot exchange rate
               for purchasing US$ with Euros on that day (in the case of the
               Class A-2 Noteholders) or the A$ Equivalent of US$10,000 (in the
               case of the A$ Noteholders) but not part thereof, of the Secured
               Moneys that he holds or in respect of which he is a
               Representative. Any person entitled to more than one vote need
               not use or cast all of the votes to which he is entitled in the
               same way.

     (f)  (EVIDENCE) A certificate from the Note Trustee to the Security Trustee
          that the Note Trustee is entitled to vote on behalf of an Offshore
          Noteholder will be satisfactory evidence to the Security Trustee that
          the Note Trustee is so entitled to vote.

     For the purpose of determining the amount of Secured Moneys at any time,
     the Security Trustee may rely on the Accounts of the Chargor and any
     information provided by the Auditor of the Chargor. Clause 24 will apply to
     any determination of Secured Moneys for the definition of VOTING MORTGAGEE
     and this clause 40.

40.8 RIGHT TO ATTEND AND SPEAK

     The Chargor, the Manager, the Security Trustee and the Beneficiary (through
     their respective Representatives) and their respective financial and legal
     advisers shall be entitled to attend and speak at any meeting of Voting
     Mortgagees (and, to the extent that they are also a Voting Mortgagee, to
     vote at that meeting). No person shall otherwise be entitled to attend or
     vote at any meeting of the

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     Voting Mortgagees or to join with others in requesting the convening of
     such a meeting unless he is a Voting Mortgagee or a Representative.

40.9 APPOINTMENT OF PROXIES

     (a)  (REQUIREMENTS) Each appointment of a proxy shall be in writing and
          shall be deposited at the registered office of the Security Trustee or
          in such other place as the Security Trustee shall designate or
          approve, together with proof satisfactory to the Security Trustee of
          its due execution (if so required by the Security Trustee), not less
          than 24 hours before the time appointed for holding the meeting or
          adjourned meeting at which the named proxy proposes to vote, and in
          default, the appointment of proxy shall not be treated as valid unless
          the chairman of the meeting decides otherwise before that meeting or
          adjourned meeting proceeds to business. A notarially certified copy
          proof of due execution as specified above (if applicable) shall, if
          required by the Security Trustee, be produced by the proxy at the
          meeting or adjourned meeting, but the Security Trustee shall not
          thereby be obliged to investigate or be concerned with the validity or
          the authority of the proxy named in any such appointment. The proxy
          named in any appointment of proxy need not be a Voting Mortgagee.

     (b)  (PROXY REMAINS VALID) Any vote given in accordance with the terms of
          an appointment of proxy set out in clause 40.9(a) shall be valid
          notwithstanding the previous revocation or amendment of the
          appointment of proxy or of any of the Voting Mortgagee's instructions
          pursuant to which it was executed, provided that no intimation in
          writing of such revocation or amendment has been received by the
          Security Trustee at its registered office, or by the chairman of the
          meeting, in each case within the 24 hours before the commencement of
          the meeting or adjourned meeting at which the appointment of proxy is
          used.

40.10 CORPORATE REPRESENTATIVES

     A person authorised pursuant to section 250D of the Corporations Act 2001
     (Cth) by a Voting Mortgagee being a body corporate to act for that Voting
     Mortgagee at any meeting shall, in accordance with his authority until his
     authority is revoked by the body corporate concerned, be entitled to
     exercise the same powers on behalf of that body corporate as that body
     corporate could exercise if it were an individual Voting Mortgagee and
     shall be entitled to produce evidence of his authority (together with, if
     required by the Security Trustee, evidence satisfactory to the Security
     Trustee of the due execution of the authority) to act at any time before
     the time appointed for the holding of or at the meeting or adjourned
     meeting or for the taking of a poll at which he proposes to vote.

40.11 RIGHTS OF REPRESENTATIVES

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

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40.12 EXTRAORDINARY RESOLUTIONS

     (a)  (POWERS) A meeting of Voting Mortgagees shall, without prejudice to
          any rights or powers conferred on other persons by this deed, have
          power exercisable by Extraordinary Resolution:

          (i)    to direct the Security Trustee in the action that should be
                 taken by it following the occurrence of an Event of Default or
                 the Charge or this deed becoming enforceable;

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

          (iii)  to sanction any proposal by the Manager, the Chargor or the
                 Security Trustee for any modification, abrogation, variation or
                 compromise of, or arrangement in respect of, the rights of the
                 Mortgagees against the Chargor or the Manager whether such
                 rights shall arise under this deed, the Trust Documents or
                 otherwise;

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

          (v)    to assent to any modification of the provisions contained in
                 this deed which may be proposed by the Chargor, the Note
                 Trustee, the Manager or the Security Trustee;

          (vi)   to give any authority, direction, guidance or sanction sought
                 by the Security Trustee from the Voting Mortgagees;

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

          (viii) to approve a person proposed to be appointed as a new Security
                 Trustee for the time being;

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

          (x)    to do any other thing which under this deed is required to be
                 given by an Extraordinary Resolution of the Mortgagees;

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

          (xii)  to determine whether the Security Trustee should or should not
                 perform an act and any such Extraordinary Resolution will
                 (where relevant and in accordance with clause 40.17) override
                 any determination by the Note Trustee.

     (b)  (NO POWER) A meeting of Voting Mortgagees shall not have power in
          relation to any Mortgagee to:

          (i)    release any obligation to pay any of the Secured Moneys to that
                 Mortgagee;

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          (ii)  alter any date upon which any of the Secured Moneys is payable;

          (iii) alter the amount of any payment of any part of the Secured
                Moneys; or

          (iv)  alter clause 16.1 in relation to that Mortgagee,

          without the consent of that Mortgagee.

40.13 EXTRAORDINARY RESOLUTION BINDING ON MORTGAGEES

     Subject to clause 40.12(b), an Extraordinary Resolution passed at a meeting
     of the Voting Mortgagees duly convened and held in accordance with this
     clause 40 shall be binding upon all Mortgagees whether or not present at
     such meeting and each of the Mortgagees and the Chargor, the Manager and
     the Security Trustee shall be bound to give effect to it accordingly.

40.14 MINUTES AND RECORDS

     Minutes of all resolutions and proceedings at every meeting of the Voting
     Mortgagees under this clause 40 shall be made and duly entered in the books
     to be from time to time provided for that purpose by the Security Trustee
     and any such minutes purporting to be signed by the chairman of the meeting
     at which those resolutions were passed or proceedings transacted or by the
     chairman of the next succeeding meeting of the Voting Mortgagees shall be
     conclusive evidence of the matters contained in those minutes and until the
     contrary is proved, provided every meeting in respect of the proceedings of
     which minutes have been made and signed as provided in this clause 40.14
     shall be deemed to have been duly convened and held and all resolutions
     passed or proceedings transacted in that meeting to have been duly passed
     and transacted.

40.15 WRITTEN RESOLUTIONS

     Notwithstanding the preceding provisions of this clause 40, a resolution of
     all the Voting Mortgagees (including an Extraordinary Resolution) may be
     passed, without any meeting or previous notice being required, by an
     instrument or notes in writing which have:

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

     (b)  any such instrument shall be effective upon presentation to the
          Security Trustee for entry in the records referred to in clause 40.14.

40.16 FURTHER PROCEDURES FOR MEETINGS

     Subject to all other provisions contained in this deed, the Security
     Trustee may without the consent of the Mortgagees prescribe such further
     regulations regarding the holding of meetings of the Voting Mortgagees and
     attendance and voting at those meetings as the Security Trustee may in its
     sole discretion determine including particularly (but without prejudice to
     the generality of the above) such regulations and requirements as the
     Security Trustee thinks reasonable:

     (a)  (PERSONS ARE VOTING MORTGAGEES) so as to satisfy itself that persons
          are in fact Voting Mortgagees who purport to requisition a meeting or
          who purport to make any requisition to the Security Trustee in
          accordance with this deed;

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     (b)  (ENTITLEMENT TO VOTE) so as to satisfy itself that persons who purport
          to attend or vote at any meeting of Voting Mortgagees are entitled to
          do so in accordance with this clause 40 and this deed; and

     (c)  (FORMS OF REPRESENTATIVE) as to the form of appointment of a
          Representative.

40.17 NOTE TRUSTEE RIGHTS

     (a)  Despite any other provision of this deed, for so long as the
          Noteholder Mortgagees are the only Voting Mortgagees they may direct
          the Security Trustee to do any act or thing which the Security Trustee
          is required to do, or may only do, at the direction of an
          Extraordinary Resolution of Voting Mortgagees including those acts or
          things referred to in clause 40.12 and the Security Trustee shall,
          subject to this deed, comply with such direction of the Noteholder
          Mortgagees.

     (b)  Neither the Security Trustee nor the Manager may call a meeting of
          Voting Mortgagees while the Noteholder Mortgagees are the only Voting
          Mortgagees, unless the Noteholder Mortgagees otherwise consent.

     (c)  Despite any other provision of this deed, at any time while an Event
          of Default subsists:

          (i)  if the Noteholder Mortgagees are not the only Voting Mortgagees;
               and

          (ii) if the Noteholder Mortgagees direct the Security Trustee to
               enforce the Charge (whether, in the case of the Note Trustee, as
               directed to do so by the Offshore Noteholders or, as it
               determines on behalf of the Offshore Noteholders),

          the Security Trustee shall enforce the Charge under clause 8.2 as if
          directed to do so by an Extraordinary Resolution of Voting Mortgagees
          and paragraph (a) shall apply as if the Noteholder Mortgagees were the
          only Voting Mortgagee.

     (d)  The Security Trustee shall not be liable to any Mortgagee for acting,
          or not acting, on the directions of the Noteholder Mortgagees except
          where in so doing the Security Trustee engages in any fraud,
          negligence or breach of trust.

     (e)  Any reference to the Noteholder Mortgagees where:

          (i)  they are the only Voting Mortgagees; or

          (ii) where the consent of the Noteholder Mortgagees is required under
               this deed in relation to a discretion or act of the Security
               Trustee,

          means so many of the Noteholder Mortgagees who represent more than 50%
          of the Total Invested Amount.

41.  AUTHORISED SIGNATORIES

     The Chargor irrevocably authorises each Mortgagee to rely on a certificate
     by a person purporting to be its director or secretary as to the identity
     and signatures of its Authorised Signatories. The Chargor warrants that
     those persons have been authorised to give notices and communications under
     or in connection with the Trust Documents.

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42.  GOVERNING LAW AND JURISDICTION

     This deed is governed by the laws of New South Wales. The Chargor submits
     to the non-exclusive jurisdiction of courts exercising jurisdiction there.

43.  COUNTERPARTS

     This deed may be executed in any number of counterparts. All counterparts
     together will be taken to constitute one instrument.

44.  SET-OFF

     No Mortgagee may apply any credit balance in any currency (whether or not
     matured) in any account comprised in the Mortgaged Property towards
     satisfaction of any sum then due and payable to that Mortgagee under or in
     relation to any Trust Document.

45.  ACKNOWLEDGEMENT BY CHARGOR

     The Chargor confirms that:

     (a)  it has not entered into any Trust Document in reliance on, or as a
          result of, any conduct of any kind of or on behalf of any Mortgagee
          (other than the Manager and the Servicer) or any Related Body
          Corporate of any Mortgagee (including any advice, warranty,
          representation or undertaking); and

     (b)  no Mortgagee nor any Related Body Corporate of any Mortgagee is
          obliged to do anything (including disclose anything or give advice),

     except as expressly set out in the Trust Documents or in writing duly
     signed by or on behalf of the Mortgagee or Related Body Corporate.

46.  INFORMATION MEMORANDUM

     The Security Trustee has no responsibility for any statement or information
     in or omission from any information memorandum, advertisement, circular or
     other document issued by or on behalf of the Chargor or Manager, including
     in connection with the issue of Notes. Neither the Chargor nor the Manager
     may publish or permit to be published any such document in connection with
     the offer of Notes or an invitation for subscriptions for Notes containing
     any statement which makes reference to the Security Trustee without the
     prior written consent of the Security Trustee, which consent must not be
     unreasonably withheld. In considering whether to give its consent, the
     Security Trustee is not required to take into account the interests of the
     other Mortgagees.

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47.  SECURITY TRUSTEE'S LIMITED LIABILITY

47.1 RELIANCE ON CERTIFICATE

     The Security Trustee shall not incur any liability as a result of relying
     upon the authority, validity, due authorisation of, or the accuracy of any
     information contained in any notice, resolution, direction, consent,
     certificate, receipt, affidavit, statement, valuation report or other
     document or communication (including any of the above submitted or provided
     by the Manager, by the Trustee or by a Mortgagee) if the Security Trustee
     is entitled, under clause 47.2 to assume such authenticity, validity, due
     authorisation or accuracy.

     In preparing any notice, certificate, advice or proposal the Security
     Trustee shall be entitled to assume, unless it is actually aware to the
     contrary, that each person under any Authorised Investment, Support
     Facility, Receivable, Receivable Security, Related Securities, other
     Transaction Document or any other deed, agreement or arrangement incidental
     to any of the above or to the Trust, will perform their obligations under
     those documents in full by the due date and otherwise in accordance with
     their terms.

47.2 SECURITY TRUSTEE'S RELIANCE ON MANAGER, NOTE TRUSTEE OR SERVICER

     (a)  (AUTHORISED SIGNATORIES ARE SUFFICIENT EVIDENCE) Whenever any
          certificate, notice, proposal, direction, instruction, document or
          other communication is to be given to the Security Trustee, the
          Security Trustee may assume:

          (i)  the authenticity and validity of any signature in any such
               document and that such document has been duly authorised; and

          (ii) the accuracy of any information contained in any such documents,

          in either case unless the officers of the Security Trustee responsible
          for the administration of the Trust are not actually aware to the
          contrary.

     (b)  (TRUSTEE NOT LIABLE FOR LOSS) The Security Trustee shall not be
          responsible for any loss arising from any forgery or lack of
          authenticity or any act, neglect, mistake or discrepancy of the
          Manager, the Note Trustee or a Servicer or any officer, employee,
          agent or delegate of the Manager, the Note Trustee or the Servicer in
          preparing any such document or in compiling, verifying or calculating
          any matter or information contained in any such document, if the
          officers of the Security Trustee responsible for the administration of
          the Trust are not actually aware of such forgery, lack of authenticity
          or validity, act, neglect, mistake or discrepancy.

47.3 COMPLIANCE WITH LAWS

     The Security Trustee shall not incur any liability to anyone in respect of
     any failure to perform or to do any act or thing which by reason of any
     provision of any applicable present or future law of any place or any
     applicable ordinance, rule, regulation or by law or of any applicable
     decree, order or judgment of any competent court or other tribunal, the
     Security Trustee shall be prohibited from doing or performing.

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47.4 RELIANCE ON EXPERTS

     The Security Trustee may rely on and act on the opinion or statement or
     certificate or advice of or information obtained from the Note Trustee, the
     Servicer, barristers or solicitors (whether instructed by the Security
     Trustee or not), bankers, accountants, brokers, valuers and other persons
     believed by it in good faith to be expert or properly informed in relation
     to the matters on which they are consulted and the Security Trustee shall
     not be liable for anything done or suffered by it in good faith in reliance
     on such opinion, statement, certificate, advice or information except to
     the extent of losses, costs, claims or damages caused by the Security
     Trustee's fraud, negligence or breach of trust.

47.5 OVERSIGHTS OF OTHERS

     Having regard to the limitations on the Security Trustee's duties, powers,
     authorities and discretions under this deed, the Security Trustee shall not
     be responsible for any act, omission, misconduct, mistake, oversight, error
     of judgment, forgetfulness or want of prudence on the part of any person or
     agent appointed by the Security Trustee or on whom the Security Trustee is
     entitled to rely under this deed (other than a Related Body Corporate),
     attorney, banker, receiver, barrister, solicitor, agent or other person
     acting as agent or adviser to the Security Trustee except to the extent of
     losses, costs, claims or damages caused by the Security Trustee's fraud,
     negligence or breach of trust, provided that nothing in this deed or any
     other Transaction Document imposes any obligations on the Security Trustee
     to review or supervise the performance by any other party of its
     obligations.

47.6 POWERS, AUTHORITIES AND DISCRETIONS

     Except as otherwise provided in this deed and in the absence of fraud,
     negligence or breach of trust, the Security Trustee shall not be in any way
     responsible for any loss (whether consequential or otherwise), costs,
     damages or inconvenience that may result from the exercise or non-exercise
     of any powers, authorities and discretions vested in it.

47.7 IMPOSSIBILITY OR IMPRACTICABILITY

     If for any other reason it becomes impossible or impracticable for it to
     carry out any or all of the provisions of this deed or any other
     Transaction Document, the Security Trustee shall not be under any liability
     and, except to the extent of its own fraud, negligence or breach of trust,
     nor shall it incur any liability by reason of any error of law or any
     matter or thing done or suffered or omitted to be done in good faith by it
     or its officers, employees, agents or delegates.

47.8 LEGAL AND OTHER PROCEEDINGS

     (a)  (INDEMNITY FOR LEGAL COSTS) The Security Trustee shall be indemnified
          out of the Trust for all legal costs and disbursements on a full
          indemnity basis and all other costs, disbursements, outgoings and
          expenses incurred by the Security Trustee in connection with:

          (i)   the enforcement or contemplated enforcement of, or preservation
                of rights under;

          (ii)  without limiting the generality of paragraph (i) above, the
                initiation, defence, carriage and settlement of any action,
                suit, proceeding or dispute in respect of; and

          (iii) obtaining legal advice or opinions concerning or relating to the
                interpretation or construction of,

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            this deed or any other Transaction Document or otherwise under or in
            respect of the Trust provided that the enforcement, contemplated
            enforcement or preservation by the Security Trustee (as the case may
            be) of the rights referred to in paragraph (i) or the court
            proceedings referred to in paragraph (ii) (including in each case
            the defence of any action, suit, proceeding or dispute brought
            against the Security Trustee), and the basis of incurring any of
            those costs, disbursements, outgoings and expenses by the Security
            Trustee:

            (iv)  has been approved in advance by an Extraordinary Resolution of
                  the Voting Mortgagees; or

            (v)   the Security Trustee reasonably considers the incurring of
                  those costs, disbursements, outgoings and expenses to be
                  necessary to protect the Security Trustee against potential
                  personal liability.

      (b)   (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC) The Security
            Trustee shall be entitled to claim in respect of the above indemnity
            from the Trust for its expenses and liabilities incurred in
            defending any action, suit, proceeding or dispute in which fraud,
            negligence or breach of trust is alleged or claimed against it, but
            on the same being proved, accepted or admitted by it, it shall from
            its personal assets immediately repay to the Trust the amount
            previously paid by the Trust to it in respect of that indemnity.

47.9  NO LIABILITY EXCEPT FOR NEGLIGENCE ETC

      Except to the extent caused by the fraud, negligence or breach of trust on
      the Security Trustee's part or on the part of any of its officers or
      employees, or any agents or delegate, sub-agent, sub-delegate employed by
      the Security Trustee in accordance with this deed (and where this deed
      provides that the Security Trustee is liable for the acts or omissions of
      any such person) to carry out any transactions contemplated by this deed,
      the Security Trustee shall not be liable personally for any losses, costs,
      liabilities or claims arising from the failure to pay moneys on the due
      date for payment to any Mortgagee or any other person or for any loss
      howsoever caused in respect of any of the Trust or to any Mortgagee or
      other person.

47.10 FURTHER LIMITATIONS ON SECURITY TRUSTEE'S LIABILITY

      Subject to clause 47.2, the Security Trustee shall not be liable:

      (a)   for any losses, costs, liabilities or expenses arising out of the
            exercise or non-exercise of its discretion or for any other act or
            omission on its part under this deed, any other Transaction Document
            or any other document except where the exercise or non-exercise of
            any discretion, or any act or omission, by the Security Trustee, or
            any of its officers or employees, or any agent, delegate, sub-agent,
            sub-delegate employed by the Security Trustee in accordance with
            this deed (and where this deed provides that the Security Trustee is
            liable for the acts or omissions of any such person) to carry out
            any transactions contemplated by this deed, constitutes fraud,
            negligence or breach of trust;

      (b)   for any losses, costs, damages or expenses caused by its acting (in
            circumstances where this deed requires it to act or contemplates
            that it may so act) on any instruction or direction given to it by:

            (i)   any Mortgagee under this deed, any other Transaction Document
                  or any other document;

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            (ii)  by any person under a Support Facility, Receivable or
                  Receivable Security; or

            (iii) an Obligor,

            except to the extent that it is caused by the fraud, negligence or
            breach of trust of the Security Trustee, or any of its officers or
            employees, or an agent or delegate employed by the Security Trustee
            in accordance with this deed to carry out any transactions
            contemplated by this deed;

      (c)   for any Manager's Default, Servicer Transfer Event or Title
            Perfection Event;

      (d)   without limiting the Security Trustee's obligations under the
            Transaction Documents, for any act, omission or default of the
            Servicer in relation to its servicing duties or its obligations
            under the Servicing Agreement;

      (e)   without limiting the Security Trustee's obligations under the
            Transaction Documents, for any act, omission or default of the
            Custodian in relation to its custodial duties or its obligations
            under the Custodian Agreement;

      (f)   without limiting the Security Trustee's obligations under the
            Transaction Documents, for any act, omission or default of the Note
            Trustee in relation to its obligations under the Transaction
            Documents;

      (g)   without limiting the Security Trustee's obligations under the
            Transaction Documents, for any act, omission or default of a Paying
            Agent in relation to its obligations under the Transaction
            Documents;

      (h)   without limiting the Security Trustee's obligations under the
            Transaction Documents, for any act, omission or default of the
            Calculation Agent in relation to its obligations under the
            Transaction Documents;

      (i)   for the failure of a person to carry out an agreement with the
            Security Trustee in connection with the Trust; or

      (j)   for any losses, costs, liabilities or expenses caused by the
            Security Trustee's failure to check any calculation, information,
            document, form or list supplied or purported to be supplied to it by
            the Manager, the Note Trustee or the Servicer,

      except, in the case of paragraphs (c) to (j) (inclusive), to the extent
      that it is caused by the fraud, negligence or breach of trust of the
      Security Trustee.

      Nothing in this clause 47.10 alone (but without limiting the operation of
      any other clause of this deed) shall imply a duty on the Security Trustee
      to supervise the Manager or the Note Trustee in the performance of the
      Manager's or the Note Trustee's functions and duties, and the exercise by
      the Manager or the Note Trustee of its discretions.

47.11 CONFLICTS

      (a)   (NOT LIABLE TO ACCOUNT) A Relevant Person shall not be in any way
            liable to account to any Mortgagee or any other person for any
            profits or benefits (including any profit, bank charges, commission,
            exchange, brokerage and fees) made or derived under or in connection
            with any transaction or contract specified in paragraph (a) above.

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     (b)  (FIDUCIARY RELATIONSHIP) A Relevant Person shall not by reason of any
          fiduciary relationship be in any way precluded from making any
          contracts or entering into any transactions with any such person in
          the ordinary course of its business or from undertaking any banking,
          financial, development, agency or other services including any
          contract or transaction in relation to the placing of or dealing with
          any investment and the acceptance of any office or profit or any
          contract of loan or deposits or other contract or transaction which
          any person or company not being a party to this deed could or might
          have lawfully entered into if not a party to this deed. A Relevant
          Person shall not be accountable to any Mortgagee or any other person
          for any profits arising from any such contracts, transactions or
          offices.

47.12 INFORMATION

      Except for notices and other documents and information (if any) expressed
      to be required to be furnished to any person by the Security Trustee under
      this deed or any other Transaction Document, the Security Trustee shall
      not have any duty or responsibility to provide any person (including any
      Mortgagee) with any credit or other information concerning the affairs,
      financial condition or business of the Trust.

47.13 INVESTIGATION BY SECURITY TRUSTEE

      Each Mortgagee acknowledges that:

      (a)   the Security Trustee has no duty, and is under no obligation, to
            investigate whether a Manager's Default, Servicer Transfer Event or
            Title Perfection Event has occurred in relation to the Trust other
            than where it has actual notice;

      (b)   the Security Trustee is required to provide the notices referred to
            in this deed in respect of a determination of Material Adverse
            Effect only if it is actually aware of the facts giving rise to the
            Material Adverse Effect; and

      (c)   in making any such determination, the Security Trustee will seek and
            rely on advice given to it by its advisors in a manner contemplated
            by this deed.

48.   PRIVACY

      (a)   Each party acknowledges that Personal Information may be exchanged
            between the parties pursuant to the terms of the Transaction
            Documents.

      (b)   If Personal Information is exchanged between the parties, the party
            which provides the Personal Information, except where that party is
            the Note Trustee, must ensure that it obtains such consents as are
            required by the Privacy Act 1988 (Cth) in relation to the
            collection, use or disclosure of the Personal Information.

      (c)   Each party undertakes to use its best endeavours to ensure that at
            all times during the terms of the Trust Personal Information
            provided to it (the RECEIVING PARTY) by another party (the PROVIDING
            PARTY):

            (i)   unless otherwise required or permitted by applicable
                  Australian or United States law, judicial or administrative
                  process or regulatory demand or request, will be

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               used only for the purpose of fulfilling the Receiving Party's
               obligations under the Transaction Documents; and

          (ii) except as expressly provided in paragraph (a), will not be
               disclosed to any third party unless express consent in writing is
               obtained from the Providing Party; and

     (d)  Each party except the Note Trustee undertakes to use its best
          endeavours to ensure that at all times during the terms of the Trust
          in addition to the obligation under paragraph (b) above, it will
          comply with the Privacy Act 1988 (Cth) and all applicable regulations,
          principles, standards, codes of conduct or guidelines concerning the
          handling of Personal Information under that Act or with any request or
          direction arising directly from or in connection with the proper
          exercise of the functions of the Federal Privacy Commissioner.

     (e)  A word defined in the Privacy Act 1988 (Cth) has the same meaning when
          used in this clause 48, unless the context requires or specifies
          otherwise.

49.  COMPLIANCE WITH REGULATION AB

49.1 INTENT OF THE PARTIES, REASONABLENESS

     The Security Trustee and the Manager acknowledge and agree that the purpose
     of this clause 49 is to facilitate compliance by the Manager with the
     provisions of Regulation AB and related rules and regulations of the
     Commission.

     The Manager shall not exercise its right to request delivery of information
     or other performance under these provisions other than in good faith, or
     for purposes other than compliance with the Securities Act, the Exchange
     Act and the rules and regulations of the Commission thereunder. The Manager
     shall not request the delivery of information or other performance under
     this clause 49.1 unless the Manager is required under the Exchange Act to
     file an annual report on Form 10-K with respect to the Securitisation Fund.
     The Security Trustee shall cooperate fully with the Manager to deliver to
     the Manager (including any of its assignees or designees) any and all
     statements, reports, certifications, records and any other information
     (within the control of the Security Trustee or for which the Security
     Trustee is responsible) necessary in the good faith determination of the
     Manager to permit the Manager to comply with the provisions of Regulation
     AB, together with such disclosures relating to the Security Trustee and the
     Purchased Receivables, or the servicing of the Purchased Receivables,
     reasonably believed by the Manager and the Security Trustee to be necessary
     in order to effect such compliance.

     The Manager (including any of its assignees or designees) shall cooperate
     with the Security Trustee by providing timely notice of requests for
     information under these provisions and by reasonably limiting such requests
     to information required, in the Manager's reasonable judgment, to comply
     with Regulation AB.

49.2 INFORMATION TO BE PROVIDED BY THE SECURITY TRUSTEE

     (a)  The Security Trustee shall, within five Business Days following
          request by the Manager, provide to the Manager, in writing and in form
          and substance reasonably satisfactory to the Manager, the information
          and materials specified in paragraphs (b) and (c) of this clause 49.2.

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     (b)  If so requested by the Manager, the Security Trustee shall provide
          such information regarding itself, as is requested for the purpose of
          compliance with Rules 13a and 15d of the Exchange Act and Items
          1103(a)(1), 1117 and 1119 of Regulation AB. Such information will be:

          (i)   a description of any material legal or governmental proceedings
                pending (or known to be contemplated) against the Security
                Trustee that is material to Noteholders as determined by the
                Security Trustee acting in accordance with the Transaction
                Documents; and

          (ii)  a description of:

               (A)  any affiliation within the meaning of Item 1119(a); or

               (B)  any relationship within the meaning of Items 1119(b) or
                    1119(c),

               between the Security Trustee and any of the following parties to
               this transaction, as such parties are identified to the Security
               Trustee by the Manager in writing:

                    (1)  the sponsor;

                    (2)  the depositor;

                    (3)  the issuing entity;

                    (4)  any servicer;

                    (5)  any trustee;

                    (6)  any originator;

                    (7)  any significant obligor;

                    (8)  any enhancement or support provider; and

                    (9)  and any other entity specifically notified to the
                         Security Trustee,

               in each case, as determined by the Security Trustee in accordance
               with the Transaction Documents.

     (c)  If the Security Trustee merges or is consolidated with another legal
          entity, the Security Trustee shall provide to the Manager, at least 15
          calendar days prior to the effective date of such merger or
          consolidation:

               (A)  written notice to the Manager of such merger or
                    consolidation; and

               (B)  in writing and in form and substance reasonably satisfactory
                    to the Manager, all information reasonably requested by the
                    Manager in order to comply with its reporting obligation
                    under Item 6.02 of Form 8-K with respect to any class of
                    asset-backed securities.

49.3 REPORT ON ASSESSMENT OF COMPLIANCE AND ATTESTATION

     (a)  On or before 1 December of each calendar year, the Security Trustee,
          to the extent that the Security Trustee is, at the time of such
          request, participating in the servicing function, shall:

          (i)   deliver to the Manager a report (in form and substance
                reasonably satisfactory to the Manager) regarding the Security
                Trustee's assessment of compliance with the

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                Servicing Criteria during the immediately preceding financial
                year ended 30 September as required under Rules 13a-18 and
                15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such
                report shall be addressed to the Manager and signed by an
                authorised officer of the Security Trustee, and shall address
                each of the Servicing Criteria (but only with respect to such of
                the Servicing Criteria that the Security Trustee performs)
                specified on a certification substantially in the form of
                schedule 1 to this Security Trust Deed delivered to the Manager
                concurrently with the execution of this Security Trust Deed;

          (ii)  deliver to the Manager a report of a registered public
                accounting firm reasonably acceptable to the Manager that
                attests to, and reports on, the assessment of compliance made by
                the Security Trustee and delivered pursuant to the preceding
                paragraph. Such attestation shall be in accordance with Rules
                1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities
                Act and the Exchange Act.

49.4 USE OF SUBSERVICERS AND SUBCONTRACTORS

     The Security Trustee shall not hire or otherwise utilise the services of
     any Subservicer to fulfil any of the obligations of the Security Trustee
     under this Security Trust Deed or any other Transaction Document without
     the written consent of the Manager. The Security Trustee shall not hire or
     otherwise utilise the services of any Subcontractor, and shall not permit
     any Subservicer to hire or otherwise utilise the services of any
     Subcontractor, to fulfil any of the obligations of the Security Trustee
     under this Security Trust Deed or any other Transaction Document without
     the written consent of the Manager.

49.5 INDEMNIFICATION; REMEDIES

     (a)  The Security Trustee shall indemnify the Manager and St.George (each
          an INDEMNIFIED PARTY) and shall hold each of them harmless from and
          against any losses, damages, penalties, fines, forfeitures, legal fees
          and expenses and related costs, judgments, and any other costs, fees
          and expenses that any of them may sustain directly or as a result of:

          (i)  (A)  any untrue statement of a material fact contained or
                    alleged to be contained in any information, certification or
                    accountants' letter provided in written or electronic form
                    and identified as being provided under this clause 49 by the
                    Security Trustee, (collectively, the Security Trustee
                    Information) or any failure to disclose any non-compliance
                    with any of the Servicing Criteria that the Security Trustee
                    performs; provided that in the case of any untrue statement
                    of a material fact contained in the accountant's letter, the
                    Security Trustee will indemnify and hold harmless the
                    relevant Indemnified Party only to the extent of the sum
                    that the Security Trustee recovers from the accounting firm
                    providing such accountant's letter; provided, further, that
                    the Security Trustee will not indemnify or hold harmless the
                    relevant Indemnified Party to the extent that the untrue
                    statement of a material fact contained in the Security
                    Trustee Information relates to information provided to the
                    Security Trustee by the relevant Indemnified Party to enable
                    such party to complete its duties under the Transaction
                    Documents; or

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               (B)  the omission or alleged omission to state in the Security
                    Trustee Information a material fact required to be stated in
                    the Security Trustee Information or necessary in order to
                    make the statements therein, in the light of the
                    circumstances under which they were made, not misleading;
                    provided, by way of clarification, that clause (B) of this
                    paragraph shall be construed solely by reference to the
                    Security Trustee Information and not to any other
                    information communicated in connection with a sale or
                    purchase of securities, without regard to whether the
                    Security Trustee Information or any portion thereof is
                    presented together with or separately from such other
                    information provided, further that in the case of the
                    omission to state in an accountant's letter a material fact
                    required to be stated in the accountant's letter or
                    necessary in order to make the statements therein, in the
                    light of the circumstances under which they were made, not
                    misleading, the Security Trustee will indemnify and hold
                    harmless the relevant Indemnified Party only to the extent
                    of the sum that the Security Trustee recovers from the
                    accounting firm providing such accountant's letter;
                    provided, further, that the Security Trustee will not
                    indemnify or hold harmless the relevant Indemnified Party to
                    the extent that the omission to state in the Security
                    Trustee Information a material fact required to be stated in
                    the Security Trustee Information or necessary in order to
                    make the statements therein, in light of the circumstances
                    under which they were made, not misleading, relates to
                    information provided to the Security Trustee by the relevant
                    Indemnified Party to enable such party to complete its
                    duties under the Transaction Documents; or

          (ii)  any failure by the Security Trustee, to deliver any information,
                certification or accountants' letter when and as required under
                this clause 49;

          In the case of any failure of performance described in sub-paragraph
          (a)(ii) of this clause 49.5, the Security Trustee shall promptly
          reimburse the relevant Indemnified Party for all costs reasonably
          incurred by it in order to obtain the information, certification or
          accountants' letter not delivered as required by the Security Trustee.

     (b)  (i)   Subject to (b)(ii) below any failure by the Security Trustee to
                deliver any information, certification or accountants' letter
                when and as required under this clause 49, shall, except as
                provided in sub-paragraph (a), entitle the Manager, in its sole
                discretion to terminate the appointment of the Security Trustee
                under this Security Trust Deed and/or any other applicable
                Transaction Document without payment (notwithstanding anything
                in this Security Trust Deed or any other applicable Transaction
                Document to the contrary) of any compensation to the Security
                Trustee without prejudice to any fees, costs or expenses
                incurred prior to the date of such termination; provided that to
                the extent that any provision of this Security Trust Deed and/or
                any other applicable Transaction Document expressly provides for
                the survival of certain rights or obligations following
                termination of the Security Trustee, such provision shall be
                given effect.

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          (ii)  Any failure by the Security Trustee to deliver any information,
                report, certification or accountants' letter when and as
                required under clause 49.3, which continues unremedied for ten
                calendar days after the date on which such information, report,
                certification or accountants' letter was required to be
                delivered shall constitute a breach with respect to the Security
                Trustee under this Security Trust Deed and any other applicable
                Transaction Document, and shall entitle the Manager, in its sole
                discretion, to terminate the rights and obligations of the
                Security Trustee, under this Security Trust Deed and/or any
                other applicable Transaction Document without payment
                (notwithstanding anything in any of the foregoing documents to
                the contrary) of any compensation to the Security Trustee;
                provided that to the extent that any provision of any of the
                foregoing documents expressly provides for the survival of
                certain rights or obligations following termination of the
                Security Trustee, such provision shall be given effect.

          (iii) The Security Trustee shall promptly reimburse the Manager for
                all reasonable expenses incurred by the Manager, as such are
                incurred, in connection with the removal of the Security
                Trustee, and the appointment of a successor Security Trustee.
                The provisions of this paragraph shall not limit whatever rights
                the Manager may have under other provisions of this Security
                Trust Deed and/or any other applicable Transaction Document or
                otherwise, whether in equity or at law, such as an action for
                damages, specific performance or injunctive relief.

50.  ANTI-MONEY LAUNDERING

     (a)  Subject to paragraph (b), each party (the PROVIDER) must, on the
          request of any other party (the RECIPIENT), provide the Recipient with
          any information or document in the Provider's possession or otherwise
          readily available to the Provider, where such information or document
          is required by the Recipient to comply with any applicable anti-money
          laundering or counter-terrorism financing laws including any such laws
          requiring the Recipient to carry out "know your customer" or other
          identification checks or procedures (RELEVANT LAWS).

     (b)  The Provider's obligations under paragraph (a) are subject to any
          confidentiality, privacy or other obligations imposed by law on the
          Provider in relation to the requested information or document, except
          to the extent overridden by the Relevant Laws.

     (c)  Each party must comply with any Relevant Laws applicable to it, to the
          extent required to comply with its obligations under the Transaction
          Documents. Any party may decline to perform any obligation under the
          Transaction Documents to the extent it forms the view, in its
          reasonable opinion, that notwithstanding that it has taken all action
          to comply with any applicable Relevant Laws, it is required by
          Relevant Laws to decline to perform any such obligation.

     (d)  To the maximum extent permitted by law, each party and each Mortgagee
          (as defined in the Security Trust Deed) releases, to the extent that
          it is able, each other party from any confidentiality, privacy or
          general law obligations that such other party would otherwise owe and
          which would otherwise prevent such other party from providing any
          information or documents requested in accordance with this clause or
          any similar clause in any other

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          Transaction Document, to the extent necessary to allow such other
          party to provide such information or documents and solely for the
          purpose of providing such information or documents.

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EXECUTED as a deed.

Each attorney executing this deed thereby states that he has no notice of
alteration to, or revocation or suspension of, his power of attorney.

CHARGOR

SIGNED SEALED and DELIVERED          )
for                                  )
PERPETUAL TRUSTEES CONSOLIDATED      )
LIMITED by its attorney under power  )
of attorney in the presence of:      )
                                     )  /s/ Andrea Ruver -- /s/ Nora McDonnell
                                        ----------------------------------------
                                        Signature

                                        Andrea Ruver (Manager)-- Nora McDonnell
/s/ Diana Browne                        (Assistant Manager)
-------------------------------------   ----------------------------------------
Witness Signature                       Print name

Diana Browne
-------------------------------------
Print name

SECURITY TRUSTEE

SIGNED SEALED and DELIVERED          )
For                                  )
P.T. LIMITED                         )
by its attorney under power of       )
attorney in the presence of:         )
                                     )  /s/ Andrea Ruver -- /s/ Nora McDonnell
                                        ----------------------------------------
                                        Attorney Signature

                                        Andrea Ruver (Manager)-- Nora McDonnell
/s/ Diana Browne                        (Assistant Manager)
-------------------------------------   ----------------------------------------
Witness Signature                       Print name

Diana Browne
-------------------------------------
Print name

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MANAGER

SIGNED SEALED and DELIVERED          )
for                                  )
CRUSADE MANAGEMENT LIMITED           )
by its attorney under power of       )
attorney in the presence of:         )
                                     )  /s/ Nicolette Andrews
                                        ----------------------------------------
                                        Attorney Signature

/s/ Diana Browne                        Nicolette Andrews
-------------------------------------   ----------------------------------------
Witness Signature                       Print name

Diana Browne
-------------------------------------
Print name

NOTE TRUSTEE

EXECUTED for and on behalf of
DEUTSCHE BANK TRUST COMPANY AMERICAS by:

/s/ Jennifer Hermansader
---------------------------------------
Authorised Signatory

Jennifer Hermansader (Associate)
---------------------------------------
Print name

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SCHEDULE 1

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

The assessment of compliance to be delivered by [St.George Bank Limited]
[Perpetual Trustees Consolidated Limited] [Crusade Management Limited] [Deutsche
Bank Trust Company Americas (in its various capacities] [St.George Custodial Pty
Limited] [Currency Swap Provider] [Name of Subservicer] [Name of Subcontractor]
[Name of any Other Party Responsible For Servicing Function] shall address, at a
minimum, the criteria identified below as "Applicable Servicing Criteria":

                                                                                      APPLICABLE SERVICING
                                     SERVICING CRITERIA                                     CRITERIA
----------------------------------------------------------------------------------------------------------
   REFERENCE                                   CRITERIA
----------------------------------------------------------------------------------------------------------

                                       GENERAL SERVICING CONSIDERATIONS

1122(d)(1)(i)      Policies and procedures are instituted to monitor any
                   performance or other triggers and events of default in
                   accordance with the transaction agreements.

1122(d)(1)(ii)     If any material servicing activities are outsourced to third
                   parties, policies and procedures are instituted to monitor the
                   third party's performance and compliance with such servicing
                   activities.

1122(d)(1)(iii)    Any requirements in the transaction agreements to maintain a
                   back-up servicer for the pool assets are maintained.

1122(d)(1)(iv)     A fidelity bond and errors and omissions policy is in effect on
                   the party participating in the servicing function throughout the
                   reporting period in the amount of coverage required by and
                   otherwise in accordance with the terms of the transaction
                   agreements.

                                  CASH COLLECTION AND ADMINISTRATION

1122(d)(2)(i)      Payments on pool assets are deposited into the appropriate
                   custodial bank accounts and related bank clearing accounts no
                   more than two business days following receipt, or such other
                   number of days specified in the transaction agreements.

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                                                                                      APPLICABLE SERVICING
                                     SERVICING CRITERIA                                     CRITERIA
----------------------------------------------------------------------------------------------------------
   REFERENCE                                   CRITERIA
----------------------------------------------------------------------------------------------------------

1122(d)(2)(ii)     Disbursements made via wire transfer on behalf of an obligor or
                   to an investor are made only by authorized personnel.

1122(d)(2)(iii)    Advances of funds or guarantees regarding collections, cash
                   flows or distributions, and any interest or other fees charged
                   for such advances, are made, reviewed and approved as specified
                   in the transaction agreements.

1122(d)(2)(iv)     The related accounts for the transaction, such as cash reserve
                   accounts or accounts established as a form of
                   overcollateralisation, are separately maintained (e.g., with
                   respect to commingling of cash) as set forth in the transaction
                   agreements.

1122(d)(2)(v)      Each custodial account is maintained at a federally insured
                   depository institution as set forth in the transaction
                   agreements. For purposes of this criterion, "federally insured
                   depository institution" with respect to a foreign financial
                   institution means a foreign financial institution that meets the
                   requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.

1122(d)(2)(vi)     Unissued checks are safeguarded so as to prevent unauthorised
                   access.

1122(d)(2)(vii)    Reconciliations are prepared on a monthly basis for all
                   asset-backed securities related bank accounts, including
                   custodial accounts and related bank clearing accounts. These
                   reconciliations (A) are mathematically accurate; (B) are
                   prepared within 30 calendar days after the bank statement cutoff
                   date, or such other number of days specified in the transaction
                   agreements; (C) are reviewed and approved by someone other than
                   the person who prepared the reconciliation; and (D) contain
                   explanations for reconciling items. These reconciling items are
                   resolved within 90 calendar days of their original
                   identification, or such other number of days specified in the
                   transaction agreements.

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                                                                                      APPLICABLE SERVICING
                                     SERVICING CRITERIA                                     CRITERIA
----------------------------------------------------------------------------------------------------------
   REFERENCE                                   CRITERIA
----------------------------------------------------------------------------------------------------------

                                  INVESTOR REMITTANCES AND REPORTING

1122(d)(3)(i)      Reports to investors, including those to be filed with the
                   Commission, are maintained in accordance with the transaction
                   agreements and applicable Commission requirements.
                   Specifically, such reports (A) are prepared in accordance with
                   timeframes and other terms set forth in the transaction
                   agreements; (B) provide information calculated in accordance
                   with the terms specified in the transaction agreements; (C) are
                   filed with the Commission as required by its rules and
                   regulations; and (D) agree with investors' or the trustee's
                   records as to the total unpaid principal balance and number of
                   pool assets serviced by the Servicer.

1122(d)(3)(ii)     Amounts due to investors are allocated and remitted in
                   accordance with timeframes, distribution priority and other
                   terms set forth in the transaction agreements.

1122(d)(3)(iii)    Disbursements made to an investor are posted within two business
                   days to the Servicer's investor records, or such other number of
                   days specified in the transaction agreements.

1122(d)(3)(iv)     Amounts remitted to investors per the investor reports agree
                   with cancelled checks, or other form of payment, or custodial
                   bank statements.

                                      POOL ASSET ADMINISTRATION

1122(d)(4)(i)      Collateral or security on pool assets is maintained as required
                   by the transaction agreements or related pool asset documents.

1122(d)(4)(ii)     Pool asset and related documents are safeguarded as required by
                   the transaction agreements

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                                                                                      APPLICABLE SERVICING
                                     SERVICING CRITERIA                                     CRITERIA
----------------------------------------------------------------------------------------------------------
   REFERENCE                                   CRITERIA
----------------------------------------------------------------------------------------------------------

1122(d)(4)(iii)    Any additions, removals or substitutions to the asset pool are
                   made, reviewed and approved in accordance with any conditions or
                   requirements in the transaction agreements.

1122(d)(4)(iv)     Payments on pool assets, including any payoffs, made in
                   accordance with the related pool asset documents are posted to
                   the applicable servicer's obligor records maintained no more
                   than two business days after receipt, or such other number of
                   days specified in the transaction agreements, and allocated to
                   principal, interest or other items (e.g., escrow) in accordance
                   with the related pool asset documents.

1122(d)(4)(v)      The servicer's records regarding the pool assets agree with the
                   servicer's records with respect to an obligor's unpaid principal
                   balance.

1122(d)(4)(vi)     Changes with respect to the terms or status of an obligor's pool
                   assets (e.g., loan modifications or re-agings) are made,
                   reviewed and approved by authorised personnel in accordance with
                   the transaction agreements and related pool asset documents.

1122(d)(4)(vii)    Loss mitigation or recovery actions (e.g., forbearance plans,
                   modifications and deeds in lieu of foreclosure, foreclosures and
                   repossessions, as applicable) are initiated, conducted and
                   concluded in accordance with the timeframes or other
                   requirements established by the transaction agreements.

1122(d)(4)(viii)   Records documenting collection efforts are maintained during the
                   period a pool asset is delinquent in accordance with the
                   transaction agreements. Such records are maintained on at least
                   a monthly basis, or such other period specified in the
                   transaction agreements, and describe the entity's activities in
                   monitoring delinquent pool assets including, for example, phone
                   calls, letters and payment rescheduling plans in cases where
                   delinquency is deemed temporary (e.g., illness or unemployment).

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                                                                                      APPLICABLE SERVICING
                                     SERVICING CRITERIA                                     CRITERIA
----------------------------------------------------------------------------------------------------------
   REFERENCE                                   CRITERIA
----------------------------------------------------------------------------------------------------------

1122(d)(4)(ix)     Adjustments to interest rates or rates of return for pool assets
                   with variable rates are computed based on the related pool asset
                   documents.

1122(d)(4)(x)      Regarding any funds held in trust for an obligor (such as escrow
                   accounts): (A) such funds are analyzed, in accordance with the
                   obligor's pool asset documents, on at least an annual basis, or
                   such other period specified in the transaction agreements; (B)
                   interest on such funds is paid, or credited, to obligors in
                   accordance with applicable pool asset documents and state laws;
                   and (C) such funds are returned to the obligor within 30
                   calendar days of full repayment of the related pool asset, or
                   such other number of days specified in the transaction
                   agreements.

1122(d)(4)(xi)     Payments made on behalf of an obligor (such as tax or insurance
                   payments) are made on or before the related penalty or
                   expiration dates, as indicated on the appropriate bills or
                   notices for such payments, provided that such support has been
                   received by the servicer at least 30 calendar days prior to
                   these dates, or such other number of days specified in the
                   transaction agreements.

1122(d)(4)(xii)    Any late payment penalties in connection with any payment to be
                   made on behalf of an obligor are paid from the servicer's funds
                   and not charged to the obligor, unless the late payment was due
                   to the obligor's error or omission.

1122(d)(4)(xiii)   Disbursements made on behalf of an obligor are posted within two
                   business days to the obligor's records maintained by the
                   servicer, or such other number of days specified in the
                   transaction agreements.

1122(d)(4)(xiv)    Delinquencies, charge-offs and uncollectable accounts are
                   recognized and recorded in accordance with the transaction
                   agreements.

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                                                                                      APPLICABLE SERVICING
                                     SERVICING CRITERIA                                     CRITERIA
----------------------------------------------------------------------------------------------------------
   REFERENCE                                   CRITERIA
----------------------------------------------------------------------------------------------------------

1122(d)(4)(xv)     Any external enhancement or other support, identified in Item
                   1114(a)(1) through (3) or Item 1115 of Regulation AB, is
                   maintained as set forth in the transaction agreements.

                               FORM OF CERTIFICATE

[*] (the ASSERTING PARTY) is responsible for assessing compliance as of
September 30, 200[*] and for the period from March [*], 2007 (the date of
issuance of the Crusade Global Trust No. 1 of 2007 transaction subject to the
requirements of Regulation AB) through September 30, 20[*] (the REPORTING
PERIOD) with the servicing criteria set forth in Section 229.1122(d) of the Code
of Federal Regulations (the CFR), except for criteria 229.1122(d) [insert
section numbers in 229.1122(d) that are not applicable to the Asserting Party]
in the CFR, which the Asserting Party has concluded are not applicable to the
servicing activities it performs with respect to the asset-backed securities
transactions covered by this report (the APPLICABLE SERVICING CRITERIA). The
transactions covered by this report include asset-backed securities transactions
for which the Asserting Party served as [*] that are backed by the same asset
type backing the class of asset-backed securities of the Crusade Global Trust
No. 1 of 2007 (including the Crusade Global Trust No. 1 of 2007 asset-backed
securities transaction), that were completed on or after January 1, 2006 by
Crusade Management Limited as depositor and that were registered with the SEC
pursuant to the Securities Act of 1933 (the PLATFORM).

The Asserting Party has assessed its compliance with the Applicable Servicing
Criteria as of September 30, 20[*] and for the Reporting Period and has
concluded that the Asserting Party has complied, in all material respects, with
the Applicable Servicing Criteria with respect to the Platform taken as a whole.

[*], an independent registered public accounting firm, has issued an attestation
report on the assessment of compliance with the Applicable Servicing Criteria as
of September 30, 200[*] and for the Reporting Period as set forth in this
assessment.

[NAME OF ASSERTING PARTY]

Date:

By:
    --------------------------------
Name:

Title:

                                                                         Page 69Note Trust Deed

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                            DEUTSCHE BANK TRUST COMPANY AMERICAS
                                                                  (Note Trustee)

                                            DEUTSCHE BANK TRUST COMPANY AMERICAS
                                    (Principal Paying Agent and US Paying Agent)

                                                 DEUTSCHE BANK AG, LONDON BRANCH
                                                             (Euro Paying Agent)

                                            DEUTSCHE BANK TRUST COMPANY AMERICAS
                                                             (Calculation Agent)

                                                                    P.T. LIMITED
                                                              (Security Trustee)

                                              Crusade Global Trust No. 1 of 2007

                                                          Allens Arthur Robinson
                                                             Deutsche Bank Place
                                               Corner Hunter and Phillip Streets
                                                                 Sydney NSW 2000
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333
                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2007

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

CROSS REFERENCE TABLE(1)

TRUST INDENTURE ACT SECTION   CLAUSE
---------------------------   -------------
310   (a)(1)                  23.6
      (a)(2)                  23.6(b)
      (a)(3)                  23.6
      (a)(4)                  22.2(b)
      (a)(5)                  NA(2)
      (b)                     23.6
      (c)                     NA

311   (a)                     13.1
      (b)                     13.1
      (c)                     NA

312   (a)                     35.1, 35.2(a)
      (b)                     35.2(b)
      (c)                     35.2(c)

313   (a)                     35.3
      (b)(1)                  35.3
      (b)(2)                  NA
      (c)                     35.4
      (d)                     35.3

314   (a)(1)                  35.5
      (a)(2)                  35.5
      (a)(3)                  35.5
      (a)(4)                  11(j)
      (b)                     11(l)
      (c)                     36.1(a)
      (d)                     36.1(b)
      (e)                     36.1(c)
      (f)                     36.1(a)

315   (a)                     13.2(b)
      (b)                     13.4
      (c)                     13.2(a)
      (d)                     13.2(c), (d)
      (e)                     36.2

316   (a)(1)                  36.3
      (a)(2)                  37.2(b)
      (b)                     36.4, 37.2(a)

317   (a)(1)                  6.1
      (a)(2)                  NA
      (b)                     2.5

                                                                        Page (i)

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318   (a)                     36.5

NOTES:

1.   This Cross Reference Table shall not, for any purpose, be deemed to be part
     of this deed.

2.   NA means not applicable.

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TABLE OF CONTENTS

1.    DEFINITIONS AND INTERPRETATION                                           2
      1.1     Definitions and Interpretation                                   2
      1.2     Definitions in Master Trust Deed, Supplementary Terms Notice
              and Conditions                                                   4
      1.3     Incorporation by reference                                       5
      1.4     Interpretation                                                   5
      1.5     Determination, statement and certificate sufficient evidence     5
      1.6     Document or agreement                                            5
      1.7     Transaction Document                                             6
      1.8     Trustee as trustee                                               6
      1.9     Knowledge of Trustee                                             6
      1.10    Knowledge of the Note Trustee                                    6
      1.11    Appointment of the Note Trustee                                  6
      1.12    Obligations of the Trustee                                       6
      1.13    Opinion of Counsel                                               7

2.    PAYMENTS ON NOTES                                                        7
      2.1     Principal amount                                                 7
      2.2     Covenant to repay                                                7
      2.3     Deemed payment                                                   8
      2.4     Following Event of Default                                       8
      2.5     Requirements for Paying Agents                                   9
      2.6     Certification                                                    9

3.    FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES                         9
      3.1     Issue of Book-Entry Notes                                        9
      3.2     Form of Book-Entry Notes                                        10
      3.3     Definitive Class A-1 Notes                                      11
      3.4     Definitive Class A-2 Notes                                      12
      3.5     Notice of Exchange Events                                       13
      3.6     Stamp and Other Taxes                                           14
      3.7     Indemnity for non-issue                                         14
      3.8     Note Registers and Note Registrars                              14
      3.9     Transfer and Exchange of Book Entry Notes                       15
      3.10    Restrictions on Transfer and Exchange of Book Entry Notes       15

4.    COVENANT OF COMPLIANCE                                                  16

5.    CANCELLATION OF OFFSHORE NOTES                                          16
      5.1     Cancellation of Offshore Notes                                  16
      5.2     Records                                                         16

6.    ENFORCEMENT                                                             17
      6.1     Actions following Event of Default                              17
      6.2     Evidence of default                                             17
      6.3     Overdue interest                                                17
      6.4     Restrictions on enforcement                                     17
      6.5     Action by Offshore Noteholders                                  18

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7.    PROCEEDINGS                                                             18
      7.1     Acting only on direction                                        18
      7.2     Security Trustee acting                                         19
      7.3     Note Trustee alone entitled to act                              19
      7.4     Available amounts                                               19
      7.5     No liability                                                    20

8.    NOTICE OF PAYMENT                                                       20

9.    INVESTMENT BY NOTE TRUSTEE                                              20

10.   PARTIAL PAYMENTS                                                        20

11.   COVENANTS BY THE TRUSTEE AND MANAGER                                    21

12.   REMUNERATION OF NOTE TRUSTEE                                            24
      12.1    Fee                                                             24
      12.2    Additional Remuneration                                         24
      12.3    Costs, expenses                                                 25
      12.4    Overdue rate                                                    25
      12.5    Continuing obligation                                           25

13.   NOTE TRUSTEE                                                            25
      13.1    Preferential Collection of Claims Against Trustee               25
      13.2    Duties of Note Trustee                                          26
      13.3    Rights and limited responsibilities of Note Trustee             26
      13.4    Notice of Defaults                                              34

14.   NOTE TRUSTEE'S LIABILITY                                                34

15.   DELEGATION BY NOTE TRUSTEE                                              34

16.   EMPLOYMENT OF AGENT BY NOTE TRUSTEE                                     35

17.   NOTE TRUSTEE CONTRACTING WITH TRUSTEE                                   35

18.   WAIVER                                                                  35

19.   AMENDMENT                                                               36
      19.1    Approval                                                        36
      19.2    Extraordinary Resolution of Offshore Noteholders                37
      19.3    Distribution of amendments                                      37
      19.4    Amendments binding                                              37
      19.5    Conformity with TIA                                             37

20.   OFFSHORE NOTEHOLDERS                                                    37
      20.1    Absolute Owner                                                  37
      20.2    Clearing Agency Certificate                                     39

21.   CURRENCY INDEMNITY                                                      39

22.   NEW NOTE TRUSTEES                                                       40
      22.1    Appointment by Trustee                                          40
      22.2    Appointment by Note Trustee                                     40
      22.3    Notice                                                          41

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23.   NOTE TRUSTEE'S RETIREMENT AND REMOVAL                                   41
      23.1    Removal by Trustee                                              41
      23.2    Removal by Offshore Noteholders                                 41
      23.3    Resignation                                                     42
      23.4    Trust Corporation                                               42
      23.5    Successor to Note Trustee                                       42
      23.6    Eligibility; Disqualification                                   43

24.   NOTE TRUSTEE'S POWERS ADDITIONAL                                        43

25.   SEVERABILITY OF PROVISIONS                                              43

26.   NOTICES                                                                 43
      26.1    General                                                         43
      26.2    Details                                                         44

27.   GOVERNING LAW AND JURISDICTION                                          46

28.   COUNTERPARTS                                                            46

29.   LIMITED RECOURSE                                                        46
      29.1    General                                                         46
      29.2    Liability of Trustee limited to its right to indemnity          46
      29.3    Unrestricted remedies                                           47
      29.4    Restricted remedies                                             48

30.   SUCCESSOR TRUSTEE                                                       48

31.   REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE                        48

32.   NO LIABILITY                                                            48

33.   INFORMATION MEMORANDUM                                                  49

34.   NOTE TRUSTEE'S LIMITED LIABILITY                                        49
      34.1    Reliance on certificate                                         49
      34.2    Note Trustee's reliance on Manager, Security Trustee,
              Trustee or Servicer                                             50
      34.3    Compliance with laws                                            50
      34.4    Reliance on experts                                             50
      34.5    Oversights of others                                            50
      34.6    Powers, authorities and discretions                             51
      34.7    Impossibility or impracticability                               51
      34.8    Legal and other proceedings                                     51
      34.9    No liability except for negligence etc.                         52
      34.10   Further limitations on Note Trustee's liability                 52
      34.11   Conflicts                                                       53
      34.12   Information                                                     54
      34.13   Investigation by Note Trustee                                   54

35.   NOTEHOLDERS' LISTS AND REPORTS                                          54
      35.1    Provision of information                                        54
      35.2    Preservation of Information; Communications to Noteholders      55
      35.3    Reports by Note Trustee                                         55
      35.4    Notices to Offshore Noteholders; Waiver                         55

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      35.5    Reports by Trustee                                              56

36.   TRUST INDENTURE ACT - MISCELLANEOUS                                     56
      36.1    Compliance Certificates and Opinions, etc                       56
      36.2    Undertaking for Costs                                           57
      36.3    Exclusion of section 316                                        58
      36.4    Unconditional Rights of Offshore Noteholders to Receive
              Principal and Interest                                          58
      36.5    Conflict with Trust Indenture Act                               58

37.   CONSENT OF OFFSHORE NOTEHOLDERS                                         59
      37.1    General                                                         59
      37.2    Special Written Approvals                                       59
      37.3    Requirement for writing                                         60
      37.4    No conflict between actions of Offshore Noteholders             60

38.   DOCUMENTS                                                               61

39.   KNOW YOUR CUSTOMER                                                      61

40.   ANTI-MONEY LAUNDERING                                                   61

SCHEDULE 1                                                                    65
      Form of Class A-1 Book-Entry Note                                       65
      Assignment                                                              69

SCHEDULE 2                                                                    70
      Terms and Conditions of the Class A-1 Notes                             70

SCHEDULE 3                                                                    94
      Form of Class A-2 Book-Entry Note                                       94
      Assignment                                                              98

SCHEDULE 4                                                                    99
      Terms and Conditions of the Class A-2 Notes                             99

SCHEDULE 5                                                                   124
      Information to be contained in Noteholder's Report                     124

                                                                       Page (iv)

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DATE 13 March 2007

PARTIES

     1.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)
          incorporated in Australia and registered in Victoria of Level 12 Angel
          Place, 123 Pitt Street, Sydney, New South Wales 2000 in its capacity
          as trustee of the Crusade Global Trust No. 1 of 2007 (the TRUSTEE);

     2.   CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in
          Australia and registered in New South Wales of 4-16 Montgomery Street,
          Kogarah, New South Wales 2217 as Manager of the Crusade Global Trust
          No. 1 of 2007 (the MANAGER);

     3.   DEUTSCHE BANK TRUST COMPANY AMERICAS acting through its office at 1761
          E. St. Andrew Place, Santa Ana, California, 92705 USA (the NOTE
          TRUSTEE, which expression shall, wherever the context requires,
          include any other person or company for the time being a trustee under
          this deed or trustees of this deed);

     4.   DEUTSCHE BANK TRUST COMPANY AMERICAS acting through its office at 1761
          E. St. Andrew Place, Santa Ana, California, 92705 USA as principal
          paying agent (the PRINCIPAL PAYING AGENT, which expression shall
          wherever the context requires, include any successor principal paying
          agent from time to time appointed under the Agency Agreement) and
          acting through that office as US paying agent (the US PAYING AGENT,
          which expression shall wherever the context requires, include any
          successor US paying agent from time to time appointed under the Agency
          Agreement);

     5.   DEUTSCHE BANK AG, LONDON BRANCH acting through its office at
          Winchester House, 1 Great Winchester Street, London EC2N 2DB, England,
          United Kingdom (the EURO PAYING AGENT, which expression shall wherever
          the context requires, include any successor Euro paying agent from
          time to time appointed under the Agency Agreement);

     6.   DEUTSCHE BANK TRUST COMPANY AMERICAS acting through its office at 1761
          E. St. Andrew Place, Santa Ana, California, 92705 USA (the CALCULATION
          AGENT, which expression shall wherever the context requires, include
          any successor calculation agent from time to time appointed under the
          Agency Agreement); and

     7.   P.T. LIMITED (ABN 67 004 454 666) incorporated in Australia and
          registered in Victoria of Level 12 Angel Place, 123 Pitt Street,
          Sydney, NSW 2000 in its capacity as security trustee (the SECURITY
          TRUSTEE)

RECITALS

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     A    The Trustee has resolved at the direction of the Manager to issue
          US$1,450,000,000 of Class A-1 Notes due April 2038 (the CLASS A-1
          NOTES), (euro)600,000,000 of Class A-2 Notes due April 2038 (the CLASS
          A-2 NOTES and together with the Class A-1 Notes, the OFFSHORE NOTES),
          A$700,000,000 of Class A-3 Notes due April 2038, $A64,600,000 of Class
          B Notes due April 2038 and $A29,500,000 of Class C Notes due April
          2038 (together those A$ denominated Notes being the A$ NOTES). The
          Offshore Notes are to be constituted and secured in the manner
          provided in this deed and the other Transaction Documents.

     B    The Note Trustee has agreed to act as trustee for the Offshore
          Noteholders under this deed.

IT IS AGREED as follows.

1.   DEFINITIONS AND INTERPRETATION

1.1  DEFINITIONS AND INTERPRETATION

     The following definitions apply unless the context requires otherwise.

     CLASS A NOTE OWNER means a Class A-1 Note Owner or a Class A-2 Note Owner
     (as applicable).

     CLASS A-1 NOTE OWNER means, with respect to a Class A-1 Book-Entry Note,
     the person who is the beneficial owner of such Class A-1 Book-Entry Note,
     as reflected on the books of the Clearing Agency, or on the books of the
     person maintaining an account with such Clearing Agency (directly as
     Clearing Agency Participant or as an indirect participant) in each case in
     accordance with the rules of such Clearing Agency.

     CLASS A-2 NOTE OWNER means, with respect to a Class A-2 Book-Entry Note,
     the person who is the beneficial owner of such Class A-2 Book-Entry Note,
     as reflected on the books of the Clearing Agency, or on the books of the
     person maintaining an account with such Clearing Agency (directly as
     Clearing Agency Participant or as an indirect participant) in each case in
     accordance with the rules of such Clearing Agency.

     CLEARING AGENCY PARTICIPANT means a broker, dealer, bank, other financial
     institution or other person for whom from time to time a Clearing Agency
     effects book-entry transfers and pledges of securities deposited with the
     Clearing Agency.

     CORPORATE TRUST OFFICE means the office of the Note Trustee at which at any
     particular time its corporate trust business is administered, which at the
     date of the execution of this deed is 1761 E. St. Andrew Place, Santa Ana,
     California, 92705, or at such other address as the Note Trustee may
     designate by notice to the Manager, the Offshore Noteholders and the
     Trustee or the principal corporate trust office of any successor Note
     Trustee.

     EVENT OF DEFAULT means, in respect of an Offshore Note, any of the events
     described in the relevant Condition 9.

     EXCHANGE ACT means the United States Securities Exchange Act of 1934, as
     amended.

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     EXTRAORDINARY RESOLUTION has the meaning given in clause 19.2.

     INDEPENDENT means, in relation to a person, that the person:

     (a)  is independent of the Trustee, the Manager, the Servicer, any Approved
          Seller and any of their Associates;

     (b)  does not have any direct financial interest or any material indirect
          financial interest (other than less than 5% of the outstanding amount
          of any publicly traded security) in any person referred to in
          paragraph (a); and

     (c)  is not an officer, employee, promoter, underwriter, trustee, partner,
          director or person performing similar functions of any person referred
          to in paragraph (a).

     INDEPENDENT CERTIFICATE means, in relation to any person, a certificate or
     opinion from that person where that person must be Independent, which
     opinion or certificate states that the signer has read the definition of
     INDEPENDENT in this deed and that the signer is Independent within the
     meaning of that definition.

     NOTE DEPOSITORY AGREEMENT means the agreement among the Trustee, the
     Principal Paying Agent and The Depository Trust Company, as the initial
     Clearing Agency, dated as of the Closing Date, relating to the Class A-1
     Notes, as the same may be amended or supplemented from time to time.

     NOTEHOLDERS REPORT means the report to be delivered by the Manager, on
     behalf of the Trustee, in accordance with clause 11(m)(i) containing the
     information set out in Schedule 5.

     OFFICER'S CERTIFICATE means a certificate signed by any Authorised
     Signatory of the Trustee or the Manager on behalf of the Trustee, under the
     circumstances described in, and otherwise complying with, the applicable
     requirements of section 314 of the TIA.

     OPINION OF COUNSEL means one or more written opinions of legal counsel who
     may, except as otherwise expressly provided in this deed, be employees of
     or counsel to the Trustee or the Manager on behalf of the Trustee and who
     shall be satisfactory to the Trustee or the Note Trustee, as applicable,
     and which opinion or opinions shall be addressed to the Trustee or the Note
     Trustee, as applicable, and shall be in form and substance satisfactory to
     the Trustee and the Note Trustee, as applicable.

     PAYING AGENT means any institution appointed as a Paying Agent by the
     Trustee under the Agency Agreement.

     RESPONSIBLE OFFICER means, with respect to the Note Trustee, any of its
     officers, including any Vice President, Assistant Vice President, director,
     managing director, associate or any other of its officers customarily
     performing functions similar to those performed by any of them and, with
     respect to a particular matter, any other officer in the Corporate Trust
     Department to whom such matter is referred because of such officer's
     knowledge of, and familiarity with, the particular subject.

     STATUTE means legislation now or hereafter in force of the Parliament of
     the Commonwealth of Australia or of any State or Territory thereof or of
     any legislative body of any other country or political subdivision thereof
     and any rule, regulation, ordinance, by-law, statutory instrument, order or
     notice now or hereafter made under such legislation.

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     SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice dated on or
     about the date of this deed between the Trustee, the Manager, the Note
     Trustee, the Security Trustee, St.George and the Custodian.

     TIA means the United States Trust Indenture Act of 1939, as amended.

     TRUST ACCOUNT means the Collection Account, the US$ Account, the Euro
     Account or any other account maintained by or on behalf of the Trustee in
     relation to the Trust.

     TRUST CORPORATION means:

     (a)  a corporation with the power and authority to act as a trustee in
          relation to the Note Trust at law or pursuant to legislation
          applicable to trustees in any relevant jurisdiction; and

     (b)  any person eligible for appointment as a trustee under an indenture to
          be qualified pursuant to the TIA, as set forth in Section 310 of the
          TIA,

     which shall include Deutsche Bank Trust Company Americas for so long as it
     complies with such legislation.

1.2  DEFINITIONS IN MASTER TRUST DEED, SUPPLEMENTARY TERMS NOTICE AND CONDITIONS

     (a)  Words and expressions which are defined in the Master Trust Deed (as
          amended by the Supplementary Terms Notice), the Supplementary Terms
          Notice and the relevant Conditions (including in each case by
          reference to another agreement) have the same meanings when used in
          this deed unless the context otherwise requires or unless otherwise
          defined in this deed.

     (b)  If a definition in any of the documents in paragraph (a) above is
          inconsistent with any of the other documents in paragraph (a), the
          definitions will prevail in the following order:

          (i)   definitions in this deed;

          (ii)  definitions in the Supplementary Terms Notice;

          (iii) definitions in the Master Trust Deed;

          (iv)  definitions in the relevant Conditions.

     (c)  No change to the Master Trust Deed or any other document (including
          the order of payment set out in the Supplementary Terms Notice) after
          the date of this deed will change the meaning of terms used in this
          deed or adversely affect the rights of the Note Trustee or any
          Offshore Noteholder under this deed unless the Note Trustee (or the
          relevant Offshore Noteholders acting under clause 6.5, as the case may
          be) has agreed in writing to the changes under this deed.

1.3  INCORPORATION BY REFERENCE

     Where this deed refers to a provision of the TIA, the provision is
     incorporated by reference in and made part of this deed. The following
     terms used in the TIA have the following meaning in this deed.

     INDENTURE SECURITIES means the Class A-1 Notes.

     INDENTURE SECURITY HOLDER means a Class A-1 Noteholder.

     INDENTURE TO BE QUALIFIED means the Note Trust Deed.

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     INDENTURE TRUSTEE or INSTITUTIONAL TRUSTEE means the Note Trustee.

     OBLIGOR on the indenture securities means the Trustee.

     Any other term which is used in this deed in respect of a section or
     provision of the TIA and which is defined in the TIA by reference to
     another statute or defined by or in any rule of or issued by the
     Commission, will have the meaning assigned to them by such definitions.

1.4  INTERPRETATION

     Clause 1.2 of the Master Trust Deed applies to this deed as if set out in
     full and:

     (a)  a reference to an ASSET includes any real or personal, present or
          future, tangible or intangible property or asset and any right,
          interest, revenue or benefit in, under or derived from the property or
          asset;

     (b)  an Event of Default SUBSISTS until it has been waived in writing by
          the Note Trustee;

     (c)  a reference to an amount for which a person is CONTINGENTLY LIABLE
          includes an amount which that person may become actually or
          contingently liable to pay if a contingency occurs, whether or not
          that liability will actually arise; and

     (d)  all references to costs or charges or expenses include any GST, value
          added tax or similar tax charged or chargeable in respect of the
          charge or expense.

1.5  DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

     Except where otherwise provided in this deed any determination, statement
     or certificate by the Note Trustee or an Authorised Signatory of the Note
     Trustee provided for in this deed is sufficient evidence of each thing
     determined, stated or certified until proven wrong.

1.6  DOCUMENT OR AGREEMENT

     A reference to:

     (a)  an AGREEMENT includes a Security Interest, guarantee, undertaking,
          deed, agreement or legally enforceable arrangement whether or not in
          writing; and

     (b)  a DOCUMENT includes an agreement (as so defined) in writing or a
          certificate, notice, instrument or document.

     A reference to a specific agreement or document includes it as amended,
     novated, supplemented or replaced from time to time, except to the extent
     prohibited by this deed.

1.7  TRANSACTION DOCUMENT

     This deed is a TRANSACTION DOCUMENT for the purposes of the Master Trust
     Deed.

1.8  TRUSTEE AS TRUSTEE

     In this deed, except where provided to the contrary:

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

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     (b)  a reference to the assets, business, property or undertaking of the
          Trustee is a reference to the assets, business, property or
          undertaking of the Trustee only in the capacity described in paragraph
          (a) above.

1.9  KNOWLEDGE OF TRUSTEE

     In relation to the Trust, the Trustee will only be considered to have
     knowledge or notice of or be aware of any matter or thing if the Trustee
     has knowledge, notice or awareness of that matter or thing by virtue of the
     actual notice or awareness of the officers or employees of the Trustee who
     have day to day responsibility for the administration of the Trust.

1.10 KNOWLEDGE OF THE NOTE TRUSTEE

     In relation to the Trust, the Note Trustee will only be considered to have
     knowledge or notice of or be aware of any matter or thing if the Note
     Trustee has knowledge, notice or awareness of that matter or thing by
     virtue of the actual notice or awareness of the officers or employees of
     the Note Trustee who have day to day responsibility for the administration
     of the Note Trust.

1.11 APPOINTMENT OF THE NOTE TRUSTEE

     The Note Trustee:

     (a)  is appointed to act as trustee on behalf of the Offshore Noteholders
          on the terms and conditions of this deed; and

     (b)  acknowledges and declares that it:

          (i)   holds the sum of US$10.00 received on the date of this deed;

          (ii)  will hold the benefit of the obligations of the Trustee under
                this deed; and

          (iii) will hold the benefit of the covenant in clause 2.2, the
                covenants in clause 11 and all other rights of the Offshore
                Noteholders under the Offshore Notes,

          in each case, on trust for each Offshore Noteholder in accordance with
          the terms and conditions of this deed.

1.12 OBLIGATIONS OF THE TRUSTEE

     (a)  Where the Manager may act on behalf of the Trustee, failing action by
          the Manager in accordance with the relevant clause (including any
          requirement to take such action within a specified time) the reference
          to the Manager acting on behalf of the Trustee shall be construed as a
          reference to the Trustee.

     (b)  Without limiting the Trustee's obligations under paragraph (a), the
          Trustee shall not be liable for any act or omission by the Manager
          where it is acting or fails to act (as the case may be) on behalf of
          the Trustee under this deed.

     (c)  Where the Manager is empowered to act on behalf of the Trustee, the
          Manager undertakes to the Trustee that it will duly and punctually
          perform, on behalf of the Trustee, those obligations imposed on the
          Trustee in accordance with the terms of the relevant clause.

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1.13 OPINION OF COUNSEL

     For the purposes of this deed, the Trustee and the Note Trustee may where
     necessary seek, and rely conclusively on, any Opinion of Counsel on any
     matters relating to or connected with the TIA. Where the Trustee or the
     Note Trustee elects to seek and has sought the Opinion of Counsel it shall
     not be required to take any action under this deed unless and until it has
     received such an Opinion of Counsel. The cost of any such Opinion of
     Counsel will be an Expense of the Trustee in relation to the Trust.

2.   PAYMENTS ON NOTES

2.1  PRINCIPAL AMOUNT

     (a)  The aggregate initial principal amount of the Class A-1 Notes is
          limited to US$1,450,000,000.

     (b)  The aggregate initial principal amount of the Class A-2 Notes is
          limited to (euro)600,000,000.

2.2  COVENANT TO REPAY

     (a)  The Trustee covenants with the Note Trustee that the Trustee will, in
          accordance with the terms of the Offshore Notes (including the
          relevant Conditions) and the Transaction Documents (and subject to the
          terms of the Transaction Documents and the relevant Conditions,
          including clause 29 of this deed and the relevant Condition 6) at the
          direction of the Manager on:

          (i)   the Final Maturity Date; or

          (ii)  each earlier date as the Offshore Notes, or any of them, may
                become repayable (whether in full or in part),

          pay or procure to be paid unconditionally in accordance with this deed
          to or to the order of the Note Trustee:

          (iii) in US$ in the United States for immediate value the principal
                amount of those Class A-1 Notes repayable, or in the case of a
                partial payment of those Class A-1 Notes, the principal amount
                payable, subject to and in accordance with the terms of those
                Class A-1 Notes (including the relevant Conditions); and

          (iv)  in Euros in London for immediate value the principal amount of
                those Class A-2 Notes repayable, or in the case of a partial
                payment of those Class A-2 Notes, the principal amount payable,
                subject to and in accordance with the terms of those Class A-2
                Notes (including the relevant Conditions).

     (b)  Subject to clause 2.3 and to the terms of the Offshore Notes
          (including the relevant Conditions and in particular the relevant
          Condition 6) and the Transaction Documents (including clause 29 of
          this deed), until any payment both before as well as after any
          judgment or other order of a court of competent jurisdiction, the
          Trustee shall, at the direction of the Manager, pay or procure to be
          paid unconditionally in accordance with this deed to or to the order
          of the Note Trustee:

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          (i)  any interest on the Offshore Notes, at the respective rates
               calculated from time to time, in accordance with and on the dates
               provided for in the relevant Conditions; and

          (ii) principal payable on the Offshore Notes at the times and in the
               amounts provided for in accordance with the relevant Conditions.

2.3  DEEMED PAYMENT

     Any payment of principal or interest in respect of any Offshore Notes to or
     to the account of the Principal Paying Agent or the Euro Paying Agent (as
     the case may be) in the manner provided in clause 3 of the Agency Agreement
     shall satisfy the covenant in relation to those Offshore Notes by the
     Trustee in this clause 2 to the extent of that payment, except to the
     extent that the Principal Paying Agent or the Euro Paying Agent (as the
     case may be) subsequently fails to pay that amount under those Offshore
     Notes in accordance with the terms of those Offshore Notes (including the
     relevant Conditions).

2.4  FOLLOWING EVENT OF DEFAULT

     At any time after an Event of Default in respect of the Offshore Notes has
     occurred, or at any time after Definitive Notes have not been issued when
     so required in accordance with the relevant Conditions, the Note Trustee
     may:

     (a)  by notice in writing to the Trustee, the Manager, the Principal Paying
          Agent, the other Paying Agents (if any) and the Calculation Agent and
          until such notice is withdrawn, require the Principal Paying Agent,
          the other Paying Agents and the Calculation Agent under the Agency
          Agreement either:

          (i)   (A) to act as Principal Paying Agent and Paying Agents and
                    Calculation Agent respectively of the Note Trustee in
                    relation to payments to be made by or on behalf of the Note
                    Trustee under the provisions of this deed on the terms of
                    the Agency Agreement except that the Note Trustee's
                    liability under any provisions of the Agency Agreement for
                    the indemnification of the Paying Agents and Calculation
                    Agent shall be limited to any amount for the time being held
                    by the Note Trustee under the Note Trust and which is
                    available to be applied by the Note Trustee under this deed;
                    and

               (B)  hold all Definitive Notes and all amounts, documents and
                    records held by them in respect of the Offshore Notes on
                    behalf of the Note Trustee; or

          (ii) to deliver up all Definitive Notes and all amounts, documents and
               records held by them in respect of the Offshore Notes to the Note
               Trustee or as the Note Trustee shall direct in that notice, other
               than any documents or records which the relevant Paying Agent or
               Calculation Agent is obliged not to release by any law or
               regulation; or

     (b)  by notice in writing to the Trustee require it to make all subsequent
          payments in respect of the Offshore Notes to the order of the Note
          Trustee and not to the Principal Paying Agent or any other Paying
          Agent and, with effect from the issue of that notice to the Trustee
          and until that notice is withdrawn, clause 2.3 shall not apply.

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     The satisfaction by the Trustee of its payment obligations on each Payment
     Date under the Supplementary Terms Notice and the relevant Conditions to
     the Note Trustee in accordance with this paragraph (b) shall be a good
     discharge to the Note Trustee, to the extent of such payment.

     The Trustee shall not be liable for any act or omission or default of the
     Note Trustee during the period it is required to make payments in respect
     of the Offshore Notes to the Note Trustee under paragraph (b).

2.5  REQUIREMENTS FOR PAYING AGENTS

     The Manager on behalf of the Trustee will cause each Paying Agent to
     execute and deliver to the Note Trustee an instrument in which that Paying
     Agent shall agree with the Note Trustee, subject to the provisions of this
     clause, that such Paying Agent shall:

     (a)  hold on trust for the Note Trustee and the Offshore Noteholders all
          sums held by that Paying Agent for the payment of principal and
          interest with respect to the Offshore Notes until all relevant sums
          are paid to the Note Trustee or the Offshore Noteholders or otherwise
          disposed of as provided in this deed; and

     (b)  immediately notify by facsimile the Note Trustee, the Trustee, the
          Security Trustee and the Manager if the full amount of any payment of
          principal or interest required to be made by the Supplementary Terms
          Notice and the relevant Conditions in respect of the Offshore Notes is
          not unconditionally received by it or to its order in accordance with
          the Agency Agreement.

2.6  CERTIFICATION

     For the purposes of any redemption of Offshore Notes under the relevant
     Condition 5 the Note Trustee may rely upon an Officer's Certificate from
     the Manager on behalf of the Trustee certifying or stating, the opinion of
     each person signing that Officer's Certificate as to the following matters:

     (a)  the fair value (within 90 days of such release) of the property or
          securities to be released from the Security Trust Deed;

     (b)  that the proposed release will not impair the security under the
          Security Trust Deed in contravention of the provisions of the Security
          Trust Deed or this deed; and

     (c)  that the Trustee will be in a position to discharge all its
          liabilities in respect of the relevant Offshore Notes and any amounts
          required under the Security Trust Deed to be paid in priority to or
          pari passu with those Offshore Notes,

     and that Officer's Certificate shall be conclusive and binding on the
     Trustee, the Note Trustee and the holders of those Offshore Notes. The Note
     Trustee shall not incur any liability as a result of relying on such
     certificate or such certificate subsequently being considered invalid.

3.   FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES

3.1  ISSUE OF BOOK-ENTRY NOTES

     (a)  Each Class of Offshore Note shall, on initial issue be represented by
          one or more Book-Entry Notes.

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     (b)  Each Book-Entry Note must be signed manually or by facsimile by an
          Authorised Signatory of the Trustee on behalf of the Trustee and must
          be manually authenticated by the Principal Paying Agent (in the case
          of Class A-1 Notes) and the Euro Paying Agent (in the case of Class
          A-2 Notes).

3.2  FORM OF BOOK-ENTRY NOTES

     (a)  The Book-Entry Notes shall be typed in the form or substantially in
          the form set out:

          (i)  in the case of Class A-1 Book-Entry Notes - in Schedule 1; and

          (ii) in the case of Class A-2 Book-Entry Notes - in Schedule 3.

     (b)  The procedures relating to the exchange, authentication, delivery,
          surrender, cancellation, presentation, marking up or down of any of a
          Book-Entry Note (or part of a Book-Entry Note) and any other matters
          to be carried out by the relevant parties upon exchange (in whole or
          part) of any Book-Entry Note shall be made in accordance with the
          provisions of the relevant terms of the Book-Entry Notes and the
          normal practice of the relevant Common Depository, the Principal
          Paying Agent, each other relevant Paying Agent and the rules and
          procedures of the relevant Clearing Agency from time to time.

     (c)  The Book-Entry Notes shall be in an aggregate principal amount of:

          (i)  US$1,450,000,000 for the Class A-1 Notes; and

          (ii) (euro)600,000,000 for the Class A-2 Notes.

     (d)  The Manager on behalf of the Trustee shall procure by written
          direction to the Principal Paying Agent or the Euro Paying Agent, as
          applicable, that, prior to the issue and delivery of any Book-Entry
          Note, that Book-Entry Note will be authenticated manually by an
          Authorised Signatory of the Principal Paying Agent or Euro Paying
          Agent (as the case may be) and no Book-Entry Note shall be valid for
          any purpose unless and until so authenticated. A Book-Entry Note so
          executed and authenticated shall be a binding and valid obligation of
          the Trustee. Until a Book-Entry Note (or part of a Book-Entry Note)
          has been exchanged pursuant to this deed, it (or that part) shall in
          all respects be entitled to the same benefits as a Definitive Note.
          Each Book-Entry Note shall be subject to this deed except that the
          registered owner of a Book-Entry Note shall be the only person
          entitled to receive payments from a Paying Agent of principal or
          interest in relation to it.

     (e)  The Class A-1 Notes and Class A-2 Notes upon original issue will be
          issued in the form of typewritten Notes representing the Class A-1
          Book-Entry Notes and Class A-2 Book-Entry Notes respectively. The
          Manager on behalf of the Trustee shall, on the date of this deed,
          deliver or arrange the delivery on its behalf to the Principal Paying
          Agent, as agent for the Clearing Agency, of the Class A-1 Book-Entry
          Notes and to the Euro Paying Agent, as agent for the Clearing Agency,
          of the Class A-2 Book-Entry Notes. The Class A-1 Book-Entry Notes
          shall initially be registered on the Note Register in the name of the
          nominee of the relevant Clearing Agencies. The Class A-2 Book-Entry
          Notes shall initially be registered on the Note Register in the name
          of the nominee of the Common Depository for and on behalf of the
          relevant Clearing Agencies. No Class A Note Owner will receive a
          Definitive Note representing such Class A Note Owner's interest in
          such Note, except as provided in clause 3.3 or 3.4.

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     (f)  Whenever a notice or other communication to the Offshore Noteholders
          is required under this deed, unless and until Definitive Notes shall
          have been issued to Class A Note Owners pursuant to clause 3.3 or 3.4,
          the Note Trustee shall give all such notices and communications
          specified herein to be given to Offshore Noteholders to the registered
          holders of the Book-Entry Notes, and shall have no obligation to the
          Class A Note Owners.

     (g)  Unless and until the Definitive Notes have been issued to the Class A
          Note Owners pursuant to clause 3.3 or 3.4 (as the case may be):

          (i)   the provisions of this clause shall be in full force and effect;

          (ii)  each Note Registrar, the Trustee, the Manager, each Paying Agent
                and the Note Trustee shall be entitled to deal with the
                registered holders of the Book-Entry Notes for all purposes of
                this deed (including the payment of principal of and interest on
                the Offshore Notes and the giving of instructions or directions
                hereunder) as the sole holder of the Offshore Notes, and shall
                have no obligation to any Class A Note Owners;

          (iii) to the extent that the provisions of this clause conflict with
                any other provisions of this deed, the provisions of this clause
                shall prevail;

          (iv)  the rights of Class A Note Owners shall be exercised only
                through the relevant Clearing Agency and shall be limited to
                those established by law and agreements between such Class A
                Note Owners and the Clearing Agency and/or the Clearing Agency
                Participants. In respect of Class A-1 Notes, pursuant to the
                Note Depository Agreement, unless and until Definitive Class A-1
                Notes are issued pursuant to clause 3.3, the relevant Clearing
                Agency will make book-entry transfers among the Clearing Agency
                Participants and receive and transmit payments of principal and
                interest on the Class A-1 Notes to such Clearing Agency
                Participants. In respect of Class A-2 Notes, unless and until
                Definitive Class A-2 Notes are issued pursuant to clause 3.4,
                the relevant Clearing Agencies will make book-entry transfers
                among themselves via book entries maintained by the relevant
                Common Depository and among the Clearing Agency Participants in
                respect of transfers among Clearing Agency Participants with the
                relevant Clearing Agency and receive and transmit payments of
                principal and interest on the Class A-2 Notes to such Clearing
                Agency Participants; and

          (v)   whenever this deed requires or permits actions to be taken based
                upon instructions or directions of a Class of Class A Note
                Owners evidencing a specific percentage of all Invested Amounts
                of all Offshore Notes in that Class, the relevant Clearing
                Agency shall be deemed to represent such percentage only to the
                extent that it has received instructions to such effect from
                Class A Note Owners and/or Clearing Agency Participants owning
                or representing, respectively, such required percentage of the
                beneficial interest in the Offshore Notes and has delivered such
                instructions to the relevant Paying Agent.

3.3  DEFINITIVE CLASS A-1 NOTES

     (a)  If:

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          (i)  the Principal Paying Agent advises the Manager in writing that
               the relevant Clearing Agency is no longer willing or able
               properly to discharge its responsibilities with respect to the
               Class A-1 Notes or that Clearing Agency or its successor and the
               Manager is unable to locate a qualified successor; or

          (ii) after the occurrence of an Event of Default, the Note Trustee, at
               the written direction of Class A-1 Note Owners representing
               beneficial interests aggregating to at least a majority of the
               aggregate Invested Amount of the Class A-1 Notes, advises both
               the Principal Paying Agent and the Trustee in writing that the
               continuation of a book-entry system through the Clearing Agency
               for the Class A-1 Notes is no longer in the best interests of the
               Class A-1 Note Owners,

          then the Principal Paying Agent shall notify all of the appropriate
          Class A-1 Note Owners and the Trustee of the occurrence of any such
          event and of the availability of Definitive Class A-1 Notes to such
          Class A-1 Note Owners. Upon the surrender of the Class A-1 Book-Entry
          Notes to the Trustee by the Clearing Agency, and the delivery by the
          Clearing Agency of the relevant registration instructions to the
          Trustee, the Trustee (with the assistance of the Manager) shall
          execute and procure the Principal Paying Agent to authenticate the
          Definitive Class A-1 Notes in accordance with the instructions of that
          Clearing Agency.

     (b)  The Definitive Class A-1 Notes will be serially numbered and shall be
          typewritten, printed, lithographed or engraved or produced by any
          combination of these methods (with or without steel engraved borders),
          all as determined by the Authorised Signatories executing such
          Definitive Notes, as evidenced by their execution of such Definitive
          Class A-1 Notes.

     (c)  No Note Registrar nor the Trustee shall be liable for any delay in
          delivery of such instructions and may conclusively rely on, and shall
          be protected in relying on, such instructions.

3.4  DEFINITIVE CLASS A-2 NOTES

     (a)  If, at any time any Class A-2 Notes, are represented by a Book-Entry
          Note:

          (i)   that Book-Entry Note becomes immediately due and repayable by
                reason of the occurrence of an Event of Default;

          (ii)  either Euroclear or Clearstream, Luxembourg is closed for
                business for a continuous period of 14 days (other than by
                reason of holiday, statutory or otherwise) or announces an
                intention permanently to cease business; or

          (iii) as the result of any amendment to, or change in, the laws or
                regulations of any jurisdiction or any body politic, or
                government in any jurisdiction, or any minister, department,
                office, commission, instrumentality, agency, board, authority or
                organisation of any government or any corporation owned or
                controlled by any government having power to tax or in the
                interpretation by a revenue authority or a court of, or in the
                administration of, laws or regulations relating to taxation
                which becomes effective on or after the Note Issue Date, the
                Trustee or any Paying Agent is or will be required to make any
                deduction or withholding from any payment in

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               respect of any of the Class A-2 Notes which would not be required
               were those Class A-2 Notes in definitive form,

          then the Trustee shall (at its expense) (but subject to paragraph (c)
          below), within 30 days of becoming aware of the occurrence of the
          relevant event, but not prior to 40 days after the Closing Date issue
          Definitive Class A-2 Notes in exchange for the whole of the
          outstanding interest in that Book-Entry Note.

     (b)  The procedures to be carried out by the relevant parties on an
          exchange under paragraph (a) shall be made in accordance with the
          provisions of the terms of the Book-Entry Note in respect of which
          exchange is to be made and the normal practice of the relevant Common
          Depository, the Euro Paying Agent and the rules and procedures of
          Euroclear and Clearstream, Luxembourg from time to time.

     (c)  Despite this clause 3.4, the Trustee is not obliged to issue
          Definitive Class A-2 Notes until the later of:

          (i)  the expiry of 40 days after the later of the Note Issue Date and
               the date on which the relevant Class A-2 Notes are first offered
               to persons other than distributors in reliance on Regulation S of
               the Securities Act 1933, as amended; and

          (ii) 30 days after it becomes aware of the occurrence of the relevant
               event or request in paragraph (a).

     (d)  All Definitive Class A-2 Notes shall, subject to the terms of the
          Agency Agreement, be held by the Euro Paying Agent and shall be
          authenticated and delivered (at the cost of the Trustee) to the
          relevant Class A-2 Noteholders in accordance with the instructions of
          the holder of the relevant Book-Entry Note. The relevant Book-Entry
          Note shall be marked-down in respect of those Definitive Class A-2
          Notes which are so delivered as appropriate.

     (e)  The Definitive Class A-2 Notes will be serially numbered and shall be
          typewritten, printed, lithographed or engraved or produced by any
          combination of these methods (with or without steel engraved borders),
          all as determined by the Authorised Signatories executing such
          Definitive Notes, as evidenced by their execution of such Definitive
          Class A-2 Notes.

     (f)  No Note Registrar nor the Trustee shall be liable for any delay in
          delivery of such instructions and may conclusively rely on, and shall
          be protected in relying on, such instructions.

3.5  NOTICE OF EXCHANGE EVENTS

     (a)  The Trustee or the Manager shall notify the Note Trustee in writing
          forthwith if the Trustee or the Manager (as the case may be) becomes
          actually aware of any of the events referred to in clause 3.3(a) and
          3.4(a) and shall, unless the Note Trustee agrees otherwise, promptly
          give notice of the event and of the Trustee's obligation to issue
          Definitive Notes to the relevant Offshore Noteholders in accordance
          with the relevant Condition 12.

     (b)  The Note Trustee shall notify the Trustee and the Manager in writing
          forthwith if the Note Trustee becomes actually aware of any of the
          events referred to in clause 3.3(a) and 3.4(a) and (where relevant)
          actually aware that the relevant event has the effect specified in
          that clause.

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3.6  STAMP AND OTHER TAXES

     The Trustee will pay any stamp and other duties and Taxes payable in
     Australia, the United Kingdom, Belgium, Luxembourg or the United States on
     or in connection with:

     (a)  the execution of the Transaction Documents;

     (b)  the constitution and original issue and delivery of the Offshore
          Notes;

     (c)  any action taken by the Note Trustee or (where permitted under this
          deed so to do), the relevant Clearing Agency or an Offshore Noteholder
          to enforce the provisions of the Offshore Notes or the Transaction
          Documents; and

     (d)  the creation of the security constituted under the Security Trust
          Deed.

3.7  INDEMNITY FOR NON-ISSUE

     If the Trustee is required to issue, or procure the issue of, Definitive
     Notes following an event specified in clause 3.3(a) or 3.4(a) but fails to
     do so within 30 days of the Trustee or the Manager becoming actually aware
     of the occurrence of the relevant event then the Trustee shall (subject to
     clause 29) indemnify the Note Trustee, the Offshore Noteholders, and the
     Class A Note Owners and keep them indemnified, against any loss or damage
     incurred by any of them if the amount received by the Note Trustee, the
     Offshore Noteholders or the Class A Note Owners is less than the amount
     that would have been received had Definitive Notes been issued within the
     30 days referred to above. If and for so long as the Trustee discharges its
     obligations under this indemnity, the breach by the Trustee of the
     provisions of clause 3.3(a) or 3.4(a) shall be deemed to be cured. The
     Manager must promptly advise the Trustee if it becomes actually aware of
     the occurrence of the relevant event and the Trustee shall promptly notify
     the Note Trustee of the relevant event.

3.8  NOTE REGISTERS AND NOTE REGISTRARS

     (a)  The Manager, on behalf of the Trustee, shall keep or cause to be kept
          the Note Registers in which, subject to such reasonable regulations as
          it may prescribe, the Manager shall provide for the registration of
          the Offshore Notes and the registration of transfers of Offshore
          Notes. Each Note Registrar will be responsible for registering
          relevant Offshore Notes and transfers of relevant Offshore Notes as
          herein provided. The Trustee may, with the consent of the Note
          Trustee, appoint another person as Note Registrar. Upon any
          resignation or removal of any Note Registrar under the Agency
          Agreement, the Trustee with the assistance of and at the direction of,
          the Manager shall promptly appoint a successor or, if it elects not to
          make such an appointment, assume the duties of that Note Registrar.

     (b)  Upon surrender for registration of transfer of any Offshore Note at
          the office or agency of the Trustee to be maintained as provided in
          clause 11(e)(i) (and in the case of a Class A-1 Note, if the
          requirements of Section 8-401(a) of the Uniform Commercial Code of New
          York (the UCC) are met), the Trustee shall, at the direction of the
          Manager, execute and upon its written direction the Principal Paying
          Agent (in the case of Class A-1 Notes) or the Euro Paying Agent (in
          the case of Class A-2 Notes) shall authenticate and the Offshore
          Noteholder shall obtain from the Note Trustee, in the name of the
          designated transferee or transferees, one or more new Offshore Notes,
          in any authorised denominations, of the same class and a like
          aggregate principal amount.

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     (c)  At the option of the Offshore Noteholder, Offshore Notes may be
          exchanged for other Offshore Notes in any authorised denominations and
          a like aggregate principal amount, upon surrender of the Offshore
          Notes to be exchanged at such office or agency. Whenever any Offshore
          Notes are so surrendered for exchange (and in the case of a Class A-1
          Note, if the requirements of Section 8-401(a) of the UCC are met), the
          Trustee shall, at the direction of the Manager, execute and upon its
          written request the Principal Paying Agent (in the case of Class A-1
          Notes) or the Euro Paying Agent (in the case of Class A-2 Notes) shall
          authenticate and the Offshore Noteholder shall obtain from the Note
          Trustee, the Offshore Notes which the Offshore Noteholder making the
          exchange is entitled to receive.

     (d)  Every Class A-1 Note presented or surrendered for registration of
          transfer or exchange shall be (i) duly endorsed by, or be accompanied
          by a written instrument of transfer in a form satisfactory to the
          relevant Note Registrar duly executed by, the Class A-1 Noteholder
          thereof or such Class A-1 Noteholder's attorney duly authorised in
          writing, with such signature guaranteed by an "eligible guarantor
          institution" meeting the requirements of that Note Registrar which
          requirements include membership or participation of Securities
          Transfer Agents Medallion Program (STAMP) or such other "signature
          guarantee program" as may be determined by that Note Registrar in
          addition to, or in substitution for, Stamp, all in accordance with the
          Exchange Act, and (ii) accompanied by such other documents as that
          Note Registrar may require. Every Class A-2 Note presented or
          surrendered for registration of transfer or exchange shall be (i) duly
          endorsed by, or be accompanied by a written instrument of transfer in
          a form satisfactory to the relevant Note Registrar duly executed by,
          the Class A-2 Noteholder thereof or such Class A-2 Noteholder's
          attorney duly authorised in writing, and (ii) accompanied by such
          other documents as that Note Registrar may require.

     (e)  No service charge shall be made to an Offshore Noteholder for any
          registration of transfer or exchange of Offshore Notes, but the
          Trustee may require payment of a sum sufficient to cover any tax or
          other governmental charge that may be imposed in connection with any
          registration of transfer or exchange of Offshore Notes.

     (f)  The preceding provisions of this section notwithstanding, the Trustee
          shall not be required to make and each Note Registrar need not
          register transfers or exchanges of Offshore Notes selected for
          redemption or of any Offshore Note for a period of 30 days preceding
          the due date for any payment with respect to the Offshore Note.

3.9  TRANSFER AND EXCHANGE OF BOOK ENTRY NOTES

     The Transfer and exchange of Book Entry Notes or beneficial interests in
     Book Entry Notes shall be effected through the relevant Common Depository,
     as provided in clause 3.10 and the procedures of the relevant Common
     Depository for such transfer and exchange.

3.10 RESTRICTIONS ON TRANSFER AND EXCHANGE OF BOOK ENTRY NOTES

     Notwithstanding any other provision of this Deed, a Book Entry Note may not
     be transferred as a whole except by the relevant Common Depository to a
     nominee of the relevant Common Depository or by a nominee of the relevant
     Common Depository to the relevant Common Depository or another nominee of
     the relevant Common Depository or by the relevant Common Depository or any
     such

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     nominee to a successor relevant Common Depository or a nominee of such
     successor relevant Common Depository.

4.   COVENANT OF COMPLIANCE

     Each of the Manager and the Trustee covenants with the Note Trustee that it
     will comply with and perform and observe all provisions of the Transaction
     Documents which are expressed to be binding on it for the benefit of the
     Note Trustee or any Offshore Noteholder. The Transaction Documents to which
     the Trustee and the Note Trustee are a party and the relevant Conditions
     shall be binding on the Trustee, the Note Trustee and the Offshore
     Noteholders). The Note Trustee (or the Offshore Noteholders, under clause
     6.5, as the case may be) is entitled to enforce the obligations of the
     Trustee under the Offshore Notes and the relevant Conditions as if the same
     were set out and contained in this deed (which shall be read and construed
     as one document with the Notes). The provisions contained in Schedule 2 and
     Schedule 4 shall have effect as if set out in this deed.

5.   CANCELLATION OF OFFSHORE NOTES

5.1  CANCELLATION OF OFFSHORE NOTES

     The Trustee shall procure that all Offshore Notes:

     (a)  which have been surrendered for payment, registration of transfer,
          exchange or redemption; or

     (b)  in the case of any Definitive Note, which, being mutilated or defaced,
          has been surrendered and replaced under the relevant Condition 11,

     shall be cancelled by or on behalf of the Trustee.

5.2  RECORDS

     The Trustee shall procure that:

     (a)  the Principal Paying Agent keeps a full and complete record of all
          Class A-1 Notes and of their redemption, payment, exchange or
          cancellation (as the case may be) and of all replacement Class A-1
          Notes issued in substitution for lost, stolen, mutilated, defaced or
          destroyed Definitive Notes;

     (b)  the Class A-2 Note Registrar keeps a full and complete record of all
          Class A-2 Notes and of their redemption, payment, exchange or
          cancellation (as the case may be) and of all replacement Class A-2
          Notes issued in substitution for lost, stolen, mutilated, defaced or
          destroyed Definitive Notes; and

     (c)  such records referred to in paragraphs (a) and (b) above shall be made
          available to the Note Trustee on reasonable notice and during business
          hours promptly following the Note Trustee's request for the same.

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6.   ENFORCEMENT

6.1  ACTIONS FOLLOWING EVENT OF DEFAULT

     (a)  At any time while an Event of Default is subsisting the Note Trustee
          may (subject to the Security Trust Deed, to clauses 6.4 and 7, and to
          the relevant Conditions 9 and 10) at its discretion, and must, if so
          directed or requested under clause 7.1, without further notice take
          any action available to it to direct the Security Trustee to:

          (i)   institute any proceedings against the Trustee and/or the Manager
                which are permitted under the Transaction Documents;

          (ii)  enforce the security created under the Security Trust Deed
                (including anything set out in clause 8.2 of the Security Trust
                Deed); and

          (iii) enforce repayment of the Offshore Notes together with accrued
                interest and any other moneys payable to the Note Trustee, the
                Offshore Noteholders under the Transaction Documents.

6.2  EVIDENCE OF DEFAULT

     If the Security Trustee or the Note Trustee takes any action against the
     Trustee to enforce any of the provisions of any Offshore Notes or this
     deed, proof that as regards any Offshore Note, the Trustee has not paid any
     principal or interest due in respect of that Offshore Note shall (unless
     the contrary is proved) be sufficient evidence that the Trustee has not
     paid that principal or interest on all other Offshore Notes in respect of
     which the relevant payment is then due.

6.3  OVERDUE INTEREST

     The rates of interest payable in respect of any Offshore Note which has
     become due and repayable in full and which has not been repaid shall be
     calculated at three-monthly intervals, commencing on the expiry of the
     Quarterly Interest Period during which the Offshore Note became due and
     repayable in accordance with the provisions of the relevant Condition 4
     except that no notices need be given to Offshore Noteholders, in relation
     to that interest.

6.4  RESTRICTIONS ON ENFORCEMENT

     (a)  If any of the Offshore Notes remain outstanding and are due and
          payable otherwise than by reason of a default in payment of any amount
          due on any Offshore Notes, the Note Trustee must not vote under the
          Security Trust Deed to, or otherwise direct the Security Trustee to,
          enforce the Security Trust Deed or dispose of the Mortgaged Property
          unless either:

          (i)   the Note Trustee is of the opinion, reached after considering at
                any time the advice of a merchant bank or other financial
                adviser selected by the Note Trustee in its sole and absolute
                discretion (the cost of such advice shall be an Expense payable
                to the Note Trustee), that a sufficient amount would be realised
                to discharge in full all amounts owing to the Offshore
                Noteholders and any other amounts payable by the Trustee ranking
                in priority to or pari passu with the Offshore Notes; or

          (ii)  the Note Trustee is of the opinion, reached after considering at
                any time and from time to time the advice of a merchant bank or
                other financial adviser selected by the Note Trustee in its sole
                and absolute discretion (the cost of such advice shall be

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                an Expense payable to the Note Trustee), that the cash flow
                receivable by the Trustee (or the Security Trustee under the
                Security Trust Deed) will not (or that there is a significant
                risk that it will not) be sufficient, having regard to any other
                relevant actual, contingent or prospective liabilities of the
                Trustee, to discharge in full in due course all the amounts
                referred to in paragraph (i) relating to the Trust.

     (b)  Neither the Note Trustee (except in the case of negligence, fraud or
          wilful default by it) nor the Security Trustee (except in the case of
          negligence, fraud or breach of trust by it) will be liable for any
          decline in the value, nor any loss realised upon any sale or other
          dispositions made under the Security Trust Deed, of any Mortgaged
          Property or any other property which is charged to the Security
          Trustee by any other person in respect of or relating to the
          obligations of the Trustee or any third party in respect of the
          Trustee or the Offshore Notes or relating in any way to the Mortgaged
          Property. Without limitation, neither the Note Trustee nor the
          Security Trustee shall be liable for any such decline or loss directly
          or indirectly arising from its acting, or failing to act, as a
          consequence of an opinion reached by it in good faith based on advice
          received by it in accordance with paragraph (a).

6.5  ACTION BY OFFSHORE NOTEHOLDERS

     Notwithstanding any other provision of this deed, if the Note Trustee,
     having become bound to take steps and/or proceed under clause 6.1 and/or
     the Security Trust Deed, fails to do so within a reasonable time and such
     failure is continuing, the Offshore Noteholders may proceed directly
     against the Trustee but then only if and to the extent the Offshore
     Noteholders are able to do so under the Transaction Documents and
     Australian law.

7.   PROCEEDINGS

7.1  ACTING ONLY ON DIRECTION

     (a)  The Note Trustee may vote under the Security Trust Deed, or otherwise
          direct the Security Trustee under the Security Trust Deed, or take any
          proceedings, actions or steps under, or any other proceedings pursuant
          to or in connection with, the Security Trust Deed, this deed or any
          Offshore Notes.

     (b)  Subject to the Note Trustee being indemnified to its satisfaction
          against all actions, proceedings, claims and demands to which it may
          render itself liable and all costs, charges, damages and expenses
          which it may incur, the Note Trustee:

          (i)   shall only be bound to undertake any of the acts contemplated in
                paragraph (a) if it is directed to do so in writing by the
                holders of at least 75% of the aggregate Invested Amount (or
                such higher percentage as may be required by the TIA) of either
                all the Offshore Notes, all the Class A-1 Notes or all the Class
                A-2 Notes, as appropriate; and

          (ii)  shall, if an Extraordinary Resolution of Voting Mortgagees
                elects not to direct the Security Trustee to enforce the
                Security Trust Deed in circumstances where the Security Trustee
                could enforce the Security Trust Deed, at the direction of
                either the Offshore Noteholders, the Class A-1 Noteholders or
                the Class A-2 Noteholders in accordance with paragraph (b)(i),
                direct the Security Trustee to enforce the

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                Security Trust Deed on behalf of the Offshore Noteholders, the
                Class A-1 Noteholders or the Class A-2 Noteholders (as the case
                may be).

     (c)  The Note Trustee shall be protected with respect to any action taken
          or omitted to be taken by it in good faith in accordance with the
          direction of the holders of the required aggregate Invested Amount of
          the relevant Offshore Notes in accordance with this deed relating to
          the time, method and place of conducting any proceeding for any remedy
          available to, or exercising any trust or power conferred upon it,
          under this deed.

7.2  SECURITY TRUSTEE ACTING

     Only the Security Trustee may enforce the provisions of the Security Trust
     Deed and neither the Note Trustee nor any Offshore Noteholder is entitled
     to proceed directly against the Trustee to enforce the performance of any
     of the provisions of the Security Trust Deed, the Offshore Notes (including
     the Conditions), provided that if the Security Trustee having become bound
     to take steps and/or to proceed under the Security Trust Deed, fails to do
     so within a reasonable time and such failure is continuing, the Note
     Trustee and/or Offshore Noteholders may proceed directly against the
     Trustee but then only if and to the extent the Note Trustee and/or the
     Offshore Noteholders are able to do so under the Transaction Documents and
     Australian law. The Security Trustee shall comply with all directions given
     to it by the Note Trustee pursuant to any power to give directions granted
     to the Note Trustee pursuant to this deed or to the Security Trust Deed
     provided that the Security Trustee has the power under the Security Trust
     Deed to take the action contemplated by the direction, and the Security
     Trustee shall not be liable for any direct and indirect costs, expenses,
     losses, damages, liabilities or actions arising or resulting from any
     action or conduct undertaken or not taken by the Security Trustee or its
     officers, employees or agents including as a consequence of following those
     directions.

7.3  NOTE TRUSTEE ALONE ENTITLED TO ACT

     Subject to clauses 6.5 and 7.2, only the Note Trustee may:

     (a)  direct the Security Trustee to enforce or not to enforce the Security
          Trust Deed; or

     (b)  enforce the provisions of this deed, the Offshore Notes (including the
          Conditions),

     and no Offshore Noteholder is entitled to take any of the above actions or
     to proceed directly against the Trustee to enforce the performance of any
     of the provisions of this deed or the Offshore Notes (including the
     Conditions).

7.4  AVAILABLE AMOUNTS

     For the purpose of Condition 5 of each Class of Offshore Notes, the Note
     Trustee shall not be satisfied that the Trustee will be in a position to
     discharge the liabilities referred to in those Conditions unless, either:

     (a)  the Trustee will have available to it sufficient cash in the
          Collection Account and sufficient Authorised Investments which will
          mature on or before the relevant Payment Date after making any other
          payments or provisions having priority in order of application under
          the applicable provisions of the Security Trust Deed; or

     (b)  the Trustee has entered into a legally binding contract with an entity
          either whose long term unsecured and unguaranteed debt is rated AA- by
          S&P, Aa3 by Moody's or AA- by Fitch

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          Ratings or whose short term unsecured and unguaranteed debt securities
          are rated A-1+ by S&P, P-1 by Moody's or F1+ by Fitch Ratings, to
          provide sufficient cash on or before the relevant Payment Date to
          enable the Trustee to discharge the relevant liabilities,

     and in each circumstance the Manager or the Trustee has certified to the
     Note Trustee that the requirements of clause 7.4(a) or (b) have been met
     and the Note Trustee shall be entitled to rely on such certification.

7.5  NO LIABILITY

     In giving any direction to the Security Trustee under this deed or the
     Security Trust Deed, the Note Trustee shall not be obliged to ensure that
     the Security Trustee complies with such direction and will not be liable
     for failure by the Security Trustee so to comply.

8.   NOTICE OF PAYMENT

     The Principal Paying Agent (in the case of Class A-1 Notes) and the Euro
     Paying Agent (in the case of Class A-2 Notes) shall give notice to the
     relevant Offshore Noteholders in accordance with the relevant Condition 12
     of the day fixed for any payment to them of amounts received by the Note
     Trustee under clause 16 of the Security Trust Deed. Those payments may be
     made in accordance with the relevant Condition 6 as appropriate (in the
     case of Definitive Notes) or to an account designated by the nominee of the
     relevant Clearing Agency in the name of such nominee by wire transfer in
     immediately available funds or to the order of the Offshore Noteholder (in
     the case of any Book-Entry Note), and payment of those amounts by the Note
     Trustee to the relevant Paying Agent for that purpose shall be a good
     discharge by the Note Trustee.

9.   INVESTMENT BY NOTE TRUSTEE

     At the direction of the Manager, the Note Trustee must invest any moneys
     held by the Note Trustee under the Note Trust in such Authorised
     Investments as the Manager may specify from time to time and the Note
     Trustee shall not be responsible for any loss due to depreciation in value
     or otherwise resulting from any Authorised Investments made by it in
     compliance with any such direction. The Manager must not direct the Note
     Trustee to make any investment that could have an adverse effect on the 50%
     risk weighting attributed to the Class A-2 Notes by the Bank of England and
     the Note Trustee need only account for interest on money held on deposit
     with itself equal to the highest rate payable by it to an independent
     depositor in respect of comparable deposits.

10.  PARTIAL PAYMENTS

     In the case of Definitive Notes, on any payment of amounts received by the
     Note Trustee in accordance with the Supplementary Terms Notice, the
     relevant Condition or under clause 16 of the Security Trust Deed (other
     than the payment in full against surrender of a Definitive Note) the
     Definitive Note in respect of which such payment is made shall be produced
     to the Note Trustee or a Paying Agent by or through whom such payment is
     made and the Note Trustee shall, or shall cause that Paying Agent to,
     enface on the Definitive Note a memorandum of the amount and the date of
     payment, but the Note Trustee may in any particular case dispense with that
     production and

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     enfacement upon the Trustee certifying to the Note Trustee that an
     indemnity has been given to the Trustee by the recipient of the payment as
     the Trustee considers sufficient and the Note Trustee shall be entitled to
     rely on such certification.

11.  COVENANTS BY THE TRUSTEE AND MANAGER

     Each of the Trustee and the Manager undertakes to the Note Trustee, on
     behalf of the Offshore Noteholders, as follows in relation to the Trust for
     so long as any of the Offshore Notes remain outstanding (except to the
     extent that the Note Trustee otherwise consents in accordance with this
     deed).

     (a)  (MASTER TRUST DEED COVENANTS) It will comply with its covenants in the
          Master Trust Deed.

     (b)  (TRANSACTION DOCUMENTS)

          (i)   It will comply with its material obligations under the
                Transaction Documents.

          (ii)  It will use reasonable endeavours (to the extent that it is able
                to do so under the Master Trust Deed) to procure that each other
                party to a Transaction Document complies with and performs its
                obligations under that Transaction Document.

     (c)  (INFORMATION) It will give to the Note Trustee a copy of any
          information in its possession relating to the Trust as soon as
          reasonably practicable in connection with the exercise and performance
          of its powers and obligations under this deed and which the Trustee or
          the Manager (as the case may be) reasonably considers has a material
          bearing on the interest of the Offshore Noteholders.

     (d)  (NOTIFY EVENTS OF DEFAULT)

          (i)   It will promptly notify the Note Trustee in writing if it has
                knowledge or notice of or is aware of the occurrence of an Event
                of Default, Trustee's Default, Servicer Transfer Event, Title
                Perfection Event or Manager's Default including full details (to
                the extent known, without making any enquiry) of that Event of
                Default, Trustee's Default, Servicer Transfer Event, Title
                Perfection Event or Manager's Default (as the case may be).

          (ii)  In addition to its obligations under sub-clause item (d)(i) of
                this clause 11, the Manager, on behalf of the Trustee, will
                confirm to the Note Trustee in writing, on each anniversary of
                this deed:

               (A)  whether or not the Manager or the Trustee is aware that any
                    Event of Default has occurred; and

               (B)  any other matter which is required to be notified to the
                    Note Trustee under the Transaction Documents and which has
                    not previously been so notified.

     (e)  (MAINTENANCE OF OFFICE OR AGENCY) The Manager on behalf of the Trustee
          will maintain:

          (i)   in the United States an office or agency where Class A-1 Notes
                may be surrendered for registration of transfer or exchange, and
                where notices and demands to or upon the Trustee in respect of
                the Class A-1 Notes and this deed

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                may be served and the Trustee initially appoints the Class A-1
                Note Registrar acting through its office at 648 Grassmere Park
                Road, Nashville, Tennessee, 37211-3658 USA (Attention: Transfer
                Officer) for the purpose of surrender for registration of
                transfer or exchange and the Principal Paying Agent acting
                through its office at 1761 E. St. Andrews Place, Santa Ana,
                California, 92705 for the purpose of notices and demands to or
                upon the Trustee in respect of the Class A-1 Notes and this
                deed; and

          (ii)  in London, United Kingdom, and/or Luxembourg, an office or
                agency where Class A-2 Notes may be surrendered for registration
                of transfer or exchange, and where notices and demands to or
                upon the Trustee in respect of the Class A-2 Notes and this deed
                may be served and the Trustee initially appoints the Class A-2
                Note Registrar acting through its office at 2 Boulevard Konrad
                Adanauer Luxembourg L-1115 for this purpose.

          The Trustee hereby initially appoints the Class A-1 Note Registrar to
          serve as its agent for the purposes of the surrender of Class A-1
          Notes and the Class A-2 Note Registrar as its agent for the purposes
          of surrender of and Class A-2 Notes for registration of transfer or
          exchange. The Manager will give prompt written notice to the Note
          Trustee of the location, and of any change in the location, of any
          such office or agency. If at any time the Manager on behalf of the
          Trustee shall fail to maintain any such office or agency or shall fail
          to furnish the Note Trustee with the address thereof, such notices and
          demands may be made or served at the Corporate Trust Office. The
          Trustee hereby appoints the Note Trustee as its agent to receive all
          such notices and demands to be served at the Corporate Trust Office.
          Each of the Principal Paying Agent, the Euro Paying Agent and the Note
          Trustee shall, in respect of its appointment under this sub-paragraph
          (e), act solely for, and as agent of, the Trustee and shall not have
          any obligations towards or relationship or agency or trust with any
          other person. The Manager shall procure that the Trustee maintains the
          appointment of, if a withholding tax is imposed on a payment made by a
          paying agent pursuant to European Council Directive 2003/48/EC or any
          other directive implementing the conclusions of the ECOFIN Council
          Meeting of 26-27 November 2000, a Paying Agent in a member state of
          the European Union that will not be obliged to withhold or deduct tax
          pursuant to any such directive or any law implementing or complying
          with, or introduced to conform with, such directive.

     (f)  (LISTING) In the case of the Manager only, it will use its best
          endeavours to:

          (i)   obtain and maintain the listing of the Class A-2 Notes on the
                ASX (including compliance with the continuing obligations
                applicable to the Trustee and the Trust by virtue of the
                admission of the Class A-2 Notes to the ASX) or, if it is unable
                to do so having used best endeavours, use best endeavours to
                obtain and maintain a quotation or listing of the Class A-2
                Notes on any other stock exchange or exchanges or securities
                market or markets as the Manager (with the prior written
                approval of the Note Trustee and the Trustee, that approval not
                to be unreasonably withheld or delayed) decides and following
                that quotation or listing enter into a deed supplemental to this
                deed to effect such consequential amendments to this

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                deed necessary to comply with the requirements of any such stock
                exchange or securities market; and

          (ii)  procure that there will at all times be furnished to the ASX (or
                to any other relevant stock exchange or securities market) any
                information which the ASX or, as the case may be, any other such
                stock exchange or securities market, may require to be furnished
                in accordance with its requirements,

          and the Trustee will provide all reasonable assistance required by the
          Manager in relation to that listing.

     (g)  (CALCULATION AGENT) It will procure that, so long as any of the
          Offshore Notes remain outstanding, there will at all times be a
          Calculation Agent.

     (h)  (PRINCIPAL PAYING AGENT AND EURO PAYING AGENT) It will procure that,
          so long as any of the Class A-1 Notes remain outstanding, there will
          at all times be a Principal Paying Agent and so long as the Class A-2
          Notes remain outstanding there will at all times be a Euro Paying
          Agent.

     (i)  (CHANGE TO PAYING AGENTS OR CALCULATION AGENT) It will give notice to
          the Offshore Noteholders in accordance with the Agency Agreement and
          the relevant Condition 12 of:

          (i)   any appointment, resignation or removal of any Paying Agent
                (other than the appointment of the initial Principal Paying
                Agent or, initial US Paying Agent, initial Euro Paying Agent or
                initial Calculation Agent;

          (ii)  any change to any Paying Agent's Paying Office (as defined in
                the Agency Agreement); or

          (iii) any change to the Calculation Agent's Specified Office (as
                defined in the Agency Agreement).

     (j)  (NOTICES) It will promptly give to the Note Trustee, or ensure that
          the Note Trustee receives for approval by the Note Trustee, two copies
          of the form of every notice prior to the notice being given to the
          Offshore Noteholders in accordance with the relevant Condition 12.

     (k)  (ANNUAL STATEMENT AS TO COMPLIANCE) The Manager on behalf of the
          Trustee will deliver to the Note Trustee, within 90 days after the end
          of each fiscal year of the Trust (commencing on 30 September 2007),
          and otherwise in compliance with the requirements of section 314(a)(4)
          of the TIA, an Officer's Certificate stating that:

          (i)   a review of the activities of the Trustee in respect of the
                Trust during such year and of performance under this deed has
                been made under supervision of the person signing the Officer's
                Certificate (the Signatory); and

          (ii)  to the best of the knowledge of the Signatory, based on the
                review referred to in sub-paragraph (i), the Trustee has
                complied with all conditions and covenants under this deed
                throughout the relevant year, or, if there has been a default in
                the compliance of any such condition or covenant, specifying
                each such default known to the Signatory of the nature and
                status of the default.

          For the purposes of this clause 11(k) compliance shall be determined
          without regard to any period of grace or requirement of notice under
          the Transaction Documents.

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     (l)  (OPINIONS AS TO TRUST ESTATE) On the Closing Date, the Manager on
          behalf of the Trustee shall furnish to the Note Trustee an Opinion of
          Counsel (who may be the counsel for the Trustee) either stating that
          in the opinion of such counsel the Security Trust Deed and any other
          requisite documents has been properly recorded and filed so as to make
          effective the Security Interest intended to be created by the Security
          Trust Deed, and reciting the details of such action, or stating that
          in the opinion of such counsel no such action is necessary to make
          such Security Interest effective.

          Within 90 days after the end of each fiscal year commencing on 30
          September 2007 the Trustee (or the Manager on its behalf) shall
          furnish to the Note Trustee an Opinion of Counsel (who may be the
          counsel for the Trustee) either stating that in the opinion of such
          counsel such action has been taken with respect to the recording,
          filing, re-recording, and refiling of the Security Trust Deed and any
          other requisite documents as is necessary to maintain the Security
          Interest created by the Security Trust Deed, and reciting the details
          of such action, or stating that in the opinion of such counsel no such
          action is necessary to maintain such Security Interest.

     (m)  (NOTEHOLDER REPORT)

          (i)   The Trustee (or the Manager on its behalf) shall deliver to the
                Principal Paying Agent, the Euro Paying Agent and the Note
                Trustee on each Determination Date the Noteholders Report for
                the related Collection Period, with written instructions for the
                Note Trustee, the Euro Paying Agent and the Principal Paying
                Agent to forward the Noteholder Report to each relevant Offshore
                Noteholder.

          (ii)  Each Noteholder Report shall contain the information set out in
                Schedule 5.

12.  REMUNERATION OF NOTE TRUSTEE

12.1 FEE

     The Trustee shall pay to the Note Trustee a fee in an amount and at the
     time agreed between them and the Manager from time to time and payable in
     accordance with the Supplementary Terms Notice.

12.2 ADDITIONAL REMUNERATION

     If the Note Trustee undertakes any of the acts contemplated in clause 7.1
     or it undertakes duties which it considers expedient or necessary under
     this deed, or which the Trustee or the Manager requests it to undertake and
     which duties the Note Trustee, the Manager and the Trustee agree to be of
     an exceptional nature or otherwise outside the scope of the normal duties
     of the Note Trustee under this deed, the Trustee shall pay to the Note
     Trustee any additional remuneration as they agree.

     In the event that the Note Trustee, the Manager and the Trustee fail to
     agree on such additional remuneration, such remuneration shall be
     determined by a merchant or investment bank (acting as an expert and not as
     an arbitrator) selected by the Note Trustee and approved by the Trustee or,
     failing such approval, nominated (on the application of the Note Trustee or
     the Trustee) by the President for the time being of The Law Society of New
     South Wales (the expenses involved in such nomination and the fees of such
     merchant or investment bank being shared equally by the Trustee and the
     Note

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     Trustee) and the determination of any such merchant or investment bank
     shall be final and binding upon the Note Trustee and the Trustee and shall
     be payable by the Trustee to the Note Trustee.

12.3 COSTS, EXPENSES

     (a)  Without limiting clause 34.8, the Trustee shall also reimburse, pay or
          discharge all costs, charges, liabilities and expenses and any stamp
          and other Taxes or duties properly incurred or paid by the Note
          Trustee (or the Offshore Noteholders acting under clause 6.5 (as the
          case may be)) in connection with properly undertaking its duties under
          the Transaction Documents (including the fees and expenses of its
          counsel) and in connection with any legal proceedings brought by the
          Note Trustee (or the Offshore Noteholders acting under clause 6.5 (as
          the case may be)) to enforce any obligation under this deed the
          Offshore Notes.

     (b)  Without prejudice to the right of indemnity by law given to trustees,
          to the extent the Trustee is itself entitled to be indemnified, and
          subject to clause 29, the Trustee indemnifies the Note Trustee (or the
          Offshore Noteholders acting under clause 6.5 (as the case may be)) and
          every other person properly appointed by it or any of them under this
          deed from and against all liabilities, losses, damages, costs,
          expenses, actions, proceedings, claims and demands incurred by or made
          against it or him in the execution of the Note Trust or of their
          powers or in respect of any matter or thing done or omitted in any way
          relating to this deed (other than arising from any fraud, negligence
          or wilful default by the Note Trustee or that person).

12.4 OVERDUE RATE

     All sums payable by the Trustee under clauses 12 and 34.8 shall survive
     termination of this deed and the resignation or removal of the Note Trustee
     and shall be payable by the Trustee on the next Payment Date in the order
     set out in the Supplementary Terms Notice or (if applicable) the Security
     Trust Deed and shall carry interest at the rate of LIBOR (in the case of
     sums payable in US$), EURIBOR (in the case of sums payable in Euros) and
     the applicable Bank Bill Rate (in the case of sums payable in A$) (as
     applicable) plus 2% from the due date. Any amount payable shall carry
     interest at that rate from the due date to the date of actual payment.

12.5 CONTINUING OBLIGATION

     Unless otherwise specifically stated in any discharge relating to this deed
     the provisions of this clause shall continue in full force and effect
     notwithstanding such discharge and even if the Note Trustee has ceased to
     be the Note Trustee for any reason including but not limited to those
     contemplated in clause 23 it will be entitled to all rights arising to it
     prior to it ceasing to be the Note Trustee.

13.  NOTE TRUSTEE

13.1 PREFERENTIAL COLLECTION OF CLAIMS AGAINST TRUSTEE

     The Note Trustee shall comply with section 311(a) of the TIA, excluding any
     creditor relationship listed in section 311(b) of the TIA. A Note Trustee
     who has resigned or been removed shall be subject to section 311(a) of the
     TIA only to the extent required by the TIA.

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13.2 DUTIES OF NOTE TRUSTEE

     (a)  If an Event of Default has occurred and is subsisting, and a
          Responsible Officer of the Note Trustee has received written notice of
          such from the Trustee and the Manager, the Note Trustee shall exercise
          the rights and powers vested in it by this deed and use the same
          degree of care and skill in their exercise as a prudent person would
          exercise or use under the circumstances in the conduct of such
          person's own affairs.

     (b)  Except while an Event of Default subsists:

          (i)   the Note Trustee undertakes to perform such duties and only such
                duties as are specifically set forth in this deed and no implied
                covenants or obligations shall be read into this deed against
                the Note Trustee; and

          (ii)  in the absence of bad faith on its part, the Note Trustee may
                conclusively rely, as to the truth of the statements and the
                correctness of the opinions expressed therein, upon certificates
                or opinions furnished to the Note Trustee and conforming to the
                requirements of this deed; however, the Note Trustee shall
                examine the certificates and opinions to determine whether or
                not they conform to the requirements of this deed.

     (c)  The Note Trustee may not be relieved from liability for its own
          negligent action, its own negligent failure to act or its own wilful
          misconduct, except that:

          (i)   this paragraph does not limit the effect of paragraph (a) of
                this clause; and

          (ii)  the Note Trustee shall not be liable for any error of judgment
                made in good faith by a Responsible Officer unless it is proved
                that the Note Trustee was negligent in ascertaining the
                pertinent facts.

     (d)  Section 315(d)(3) of the TIA is expressly excluded by this deed.

13.3 RIGHTS AND LIMITED RESPONSIBILITIES OF NOTE TRUSTEE

     By way of supplement to any Statute regulating the Note Trust and in
     addition to the powers and protections which may from time to time be
     vested or available to the Note Trustee by general law, and subject to
     clause 14, it is expressly declared as follows.

     (a)  The Note Trustee may conclusively rely on any document believed by it
          to be genuine and to have been signed or presented by the proper
          person. The Note Trustee need not investigate any fact or matter
          stated in the document.

     (b)  Before the Note Trustee acts or refrains from acting, it may require
          an Officer's Certificate or an Opinion of Counsel. The Note Trustee
          shall not be liable for any action it takes, suffers or omits to take
          in good faith in reliance on the Officer's Certificate or Opinion of
          Counsel.

     (c)  No provision of this deed shall require the Note Trustee to expend or
          risk its own funds or otherwise incur financial liability in the
          performance of any of its duties hereunder or in the exercise of any
          of its rights or powers, if it shall have reasonable grounds to
          believe that repayment of such funds or indemnity satisfactory to it
          against such risk or liability is not assured to it.

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     (d)  The Note Trustee shall not be responsible for and makes no
          representations as to the validity or adequacy of this deed (other
          than in relation to its own execution of this deed) or the Offshore
          Notes, shall not be accountable for the Trustee's use of the proceeds
          from the Offshore Notes, and shall not be responsible for any
          statement of the Trustee in this deed or in any document issued in
          connection with the sale of the Offshore Notes or in the Offshore
          Notes.

     (e)  The Note Trustee may, in relation to this deed, act on the advice or
          opinion of or any information obtained from any lawyer, valuer,
          accountant, banker, broker, credit-rating agency, lead manager or
          other expert whether obtained by the Trustee, the Note Trustee, the
          Manager, the Servicer or otherwise.

     (f)  Any advice, opinion or information obtained by the Note Trustee under
          paragraph (e) may be sent or obtained by letter, telegram, facsimile
          transmission, email or cable and may be conclusively relied on by the
          Note Trustee without further investigation and the Note Trustee shall
          not be liable for acting on any such advice, opinion or information
          purporting to be conveyed by any such letter, telegram, facsimile
          transmission, email or cable although the same shall contain some
          error or shall not be authentic.

     (g)  The Note Trustee may call for and shall be at liberty to accept as
          sufficient evidence of any fact or matter or the expediency of any
          transaction or thing a certificate signed by two Authorised
          Signatories of the Trustee or the Manager (as the case may be) and the
          Note Trustee shall not be bound in any such case to call for further
          evidence or be responsible for any loss that may be occasioned by the
          Note Trustee acting on that certificate.

     (h)  The Note Trustee is at liberty to hold or to place this deed and any
          other documents relating to this deed in any part of the world with
          any banker or banking company or company whose business includes
          undertaking the safe custody of documents or lawyer or firm of lawyers
          reasonably considered by the Note Trustee to be of good repute, and,
          except in the case of fraud, negligence or breach of trust (in the
          case of the Security Trustee) or fraud, negligence or wilful default
          (in the case of the Note Trustee), neither the Note Trustee nor the
          Security Trustee shall be responsible for any loss, expense or
          liability which may be suffered as a result of any assets secured by
          the Security Trust Deed, Mortgaged Property or any deed or documents
          of title thereto, being uninsured or inadequately insured or being
          held by or to the order of the Servicer or any of its affiliates or by
          any clearing organisations or their operators or by any person on
          behalf of the Note Trustee if prudently chosen in accordance with the
          Transaction Documents.

     (i)  The Note Trustee shall not be responsible for the application of the
          proceeds of the issue of any of the Offshore Notes by the Trustee or
          any moneys borrowed by the Trustee under any Transaction Document or
          the exchange of any Book-Entry Note for any other Book-Entry Note or
          Definitive Note, as the case may be.

     (j)  Except as otherwise provided in this deed or any other Transaction
          Documents to which it is a party, the Note Trustee shall not be bound
          to give notice to any person of the execution of this deed or any of
          the Transaction Documents or any transaction contemplated hereby or
          thereby or to take any steps to ascertain whether any Event of Default
          has happened and, until it has actual knowledge or express notice to
          the contrary, the Note Trustee is entitled to assume that no Event of
          Default has happened and that the Trustee and each other party

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          to any Relevant Document is observing and performing all the
          obligations on its part contained in the Offshore Notes and under this
          deed or, as the case may be, the Security Trust Deed or any other
          Transaction Document to which it is a party.

     (k)  Save as expressly otherwise provided in this deed or the Transaction
          Documents:

          (i)   the Note Trustee shall have absolute and uncontrolled discretion
                as to the exercise of the discretions vested in the Note Trustee
                by this deed and the Transaction Documents (the exercise of
                which as between the Note Trustee and the Offshore Noteholders
                shall be conclusive and binding on the Offshore Noteholders) but
                whenever the Note Trustee is under the provisions of this deed
                or the Transaction Documents bound to act at the request or
                direction of the Offshore Noteholders, or any of them, the Note
                Trustee shall nevertheless not be so bound unless it is first
                indemnified or accepts security to its satisfaction against all
                actions, proceedings, claims and demands to which it may render
                itself liable and all costs, charges, damages, expenses and
                liabilities which it may incur by so doing; and

          (ii)  in the absence of fraud, negligence or wilful default, the Note
                Trustee shall not be in any way responsible for any loss
                (whether consequential or otherwise), costs, damages or
                inconvenience that may result from the exercise or non-exercise
                of any powers, authorities and discretions vested in it.

     (l)  The Note Trustee shall not be liable for acting upon any resolution
          purporting to have been passed at any meeting of all Offshore
          Noteholders, the Class A-1 Noteholders or the Class A-2 Noteholders
          (as the case may be) in respect of which minutes have been made and
          signed even though subsequently it may be found that there was some
          defect in the constitution of the meeting or the passing of the
          resolution or that for any reason the resolution was not valid or
          binding upon the Offshore Noteholders, Class A-1 Noteholders or the
          Class A-2 Noteholders (as the case may be).

     (m)  The Note Trustee shall not be liable to the Trustee or any Offshore
          Noteholder by reason of having accepted as valid or not having
          rejected any Definitive Note purporting to be such and subsequently
          found to be forged or not authentic and the Note Trustee may call for
          and shall be at liberty to accept and place full reliance on as
          sufficient evidence of the facts stated therein a certificate or
          letter of confirmation certified as true and accurate and signed on
          behalf of a Clearing Agency, any Note Registrar or any Common
          Depository for any of them or any person as the Note Trustee
          reasonably considers appropriate, or any form of record made by any of
          them to the effect that at any particular time or through any
          particular period any particular person is, was, or will be, shown in
          its records as entitled to a particular number of Offshore Notes.

     (n)  Any consent or approval given by the Note Trustee for the purpose of
          this deed, the Conditions and any Transaction Document may be given on
          any terms and subject to any conditions as the Note Trustee thinks fit
          and despite anything to the contrary contained in this deed, any
          Transaction Document or the Conditions may be given retrospectively.

     (o)  Save to the extent provided in this deed, the Note Trustee shall not
          (unless and to the extent ordered so to do by a court of competent
          jurisdiction) be required to disclose to any Offshore Noteholder or
          any Mortgagee, any information made available to the Note Trustee

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          by the Trustee or any other person in connection with the Note Trust
          and no Offshore Noteholder shall be entitled to take any action to
          obtain from the Note Trustee any such information.

     (p)  Where it is necessary or desirable for any purpose in connection with
          this deed to convert any sum from one currency to another it shall
          (unless otherwise provided by this deed, any other Transaction
          Document or required by law) be converted at the rate or rates, in
          accordance with the method and as at the date for the determination of
          the rate of exchange, as may be agreed by the Note Trustee in
          consultation with the Trustee and the Manager as relevant and any
          rate, method and date so agreed shall be binding on the Trustee and
          the Offshore Noteholders.

     (q)  Subject to clauses 6.5 and 7.4, the Note Trustee may certify in good
          faith whether or not any of the events set out in the relevant
          Condition 9 or any breach under clause 8 of the Security Trust Deed is
          in its opinion materially prejudicial to the interests of the relevant
          Offshore Noteholders and may certify, in relation to the event set out
          in paragraph (a) of relevant Condition 9 in relation to any payment of
          interest on the Offshore Notes that the Trustee had, on the due date
          for payment of the amount of interest in question, sufficient cash to
          pay, in accordance with the provisions of the Supplementary Terms
          Notice or the Security Trust Deed, all interest (after payment of all
          sums which are permitted under the Supplementary Terms Notice or the
          Security Trust Deed to be paid in priority to or pari passu with them)
          and that certificate shall be conclusive and binding upon the Trustee
          and the Offshore Noteholders. The Note Trustee shall have no liability
          to the Trustee, any Offshore Noteholder or any other person in
          relation to any such certificate or in relation to any delay or
          omission in providing such certificate. In giving any certificate
          relating to paragraph (a) of the relevant Condition 9, the Note
          Trustee may rely on any determination made by any independent
          accountants of recognised standing in Australia and any such
          determination shall be conclusive and binding on the Trustee and the
          Offshore Noteholders. The Trustee shall pay the Note Trustee all
          proper costs and expenses of providing the certificate at the times
          specified in the Supplementary Terms Notice.

     (r)  The Note Trustee shall not be bound to take any steps to ascertain
          whether any event, condition or act, the happening of which would
          cause a right or remedy to become exercisable by the Note Trustee
          under this deed or by the Trustee under any of the Transaction
          Documents has happened or to monitor or supervise the observance and
          performance by the Trustee or any of the other parties thereto of
          their respective obligations thereunder and, until it shall have
          actual knowledge or express notice to the contrary the Note Trustee
          shall be entitled to assume that no such event, condition or act has
          happened and that the Trustee and each of the other parties thereto
          are observing and performing all their respective obligations
          thereunder.

     (s)  The Note Trustee shall not be responsible for recitals, statements,
          warranties or representations of any party (other than itself)
          contained in any Transaction Document or other document entered into
          in connection with it and shall assume its accuracy and correctness
          and (except with respect to itself) the execution, legality,
          effectiveness, adequacy, genuineness, validity or enforceability or
          admissibility in evidence of that agreement or other document or any
          security constituted by them, and the Note Trustee may

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          accept without enquiry, requisition or objection all title as the
          Trustee may have to any of the Mortgaged Property or as any other
          person may have to any other security charged from time to time to the
          Note Trustee and shall not be bound to investigate or make any enquiry
          in the title of the Trustee to any of the Mortgaged Property or the
          title of any other person to any other security charged from time to
          time to the Note Trustee whether or not any defect or failure might
          be, or might have been, discovered upon examination inquiry or
          investigation and whether or not capable of remedy. Notwithstanding
          the generality of the foregoing, each Offshore Noteholder is solely
          responsible for making its own independent appraisal of and
          investigation into the Trust and the Offshore Notes and the Note
          Trustee shall not at any time have any responsibility for the same and
          no Offshore Noteholder shall rely on the Note Trustee in that respect.

     (t)  The Note Trustee shall not be liable for any failure, omission or
          defect in or filing or procuring registration or filing of or
          otherwise protecting or perfecting the Security Trust Deed or the
          Mortgaged Property or any other security or failure to call for
          delivery of documents of title to the Mortgaged Property or any other
          security or to require any further assurances in relation to any
          property or assets comprised in the Mortgaged Property or any other
          security.

     (u)  The Note Trustee shall not be obliged (whether or not directed to do
          so by the Offshore Noteholders) to direct the Security Trustee to
          perfect legal title to any Purchased Receivable if, in the opinion of
          the Note Trustee, that perfection would or might result in the Note
          Trustee becoming liable to or incurring any obligation to any Obligor
          under a Purchased Receivable and, in its opinion, there is or would be
          insufficient cash to discharge, in accordance with the provisions of
          the Security Trust Deed, that liability or obligations as and when
          they arise. Notwithstanding the generality of the foregoing, the Note
          Trustee shall have no responsibility or liability for the payment of
          any fees for the registration of the relevant Mortgages in Australia
          or for any related legal, administrative or other fees, costs and
          expenses (including, but not limited to, any proper disbursements and
          any goods and services tax or analogous value added tax). The Manager
          will provide to the Note Trustee such information and the Trustee will
          pay to the Note Trustee such costs as the Note Trustee reasonably
          considers necessary to make these determinations and, subject to
          clause 29, the Trustee indemnifies the Note Trustee against any loss
          or damage suffered as a result of the Note Trustee incurring such an
          obligation.

     (v)  The Note Trustee shall, as regards all the powers, trusts,
          authorities, duties and discretions vested in it by this deed, the
          Transaction Documents or the Offshore Notes (including the
          Conditions), except where expressly provided otherwise, have regard to
          the interests of the Offshore Noteholders.

     (w)  Without prejudice to the provisions of any Transaction Document, the
          Note Trustee shall not be under any obligation to insure any of the
          Mortgaged Property (or any other property) or any deeds or documents
          of title or other evidence relating to that property or to require any
          other person to maintain any such insurance or monitor the adequacy of
          any such insurance and shall not be responsible for any loss, expense
          or liability which may be suffered by any person as a result of the
          lack of or inadequacy of any insurance.

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     (x)  The Note Trustee shall not be responsible for any loss, expense or
          liability (including, without limitation, any decline in the value or
          loss realised upon any sale or disposition made under the Security
          Trust Deed) occasioned to the Mortgaged Property or any other property
          or in respect of all or any of the moneys which may stand to the
          credit of the Collection Accounts, from time to time however caused
          (including any bank, broker, depository, warehouseman or other
          intermediary or any clearing system or its operator acting in
          accordance with or contrary to the terms of any of the Transaction
          Documents or otherwise), unless that loss is occasioned by the fraud,
          negligence or wilful default of the Note Trustee.

     (y)  The Note Trustee has no responsibility whatsoever to the Trustee or
          any Offshore Noteholder as regards any deficiency or additional
          payment, as the case may be, which might arise because the Note
          Trustee or the Trustee is subject to any Tax in respect of the
          Mortgaged Property, the Security Trust Deed or any other security or
          any income or any proceeds from them.

     (z)  No provision of this deed requires the Note Trustee to do anything
          which may be illegal or contrary to applicable law or regulation or
          expend or risk its own funds or otherwise incur any financial
          liability in the performance of any of its duties, or in the exercise
          of any of its rights or powers, if it has grounds to believe that
          repayment of those funds or adequate indemnity against that risk or
          liability is not assured to it. Without limitation nothing contained
          in this deed imposes any obligation on the Note Trustee to make any
          further advance to an Obligor or to borrow any moneys under a
          Transaction Document or to maintain, protect or preserve any moneys
          standing to the credit of the Collection Account.

     (aa) The Note Trustee is not responsible (except as to itself) for the
          genuineness, validity, effectiveness or suitability of any of the
          Transaction Documents or any of the Mortgages, Security Interests or
          other documents entered into in connection with them or any Mortgage
          Insurance Policy or any other document or any obligation or rights
          created or purported to be created by them or under them or any
          Security Interest or the priority constituted by or purported to be
          constituted by or pursuant to that Security Interest, nor shall it
          (except as to itself) be responsible or liable to any person because
          of any invalidity of any provision of those documents or the
          unenforceability of those documents, whether arising from statute, law
          or decision of any court and (without limitation) the Note Trustee
          shall not be responsible for or have any duty to make any
          investigation in respect of or in any way be liable whatsoever for:

          (i)   the nature, status, creditworthiness or solvency of any Obligor
                or any other person or entity who has at any time provided any
                security or support whether by way of guarantee, Security
                Interest or otherwise in respect of any advance made to any
                Obligor;

          (ii)  the execution, legality, validity, adequacy, admissibility in
                evidence or enforceability of any Mortgage or Loan or any other
                document entered into in connection with them;

          (iii) the title, ownership, value, sufficiency or existence of any
                Land, Mortgaged Property or any Mortgage Insurance Policy;

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          (iv)   the registration, filing, protection or perfection of any
                 Mortgage or the priority of the security created under a
                 Mortgage whether in respect of any initial advance or any
                 subsequent advance or any other sums or liabilities;

          (v)    the scope or accuracy of any representations, warranties or
                 statements made by or on behalf of any Obligor in any
                 application for any advance or in any Mortgage or Loan or in
                 any document entered into in connection with them;

          (vi)   the performance or observance by any Obligor or any other
                 person of any provisions of any Mortgage or Loan or in any
                 document entered into in connection with them or the fulfilment
                 or satisfaction of any conditions contained in them or relating
                 to them or as to the existence or occurrence at any time of any
                 default, event of default or similar event contained in them or
                 any waiver or consent which has at any time been granted in
                 relation to any of the above;

          (vii)  the existence, accuracy or sufficiency of any legal or other
                 opinions, searches, reports, certificates, valuations or
                 investigations delivered or obtained or required to be
                 delivered or obtained at any time in connection with any
                 Mortgage or Loan;

          (viii) the title of the Trustee to any Mortgage, Loan or other
                 Mortgaged Property;

          (ix)   the suitability, adequacy or sufficiency of any guidelines
                 under which Loans are entered into or compliance with those
                 guidelines or compliance with any applicable criteria for any
                 further advances or the legality or ability or enforceability
                 of the advances or the priority of the Mortgages in relation to
                 the advances;

          (x)    the compliance of any person with the provisions and contents
                 of and the manner and formalities applicable to the execution
                 of the Mortgages and Loans and any documents connected with
                 them or the making of any advance intended to be secured by
                 them or with any applicable laws or regulations (including
                 Consumer Credit Legislation);

          (xi)   the failure of the Approved Seller, the Trustee, the Servicer
                 or the Manager to obtain or comply with the Transaction
                 Documents or any Authorisation in connection with the
                 origination, sale, purchase or administration of any of the
                 Mortgages or Loans or the making of any advances in connection
                 with them or the failure to effect or procure registration of
                 or to give notice to any person in relation to or otherwise
                 protect the security created or purported to be created by or
                 pursuant to any of the Mortgages or Loans or other documents
                 entered into in connection with them;

          (xii)  the failure to call for delivery of documents of title to or
                 require any transfers, legal mortgages, charges or other
                 further assurances in relation to any of the assets the subject
                 matter of any of the Transaction Documents or any other
                 document;

          (xiii) any accounts, books, records or files maintained by the
                 Approved Seller, the Servicer, the Trustee, the Manager or any
                 other person in respect of any of the Mortgages or Loans; or

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          (xiv) any other matter or thing relating to or in any way connected
                with any Mortgage or Loan or any document entered into in
                connection with them whether or not similar to the above.

     (bb) The Note Trustee is not liable or responsible for any loss, cost,
          damages, expenses, liabilities or inconvenience which may result from
          anything done or omitted to be done by it in accordance with the
          provisions of this deed, any other Transaction Document or any other
          document or as a consequence of or in connection with it being held or
          treated as, or being deemed to be, a creditor, for the purposes of the
          Consumer Credit Legislation, in respect of any of the Mortgages.

     (cc) The Note Trustee shall be entitled to call for and rely on a
          certificate or any letter of confirmation or explanation reasonably
          believed by it to be genuine, of the Approved Seller, the Servicer,
          the Trustee, the Manager, any Paying Agent, the Calculation Agent, any
          Designated Rating Agency or any other credit-rating agency in respect
          of every manner and circumstance for which a certificate or any letter
          of confirmation or explanation is expressly provided for under this
          deed or in respect of the rating of the Offshore Notes or the
          Conditions and the Note Trustee is not bound in any such case to call
          for further evidence or be responsible for any loss, liability, costs,
          damages, expenses or inconvenience that may be occasioned by its
          failing so to do.

     (dd) In connection with any proposed modification, waiver, authorisation or
          determination permitted by this deed, the Note Trustee shall not have
          regard to the consequences thereof for individual Offshore Noteholders
          resulting from their being for any purpose domiciled or resident in,
          or otherwise connected with, or subject to, the jurisdiction of any
          particular territory.

     (ee) Except as otherwise provided in this deed or any other Transaction
          Document, the Note Trustee shall have no responsibility for the
          maintenance of any rating of the Offshore Notes by a Designated Rating
          Agency or any other credit-rating agency or any other person.

     (ff) The Note Trustee shall be under no obligation to monitor or supervise
          the functions of the Servicer from time to time under the terms of the
          Servicing Agreement or any other person under any other Transaction
          Document, and is entitled, in the absence of actual knowledge of a
          breach of duty or obligation, to assume that the Servicer is properly
          performing its obligations in accordance with the provisions of the
          Servicing Agreement or that any other person is properly performing
          its obligations in accordance with each other Transaction Document, as
          the case may be.

     (gg) The Note Trustee acknowledges that the Manager is responsible, under
          the Supplementary Terms Notice, for calculating all amounts referred
          to in clause 5 of the Supplementary Terms Notice (other than
          calculations required to be made by the Calculation Agent under the
          Agency Agreement) and the Note Trustee has no liability in respect of
          these calculations other than as a result of the fraud, negligence or
          wilful default of the Note Trustee.

     (hh) Subject to clause 36.5, where there are any inconsistencies between
          any Statute regulating the Note Trust and the provisions of this deed,
          the provisions of this deed shall, to the extent allowed by law,
          prevail.

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     (ii) Subject to clause 36.5 and to the maximum extent permitted by law, any
          duty imposed on the Note Trustee under any Statute shall not apply to
          the Note Trustee unless and only to the extent that the relevant duty
          is expressly stated as applying to the Note Trustee in this deed.

13.4 NOTICE OF DEFAULTS

     (a)  If an Event of Default occurs and is subsisting and the Note Trustee
          has received notice of that Event of Default from the Trustee and the
          Manager, the Note Trustee shall mail to each Offshore Noteholder
          notice of the Event of Default within 90 days after receipt of such
          notice.

     (b)  Except in the case of a default in payment of principal of or interest
          on any Offshore Note (including payments pursuant to the mandatory
          redemption provisions of that Offshore Note), the Note Trustee may
          withhold the notice referred to in paragraph (a) if and so long as the
          board of directors, the executive committee or a trust committee in
          good faith determines that withholding the notice is in the interest
          of the Offshore Noteholders.

14.  NOTE TRUSTEE'S LIABILITY

     (a)  Subject to paragraph (b), the Note Trustee will have no liability
          under or in connection with this deed or any other Transaction
          Document (whether to the Offshore Noteholders, the Trustee, the
          Manager or any other person) other than to the extent to which the
          liability is able to be satisfied out of the assets of the Note Trust
          from which the Note Trustee is actually indemnified for the liability.

     (b)  The limitation in paragraph (a) will not apply to a liability of the
          Note Trustee to the extent that it is not satisfied because, under
          this deed or by operation of law, there is a reduction in the extent
          of the Note Trustee's indemnification as a result of the Note
          Trustee's fraud, negligence or wilful default. Nothing in this clause
          or any similar provision in any other Transaction Document limits or
          adversely affects the rights of the Note Trustee.

15.  DELEGATION BY NOTE TRUSTEE

     (a)  The Note Trustee may whenever it thinks fit delegate by power of
          attorney or otherwise to any person or persons for any period (whether
          exceeding one year or not) or indefinitely all or any of the trusts,
          powers and authorities vested in the Note Trustee by this deed and
          that delegation may be made upon any terms and subject to any
          conditions (including power to sub-delegate) and subject to any
          regulations as the Note Trustee may in the interests of the Offshore
          Noteholders think fit.

     (b)  If the Note Trustee exercises reasonable care in the selection of a
          delegate under paragraph (a), the Note Trustee shall not be required
          to supervise the actions of the delegate and shall, providing the Note
          Trustee and the delegate are not Related Bodies Corporate, not in any
          way be responsible for any loss incurred by reason of any fraud,
          negligence, misconduct or default on the part of any delegate or
          sub-delegate. The Note Trustee must within a reasonable time prior to
          any delegation or any renewal, extension or termination of any
          delegation give notice of it to the Trustee and the Designated Rating
          Agencies.

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16.  EMPLOYMENT OF AGENT BY NOTE TRUSTEE

     The Note Trustee may in the conduct of the Note Trust, instead of acting
     personally employ and pay an agent, whether being a lawyer or other
     professional person, to transact or concur in transacting any business and
     to do or concur in doing all acts required to be done in connection with
     the Note Trust. If the Note Trustee exercises reasonable care in the
     selection of that agent, the Note Trustee shall not be required to
     supervise the actions of the agent and shall not in any way be responsible
     for any loss incurred by reason of any fraud, negligence, misconduct or
     default on the part of that agent.

     Any Note Trustee or the agent of the Note Trustee which is a banker,
     lawyer, accountant, broker or other person engaged in any profession or
     business is entitled to charge and be paid all usual professional and other
     charges for business transacted and acts done by him or his firm in
     connection with the Note Trust and also his reasonable charges in addition
     to disbursements for all other work and business done and all time spent by
     him or his firm in connection with matters arising in connection with this
     deed including matters which might or should have been attended to in
     person by a trustee not being a banker, lawyer, accountant, broker or other
     professional. Those charges will be for the account of the Note Trustee
     unless agreed otherwise, who shall be reimbursed by the Trustee under
     clause 12.

17.  NOTE TRUSTEE CONTRACTING WITH TRUSTEE

     Neither the Note Trustee nor any director or officer of a corporation
     acting as Note Trustee is by reason of its or their fiduciary position in
     any way precluded from entering into or being interested in any contract or
     financial or other transaction or arrangement with the Trustee or any other
     party to any of the Transaction Documents or any person or body corporate
     associated with the Trustee including any contract, transaction or
     arrangement of a banking or insurance nature or any contract, transaction
     or arrangement in relation to the making of loans or the provision of
     financial facilities to or the purchase, placing or underwriting of or
     subscribing or procuring subscriptions for or otherwise acquiring holding
     or dealing with the Offshore Notes or any of them, or any other bonds,
     stocks, shares, debenture stock, debentures, notes or other securities of
     the Trustee or any other party to any of the Transaction Documents or any
     related person or body corporate or from accepting or holding the
     trusteeship of any other trust deed constituting or securing any other
     securities issued by or relating to the Trustee or any other party to any
     of the Transaction Documents or any related person or body corporate or any
     other office of profit under the Trustee or any other party to any of the
     Transaction Documents or any related person or body corporate and shall be
     entitled to retain and shall not be in any way liable to account for any
     profit made or share of brokerage or commission or remuneration or other
     benefit received by them or in connection with any of those arrangements.

18.  WAIVER

     (a)  The Note Trustee may, without prejudice to its rights in respect of
          any subsequent breach, condition, event or act from time to time and
          at any time (but only if, and in so far as, in its opinion the
          interests of any of the Offshore Noteholders are not materially
          prejudiced), waive or authorise on any terms and subject to any
          conditions as it sees fit and proper:

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          (i)    any breach or proposed breach by the Trustee or Manager of any
                 of the covenants or provisions contained in this deed or in the
                 Offshore Notes (including the Conditions) or any other
                 Transaction Document (as to which evidence of a breach of one
                 Offshore Note shall be deemed evidence of a breach of all
                 Offshore Notes in the Class to which that Offshore Note
                 belongs); or

          (ii)   determine that any condition, event or act which constitutes,
                 or which with the giving of notice, the lapse of time or the
                 issue of a certificate would constitute, but for that
                 determination, an Event of Default shall not, or shall not
                 subject to specified conditions, be so treated for the purposes
                 of this deed,

          but the Note Trustee shall not exercise any powers conferred on it by
          this clause in contravention of:

          (iii)  any express direction given in writing by holders of Offshore
                 Notes representing at least 75% of the aggregate Invested
                 Amount of the Offshore Notes;

          (iv)   a request made by the Offshore Noteholders in accordance with
                 the relevant Condition 10; or

          (v)    clauses 36.4 or 37.2 of this deed,

          and shall at all times act in accordance with the requirements of the
          TIA.

          No direction or request shall affect any waiver, authorisation or
          determination previously given or made.

     (b)  Any waiver, authorisation or determination under this clause is
          binding on the Offshore Noteholders and if, but only if, the Note
          Trustee so requires, shall be notified by the Trustee to the Offshore
          Noteholders in accordance with the relevant Condition 12 as soon as
          practicable.

19.  AMENDMENT

19.1 APPROVAL

     The Note Trustee, the Manager and the Trustee may, following giving notice
     to each Designated Rating Agency, by way of supplemental deed alter, add to
     or modify this deed (including this clause 19), the Conditions (subject to
     the relevant Condition 13) and this clause or any Transaction Document so
     long as that 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 Note Trustee necessary to comply with the
          provisions of any law or regulation or with the requirements of any
          Government Agency;

     (c)  in the opinion of the Note Trustee appropriate or expedient as a
          consequence of an amendment to any law or regulation or altered
          requirements of any Government Agency (including, without limitation,
          an alteration, addition or modification which is in the opinion of the
          Note Trustee appropriate or expedient as a consequence of the
          enactment of a law or regulation or an amendment to any law or
          regulation or ruling by the Commissioner or

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          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 Trust); or

     (d)  in the opinion of the Note Trustee not materially prejudicial to the
          interests of the Offshore Noteholders as a whole or any Class of
          Offshore Noteholder,

     and in the manner, and to the extent, permitted by the Transaction
     Documents.

     For the avoidance of doubt, the Note Trustee shall be entitled to rely
     conclusively on, and shall not be liable to any person for such reliance
     on, an Opinion of Counsel in connection with any alteration, addition or
     modification under sub-paragraphs (b) to (d) (inclusive) above.

19.2 EXTRAORDINARY RESOLUTION OF OFFSHORE NOTEHOLDERS

     Subject to clause 37.2, where in the opinion of the Note Trustee a proposed
     alteration, addition or modification to this deed, other than an
     alteration, addition or modification referred to in clause 19.1, is
     materially prejudicial or likely to be materially prejudicial to the
     interest of Offshore Noteholders as a whole or any Class of Offshore
     Noteholders, the Note Trustee, the Manager and the Trustee may make that
     alteration, addition or modification (subject to the TIA (if applicable))
     only if sanctioned in writing by holders of at least 75% of the aggregate
     Invested Amount of the Offshore Notes (an EXTRAORDINARY RESOLUTION).

19.3 DISTRIBUTION OF AMENDMENTS

     The Manager shall distribute to all Offshore Noteholders and each
     Designated Rating Agency a copy of any amendments made under clause 19.1 or
     19.2 under relevant Condition 12 as soon as reasonably practicable after
     the amendment has been made.

19.4 AMENDMENTS BINDING

     Any amendment under this clause is binding on the Offshore Noteholders.

19.5 CONFORMITY WITH TIA

     Every amendment of this deed executed pursuant to this clause 19 which
     affects the Class A-1 Notes or the Class A-1 Noteholders shall conform to
     the requirements of the TIA as then in effect so long as this deed shall
     then be qualified under the TIA.

20.  OFFSHORE NOTEHOLDERS

20.1 ABSOLUTE OWNER

     (a)  The Trustee, the Manager, the Security Trustee, the Note Trustee and
          any Paying Agent may treat the registered holders of any Definitive
          Note as the absolute owner of that Definitive Note (whether or not
          that Definitive Note is overdue and despite any notation or notice to
          the contrary or writing on it or any notice of previous loss or theft
          of it or trust or other interest in it) for the purpose of making
          payment and for all purposes and none of the Trustee, the Manager, the
          Security Trustee, the Note Trustee or the Paying Agents is affected by
          any notice to the contrary.

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     (b)  So long as the Offshore Notes, or any of them, are represented by a
          Book-Entry Note, the Trustee, the Manager, the Note Trustee and any
          Paying Agent may treat the person for the time being shown in the
          records of the relevant Clearing Agency as the holder of any Offshore
          Note as the absolute owner of that Offshore Note and the Trustee, the
          Manager, the Note Trustee and the Paying Agents are not affected by
          any notice to the contrary, but without prejudice to the entitlement
          of the registered holder of the Book-Entry Note to be paid principal
          and interest on the Book-Entry Note in accordance with its terms.
          Without limitation, notices to Offshore Noteholders may be given by:

          (i)    in the case of the Class A-1 Noteholders, delivery of the
                 relevant notice to the relevant Clearing Agency for the Class
                 A-1 Notes as the holder of the relevant Class A-1 Notes for
                 communication by them to entitled account holders in
                 substitution for publication as required by the relevant
                 Conditions; or

          (ii)   in the case of the Class A-2 Noteholders, delivery of the
                 relevant notice to Euroclear or Clearstream, Luxembourg for
                 communication by them to entitled account holders in
                 substitution for publication as required by the relevant
                 Conditions.

     (c)  Provided the Trustee pays the relevant Noteholder in accordance with
          the Transaction Documents, such Noteholder shall have no claim
          directly against the Trustee, the Note Trustee or a Paying Agent in
          respect of payment due on the Offshore Notes for so long as the
          Offshore Notes are represented by a Book Entry Note and the relevant
          obligations of the Trustee will be discharged by payment to the
          registered holder of the Book Entry Note in respect of each amount so
          paid.

     (d)  All payments made to any person treated as the owner of an Offshore
          Note under this clause (or, in the case of a Book-Entry Note, to or to
          the order of the registered holder of that Book-Entry Note) shall be
          valid and, to the extent of the sums so paid, effective to satisfy and
          discharge the liability for the moneys payable upon that Offshore
          Note.

     (e)  Any instalment of interest or principal, payable on any Offshore Note
          which is punctually paid or duly provided for by the Trustee to the
          Paying Agent on the applicable Payment Date or Maturity Date shall be
          paid to the person in whose name such Offshore Note is registered on
          the Record Date, by cheque mailed first-class, postage prepaid, to
          such person's address as it appears on the Note Register on such
          Record Date, except that, unless Definitive Notes have been issued
          pursuant to clause 3.3 or clause 3.4, with respect to Offshore Notes
          registered on the Record Date in the name of the nominee of the
          Clearing Agency (initially, such nominee to be the Common Depository),
          payment will be made by wire transfer in immediately available funds
          to the account designated by such nominee and except for the final
          instalment of principal payable with respect to such Offshore Note on
          a Payment Date or Maturity Date (and except for the redemption for any
          Offshore Note called for redemption pursuant to the relevant Condition
          5 which shall be payable as provided in paragraph (f).

     (f)  The principal of each Offshore Note shall be payable on each Payment
          Date and the Final Maturity Date as set forth in the relevant
          Conditions. The Principal Paying Agent (in the case of the Class A-1
          Notes) and the Euro Paying Agent (in the case of the Class A-2 Notes)
          shall notify the person in whose name a relevant Offshore Note is
          registered at the

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          close of business on the Record Date preceding the Payment Date, of
          the date on which the Trustee expects that the final instalment of
          principal and interest on such Offshore Note will be paid. Such notice
          shall be mailed or transmitted by facsimile prior to such Final
          Maturity Date and shall specify that such final instalment will be
          payable only upon presentation and surrender of such Offshore Note and
          shall specify the place where such Offshore Note may be presented and
          surrendered for payment of such instalment. Notices in connection with
          redemptions of Offshore Notes shall be mailed to Offshore Noteholders
          as provided in clause 26.1.

20.2 CLEARING AGENCY CERTIFICATE

     The Trustee, the Manager, the Security Trustee and the Note Trustee may
     call for and shall be at liberty to accept and place full reliance on as
     sufficient evidence a certificate or letter or confirmation signed on
     behalf of any Clearing Agency or any form of record made by either of them
     to the effect that at any particular time or throughout any particular
     period any particular person is, was, or will be, shown in its records as
     entitled to a particular interest in a Book-Entry Note.

21.  CURRENCY INDEMNITY

     Subject to this deed including clause 29, the Trustee indemnifies the Note
     Trustee, the Offshore Noteholders and keeps them indemnified against:

     (a)  any loss or damage incurred by any of them arising from the
          non-payment by the Trustee of any US$ or Euro amount due to the Note
          Trustee or the relevant Offshore Noteholders under this deed or the
          relevant Offshore Notes by reason of any variation in the rates of
          exchange between those used for the purposes of calculating the amount
          due under a judgment or order in respect of that payment, which amount
          is expressed in a currency other than US$ or Euros, and under which
          the Note Trustee or the Offshore Noteholders do not have an option to
          have that judgment or order expressed in US$ or Euros (as the case may
          be), and those prevailing at the date of actual payment by the
          Trustee; and

     (b)  any deficiency arising or resulting from any variation in rates of
          exchange between:

          (i)  the date (if any) as of which the non-US$ or non-Euro (as the
               case may be) currency equivalent of the US$ or Euro (as the case
               may be) amounts due or contingently due under this deed (other
               than this clause) or in respect of the relevant Offshore Notes is
               calculated for the purposes of any bankruptcy, insolvency or
               liquidation of the Trustee; and

          (ii) the final date for ascertaining the amount of claims in that
               bankruptcy, insolvency or liquidation provided that in that
               bankruptcy, insolvency or liquidation claims are required to be
               made in a currency other than US$ or Euros (as the case may be).

          The amount of that deficiency shall not be reduced by any variation in
          rates of exchange occurring between that final date and the date of
          any distribution of assets in connection with that bankruptcy,
          insolvency or liquidation.

     (c)  The indemnities in this clause are obligations of the Trustee separate
          and independent from its obligations under the Offshore Notes and
          apply irrespective of any time or indulgence

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          granted by the Note Trustee or the Offshore Noteholders from time to
          time and shall continue in full force and effect despite the judgment
          or filing of any proof or proofs in any bankruptcy, insolvency or
          liquidation of the Trustee for a liquidated sum or sums in respect of
          amounts due under this deed (other than this clause) or the Offshore
          Notes. Any deficiency will constitute a loss suffered by the Offshore
          Noteholders and no proof or evidence of any actual loss shall be
          required by the Trustee or its liquidator.

22.  NEW NOTE TRUSTEES

22.1 APPOINTMENT BY TRUSTEE

     The Trustee may, at the direction of the Manager, at any time appoint a new
     Note Trustee of this deed who has previously been approved by an
     Extraordinary Resolution of the Offshore Noteholders. One or more persons
     may hold office as Note Trustee or Note Trustees but that Note Trustee or
     those Note Trustees must be or include a Trust Corporation. Whenever there
     are more than two Note Trustees the majority of those Note Trustees are
     competent to execute and exercise all the duties, powers, trusts,
     authorities and discretions vested in the Note Trustee by this deed if a
     Trust Corporation is included in that majority.

22.2 APPOINTMENT BY NOTE TRUSTEE

     (a)  The Note Trustee may, on 30 days prior written notice to the Trustee
          and Manager, appoint any person established or resident in any
          jurisdiction (whether a Trust Corporation or not) to act either as a
          separate Note Trustee or as a co-Note Trustee jointly with the Note
          Trustee:

          (i)   if the Note Trustee considers that appointment to be in the
                interests of the Offshore Noteholders;

          (ii)  for the purposes of conforming to any legal requirements,
                restrictions or conditions in any jurisdiction in which any
                particular act or acts is or are to be performed; or

          (iii) for the purposes of obtaining a judgment in any jurisdiction or
                the enforcement in any jurisdiction of either a judgment already
                obtained or any of the provisions of this deed against the
                Trustee.

     (b)  Subject to the provisions of this deed, a person appointed under
          paragraph (a) has all trusts, rights, powers, authorities and
          discretions (not exceeding those conferred on the Note Trustee by this
          deed) and all duties and obligations conferred or imposed by the
          instrument of appointment.

     (c)  Subject to this deed, all trusts, rights, powers, authorities,
          discretions, duties and obligations conferred or imposed upon the Note
          Trustee shall be conferred or imposed upon and exercised or performed
          by the Note Trustee and a person appointed under paragraph (a) jointly
          (it being understood that such separate Note Trustee or co-Note
          Trustee is not authorised to act separately without the Note Trustee
          joining in such act), except to the extent that under any law of any
          jurisdiction in which any particular act or acts are to be performed
          the Note Trustee shall be incompetent or unqualified to perform such
          act or acts, in which event such trusts, rights, powers, authorities,
          discretions, duties and obligations

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          shall be exercised and performed solely by such separate Note Trustee
          or co-Note Trustee, but solely at the direction of the Note Trustee.

     (d)  The Note Trustee may remove or accept the resignation or retirement of
          any person appointed under this clause. The reasonable remuneration of
          any person appointed under this clause together with any costs,
          charges and expenses properly incurred by it in performing its
          function as Note Trustee or co-Note Trustee will be costs, charges and
          expenses incurred by the Note Trustee under this deed, which shall be
          reimbursed by the Trustee under clause 12.

22.3 NOTICE

     (a)  The Trustee shall notify the Principal Paying Agent and the Euro
          Paying Agent of any appointment of a new Note Trustee or any
          retirement or resignation or removal of an existing Note Trustee of
          this deed as soon as practicable after becoming aware of that
          appointment, retirement or removal in accordance with the relevant
          Condition 12.

     (b)  The Note Trustee shall notify each Designated Rating Agency and the
          Offshore Noteholders of any appointment of a new Note Trustee or its
          retirement or removal as soon as practicable.

23.  NOTE TRUSTEE'S RETIREMENT AND REMOVAL

23.1 REMOVAL BY TRUSTEE

     The Trustee (or the Manager on its behalf after informing the Trustee of
     its intention to do so) may at any time terminate the appointment of the
     Note Trustee by giving written notice to that effect to each Designated
     Rating Agency and the Note Trustee with effect immediately on that notice,
     if any of the following occurs in relation to the Note Trustee:

     (a)  an Insolvency Event has occurred in relation to the Note Trustee;

     (b)  the Note Trustee has ceased its business;

     (c)  the Note Trustee fails to comply with any of its obligations under any
          Transaction Document and such failure has had or, if continued, will
          have, a Material Adverse Effect (as determined by the Trustee), and,
          if capable of remedy, the Note Trustee does not remedy that failure
          within 14 days after the earlier of:

          (i)  the Note Trustee becoming aware of that failure; and

          (ii) receipt by the Note Trustee of a written notice with respect
               thereto from either the Trustee or the Manager; or

     (d)  the Note Trustee fails to satisfy any obligation imposed on it under
          the TIA with respect to the Trust or this deed or comply with clause
          23.6.

23.2 REMOVAL BY OFFSHORE NOTEHOLDERS

     The Offshore Noteholders may resolve by written consent of the holders of
     at least 75% of the aggregate Invested Amount of all the Offshore Notes to
     require the Trustee to remove the Note Trustee or Note Trustees for the
     time being of this deed.

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23.3 RESIGNATION

     (a)  Subject to this clause 23, the Note Trustee may resign its appointment
          under this deed at any time by giving to the Trustee, the Manager, the
          Security Trustee and each Designated Rating Agency not less than 3
          months written notice to that effect which notice shall expire not
          less than 30 days before any due date for payment of any Class of
          Offshore Notes.

     (b)  Notwithstanding paragraph (a), the Note Trustee shall not resign its
          appointment under this deed until a successor Note Trustee meeting the
          requirements set forth in clause 23.4 has been appointed and has
          accepted its appointment as Note Trustee under this deed as provided
          in clause 23.5.

     (c)  Subject to this deed, if a successor Note Trustee has not accepted its
          appointment within 30 days after:

          (i)  the Note Trustee has given notice of its resignation in
               accordance with paragraph (a); or

          (ii) the removal of the Note Trustee under clause 23.1 or 23.2,

          the Note Trustee may petition (the cost of which shall be an Expense
          of the Trust) any court of competent jurisdiction for the appointment
          of a successor Note Trustee.

     (d)  The costs of the resignation of the Note Trustee under this clause
          23.3, or of the removal of the Note Trustee under clause 23.2, will be
          an Expense of the Trust.

23.4 TRUST CORPORATION

     Each of the Trustee and the Manager undertakes that if the only Note
     Trustee which is a Trust Corporation retires, resigns or is removed it will
     use its reasonable endeavours to appoint a new Note Trustee which is a
     Trust Corporation as soon as reasonably practicable. The retirement,
     resignation or removal of any Note Trustee shall not become effective until
     a successor Note Trustee which is a Trust Corporation is appointed. The
     Manager must assist the Trustee to appoint a new Note Trustee of this deed.
     If the Trustee fails to appoint a new Note Trustee within three months from
     such retirement, resignation or removal, the Note Trustee shall be entitled
     to appoint a new Note Trustee which is a Trust Corporation and such
     appointment shall be deemed to have been made under clause 22.2 of this
     deed.

23.5 SUCCESSOR TO NOTE TRUSTEE

     (a)  On the execution by the Trustee, the Manager and any successor Note
          Trustee of an instrument effecting the appointment of that successor
          Note Trustee, that successor Note Trustee shall, without any further
          act, deed or conveyance, become vested with all the authority, rights,
          powers, trusts, immunities, duties and obligations of the predecessor
          Note Trustee with effect as if originally named as Note Trustee in
          this deed and the Transaction Documents and that predecessor Note
          Trustee, on payment to it of the pro rata proportion of its fee and
          disbursements then unpaid (if any), shall have no further liabilities
          under this deed, except for any accrued liabilities arising from or
          relating to any act or omission occurring prior to the date on which
          the successor Note Trustee is appointed.

     (b)  Any corporation:

          (i)  into which the Note Trustee is merged;

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          (ii)  with which the Note Trustee is consolidated;

          (iii) resulting from any merger or consolidation to which the Note
                Trustee is a party;

          (iv)  to which the Note Trustee sells or otherwise transfers all or
                substantially all the assets of its corporate trust business,

          shall, on the date when that merger, conversion, consolidation, sale
          or transfer becomes effective and to the extent permitted by
          applicable law, become the successor Note Trustee under this deed
          without the execution or filing of any agreement or document or any
          further act on the part of the parties to this deed, unless otherwise
          required by the Trustee or the Manager, and after that effective date
          all references in this deed to the Note Trustee shall be references to
          that corporation.

     (c)  If no other person can be found to act as Note Trustee, the Offshore
          Noteholders may elect a Note Trustee from among the holders of the
          Offshore Notes.

23.6 ELIGIBILITY; DISQUALIFICATION

     (a)  The Note Trustee shall at all times satisfy the requirements of
          section 310(a) of the TIA.

     (b)  The Note Trustee shall have a combined capital and surplus (as those
          terms are used in the TIA) of at least US$50,000,000 as set forth in
          its most recent published annual report of condition.

     (c)  The Note Trustee shall comply with section 310(b) of the TIA, provided
          that any indenture or indentures under which other securities of the
          Trustee are outstanding shall be excluded from the operation of
          section 310(b)(1) of the TIA for the purposes of paragraph (b) if the
          requirements for such exclusion set out in section 310(b)(1) of the
          TIA are met.

24.  NOTE TRUSTEE'S POWERS ADDITIONAL

     The powers conferred upon the Note Trustee by this deed shall be in
     addition to any powers which may from time to time be vested in the Note
     Trustee by the general law or as a holder of any of the Offshore Notes.

25.  SEVERABILITY OF PROVISIONS

     Any provision of this deed which is prohibited or unenforceable in any
     jurisdiction is ineffective as to that jurisdiction to the extent of the
     prohibition or unenforceability. That does not invalidate the remaining
     provisions of this deed nor affect the validity or enforceability of that
     provision in any other jurisdiction.

26.  NOTICES

26.1 GENERAL

     All notices, requests, demands, consents, approvals, agreements or other
     communications to or by a party to this deed:

     (a)  must be in writing;

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     (b)  must be signed by an Authorised Signatory of the sender; and

     (c)  subject to paragraph (d), will be taken to be duly given or made:

          (i)  (in the case of delivery in person or by post) when delivered,
               received or left at the address of the recipient shown in clause
               26.2 or to any other address which may have been notified to the
               sender under this clause 26; and

          (ii) (in the case of facsimile transmission) on receipt of a
               transmission report confirming successful transmission to the
               number shown in clause 26.2 or any other number notified by the
               recipient to the sender under this clause 26,

          but if delivery or receipt is on a day on which business is not
          generally carried on in the place to which the communication is sent
          or is later than 5.00 pm (local time), it will be taken to have been
          duly given or made at the commencement of business on the next day on
          which business is generally carried on in that place. Any party may by
          notice to each party change its address and facsimile under this
          clause 26.1.

     (d)  For the purposes of paragraph (c), all notices, requests, demands,
          consents, approvals, agreements or other communications to the Note
          Trustee, the Principal Paying Agent, the Euro Paying Agent, any Note
          Registrar or the Calculation Agent must be given or made by facsimile
          transmission.

26.2 DETAILS

     The address and facsimile of each person to whom notices may be sent at the
     date of this deed are as follows:

     THE TRUSTEE

     PERPETUAL TRUSTEES CONSOLIDATED LIMITED

     Level 12 Angel Place
     123 Pitt Street
     Sydney, New South Wales 2000
     Australia

     Tel:        612 9229 9000
     Fax:        612 9221 7870

     Attention:  Manager, Securitisation

     THE MANAGER

     CRUSADE MANAGEMENT LIMITED

     Level 11
     55 Market Street
     Sydney, New South Wales 2000
     Australia

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     Tel:        612 9320 5605
     Fax:        612 9320 5785

     Attention:  Executive Manager, Securitisation

     THE PRINCIPAL PAYING AGENT AND US PAYING AGENT

     DEUTSCHE BANK TRUST COMPANY AMERICAS

     IN RELATION TO THE CLASS A-1 NOTES, CLASS A-1 NOTEHOLDERS AND CLASS A-1
     NOTE OWNERS:

     1761 E. St. Andrew Place
     Santa Ana
     California, 92705
     USA

     Fax:        +1 714 656 2626
     Attention:  Trust Administration - ST0701

     EURO PAYING AGENT

     DEUTSCHE BANK AG, LONDON BRANCH

     Winchester House
     1 Great Winchester Street
     London, EC2N 2DB
     England

     Fax:        +44 207 547 5919
     Attention:  SFS ABS - ABS Team

     THE CALCULATION AGENT

     DEUTSCHE BANK TRUST COMPANY AMERICAS

     1761 E. St. Andrew Place
     Santa Ana
     California, 92705
     USA

     Fax:        +1 714 656 2626
     Attention:  Trust Administration - ST0701

     THE NOTE TRUSTEE

     DEUTSCHE BANK TRUST COMPANY AMERICAS

     1761 E. St. Andrew Place
     Santa Ana
     California, 92705
     USA

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     Fax:       +1 714 656 2626
     Attention: Trust Administration - ST0701

     THE SECURITY TRUSTEE

     P.T. LIMITED

     Level 12 Angel Place
     123 Pitt Street
     Sydney, New South Wales 2000
     Australia

     Tel:       612 9229 9000
     Fax:       612 9221 7870

     Attention: Manager, Securitisation

27.  GOVERNING LAW AND JURISDICTION

     (a)  Subject to paragraph (b), this deed and the Note Trust are governed by
          the law of New South Wales, Australia. The parties submit to the
          non-exclusive jurisdiction of courts exercising jurisdiction there.

     (b)  The administration of the Note Trust, including the exercise of the
          Note Trustee's powers under clause 13 of this deed, is governed by the
          law of the State of New York and in the event of any inconsistency
          between the operation of the law of New South Wales, Australia and the
          law of the State of New York in respect of the application of those
          powers, the law of the State of New York will prevail to the extent of
          the inconsistency.

     (c)  Any provisions in this deed relating to the majority required for
          resolutions of the Voting Mortgagees, including clause 7.1(b)(i), are
          governed by, and shall be construed in accordance with, the laws of
          New South Wales, Australia.

28.  COUNTERPARTS

     This deed may be executed in any number of counterparts. All counterparts
     together will be taken to constitute one instrument.

29.  LIMITED RECOURSE

29.1 GENERAL

     Clause 30 of the Master Trust Deed applies to the obligations and
     liabilities of the Trustee and the Manager under this deed.

29.2 LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

     (a)  This deed applies to the Trustee only in its capacity as trustee of
          the Trust and in no other capacity (except where the Transaction
          Documents provide otherwise). Subject to

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          paragraph (c) below, a liability arising under or in connection with
          this deed or the Trust can be enforced against the Trustee only to the
          extent to which it can be satisfied out of the assets and property of
          the Trust which are available to satisfy the right of the Trustee to
          be exonerated or indemnified for the liability. This limitation of the
          Trustee's liability applies despite any other provision of this deed
          and extends to all liabilities and obligations of the Trustee in any
          way connected with any representation, warranty, conduct, omission,
          agreement or transaction related to this deed or the Trust.

     (b)  Subject to paragraph (c) below, no person (including any Relevant
          Party) may take action against the Trustee in any capacity other than
          as trustee of the Trust or seek the appointment of a receiver (except
          under the Security Trust Deed), or a liquidator, an administrator or
          any similar person to the Trustee or prove in any liquidation,
          administration or arrangements of or affecting the Trustee.

     (c)  The provisions of this clause 29.2 shall not apply to any obligation
          or liability of the Trustee to the extent that it is not satisfied
          because under a Transaction Document or by operation of law there is a
          reduction in the extent of the Trustee's indemnification or
          exoneration out of the Assets of the Trust as a result of the
          Trustee's fraud, negligence, or Default.

     (d)  It is acknowledged that the Relevant Parties are responsible under
          this deed or the other Transaction Documents for performing a variety
          of obligations relating to the Trust. No act or omission of the
          Trustee (including any related failure to satisfy its obligations
          under this deed) will be considered fraud, negligence or Default of
          the Trustee for the purpose of paragraph (c) above to the extent to
          which the act or omission was caused or contributed to by any failure
          by any Relevant Party or any person who has been delegated or
          appointed by the Trustee in accordance with the Transaction Documents
          to fulfil its obligations relating to the Trust or by any other act or
          omission of a Relevant Party or any such person.

     (e)  In exercising their powers under the Transaction Documents, each of
          the Trustee, the Security Trustee and the Noteholders must ensure that
          no attorney, agent, delegate, receiver or receiver and manager
          appointed by it in accordance with this deed or any other Transaction
          Documents has authority to act on behalf of the Trustee in a way which
          exposes the Trustee to any personal liability and no act or omission
          of any such person will be considered fraud, negligence, or Default of
          the Trustee for the purpose of paragraph (c) above.

     (f)  In this clause, RELEVANT PARTY means each of the Manager, the
          Servicer, the Custodian, the Calculation Agent, each Paying Agent, the
          Note Trustee, each Note Registrar and the provider of any Support
          Facility.

     (g)  Nothing in this clause limits the obligations expressly imposed on the
          Trustee under the Transaction Documents.

29.3 UNRESTRICTED REMEDIES

     Nothing in clause 29.2 or 29.4 limits any party in:

     (a)  obtaining an injunction or other order to restrain any breach of this
          deed by any party;

     (b)  obtaining declaratory relief; or

     (c)  relation to its rights under the Security Trust Deed or this deed.

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29.4 RESTRICTED REMEDIES

     Except as provided in clause 29.3, no party shall:

     (a)  (JUDGMENT) obtain a judgment for the payment of money or damages by
          the Trustee;

     (b)  (STATUTORY DEMAND) issue any demand under section 459E(1) of the
          Corporations Act 2001 (Cth) (or any analogous provision under any
          other law) against the Trustee;

     (c)  (WINDING UP) apply for the winding up or dissolution of the Trustee;

     (d)  (EXECUTION) levy or enforce any distress or other execution to, on, or
          against any assets of the Trustee;

     (e)  (COURT APPOINTED RECEIVER) apply for the appointment by a court of a
          receiver to any of the assets of the Trustee;

     (f)  (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any set-off or
          counterclaim against the Trustee; or

     (g)  (ADMINISTRATOR) appoint, or agree to the appointment, of any
          administrator to the Trustee,

     or take proceedings for any of the above and each party waives its rights
     to make those applications and take those proceedings.

30.  SUCCESSOR TRUSTEE

     The Note Trustee shall do all things reasonably necessary to enable any
     successor Trustee appointed under clause 20 of the Master Trust Deed to
     become the Trustee under this deed.

31.  REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE

     Where the Note Trustee is required to express an opinion or make a
     determination or calculation under this deed or the other Transaction
     Documents, the Note Trustee may appoint or engage such independent advisors
     including any of the persons referred to in clause 13(a) as the Note
     Trustee reasonably requires to assist in the giving of that opinion or the
     making of that determination or calculation and any costs and expenses
     properly incurred by and payable to those advisors will be reimbursed to
     the Note Trustee by the Trustee or if another person is expressly stated in
     the relevant provision in a Transaction Document, that person.

32.  NO LIABILITY

     Without limitation the Note Trustee shall not be liable (subject to the
     mandatory requirements of the TIA) for:

     (a)  any decline in the value or loss realised upon any sale or other
          dispositions made under the Security Trust Deed of any Mortgaged
          Property or any other property charged to the Security Trustee by any
          other person in respect of or relating to the obligations of any
          person in respect of the Trustee or the Secured Moneys (as defined in
          the Security Trust Deed) or relating in any way to the Mortgaged
          Property;

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     (b)  any decline in value directly or indirectly arising from the Note
          Trustee acting or failing to act as a consequence of an opinion
          reached by it; or

     (c)  any loss, expense or liability which may be suffered as a result of
          any assets secured by the Security Trust Deed, the Mortgaged Property
          or any deeds or documents of title thereto being uninsured or
          inadequately insured or being held by or to the order of the Servicer
          or any of its affiliates or by clearing organisations or their
          operator or by any person on behalf of the Security Trustee or the
          Note Trustee,

     except for the fraud, negligence, or wilful default of the Note Trustee.

33.  INFORMATION MEMORANDUM

     The Note Trustee has no responsibility for any statement or information in
     or omission from any information memorandum, prospectus, offering circular,
     advertisement, circular or other document issued by or on behalf of the
     Trustee or Manager, including in connection with the issue of Offshore
     Notes. Neither the Trustee nor the Manager may publish or permit to be
     published any such document in connection with the offer of Offshore Notes
     or an invitation for subscriptions for Offshore Notes containing any
     statement which makes reference to the Note Trustee without the prior
     written consent of the Note Trustee, which consent must not be unreasonably
     withheld. In considering whether to give its consent, the Note Trustee is
     not required to take into account the interests of the Noteholders.

34.  NOTE TRUSTEE'S LIMITED LIABILITY

     Without prejudice to any indemnity allowed by law or elsewhere in this deed
     given to the Note Trustee, it is expressly declared as follows:

34.1 RELIANCE ON CERTIFICATE

     (a)  The Note Trustee shall be entitled to call for and rely on a
          certificate or any letter of confirmation or explanation reasonably
          believed by it to be genuine, of the Trustee, the Manager, any Paying
          Agent, the Calculation Agent or any Designated Rating Agency in
          respect of every manner and circumstance for which a certificate or
          any letter of confirmation or explanation is expressly provided for
          under this deed or in respect of the rating of any of the Offshore
          Notes or the relevant Conditions and the Note Trustee is not bound in
          any such case to call for further evidence.

     (b)  The Note Trustee shall not incur any liability as a result of relying
          upon the authority, validity, due authorisation of, or the accuracy of
          any information contained in any notice, resolution, direction,
          consent, certificate, receipt, affidavit, statement, valuation report
          or other document or communication (including any of the above
          submitted or provided by the Manager, by the Trustee or by an Offshore
          Noteholder) if the Note Trustee is entitled, under clause 34.2 to
          assume such authenticity, validity, due authorisation or accuracy.

     (c)  In preparing any notice, certificate, advice or proposal the Note
          Trustee shall be entitled to assume, unless it is actually aware to
          the contrary, that each person under any Authorised Investment,
          Support Facility, Receivable, Receivable Security, Related Securities,
          other

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          Transaction Document or any other deed, agreement or arrangement
          incidental to any of the above or to the Trust, will perform their
          obligations under those documents in full by the due date and
          otherwise in accordance with their terms.

34.2 NOTE TRUSTEE'S RELIANCE ON MANAGER, SECURITY TRUSTEE, TRUSTEE OR SERVICER

     (a)  (AUTHORISED SIGNATORIES ARE SUFFICIENT EVIDENCE) Whenever any
          certificate, notice, proposal, direction, instruction, document or
          other communication is to be given to the Note Trustee, the Note
          Trustee may assume:

          (i)  the authenticity and validity of any signature in any such
               document and that such document has been duly authorised; and

          (ii) the accuracy of any information contained in any such documents,

          in either case unless the officers of the Note Trustee responsible for
          the administration of the Note Trust are actually aware to the
          contrary.

     (b)  (NOTE TRUSTEE NOT LIABLE FOR LOSS) The Note Trustee shall not be
          responsible for any loss arising from any forgery or lack of
          authenticity or any act, neglect, mistake or discrepancy of the
          Manager, the Security Trustee, Trustee or the Servicer or any officer,
          employee, agent or delegate of the Manager, the Security Trustee, the
          Trustee or the Servicer in preparing any such document or in
          compiling, verifying or calculating any matter or information
          contained in any such document, if the officers of the Note Trustee
          responsible for the administration of the Note Trust are not actually
          aware of such forgery, lack of authenticity or validity, act, neglect,
          mistake or discrepancy.

34.3 COMPLIANCE WITH LAWS

     The Note Trustee shall not incur any liability to anyone in respect of any
     failure to perform or to do any act or thing which by reason of any
     provision of any applicable present or future law of any place or any
     applicable ordinance, rule, regulation or by law or of any applicable
     decree, order or judgment of any competent court or other tribunal, the
     Note Trustee shall be prohibited from doing or performing.

34.4 RELIANCE ON EXPERTS

     The Note Trustee may rely on and act on the opinion or statement or
     certificate or advice of or information obtained from the Security Trustee,
     the Servicer, the Trustee, barristers or solicitors (whether instructed by
     the Note Trustee or not), bankers, accountants, brokers, valuers and other
     persons believed by it in good faith to be expert or properly informed in
     relation to the matters on which they are consulted and the Note Trustee
     shall not be liable for anything done or suffered by it in good faith in
     reliance on such opinion, statement, certificate, advice or information
     except to the extent of losses, costs, claims or damages caused by the Note
     Trustee's fraud, negligence or wilful default.

34.5 OVERSIGHTS OF OTHERS

     Having regard to the limitations on the Note Trustee's duties, powers,
     authorities and discretions under this deed, the Note Trustee shall not be
     responsible for any act, omission, misconduct, mistake, oversight, error of
     judgement, forgetfulness or want of prudence on the part of any person

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     or agent appointed by the Note Trustee or on whom the Note Trustee is
     entitled to rely under this deed (other than a Related Body Corporate),
     attorney, banker, receiver, barrister, solicitor, agent or other person
     acting as agent or adviser to the Note Trustee except to the extent of
     losses, costs, claims or damages caused by the Note Trustee's fraud,
     negligence or wilful default, provided that nothing in this deed or any
     other Transaction Document imposes any obligations on the Note Trustee to
     review or supervise the performance by any other party of its obligations.

34.6 POWERS, AUTHORITIES AND DISCRETIONS

     Except as otherwise provided in this deed and in the absence of fraud,
     negligence, or wilful default, the Note Trustee shall not be in any way
     responsible for any loss (whether consequential or otherwise), costs,
     damages or inconvenience that may result from the exercise or non-exercise
     of any powers, authorities and discretions vested in it.

34.7 IMPOSSIBILITY OR IMPRACTICABILITY

     If for any reason whatsoever it becomes impossible or impracticable for the
     Note Trustee to carry out any or all of the provisions of this deed or any
     other Transaction Document, the Note Trustee shall not be under any
     liability and, except to the extent of its own fraud, negligence or wilful
     default, nor shall it incur any liability by reason of any error of law or
     any matter or thing done or suffered or omitted to be done in good faith by
     it or its officers, employees, agents or delegates.

34.8 LEGAL AND OTHER PROCEEDINGS

     (a)  (INDEMNITY FOR LEGAL COSTS) The Note Trustee or the Offshore
          Noteholders acting under clause 6.5 (as the case may be) (each an
          INDEMNIFIED PARTY) shall be indemnified by the Trustee (subject to
          clause 29) for all legal costs and disbursements on a full indemnity
          basis and all other costs, disbursements, outgoings and expenses
          incurred by the Indemnified Party in connection with:

          (i)   the enforcement or contemplated enforcement of, or preservation
                of rights under;

          (ii)  without limiting the generality of paragraph (i) above, the
                initiation, defence, carriage and settlement of any action,
                suit, proceeding or dispute in respect of; and

          (iii) obtaining legal advice or opinions concerning or relating to the
                interpretation or construction of,

          this deed or any other Transaction Document or otherwise under or in
          respect of the Note Trust Deed provided that in relation to the
          matters referred to in paragraph (i) or (ii) only, the Indemnified
          Party shall only be so indemnified by the Trustee if:

          (iv)  the basis upon which any of those costs, disbursements,
                outgoings and expenses will be incurred has been approved in
                advance by the written consent of the holders of at least 75% of
                the aggregate Invested Amount of the Offshore Notes; or

          (v)   the Indemnified Party reasonably considers the incurring of
                those costs, disbursements, outgoings and expenses to be
                necessary.

     (b)  (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC) The Indemnified Party
          shall be entitled to claim in respect of the above indemnity from the
          Trustee for its expenses and liabilities incurred in defending any
          action, suit, proceeding or dispute in which fraud, negligence or

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          wilful default is alleged or claimed against it, but on the same being
          proved, accepted or admitted by it, it shall immediately repay to the
          Trust the amount previously paid by the Trustee to it in respect of
          that indemnity.

34.9  NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

      Except to the extent caused by the fraud, negligence or wilful default on
      the Note Trustee's part or on the part of any of its officers or
      employees, or any agents or delegate, sub-agent, sub-delegate employed by
      the Note Trustee in accordance with this deed (and where this deed
      provides that the Note Trustee is liable for the acts or omissions of any
      such person) to carry out any transactions contemplated by this deed, the
      Note Trustee shall not be liable for any losses, costs, liabilities or
      claims arising from the failure to pay moneys on the due date for payment
      to any Offshore Noteholder or any other person or for any loss howsoever
      caused in respect of any of the Trust or to any Offshore Noteholder or
      other person.

      The Note Trustee is not obliged to take any action under this deed unless
      it is indemnified to its satisfaction against all actions, proceedings,
      claims and demands to which it may render itself liable and all costs,
      charges, damages and expenses it may incur in doing so, to the extent
      permitted by law.

34.10 FURTHER LIMITATIONS ON NOTE TRUSTEE'S LIABILITY

      Subject to clause 34.2, the Note Trustee shall not be liable:

      (a)  for any losses, costs, liabilities or expenses arising out of the
           exercise or non-exercise of its discretion or for any other act or
           omission on its part under this deed, any other Transaction Document
           or any other document except where the exercise or non-exercise of
           any discretion, or any act or omission, by the Note Trustee, or any
           of its officers or employees, or any agent, delegate, sub-agent,
           sub-delegate employed by the Note Trustee in accordance with this
           deed (and where this deed provides that the Note Trustee is liable
           for the acts or omissions of any such person) to carry out any
           transactions contemplated by this deed, constitutes fraud, negligence
           or wilful default;

      (b)  for any losses, costs, damages or expenses caused by its acting (in
           circumstances where this deed requires it to act or contemplates that
           it may so act) on any instruction or direction given to it by:

           (i)  any Offshore Noteholder under this deed, any other Transaction
                Document or any other document;

           (ii) by any person under a Support Facility, Receivable or Receivable
                Security,

           except to the extent that it is caused by the fraud, negligence or
           wilful default of the Note Trustee, or any of its officers or
           employees, or an agent or delegate employed by the Note Trustee in
           accordance with this deed to carry out any transactions contemplated
           by this deed;

      (c)  for any Manager's Default, Servicer Transfer Event or Title
           Perfection Event;

      (d)  without limiting the Note Trustee's obligations or powers under the
           Transaction Documents, for any act, omission or default of the
           Servicer in relation to its servicing duties or its obligations under
           the Servicing Agreement;

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      (e)  without limiting the Note Trustee's obligations or powers under the
           Transaction Documents, for any act, omission or default of the
           Custodian in relation to its custodial duties or its obligations
           under the Custodian Agreement;

      (f)  without limiting the Note Trustee's obligations or powers under the
           Transaction Documents, for any act, omission or default of the
           Security Trustee in relation to its obligations under the Transaction
           Documents;

      (g)  without limiting the Note Trustee's obligations or powers under the
           Transaction Documents, for any act, omission or default of a Paying
           Agent in relation to its obligations under the Transaction Documents;

      (h)  without limiting the Note Trustee's obligations or powers under the
           Transaction Documents, for any act, omission or default of the
           Calculation Agent in relation to its obligations under the
           Transaction Documents;

      (i)  for the failure of a person to carry out an agreement with the Note
           Trustee in connection with the Trust; or

      (j)  for any losses, costs, liabilities or expenses caused by the Note
           Trustee's failure to check any calculation, information, document,
           form or list supplied or purported to be supplied to it by the
           Manager, the Trustee, Security Trustee or the Servicer,

      except, in the case of paragraphs (c) to (j) (inclusive), to the extent
      that it is caused by the fraud, negligence or wilful default of the Note
      Trustee.

      Nothing in this clause 34.10 alone (but without limiting the operation of
      any other clause of this deed) shall imply a duty on the Note Trustee to
      supervise the Manager or the Security Trustee in the performance of the
      Manager's or the Security Trustee's functions and duties, and the exercise
      by the Manager or the Security Trustee of its discretions.

34.11 CONFLICTS

      (a)  (NO CONFLICT) Nothing in this deed shall prevent the Note Trustee
           (subject to clause 13.1 and section 311 of the TIA), the Trustee, the
           Manager, the Security Trustee or any Related Corporation or Associate
           of any of them or their directors or other officers (each a RELEVANT
           PERSON) from:

           (i)   subscribing for purchase, holding, dealing in or disposing of
                 any Offshore Notes;

           (ii)  entering into any financial, banking, development, insurance,
                 agency, broking or other transaction with, or providing any
                 advice or services for the Trust and receiving compensation for
                 such services; or

           (iii) being interested in any such contract or transaction or
                 otherwise at any time contracting or acting in any capacity as
                 representative or agent.

           provided that notwithstanding anything else in this deed to the
           contrary, the Note Trustee agrees that it shall not offer or provide
           credit enhancement to the Trust.

      (b)  (NOT LIABLE TO ACCOUNT) A Relevant Person shall not be in any way
           liable to account to any Offshore Noteholder or any other person for
           any profits or benefits (including any profit, bank charges,
           commission, exchange, brokerage and fees) made or derived under or in
           connection with any transaction or contract specified in paragraph
           (a) above.

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      (c)  (FIDUCIARY RELATIONSHIP) A Relevant Person shall not by reason of any
           fiduciary relationship be in any way precluded from making any
           contracts or entering into any transactions with any such person in
           the ordinary course of its business or from undertaking any banking,
           financial, development, agency or other services including any
           contract or transaction in relation to the placing of or dealing with
           any investment and the acceptance of any office or profit or any
           contract of loan or deposits or other contract or transaction which
           any person or company not being a party to this deed could or might
           have lawfully entered into if not a party to this deed. A Relevant
           Person shall not be accountable to any Offshore Noteholder or any
           other person for any profits arising from any such contracts,
           transactions or offices.

34.12 INFORMATION

      Except for notices and other documents and information (if any) expressed
      to be required to be furnished to any person by the Note Trustee under
      this deed or any other Transaction Document, the Note Trustee shall not
      have any duty or responsibility to provide any person (including any
      Offshore Noteholder) with any credit or other information concerning the
      affairs, financial condition or business of the Trust.

34.13 INVESTIGATION BY NOTE TRUSTEE

      Each Noteholder acknowledges that:

      (a)  the Note Trustee has no duty, and is under no obligation, to
           investigate whether a Manager's Default, Servicer Transfer Event or
           Title Perfection Event has occurred in relation to the Trust other
           than where it has actual notice; and

      (b)  in making any determination, the Note Trustee may seek and rely on
           advice given to it by its advisors in a manner contemplated by this
           deed.

35.   NOTEHOLDERS' LISTS AND REPORTS

35.1  PROVISION OF INFORMATION

      The Trustee (or the Manager on its behalf) will furnish or cause to be
      furnished to the Note Trustee:

      (a)  every six months (with the first six month period commencing on the
           Closing Date) (each such date being a NOTICE DATE), a list, in such
           form as the Note Trustee may reasonably require, of the names and
           addresses of the Offshore Noteholders as of the Record Date
           immediately preceding that Notice Date; and

      (b)  at such other times as the Note Trustee may request in writing,
           within 30 days after receipt by the Manager with a copy provided to
           the Trustee of any such request, a list of similar form and content
           as of a date not more than 10 days prior to the time such list is
           furnished,

      provided that so long as:

      (c)  the Note Trustee is each Note Registrar; or

      (d)  the Offshore Notes are Book-Entry Notes,

      no such list shall be required to be furnished.

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35.2 PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS

     (a)  The Note Trustee shall preserve, in as current a form as is reasonably
          practicable, the names and addresses of the Offshore Noteholders
          contained in the most recent list (if any) furnished to the Note
          Trustee as provided in clause 35.1 and if it acts as a Note Registrar,
          the names and addresses of Offshore Noteholders received by the Note
          Trustee in its capacity as that Note Registrar. The Trustee may
          destroy any list furnished to it as provided in such clause 35.1 upon
          receipt of a new list so furnished.

     (b)  Class A-1 Noteholders may communicate pursuant to section 312(b) of
          the TIA with other Class A-1 Noteholders with respect to their rights
          under this deed or under the Class A-1 Notes.

     (c)  The Trustee, Note Trustee and Note Registrar shall have the protection
          of section 312(c) of the TIA.

35.3 REPORTS BY NOTE TRUSTEE

     If required by section 313(a) of the TIA, within 60 days after each 30
     September, beginning with 30 September 2007, the Note Trustee shall mail to
     each Class A-1 Noteholder, the Trustee and the Manager as required by
     section 313(c) of the TIA a brief report dated as of such date that
     complies with section 313(a) of the TIA. The Note Trustee also shall comply
     with section 313(b) of the TIA. A copy of each report at the time of its
     mailing to Class A-1 Noteholders shall be filed by the Note Trustee with
     the Commission and each stock exchange, if any, on or by which the Class
     A-1 Notes are then listed. The Manager on behalf of the Trustee shall
     notify the Note Trustee in writing if and when the Class A-1 Notes are
     listed on or by any stock exchange.

35.4 NOTICES TO OFFSHORE NOTEHOLDERS; WAIVER

     Where this deed provides for notice to Offshore Noteholders of any event,
     such notice shall be sufficiently given unless otherwise herein expressly
     provided, if in writing and mailed, first-class, postage prepaid to each
     Offshore Noteholder affected by such event, at his or her address as it
     appears on the Note Register, not later than the latest date, and not
     earlier than the earliest date, prescribed for the giving of such notice.

     In any case where notice to Offshore Noteholders is given by mail, neither
     the failure to mail such notice nor any defect in any notice so mailed to
     any particular Offshore Noteholder shall affect the sufficiency of such
     notice with respect to other Offshore Noteholders, and any notice that is
     mailed in the manner herein provided shall conclusively be presumed to have
     been duly given.

     Where this deed provides for notice in any manner, such notice may be
     waived in writing by any person entitled to receive such notice, either
     before or after the event, and such waiver shall be the equivalent of such
     notice. Waivers of notice by Offshore Noteholders shall be filed with the
     Note Trustee but such filing shall not be a condition precedent to the
     validity of any action taken in reliance upon such a waiver.

     In case, by reason of the suspension of regular mail services as a result
     of a strike, work stoppage or similar activity, it shall be impractical to
     mail notice of any event to Offshore Noteholders when such notice is
     required to be given pursuant to any provision of this deed, then any
     manner of giving such notice as the Manager on behalf of the Trustee shall
     direct the Note Trustee shall be deemed to be a sufficient giving of such
     notice.

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35.5 REPORTS BY TRUSTEE

     The Manager on behalf of the Trustee shall:

     (a)  file with the Note Trustee, within 15 days after the Trustee is
          required to file the same with the Commission, copies of the annual
          reports and of the information, documents and other reports (or copies
          of such portions of any of the foregoing as the Commission may from
          time to time by rules and regulations prescribe) which the Trustee may
          be required to file with the Commission pursuant to section 13 or
          15(d) of the Exchange Act;

     (b)  file with the Note Trustee and the Commission in accordance with rules
          and regulations prescribed from time to time by the Commission such
          additional information, documents and reports with respect to
          compliance by the Trustee with the conditions and covenants of this
          deed as may be required from time to time by such rules and
          regulations; and

     (c)  supply to the Note Trustee (and the Note Trustee shall transmit by
          mail to all Class A-1 Noteholders described in section 313(c) of the
          TIA) such summaries of any information, documents and reports required
          to be filed by the Trustee pursuant to clauses (a) and (b) of this
          clause 35.5 as may be required by rules and regulations prescribed
          from time to time by the Commission.

36.  TRUST INDENTURE ACT - MISCELLANEOUS

36.1 COMPLIANCE CERTIFICATES AND OPINIONS, ETC

     (a)  Upon any application or request by the Trustee or the Manager to the
          Note Trustee to take any action under any provision of this deed, the
          Trustee (or the Manager on its behalf) shall furnish to the Note
          Trustee:

          (i)   an Officer's Certificate stating that all conditions precedent,
                if any, provided for in this deed relating to the proposed
                action have been complied with;

          (ii)  an Opinion of Counsel stating that in the opinion of such
                counsel all such conditions precedent, if any, have been
                complied with; and

          (iii) (if required by the TIA) an Independent Certificate from a firm
                of certified public accountants meeting the applicable
                requirements of section 314(c)(3) of the TIA, except that, in
                the case of any such application or request as to which the
                furnishing of such documents is specifically required by any
                provision of this deed, no additional certificate or opinion
                need be furnished.

     (b)  (i)   Prior to the deposit of any property or securities with the
                Trustee that is to be made the basis for the release of any
                property or securities subject to the Security Interest created
                by the Security Trust Deed, the Trustee (or the Manager on its
                behalf) shall, in addition to any obligation imposed in clause
                36.1(a) or elsewhere in this deed, furnish to the Note Trustee
                an Officer's Certificate certifying or stating the opinion of
                each person signing such certificate as to the fair value
                (within 90 days of such deposit) of the property or securities
                to be so deposited.

          (ii)  Whenever any property or securities are to be released from the
                Security Interest created by the Security Trust Deed, the
                Trustee shall also furnish to the Note

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                Trustee an Officer's Certificate certifying or stating the
                opinion of each person signing such certificate as to the fair
                value (within 90 days of such release) of the property or
                securities proposed to be released and stating that in the
                opinion of such person the proposed release will not impair the
                security under the Security Trust Deed in contravention of the
                provisions of the Security Trust Deed or this deed.

          (iii) Whenever the Trustee is required to furnish to the Note Trustee
                an Officer's Certificate certifying or stating the opinion of
                any signer thereof as to the matters described in paragraphs (i)
                and (ii), the Trustee (or the Manager on its behalf) shall also
                furnish to the Note Trustee an Independent Certificate as to the
                same matters if the fair value of the property or securities and
                of all other property or securities deposited or released from
                the Security Interest created by the Security Trust Deed since
                the commencement of the then current calendar year, as set forth
                in the certificate required by clause (ii) and this clause
                (iii), equals 10% or more of the Total Invested Amount of the
                Notes, but such certificate need not be furnished in the case of
                any release of property or securities if the fair value thereof
                as set forth in the related Officer's Certificate is less than
                US$25,000 or less than one percent of the then Total Invested
                Amount of the Notes.

                Notwithstanding any other provision of this clause, the Trustee
                may:

                (A)  collect, liquidate, sell or otherwise dispose of
                     Receivables or other Assets of the Trust as and to the
                     extent permitted or required by the Transaction Documents;
                     and

                (B)  make or permit to be made cash payments out of the
                     Collection Account or the US$ Account as and to the extent
                     permitted or required by the Transaction Documents.

     (c)  Every Officer's Certificate or opinion with respect to compliance with
          a condition or covenant provided for in this deed shall include:

          (i)   a statement that each signatory of such certificate or opinion
                has read or has caused to be read such covenant or condition and
                the definitions herein relating thereto;

          (ii)  a brief statement as to the nature and scope of the examination
                or investigation upon which the statements or opinions contained
                in such certificate or opinion are based;

          (iii) a statement that, in the opinion of each such signatory, such
                signatory has made such examination or investigation as is
                necessary to enable such signatory to express an informed
                opinion as to whether or not such covenant or condition has been
                complied with; and

          (iv)  a statement as to whether, in the opinion of each such signatory
                such condition or covenant has been complied with.

36.2 UNDERTAKING FOR COSTS

     (a)  Subject to paragraph (b), all parties to this deed agree, and each
          Offshore Noteholder by such Offshore Noteholder's acceptance thereof
          shall be deemed to have agreed, that any

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          court may in its discretion require, in any suit for the enforcement
          of any right or remedy under this deed, or in any suit against the
          Note Trustee for any action taken, suffered or omitted by it as the
          Note Trustee, the filing by any party litigant in such suit of an
          undertaking to pay the costs of such suit, and that such court may in
          its discretion assess reasonable costs, including reasonable
          attorneys' fees, against any party litigant in such suit, having due
          regard to the merits and good faith of the claims or defences made by
          such party litigant.

     (b)  The provisions of this clause shall not apply to:

          (i)   any suit instituted by the Note Trustee;

          (ii)  any suit instituted by any Offshore Noteholder, or group of
                Offshore Noteholders in each case holding in the aggregate more
                than 10% of the aggregate Invested Amount of the Offshore Notes;
                or

          (iii) any suit instituted by any Offshore Noteholder for the
                enforcement of the payment of principal or interest on any
                Offshore Note on or after the respective due dates expressed in
                such Offshore Note and in this deed (or, in the case of final
                redemption of a Offshore Note, on or after the Final Maturity
                Date).

36.3 EXCLUSION OF SECTION 316

     (a)  Section 316(a)(1) of the TIA is expressly excluded by this deed.

     (b)  For the purposes of section 316(a)(2) of the TIA in determining
          whether any Offshore Noteholders have concurred in any relevant
          direction or consent, Notes owned by the Trustee or by any Associate
          of the Trustee, shall be disregarded, except that for the purposes of
          determining whether the Note Trustee shall be protected in relying on
          any such direction or consent, only Offshore Notes which the Note
          Trustee knows are so owned shall be so disregarded.

36.4 UNCONDITIONAL RIGHTS OF OFFSHORE NOTEHOLDERS TO RECEIVE PRINCIPAL AND
     INTEREST

     Notwithstanding any other provisions in this deed, but subject to clause 29
     and to the terms of the Security Trust Deed, any Offshore Noteholder shall
     have the right, which is absolute and unconditional, to receive payment of
     the principal of and interest, if any, on such Offshore Note on or after
     the respective due dates thereof expressed in such Offshore Note or in this
     deed (or, in the case of final redemption of an Offshore Note, on or after
     the Final Maturity Date) and to institute suit for the enforcement of any
     such payment, and such right shall not be impaired without the consent of
     such Offshore Noteholder, except to the extent that the institution or
     prosecution thereof or the entry of judgment therein would, under
     applicable law, result in the surrender, impairment, waiver, or loss of the
     Security Interest created by the Security Trust Deed upon any property
     subject to such Security Interest.

36.5 CONFLICT WITH TRUST INDENTURE ACT

     If any provision hereof limits, qualifies or conflicts with another
     provision hereof that is required to be included in this deed by any of the
     provisions of the TIA, such TIA required provision shall prevail.

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     The provisions of section 310 to 317 (inclusive) of the TIA that impose
     duties on any person (including the provisions automatically deemed
     included herein unless expressly excluded by this deed) are a part of and
     govern this deed, whether or not contained herein.

37.  CONSENT OF OFFSHORE NOTEHOLDERS

37.1 GENERAL

     Except as expressly provided in elsewhere in this deed or in clause 37.2
     below, any action that may be taken by the Offshore Noteholders under this
     deed may be taken by the holders of not less than a majority of the
     aggregate Invested Amount of the Offshore Notes.

37.2 SPECIAL WRITTEN APPROVALS

     (a)  The following matters are only capable of being effected by the
          approval in writing of all holders of the Offshore Notes, namely:

          (i)   modification of the date fixed for final maturity of the
                Offshore Notes;

          (ii)  reduction or cancellation of the principal payable on the
                Offshore Notes or any alteration of the date or priority of
                redemption of the Offshore Notes;

          (iii) alteration of the amount of interest payable on any class of the
                Offshore Notes or modification of the method of calculating the
                amount of interest payable on the Offshore Notes or modification
                of the date of payment of or interest payable on the Offshore
                Notes;

          (iv)  alteration of the currency in which payments under the Offshore
                Notes are to be made;

          (v)   altering the required percentage of the aggregate Invested
                Amount of the Offshore Notes required to consent or take any
                action;

          (vi)  an election to receive the Stated Amount of the Offshore Notes
                instead of the Invested Amount in the event of a call under
                clause 7.1 of the Supplementary Terms Notice; and

          (vii) alteration of this sub-paragraph.

     (b)  The Offshore Noteholders shall in addition to the powers given under
          this deed, have the following powers if approval is given by an
          Extraordinary Resolution of the Offshore Noteholders (or such higher
          percentage as may be required by the TIA)):

          (i)   power to sanction any compromise or arrangement proposed to be
                made between the Trustee and the Offshore Noteholders;

          (ii)  power to sanction any abrogation, modification, compromise or
                arrangement in respect of the rights of the Offshore Noteholders
                against the Trustee or against any of its property or against
                any other person whether such rights shall arise under these
                presents, any of the Offshore Notes or otherwise;

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          (iii)  power to assent to any modification of the provisions contained
                 in these presents, the Offshore Notes (including the
                 Conditions) or the provisions of any of the Relevant Documents
                 which shall be proposed by the Trustee or the Note Trustee;

          (iv)   power to give any authority or sanction which under the
                 provisions of these presents or the Offshore Notes (including
                 the relevant Conditions) is required to be given by, in writing
                 by the holders of at least 75% of the aggregate Invested Amount
                 of the Offshore Notes;

          (v)    power to approve a person to be appointed a trustee and power
                 to remove any trustee or trustees for the time being under this
                 deed;

          (vi)   power to discharge or exonerate the Note Trustee from all
                 liability in respect of any act or omission for which the Note
                 Trustee may have become responsible under this deed or under
                 the Offshore Notes;

          (vii)  power to authorise the Note Trustee to concur in and execute
                 and do all such deeds, instruments, acts and things as may be
                 necessary to carry out and give effect to the approval in
                 writing by holders of at least 75% of the aggregate Invested
                 Amount of the Offshore Notes;

          (viii) power to sanction any scheme or proposal for the exchange or
                 sale of the Offshore Notes, as the case may be, for, or the
                 conversion of the Offshore Notes, into, or the cancellation of
                 the Offshore Notes, in consideration of shares, stock, notes,
                 bonds' debentures, debenture stock and/or other obligations
                 and/or securities of the Trustee or of any other company formed
                 or to be formed, or for or into or in consideration of cash, or
                 partly for or into or in consideration of such shares, stock,
                 notes, bonds, debenture stock and/or other obligations and/or
                 securities as aforesaid and partly for or into or in
                 consideration of cash.

37.3 REQUIREMENT FOR WRITING

     Except as expressly provided elsewhere in this deed, all notices and
     consents from Offshore Noteholders and any Class A Note Owners (as the case
     may be) shall be delivered in writing. Any solicitation of such notices or
     consent shall be in writing and be delivered by the Trustee, Manager or
     Note Trustee, as applicable, seeking such notice or consent from the
     Offshore Noteholders or Class A Note Owners (as the case may be) to the
     Principal Paying Agent (in the case of the Class A-1 Notes) or Euro Paying
     Agent (in the case of the Class A-2 Notes), who shall deliver the foregoing
     to the appropriate Offshore Noteholders or Class A Note Owners. With
     respect to any solicitation of approval of Offshore Noteholders, the record
     date for determining Offshore Noteholders with respect to such solicitation
     shall be the date upon which the Principal Paying Agent (in the case of the
     Class A-1 Notes) or Euro Paying Agent (in the case of the Class A-2 Notes)
     distributes such notices or solicitation to the Offshore Noteholders.

37.4 NO CONFLICT BETWEEN ACTIONS OF OFFSHORE NOTEHOLDERS

     Notwithstanding any of the foregoing, the Class A-1 Noteholders and the
     Class A-2 Noteholders may take action as a Class on any matters that relate
     solely to that Class of Notes.

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38.  DOCUMENTS

     The Manager and the Trustee shall provide to the Note Trustee sufficient
     copies of all documents required by the relevant Conditions, this deed, the
     Prospectus for the Class A-1 Notes or the Offering Circular for the Class
     A-2 Notes to be made available by the Note Trustee to Offshore Noteholders
     for issue or inspection but only to the extent that such documents are in
     the Manager's or the Trustee's possession or are otherwise available to the
     Manager or the Trustee.

39.  KNOW YOUR CUSTOMER

     The Trustee and the Manager agree to, and the Offshore Noteholders may be
     requested to, provide any information and documents reasonably required by
     the Note Trustee for it to comply with any "know your customer" or other
     identification checks or procedures under any law or regulation to the
     extent that such information is in the possession of, or otherwise
     available to the Trustee, Manager or the Offshore Noteholders (as the case
     may be). The Note Trustee may, to the extent required by law, decline to
     perform its affected obligations under the Transaction Documents to which
     it is a party to the extent that such information and documents are not
     provided.

40.  ANTI-MONEY LAUNDERING

     (a)  Subject to paragraph (b), each party (the PROVIDER) must, on the
          request of any other party (the RECIPIENT), provide the Recipient with
          any information or document in the Provider's possession or otherwise
          readily available to the Provider, where such information or document
          is required by the Recipient to comply with any applicable anti-money
          laundering or counter-terrorism financing laws including any such laws
          requiring the Recipient to carry out "know your customer" or other
          identification checks or procedures (RELEVANT LAWS).

     (b)  The Provider's obligations under paragraph (a) are subject to any
          confidentiality, privacy or other obligations imposed by law on the
          Provider in relation to the requested information or document, except
          to the extent overridden by the Relevant Laws.

     (c)  Each party must comply with any Relevant Laws applicable to it, to the
          extent required to comply with its obligations under the Transaction
          Documents. Any party may decline to perform any obligation under the
          Transaction Documents to the extent it forms the view, in its
          reasonable opinion, that notwithstanding that it has taken all action
          to comply with any applicable Relevant Laws, it is required by
          Relevant Laws to decline to perform any such obligation.

     (d)  To the maximum extent permitted by law, each party and each Mortgagee
          (as defined in the Security Trust Deed) releases, to the extent that
          it is able, each other party from any confidentiality, privacy or
          general law obligations that such other party would otherwise owe and
          which would otherwise prevent such other party from providing any
          information or documents requested in accordance with this clause or
          any similar clause in any other Transaction Document, to the extent
          necessary to allow such other party to provide such information or
          documents and solely for the purpose of providing such information or
          documents.

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EXECUTED as a deed.

Each attorney executing this deed states that he or she has no notice of,
alteration to, or revocation or suspension of, his or her power of attorney.

TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES CONSOLIDATED
LIMITED by its attorney in the
presence of:

/s/ James Clifford                      /s/ Andrea Ruver
-------------------------------------   ----------------------------------------
Witness Signature                       Attorney Signature

James Clifford                          Andrea Ruver
-------------------------------------   ----------------------------------------
Print Name                              Print Name

MANAGER

SIGNED SEALED AND DELIVERED for
CRUSADE MANAGEMENT LIMITED by its
attorney in the presence of:

/s/ James Clifford                      /s/ Andrew Jinks
-------------------------------------   ----------------------------------------
Witness Signature                       Attorney Signature

James Clifford                          Andrew Jinks
-------------------------------------   ----------------------------------------
Print Name                              Print Name

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NOTE TRUSTEE

EXECUTED for and on behalf of
DEUTSCHE BANK TRUST COMPANY AMERICAS
by:

/s/ Barbara Campbell
-------------------------------------
Authorised Signatory

Barbara Campbell (Vice President)
-------------------------------------
Print Name

PRINCIPAL PAYING AGENT AND US PAYING AGENT

EXECUTED for and on behalf of
DEUTSCHE BANK TRUST COMPANY AMERICAS
by:

/s/ Barbara Campbell
-------------------------------------
Authorised Signatory

Barbara Campbell (Vice President)
-------------------------------------
Print Name

EURO PAYING AGENT

EXECUTED for and on behalf of
DEUTSCHE BANK AG, LONDON BRANCH by:

/s/ Rafe Morton --- /s/ Jarren Levine
-------------------------------------
Authorised Signatory

Rafe Morton -- Jarren Levine
-------------------------------------
Print Name

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CALCULATION AGENT

EXECUTED for and on behalf of
DEUTSCHE BANK TRUST COMPANY AMERICAS
by:

/s/ Barbara Campbell
-------------------------------------
Authorised Signatory

Barbara Campbell (Vice President)
-------------------------------------
Print Name

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for P.T.
LIMITED by its attorney in the
presence of:

/s/ James Clifford                      /s/ Andrea Ruver
-------------------------------------   ----------------------------------------
Witness Signature                       Attorney Signature

James Clifford                          Andrea Ruver
Print Name                              Print Name

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SCHEDULE 1

FORM OF CLASS A-1 BOOK-ENTRY NOTE

REGISTERED   CUSIP No.     228819AA6
No. R-       ISIN No.      US228819AA63
             Common Code   029199205

Unless this Note is presented by an authorised representative of The Depository
Trust Company, a New York corporation (DTC), to the Issuer or its agent for
registration of transfer, exchange or payment, and any Note issued is registered
in the name of Cede & Co. or in such other name as is requested by an authorised
representative of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorised representative of DTC), any transfer,
pledge or other use hereof for value or otherwise by or to any person is
wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THIS BOOK-ENTRY NOTE IS A GLOBAL BOND FOR THE PURPOSES OF SECTION 128F(10) OF
THE INCOME TAX ASSESSMENT ACT 1936 OF THE COMMONWEALTH OF AUSTRALIA.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                     PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                              (ABN 81 004 029 841)

             (a limited liability company incorporated in Australia)

      in its capacity as trustee of the Crusade Global Trust No. 1 of 2007

                                 BOOK-ENTRY NOTE

                                  representing

                                US$1,450,000,000

     Class A-1 Mortgage Backed Floating Rate Notes Due on the Final Maturity
Date falling in April 2038.

This Note is a Class A-1 Book-Entry Note without principal or interest in
respect of a duly authorised issue of Notes of Perpetual Trustees Consolidated
Limited in its capacity as trustee of the Crusade Global Trust No. 1 of 2007
(the TRUST) (the ISSUER), designated as specified in the title above (the
NOTES), in an initial aggregate principal amount of

                                US$1,450,000,000

and (a) constituted by a Master Trust Deed (the MASTER TRUST DEED) dated 14
March 1998 between the Issuer, St.George Bank Limited and Crusade Management
Limited (the MANAGER), by a Supplementary Terms Notice (the SUPPLEMENTARY TERMS
NOTICE) dated on or about 13 March 2007 between (among others) the Issuer, the
Security Trustee (as defined herein), St.George Custodial Pty Limited, Deutsche
Bank Trust Company Americas (the note trustee for the time being referred to as
the NOTE TRUSTEE) as trustee for the holders for the time being of the Class A-1
Notes (the CLASS A-1 NOTEHOLDERS) and the Manager, and by the Conditions; (b)
issued subject to a Note Trust Deed dated on or about 13 March 2007 (the NOTE
TRUST DEED)

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between (among others) the Issuer, the Manager and the Note Trustee; and (c)
secured by a Security Trust Deed (the SECURITY TRUST DEED) dated 5 March 2007
between the Issuer, the Manager, P.T. Limited (ABN 67 004 454 666) (the SECURITY
TRUSTEE) which expression shall include its successor for the time being as
security trustee under the Security Trust Deed) and the Note Trustee. References
to the Conditions (or to any particular numbered Condition) shall be to the
Terms and Conditions of the Class A-1 Notes set out in schedule 2 to the Note
Trust Deed but with the deletion of those provisions which are applicable only
to Class A-1 Notes in definitive form. Terms and expressions defined in the Note
Trust Deed and the Conditions shall, save as expressly stated otherwise, bear
the same meanings when used herein.

If the Issuer is obliged to issue Definitive Class A-1 Notes under Clause 3.3 of
the Note Trust Deed this Class A-1 Book-Entry Note will be exchangeable in whole
at the offices of the Class A-1 Note Registrar at 648 Grassmere Park Road,
Nashville, Tennessee 37211-3658, USA (or such other place outside Australia and
any of its respective territories and possessions and other areas subject to
jurisdictions as the Note Trustee may agree) for Definitive Class A-1 Notes and
the Issuer shall execute and procure that the Principal Paying Agent
authenticates and delivers in full exchange for this Class A-1 Book-Entry Note,
Definitive Class A-1 Notes in aggregate principal amount equal to the principal
amount of all Class A-1 Notes represented by this Class A-1 Book-Entry Note. The
Issuer is not obliged to issue Definitive Class A-1 Notes until 30 days after
the occurrence of an event set out in clause 3.3 of the Note Trust Deed.

The Issuer, in its capacity as trustee of the Trust, subject to this US$
Book-Entry Note and subject to and in accordance with the Conditions and the
Note Trust Deed promises to pay to Cede & Co., or registered assigns of this
Class A-1 Book-Entry Note the principal sum of US$1,450,000,000 (one billion
four hundred and fifty million dollars) or such lesser amount as may from time
to time be represented by this Class A-1 Book-Entry Note (or such part of that
amount as may become repayable under the Conditions, the Supplementary Terms
Notice and the Note Trust Deed) on such date(s) that principal sum (or any part
of it) becomes repayable in accordance with the Conditions, the Supplementary
Terms Notice and the Note Trust Deed and to pay interest in arrears on each
Quarterly Payment Date (as defined in Condition 4) on the Invested Amount (as
defined in Condition 5(a)) of this Class A-1 Book-Entry Note at rates determined
in accordance with Condition 4 and all subject to and in accordance with the
certification requirements described in this Class A-1 Book-Entry Note, the
Conditions, the Supplementary Terms Notice and the Note Trust Deed, which shall
be binding on the registered holder of this Class A-1 Book-Entry Note (as if
references in the Conditions to the Notes and the Noteholders were references to
this Class A-1 Book-Entry Note and the registered holder of this Class A-1
Book-Entry Note respectively and as if the same had been set out in this Class
A-1 Book-Entry Note in full with all necessary changes, except as otherwise
provided in this Class A-1 Book-Entry Note).

Payments of interest on this Class A-1 Note due and payable on each Quarterly
Payment Date, together with the instalment of principal, if any, shall be
payable to the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.). Each of the persons appearing from time to time in the records of
DTC, as the holder of a beneficial interest in a Class A-1 Note will be entitled
to receive any payment so made in respect of that Class A-1 Note in accordance
with the respective rules and procedures of DTC. Such persons will have no claim
directly against the Issuer in respect of payments due on the Class A-1 Notes
which must be made by the registered holder of this Class A-1 Book-Entry Note,
for so long as this Class A-1 Book-Entry Note is outstanding.

On any payment of principal and/or interest on the Class A-1 Notes as set out
above details of that payment shall be endorsed by or on behalf of the Issuer in
the Note Register and, in the case of payments of principal, the Invested Amount
of the Class A-1 Notes shall be reduced for all purposes by the amount so paid
and

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endorsed in the Note Register. Any such record shall be prima facie evidence
that the payment in question has been made.

If the Issuer is obliged to issue Definitive Class A-1 Notes under clause 3.3 of
the Note Trust Deed, the Class A-1 Book-Entry Notes will be surrendered to the
Trustee by the Clearing Agency and the Clearing Agency will deliver the relevant
registration instructions to the Trustee. Definitive Class A-1 Notes shall be
executed by the Trustee and authenticated by the Principal Paying Agent and
delivered as per the instructions of the Clearing Agency.

The Definitive Class A-1 Notes to be issued on that exchange will be in
registered form each in the denomination of US$100,000 and multiples of US$1 in
excess thereof. If the Issuer fails to meet its obligations to issue Definitive
Class A-1 Notes, this shall be without prejudice to the Issuer's obligations
with respect to the Notes under the Note Trust Deed, the Master Trust Deed, the
Supplementary Terms Notice and this Class A-1 Book-Entry Note.

On an exchange of this Class A-1 Book-Entry Note, this Class A-1 Book-Entry Note
shall be surrendered to the Class A-1 Note Registrar.

This Class A-1 Book-Entry Note shall not become valid for any purpose unless and
until the Certificate of Authentication attached has been signed by an
Authorised Signatory of the Principal Paying Agent (as defined in the
Supplementary Terms Notice).

This Class A-1 Book-Entry Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Class A-1 Book-Entry Note to be signed
manually or in facsimile by a person duly authorised on its behalf.

Perpetual Trustees Consolidated Limited in its capacity as trustee of the
Crusade Global Trust No. 1 of 2007

By:
    --------------------------------
    Authorised Signatory

IMPORTANT NOTICE:

(a)  The Class A-1 Notes do not represent deposits or other liabilities of
     St.George Bank Limited, ABN 92 055 513 070 (ST.GEORGE) or associates of
     St.George.

(b)  The holding of Class A-1 Notes is subject to investment risk, including
     possible delays in repayment and loss of income and principal invested.

(c)  None of St.George, any associate of St.George, Perpetual Trustees
     Consolidated Limited, the Security Trustee, the Note Trustee, the Principal
     Paying Agent, the Euro Paying Agent, any Note Registrar, the Calculation
     Agent, any Paying Agent nor any Note Manager in any way stands behind the
     capital value and/or performance of the Class A-1 Notes or the assets of
     the Trust except to the limited extent provided in the Transaction
     Documents for the Trust (which, for the avoidance of doubt, does not apply
     to the Note Trustee, the Principal Paying Agent, the Euro Paying Agent, any
     Note Registrar, any Paying Agent nor the Calculation Agent).

(d)  None of St.George, Perpetual Trustees Consolidated Limited, the Custodian
     (as defined in the Supplementary Terms Notice), the Servicer (as defined in
     the Supplementary Terms Notice), the Manager, the Security Trustee, the
     Note Trustee, the Principal Paying Agent, the Euro Paying Agent, any Note
     Registrar, any Paying Agent, the Calculation Agent, the Currency Swap
     Provider (as defined in the

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     Supplementary Terms Notice) or any of the Note Managers (as defined
     in the Supplementary Terms Notice) guarantees the payment of interest or
     the repayment of principal due on the Class A-1 Notes.

(e)  None of the obligations of the Issuer or the Manager are guaranteed in any
     way by St.George or any associate of St.George or associate of Perpetual
     Trustees Consolidated Limited.

(f)  Without limiting the Conditions, the Issuer's liability to make payments in
     respect of the Class A-1 Notes is limited to its right of indemnity from
     the assets of the Trust from time to time available to make such payments
     under the Master Trust Deed and Supplementary Terms Notice. All claims
     against the Issuer in relation to the Class A-1 Notes can be enforced
     against the Issuer only to the extent to which it can be satisfied out of
     the assets of the Trust out of which the Issuer is actually indemnified for
     the liability except in the case of (and to the extent of) any fraud,
     negligence or Default (as defined in the Master Trust Deed) on the part of
     the Issuer.

(g)  The Noteholder is required to accept any distribution of moneys under the
     Security Trust Deed in full and final satisfaction of all moneys owing to
     it, and any debt represented by any shortfall that exists after any such
     final distribution is extinguished.

                          CERTIFICATE OF AUTHENTICATION

This Class A-1 Book-Entry Note is to be authenticated by Deutsche Bank Trust
Company Americas and until so authenticated shall not be valid for any purpose.

DEUTSCHE BANK TRUST COMPANY AMERICAS as Principal Paying Agent

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ___________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
       ------------------------------   ----------------------------------------
                                        Signature Guaranteed:

Dated:
       ------------------------------   ----------------------------------------
                                        Signatures must be guaranteed by an
                                        "eligible guarantor institution" meeting
                                        the requirements of the Note Registrar,
                                        which requirements include membership or
                                        participation in STAMP or such other
                                        "signature guarantee program" as may be
                                        determined by the Note Registrar in
                                        addition to, or in substitution for,
                                        STAMP, all in accordance with the
                                        Exchange Act.

----------
*NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular without alteration, enlargement or any change whatsoever.

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SCHEDULE 2

TERMS AND CONDITIONS OF THE CLASS A-1 NOTES

The following, subject to amendments, are the terms and conditions of the Class
A-1 Notes, substantially as they will appear on the reverse of the Class A-1
Notes in definitive form. Class A-1 Notes in definitive form will only be issued
in certain circumstances. While the Class A-1 Notes remain in book-entry form,
the same terms and conditions govern them, except to the extent that they are
appropriate only to the Class A-1 Notes in definitive form. For a summary of the
provisions relating to the Class A-1 Notes in book-entry form, see the summary
at the end of this section.

Paragraphs in italics are included by way of explanation only, and do not
constitute part of the terms and conditions of the Class A-1 Notes.

The US$1,450,000,000 Mortgage Backed Pass Through Floating Rate Class A-1 Notes
due April 2038 (the CLASS A-1 NOTES) are issued in conjunction with
(euro)600,000,000 Mortgage Backed Pass Through Floating Rate Class A-2 Notes due
April 2038 (the CLASS A-2 NOTES), A$700,000,000 Mortgage Backed Pass Through
Floating Rate Class A-3 Notes due April 2038 (the CLASS A-3 NOTES, and together
with the Class A-1 Notes, and the Class A-2 Notes, the CLASS A NOTES) and
A$64,600,000 Mortgage Backed Pass Through Floating Rate Class B Notes due April
2038 (the CLASS B NOTES) and A$29,500,000 Mortgaged Backed Pass Through Floating
Rate Class C Notes due April 2038 (the CLASS C NOTES) (the Class B Notes, the
Class C Notes and the Class A-3 Notes, together, are the A$ NOTES and the $A
Notes and the Class A-1 Notes and the Class A-2 Notes, together, are the NOTES)
by Perpetual Trustees Consolidated Limited, in its capacity as trustee of the
Crusade Global Trust No. 1 of 2007 (the TRUST) (in such capacity, the ISSUER).
These Notes are (a) issued subject to a Master Trust Deed (the MASTER TRUST
DEED) dated 14 March 1998 between the Issuer, Crusade Management Limited (in
such capacity, the MANAGER and, in the capacity of residual income beneficiary
under the Trust, the RESIDUAL INCOME BENEFICIARY) and St.George Bank Limited
(ST.GEORGE), a Supplementary Terms Notice (the SUPPLEMENTARY TERMS NOTICE) dated
on or about 13 March 2007 between (among others) the Issuer and Deutsche Bank
Trust Company Americas (the note trustee for the time being referred to as the
NOTE TRUSTEE) as trustee for the holders for the time being of the Class A-1
Notes (the CLASS A-1 NOTEHOLDERS) and the holders for the time being of the
Class A-2 Notes (the CLASS A-2 NOTEHOLDERS) (the holders for the time being of
the A$ Notes being the A$ NOTEHOLDERS and, together with the Class A-1
Noteholders and the Class A-2 Noteholders, the NOTEHOLDERS)) and the Manager,
and these terms and conditions (the CONDITIONS); (b) in the case of the Class
A-1 Notes and the Class A-2 Notes, issued subject to a Note Trust Deed dated on
or about 13 March 2007 (the NOTE TRUST DEED) between the Issuer, the Manager and
the Note Trustee; and (c) secured by a Security Trust Deed (the SECURITY TRUST
DEED) dated 5 March 2007 between the Issuer, the Manager, the Note Trustee and
P.T. Limited (ABN 67 004 454 666) (the security trustee for the time being
referred to as the SECURITY TRUSTEE).

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Supplementary Terms Notice,
the Security Trust Deed and the Note Trust Deed. Certain words and expressions
used herein have the meanings defined in those documents. In accordance with an
agency agreement (the AGENCY AGREEMENT) dated on or about 13 March 2007 between
the Issuer, the Manager, the Note Trustee, Deutsche Bank Trust Company Americas
acting through its office designated

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from time to time under the Agency Agreement as Principal Paying Agent (the
PRINCIPAL PAYING AGENT, which expression includes its successors as Principal
Paying Agent under the Agency Agreement) and as US paying agent, Deutsche Bank
AG, London Branch as Euro paying agent (the EURO PAYING AGENT, which expression
includes its successors as Euro Paying Agent under the Agency Agreement) and
Deutsche Bank Trust Company Americas, as calculation agent (the CALCULATION
AGENT, which expression includes its successors as Calculation Agent under the
Agency Agreement), and under which further paying agents may be appointed
(together with the Principal Paying Agent and the Euro Paying Agent, the PAYING
AGENTS, which expression includes the successors of each paying agent as such
under the Agency Agreement and any additional paying agents appointed), payments
in respect of the Class A-1 Notes will be made by the Paying Agents and the
Calculation Agent will make the determinations specified in the Agency
Agreement. The Class A-1 Noteholders will be entitled (directly or indirectly)
to the benefit of, will be bound by, and will be deemed to have notice of, all
the provisions of the Master Trust Deed, the Supplementary Terms Notice, the
Security Trust Deed, the Note Trust Deed, the Agency Agreement, the Servicing
Agreement dated 19 March 1998 and made between the Issuer, the Manager and
St.George as servicer (together with any substitute or successor, the SERVICER),
the Custodian Agreement (the CUSTODIAN AGREEMENT) dated 19 March 1998 and made
between the Issuer, the Manager and St.George Custodial Pty Ltd as custodian
(together with any substitute or successor, the CUSTODIAN) and the Indemnity
(the INDEMNITY) dated 19 March 1998 between St.George as indemnifier (in such
capacity, the INDEMNIFIER), the Manager, the Custodian and the Issuer (together
with the agreements with respect to the Basis Swap, the Fixed-Floating Rate Swap
and the Currency Swap (as each such term is defined below), those documents the
RELEVANT DOCUMENTS and certain other transaction documents defined as such in
the Supplementary Terms Notice, the TRANSACTION DOCUMENTS). Copies of the
Transaction Documents are available for inspection at the principal office of
the Note Trustee, being at the date hereof 1761 E. St. Andrew Place, Santa Ana,
California, 92705 and at the specified offices for the time being of the Paying
Agents.

In connection with the issue of the Class A-1 Notes, the Issuer has entered into
an ISDA (defined below) master interest rate exchange agreement dated on or
about 13 March 2007 with Crusade Management Limited (the BASIS SWAP PROVIDER)
and St.George (as standby basis swap provider) together with a confirmation
relating thereto dated on or about 13 March 2007 (the BASIS SWAP). The Issuer
has also entered into an ISDA master interest rate exchange agreement dated on
or about 13 March 2007 with Crusade Management Limited (the FIXED-FLOATING RATE
SWAP PROVIDER) and St.George (as standby fixed and floating rate swap provider)
together with a confirmation relating thereto dated on or about 13 March 2007
(the FIXED-FLOATING RATE SWAP). The Issuer has also entered into an ISDA master
currency exchange agreement (including schedule) dated on or about 13 March 2007
with National Westminster Bank Plc (the CURRENCY SWAP PROVIDER) (the Currency
Swap Provider together with the Basis Swap Provider and the Fixed-Floating Rate
Swap Provider, the SWAP PROVIDERS) together with a confirmation relating thereto
dated on or about 13 March 2007 in respect of a swap transaction relating to the
Class A-1 Notes (the CLASS A-1 CURRENCY SWAP).

Book-Entry Notes will also bear the following legend: "This book-entry note is a
global bond for the purposes of section 128F(10) of the Income Tax Assessment
Act 1936 of the Commonwealth of Australia".

1.   FORM, DENOMINATION AND TITLE

     The Class A-1 Notes will be issued in registered form without interest
     coupons in minimum denominations of US$100,000 and multiples of US$1 in
     excess thereof.

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     Each Class of Notes will be represented by one or more typewritten fully
     registered book-entry notes (each, a BOOK-ENTRY NOTE and collectively, the
     BOOK-ENTRY NOTES) registered in the name of Cede & Co. as nominee of The
     Depository Trust Company (DTC). Beneficial interests in the Book-Entry
     Notes will be shown on, and transfers thereof will be effected only
     through, records maintained by DTC and its participants and pursuant to the
     terms of the Note Trust Deed including restrictions on transfer contained
     therein. Euroclear Bank, S.A./N.V, as operator of the Euroclear System
     (EUROCLEAR) and Clearstream Banking, societe anonyme (CLEARSTREAM,
     LUXEMBOURG), may hold interests in the Book-Entry Notes on behalf of
     persons who have accounts with Euroclear and Clearstream, Luxembourg
     through accounts maintained in the names of Euroclear or Clearstream,
     Luxembourg, or in the names of their respective depositories, with DTC.

     If the Issuer is obliged to issue Definitive Class A-1 Notes under clause
     3.3 of the Note Trust Deed, interests in the applicable Book-Entry Note
     will be transferred to the beneficial owners thereof in the form of
     Definitive Class A-1 Notes, without interest coupons, in the denominations
     set forth above. A Definitive Class A-1 Note will be issued to each
     Noteholder in respect of its registered holding or holdings of Class A-1
     Notes against delivery by such Noteholders of a written order containing
     instructions and such other information as the Issuer and Deutsche Bank
     Trust Company Americas, acting as note registrar in relation to the Class
     A-1 Notes (the NOTE REGISTRAR) may require to complete, execute and deliver
     such Definitive Class A-1 Notes. In such circumstances, the Issuer will
     cause sufficient Definitive Class A-1 Notes to be executed and delivered to
     the Note Registrar for completion, authentication and dispatch to the
     relevant Noteholders.

2.   STATUS, SECURITY AND RELATIONSHIP BETWEEN THE CLASS A-1 NOTES AND THE A$
     NOTES

     The Class A-1 Notes are secured by a first ranking floating charge over all
     of the assets of the Trust (which include, among other things, the Loans
     (as defined below) and the Mortgages (as defined below) and related
     securities) (as more particularly described in the Security Trust Deed) and
     will rank, together with the Class A-2 Notes and the Class A-3 Notes, pari
     passu and rateably without any preference or priority among themselves.

     The Class A-1 Notes are issued subject to the Master Trust Deed and the
     Supplementary Terms Notice and are secured by the same security as secures
     the A$ Notes and the Class A-2 Notes. The Class A-1 Notes, the Class A-2
     Notes and the Class A-3 Notes, will rank in priority to the Class B Notes
     and Class C Notes in the event of the security being enforced and in
     respect of principal and interest (as set out in Conditions 4 and 5).

     The proceeds of the issue of the Class A-1 Notes, the Class A-2 Notes and
     the A$ Notes are to be used by the Issuer to purchase an equitable interest
     in certain housing loans (the LOANS) and certain related mortgages (the
     MORTGAGES) from St.George as an approved seller (the APPROVED SELLER),
     establish the Liquidity Reserve and to invest in such Authorised
     Investments as the Manager may specify from time to time.

     In the event that the security for the Class A-1 Notes is enforced and the
     proceeds of such enforcement are insufficient, after payment of all other
     claims ranking in priority to or pari passu with the Class A-1 Notes under
     the Security Trust Deed, to pay in full all principal and interest and

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     other amounts whatsoever due in respect of the Class A Notes, then the
     Class A Noteholders shall have no further claim against the Issuer in
     respect of any such unpaid amounts.

     The net proceeds of realisation of the assets of the Trust (including
     following enforcement of the Security Trust Deed) may be insufficient to
     pay all amounts due to the Noteholders. Save in certain limited
     circumstances the other assets of the Issuer will not be available for
     payment of any shortfall arising and all claims in respect of such
     shortfall shall be extinguished (see further Condition 15). None of the
     Servicer, the Manager, St.George, the Note Trustee, the Security Trustee,
     the Swap Providers, the Paying Agents, the Calculation Agent or the Note
     Managers (as defined in the Supplementary Terms Notice) has any obligation
     to any Noteholder for payment of any amount by the Issuer in respect of the
     Notes.

     The Note Trust Deed contains provisions requiring the Note Trustee to have
     regard to the interests of Class A-1 Noteholders as regards all the powers,
     trusts, authorities, duties and discretions of the Note Trustee (except
     where expressly provided otherwise).

     The Security Trust Deed contains provisions requiring the Security Trustee,
     subject to the other provisions of the Security Trust Deed, to give
     priority to the interests of the Class A Noteholders, if there is a
     conflict between the interest of such Noteholders and any other Voting
     Mortgagee (as defined below).

3.   COVENANTS OF THE ISSUER

     So long as any of the Class A-1 Notes remains outstanding, the Issuer has
     made certain covenants for the benefit of the Class A-1 Noteholders which
     are set out in the Master Trust Deed.

     These covenants include the following.

     (a)  The Issuer shall act continuously as trustee of the Trust until the
          Trust is terminated as provided by the Master Trust Deed or the Issuer
          has retired or been removed from office in the manner provided under
          the Master Trust Deed.

     (b)  The Issuer shall:

          (i)   act honestly and in good faith and comply with all relevant
                material laws in the performance of its duties and in the
                exercise of its discretions under the Master Trust Deed;

          (ii)  subject to the Master Trust Deed, exercise such diligence and
                prudence as a prudent person of business would exercise in
                performing its express functions and in exercising its
                discretions under the Master Trust Deed, having regard to the
                interests of the Class A Noteholders, the Class B Noteholders,
                the Class C Noteholders, the Beneficiaries and the other
                Creditors of the Trust in accordance with its obligations under
                the relevant Transaction Documents;

          (iii) use its best endeavours to carry on and conduct its business in
                so far as it relates to the Master Trust Deed in a proper and
                efficient manner;

          (iv)  keep, or ensure that the Manager keeps, accounting records which
                correctly record and explain all amounts paid and received by
                the Issuer;

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          (v)    keep the Trust separate from each other trust which is
                 constituted under the Master Trust Deed and from its own assets
                 and account for assets and liabilities of the Trust separately
                 from those of other trusts constituted under the Master Trust
                 Deed and from its own assets and liabilities;

          (vi)   do everything and take all such actions which are necessary
                 (including obtaining all appropriate Authorisations which
                 relate to it as trustee of the Trust and taking all actions
                 necessary to assist the Manager to obtain all other appropriate
                 Authorisations) to ensure that it is able to exercise all its
                 powers and remedies and perform all its obligations under the
                 Master Trust Deed, the Transaction Documents and all other
                 deeds, agreements and other arrangements entered into by the
                 Issuer under the Master Trust Deed;

          (vii)  not, as Issuer, engage in any business or activity in respect
                 of the Trust except as contemplated or required by the
                 Transaction Documents;

          (viii) except as contemplated or required by the Transaction
                 Documents, maintain an independent and arm's length
                 relationship with its related bodies corporate in relation to
                 dealings affecting the Trust;

          (ix)   except as contemplated or required by the Transaction
                 Documents, not, in respect of the Trust, guarantee or become
                 obligated for the debts of any other entity or hold out its
                 credit as being available to settle the obligations of others;

          (x)    comply with the rules and regulations of any stock exchange on
                 which any Note is listed from time to time (the STOCK
                 EXCHANGE); and

          (xi)   within 45 days of notice from the Manager to do so, remove any
                 of its agents or delegates that breaches any obligation imposed
                 on the Issuer under the Master Trust Deed or any other
                 Transaction Document where the Manager believes it will have a
                 Material Adverse Effect.

     (c)  Except as provided in any Transaction Document (and other than the
          charge given to the Security Trustee), the Issuer shall not, nor shall
          it permit any of its officers to, sell, mortgage, charge or otherwise
          encumber or part with possession of any assets of the Trust (the TRUST
          ASSETS).

     (d)  The Issuer shall duly observe and perform the covenants and
          obligations of the Master Trust Deed and will be personally liable to
          the Servicer, the Noteholders, the Beneficiaries, the Note Manager or
          any other Creditors only if it is guilty of negligence, fraud or
          Default (as defined in Condition 15). The Issuer is not responsible
          for the acts or omissions of its agents or delegates (including
          persons referred to in clause 17.6 of the Master Trust Deed) selected
          by the Issuer in good faith using reasonable care except where the
          Trustee expressly instructs the agent or delegate to do or omit to do
          the relevant act, if the Trustee is aware of the default and does not
          take the action available to it under the Transaction Documents to
          address the act or omission or where the Transaction Documents
          expressly provide that the Trustee is so liable.

     (e)  The Issuer will open and operate certain bank accounts in accordance
          with the Master Trust Deed and the Supplementary Terms Notice.

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     (f)  Subject to the Master Trust Deed and any Transaction Document to which
          it is a party, the Issuer shall act on all directions given to it by
          the Manager in accordance with the terms of the Master Trust Deed.

     (g)  The Issuer shall properly perform the functions which are necessary
          for it to perform under all Transaction Documents in respect of the
          Trust.

4.   INTEREST

     (a)  PAYMENT DATES

          Each Class A-1 Note bears interest on its Invested Amount (as defined
          below) from and including 15 March 2007 or such later date as may be
          agreed between the Issuer and the Underwriters for the issue of the
          Class A-1 Notes (the CLOSING DATE). Interest in respect of the Class
          A-1 Notes will be payable quarterly in arrears on 19 April 2007 in
          respect of the period from (and including) the Closing Date and ending
          on (but excluding) 19 April 2007 (the FIRST QUARTERLY PAYMENT DATE)
          and thereafter on each 19th January, 19th April, 19th July and 19th
          October (each such date a QUARTERLY PAYMENT DATE). If any Quarterly
          Payment Date would otherwise fall on a day which is not a Business Day
          (as defined below), it shall be postponed to the next day which is a
          Business Day, unless it would thereby fall into the next calendar
          month, in which case the due date shall be brought forward to the
          immediately the preceding Business Day. The final Quarterly Payment
          Date will be the earlier of the Final Maturity Date and the Payment
          Date on which the Notes are redeemed in full.

          BUSINESS DAY in these Conditions means any day, other than a Saturday,
          Sunday or public holiday, on which Banks are open for business in
          London, New York, Sydney and The Trans-European Real-Time Gross
          Settlement Express Transfer (TARGET) System or any successor to it is
          open.

          The period beginning on (and including) the Closing Date and ending on
          (but excluding) the First Quarterly Payment Date, and each successive
          period beginning on (and including) a Quarterly Payment Date and
          ending on (but excluding) the next Quarterly Payment Date is called a
          QUARTERLY INTEREST PERIOD. Interest payable on a Class A-1 Note in
          respect of any Quarterly Interest Period or any other period will be
          calculated on the basis of the actual number of days in that Quarterly
          Interest Period and a 360 day year.

          Interest shall cease to accrue on any Class A-1 Note for the period
          from (and including):

          (i)  the date on which the Stated Amount (as defined in Condition
               5(a)) of that Class A-1 Note is reduced to zero (provided that
               interest shall thereafter begin to accrue from (and including)
               any date on which the Stated Amount of the Class A-1 Note becomes
               greater than zero); or

          (ii) if the Stated Amount of the Class A-1 Note on the due date for
               redemption is not zero, the due date for redemption of the Class
               A-1 Note, unless, after the due date for redemption payment of
               principal due is improperly withheld or refused, following which
               interest shall continue to accrue on the Invested Amount of the

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               Class A-1 Note at the rate from time to time applicable to the
               Class A-1 Notes until the later of:

               (A)  the date on which the moneys in respect of that Class A-1
                    Note have been received by the Note Trustee or the Principal
                    Paying Agent and notice to that effect is given in
                    accordance with Condition 12; and

               (B)  the Stated Amount of that Class A-1 Note has been reduced to
                    zero, providing that interest shall thereafter begin to
                    accrue from (and including) any date on which the Stated
                    Amount of that Class A-1 Note becomes greater than zero.

     (b)  INTEREST RATE

          The rate of interest applicable from time to time to a Class of Notes
          (the INTEREST RATE) will be determined by the Calculation Agent on the
          basis of the following paragraphs.

          On the second LIBOR Business Day before the beginning of each
          Quarterly Interest Period (each an INTEREST DETERMINATION DATE), the
          Calculation Agent will determine LIBOR as described in the definition
          of LIBOR set out in clause 2.1 of the Supplementary Terms Notice.

          For the purposes of the foregoing paragraph, LIBOR Business Day means
          any day on which commercial banks are open for business (including
          dealings in foreign exchange and foreign currency deposits) in London.

          The Interest Rate applicable to the Class A-1 Notes for such Quarterly
          Interest Period shall be determined by the Calculation Agent in the
          manner set out in the definition of Interest Rate set out in clause
          2.1 of the Supplementary Terms Notice.

          The applicable Margin on the Class A-1 Notes is as set out in clause
          4.2 of the Supplementary Terms Notice.

          There is no maximum or minimum Interest Rate.

     (c)  DETERMINATION OF INTEREST RATE AND CALCULATION OF INTEREST

          The Calculation Agent will, as soon as practicable after 11:00 am (New
          York time) on each Interest Determination Date, determine the Interest
          Rate applicable to, and calculate the amount of interest payable (the
          INTEREST) for the immediately succeeding Quarterly Interest Period.
          The Interest is calculated in accordance with clause 4.8 of the
          Supplementary Terms Notice. The determination of the Interest Rate and
          the Interest by the Calculation Agent shall (in the absence of
          manifest error) be final and binding upon all parties.

     (d)  NOTIFICATION AND PUBLICATION OF INTEREST RATE AND INTEREST

          The Calculation Agent will cause the Interest Rate and the Interest
          applicable to each Class A-1 Note for each Quarterly Interest Period
          and the relevant Quarterly Payment Date to be notified to the Issuer,
          the Manager, the Note Trustee and the Paying Agents.

          The Interest, Interest Rate and the relevant Quarterly Payment Date
          may subsequently be amended (or appropriate alternative arrangements
          made by way of adjustment) without notice in the event of a shortening
          of the Quarterly Interest Period.

     (e)  DETERMINATION OR CALCULATION BY THE MANAGER

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          If the Calculation Agent at any time for any reason does not determine
          the relevant Interest Rate or calculate the Interest for a Class A-1
          Note, the Manager shall do so and each such determination or
          calculation shall be deemed to have been made by the Calculation
          Agent. In doing so, the Manager shall apply the foregoing provisions
          of this Condition, with any necessary consequential amendments, to the
          extent that in its opinion, it can do so, and, in all other respects
          it shall do so in such a manner as it reasonably considers to be fair
          and reasonable in all the circumstances.

     (f)  CALCULATION AGENT

          The Issuer will procure that, so long as any of the Class A-1 Notes
          remains outstanding, there will, at all times, be a Calculation Agent.
          The Issuer, or the Manager with the consent of the Issuer (such
          consent not to be unreasonably withheld) reserves the right at any
          time to terminate the appointment of the Calculation Agent immediately
          on the occurrence of certain specified events or, otherwise, with the
          prior written approval of the Note Trustee, by giving not less than 60
          days written notice to, inter alia, the Calculation Agent. Notice of
          that termination will be given to the Class A-1 Noteholders. If any
          person is unable or unwilling to continue to act as the Calculation
          Agent, or if the appointment of the Calculation Agent is terminated,
          the Issuer will, with the approval of the Note Trustee, appoint a
          successor Calculation Agent to act as such in its place, provided that
          neither the resignation nor removal of the Calculation Agent shall
          take effect until a successor approved by the Note Trustee has been
          appointed.

     (g)  INCOME DISTRIBUTION

          On each Monthly Payment Date, and based on the calculations,
          instructions and directions provided to it by the Manager, the Issuer
          must pay or apply, or cause to be paid or applied, out of Total
          Available Funds, in relation to the Monthly Collection Period (defined
          below) ending immediately before that Monthly Payment Date, the
          amounts specified in clause 5.1(a) of the Supplementary Terms Notice
          in the order of priority specified in that clause.

          The Issuer shall only make a payment under any of the sub-paragraphs
          of clause 5.1(a) or clause 5.1(c) of the Supplementary Terms Notice if
          it is directed in writing by the Manager to do so and only to the
          extent that any Total Available Funds remain from which to make the
          payment after amounts with priority to that payment have been
          distributed.

          The Issuer is required to make payments of interest to the Class A-1
          Notes on each Quarterly Payment Date (as defined below) as more fully
          described in the Supplementary Terms Notice.

          Capitalised terms in this paragraph (g) have the same meaning given in
          the Supplementary Terms Notice unless otherwise defined in this
          document.

5.   REDEMPTION AND PURCHASE

     Capitalised terms in this Condition 5 have the same meaning given in the
     Supplementary Terms Notice unless otherwise defined in this document.

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     (a)  MANDATORY REDEMPTION IN PART FROM PRINCIPAL COLLECTIONS AND
          APPORTIONMENT OF PRINCIPAL COLLECTIONS BETWEEN THE CLASS A-1 NOTES,
          THE CLASS A-2 NOTES AND THE A$ NOTES

          The Class A-1 Notes shall be subject to mandatory redemption in part
          on any Quarterly Payment Date if on that date there are any Principal
          Collections available to be distributed in relation to such Class A-1
          Notes. The principal amount so redeemable in respect of each Class A-1
          Note prior to enforcement of the Security Trust Deed (each a PRINCIPAL
          PAYMENT) on any Quarterly Payment Date shall be the amount available
          for payment in respect of the Class A-1 Notes as set out in Condition
          5(b) on the day which is two Business Days prior to the Quarterly
          Payment Date (the QUARTERLY DETERMINATION DATE) divided by the
          aggregate Invested Amount of all Class A-1 Notes, multiplied by the
          Invested Amount of that Note, provided always that no Principal
          Payment on a Class A-1 Note on any date may exceed the amount equal to
          the Invested Amount of that Class A-1 Note at that date less amounts
          charged off as at that date and not to be reinstated on the next
          Quarterly Payment Date, or to be charged off on the Quarterly Payment
          Date, as described in Condition 5(c) (that reduced amount being the
          STATED AMOUNT of that Class A-1 Note).

          Notice of amounts to be redeemed will be provided by the Manager to
          the Issuer, the Calculation Agent, the Principal Paying Agent and the
          Note Trustee.

          Following notification of the amount to be redeemed for each Quarterly
          Payment Date, the Manager will determine the Bond Factor for the Class
          A-1 Notes as of such Quarterly Payment Date and will notify the
          Issuer, the Calculation Agent, the Principal Paying Agent and the Note
          Trustee of this amount and shall cause the Bond Factor to be published
          pursuant to Condition 12.

     (b)  PRINCIPAL ALLOCATIONS AND PAYMENTS ON NOTES

          On each Monthly Payment Date, and based on the calculations,
          instructions and directions provided to it by the Manager, the Issuer
          must allocate or cause to be allocated or distribute or cause to be
          distributed out of relevant Principal Collections in relation to the
          Monthly Collection Period ending immediately before that Monthly
          Payment Date the following amounts in the following order of priority:

          (i)  first, in the manner and order of priority set out in clause 5.4
               of the Supplementary Terms Notice;

          (ii) then:

               (A)  prior to the Stepdown Date, or at any time if a Trigger
                    Event is subsisting, in the manner and order of priority set
                    out in clause 5.5 of the Supplementary Terms Notice; and

               (B)  on and after the Stepdown Date, provided that no Trigger
                    Event is subsisting, in the manner and order of priority set
                    out in clause 5.6 of the Supplementary Terms Notice.

          The Issuer shall only make a payment under any of sub-paragraphs of
          clause 5.4, 5.5 and 5.6 (as applicable) if it is directed in writing
          to do so by the Manager and only to the extent

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          that any Principal Collections remain from which to make the payment
          after amounts with priority to that payment have been distributed.

          The Issuer is also required to make certain payments out of Principal
          Collections (including allocating Principal Draws to Total Available
          Funds) on each Monthly Payment Date in accordance with the
          Supplementary Terms Notice.

     (c)  GENERAL

          No amount of principal will be paid to a Noteholder in excess of the
          Invested Amount applicable to the Notes held by that Noteholder.

     (d)  EXCESS AVAILABLE INCOME - REIMBURSEMENT OF CHARGE OFFS, PRINCIPAL
          DRAWS AND LIQUIDITY DRAWS

          (i)  General

               On each Monthly Determination Date, the Manager must determine,
               for a Monthly Collection Period, the amount (if any) by which the
               Total Available Funds for the Monthly Collection Period exceeds
               the Total Payments for the Monthly Collection Period or, in
               relation to any Monthly Collection Period, the end of which is
               immediately followed by a Quarterly Payment Date, any amounts
               retained or invested under clause 5.2(a) of the Supplementary
               Terms Notice on the two immediately preceding Monthly Payment
               Dates for application on that Quarterly Payment Date (the EXCESS
               AVAILABLE INCOME).

          (ii) Distribution of Excess Available Income

               Subject to clause 5.2(b) of the Supplementary Terms Notice, on
               each Quarterly Determination Date, the Manager must apply any
               Excess Available Income for the Quarterly Collection Period
               relating to that Quarterly Determination Date in the order of
               priority specified in clause 5.2(a) of the Supplementary Terms
               Notice.

     (e)  EXCESS DISTRIBUTION

          The Issuer must at the written direction of the Manager pay any Excess
          Distribution for a Quarterly Collection Period to the Residual Income
          Beneficiary on the relevant Quarterly Payment Date. Once paid to the
          Residual Income Beneficiary, the Issuer may not recover any Excess
          Distributions from the Residual Income Beneficiary other than in the
          circumstances specified in clause 5.3 of the Supplementary Terms
          Notice.

     (f)  US$ ACCOUNT

          The Issuer shall direct the Currency Swap Provider to pay all amounts
          denominated in US$ payable to the Issuer by the Currency Swap Provider
          under the Currency Swap into the US$ Account or to the Principal
          Paying Agent under the Agency Agreement on behalf of the Issuer.

          If any of the Issuer, the Manager or the Servicer receive any amount
          denominated in US$ from the Currency Swap Provider under the Currency
          Swap, they will promptly pay that amount to the credit of the US$
          Account.

          The Issuer shall, on the direction of the Manager, or shall require
          that the Paying Agent on its behalf, pay all amounts credited to the
          US$ Account by the Currency Swap Provider as

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          specified in clause 5.16 of the Supplementary Terms Notice, and in
          accordance with the Note Trust Deed and the Agency Agreement.

     (g)  CHARGE OFFS

          If the Principal Charge Offs for any Monthly Collection Period exceed
          the Excess Available Income calculated on the Monthly Determination
          Date for that Monthly Collection Period, the Manager must, on and with
          effect from the Monthly Payment Date immediately following the end of
          the Monthly Collection Period comply with clause 5.14 of the
          Supplementary Terms Notice.

     (h)  CALCULATION OF PRINCIPAL PAYMENTS AND STATED AMOUNT

          On (or as soon as practicable after) each Determination Date, the
          Manager shall calculate the amount of principal to be repaid or
          allocated (as the case may be) in respect of each Class A-1 Note, on
          the next Payment Date following that Determination Date; (B) the
          Stated Amount, the Notional Stated Amount and the Invested Amount of
          each Note on the first day of the next following Payment Date (after
          deducting any principal due to be made or allocated (as the case may
          be) on the next Payment Date); and (C) the Bond Factor for each Class
          of Note on each Quarterly Determination Date in respect of the
          Collection Period ending before that Quarterly Determination Date.

          The Manager will notify the Issuer, the Note Trustee, the Principal
          Paying Agent and the Calculation Agent by not later than (or as soon
          as practicable after) the Determination Date immediately preceding the
          relevant Payment Date of each such determination and will immediately
          cause details of each of those determinations to be published in
          accordance with Condition 12 by one Business Day before the relevant
          Payment Date. If no Principal Payment is due to be made on or
          allocated to the Class A-1 Notes on any Payment Date a notice to this
          effect will be given to the Class A-1 Noteholders in accordance with
          Condition 12.

     (i)  CALL

          The Issuer must, when so directed by the Manager (at the Manager's
          option), purchase or redeem all, but not some only, of the Class A-1
          Notes in accordance with, and in the circumstances specified in clause
          7.1 of the Supplementary Terms Notice.

          Clause 7.1 of the Supplementary Terms Notice requires the Issuer to
          give not more than 60 nor less than 25 days' notice to the Class A-1
          Noteholders of a repurchase under that section 7.1.

     (j)  REDEMPTION FOR TAXATION OR OTHER REASONS

          If the Manager satisfies the Issuer and the Note Trustee immediately
          prior to giving the notice referred to below that either (i) on the
          next Quarterly Payment Date the Issuer would be required to deduct or
          withhold from any payment of principal or interest in respect of the
          Class A-1 Notes or the Currency Swap any amount for or on account of
          any present or future taxes, duties, assessments or governmental
          charges of whatever nature imposed, levied, collected, withheld or
          assessed by the Commonwealth of Australia or any of its political
          sub-divisions or any of its authorities or (ii) the total amount
          payable in respect of interest in relation to any of the Loans for a
          Quarterly Collection Period ceases to be

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          receivable (whether or not actually received) by the Issuer during
          such Quarterly Collection Period (but, for the avoidance of doubt,
          this paragraph (ii) does not apply to the failure by the Issuer to
          receive any interest on any Purchased Receivable merely by reason of
          the failure by the relevant Obligors to pay that interest in breach of
          the relevant Receivable Agreement), the Issuer must, when so directed
          by the Manager, at the Manager's option (subject to the provisos
          specified in clause 7.1 of the Supplementary Terms Notice) redeem all,
          but not some only, of the Class A-1 Notes in accordance with clause
          7.1 of the Supplementary Terms Notice.

     (k)  REDEMPTION ON FINAL MATURITY

          If not otherwise redeemed, the Class A-1 Notes will be redeemed at
          their Stated Amount on the Quarterly Payment Date falling in April
          2038.

     (l)  CANCELLATION

          All Class A-1 Notes redeemed in full pursuant to the above provisions
          will be cancelled forthwith, and may not be resold or reissued.

     (m)  CERTIFICATION

          For the purposes of any redemption made pursuant to this Condition 5,
          the Note Trustee may rely upon an Officer's Certificate under the Note
          Trust Deed from the Manager on behalf of the Issuer certifying or
          stating the opinion of each person signing such certificate as:

          (i)   to the fair value (within 90 days of such release) of the
                property or securities proposed to be released from the Security
                Trust Deed;

          (ii)  that in the opinion of such person the proposed release will not
                impair the security under the Security Trust Deed in
                contravention of the provisions of the Security Trust Deed or
                the Note Trust Deed; and

          (iii) that the Issuer will be in a position to discharge all its
                liabilities in respect of the relevant Class A-1 Notes and any
                amounts required under the Security Trust Deed to be paid in
                priority to or pari passu with those Class A-1 Notes,

          and such Officer's Certificate shall be conclusive and binding on the
          Trustee, the Note Trustee and the holders of those Class A-1 Notes.

6.   PAYMENTS

     (a)  METHOD OF PAYMENT

          Any instalment of interest or principal, payable on any Class A-1 Note
          which is punctually paid or duly provided for by the Trustee to the
          Paying Agent on the applicable Payment Date or Maturity Date shall be
          paid to the person in whose name such Class A-1 Note is registered on
          the Record Date, by cheque mailed first-class, postage prepaid, to
          such person's address as it appears on the Note Register on such
          Record Date, except that, unless Definitive Class A-1 Notes have been
          issued pursuant to clause 3.3 of the Note Trust Deed, with respect to
          Class A-1 Notes registered on the Record Date in the name of the
          nominee of the Clearing Agency (initially such Clearing Agency to be
          DTC and such nominee to be

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          Cede & Co.), payment will be made by wire transfer in immediately
          available funds to the account designated by such nominee and except
          for the final instalment of principal payable with respect to such
          Class A-1 Note on a Payment Date or Maturity Date.

     (b)  INITIAL PRINCIPAL PAYING AGENT

          The initial Principal Paying Agent is Deutsche Bank Trust Company
          Americas at its office at 1761 E. St. Andrew Place, Santa Ana,
          California, 92705 or such other office as designated from time to time
          under the Agency Agreement.

     (c)  PAYING AGENTS

          The Issuer (or the Manager on its behalf with the consent of the
          Issuer, such consent not to be unreasonably withheld), may at any time
          (with the previous written approval of the Note Trustee) vary or
          terminate the appointment of any Paying Agent and appoint additional
          or other Paying Agents, provided that it will at all times maintain a
          Paying Agent having a paying office in the United States of America or
          such other jurisdiction as the Paying Agent, the Manager and the
          Trustee may agree from time to time. Notice of any such termination or
          appointment and of any change in the office through which any Paying
          Agent will act will be given in accordance with Condition 12.

          The Manager shall procure that the Issuer maintains the appointment
          of, if a withholding tax is imposed on a payment made by a paying
          agent pursuant to European Council Directive 2003/48/EC or any other
          directive implementing the conclusions of the ECOFIN Council Meeting
          of 26-27 November 2000, a Paying Agent in a member state of the
          European Union that will not be obliged to withhold or deduct tax
          pursuant to any such directive or any law implementing or complying
          with, or introduced to conform with, such directive.

     (e)  PAYMENT ON BUSINESS DAYS

          Payments in respect of any amount of principal or Interest in respect
          of any Class A-1 Note shall be made on a Business Day. If the due date
          for payment of any amount of principal or Interest in respect of any
          Class A-1 Note is not a Business Day then payment will not be made
          until the next succeeding Business Day unless that day falls in the
          next calendar month, in which case the due date will be the preceding
          Business Day and the holder of that Class A-1 Note shall not be
          entitled to any further interest or other payment in respect of that
          delay.

     (e)  INTEREST

          If Interest is not paid in respect of a Class A-1 Note on the date
          when due and payable (other than because the due date is not a
          Business Day), that unpaid Interest shall itself bear interest at the
          Interest Rate applicable from time to time to the Class A-1 Notes
          until the unpaid Interest, and interest on it, is available for
          payment and notice of that availability has been duly given in
          accordance with Condition 12.

7.   TAXATION

     All payments in respect of the Class A-1 Notes will be made without
     withholding or deduction for, or on account of, any present or future
     taxes, duties or charges of whatsoever nature unless the Issuer or any
     Paying Agent is required by applicable law to make any such payment in
     respect of the Class

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     A-1 Notes subject to any withholding or deduction for, or on account of,
     any present or future taxes, duties or charges of whatever nature. In that
     event the Issuer or that Paying Agent (as the case may be) shall make such
     payment after such withholding or deduction has been made and shall account
     to the relevant authorities for the amount so required to be withheld or
     deducted. Neither the Issuer nor any Paying Agent will be obliged to make
     any additional payments to Class A-1 Noteholders in respect of that
     withholding or deduction.

8.   PRESCRIPTION

     A Class A-1 Note shall become void in its entirety unless surrendered for
     payment within ten years of the Relevant Date in respect of any payment on
     it the effect of which would be to reduce the Stated Amount (in the case of
     final maturity, if applicable) or the Invested Amount of that Class A-1
     Note to zero. After the date on which a Class A-1 Note becomes void in its
     entirety, no claim may be made in respect of it.

     As used in these Conditions, the RELEVANT DATE means the date on which a
     payment first becomes due but, if the full amount of the money payable has
     not been received by the Principal Paying Agent or the Note Trustee on or
     prior to that date, it means the date on which, the full amount of such
     money having been so received, notice to that effect is duly given by the
     Principal Paying Agent in accordance with Condition 12.

9.   EVENTS OF DEFAULT

     Clause 8.1 of the Security Trust Deed sets out which events constitute an
     Event of Default (whether or not it is within the control of the Issuer)
     for the purpose of these Conditions and the Security Trust Deed.

     In the event that the security constituted by the Security Trust Deed
     becomes enforceable following an event of default under the Notes any funds
     resulting from the realisation of such security shall be applied in
     accordance with the order of priority of payments as stated in the Security
     Trust Deed.

10.  ENFORCEMENT

     At any time after an Event of Default occurs, the Security Trustee shall
     (subject to being appropriately indemnified), if so directed by (a) the
     Noteholder Mortgagees (as defined in the Security Trust Deed) alone, where
     the Noteholder Mortgagees are the only Voting Mortgagees, or otherwise (b)
     an "Extraordinary Resolution of the Voting Mortgagees" (being 75% of votes
     capable of being cast by Voting Mortgagees present in person or by proxy of
     the relevant meeting or a written resolution signed by all Voting
     Mortgagees - which includes the Note Trustee on behalf of Class A-1
     Noteholders, but not, unless the Note Trustee has become bound to take
     steps and/or proceed under the Security Trust Deed and fails to do so
     within a reasonable period of time and such failure is continuing, the
     Class A-1 Noteholders themselves), declare the Class A Notes immediately
     due and payable and declare the security to be enforceable. If an
     Extraordinary Resolution of Voting Mortgagees referred to above elects not
     to direct the Security Trustee to enforce the Security Trust Deed, in
     circumstances where the Security Trustee could enforce, the Noteholder
     Mortgagees (in the case of the Class A-1 Noteholders, as represented by the
     Note Trustee acting at the direction of the

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     Class A-1 Noteholders) may nevertheless direct the Security Trustee to
     enforce the Security Trust Deed on behalf of the Noteholders.

     VOTING MORTGAGEE has the meaning given to it in the Supplementary Terms
     Notice.

     Any reference to the Noteholder Mortgagees while they are the only Voting
     Mortgagees or where their consent is required under the Security Trust Deed
     in relation to a direction or act of the Security Trustee, means Noteholder
     Mortgagees representing more than 50% of the aggregate Invested Amount of
     the Class A-1 Notes, the Class A-2 Notes and the A$ Notes.

     Subject to being indemnified in accordance with the Security Trust Deed,
     the Security Trustee shall take all action necessary to give effect to any
     direction by the Noteholder Mortgagees where they are the only Voting
     Mortgagees or to any Extraordinary Resolution of the Voting Mortgagees and
     shall comply with all directions given by the Note Trustee where it is the
     only Voting Mortgagee or contained in or given pursuant to any
     Extraordinary Resolution of the Voting Mortgagees in accordance with the
     Security Trust Deed.

     No Class A-1 Noteholder is entitled to enforce the Security Trust Deed or
     to appoint or cause to be appointed a receiver to any of the assets secured
     by the Security Trust Deed or otherwise to exercise any power conferred by
     the terms of any applicable law on chargees except as provided in the
     Security Trust Deed.

     If any of the Class A-1 Notes remains outstanding and is due and payable
     otherwise than by reason of a default in payment of any amount due on the
     Class A-1 Notes, the Note Trustee must not vote under the Security Trust
     Deed to, or otherwise direct the Security Trustee to, dispose of the
     Mortgaged Property unless either:

     (a)  the Note Trustee is of the opinion, reached after considering at any
          time the advice of a merchant bank or other financial adviser selected
          by the Note Trustee in its sole and absolute discretion (the cost of
          such advice shall be an Expense payable to the Note Trustee), that a
          sufficient amount would be realised to discharge in full all amounts
          owing to the Class A-1 Noteholders and any other amounts payable by
          the Issuer ranking in priority to or pari passu with the Class A-1
          Notes; or

     (b)  the Note Trustee is of the opinion, reached after considering at any
          time and from time to time the advice of a merchant bank or other
          financial adviser selected by the Note Trustee in its sole and
          absolute discretion (the cost of such advice shall be an Expense
          payable to the Note Trustee), that the cash flow receivable by the
          Issuer (or the Security Trustee under the Security Trust Deed) will
          not (or that there is a significant risk that it will not) be
          sufficient, having regard to any other relevant actual, contingent or
          prospective liabilities of the Issuer, to discharge in full in due
          course all the amounts referred to in paragraph (a) above.

     Except in the case of negligence, fraud or breach of trust (in the case of
     the Security Trustee) or negligence, fraud or wilful default (in the case
     of the Note Trustee), neither the Note Trustee nor the Security Trustee
     will be liable for any decline in the value, nor any loss realised upon any
     sale or other dispositions made under the Security Trust Deed, of any
     Mortgaged Property or any other property which is charged to the Security
     Trustee by any other person in respect of or relating to the obligations of
     the Issuer or any third party in respect of the Issuer or the Class A-1
     Notes or relating in any way to the Mortgaged Property. Without limitation,
     neither the Note Trustee nor the Security

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     Trustee shall be liable for any such decline or loss directly or indirectly
     arising from its acting, or failing to act, as a consequence of an opinion
     reached by it in good faith based on advice received by it in accordance
     with the Note Trust deed or the Security Trust Deed, as the case may be.

     Subject to the provisions of the Note Trust Deed (including clause 37.2),
     the Note Trustee shall not be bound to vote under the Security Trust Deed,
     or otherwise direct the Security Trustee under the Security Trust Deed or
     to take any proceedings, actions or steps under, or any other proceedings
     pursuant to or in connection with the Security Trust Deed, the Note Trust
     Deed or any Class A-1 Notes on behalf of the Class A-1 Noteholders unless
     directed or requested to do so by an Extraordinary Resolution of the Class
     A-1 Noteholders at the time (or such higher percentage as may be required
     by the TIA); and then only if the Note Trustee is indemnified to its
     satisfaction against all action, proceedings, claims and demands to which
     it may render itself liable and all costs, charges, damages and expenses
     which it may incur by so doing.

     Only the Security Trustee may enforce the provisions of the Security Trust
     Deed and neither the Note Trustee nor any Class A-1 Noteholder is entitled
     to proceed directly against the Issuer to enforce the performance of any of
     the provisions of the Security Trust Deed or the Class A-1 Notes (including
     these Conditions) except as provided for in the Security Trust Deed and the
     Note Trust Deed.

     The rights, remedies and discretions of the Class A-1 Noteholders under the
     Security Trust Deed including all rights to vote or give instructions or
     consent can only be exercised by the Note Trustee on behalf of the Class
     A-1 Noteholders in accordance with the Security Trust Deed. The Security
     Trustee may rely on any instructions or directions given to it by the Note
     Trustee as being given on behalf of the Class A-1 Noteholders from time to
     time and need not enquire whether the Note Trustee or the Noteholders from
     time to time have complied with any requirements under the Note Trust Deed
     or as to the reasonableness or otherwise of the Note Trustee. The Security
     Trustee is not obliged to take any action, give any consent or waiver or
     make any determination under the Security Trust Deed without being directed
     to do so by the Note Trustee or the Voting Mortgagees in accordance with
     the Security Trust Deed.

     Prior to the Security Trustee becoming actually aware of the occurrence of
     an Event of Default and provided that it has been indemnified in accordance
     with the Security Trust Deed, the Security Trustee may enforce the Security
     Trust Deed without an Extraordinary Resolution of the Voting Mortgagees if
     it believes (in its absolute discretion) that it is necessary to do so to
     protect the interests of the Mortgagees (provided that it shall enforce the
     Security Trust Deed if so directed by an Extraordinary Resolution of the
     Voting Mortgagees).

     Upon enforcement of the security created by the Security Trust Deed, the
     net proceeds thereof may be insufficient to pay all amounts due on
     redemption to the Noteholders. The proceeds from enforcement (which will
     not include amounts required by law to be paid to the holder of any prior
     ranking security interest and the proceeds of cash collateral lodged with
     and payable to a Swap Provider or other provider of a Support Facility (as
     defined in the Master Trust Deed)) will be applied in the order of priority
     as set out in the Security Trust Deed. Any claims of Noteholders remaining
     after realisation of the security and application of the proceeds as
     aforesaid shall, except in certain limited circumstances, be extinguished.

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11.  REPLACEMENTS OF CLASS A-1 NOTES

     If any Class A-1 Note is lost, stolen, mutilated, defaced or destroyed, it
     may be replaced at the specified office of the Class A-1 Note Registrar
     located at 648 Grassmere Park Road, Nashville, Tennessee 37211-3658 USA or
     such other office as may be designated from time to time under the Agency
     Agreement, upon payment by the claimant of the expenses incurred in
     connection with that replacement and on such terms as to evidence and
     indemnity as the Issuer may reasonably require. Mutilated or defaced Class
     A-1 Notes must be surrendered before replacements will be issued.

12.  NOTICES

     All notices, other than notices given in accordance with the following
     paragraph, to Class A-1 Noteholders shall be deemed given if in writing and
     mailed, first-class, postage prepaid to each Class A-1 Noteholder, at his
     or her address as it appears on the Note Register, not later than the
     latest date, and not earlier than the earliest date, prescribed for the
     giving of such notice.

     In any case where notice to Class A-1 Noteholders is given by mail, neither
     the failure to mail such notice nor any defect in any notice so mailed to
     any particular Class A-1 Noteholder shall affect the sufficiency of such
     notice with respect to other Class A-1 Noteholders, and any notice that is
     mailed in the manner herein provided shall conclusively be presumed to have
     been duly given.

     A notice may be waived in writing by the relevant Class A-1 Noteholder,
     either before or after the event, and such waiver shall be the equivalent
     of such notice. Waivers of notice by Class A-1 Noteholders shall be filed
     with the Note Trustee but such filing shall not be a condition precedent to
     the validity of any action taken in reliance upon such a waiver.

     Any such notice shall be deemed to have been given on the date such notice
     is deposited in the mail.

     In case, by reason of the suspension of regular mail services as a result
     of a strike, work stoppage or similar activity, it shall be impractical to
     mail notice of any event to Class A-1 Noteholders when such notice is
     required to be given, then any manner of giving such notice as the Trustee
     shall direct (on the instructions of the Trust Manager) the Note Trustee
     shall be deemed to be a sufficient giving of such notice.

     Any notice required to be given by the Principal Paying Agent at any time
     shall be deemed to have been duly given if the information contained in
     such notice appears on the relevant page of the Reuters Screen, on the
     Website (as defined below) or such other similar electronic reporting
     service as may be approved by the Note Trustee and notified to Class A-1
     Noteholders (the RELEVANT SCREEN). Any such notice shall be deemed to have
     been given on the first date on which such information appeared on the
     Relevant Screen. If it is impossible or impracticable to give notice in
     accordance with this paragraph then notice of the matters referred to in
     this Condition shall be given in accordance with the preceding paragraph.

     WEBSITE means the website at the following address:

                           https://www.tss.db.com/invr

     or such other website as the Principal Paying Agent shall notify the Note
     Trustee, the Trustee, the Manager and the Class A-1 Noteholders, in
     accordance with this Condition, from time to time.

     All consents and approvals in these Conditions are to be given in writing.

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13.  MEETINGS OF VOTING MORTGAGEES AND MEETINGS OF CLASS A-1 NOTEHOLDERS;
     MODIFICATIONS; CONSENTS; WAIVER

     The Security Trust Deed contains provisions for convening meetings of the
     Voting Mortgagees to, among other things, enable the Voting Mortgagees to
     direct or consent to the Security Trustee taking or not taking certain
     actions under the Security Trust Deed, for example to enable the Voting
     Mortgagees to direct the Security Trustee to enforce the Security Trust
     Deed.

     The Note Trust Deed contains provisions permitting Class A-1 Noteholders to
     act in relation to any matter affecting their interests, including the
     directing of the Note Trustee to direct the Security Trustee to enforce the
     security under the Security Trust Deed, or the sanctioning by Extraordinary
     Resolution of the Class A-1 Noteholders of a modification of the Class A-1
     Notes (including these Conditions) or the provisions of any of the
     Transaction Documents, provided that no modification of certain terms
     including, among other things, the date of maturity of the Class A-1 Notes,
     or a modification which would have the effect of altering the amount of
     interest payable in respect of a Class A-1 Note or modification of the
     method of calculation of the interest payable or of the date for payment of
     or interest payable in respect of any Class A-1 Notes, reducing or
     cancelling the amount of principal payable in respect of any Class A-1
     Notes or altering the currency of payment of any Class A-1 Notes or an
     alteration of the date or priority of redemption of, the Class A-1 Notes or
     altering the required percentage of the aggregate Invested Amount of the
     Class A-1 Notes required to consent or take any action, or an election to
     receive the Stated Amount of the Notes instead of the Invested Amount in
     the event of a call under Condition 5(i) or 5(j), or any other matter
     referred to in clause 37.2 of the Note Trust Deed needing the approval of
     all holders of Class A-1 Notes (any such modification being referred to
     below as a BASIC TERMS MODIFICATION) shall be effective unless sanctioned
     by all of the Class A-1 Noteholders. The quorum at any meeting of Class A-1
     Noteholders for passing an Extraordinary Resolution shall be two or more
     persons holding or representing over 50% of the aggregate Invested Amount
     of the Class A-1 Notes then outstanding or, at any adjourned meeting, two
     or more persons being or representing Class A-1 Noteholders whatever the
     aggregate Invested Amount of the Class A-1 Notes so held or represented,
     except that, at any meeting the business of which includes the sanctioning
     of a Basic Terms Modification, the necessary quorum for passing any such
     resolution shall be all of the Class A-1 Noteholders. The Note Trust Deed
     contains provisions limiting the powers of the Class A-1 Noteholders, among
     other things, to request or direct the Note Trustee to take any action or
     to pass an effective Extraordinary Resolution or a resolution passed under
     clause 37.2, according to the effect thereof on the interests of the Class
     A-1 Noteholders. Except in certain circumstances, the Note Trust Deed
     imposes no such limitations on the powers of the Class A-1 Noteholders, the
     exercise of which will be binding on the Class A-1 Noteholders,
     irrespective of the effect on their interests. An Extraordinary Resolution
     or resolution effecting a Basic Terms Modification passed at any meeting of
     Class A-1 Noteholders shall be binding on all Class A-1 Noteholders,
     whether or not they are present at the meeting. The majority required for
     an Extraordinary Resolution shall be 75% of the votes cast in respect of
     that Extraordinary Resolution.

     The Note Trust Deed permits the Note Trustee, the Manager and the Trustee
     to, following the giving of notice to each Designated Rating Agency, alter,
     add to or modify, by way of supplemental deed, the Note Trust Deed
     (including the meeting and amendment provisions), the Conditions (subject
     to the proviso more fully described in clause 37.2 of the Note Trust Deed
     or any other terms of that

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     deed or the Conditions to which it refers) or any Transaction Document so
     long as that 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 Note Trustee necessary to comply with the
          provisions of any law or regulation or with the requirements of any
          Government Agency;

     (c)  in the opinion of the Note Trustee appropriate or expedient as a
          consequence of a change to any law or regulation or a change in the
          requirements of any Government Agency (including, but not limited to,
          an alteration, addition or modification which is in the opinion of the
          Note Trustee appropriate or expedient as a consequence of the
          enactment of a law or regulation or an amendment to any law 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 Trust); or

     (d)  in the opinion of the Note Trustee not materially prejudicial to the
          interests of the Class A-1 Noteholders as a whole,

     and is undertaken in a manner and to the extent, permitted by the
     Transaction Documents.

     Subject to clause 37.2 of the Note Trust Deed, where, in the opinion of the
     Note Trustee, a proposed alteration, addition or modification to this deed,
     other than an alteration, addition or modification referred to above, is
     materially prejudicial or likely to be materially prejudicial to the
     interests of Class A-1 Noteholders as a whole or any Class of Class A-1
     Noteholders, the Note Trustee, the Manager and the Trustee may make that
     alteration, addition or modification only if sanctioned in writing by
     holders of at least 75% of the aggregate Invested Amount of the Class A-1
     Notes.

     The Note Trustee may also, in accordance with the Note Trust Deed and
     without the consent of the Class A-1 Noteholders (but not in contravention
     of an Extraordinary Resolution or a resolution passed in accordance with
     clause 37.2 of the Note Trust Deed), waive or authorise any breach or
     proposed breach of the Class A-1 Notes (including these Conditions) or any
     Transaction Document or determine that any Event of Default or any
     condition, event or act which with the giving of notice and/or lapse of
     time and/or the issue of a certificate would constitute an Event of Default
     shall not, or shall not subject to specified conditions, be treated as
     such. Any such modification, waiver, authorisation or determination shall
     be binding on the Class A-1 Noteholders and, if, but only if, the Note
     Trustee so requires, any such modification shall be notified to the Class
     A-1 Noteholders in accordance with Condition 12 as soon as practicable.

     The Manager shall distribute to all Class A-1 Noteholders and the
     Designated Rating Agencies a copy of any amendments made in accordance with
     the procedure described in that clause 19 of the Note Trust Deed and under
     the relevant Condition 12 as soon as reasonably practicable after the
     amendment has been made.

     Any amendment made will be binding on the Class A-1 Noteholders.

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14.  INDEMNIFICATION AND EXONERATION OF THE NOTE TRUSTEE AND THE SECURITY
     TRUSTEE

     (a)  The Note Trust Deed and the Security Trust Deed contain provisions for
          the indemnification of the Note Trustee and the Security Trustee
          (respectively) and for their relief from responsibility, including
          provisions relieving them from taking proceedings to realise the
          security and to obtain repayment of the Class A-1 Notes unless
          indemnified to their satisfaction. Each of the Note Trustee and the
          Security Trustee is entitled to enter into business transactions with
          the Issuer and/or any other party to the Transaction Documents without
          accounting for any profit resulting from such transactions. Except in
          the case of negligence, fraud or breach of trust (in the case of the
          Security Trustee) or negligence, fraud, or wilful default (in the case
          of the Note Trustee), neither the Security Trustee nor the Note
          Trustee will be responsible for any loss, expense or liability which
          may be suffered as a result of any assets secured by the Security
          Trust Deed, Mortgaged Property or any deeds or documents of title
          thereto, being uninsured or inadequately insured or being held by or
          to the order of the Servicer or any of its affiliates or by clearing
          organisations or their operators or by any person on behalf of the
          Note Trustee if prudently chosen in accordance with the Transaction
          Documents.

     (b)  Where the Note Trustee is required to express an opinion or make a
          determination or calculation under the Transaction Documents, the Note
          Trustee may appoint or engage such independent advisers as the Note
          Trustee reasonably requires to assist in the giving of that opinion or
          the making of that determination or calculation and any properly
          incurred costs and expenses payable to those advisers will be
          reimbursed to the Note Trustee by the Issuer or if another person is
          expressly stated in the relevant provision in a Transaction Document,
          that person.

15.  LIMITATION OF LIABILITY OF THE ISSUER

     (a)  GENERAL

          Clause 30 of the Master Trust Deed applies to the obligations and
          liabilities of the Issuer in relation to the Class A-1 Notes.

     (b)  LIABILITY OF ISSUER LIMITED TO ITS RIGHT OF INDEMNITY

          (i)  The Issuer enters into the Transaction Documents and issues the
               Notes only in its capacity as trustee of the Trust and in no
               other capacity (except where the Transaction Documents provide
               otherwise). Subject to paragraph (iii) below, a liability arising
               under or in connection with the Transaction Documents or the
               Trust can be enforced against the Issuer only to the extent to
               which it can be satisfied out of the assets and property of the
               Trust which are available to satisfy the right of the Issuer to
               be exonerated or indemnified for the liability. This limitation
               of the Issuer's liability applies despite any other provision of
               the Transaction Documents and extends to all liabilities and
               obligations of the Issuer in any way connected with any
               representation, warranty, conduct, omission, agreement or
               transaction related to the Transaction Documents or the Trust.

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          (ii)   Subject to paragraph (iii) below, no person (including any
                 Relevant Party) may take action against the Issuer in any
                 capacity other than as trustee of the Trust or seek the
                 appointment of a receiver (except under the Security Trust
                 Deed), or a liquidator, an administrator or any similar person
                 to the Issuer or prove in any liquidation, administration or
                 arrangement of or affecting the Issuer.

          (iii)  The provisions of this Condition 15 shall not apply to any
                 obligation or liability of the Issuer to the extent that it is
                 not satisfied because under a Transaction Document or by
                 operation of law there is a reduction in the extent of the
                 Issuer's indemnification or exoneration out of the assets of
                 the Trust as a result of the Issuer's fraud, negligence or
                 Default.

          (iv)   It is acknowledged that the Relevant Parties are responsible
                 under the Transaction Documents for performing a variety of
                 obligations relating to the Trust. No act or omission of the
                 Issuer (including any related failure to satisfy its
                 obligations under the Transaction Documents) will be considered
                 fraud, negligence or Default of the Issuer for the purpose of
                 paragraph (iii) of this Condition 15 to the extent to which the
                 act or omission was caused or contributed to by any failure by
                 any Relevant Party or any person who has been delegated or
                 appointed by the Issuer in accordance with the Transaction
                 Documents to fulfil its obligations relating to the Trust or by
                 any other act or omission of a Relevant Party or any such
                 person.

          (v)    In exercising their powers under the Transaction Documents,
                 each of the Issuer, the Security Trustee and the Noteholders
                 must ensure that no attorney, agent, delegate, receiver or
                 receiver and manager appointed by it in accordance with a
                 Transaction Document has authority to act on behalf of the
                 Issuer in a way which exposes the Issuer to any personal
                 liability and no act or omission of any such person will be
                 considered fraud, negligence or Default of the Issuer for the
                 purpose of paragraph (iii).

          (vi)   In this Condition 15, RELEVANT PARTIES means each of the
                 Manager, the Servicer, the Calculation Agent, each Paying
                 Agent, the Note Registrar, the Note Trustee, the Custodian, the
                 Basis Swap Provider, the Fixed-Floating Rate Swap Provider and
                 the Currency Swap Provider and any other provider of a Support
                 Facility.

          (vii)  In this Condition 15, DEFAULT means a failure by the Issuer to
                 comply with an obligation which is expressly imposed on it by
                 the terms of a Transaction Document or a written direction
                 given by the Manager in accordance with a Transaction Document
                 (and in terms which are consistent with the requirements of the
                 Transaction Documents) in circumstances where the Transaction
                 Documents require or contemplate that the Issuer will comply
                 with that direction; in each case within any period of time
                 specified in, or contemplated by, the relevant Transaction
                 Document for such compliance. However, it will not be the
                 Default of the Issuer if the Issuer does not comply with an
                 obligation or direction where the Note Trustee or the Security
                 Trustee directs the Issuer not to comply with that obligation
                 or direction.

          (viii) Nothing in this clause limits the obligations expressly imposed
                 on the Issuer under the Transaction Documents.

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16.  GOVERNING LAW

     Except for:

     (a)  the Subscription Agreement for the Class A-1 Notes (as defined in the
          Supplementary Terms Notice) which is governed by the law of the State
          of New York;

     (b)  the Subscription Agreement for the Class A-2 Notes (as defined in the
          Supplementary Terms Notice) which is governed by the law of England;
          and

     (c)  the administration of the Note Trust (as defined in the Note Trust
          Deed), including the exercise of the Note Trustee's powers under
          clause 13 of the Note Trust Deed, which are both governed by the law
          of the State of New York and in the event of any inconsistency between
          the operation of the law of New South Wales, Australia and the law of
          the State of New York in respect of the application of those powers,
          the law of the State of New York will prevail to the extent of the
          inconsistency,

     the Class A-1 Notes and the Relevant Documents are governed by, and shall
     be construed in accordance with, the laws of New South Wales, Australia.

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              SUMMARY OF PROVISIONS RELATING TO THE CLASS A-1 NOTES
                            WHILE IN BOOK-ENTRY FORM

Each Class A-1 Note will initially be represented by typewritten book-entry
notes (the BOOK-ENTRY NOTES), without coupons, in the principal amount of
US$1,450,000,000. The Book-Entry Notes will be deposited with the Common
Depositary for DTC on or about the Closing Date. Upon deposit of the Book-Entry
Notes with the Common Depositary, DTC will credit each investor in the Class A-1
Notes with a principal amount of Class A-1 Notes for which it has subscribed and
paid.

The Book-Entry Note will be exchangeable for definitive Class A-1 Notes in
certain circumstances described below.

Each person who is shown in the Note Register as the holder of a particular
principal amount of Class A-1 Notes will be entitled to be treated by the Issuer
and the Note Trustee as a holder of such principal amount of Class A-1 Notes and
the expression Class A-1 Noteholder shall be construed accordingly, but without
prejudice to the entitlement of the holder of the Book-Entry Note to be paid
principal and interest thereon in accordance with its terms. Such persons shall
have no claim directly against the Issuer in respect of payment due on the Class
A-1 Notes for so long as the Class A-1 Notes are represented by a Book-Entry
Note and the relevant obligations of the Issuer will be discharged by payment to
the registered holder of the Book-Entry Note in respect of each amount so paid.

(a)  PAYMENTS

Interest and principal on each Book-Entry Note will be payable by the Principal
Paying Agent to the Common Depositary.

Each of the persons appearing from time to time as the beneficial owner of a
Class A-1 Note will be entitled to receive any payment so made in respect of
that Class A-1 Note in accordance with the respective rules and procedures of
DTC. Such persons will have no claim directly against the Issuer in respect of
payments due on the Class A-1 Notes which must be made by the holder of the
relevant Book-Entry Note, for so long as such Book-Entry Note is outstanding.

A record of each payment made on a Book-Entry Note, distinguishing between any
payment of principal and any payment of interest, will be recorded in the Note
Register by the Principal Paying Agent and such record shall be prima facie
evidence that the payment in question has been made.

(b)  EXCHANGE

The Book-Entry Note will be exchangeable for definitive Class A-1 Notes only if:

(i)  the Trust Manager advises the Principal Paying Agent in writing that the
     Clearing Agency is no longer willing or able properly to discharge its
     responsibilities with respect to the Class A-1 Notes or the Clearing Agency
     ceases to carry on business, and the Trust Manager is unable to located a
     qualified successor; or

(ii) after the occurrence of an Event of Default the Class A-1 Note Owner's
     representing beneficial interests aggregating to at least a majority of the
     aggregate Invested Amount of the Class A-1 Notes advise the Principal
     Paying Agent and Issuer through the Clearing Agency in writing that the
     continuation of a book-entry system through the Clearing Agency is no
     longer in the best interest of the Class A-1 Note Owners,

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then the Principal Paying Agent shall notify all Class A-1 Note Owners and the
Issuer of the occurrence of any such event and of the availability of Definitive
Class A-1 Notes to Class A-1 Note Owners requesting the same. Upon the surrender
of the Book-Entry Notes to the Issuer by the Clearing Agency, and the delivery
by the Clearing Agency of the relevant registration instructions to the Issuer,
the Issuer shall execute and procure the Principal Paying Agent to authenticate
the Definitive Class A-1 Notes in accordance with the instructions of the
Clearing Agency.

(c)  NOTICES

So long as the Notes are represented by the Book-Entry Note and the same is/are
held on behalf of the Clearing Agency, notices to Class A-1 Noteholders may be
given by delivery of the relevant notice to the Clearing Agency for
communication by them to entitled account holders in substitution for delivery
to each Class A-1 Noteholder as required by the Conditions.

(d)  CANCELLATION

Cancellation of any Class A-1 Note required by the Conditions will be effected
by reduction in the principal amount of the relevant Book-Entry Note.

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SCHEDULE 3

FORM OF CLASS A-2 BOOK-ENTRY NOTE

THIS CLASS A-2 BOOK-ENTRY NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, (THE "SECURITIES ACT") OR THE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND, AS A MATTER OF U.S. LAW,
PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE CLOSING DATE AND THE
COMMENCEMENT OF THE OFFERING OF THE CLASS A-2 NOTES, MAY NOT BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES, OR FOR THE ACCOUNT OR
BENEFIT OF U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT)
EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE LAWS OF ANY STATE OF THE
UNITED STATES.

THIS CLASS A-2 BOOK-ENTRY NOTE IS A GLOBAL BOND FOR THE PURPOSES OF SECTION
128F(10) OF THE INCOME TAX ASSESSMENT ACT 1936 OF THE COMMONWEALTH OF AUSTRALIA.

REGISTERED                              ISIN No .................   XS0291457504

                                        Common Code .............   029145750

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                     PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                              (ABN 81 004 029 841)

             (a limited liability company incorporated in Australia)

      in its capacity as trustee of the Crusade Global Trust No. 1 of 2007

                            CLASS A-2 BOOK-ENTRY NOTE

                                  representing

                                (euro)600,000,000

     Class A-2 Mortgage Backed Floating Rate Notes Due on the Final Maturity
     Date falling in April 2038

This Note is a Class A-2 Book-Entry Note without principal or interest in
respect of a duly authorised issue of Notes of Perpetual Trustees Consolidated
Limited in its capacity as trustee of the Crusade Global Trust No. 1 of 2007
(the TRUST) (the ISSUER), designated as specified in the title above (the
NOTES), in an initial aggregate principal amount of

                                (euro)600,000,000

and (a) constituted by a Master Trust Deed (the MASTER TRUST DEED) dated 14
March 1998 between the Issuer, St.George Bank Limited and Crusade Management
Limited (the MANAGER), by a Supplementary Terms Notice (the SUPPLEMENTARY TERMS
NOTICE) dated on or about 13 March 2007 between (among others) the Issuer, the
Security Trustee (as defined herein), St.George Custodial Pty Limited, Deutsche
Bank Trust

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Company Americas (the note trustee for the time being referred to as
the NOTE TRUSTEE) as trustee for the holders for the time being of the Class A-2
Notes (the CLASS A-2 NOTEHOLDERS) and the Manager, and by the Conditions; (b)
issued subject to a Note Trust Deed dated on or about 13 March 2007 (the NOTE
TRUST DEED) between (among others) the Issuer, the Manager and the Note Trustee;
and (c) secured by a Security Trust Deed (the SECURITY TRUST DEED) dated 5 March
2007 between the Issuer, the Manager, P.T. Limited (ABN 67 004 454 666) (the
SECURITY TRUSTEE) which expression shall include its successor for the time
being as security trustee under the Security Trust Deed) and the Note Trustee.
References to the Conditions (or to any particular numbered Condition) shall be
to the Terms and Conditions of the Class A-2 Notes set out in Schedule 4 to the
Note Trust Deed but with the deletion of those provisions which are applicable
only to Class A-2 Notes in definitive form. Terms and expressions defined in the
Note Trust Deed and the Conditions shall, save as expressly stated otherwise,
bear the same meanings when used herein.

If the Issuer is obliged to issue Definitive Class A-2 Notes under clause 3.4 of
the Note Trust Deed, this Class A-2 Book-Entry Note will be exchanged in whole
at the offices of the Class A-2 Note Registrar at 2 Boulevard Konrad Adanauer
Luxembourg L-1115 (or such other place outside Australia and any of its
territories and possessions and other areas subject to its jurisdiction as the
Note Trustee may agree) for Definitive Class A-2 Notes and the Issuer shall
procure that the Euro Paying Agent issues and delivers, in full exchange for
this Class A-2 Book-Entry Note, Definitive Class A-2 Notes in aggregate
principal amount equal to the principal amount of all Class A-2 Notes
represented by this Class A-2 Book-Entry Note. The Issuer is not obliged to
issue Definitive

Class A-2 Notes until the later of:

(a)  the expiry of 40 days after the later of the Note Issue Date and the date
     on which the relevant Class A-2 Notes are first offered to persons other
     than distributors in reliance on Regulation S of the Securities Act 1933,
     as amended; and

(b)  30 days after it becomes aware of the occurrence of the relevant event or
     request in clause 3.4(a) of the Note Trust Deed.

If the Issuer fails to meet its obligations to issue Definitive Class A-2 Notes,
this shall be without prejudice to the Issuer's obligations with respect to the
Class A-2 Notes under the Note Trust Deed, the Master Trust Deed, the
Supplementary Terms Notice and this Class A-2 Book-Entry Note.

The Issuer, in its capacity as trustee of the Trust, subject to this Class A-2
Book-Entry Note and subject to and in accordance with the Conditions and the
Note Trust Deed promises to pay to Deutsche Bank AG, London Branch, or
registered assigns of this Class A-2 Book-Entry Note the principal sum of
(euro)600,000,000 (six hundred million Euros) or such lesser amount as may from
time to time be represented by this Class A-2 Book-Entry Note (or such part of
that amount as may become repayable under the Conditions, the Supplementary
Terms Notice and the Note Trust Deed) on such date(s) that principal sum (or any
part of it) becomes repayable in accordance with the Conditions, the
Supplementary Terms Notice and the Note Trust Deed and to pay interest in
arrears on each Quarterly Payment Date (as defined in Condition 4) on the
Invested Amount of this Class A-2 Book-Entry Note at rates determined in
accordance with Condition 4 and all subject to and in accordance with the
certification requirements described in this Class A-2 Book-Entry Note, the
Conditions, the Supplementary Terms Notice and the Note Trust Deed, which shall
be binding on the registered holder of this Class A-2 Book-Entry Note (as if
references in the Conditions to the Notes and the Noteholders were references to
this Class A-2 Book-Entry Note and the registered holder of this Class A-2
Book-Entry Note respectively and as if the same had been set out in this Class
A-2 Book-Entry Note in full with all necessary changes, except as otherwise
provided in this Class A-2 Book-Entry Note).

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Payments of interest on this Class A-2 Book-Entry Note payable on each Quarterly
Payment Date, together with the instalment of principal, if any, shall be
payable by the Euro Paying Agent to the registered holder of the Class A-2 Note.
Each of the persons appearing from time to time in the records of Euroclear Bank
S.A./N.V., as operator of Euroclear, or of Clearstream Banking, Societe Anonyme,
as the holder of a beneficial interest in the Class A-2 Note will be entitled to
receive any payment so made in respect of that Class A-2 Note in accordance with
the respective rules and procedures of Euroclear or, as the case may be,
Clearstream, Luxembourg. Such persons will have no claim directly against the
Issuer in respect of payments due on the Class A-2 Notes which must be made by
the registered holder of this Class A-2 Book-Entry Note, for so long as this
Class A-2 Book-Entry Note is outstanding.

On any payment of principal and/or interest on the Class A-2 Notes as set out
above details of that payment shall be endorsed by or on behalf of the Issuer in
the Note Register and, in the case of payments of principal, the Invested Amount
of the Class A-2 Notes shall be reduced for all purposes by the amount so paid
and endorsed in the Note Register. Any such record shall be prima facie evidence
that the payment in question has been made.

If the Issuer is obliged to issue Definitive Class A-2 Notes under clause 3.4 of
the Note Trust Deed, the Book-Entry Notes will be surrendered to the Trustee by
the Clearing Agency and the Clearing Agency will deliver the relevant
registration instructions to the Trustee. Definitive Class A-2 Notes shall be
executed by the Trustee and authenticated by the Euro Paying Agent and delivered
as per the instructions of the Clearing Agency.

The Definitive Class A-2 Notes to be issued on that exchange will be in
registered form each in the denomination of (euro)100,000 and integral multiples
thereof. If the Issuer fails to meet its obligations to issue Definitive Class
A-2 Notes, this shall be without prejudice to the Issuer's obligations with
respect to the Notes under the Note Trust Deed, the Master Trust Deed, the
Supplementary Terms Notice and this Class A-2 Book-Entry Note.

On an exchange of this Class A-2 Book-Entry Note, this Class A-2 Book-Entry Note
shall be surrendered to the Euro Paying Agent.

This Class A-2 Book-Entry Note shall not become valid for any purpose unless and
until the Certificate of Authentication attached has been signed by an
Authorised Signatory of the Euro Paying Agent (as defined in the Supplementary
Terms Notice).

This Class A-2 Book-Entry Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Class A-2 Book-Entry Note to be signed
manually or in facsimile by a person duly authorised on its behalf.

Perpetual Trustees Consolidated Limited in its capacity as trustee of the
Crusade Global Trust No. 1 of 2007

By:
    -----------------------------------
    Authorised Signatory

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IMPORTANT NOTICE:

(a)  The Class A-2 Notes do not represent deposits or other liabilities of
     St.George Bank Limited, ABN 92 055 513 070 (ST.GEORGE) or associates of
     St.George.

(b)  The holding of Class A-2 Notes is subject to investment risk, including
     possible delays in repayment and loss of income and principal invested.

(c)  None of St.George, any associate of St.George, Perpetual Trustees
     Consolidated Limited, the Security Trustee, the Note Trustee, the Principal
     Paying Agent, the Euro Paying Agent, the Note Registrar, the Calculation
     Agent, any Paying Agent nor any Note Manager in any way stands behind the
     capital value and/or performance of the Class A-2 Notes or the assets of
     the Trust except to the limited extent provided in the Transaction
     Documents for the Trust (which, for the avoidance of doubt, does not apply
     to the Note Trustee, the Principal Paying Agent, the Euro Paying Agent, the
     Note Registrar, any Paying Agent nor the Calculation Agent).

(d)  None of St.George, Perpetual Trustees Consolidated Limited, the Custodian
     (as defined in the Supplementary Terms Notice), the Servicer (as defined in
     the Supplementary Terms Notice), the Manager, the Security Trustee, the
     Note Trustee, the Principal Paying Agent, the Euro Paying Agent, the Note
     Registrar, any Paying Agent, the Calculation Agent, the Currency Swap
     Provider (as defined in the Supplementary Terms Notice) or any of the Note
     Managers (as defined in the Supplementary Terms Notice) guarantees the
     payment of interest or the repayment of principal due on the Class A-2
     Notes.

(e)  None of the obligations of the Issuer or the Manager are guaranteed in any
     way by St.George or any associate of St.George or associate of Perpetual
     Trustees Consolidated Limited.

(f)  Without limiting the Conditions, the Issuer's liability to make payments in
     respect of the Class A-2 Notes is limited to its right of indemnity from
     the assets of the Trust from time to time available to make such payments
     under the Master Trust Deed and Supplementary Terms Notice. All claims
     against the Issuer in relation to the Class A-2 Notes can be enforced
     against the Issuer only to the extent to which it can be satisfied out of
     the assets of the Trust out of which the Issuer is actually indemnified for
     the liability except in the case of (and to the extent of) any fraud,
     negligence or Default (as defined in the Master Trust Deed) on the part of
     the Issuer.

(g)  The Noteholder is required to accept any distribution of moneys under the
     Security Trust Deed in full and final satisfaction of all moneys owing to
     it, and any debt represented by any shortfall that exists after any such
     final distribution is extinguished.

                          CERTIFICATE OF AUTHENTICATION

This Class A-2 Book-Entry Note is to be authenticated by Deutsche Bank AG,
London Branch and until so authenticated shall not be valid for any purpose.

DEUTSCHE BANK AG, LONDON BRANCH as Euro Paying Agent

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ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

________________________________________________________________________________

                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

________________________________________________________________________________

attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
       --------------------------------   --------------------------------------
                                          Authorised Signatory:

Dated:
       --------------------------------   --------------------------------------

----------
* NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular without alteration, enlargement or any change whatsoever.

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SCHEDULE 4

TERMS AND CONDITIONS OF THE CLASS A-2 NOTES

The following, subject to amendments in accordance with the Note Trust Deed, are
the terms and conditions of the Class A-2 Notes, substantially as they will
appear on the reverse of the Class A-2 Notes in definitive form. Class A-2 Notes
in definitive form will only be issued in certain circumstances. While the Class
A-2 Notes remain in book-entry form, the same terms and conditions govern them,
except to the extent that they are appropriate only to the Class A-2 Notes in
definitive form. For a summary of the provisions relating to the Class A-2 Notes
in book-entry form, see the summary at the end of this Section.

Paragraphs in italics are included by way of explanation only, and do not
constitute part of the terms and conditions of the Class A-2 Notes.

The (euro)600,000,000 Mortgage Backed Pass Through Floating Rate Class A-2 Notes
due April 2038 (the CLASS A-2 NOTES) are issued in conjunction with
US$1,450,000,000 Mortgage Backed Pass Through Floating Rate Class A-1 Notes due
April 2038 (the CLASS A-1 NOTES), A$700,000,000 Mortgage Backed Pass Through
Floating Rate Class A-3 Notes due April 2038 (the CLASS A-3 NOTES, and together
with the Class A-1 Notes, and the Class A-2 Notes, the CLASS A NOTES) and
A$64,600,000 Mortgage Backed Pass Through Floating Rate Class B Notes due April
2038 (the CLASS B NOTES) and A$29,500,000 Mortgaged Backed Pass Through Floating
Rate Class C Notes due April 2038 (the CLASS C NOTES) (the Class B Notes, the
Class C Notes and the Class A-3 Notes, together, are the A$ NOTES and the $A
Notes and the Class A-1 Notes and the Class A-2 Notes, together, are the NOTES)
by Perpetual Trustees Consolidated Limited, in its capacity as trustee of the
Crusade Global Trust No. 1 of 2007 (the TRUST) (in such capacity, the ISSUER).

The Notes are:

(a)  issued subject to a Master Trust Deed (the MASTER TRUST DEED) dated 14
     March 1998 between Perpetual Trustees Consolidated Limited, Crusade
     Management Limited (ABN 90 072 715 916) (in such capacity, the MANAGER and,
     in the capacity of residual income beneficiary under the Trust, the
     RESIDUAL INCOME BENEFICIARY) and St.George Bank Limited (ABN 92 055 513
     070) (ST.GEORGE), a Supplementary Terms Notice (the SUPPLEMENTARY TERMS
     NOTICE) dated on or around 13 March 2007 between (among others) the Issuer,
     Deutsche Bank Trust Company Americas (the Note Trustee for the time being,
     referred to as the NOTE TRUSTEE) as trustee for the holders for the time
     being of the Class A-1 Notes (the CLASS A-1 NOTEHOLDERS) and the Class A-2
     Notes (the CLASS A-2 NOTEHOLDERS and, together with the Class A-1
     Noteholders (the RELEVANT NOTEHOLDERS) and the Relevant Noteholders
     together with the holders for the time being of the Class A-3 Notes, the
     CLASS A NOTEHOLDERS), of the Class B Notes (the CLASS B NOTEHOLDERS) and of
     the Class C Notes (the CLASS C NOTEHOLDERS), the Class A Noteholders, the
     Class B Noteholders and the Class C Noteholders together being, the
     NOTEHOLDERS and the Class A-3 Noteholders, the Class B Noteholders and the
     Class C Noteholders together being the A$ NOTEHOLDERS) and the Manager, and
     these terms and conditions (the CONDITIONS);

(b)  in the case of the Class A-1 Notes and the Class A-2 Notes, issued subject
     to a Note Trust Deed dated on or around 13 March 2007 (the NOTE TRUST DEED)
     between the Issuer, the Manager and the Note Trustee; and

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(c)  secured by a Security Trust Deed (the SECURITY TRUST DEED) dated 5 March
     2007 between the Issuer, the Manager, the Note Trustee and P.T. Limited
     (ABN 67 004 454 666) (the security trustee for the time being, referred to
     as the SECURITY TRUSTEE).

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Supplementary Terms Notice,
the Security Trust Deed and the Note Trust Deed. Certain words and expressions
used herein have the meanings defined in those documents.

In accordance with an agency agreement (the AGENCY AGREEMENT) dated on or around
13 March 2007 between the Issuer, the Manager, the Note Trustee, Deutsche Bank
Trust Company Americas as principal paying agent (the PRINCIPAL PAYING AGENT,
which expression includes its successors as Principal Paying Agent under the
Agency Agreement) and as US paying agent, Deutsche Bank AG, London Branch as
Euro paying agent (the EURO PAYING AGENT), which expression includes its
successors as Euro Paying Agent under the Agency Agreement) and Deutsche Bank
Trust Company Americas, as calculation agent (the CALCULATION AGENT, which
expression includes its successors as Calculation Agent under the Agency
Agreement), and under which further paying agents may be appointed (together
with the Principal Paying Agent and the Euro Paying Agent, the PAYING AGENTS,
which expression includes the successors of each paying agent as such under the
Agency Agreement and any additional paying agents appointed), payments in
respect of the Class A-2 Notes will be made by the Paying Agents and the
Calculation Agent will make the determinations specified in the Agency
Agreement.

The Class A-2 Noteholders will be entitled (directly or indirectly) to the
benefit of, will be bound by, and will be deemed to have notice of, all the
provisions of the Conditions, the Master Trust Deed, the Supplementary Terms
Notice, the Security Trust Deed, the Note Trust Deed, the Servicing Agreement
(the SERVICING AGREEMENT) dated 14 March 1998 and made between Perpetual
Trustees Consolidated Limited, the Manager and St.George as servicer (together
with any substitute or successor, the SERVICER), the Custodian Agreement (the
CUSTODIAN AGREEMENT) dated 14 March 1998 and made between Perpetual Trustees
Consolidated Limited, the Manager and St.George Custodial Pty Ltd as custodian
(together with any substitute or successor, the CUSTODIAN) and the Indemnity
(the INDEMNITY) dated 14 March 1998 between St.George as indemnifier (in such
capacity, the INDEMNIFIER), the Manager, the Custodian and Perpetual Trustees
Consolidated Limited (together with the agreements with respect to the Basis
Swap, the Fixed-Floating Rate Swap and the Currency Swap (as each such term is
defined below), those documents, together with certain other transaction
documents, the TRANSACTION DOCUMENTS). Copies of the Transaction Documents are
available for inspection at the principal office of the Note Trustee, being at
the date hereof 1761 E. St. Andrew Place, Santa Ana, California, 92705.

In connection with the issue of the Notes, the Issuer has entered into an ISDA
(defined below) master interest rate exchange agreement dated on or around 13
March 2007 with Crusade Management Limited (the BASIS SWAP PROVIDER) together
with one confirmation relating thereto dated on or around 13 March 2007 (the
BASIS SWAP). The Issuer has also entered into an ISDA master interest rate
exchange agreement dated on or around 13 March 2007 with Crusade Management
Limited (the FIXED-FLOATING RATE SWAP PROVIDER) together with one confirmation
relating thereto dated on or around 13 March 2007 (the FIXED-FLOATING RATE
SWAP). The Issuer has also entered into an ISDA master currency exchange
agreement dated on or around 13 March 2007 with National Westminster Bank Plc
(the CURRENCY SWAP PROVIDER and, together with the Basis Swap Provider and the
Fixed-Floating Rate Swap Provider, the SWAP PROVIDERS) together with one
schedule and confirmation relating thereto dated on or around 13 March 2007 in
respect of the swap transaction relating to the Class A-2 Notes (the CURRENCY
SWAP).

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Each Class A-2 Note, whether in the form of a Class A-2 Book-Entry Note or a
Definitive Class A-2 Note will bear the following legend: "THIS CLASS A-2 NOTE
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED, (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES AND, AS A MATTER OF U.S. LAW, PRIOR TO THE DATE THAT IS 40
DAYS AFTER THE LATER OF THE CLOSING DATE AND THE COMMENCEMENT OF THE OFFERING OF
THE CLASS A-2 NOTES, MAY NOT BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES, OR FOR THE ACCOUNT OR BENEFIT OF U.S.
PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO
AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH ANY APPLICABLE LAWS OF ANY STATE OF THE UNITED STATES."

Each Book-Entry Note will also bear the following legend: "This book-entry note
is a global bond for the purposes of section 128F(10) of the Income Tax
Assessment Act 1936 of the Commonwealth of Australia".

1.   FORM, DENOMINATION AND TITLE

     The Class A-2 Notes are issued in registered form, in minimum denominations
     of (euro)100,000 and integral multiples thereof.

     Each Class A-2 Note (whether in global or definitive form) is not a
     document of title. Title shall be determined by entry in the Note Register
     and only the duly registered holder from time to time is entitled to
     payments in respect of a Class A-2 Note.

     Each Class A-2 Note will be represented initially by a book-entry note in
     registered form (each a CLASS A-2 BOOK-ENTRY NOTE) registered in the name
     of BT Globenet Nominees Limited and deposited with the Common Depository in
     respect of the Class A-2 Notes. Beneficial interests in the Class A-2
     Book-Entry Notes will be shown on, and transfers thereof will be effected
     only through, records maintained by Euroclear or Clearstream, Luxembourg
     and their participants and pursuant to the terms of the Note Trust Deed
     including restrictions on transfer contained therein. Euroclear and
     Clearstream, Luxembourg may hold interests in the Class A-2 Book-Entry
     Notes on behalf of persons who have accounts with Euroclear and
     Clearstream, Luxembourg through accounts maintained in the names of
     Euroclear or Clearstream, Luxembourg.

     If the Issuer is obliged to issue Definitive Class A-2 Notes under clause
     3.4 of the Note Trust Deed, interests in the applicable Class A-2
     Book-Entry Note will be transferred to the beneficial owners thereof in the
     form of Definitive Class A-2 Notes, without interest coupons, in the
     denominations set forth above. A Definitive Class A-2 Note will be issued
     to each Class A-2 Noteholder in respect of its registered holding or
     holdings of Class A-2 Notes against delivery by such Class A-2 Noteholder
     of a written order containing instructions and such other information as
     the Issuer and Deutsche Bank Luxembourg S.A. acting as a note registrar in
     relation to the Class A-2 Notes (the NOTE REGISTRAR) may require to
     complete, execute and deliver such Definitive Class A-2 Notes. In such
     circumstances, the Issuer will cause sufficient Definitive Class A-2 Notes
     to be executed and delivered to the Note Registrar for completion,
     authentication (by the Euro Paying Agent) and dispatch to the relevant
     Class A-2 Noteholders.

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2.   STATUS, SECURITY AND RELATIONSHIP BETWEEN THE NOTES

     The Notes are secured by a floating security over all of the assets of the
     Trust (which include, among other things, the Purchased Loans (as defined
     below) and the Mortgages (as defined below) and related securities) granted
     by the Issuer under the Security Trust Deed) (the ASSETS) and within each
     class will rank pari passu and rateably without any preference or priority
     among themselves.

     The Class A-2 Notes are issued subject to the Master Trust Deed and the
     Supplementary Terms Notice and are secured by the same security as secures
     the A$ Notes and the Class A-1 Notes. The Class A-2 Notes, the Class A-1
     Notes and the Class A-3 Notes will rank in priority to the Class B Notes
     and Class C Notes in the event of the security being enforced and in
     respect of principal and interest (as set out in Conditions 4 and 5).

     The proceeds of the issue of the Class A-1 Notes, the Class A-2 Notes and
     the A$ Notes are to be used by the Issuer to purchase an equitable interest
     in certain housing loans (the LOANS) and certain related mortgages (the
     MORTGAGES) from St.George as an approved seller (the APPROVED SELLER),
     establish the Liquidity Reserve and to invest in such Authorised
     Investments as the Manager may specify from time to time.

     In the event that the security for the Class A-2 Notes is enforced and the
     proceeds of such enforcement are insufficient, after payment of all other
     claims ranking in priority to or pari passu with the Class A Notes under
     the Security Trust Deed, to pay in full all principal and interest and
     other amounts whatsoever due in respect of the Class A Notes, then the
     Class A Noteholders shall have no further claim against the Issuer in
     respect of any such unpaid amounts.

     The net proceeds of realisation of the Assets of the Trust (including
     following enforcement of the Security Trust Deed) may be insufficient to
     pay all amounts due to the Noteholders. Save in certain limited
     circumstances the other assets of the Issuer will not be available for
     payment of any shortfall arising and all claims in respect of such
     shortfall shall be extinguished (see further Condition 15). None of the
     Servicer, the Manager, St.George, the Note Trustee, the Security Trustee,
     the Swap Providers, the Paying Agents, the Calculation Agent or the Note
     Managers (as defined in the Supplementary Terms Notice) has any obligation
     to any Noteholder for payment of any amount by the Issuer in respect of the
     Notes.

     The Note Trust Deed contains provisions requiring the Note Trustee to have
     regard to the interests of Class A-2 Noteholders as regards all the powers,
     trusts, authorities, duties and discretions of the Note Trustee (except
     where expressly provided otherwise).

     The Security Trust Deed contains provisions requiring the Security Trustee,
     subject to the other provisions of the Security Trust Deed, to give
     priority to the interests of the Class A Noteholders, if there is a
     conflict between the interest of such Noteholders and any other Voting
     Mortgagee (as defined below).

3.   COVENANTS OF THE ISSUER

     So long as any of the Class A-2 Notes remains outstanding, the Issuer has
     made certain covenants for the benefit of the Noteholders which are set out
     in the Master Trust Deed.

     These covenants include the following:

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          (a)  The Issuer shall act continuously as trustee of the Trust until
               the Trust is terminated as provided by the Master Trust Deed or
               the Issuer has retired or been removed from office in the manner
               provided under the Master Trust Deed.

          (b)  The Issuer shall:

               (i)    act honestly and in good faith and comply with all
                      relevant material laws in the performance of its duties
                      and in the exercise of its discretions under the Master
                      Trust Deed;

               (ii)   subject to the Master Trust Deed, exercise such diligence
                      and prudence as a prudent person of business would
                      exercise in performing its express functions and in
                      exercising its discretions under the Master Trust Deed,
                      having regard to the interests of the Noteholders and
                      other creditors and beneficiaries of the Trust;

               (iii)  use its best endeavours to carry on and conduct its
                      business in so far as it relates to the Master Trust Deed
                      in a proper and efficient manner;

               (iv)   keep, or ensure that the Manager keeps, accounting records
                      which correctly record and explain all amounts paid and
                      received by the Issuer;

               (v)    keep the Trust separate from each other trust which is
                      constituted under the Master Trust Deed and from its own
                      assets and account for assets and liabilities of the Trust
                      separately from those of other trusts constituted under
                      the Master Trust Deed and from its own assets and
                      liabilities;

               (vi)   do everything and take all such actions which are
                      necessary (including obtaining all appropriate
                      authorisations which relate to it as trustee of the Trust
                      and taking all actions necessary to assist the Manager to
                      obtain all other appropriate authorisations) to ensure
                      that it is able to exercise all its powers and remedies
                      and perform all its obligations under the Master Trust
                      Deed, the Transaction Documents and all other deeds,
                      agreements and other arrangements entered into by the
                      Issuer under the Master Trust Deed;

               (vii)  not engage in any business or activity in respect of the
                      Trust except as contemplated or required by the
                      Transaction Documents;

               (viii) except as contemplated or required by the Transaction
                      Documents, maintain an independent and arm's length
                      relationship with its related bodies corporate in relation
                      to dealings affecting the Trust;

               (ix)   except as contemplated or required by the Transaction
                      Documents, not, in respect of the Trust, guarantee or
                      become obligated for the debts of any other entity or hold
                      out its credit as being available to settle the
                      obligations of others; and

               (x)    comply with the rules and regulations of any stock
                      exchange on which any Note is listed from time to time
                      (the STOCK EXCHANGE); and

               (xi)   within 45 days of notice from the Manager to do so, remove
                      any of its agents or delegates that breaches any
                      obligation imposed on the Issuer under the Master Trust
                      Deed or any other Transaction Document where the Manager
                      believes it will have a Material Adverse Affect.

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          (c)  Except as provided in any Transaction Document (and other than
               the charge given to the Security Trustee), the Issuer shall not,
               nor shall it permit any of its officers to, sell, mortgage,
               charge or otherwise encumber or part with possession of any Asset
               of the Trust.

          (d)  The Issuer covenants that it will duly observe and perform the
               covenants and obligations of the Master Trust Deed, and the
               Issuer will be personally liable to the Servicer, the
               Noteholders, the Residual Income Beneficiary, the Note Managers,
               the Note Trustee or other creditors of the Trust, as the case may
               be, only to the extent that there has been a reduction in its
               indemnity from the Assets as a result of its negligence, fraud or
               Default (as defined in Condition 15(b)(vii) "Liability of Trustee
               limited to its right of indemnity"). The Issuer is not
               responsible for the acts or omissions of its agents and delegates
               (including persons referred to in clause 17.6 of the Master Trust
               Deed) selected by the Issuer in good faith and using reasonable
               care, except where the Issuer expressly instructs the agent or
               delegate to do (or omit to do) the relevant act, if the Issuer is
               aware of the default of the agent or delegate and does not take
               the action available to it under the Transaction Documents to
               address the act or omission or where the Transaction Documents
               expressly provide that the Issuer is so liable.

          (e)  The Issuer will open and operate certain bank accounts in
               accordance with the Master Trust Deed and the Supplementary Terms
               Notice.

          (f)  Subject to the Master Trust Deed and any Transaction Document to
               which it is a party, the Issuer shall act on all directions given
               to it by the Manager in accordance with the terms of the Master
               Trust Deed.

          (g)  The Issuer shall properly perform the functions which are
               necessary for it to perform under all Transaction Documents in
               respect of the Trust.

4.   INTEREST

     (a)  PAYMENT DATES

          Each Class A-2 Note bears interest on its Invested Amount (as defined
          below) from and including 15 March 2007 or such later date as may be
          agreed between the Issuer and the Joint Managers (as defined in the
          Subscription Agreement) for the issue of the Class A-2 Notes (the
          CLOSING DATE). Interest in respect of the Class A-2 Notes will be
          payable quarterly in arrears on 19 April 2007 in respect of the period
          from (and including) the Closing Date and ending on (but excluding) 19
          April 2007 (the FIRST QUARTERLY PAYMENT DATE) and thereafter on each
          19th January, 19th April, 19th July and 19th October (each such date a
          QUARTERLY PAYMENT DATE). If any Payment Date would otherwise fall on a
          day which is not a Business Day, it shall be postponed to the next day
          which is a Business Day, unless it would thereby fall into the next
          calendar month, in which case the due date shall be brought forward to
          the immediately preceding Business Day. The final Quarterly Payment
          Date will be the earlier of the Final Maturity Date and the Payment
          Date on which the Notes are redeemed in full.

          BUSINESS DAY in these Conditions means any day, other than a Saturday,
          Sunday or public holiday, on which Banks are open for business in
          London, New York, Sydney and The

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          Trans-European Real-Time Gross Settlement Express Transfer (TARGET)
          System or any successor to it is open.

          The period beginning on (and including) the Closing Date and ending on
          (but excluding) the first Quarterly Payment Date, and each successive
          period beginning on (and including) a Quarterly Payment Date and
          ending on (but excluding) the next Quarterly Payment Date and the
          final period referred to below is called a QUARTERLY INTEREST PERIOD.
          Interest payable on a Class A-2 Note in respect of any Quarterly
          Interest Period or any other period will be calculated on the basis of
          the actual number of days elapsed and a 360 day year.

          Interest shall cease to accrue on any Class A-2 Note from (and
          including):

          (i)  the date on which the Stated Amount of that Class A-2 Note is
               reduced to zero (provided that interest shall thereafter begin to
               accrue from (and including) any date on which the Stated Amount
               of that Class A-2 Note becomes greater than zero); or

          (ii) if the Stated Amount on the due date for redemption in full of
               that Class A-2 Note is not zero, the due date for redemption in
               full of that Class A-2 Note, unless, after the due date for
               redemption, payment of principal due is improperly withheld or
               refused, following which interest shall continue to accrue on the
               Invested Amount of the Class A-2 Note at the rate from time to
               time applicable to the Class A-2 Notes until the later of:

               (A)  the date on which the moneys in respect of that Class A-2
                    Note have been received by the Note Trustee, the Principal
                    Paying Agent or the Euro Paying Agent and notice to that
                    effect is given in accordance with Condition 12 "Notices";
                    and

               (B)  the Stated Amount of that Class A-2 Note has been reduced to
                    zero (provided that interest shall thereafter begin to
                    accrue from (and including) any date on which the Stated
                    Amount of that Class A-2 Note becomes greater than zero).

     (b)  INTEREST RATE

          The rate of interest applicable from time to time to the Class A-2
          Notes (the INTEREST RATE) will be determined by the Calculation Agent
          on the basis of the following paragraphs.

          On the second EURIBOR Business Day before the beginning of each
          Quarterly Interest Period (each an INTEREST DETERMINATION DATE), the
          Calculation Agent will determine EURIBOR, which is the rate
          "EUR-EURIBOR - Telerate", as the applicable Floating Rate Option under
          the Definitions of the International Swaps and Derivatives
          Association, Inc. (ISDA) incorporating the 2000 ISDA Definitions, as
          amended and updated as at the Note Issue Date (the ISDA DEFINITIONS)
          being applicable for deposits in Euros for a period of three months
          which appears on the Reuters Page EURIBOR01 as of 11.00 am, Brussels
          time, on the relevant Interest Determination Date. If such rate does
          not appear on the Reuters Page EURIBOR01, the rate for that Quarterly
          Interest Period will be determined as if the Issuer and the
          Calculation Agent had specified EUR-EURIBOR-REFERENCE BANKS as the
          applicable Floating Rate Option under the ISDA Definitions.
          EUR-EURIBOR-REFERENCE BANKS means that the rate for a Quarterly
          Interest Period for a Class A-2 Note

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          will be determined on the basis of the rates at which deposits in
          Euros are offered by four major banks in the Euro-zone interbank
          market agreed to by the Calculation Agent and the Currency Swap
          Provider (the REFERENCE BANKS) at approximately 11.00 am, Brussels
          time, on the relevant Interest Determination Date to prime banks in
          the Euro-zone interbank market for a period of three months commencing
          on the first day of the Quarterly Interest Period and in a
          Representative Amount (as defined in the ISDA Definitions). The
          Calculation Agent will request the principal Euro-zone office of each
          of the Reference Banks to provide a quotation of its rate. If at least
          two such quotations are provided by Reference Banks to the Calculation
          Agent, the rate for that Quarterly Interest Period will be the
          arithmetic mean of the quotations. If fewer than two quotations are
          provided by Reference Banks to the Calculation Agent following the
          Calculation Agent's request, the rate for that Quarterly Interest
          Period will be the arithmetic mean of the rates quoted by four major
          banks in the Euro-zone, selected by the Calculation Agent and the
          Currency Swap Provider, at approximately 11.00 am, Brussels time, on
          that Interest Determination Date for loans in Euros to leading
          European banks for a period of 3 months, or in the case of the first
          Quarterly Interest Period, the linear interpolation of one and two
          months, commencing on the first day of the Quarterly Interest Period
          and in a Representative Amount. If no such rates are available in the
          Euro-zone, then the rate for such Quarterly Interest Period will be
          the most recently determined rate in accordance with this definition.

          In this definition of EURIBOR, EURIBOR BUSINESS DAY means any day on
          which the Trans-European Real-Time Gross Settlement Express Transfer
          (TARGET) System or any successor to it is open.

          There is no maximum or minimum Interest Rate.

     (c)  DETERMINATION OF INTEREST RATE AND CALCULATION OF INTEREST

          The Calculation Agent will, as soon as practicable after 11.00 am
          (Brussels time) on each Interest Determination Date, determine the
          relevant Interest Rate applicable to, and calculate the amount of
          interest payable on each Class A-2 Note (the INTEREST) for the
          immediately succeeding Quarterly Interest Period. The Interest is
          calculated in accordance with clause 4.8 of the Supplementary Terms
          Notice. The determination of the Interest Rate and the Interest by the
          Calculation Agent shall (in the absence of manifest error) be final
          and binding upon all parties.

     (d)  NOTIFICATION AND PUBLICATION OF INTEREST RATE AND INTEREST

          The Calculation Agent will cause the Interest Rate and the Interest
          applicable to the Class A-2 Notes for each Quarterly Interest Period
          and the relevant Quarterly Payment Date to be notified to the Issuer,
          the Manager, the Note Trustee, the Paying Agents and the Currency Swap
          Provider and the Manager on behalf of the Issuer will cause the same
          to be published in accordance with Condition 12 "Notices" on or as
          soon as possible after the date of commencement of the relevant
          Quarterly Interest Period. The Interest and the relevant Quarterly
          Payment Date so published may subsequently be amended (or appropriate
          alternative arrangements made by way of adjustment) without notice in
          the event of a shortening of the Quarterly Interest Period.

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     (e)  DETERMINATION OR CALCULATION BY THE MANAGER

          If the Calculation Agent at any time for any reason does not determine
          the Interest Rate or calculate the Interest for the Class A-2 Notes,
          the Manager shall do so and each such determination or calculation
          shall be deemed to have been made by the Calculation Agent. In doing
          so, the Manager shall apply the foregoing provisions of this
          Condition, with any necessary consequential amendments, to the extent
          that it can do so, and, in all other respects it shall do so in such a
          manner as it reasonably considers to be fair and reasonable in all the
          circumstances.

     (f)  CALCULATION AGENT

          The Issuer will procure that, so long as any of the Class A-2 Notes
          remains outstanding, there will at all times be a Calculation Agent.
          The Issuer, or the Manager with the consent of the Issuer (such
          consent not to be unreasonably withheld), reserves the right at any
          time to terminate the appointment of the Calculation Agent immediately
          on the occurrence of certain specified events or otherwise, with the
          prior written approval of the Note Trustee, by giving not less than 60
          days' notice in writing to, inter alia, the Calculation Agent. Notice
          of that termination will be given to the Class A-2 Noteholders, and
          any stock exchange or other relevant authority on which the Class A-2
          Notes are listed and/or traded, in accordance with the Agency
          Agreement. If any person is unable or unwilling to continue to act as
          the Calculation Agent, or if the appointment of the Calculation Agent
          is terminated, the Issuer will, with the prior written approval of the
          Note Trustee, appoint a successor Calculation Agent to act as such in
          its place, provided that neither the resignation nor removal of the
          Calculation Agent shall take effect until a successor approved by the
          Note Trustee has been appointed.

     (g)  INCOME DISTRIBUTION

          On each Monthly Payment Date, and based on the calculations,
          instructions and directions provided to it by the Manager, the Issuer
          must pay or apply, or cause to be paid or applied, out of Total
          Available Funds, in relation to the Monthly Collection Period (defined
          below) ending immediately before that Monthly Payment Date, the
          amounts specified in clause 5.1(a) of the Supplementary Terms Notice
          in the order of priority specified in that clause.

          The Issuer shall only make a payment under any of the sub-paragraphs
          of clause 5.1(a) of the Supplementary Terms Notice if it is directed
          in writing by the Manager to do so and only to the extent that any
          Total Available Funds remain from which to make the payment after
          amounts with priority to that payment have been distributed.

          The Issuer is required to make payments of interest to the Class A-2
          Notes on each Quarterly Payment Date (as defined below) as more fully
          described in the Supplementary Terms Notice.

          Capitalised terms in this paragraph (g) have the same meaning given in
          the Supplementary Terms Notice unless otherwise defined in this
          document.

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5.   REDEMPTION

     Capitalised terms in this Condition 5 have the same meaning given in the
     Supplementary Terms Notice unless otherwise defined in this document.

     (a)  MANDATORY REDEMPTION IN PART FROM PRINCIPAL COLLECTIONS AND
          APPORTIONMENT OF PRINCIPAL COLLECTIONS BETWEEN THE CLASS A-1 NOTES,
          THE CLASS A-2 NOTES AND THE A$ NOTES

          The Class A-2 Notes shall be subject to mandatory redemption in part
          on any Quarterly Payment Date if on that date there are any Principal
          Collections (as defined below) available to be distributed in relation
          to such Class A-2 Notes. The principal amount so redeemable in respect
          of each Class A-2 Note prior to enforcement of the Security Trust Deed
          (each a PRINCIPAL PAYMENT) on any Quarterly Payment Date shall be the
          amount available for payment in respect of the Class A-2 Notes as set
          out in Condition 5(b) on the day which is two Business Days prior to
          the Quarterly Payment Date (the QUARTERLY DETERMINATION DATE) divided
          by the aggregate Invested Amount of all Class A-2 Notes, multiplied by
          the Invested Amount of that Note, provided always that no Principal
          Payment on a Class A-2 Note on any date may exceed the amount equal to
          the Invested Amount of that Class A-2 Note at that date, less amounts
          charged off as at that date and not to be reinstated on the next
          Quarterly Payment Date, or to be charged off on the Quarterly Payment
          Date, as described in Condition 5(c) (that reduced amount being the
          STATED AMOUNT of that Class A-2 Note).

          Notice of amounts to be redeemed will be provided by the Manager to
          the Issuer, the Calculation Agent, the Principal Paying Agent, the
          Euro Paying Agent and the Note Trustee.

          Following notification of the amount to be redeemed for each Quarterly
          Payment Date, the Manager will determine the Bond Factor for the Class
          A-2 Notes as of such Quarterly Payment Date and will notify the
          Issuer, the Calculation Agent, the Principal Paying Agent, the Euro
          Paying Agent and the Note Trustee of this amount and shall cause the
          Bond Factor to be published pursuant to Condition 12.

     (b)  PRINCIPAL ALLOCATIONS AND PAYMENTS ON NOTES

          On each Monthly Payment Date, and based on the calculations,
          instructions and directions provided to it by the Manager, the Issuer
          must allocate or cause to be allocated or distribute or cause to be
          distributed out of relevant Principal Collections, in relation to the
          Monthly Collection Period ending immediately before that Monthly
          Payment Date the following amounts in the following order of priority:

          (i)  first, in the manner and order of priority set out in clause 5.4
               of the Supplementary Terms Notice;

          (ii) then:

               (A)  prior to the Stepdown Date, or at any time if a Trigger
                    Event is subsisting, in the manner and order of priority set
                    out in clause 5.5 of the Supplementary Terms Notice; and

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               (B)  on and after the Stepdown Date, provided that no Trigger
                    Event is subsisting, in the manner and order of priority set
                    out in clause 5.6 of the Supplementary Terms Notice.

               The Issuer shall only make a payment under any of clause 5.4, 5.5
               and 5.6 (as applicable) if it is directed in writing to do so by
               the Manager and only to the extent that any Principal Collections
               remain from which to make the payment after amounts with priority
               to that payment have been distributed.

          The Issuer is also required to make certain payments out of Principal
          Collections (including allocating Principal Draws to Total Available
          Funds) on each Monthly Payment Date in accordance with the
          Supplementary Terms Notice.

     (c)  GENERAL

          No amount of principal will be paid to a Noteholder in excess of the
          Invested Amount applicable to the Notes held by that Noteholder.

     (d)  EXCESS AVAILABLE INCOME - REIMBURSEMENT OF CHARGE OFFS, PRINCIPAL
          DRAWS AND LIQUIDITY DRAWS

          (i)  General

               On each Monthly Determination Date, the Manager must determine,
               for a Quarterly Collection Period, the amount (if any) by which
               the Total Available Funds for the Monthly Collection Period
               exceeds the Total Payments for the Monthly Collection Period or,
               in relation to any Monthly Collection Period, the end of which is
               immediately followed by a Quarterly Payment Date, any amounts
               retained or invested under clause 5.2(a) of the Supplementary
               Terms Notice on the two immediately preceding Monthly Payment
               Dates for application on that Quarterly Payment Date (EXCESS
               AVAILABLE INCOME).

          (ii) Distribution of Excess Available Income

               Subject to clause 5.2(b) of the Supplementary Terms Notice, on
               each Quarterly Determination Date, the Manager must apply any
               Excess Available Income for the Quarterly Collection Period
               relating to that Quarterly Determination Date in the order of
               priority specified in clause 5.2(a) of the Supplementary Terms
               Notice.

     (e)  EXCESS DISTRIBUTION

          The Issuer must at the written direction of the Manager pay any Excess
          Distribution for a Quarterly Collection Period to the Residual Income
          Beneficiary on the relevant Quarterly Payment Date. Once paid to the
          Residual Income Beneficiary, the Issuer may not recover any Excess
          Distributions from the Residual Income Beneficiary other than in the
          circumstances specified in clause 5.3 of the Supplementary Terms
          Notice.

     (f)  EURO ACCOUNT

          The Issuer shall direct the Currency Swap Provider to pay all amounts
          denominated in (euro) payable to the Issuer by the Currency Swap
          Provider under the Currency Swap into the Euro Account or to the Euro
          Paying Agent under the Agency Agreement on behalf of the Issuer.

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          If any of the Issuer, the Manager or the Servicer receives any amount
          denominated in (euro) from the Currency Swap Provider under a Currency
          Swap, they will promptly pay that amount to the credit of the Euro
          Account.

          The Issuer shall, on the direction of the Manager, or shall require
          that the Paying Agent on its behalf, pay all amounts credited to the
          Euro Account by the Currency Swap Provider as specified in clause 5.18
          of the Supplementary Terms Notice, and in accordance with the Note
          Trust Deed and the Agency Agreement.

     (g)  CHARGE OFFS

          If the Principal Charge Offs for any Monthly Collection Period exceed
          the Excess Available Income calculated on the Monthly Determination
          Date for that Monthly Collection Period, the Manager must, on and with
          effect from the Monthly Payment Date immediately following the end of
          the Monthly Collection Period comply with clause 5.14 of the
          Supplementary Terms Notice.

     (h)  CALCULATION OF PRINCIPAL PAYMENTS AND STATED AMOUNT

          On (or as soon as practicable after) each Determination Date, the
          Manager shall (A) calculate the amount of principal to be repaid or
          allocated (as the case may be) in respect of each Class A-2 Note, on
          the next Payment Date following that Determination Date, (B) the
          Stated Amount, the Notional Stated Amount and the Invested Amount of
          each Note on the first day of the next following Payment Date (after
          deducting any principal due to be made or allocated (as the case may
          be) on the next Payment Date); and (C) the Bond Factor for each Class
          of Note on each Quarterly Determination Date in respect of the
          Collection Period ending before that Quarterly Determination Date.

          The Manager will notify the Issuer, the Note Trustee, the Principal
          Paying Agent, the Euro Paying Agent and the Calculation Agent by not
          later than (or as soon as practicable after) the Quarterly
          Determination Date immediately preceding the relevant Quarterly
          Payment Date of each such determination and will immediately cause
          details of each of those determinations to be published in accordance
          with Condition 12 by one Business Day before the relevant Payment
          Date. If no Principal Payment is due to be made on the Class A-2 Notes
          on any Payment Date a notice to this effect will be given to the Class
          A-2 Noteholders in accordance with Condition 12.

     (i)  CALL

          The Issuer must, when so directed by the Manager (at the Manager's
          option), purchase or redeem all, but not some only, of the Class A-2
          Notes in accordance with, and in the circumstances specified in clause
          7.1 of the Supplementary Terms Notice.

          Clause 7.1 of the Supplementary Terms Notice requires the Issuer to
          give not more than 60 nor less than 25 days' notice to the Class A-2
          Noteholders of a repurchase under that section 7.1.

     (j)  REDEMPTION FOR TAXATION OR OTHER REASONS

          If the Manager satisfies the Issuer and the Note Trustee immediately
          prior to giving the notice referred to below that either:

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          (i)   on the next Quarterly Payment Date the Issuer would be required
                to deduct or withhold from any payment of principal or interest
                in respect of the Class A-2 Notes or the Currency Swap any
                amount for or on account of any present or future taxes, duties,
                assessments or governmental charges of whatever nature imposed,
                levied, collected, withheld or assessed by the Commonwealth of
                Australia or any of its political sub-divisions or any of its
                authorities; or

          (ii)  the total amount payable in respect of interest in relation to
                any of the Loans for a Quarterly Collection Period ceases to be
                receivable (whether or not actually received) by the Issuer
                during such Quarterly Collection Period (but, for the avoidance
                of doubt, this paragraph (ii) does not apply to the failure by
                the Issuer to receive any interest on any Purchased Receivable
                merely by reason of the failure by the relevant Obligors to pay
                that interest in breach of the relevant Receivable Agreement),

          the Issuer must, when so directed by the Manager, at the Manager's
          option, (subject to the provisions specified in clause 7.1 of the
          Supplementary Terms Notice) redeem all, but not some only, of the
          Class A-2 Notes in accordance with clause 7.1 of the Supplementary
          Terms Notice.

     (k)  REDEMPTION ON FINAL MATURITY

          If not otherwise redeemed, the Class A-2 Notes will be redeemed at
          their Stated Amount on the Quarterly Payment Date falling in April
          2038.

     (l)  CANCELLATION

          All Class A-2 Notes redeemed in full pursuant to the above provisions
          will be cancelled forthwith, and may not be resold or reissued.

     (m)  CERTIFICATION

          For the purposes of any redemption made pursuant to this Condition 5,
          the Note Trustee may rely upon an Officer's Certificate under the Note
          Trust Deed from the Manager on behalf of the Issuer certifying or
          stating the opinion of each person signing such certificate as:

          (i)   to the fair value (within 90 days of such release) of the
                property or securities proposed to be released from the Security
                Trust Deed);

          (ii)  that in the opinion of such person the proposed release will not
                impair the security under the Security Trust Deed in
                contravention of the provisions of the Security Trust Deed or
                the Note Trust Deed; and

          (iii) that the Issuer will be in a position to discharge all its
                liabilities in respect of the relevant Class A-2 Notes and any
                amounts required under the Security Trust Deed to be paid in
                priority to or pari passu with those Class A-2 Notes,

          and such Officer's Certificate shall be conclusive and binding on the
          Trustee, the Note Trustee and the holders of those Class A-2 Notes.

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6.   PAYMENTS

     (a)  METHOD OF PAYMENT

          Any instalment of interest or principal payable on any Class A-2 Note
          which is punctually paid or duly provided for by the Issuer to the
          Principal Paying Agent or the Euro Paying Agent on the applicable
          Quarterly Payment Date or Final Maturity Date shall be paid to the
          person in whose name such Class A-2 Note is registered on the Record
          Date, by cheque mailed first-class, postage prepaid, to such person's
          address as it appears on the Note Register on such Record Date, except
          that, unless Definitive Class A-2 Notes have been issued pursuant to
          clause 3.4 of the Note Trust Deed, with respect to Class A-2 Notes
          registered on the Record Date in the name of the nominee of the
          Clearing Agencies (initially in respect of the Class A-2 Notes such
          Clearing Agencies to be Euroclear or Clearstream, Luxembourg and such
          nominee to be BT Globenet Nominees Limited, the nominee of the Common
          Depository, payment will be made by wire transfer in immediately
          available funds to the account designated by such nominee and except
          for the final instalment of principal payable with respect to such
          Class A-2 Note on a Quarterly Payment Date or Final Maturity Date.

          Payments are subject in all cases to any fiscal or other laws or
          regulations applicable in the place of payment.

     (b)  INITIAL EURO PAYING AGENT

          The initial Euro Paying Agent is Deutsche Bank AG, London Branch
          acting through its office at Winchester House, 1 Great Winchester
          Street, London, EC2N 2DB England, UK.

     (c)  PAYING AGENTS

          The Issuer (or the Manager on its behalf with the consent of the
          Issuer, such consent not to be unreasonably withheld) may at any time
          with the prior written consent of the Note Trustee vary or terminate
          the appointment of any Paying Agent and appoint additional or other
          Paying Agents, provided that it will at all times maintain:

          (i)  a Principal Paying Agent; and

          (ii) a Paying Agent having a paying office in the United Kingdom (in
               respect of the Class A-2 Notes).

          The Manager shall procure that the Issuer maintains the appointment
          of, if a withholding tax is imposed on a payment made by a paying
          agent pursuant to European Council Directive 2003/48/EC or any other
          directive implementing the conclusions of the ECOFIN Council Meeting
          of 26-27 November 2000, a Paying Agent in a member state of the
          European Union that will not be obliged to withhold or deduct tax
          pursuant to any such directive or any law implementing or complying
          with, or introduced to conform with, such directive.

     (d)  PAYMENT ON BUSINESS DAYS

          Payments in respect of any amount of principal or Interest in respect
          of any Class A-2 Note shall be made on a Business Day. If the due date
          for payment of any amount of principal or Interest in respect of any
          Class A-2 Note is not a Business Day then payment will not be made
          until the next succeeding Business Day unless that day falls in the
          next calendar

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          month, in which case the due date will be the preceding Business Day
          and the holder of that Class A-2 Note shall not be entitled to any
          further interest or other payment in respect of that delay.

     (e)  INTEREST ON UNPAID INTEREST

          If Interest is not paid in respect of a Class A-2 Note on the date
          when due and payable (other than because the due date is not a
          Business Day), that unpaid Interest shall itself bear interest at the
          relevant Interest Rate applicable from time to time to the relevant
          Class A-2 Notes until the unpaid Interest, and interest on it, is
          available for payment and notice of that availability has been duly
          given in accordance with Condition 12 "Notices".

7.   TAXATION

     All payments in respect of the Class A-2 Notes will be made without
     withholding or deduction for, or on account of, any present or future
     taxes, duties or charges of whatsoever nature unless the Issuer, any Paying
     Agent or the Currency Swap Provider is required by applicable law to make
     any such payment in respect of the Class A-2 Notes subject to any
     withholding or deduction for, or on account of, any present or future
     taxes, duties or charges of whatever nature. In that event the Issuer, that
     Paying Agent or the Currency Swap Provider (as the case may be) shall make
     such payment after such withholding or deduction has been made and shall
     account to the relevant authorities for the amount so required to be
     withheld or deducted. Neither the Issuer, any Paying Agent or the Currency
     Swap Provider will be obliged to make any additional payments to Class A-2
     Noteholders in respect of that withholding or deduction.

8.   PRESCRIPTION

     A Class A-2 Note shall become void in its entirety unless surrendered for
     payment within 10 years of the Relevant Date in respect of any payment on
     it the effect of which would be to reduce the relevant Stated Amount (in
     the case of final maturity, if applicable) or the relevant Invested Amount
     of that Class A-2 Note to zero. After the date on which a Class A-2 Note
     becomes void in its entirety, no claim may be made in respect of it.

     As used in these Conditions, the RELEVANT DATE means the date on which a
     payment first becomes due but, if the full amount of the money payable has
     not been received in London by the Principal Paying Agent, the Euro Paying
     Agent or the Note Trustee on or prior to that date, it means the date on
     which, the full amount of such money having been so received, notice to
     that effect is duly given by the Principal Paying Agent or the Euro Paying
     Agent in accordance with Condition 12 "Notices".

9.   EVENTS OF DEFAULT

     Clause 8.1 of the Security Trust Deed sets out which events constitute an
     EVENT OF DEFAULT (whether or not it is within the control of the Issuer)
     for the purpose of these Conditions and the Security Trust Deed.

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     In the event that the security constituted by the Security Trust Deed
     becomes enforceable following an event of default under the Notes any funds
     resulting from the realisation of such security shall be applied in
     accordance with the order of priority of payments as stated in the Security
     Trust Deed.

10.  ENFORCEMENT

     At any time after an Event of Default occurs, the Security Trustee shall
     (subject to being appropriately indemnified), if so directed by (a) the
     Noteholder Mortgagees (as defined in the Security Trust Deed) alone, where
     the Noteholder Mortgagees are the only Voting Mortgagees, or otherwise (b)
     an "Extraordinary Resolution of the Voting Mortgagees" (being 75% of votes
     capable of being cast by Voting Mortgagees present in person or by proxy of
     the relevant meeting or a written resolution signed by all Voting
     Mortgagees), which includes the Note Trustee on behalf of the Class A-2
     Noteholders, but not, unless the Note Trustee has become bound to take
     steps and/or proceed under the Security Trust Deed and fails to do so
     within a reasonable period of time and such failure is continuing, the
     Class A-2 Noteholders themselves), declare the Class A Notes immediately
     due and payable and declare the security to be enforceable. If an
     Extraordinary Resolution of Voting Mortgagees referred to above elects not
     to direct the Security Trustee to enforce the Security Trust Deed, in
     circumstances where the Security Trustee could enforce, the Noteholder
     Mortgagees (in the case of the Class A-2 Noteholders, as represented by the
     Note Trustee acting at the direction of the Class A-2 Noteholders) may
     nevertheless direct the Security Trustee to enforce the Security Trust Deed
     on behalf of the Noteholders.

     VOTING MORTGAGEE has the meaning given to it in the Supplementary Terms
     Notice.

     Any reference to the Noteholder Mortgagees while they are the only Voting
     Mortgagees or where their consent is required under the Security Trust Deed
     in relation to a direction or act of the Security Trustee, means Noteholder
     Mortgagees representing more than 50% of the aggregate Invested Amount of
     the Class A-2 Notes and the A$ Notes.

     Subject to being indemnified in accordance with the Security Trust Deed,
     the Security Trustee shall take all action necessary to give effect to any
     direction by the Noteholder Mortgagees where they are the only Voting
     Mortgagees or to any Extraordinary Resolution of the Voting Mortgagees and
     shall comply with all directions given by the Note Trustee where it is the
     only Voting Mortgagee or contained in or given pursuant to any
     Extraordinary resolution of the Voting Mortgagees in accordance with the
     Security Trust Deed.

     No Class A-2 Noteholder is entitled to enforce the Security Trust Deed or
     to appoint or cause to be appointed a receiver to any of the assets secured
     by the Security Trust Deed or otherwise to exercise any power conferred by
     the terms of any applicable law on chargees except as provided in the
     Security Trust Deed.

     If any of the Class A-2 Notes remains outstanding and is due and payable
     otherwise than by reason of a default in payment of any amount due on the
     Class A-2 Notes, the Note Trustee must not vote under the Security Trust
     Deed to, or otherwise direct the Security Trustee to, dispose of the
     Mortgaged Property unless either:

     (a)  the Note Trustee is of the opinion, reached after considering at any
          time the advice of a merchant bank or other financial adviser selected
          by the Note Trustee in its sole and absolute discretion (the cost of
          such advice shall be an Expense payable to the Note

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          Trustee), that a sufficient amount would be realised to discharge in
          full all amounts owing to the Class A-2 Noteholders and any other
          amounts payable by the Issuer ranking in priority to or pari passu
          with the Class A-2 Notes; or

     (b)  the Note Trustee is of the opinion, reached after considering at any
          time and from time to time the advice of a merchant bank or other
          financial adviser selected by the Note Trustee in its sole and
          absolute discretion (the cost of such advice shall be an Expense
          payable to the Note
          Trustee), that the cash flow receivable by the Issuer (or the Security
          Trustee under the Security Trust Deed) will not (or that there is a
          significant risk that it will not) be sufficient, having regard to any
          other relevant actual, contingent or prospective liabilities of the
          Issuer, to discharge in full in due course all the amounts referred to
          in paragraph (a) above.

     Except in the case of negligence, fraud or breach of trust (in the case of
     the Security Trustee) or negligence, fraud or wilful default (in the case
     of the Note Trustee), neither the Note Trustee nor the Security Trustee
     will be liable for any decline in the value, nor any loss realised upon any
     sale or other dispositions made under the Security Trust Deed, of any
     Mortgaged Property or any other property which is charged to the Security
     Trustee by any other person in respect of or relating to the obligations of
     the Issuer or any third party in respect of the Issuer or the Class A-2
     Notes or relating in any way to the Mortgaged Property. Without limitation,
     neither the Note Trustee nor the Security Trustee shall be liable for any
     such decline or loss directly or indirectly arising from its acting, or
     failing to act, as a consequence of a reasonable opinion reached by it in
     good faith based on advice received by it in accordance with the Note Trust
     Deed or the Security Trust Deed, as the case may be.

     Subject to the provisions of the Note Trust Deed (including clause 37.2),
     the Note Trustee shall not be bound to vote under the Security Trust Deed,
     or otherwise direct the Security Trustee under the Security Trust Deed, or
     to take any proceedings, actions or steps under, or any other proceedings
     pursuant to or in connection with the Security Trust Deed, the Note Trust
     Deed or any Class A-2 Notes on behalf of the Class A-2 Noteholders unless
     directed or requested to do so by an Extraordinary Resolution of the Class
     A-2 Noteholders at the time; and then only if the Note Trustee is
     indemnified to its satisfaction against all action, proceedings, claims and
     demands to which it may render itself liable and all costs, charges,
     damages and expenses which it may incur by so doing.

     Only the Security Trustee may enforce the provisions of the Security Trust
     Deed and neither the Note Trustee nor any Class A-2 Noteholder is entitled
     to proceed directly against the Issuer to enforce the performance of any of
     the provisions of the Security Trust Deed or the Class A-2 Notes (including
     these Conditions) except as provided for in the Security Trust Deed and the
     Note Trust Deed.

     The rights, remedies and discretions of the Class A-2 Noteholders under the
     Security Trust Deed, including all rights to vote or give instructions or
     consent, can only be exercised by the Note Trustee on behalf of the Class
     A-2 Noteholders in accordance with the Security Trust Deed. The Security
     Trustee may rely on any instructions or directions given to it by the Note
     Trustee as being given on behalf of the Class A-2 Noteholders from time to
     time and need not enquire whether the Note Trustee or the Noteholders from
     time to time have complied with any requirements under the Note Trust Deed
     or as to the reasonableness or otherwise of the Note Trustee. The Security
     Trustee is not obliged to take any action, give any consent or waiver or
     make any determination under the Security

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     Trust Deed without being directed to do so by the Note Trustee or the
     Voting Mortgagees in accordance with the Security Trust Deed.

     Prior to the Security Trustee becoming actually aware of the occurrence of
     an Event of Default and provided that it has been indemnified in accordance
     with the Security Trust Deed, the Security Trustee may enforce the Security
     Trust Deed without an Extraordinary Resolution of the Voting Mortgagees if
     it believes (in its absolute discretion) that it is necessary to do so to
     protect the interests of the Mortgagees (provided that it shall enforce the
     Security Trust Deed if so directed by an Extraordinary Resolution of the
     Voting Mortgagees).

     Upon enforcement of the security created by the Security Trust Deed, the
     net proceeds thereof may be insufficient to pay all amounts due on
     redemption to the Noteholders. The proceeds from enforcement (which will
     not include amounts required by law to be paid to the holder of any prior
     ranking security interest the proceeds of or amounts credited to the
     collateral account under the Liquidity Facility Agreement (as defined in
     the Master Trust Deed) and payable to the Liquidity Facility Provider (as
     defined in the Master Trust Deed), and the proceeds of cash collateral
     lodged with and payable to a Swap Provider or other provider of a Support
     Facility (as defined in the Master Trust Deed)) will be applied in the
     order of priority as set out in the Security Trust Deed. Any claims of
     Noteholders remaining after realisation of the security and application of
     the proceeds as aforesaid shall, except in certain limited circumstances,
     be extinguished.

11.  REPLACEMENTS OF CLASS A-2 NOTES

     If any Class A-2 Note is lost, stolen, mutilated, defaced or destroyed, it
     may be replaced at the specified office of the Class A-2 Note Registrar
     located at 2 Boulevard Konrad Adenauer, Luxembourg L-1115 or such other
     office as may be designated from time to time under the Agency Agreement
     upon payment by the claimant of the costs incurred in connection with that
     replacement and on such terms as to evidence and indemnity as the Euro
     Paying Agent may reasonably require. Mutilated or defaced Class A-2 Notes
     must be surrendered before replacements will be issued.

12.  NOTICES

     All notices, other than notices given in accordance with the following
     paragraph, to Class A-2 Noteholders shall be deemed given if in writing and
     mailed, first-class, postage prepaid to each Class A-2 Noteholder, at his
     or her address as it appears on the Note Register, not later than the
     latest date, and not earlier than the earliest date, prescribed for the
     giving of such notice.

     In any case where notice to Class A-2 Noteholders is given by mail, neither
     the failure to mail such notice nor any defect in any notice so mailed to
     any particular Class A-2 Noteholder shall affect the sufficiency of such
     notice with respect to other Class A-2 Noteholders, and any notice that is
     mailed in the manner herein provided shall conclusively be presumed to have
     been duly given.

     A notice may be waived in writing by the relevant Class A-2 Noteholder,
     either before or after the event, and such waiver shall be the equivalent
     of such notice. Waivers of notice by Class A-2 Noteholders shall be filed
     with the Note Trustee but such filing shall not be a condition precedent to
     the validity of any action taken in reliance upon such a waiver.

     Any such notice shall be deemed to have been given on the date such notice
     is deposited in the mail.

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     In case, by reason of the suspension of regular mail services as a result
     of a strike, work stoppage or similar activity, it shall be impractical to
     mail notice of any event to Class A-2 Noteholders when such notice is
     required to be given, then any manner of giving such notice as the Trustee
     shall direct (on the instructions of the Trust Manager) the Note Trustee
     shall be deemed to be a sufficient giving of such notice.

     Any notice required to be given by the Principal Paying Agent at any time
     shall be deemed to have been duly given if the information contained in
     such notice appears on the relevant page of the Reuters Screen, on the
     Website (as defined below) or such other similar electronic reporting
     service as may be approved by the Note Trustee and notified to Class A-2
     Noteholders (the RELEVANT SCREEN). Any such notice shall be deemed to have
     been given on the first date on which such information appeared on the
     Relevant Screen. If it is impossible or impracticable to give notice in
     accordance with this paragraph then notice of the matters referred to in
     this Condition shall be given in accordance with the preceding paragraph.

     WEBSITE means the website at the following address:

                           https://www.tss.db.com/invr

     or such other website as the Principal Paying Agent shall notify the Note
     Trustee, the Trustee, the Manager and the Class A-2 Noteholders, in
     accordance with this Condition, from time to time.

     All consents and approvals in these Conditions are to be given in writing.

13.  MEETINGS OF VOTING MORTGAGEES AND MEETINGS OF RELEVANT NOTEHOLDERS;
     MODIFICATIONS; CONSENTS; WAIVER

     The Security Trust Deed contains provisions permitting the Voting
     Mortgagees to, among other things, direct or consent to the Security
     Trustee taking or not taking certain actions under the Security Trust Deed,
     for example to enable the Voting Mortgagees to direct the Security Trustee
     to enforce the Security Trust Deed.

     The Note Trust Deed contains provisions permitting the Relevant Noteholders
     to act on any matter affecting their interests, including the directing of
     the Note Trustee to direct the Security Trustee to enforce the security
     under the Security Trust Deed, or the sanctioning by an Extraordinary
     Resolution of the Relevant Noteholders of a modification of the Relevant
     Notes (including these Conditions) or the provisions of any of the
     Transaction Documents, provided that no modification of certain terms
     including, among other things, the date of maturity of the Class A-2 Notes,
     or a modification which would have the effect of altering the amount of
     interest payable in respect of a Class A-2 Note or modification of the
     method of calculation of the interest payable or of the date for payment of
     or interest payable in respect of any Class A-2 Notes, reducing or
     cancelling the amount of principal payable in respect of any Class A-2
     Notes or altering the currency of payment of any Class A-2 Notes or an
     alteration of the date or priority of redemption of, the Class A-2 Notes or
     altering the required percentage of the aggregate Invested Amount of the
     Class A-2 Notes required to consent or take any action, or an election to
     receive the Stated Amount of the Notes instead of the Invested Amount in
     the event of a call under Condition 5(m) "Call" or 5(n) "Redemption for
     Taxation or Other Reasons", or any other matter referred to in clause 37.2
     of the Note Trust Deed needing the approval of all holders of the Class A-2
     Notes (any such modification being referred to

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     below as a BASIC TERMS MODIFICATION) shall be effective unless sanctioned
     by all of the Class A-2 Noteholders. The quorum at any meeting of Class A-2
     Noteholders for passing an Extraordinary Resolution of Class A-2
     Noteholders shall be two or more persons holding or representing over 50%
     of the aggregate Invested Amount of the Class A-2 Notes then outstanding
     or, at any adjourned meeting, two or more persons being or representing
     Class A-2 Noteholders whatever the aggregate Invested Amount of the Class
     A-2 Notes so held or represented except that, at any meeting the business
     of which includes the sanctioning of a Basic Terms Modification, the
     necessary quorum for passing any such resolution shall be all of the Class
     A-2 Noteholders. An Extraordinary Resolution and a resolution passed
     effecting a Basic Terms Modification passed at any meeting of Class A-2
     Noteholders shall be binding on all Class A-2 Noteholders, whether or not
     they are present at the meeting.

     The majority required for an EXTRAORDINARY RESOLUTION of Class A-2
     Noteholders shall be 75% of the votes cast in respect of that Extraordinary
     Resolution in accordance with the terms of the Security Trust Deed.

     The Note Trust Deed permits the Note Trustee, the Manager and the Trustee
     to, following the giving of notice to each Designated Rating Agency, alter,
     add to or modify, by way of supplemental deed, the Note Trust Deed
     (including the meeting and amendment provisions), the Conditions (subject
     to the proviso more fully described in clause 37.2 of the Note Trust Deed
     or any other terms of that deed or the Conditions to which it refers) or
     any Transaction Document so long as that 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 Note Trustee, necessary to comply with the
          provisions of any law or regulation or with the requirements of any
          governmental authority;

     (c)  in the opinion of the Note Trustee, appropriate or expedient as a
          consequence of an amendment to any law or regulation or altered
          requirements of any governmental authority; or

     (d)  in the opinion of the Note Trustee, neither materially prejudicial nor
          likely to be prejudicial to the interests of the Relevant Noteholders.

     The Note Trustee may also, but is not obliged to, in accordance with the
     Note Trust Deed and without the consent of any Class A-2 Noteholders (but
     not in contravention of an Extraordinary Resolution or any resolution
     passed in accordance with clause 37.2 of the Note Trust Deed), waive or
     authorise any breach or proposed breach of Class A-2 Notes (including these
     Conditions) or any Transaction Document or determine that any Event of
     Default or any condition, event or act which with the giving of notice
     and/or lapse of time and/or the issue of a certificate would constitute an
     Event of Default shall not, or shall not subject to specified conditions,
     be treated as such. Any such modification, waiver, authorisation or
     determination shall be binding on the relevant Class A-2 Noteholders and,
     if, but only if, the Note Trustee so requires, any such modification shall
     be notified to the relevant Class A-2 Noteholders in accordance with
     Condition 12 "Notices" as soon as practicable.

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14.  INDEMNIFICATION AND EXONERATION OF THE NOTE TRUSTEE AND THE SECURITY
     TRUSTEE

     The Note Trust Deed and the Security Trust Deed contain provisions for the
     indemnification of the Note Trustee and the Security Trustee (respectively)
     and for their relief from responsibility, including provisions relieving
     them from taking proceedings to realise the security and to obtain
     repayment of the Notes unless indemnified to their satisfaction. Each of
     the Note Trustee and the Security Trustee is entitled to enter into
     business transactions with the Issuer and/or any other party to the
     Transaction Documents without accounting for any profit resulting from such
     transactions. Except in the case of negligence, fraud or breach of trust
     (in the case of the Security Trustee) or negligence, fraud or wilful
     default (in the case of the Note Trustee), neither the Security Trustee nor
     the Note Trustee will be responsible for any loss, expense or liability
     which may be suffered as a result of any assets secured by the Security
     Trust Deed, the Mortgaged Property or any deeds or documents of title
     thereto, being uninsured or inadequately insured or being held by or to the
     order of the Servicer or any of its affiliates or by clearing organisations
     or their operators or by any person on behalf of the Note Trustee if
     prudently chosen in accordance with the Transaction Documents.

     Where the Note Trustee is required to express an opinion or make a
     determination or calculation under the Transaction Documents, the Note
     Trustee may appoint or engage such independent advisers as the Note Trustee
     requires to assist in the giving of that opinion or the making of that
     determination or calculation and any costs and expenses payable to those
     advisers will be reimbursed to the Note Trustee by the Issuer or if another
     person is expressly stated in the relevant provision in a Transaction
     Document, that person.

15.  LIMITATION OF LIABILITY OF THE ISSUER

     (a)  GENERAL

          Clause 30 of the Master Trust Deed applies to the obligations and
          liabilities of the Issuer in relation to the Notes.

     (b)  LIABILITY OF ISSUER LIMITED TO ITS RIGHT OF INDEMNITY

          (i)  The Issuer enters into the Transaction Documents and issues the
               Notes only in its capacity as trustee of the Trust and in no
               other capacity (except where the Transaction Documents provide
               otherwise). Subject to paragraph (iii) below, a liability arising
               under or in connection with the Transaction Documents, the Trust
               or the Notes is limited to and can be enforced against the Issuer
               only to the extent to which it can be satisfied out of the Assets
               and property of the Trust which are available to satisfy the
               right of the Issuer to be indemnified for the liability. This
               limitation of the Issuer's liability applies despite any other
               provision of the Transaction Documents and extends to all
               liabilities and obligations of the Issuer in any way connected
               with any representation, warranty, conduct, omission, agreement
               or transaction related to the Transaction Documents or the Trust.

          (ii) Subject to paragraph (iii) below, no person (including any
               Relevant Party) may take action against the Issuer in any
               capacity other than as trustee of the Trust or seek the
               appointment of a receiver (except under the Security Trust Deed),
               or a

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                 liquidator, an administrator or any similar person to the
                 Issuer or prove in any liquidation, administration or
                 arrangements of or affecting the Issuer.

          (iii)  The provisions of this Condition 15 shall not apply to any
                 obligation or liability of the Issuer to the extent that it is
                 not satisfied because under a Transaction Document or by
                 operation of law there is a reduction in the extent of the
                 Issuer's indemnification out of the Assets of the Trust as a
                 result of the Issuer's fraud, negligence or Default.

          (iv)   It is acknowledged that the Relevant Parties are or may be
                 responsible under the Transaction Documents for performing a
                 variety of obligations relating to the Trust. No act or
                 omission of the Issuer (including any related failure to
                 satisfy its obligations under the Transaction Documents) will
                 be considered fraud, negligence or Default of the Issuer for
                 the purpose of paragraph (iii) of this Condition 15 to the
                 extent to which the act or omission was caused or contributed
                 to by any failure by any Relevant Party or any person who has
                 been delegated or appointed by the Issuer in accordance with
                 the Transaction Documents to fulfil its obligations relating to
                 the Trust or by any other act or omission of a Relevant Party
                 or any such person.

          (v)    In exercising their powers under the Transaction Documents,
                 each of the Issuer, the Security Trustee and the Noteholders
                 must ensure that no attorney, agent, delegate, receiver or
                 receiver and manager appointed by it in accordance with a
                 Transaction Document has authority to act on behalf of the
                 Issuer in a way which exposes the Issuer to any personal
                 liability and no act or omission of any such person will be
                 considered fraud, negligence or Default of the Issuer for the
                 purpose of paragraph (iii) above.

          (vi)   In this Condition, RELEVANT PARTIES means each of the Manager,
                 the Servicer, the Calculation Agent, each Paying Agent, the
                 Note Trustee, the Custodian, the Basis Swap Provider, the
                 Fixed-Floating Rate Swap Provider, the Principal Paying Agent,
                 each Lead Manager, the Currency Swap Provider and any other
                 provider of a Support Facility.

          (vii)  In this Condition, DEFAULT means a failure by the Issuer to
                 comply with:

                 (A) an obligation which is expressly imposed on it by the terms
                     of a Transaction Document; or

                 (B) a written direction given by the Manager in accordance with
                     a Transaction Document (and in terms which are consistent
                     with the requirements of the Transaction Documents) in
                     circumstances where the Transaction Documents require or
                     contemplate that the Issuer will comply with that
                     direction,

                 in each case within any period of time specified in, or
                 contemplated by, the relevant Transaction Document for such
                 compliance. However, it will not be the Default of the Issuer
                 if the Issuer does not comply with an obligation or direction
                 where the Note Trustee or the Security Trustee directs the
                 Issuer not to comply with that obligation or direction.

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          (viii) Nothing in this Condition limits the obligations expressly
                 imposed on the Issuer under the Transaction Documents.

16.  GOVERNING LAW

     The Class A-2 Notes, and the Transaction Documents are governed by, and
     shall be construed in accordance with, the laws of New South Wales,
     Australia except for:

     (a)  the Subscription Agreement for the Class A-2 Notes (as defined in the
          Supplementary Terms Notice) which is governed by the law of England;

     (b)  the Subscription Agreement for the Class A-1 Notes (as defined in the
          Supplementary Terms Notice) which is governed by the law of the State
          of New York; and

     (c)  the administration of the Note Trust (as defined in the Note Trust
          Deed), including the exercise of the Note Trustee's powers under
          clause 13 of the Note Trust Deed, which are both governed by the law
          of the State of New York and in the event of any inconsistency between
          the operation of the law of New South Wales, Australia and the law of
          the State of New York in respect of the application of those powers,
          the law of the State of New York will prevail to the extent of the
          inconsistency.

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Summary of Provisions Relating to the Class A-2 Notes while in Book-Entry Form

Each Class A-2 Note will initially be represented by typewritten book-entry
notes (each, a CLASS A-2 BOOK-ENTRY NOTE), without coupons or talons, in the
principal amount of (euro)600,000,000. The Class A-2 Book-Entry Notes will be
registered in the name of BT Globenet Nominees Limited and deposited with the
Common Depositary in respect of the Class A-2 Notes on or about the Closing
Date. Upon deposit of a Class A-2 Book-Entry Note with the Common Depositary for
the Class A-2 Notes, Euroclear or Clearstream, Luxembourg will credit each
subscriber of the relevant Class A-2 Notes with a principal amount of those
Class A-2 Notes for which it has subscribed and paid.

The Class A-2 Book-Entry Notes will be exchangeable for definitive Class A-2
Notes in certain circumstances described below.

Each person who is for the time being shown in the Note Register as the holder
of a particular principal amount of those Class A-2 Notes will be entitled to be
treated by the Issuer and the Note Trustee as a holder of such principal amount
of those Class A-2 Notes and the expression CLASS A-2 NOTEHOLDER shall be
construed accordingly. Such persons will have no claim directly against the
Issuer in respect of payments due on the Class A-2 Notes which must be made by
the registered holder of the relevant Class A-2 Book-Entry Note, for so long as
such Class A-2 Book-Entry Note is outstanding.

(A)  PAYMENTS

     Interest and principal on each Class A-2 Book-Entry Note will be payable by
     the Euro Paying Agent to the Common Depositary for the Class A-2 Notes.
     Each of the persons appearing from time to time in the records of
     Euroclear, or of Clearstream, Luxembourg, as the beneficial owner of a
     Class A-2 Note will be entitled to receive any payment so made in respect
     of that Class A-2 Note in accordance with the respective rules and
     procedures of Euroclear or, as the case may be, Clearstream, Luxembourg.

     A record of each payment made on a Class A-2 Book-Entry Note,
     distinguishing between any payment of principal and any payment of
     interest, will be recorded in the Note Register by the Note Registrar, and
     such record is sufficient evidence unless the contrary is proved that the
     payment in question has been made.

(B)  EXCHANGE

     A Class A-2 Book-Entry Note will be exchangeable for Definitive Class A-2
     Notes only if: (i) the principal amount of those Class A-2 Notes becomes
     immediately due and payable by reason of an Event of Default (as set out in
     Condition 10 "Enforcement"); or (ii) either Euroclear or Clearstream,
     Luxembourg is closed for business for a continuous period of 14 days (other
     than by reason of holiday, statutory or otherwise) or announces an
     intention permanently to cease business; or (iii) as the result of any
     amendment to, or change in, the laws or regulations of any jurisdiction or
     any body politic, or government in any jurisdiction, or any minister,
     department, office, commission, instrumentality, agency, board, authority
     or organisation of any government or any corporation owned or controlled by
     any government having power to tax or in the interpretation by a revenue
     authority or a court of, or in the administration of, laws or regulations
     relating to taxation which becomes effective on or after the Closing Date,
     the Issuer or any Paying Agent is or will be required to make any deduction
     or withholding from any payment in respect of those Class A-2 Notes which
     would not be required were those Class A-2 Notes in definitive form, then
     the Issuer will (at the Issuer's expense) issue those

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     definitive Class A-2 Notes represented by that Class A-2 Book-Entry Note in
     exchange for the whole outstanding interest in that Class A-2 Book-Entry
     Note within 30 days after becoming aware of the occurrence of the relevant
     event but in any event not prior to the expiry of 40 days after the Note
     Issue Date.

(C)  NOTICES

     So long as any Class A-2 Notes are represented by any Class A-2 Book-Entry
     Note and that Class A-2 Book-Entry Note is held on behalf of Euroclear
     and/or Clearstream, Luxembourg, notices to the relevant Class A-2
     Noteholders may be given by delivery of the relevant notice to Euroclear
     and/or Clearstream, Luxembourg for communication by them to entitled
     account holders.

(D)  CANCELLATION

     Cancellation of any Class A-2 Note required by the Conditions will be
     effected by reduction in the principal amount of the relevant Class A-2
     Book-Entry Note.

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SCHEDULE 5

INFORMATION TO BE CONTAINED IN NOTEHOLDER'S REPORT

The following information is to be included in each Noteholder's Report:

     (a)  the applicable Record Date, Determination Date and Payment Date;

     (b)  the Invested Amount, the Stated Amount and the Notional Stated Amount
          of each Class of Notes;

     (c)  the interest allocations and payments and principal allocations and
          distributions on each Class of Notes;

     (d)  the Available Income;

     (e)  the Total Available Funds;

     (f)  the aggregate of all Redraws made during the relevant Collection
          Period;

     (g)  the Redraw Shortfall;

     (h)  the Payment Shortfall (if any);

     (i)  the Principal Draw (if any) for the relevant Collection Period,
          together with all Principal Draws made before the start of that
          Collection Period and not repaid;

     (j)  the Principal Collections;

     (k)  the Principal Charge Off (if any);

     (l)  the Class A Bond Factor, the Class B Bond Factor and the Class C Bond
          Factor;

     (m)  the Class A Charge Offs, the Class B Charge Offs, the Class C Charge
          Offs and the Redraw Charge Offs (if any);

     (n)  all Carryover Charge Offs (if any);

     (o)  if required, the Threshold Rate at the relevant Determination Date;

     (p)  the relevant Interest Rate, as at the first day of the related
          Interest Period ending immediately after the relevant Collection
          Determination Date as calculated by the Agent Bank;

     (q)  scheduled and unscheduled payments of principal on the Housing Loans;

     (r)  aggregate Balances Outstanding of Fixed Rate Housing Loans and
          aggregate Balances Outstanding of Variable Rate Housing Loans;

     (s)  delinquency and loss statistics with respect to the Housing Loans
          including the number and Balances Outstanding of Housing Loans in the
          Trust that are delinquent 31-60 days, 61-90 days, 91-120 days and 121
          or more days, and that are in foreclosure;

     (t)  the Liquidity Reserve as at the relevant Determination Date;

     (u)  the fees payable to the Servicer, the Manager, the Custodian,
          St.George as standby Basis Swap provider, St.George as standby
          Interest Swap provider and, if any, the Subservicer;

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     (v)  the Class A Interest Amount, the Class B Interest Amount and Class C
          Interest Amount;

     (w)  updated pool composition information, including weighted average
          interest rate and weighted average remaining Term;

     (x)  the Class A Carryover Amount, the Class B Carryover Amount and the
          Class C Carryover Amount on that Payment Date;

     (y)  the percentage of the Class A Stated Amount, if applicable, after
          giving effect to the payments on that Payment Date;

     (z)  any material modifications, extensions or waivers to the terms, fees,
          penalties or payments on the Housing Loans during the relevant
          Collection Period or that have cumulatively become material over time;

     (aa) any material breaches of representations or warranties or covenants in
          the Supplementary Terms Notice relating to any Housing Loan;

     (bb) the amount of Mortgage Shortfalls during the relevant Collection
          Period; and

     (cc) information about the amount, terms and general purpose of any
          advances made or reimbursed during the relevant Collection Period, if
          any.

                                                                        Page 125

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