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Exhibit No. 4.2    
    

SOUTHERN UNION COMPANY

WELLS FARGO BANK MINNESOTA, NATIONAL

ASSOCIATION, as Depositary

AND

THE HOLDERS FROM TIME TO TIME OF THE DEPOSITARY

RECEIPTS DESCRIBED HEREIN

_____________________

DEPOSIT AGREEMENT

_____________________  

 
  
 

    TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	PARTIES	 	1
	RECITALS	 	1
	
ARTICLE I

Definitions
	Certificate	 	4
	

Company	
 	

4
	

Deposit Agreement	
 	

4
	

Depositary	
 	

4
	

Depositary Shares	
 	

4
	

Depositary's Agent	
 	

4
	

Depositary's Office	
 	

4
	

Receipt	
 	

4
	

Record Holder	
 	

4
	

Registrar	
 	

4
	

Stock	
 	

4
	

Transfer Agent	
 	

4
	
ARTICLE II

Form of Receipts, Deposit of Stock, Execution and Delivery, Transfer, Surrender and Redemption of Receipts
	SECTION 2.01.	 	Form and Transfer of Receipts	 	5
	SECTION 2.02.	 	Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof.	 	6
	SECTION 2.03.	 	Redemption of Stock	 	7
	SECTION 2.04.	 	Registration of Transfer of Receipts	 	8
	SECTION 2.05.	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	 	8
	SECTION 2.06.	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	 	9
	SECTION 2.07.	 	Lost Receipts, etc.	 	9
	SECTION 2.08.	 	Cancellation and Destruction of Surrendered Receipts	 	9
	SECTION 2.09.	 	Liquidation, Dissolution or Winding up of the Affairs of the Company	 	9
	
ARTICLE III

Certain Obligations of Holders of Receipts and the Company
	SECTION 3.01.	 	Filing Proofs, Certificates and Other Information	 	10
	SECTION 3.02.	 	Payment of Taxes or Other Governmental Charges	 	10
	SECTION 3.03.	 	Warranty as to Stock and Receipts	 	10
	
ARTICLE IV

The Deposited Securities; Notices
	SECTION 4.01.	 	Cash Distributions	 	10
	 	 	 	 	 

2

 

	SECTION 4.02.	 	Distributions Other Than Cash, Rights, Preferences or Privileges	 	11
	SECTION 4.03.	 	Subscription Rights, Preferences or Privileges	 	12
	SECTION 4.04.	 	Notice of Dividends; Fixing of Record Date for Holders of Receipts	 	11
	SECTION 4.05.	 	Voting Rights	 	12
	SECTION 4.06.	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	 	13
	SECTION 4.07.	 	Inspection of Reports	 	13
	SECTION 4.08.	 	Lists of Receipt Holders	 	13
	
ARTICLE V

The Depositary, the Depositary's Agents, the Registrar and the Company
	SECTION 5.01.	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	 	13
	SECTION 5.02.	 	Prevention of or Delay in Performance by the Depositary, the Depositary's Agents, the Registrar or the Company	 	14
	SECTION 5.03.	 	Obligations of the Depositary, the Depositary's Agents, the Registrar and the Company	 	14
	SECTION 5.04.	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	 	15
	SECTION 5.05.	 	Corporate Notices and Reports	 	16
	SECTION 5.06.	 	Indemnification by the Company	 	16
	SECTION 5.07.	 	Charges and Expenses	 	16
	
ARTICLE VI

Amendment and Termination
	SECTION 6.01.	 	Amendment	 	16
	SECTION 6.02.	 	Termination	 	17
	
ARTICLE VII

Miscellaneous
	SECTION 7.01.	 	Counterparts	 	17
	SECTION 7.02.	 	Exclusive Benefit of Parties	 	17
	SECTION 7.03.	 	Invalidity of Provisions	 	17
	SECTION 7.04.	 	Notices	 	17
	SECTION 7.05.	 	Depositary's Agents	 	18
	SECTION 7.06.	 	Holders of Receipts Are Parties	 	18
	SECTION 7.07.	 	Governing Law	 	18
	SECTION 7.08.	 	Inspection of Deposit Agreement	 	18
	SECTION 7.09.	 	Headings	 	18
	SECTION 7.10.	 	Power and Authority	 	18

3

 

        DEPOSIT
AGREEMENT dated as of October 8, 2003 among SOUTHERN UNION COMPANY, a Delaware corporation, WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, a national banking
association, and the holders from time to time of the Receipts described herein. 

        WHEREAS
it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of 7.55% Noncumulative Preferred Stock, Series A, without par
value, of Southern Union Company with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the
Stock so deposited; and 

        WHEREAS
the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this
Deposit Agreement; 

        NOW,
THEREFORE, in consideration of the premises, the parties hereto agree as follows: 

 
 

ARTICLE I    
    Definitions    

        The
following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement: 

        "Certificate"
shall mean the certificate of designations, preferences and rights filed with the Secretary of State of Delaware establishing the Stock as a series of preferred stock of
the Company. 

        "Company"
shall mean Southern Union Company, a Delaware corporation, and its successors. 

        "Deposit
Agreement" shall mean this Deposit Agreement, as amended or supplemented from time to time. 

        "Depositary"
shall mean Wells Fargo Bank Minnesota, National Association, and any successor as Depositary hereunder. 

        "Depositary
Shares" shall mean Depositary Shares, each representing one-tenth of a share of Stock and evidenced by a Receipt. 

        "Depositary's
Agent" shall mean an agent appointed by the Depositary pursuant to Section 7.05. 

        "Depositary's
Office" shall mean the principal office of the Depositary in South St. Paul, Minnesota (with drop-box services in New York, New York), at which at any
particular time its depositary receipt business shall be administered. 

        "Receipt"
shall mean one of the Depositary Receipts (each evidencing one Depositary Share) issued hereunder, whether in definitive or temporary form. 

        "Record
Holder" as applied to a Depositary Share or Receipt shall mean the person in whose name a Receipt is registered on the books of the Depositary maintained for such purpose. 

        "Registrar"
shall mean any entity, which shall be appointed to register ownership and transfers of Receipts as herein provided. 

        "Stock"
shall mean shares of the Company's 7.55% Noncumulative Preferred Stock, Series A, without par value, having a liquidation preference of $250, subject to adjustment
pursuant to Section 4.06. 

        "Transfer
Agent" shall mean any entity, which shall be appointed to serve as transfer agent for the Depositary Shares. 

4

 

 
 

ARTICLE II    
    Form of Receipts, Deposit of Stock, Execution and Delivery, Transfer, Surrender and Redemption of Receipts    

        SECTION
2.01. Form and Transfer of Receipts. Definitive Receipts shall be engraved or printed or lithographed on steel-engraved borders and shall be substantially in the form set forth
in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the
Depositary, upon the written order of the Company or any holder of Stock, as the case may be, delivered in compliance with Section 2.02, shall execute and deliver temporary Receipts which are
printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company will cause
definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the
temporary Receipts at an office described in the last paragraph of Section 2.05, without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the
Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such
exchange shall be made at the Company's expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit
Agreement, and with respect to the Stock, as definitive Receipts. 

        Receipts
shall be executed by the Depositary by the manual signature of a duly authorized officer of the Depositary; provided, that such signature may be a facsimile if a Registrar for
the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by manual signature of a duly authorized officer of the Registrar. No Receipt shall be entitled
to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for
the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned manually by a duly authorized
officer of such Registrar. The Depositary or the Registrar, as applicable, shall record on its books each Receipt so signed and delivered as hereinafter provided. 

        Receipts
shall be in denominations of any number of whole Depositary Shares up to but not in excess of Depositary Shares for any particular Receipt. 

        Receipts
may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be
required by the Company or the Depositary or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Stock,
the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are
subject. 

        Title
to Depositary Shares evidenced by a Receipt which is properly endorsed, or accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the
same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.04, the
Depositary shall, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to
distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 

5

 

        SECTION
2.02. Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. Subject to the terms and conditions of this Deposit Agreement, the Company or any holder of Stock
may from time to time deposit shares of the Stock under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for the Stock to be deposited, properly endorsed or
accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with all such certifications as may be required
by the Depositary in accordance with the provisions of this Deposit Agreement, and together with a written order of the Company or such holder, as the case may be, directing the Depositary to execute
and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. 

        Upon
receipt by the Depositary of a certificate or certificates for Stock deposited in accordance with the provisions of this Section, together with the other documents required as above
specified, and upon proper registration of the Stock on the books of the Company in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit
Agreement, shall execute and deliver, to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt
or Receipts for the number of Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and
deliver such Receipt or Receipts at the Depositary's Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person
requesting such delivery. 

        Other
than in the case of splits, combinations or other reclassifications affecting the Stock, or in the case of dividends or other distributions of stock, if any, there shall be
deposited hereunder not more than 920,000 shares of Stock. 

        In
accordance with the foregoing provisions of this Section 2.02 and concurrently with the execution and delivery of this Deposit Agreement, the Company is delivering to the
Depositary a certificate or certificates, registered in the name of the Depositary and evidencing 920,000 shares of Stock, together with (i) all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement, and (ii) a written order of the Company directing the Depositary to execute and deliver to, or upon the written order of,
the person or persons stated in such order a Receipt or Receipts for the 9,200,000 Depositary Shares. The certificate or certificates evidencing the Stock shall be held by the Depositary, at the
Depositary's Office or at such other place or places as the Depositary shall determine. The Company hereby authorizes the Depositary, in its capacity as Transfer Agent and Registrar for the Stock, to
reflect changes in the number of shares (including any fractional shares) of Stock from time to time held by the Depositary by notation, book entry or other appropriate method and the Depositary, in
its capacity as aforesaid, agrees, upon request, to furnish the Company with regular reports as to the number of shares of Stock from time to time held under this Deposit Agreement. 

        The
Depositary hereby acknowledges receipt of 920,000 shares of Stock together with the other documents required as above specified and, concurrently with such receipt, has caused to be
delivered, to or upon the order of the Company, one or more Receipts evidencing 9,200,000 Depositary Shares in such denominations and registered in such name or names as are specified in such Company
order. 

6

 

        SECTION
2.03. Redemption of Stock. Whenever the Company shall elect to redeem shares of Stock in accordance with the provisions of the Certificate, it shall (unless otherwise agreed in
writing with the Depositary) give the Depositary not less than 31 nor more than 61 days' notice of the date of such proposed redemption of Stock and of the number of shares held by the
Depositary to be so redeemed, which notice shall be accompanied by a certificate from the Company stating that such redemption of Stock is in accordance with the provisions of the Certificate. Such
notice, if given more than 60 days prior to the redemption date, shall be in addition to the notice required to be given for redemption pursuant to the Certificate. On the date of such
redemption, provided that the Company shall then have paid in full to the Depositary the redemption price of the Stock to be redeemed, plus accrued and unpaid dividends thereon from the immediately
preceding dividend payment date to the Redemption Date (whether or not earned or declared), together with any accrued and unpaid dividends declared for prior dividend periods, the Depositary shall
redeem the number of Depositary Shares representing such Stock. The Depositary shall mail notice of such redemption and the proposed simultaneous redemption of the number of Depositary Shares
representing the Stock to be redeemed, first-class postage prepaid, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the
"Redemption Date") to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as they appear on the records of the Depositary; but
neither failure to mail any such notice to one or more such holders nor any defect in any notice to one or more such holders shall affect the sufficiency of the proceedings for redemption as to other
holders. Each such notice shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder
are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing Depositary
Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Stock represented by the Depositary Shares to be redeemed will cease to accrue on such
Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected by lot or pro rata as may be determined by the
Depositary to be equitable. 

        Notice
having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Company shall have failed to redeem the shares of Stock to be redeemed by it as
set forth in the Company's notice provided for in the preceding paragraph) all dividends in respect of the shares of Stock so called for redemption shall cease to accrue, the Depositary Shares being
redeemed from such proceeds shall be deemed no longer to be outstanding, all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price, plus
accrued and unpaid dividends from the immediately preceding dividend payment date to the Redemption Date (whether or not earned or declared but without accumulation of any dividends for prior dividend
periods unless previously declared, in which case such declared, accrued and unpaid dividends for prior dividend periods shall be paid at redemption)) shall, to the extent of such Depositary Shares,
cease and terminate and, upon surrender in accordance with such notice of the Receipts evidencing any such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so
require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to one-tenth of the redemption price per share paid in respect of the
shares of Stock plus all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have
accrued on the shares of Stock to be so redeemed from the immediately preceding dividend payment date to the Redemption Date (whether or not earned or declared) and have not theretofore been paid
(without accumulation of any dividends for prior dividend periods unless previously declared, in which case such declared, accrued and unpaid dividends for prior dividend periods shall be paid at
redemption). 

7

 

        If
less than all the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary,
together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 

        SECTION
2.04. Registration of Transfer of Receipts. Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers
of Receipts upon any surrender thereof by the holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon the Depositary
shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to
or upon the order of the person entitled thereto. 

        SECTION
2.05. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock. Upon surrender of a Receipt or Receipts at the Depositary's Office or at
such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced
by the Receipt or Receipts surrendered. 

        Any
holder of a Receipt or Receipts representing any number of whole shares of Stock may withdraw the Stock and all money and other property, if any, represented thereby by surrendering
such Receipt or Receipts, at the Depositary's Office or at such other offices as the Depositary may designate for such withdrawals. 

        Thereafter,
without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole
shares of Stock and all money and other property, if any, represented by the Receipt or Receipts for such whole shares of Stock so surrendered for withdrawal, but holders of such whole shares of Stock
will not thereafter be entitled to deposit such Stock hereunder or to receive Depositary Shares therefor. In no event will fractional shares of Stock be delivered upon surrender of Receipts to the
Depositary. If a Receipt delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares
representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Stock and such money and other property, if
any, to be so withdrawn, deliver to such holder, or (subject to Section 2.03) upon his order, a new Receipt evidencing such excess number of Depositary Shares. Delivery of the Stock and money
and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate. 

        If
the Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being surrendered for
withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such
holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer. 

        Delivery
of the Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary's Office, except
that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be designed
by such holder. 

8

 

        SECTION
2.06. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. As a condition precedent to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary's Agents or the Company may require payment to it of a sum sufficient for the payment
(or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder of a Receipt pursuant to
Section 5.07, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature and may also require compliance with such regulations, if any, as the
Depositary or the Company may establish consistent with the provisions of this Deposit Agreement. 

        The
deposit of Stock may be refused, the delivery of Receipts against Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer,
surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed
necessary or advisable by the Depositary, any of the Depositary's Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or
commission or under any provision of this Deposit Agreement. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any shares of Stock
which are required to be registered under the Securities Act of 1933, unless a registration statement under such Act is in effect as to such shares of Stock. 

        SECTION
2.07. Lost Receipts, etc. In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and
tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder thereof with the
Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof and (ii) the
furnishing of the Depositary with reasonable indemnification satisfactory to it. Every new Receipt issued pursuant to this Section 2.07 in lieu of any mutilated, destroyed, lost or stolen
Receipt shall constitute an additional contractual obligation under this Deposit Agreement, whether or not the mutilated, destroyed, lost or stolen Receipt shall be at any time enforceable by anyone. 

        SECTION
2.08. Cancellation and Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary's Agent shall be canceled by the Depositary. Except as
prohibited by applicable law or regulation, the Depositary is authorized to destroy all Receipts so canceled. 

        SECTION
2.09. Liquidation, Dissolution or Winding up of the Affairs of the Company. In the event of any liquidation, dissolution or winding up of the affairs of the Company, upon receipt
by the Depositary of cash in an amount equal to the aggregate liquidation preference of the shares of Stock held by the Depositary, plus accrued and unpaid dividends thereon (whether or not earned or
declared) from the immediately preceding dividend payment date to the date of final distribution, together with any dividends that have been declared but have not been paid on or prior to the date of
final distribution to the record holders of Stock, either in one distribution or as the final distribution in a series of liquidating distributions, the Depositary shall deliver the applicable number
of certificates representing shares of Stock, properly endorsed or accompanied by proper instruments of transfer, to the Company. The Depositary shall distribute such cash to record holders of
Receipts in proportion to the number of Depositary Shares evidenced by the Receipts held by such record holders; provided, however, that as a condition to the distribution to the holders of Depositary
Shares of such cash, the Depositary shall require the surrender of the Receipts evidencing such Depositary Shares. 

9

 

 
 

ARTICLE III    
    Certain Obligations of Holders of Receipts and the Company    

        SECTION
3.01. Filing Proofs, Certificates and Other Information. Any holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other
information, to execute such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may
withhold the delivery, or delay the registration of transfer, redemption or exchange, of any Receipt or the withdrawal of the Stock represented by the Depositary Shares evidenced by any Receipt or the
distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such
representations and warranties are made. 

        SECTION
3.02. Payment of Taxes or Other Governmental Charges. Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in
Section 5.07. Registration of transfer of any Receipt or any withdrawal of Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be
refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Stock or other property represented by the Depositary
Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such
dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any
deficiency. 

        SECTION
3.03. Warranty as to Stock and Receipts. The Company hereby represents and warrants that (i) the 920,000 shares of Stock deposited with the Depositary on the date of this
Deposit Agreement have been validly authorized and issued and are fully paid and nonassessable, and (ii) the Receipts, when issued, will represent legal and valid interests in the Stock. Such
representations and warranties shall survive the deposit of the Stock and the issuance of Receipts. 

 
 

ARTICLE IV    
    The Deposited Securities; Notices    

        SECTION
4.01. Cash Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution on or with respect to Stock, the Depositary shall, subject to
Sections 3.01 and 3.02, distribute to record holders of Receipts pursuant to Section 4.04 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required to withhold and does withhold
from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall
be reduced accordingly. The Depositary shall not be required to attribute to any holder of Depositary Shares a fraction of one cent. In such event, the Depositary will add the undistributed balance to
and treat it as part of the next sum received by the Depositary for distribution to holders of Receipts. 

10

 

        SECTION
4.02. Distributions Other Than Cash, Rights, Preferences or Privileges. Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges
upon Stock, the Depositary shall, subject to Sections 3.01 and 3.02, distribute to record holders of Receipts pursuant to Section 4.04 such amounts of the securities or property received by it
as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary may deem equitable and
practicable for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such record holders, or if for any other reason (including
any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Company, such distribution not to be feasible, the
Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale)
of the securities or property thus received, or any part thereof, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.01
and 3.02, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.01 in the case of a distribution
received in cash. The Company shall not make any distribution of such securities unless the Company shall have provided an opinion of counsel stating that such securities have been registered under
the Securities Act of 1933 or do not need to be registered. 

        SECTION
4.03. Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names Stock is recorded on the books
of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges
shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Depositary may determine, either by the issue to such record holders of warrants
representing such rights, preferences or privileges or by such other method as may be approved by the Depositary in its discretion with the approval of the Company; provided, however, that
(i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it is not lawful or (after consultation with the Company) not feasible to make
such rights, preferences or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by holders of Receipts who do not
desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with the approval of the Company, in any case where the Depositary has determined that it is not
feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences
or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.01 and 3.02, be distributed
by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. The Company shall not make any distribution of
any such rights, preferences or privileges unless the Company shall have provided an opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities
Act of 1933 or do not need to be registered. 

11

 

        If
in order for holders of Receipts to be offered or sold the securities to which any rights, preferences or privileges relate, registration under the Securities Act of 1933 of the
securities to which such rights, preferences or privileges relate is required, the Company will promptly file a registration statement pursuant to such Act with respect to such rights,
preferences or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration
of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any
right, preference or privilege to subscribe for or to purchase any securities unless and until such a registration statement with respect thereto shall have become effective, or unless the offering
and sale of such securities to such holders are exempt from registration under the provisions of such Act. 

        If
any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or
privileges to be made available to holders of Receipts, the Company will use its best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the
expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

        SECTION
4.04. Notice of Dividends; Fixing of Record Date for Holders of Receipts. Whenever any cash dividend or other cash distribution shall become payable or any distribution other
than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall receive notice of any meeting of which holders of
Stock are entitled to vote or any meeting of which holders of Stock are entitled to notice, or whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such
instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the determination of the holders of Receipts who shall be entitled to
receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who
shall be entitled to notice of such meeting or for any other appropriate reason. 

        SECTION
4.05. Voting Rights. Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to
the record holders of Receipts a notice which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the holders may, subject to any
applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Stock represented by their respective Depositary Shares (including an express
indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which such instructions may
be given. The Depositary shall also forward to record holders of Receipts any related proxy materials furnished by the Company concerning action to be taken at such meeting. Upon the written request
of the holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such
requests, the maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. To the extent any such
instructions request the voting of a fraction of a share of Stock, the Depositary shall aggregate such fraction with all other fractions resulting from requests with the same voting instructions and
shall vote the number of whole shares resulting from such aggregation in accordance with the instructions received in such request. The Company hereby agrees to take all reasonable action requested by
the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will abstain
from voting (but, at its discretion, not from appearing at any meeting with respect to such Stock unless directed to the contrary by the holders of all the Receipts) to the extent of the Stock
represented by the Depositary Shares evidenced by such Receipt. 

12

 

        SECTION
4.06. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. Upon any change in par or stated value, split-up, combination or any other
reclassification of the Stock, or upon any recapitalization, reorganization, merger, amalgamation or consolidation affecting the Company or to which it is a party, the Depositary may in its discretion
with the approval of, and shall upon the instructions of, the Company, and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments as are certified by
the Company in (x) the fraction of an interest represented by one Depositary Share in one share of Stock and (y) the ratio of the redemption price per Depositary Share to the redemption
price of a share of Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of Stock, or
of such recapitalization,
reorganization, merger, amalgamation or consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as
new deposited securities under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the new deposited securities so received in exchange for or upon conversion or in
respect of such Stock. In any such case the Depositary may in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the surrender of all
outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right
from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization,
merger, amalgamation or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may
be, the kind and amount of shares of stock and other securities and property and cash into which the Stock represented by such Receipts might have been converted or for which such Stock might have
been exchanged or surrendered immediately prior to the effective date of such transaction. 

        SECTION
4.07. Inspection of Reports. The Depositary shall make available for inspection by holders of Receipts at the Depositary's Office, and at such other places as it may from time to
time deem advisable, any reports and communications received from the Company which are received by the Depositary as the holder of Stock. 

        SECTION
4.08. Lists of Receipt Holders. Promptly upon request from time to time by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses
and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Depositary. 

 
 

ARTICLE V    
    The Depositary, the Depositary's Agents, the Registrar and the Company    

        SECTION
5.01. Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. Upon execution of this Deposit Agreement, the Depositary shall maintain at the
Depositary's Office, or at the Registrar's office, at which the Depositary shall have complete access to all books and records maintained on the Company's behalf, facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary's Agents, if any, facilities for the delivery, registration of transfer,
surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 

        The
Depositary shall keep books at the Depositary's Office for the registration and registration of transfer of Receipts, which books at all reasonable times shall be open for inspection
by the record holders of Receipts; provided, that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably
related to such person's interest as an owner Depositary Shares evidenced by the Receipts. 

13

 

        The
Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 

        The
Depositary may, with the approval of the Company, appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary
Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on the New York Stock Exchange, the Depositary will appoint a Registrar (acceptable to the Company) for
registration of such Receipts or Depositary Shares in accordance with any requirements of such Exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of such
Exchange) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Company. If the Receipts, such Depositary Shares or such Stock are listed
on one or more other stock exchanges, the Depositary will, at the request of the Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of
such Receipts, such Depositary Shares or such Stock as may be required by law or applicable stock exchange regulation. 

        SECTION
5.02. Prevention of or Delay in Performance by the Depositary, the Depositary's Agents, the Registrar or the Company. Neither the Depositary nor any Depositary's Agent nor any
Registrar nor the Company shall incur any liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America
or of any other governmental authority or, in the case of the Depositary, the Depositary's Agent or the Registrar, by reason of any provision, present or future, of the Company's Restated Certificate
of Incorporation, as amended (including the Certificate), or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary's Agent,
the Registrar or the Company shall be prevented or forbidden from, or subject to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall
be done or performed; nor shall the Depositary, any Depositary's Agent, any Registrar or the Company incur any liability to any holder of a Receipt (i) by reason of any nonperformance or delay,
caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure
to exercise, any discretion provided for in this Deposit Agreement except, in case of any such exercise or failure to exercise discretion not caused as aforesaid, if caused by the negligence, bad
faith or willful misconduct of the party charged with such exercise or failure to exercise. 

        SECTION
5.03. Obligations of the Depositary, the Depositary's Agents, the Registrar and the Company. Neither the Depositary nor its affiliates nor any Depositary's Agent nor any
Registrar nor any Transfer Agent nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts other than for its negligence, bad
faith or willful misconduct. 

        Neither
the Depositary nor its affiliates nor any Depositary's Agent nor any Registrar nor any Transfer Agent nor the Company shall be under any obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its reasonable opinion may involve it in expense or liability unless indemnity
reasonably satisfactory to it against all reasonable expense and liability be furnished as often as may be required. 

        Neither
the Depositary nor its affiliates nor any Depositary's Agent nor any Registrar nor any Transfer Agent nor the Company shall be liable for any action or any failure to act by it
in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any holder of a Receipt or any other person believed by it in good
faith to be competent to give such information. The Depositary, any Depositary's Agent, any Registrar, any Transfer Agent and the Company may each rely and shall each be protected in acting upon any
written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

14

 

        The
Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or effect of any such vote made, as long as any
such action or non-action is in good faith and does not result from negligence, bad faith or willful misconduct of the Depositary. 

        The
Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement and no
implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 

        The
Depositary will indemnify the Company against any liability which may directly arise out of acts performed or omitted by the Depositary or its agents due to its or their negligence,
bad faith or willful misconduct. 

        The
Depositary, its affiliates, the Depositary's Agents, and any Registrar or Transfer Agent may own and deal in any class of securities of the Company and its affiliates and in
Receipts. The Depositary or its affiliates may also act as transfer agent or registrar of any of the securities of the Company and its affiliates. 

        SECTION
5.04. Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by having notice of its
election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 

        The
Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary
and its acceptance of such appointment as hereinafter provided. 

        In
case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 90 days after the delivery of the notice of resignation or removal, as
the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at
least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 90 days after delivery of such notice, the resigning or removed Depositary may
petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in
writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of
its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall
execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock
and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the record holders of all outstanding Receipts. Any successor Depositary shall promptly mail
notice of its appointment to the record holders of Receipts. 

        Any
corporation into or with which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the execution or filing of any document or
any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor
Depositary. 

15

 

        SECTION
5.05. Corporate Notices and Reports. The Company agrees that it will transmit to the record holders of Receipts, in each case at the addresses furnished to it pursuant to
Section 4.08, all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon which the Stock, the Depositary
Shares or the Receipts are listed or by the Company's Restated Certificate of Incorporation, as amended (including the Certificate), to be furnished by the Company to holders of Stock. Such
transmission will be at the Company's expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the
Depositary will transmit to the record holders of Receipts such other documents as may be requested by the Company (at the expense of the Company). 

        SECTION
5.06. Indemnification by the Company. The Company shall indemnify the Depositary, its affiliates, any of Depositary's Agents and any Registrar or Transfer Agent against, and hold
each of them harmless from, any loss, liability, damage or expense (including the reasonable costs and expenses of defending itself) which may arise out of (a) acts performed or omitted in
connection with this Deposit Agreement and the Receipts (i) by the Depositary, any Registrar or Transfer Agent or any of their respective agents (including any Depositary's Agent), except for
any liability arising out of the negligence, bad faith or willful misconduct on the respective parts of any such person or persons, or (ii) by the Company or any of its agents other than the
Depositary, any Registrar or Transfer Agent, or (b) the offer, sale or registration of the Receipts, Depositary Shares or the Stock pursuant to the provisions hereof. The obligations of the
Company set forth in this Section 5.06 shall survive any succession of any Depositary, Depositary's Agent, Registrar or Transfer Agent. 

        SECTION
5.07. Charges and Expenses. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. The
Company shall pay all charges of the Depositary in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares, redemption of the Stock at the option of the
Company and all withdrawals of shares of the Stock by owners of Depositary Shares. All other transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares.
If, at the request of a holder of Receipts, the Depositary incurs charges or expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses. All
other charges and expenses of the Depositary and any Depositary's Agent hereunder and of any Registrar (including, in each case, reasonable fees and expenses of counsel) incident to the performance of
their respective obligations hereunder will be paid upon consultation and agreement between the Depositary and the Company as to the amount and nature of such charges and expenses. The Depositary
shall present its statement for charges and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree. 

 
 

ARTICLE VI    
    Amendment and Termination    

        SECTION
6.01. Amendment. The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the
Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall impose any fees, taxes or charges payable by the holders of Receipts (other
than any fees or charges of the Depositary provided for herein), or which shall materially and adversely affect any substantial existing rights of the holders of Receipts, shall be effective unless
such amendment shall have been approved by the holders of at least a majority of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. 

16

 

        SECTION
6.02. Termination. This Deposit Agreement may be terminated (i) by the Company, upon mailing of written notice of termination to holders of Receipts at least
30 days prior to termination, or (ii) by the Depositary, if 90 days have elapsed after the Depositary delivered written notice of its election to resign and a successor depositary
is not appointed. In addition, this Deposit Agreement will automatically terminate if (i) all outstanding Depositary Shares shall have been redeemed pursuant to Section 2.03 or
(ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been
distributed to the holders of Depositary Shares pursuant to Section 4.01 or 4.02, as applicable. 

        Upon
the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any
Depositary's Agent and any Registrar or Transfer Agent under Sections 5.06 and 5.07. 

 
 

ARTICLE VII    
    Miscellaneous    

        SECTION
7.01. Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. 

        SECTION
7.02. Exclusive Benefit of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other person whatsoever. 

        SECTION
7.03. Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

        SECTION
7.04. Notices. Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally
delivered or sent by first class mail (postage prepaid), overnight mail (expenses prepaid) or facsimile, addressed to the Company at One PEI Center, Second Floor, Wilkes-Barre, Pennsylvania 18711
(fax: 570-829-8900), to the attention of the Secretary, or at any other address of which the Company shall have notified the Depositary in writing. 

        Any
and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by first
class mail (postage prepaid), overnight mail (expenses prepaid) or facsimile, addressed to the Depositary at the Depositary's Office, at 161 N. Concord Exchange, South St. Paul, Minnesota 55075 (fax:
651-450-4078), to the attention of Wells Fargo Shareowner Services, or at any other address of which the Depositary shall have notified the Company in writing. 

        Any
and all notices to be given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered
or sent by first class mail (postage prepaid), overnight mail (expenses prepaid) or facsimile, addressed to such record holder at the address of such record holder as it appears on the books of the
Depositary, or if such holder shall have filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such request. 

17

 

        A
notice personally delivered shall be deemed to be effected when given against a written receipt, a notice sent by overnight mail shall be deemed to have been effected on the next
business day at the place of delivery, a notice sent by mail shall be deemed to be effected five days after the time when a duly addressed letter containing the same is deposited, postage prepaid, in
a United States post-office letter box and a notice sent by facsimile shall be deemed to be effected at the time the confirmation thereof is deemed to be effected;  provided, however, that any notice or communication that is received other than during regular business
hours of the recipient shall be deemed to have been given at the opening of business on the next business day of the recipient. The Depositary or the Company may, however, act upon any facsimile or
other electronic message received by it from any party or any holder of a Receipt, notwithstanding that such facsimile or electronic message shall not subsequently be confirmed as aforesaid. 

        SECTION
7.05. Depositary's Agents. The Depositary may from time to time appoint, with the prior approval of the Company, Depositary's Agents to act in any respect for the Depositary for
the purposes of this Deposit Agreement and may at any time appoint additional Depositary's Agents and vary or terminate the appointment of such Depositary's Agents. 

        SECTION
7.06. Holders of Receipts Are Parties. The holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance of delivery thereof. 

        SECTION
7.07. Governing Law. This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in
accordance with, the laws of the State of New York, regardless of the choice of law principles thereof that might otherwise apply. 

        SECTION
7.08. Inspection of Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary's Agents and shall be open to inspection during
business hours at the Depositary's Office and the respective offices of the Depositary's Agents, if any, by any holder of a Receipt. 

        SECTION
7.09. Headings. The headings or articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for
convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the
Receipts. 

        SECTION
7.10. Power and Authority. The Company and the Depositary each represent to the other that it has full corporate power and authority to enter into and perform its respective
obligations under this Deposit Agreement. 

18

 

        IN
WITNESS WHEREOF, the Company and the Depositary have duly executed this Deposit Agreement as of the day and year first above set forth and all holders of Receipts shall become parties
hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

	 	 	SOUTHERN UNION COMPANY
	

 	
 	

By:	
 	

/s/  DAVID J. KVAPIL      
 David J. Kvapil

Title: Executive Vice President and Chief Financial Officer

	Attested by:	 	 
	

/s/  DENNIS K. MORGAN      
 Dennis K. Morgan

	
 	

 

	

 	
 	
WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as Depositary
	

 	
 	
By:	
 	

/s/  CLAUDINE ANDERSON      
 Claudine Anderson

Title: Officer

Attested
by: 

	/s/  DENISE HARDIN      
 Denise Hardin	 	 

19

 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Company or
its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL in as much as the registered owner hereof, Cede & Co., has an interest herein.

CUSIP NUMBER            DEPOSITARY SHARES  

844030601            **                        **

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,

REPRESENTING 7.55% NONCUMULATIVE PREFERRED STOCK,

SERIES A, WITHOUT PAR VALUE

SOUTHERN UNION COMPANY

SEE REVERSE SIDE FOR ADDITIONAL INFORMATION

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

THIS DEPOSITARY RECEIPT IS TRANSFERABLE IN THE CITY OF NEW YORK  

        WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as Depositary (the "Depositary"), hereby certifies
that                        is the registered owner of
                        Depositary Shares ("Depositary Shares"), each Depositary Share representing one-tenth
(1/10) of one share of 7.55% Noncumulative Preferred Stock,
Series A, without par value (stated value $250 per share), of Southern Union Company, a Delaware corporation (the "Corporation"), on deposit with the Depositary, subject to the terms and
entitled to the benefits of the Deposit Agreement dated as of October 8, 2003 (the "Deposit Agreement"), between the Corporation and the Depositary. By accepting this Depositary Receipt the
holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled
to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a duly authorized officer or, if executed in facsimile by the Depositary,
countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof. 

Dated:

WELLS FARGO BANK MINNESOTA,

NATIONAL ASSOCIATION
  Depositary, Transfer Agent and Registrar 

By:
___________________________

Authorized Officer 

20

 
(Reverse
of Receipt) 

SOUTHERN UNION COMPANY  

        SOUTHERN UNION COMPANY WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A STATEMENT
OR SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF WHICH THE CORPORATION IS AUTHORIZED TO ISSUE
AND OF THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE OFFICE OF THE SECRETARY OF THE CORPORATION.

The
following abbreviations, when used in the inscription on the face of this Depositary Receipt, shall be construed as though they were written out in full according to applicable laws or
regulations. 

	TEN COM	 	-as tenants in common	 	UNIF GIFT MIN ACT-	 	______Custodian______
	TEN ENT	 	-as tenants by the entireties	 	 	 	(Cust)            (Minor)
	JT TEN	 	-as joint tenants with right of survivorship and not as tenants in common	 	 	 	under Uniform Gifts to Minors Act
	 	 	 	 	 	 	
 (State)

Additional abbreviations may also be used though not in the above list 

For
value received,            hereby sells; assigns and transfers unto 

PLEASE
INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF

ASSIGNEE 

	

	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE
	

 Depositary Shares represented by the within Depositary Receipt, and do hereby irrevocably constitute and appoint
	

 Attorney
	

 Attorney to transfer the said Depositary Shares on the books of the within-named Depositary with full power of substitution in the premises.
	

Dated:___________________

21

 

________________________________

NOTICE: The signature to this assignment must correspond with the name as written upon the face of this Depositary Receipt in every particular, without alteration or enlargement or any change
whatever. (Sign exactly as your name appears on the 7.55% Noncumulative Preferred Stock, Series A, Certificate) 

Signature
Guarantee:____________________ 

22

QuickLinks

Exhibit No. 4.2

TABLE OF CONTENTS

ARTICLE I Definitions

ARTICLE II Form of Receipts, Deposit of Stock, Execution and Delivery, Transfer, Surrender and Redemption of Receipts

ARTICLE III Certain Obligations of Holders of Receipts and the Company

ARTICLE IV The Deposited Securities; Notices

ARTICLE V The Depositary, the Depositary's Agents, the Registrar and the Company

ARTICLE VI Amendment and Termination

ARTICLE VII MiscellaneousExhibit 4.2  

        [Allens Arthur Robinson Logo]  

 Deed of Variation of Master Trust

Deed  

 Permanent Custodians Limited

Australian Securitisation Management Pty Limited

Australian Mortgage Securities Ltd  

 ARMS II Global Funds  

 The Chifley Tower

2 Chifley Square

Sydney NSW 2000

Tel 61 2 9230 4000

Fax 61 2 9230 5333

www.aar.com.au  

 ® Copyright Allens Arthur Robinson 2003

 

Deed of Variation of Master Trust Deed  

 [Allens Arthur Robinson Logo]  

 Table of Contents  

	1.	 	Definitions and Interpretation	 	1
	 	 	1.1	 	Incorporation of Definitions	 	1
	 	 	1.2	 	Incorporation of Clauses 1.2 and 1.3 of Master Trust Deed	 	1
	2.	 	Variation and Agreement	 	1
	3.	 	Governing Law	 	2
	 	 	3.1	 	Governing Law	 	2
	 	 	3.2	 	Jurisdiction	 	2
	4.	 	Counterparts	 	2
	 	 	Schedule	 	5

i

  

	Date
	 	                                        
                        23 April 2003
	
Parties
	
 	

 	
 	

 
	

1.	
 	
Permanent Custodians Limited (ACN 001 426 384) of 35 Clarence Street, Sydney, NSW 2000 (PCL);
	

2.	
 	
Australian Securitisation Management Pty Limited (ACN 103 852 428) of Level 6, 12 Castlereagh Street, Sydney, NSW 2000 (ASM);
and
	

3.	
 	
Australian Mortgage Securities Ltd (ABN 89 003 072 446) of Level 6, 12 Castlereagh Street, Sydney, NSW 2000 (AMS).
	
Recitals
	
 	

 	
 	

 
	

A	
 	

This Deed is supplemental to the Master Trust Deed (Master Trust Deed) for the ARMS II Funds dated 7 March 1995 made between PCL and AMS (as amended).
	

B	
 	

Clause 27.1(d) of the Master Trust Deed provides that the Trustee and the Trust Manager may by way of supplemental deed vary or amend the Master Trust Deed in respect of one or more Funds so long as such variation or amendment is to apply only in
respect of a Fund not yet constituted.
	

C	
 	

The parties are entering into this Deed to:
	

 	
 	

(a)	
 	

amend the Master Trust Deed in respect of each Fund to be constituted on or after the date of this Deed which is designated a Global Fund in the Fund Creation Notice relating to that Fund (a
Global Fund); and
	

 	
 	

(b)	
 	

appoint ASM as Trust Manager of each Global Fund.
	

D	
 	

AMS has given a copy of this Deed to each Designated Rating Agency in accordance with clause 27.4 of the Master Trust Deed.

It is agreed as follows. 

1.    Definitions and Interpretation  

1.1    Incorporation of Definitions  

Unless
the context otherwise requires or unless otherwise defined in this Deed, words and expressions which are defined in the Master Trust Deed (whether specifically or by incorporation by reference)
have the same meanings where used in this Deed. 

1.2    Incorporation of Clauses 1.2 and 1.3 of Master Trust Deed  

Clauses
1.2 and 1.3 of the Master Trust Deed are incorporated into this Deed as if set out in full in this Deed. 

2.    Variation and Appointment  

On
and from the date of this Deed: 

	(a)
	pursuant
to clause 27.1(d) of the Master Trust Deed, the Master Trust Deed is amended and restated as set out in the Schedule; 

1

 

	(b)
	AMS:

	(i)
	resigns
as Trust Manager of each Global Fund;

	(ii)
	appoints
ASM as Trust Manager of each Global Fund; and

	(c)
	ASM
accepts its appointment as Trust Manager of each Global Fund on the terms of the Master Trust Deed as amended and restated as set out in the Schedule. 

3.    Governing Law  

3.1.    Governing Law  

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

3.2    Jurisdiction  

The
parties irrevocably and unconditionally submit to the non exclusive jurisdiction of the courts of New South Wales and any courts which have jurisdiction to hear appeals from any of those courts
and the parties waive any right to object to any proceedings being brought in those courts because the venue is inconvenient, the courts lack jurisdiction or any other reason. 

4.    Counterparts  

This
Deed may be executed in any number of counterparts and by different parties on different counterparts each of which shall constitute an original, but all of which together shall constitute one
and the same instrument. 

2

 

Executed as a deed in Sydney. 

Each
attorney executing this Deed states that he or she has no notice of revocation or suspension of his or her power of attorney. 

Trustee

Signed Sealed and Delivered for

Permanent Custodians Limited by its

attorney under power of attorney in the

presence of: 

	/s/ JOHN MEYER
 Witness Signature	 	/s/ EVAN EZRA        /s/ LAWRIE BRUNELLO
 Attorney Signature
	

JOHN MEYER
 Print Name	
 	

EVAN EZRA        LAWRIE BRUNELLO
 Print Name

AMS  

Signed Sealed and Delivered for

Australian Mortgage Securities Ltd by its

attorney under power of attorney in the

presence of: 

	/s/ JENNIFER WU
 Witness Signature	 	/s/ JEFFREY RUBEL
 Attorney Signature
	

JENNIFER WU
 Print Name	
 	

Jeffrey Rubel
 Print Name

3

 

ASM  

Signed Sealed and Delivered for

Australian Securitisation Management Pty

Limited by its attorney under power of

attorney in the presence of: 

	/s/ JENNIFER WU
 Witness Signature	 	/s/ JEFFREY RUBEL
 Attorney Signature
	

JENNIFER WU
 Print Name	
 	

Jeffrey Rubel
 Print Name

4

   Deed of Variation of Master Trust Deed  

[ALLENS
ARTHUR ROBINSON LOGO] 

Schedule  

        Amended and Restated

Master Trust Deed  

 Permanent Custodians Limited  

 Australian Securitisation Management Pty Limited  

 Australian Mortgage Securities Ltd  

 ARMS II Global Funds  

 The Chifley Tower

2 Chifley Square

Sydney NSW 2000

Tel 61 2 9230 4000

Fax 61 2 9230 5333

www.aar.com.au

®
Copyright Allens Arthur Robinson 2003 

5

   Table of Contents  

	1.	 	Definitions and interpretation	 	1
	 	 	1.1	 	Definitions	 	1
	 	 	1.2	 	Interpretation	 	10
	 	 	1.3	 	Incorporated Definitions	 	11
	2.	 	The ARMS II Funds	 	11
	 	 	2.1	 	Appointment of Trustee	 	11
	 	 	2.2	 	Separate and Distinct Funds	 	11
	3.	 	The Funds	 	11
	 	 	3.1	 	Beneficial Interest in Funds	 	11
	 	 	3.2	 	Fund Creation Notice	 	12
	 	 	3.3	 	Creation of Additional Funds	 	12
	 	 	3.4	 	Name of Funds	 	12
	 	 	3.5	 	Duration of Funds	 	12
	4.	 	Limits on rights of Bondholders and Beneficiaries	 	12
	 	 	4.1	 	General Limits	 	12
	 	 	4.2	 	Further Limits on Interests of Beneficiaries	 	13
	 	 	4.3	 	Ranking of Interest of Beneficiaries	 	13
	 	 	4.4	 	Resolution of Conflicts	 	13
	 	 	4.5	 	No Liability of Bondholders or Beneficiaries	 	13
	5.	 	Bonds	 	14
	 	 	5.1	 	Nature of Bonds	 	14
	 	 	5.2	 	Trustee's Covenant to Bondholders	 	14
	 	 	5.3	 	Minimum Face Value of Bonds	 	14
	 	 	5.4	 	Bonds Not Invalid if Issued in Breach	 	14
	6.	 	Procedure for issue of Bonds	 	14
	 	 	6.1	 	Form of Issue Notice	 	14
	 	 	6.2	 	Notice to Warehouse Beneficiary	 	16
	 	 	6.3	 	Supplementary Bond Terms	 	16
	 	 	6.4	 	Amendment	 	16
	 	 	6.5	 	Acceptance of Issue Notice	 	16
	 	 	6.6	 	Non-Complying Issue Notice	 	16
	 	 	6.7	 	Issue of Bonds and Transfer of Benefit of Mortgages	 	16
	 	 	6.8	 	Acquisition of Portfolio	 	17
	 	 	6.9	 	Amount of Bonds Created for an Issuing Fund	 	17
	 	 	6.10	 	Action following Issue	 	18
	 	 	6.11	 	No Liability for Insufficient Moneys	 	18
	 	 	6.12	 	Recording of Transfer and Further Assurance	 	18
	 	 	6.13	 	Subsequent Adjustment	 	18
	 	 	6.14	 	No Limit on Bonds	 	19
	 	 	6.15	 	Compliance with Laws	 	19
	7.	 	Transfers of bonds	 	19
	8.	 	Registration confirmations	 	19
	9.	 	Warehouse funding	 	19
	 	 	9.1	 	Transfer of Warehouse Assets to Another Fund	 	19
	 	 	9.2	 	Warehouse Trigger Event	 	20
	 	 	9.3	 	Parties to Give Effect to Transfer	 	20
	 	 	9.4	 	Rights Additional to Issue of Bonds	 	20
	10.	 	Appointment of Trust Manager	 	20
	 	 	10.1	 	Appointment	 	20
	 	 	 	 	 	 	 

i

 

	 	 	10.2	 	Powers of Management	 	20
	 	 	10.3	 	Trust Manager to Enforce Against Master Servicer	 	20
	 	 	10.4	 	Trust Manager Not Liable for Master Servicer	 	20
	 	 	10.5	 	No Enquiry	 	21
	11.	 	Investment of the fund	 	21
	 	 	11.1	 	Authorised Investments	 	21
	 	 	11.2	 	Trust Manager to Make Proposals	 	21
	 	 	11.3	 	Trustee to Comply with Proposals	 	21
	 	 	11.4	 	Authorised Investments for Rated Funds	 	22
	 	 	11.5	 	Limitation on Maturity of Investments	 	22
	 	 	11.6	 	Rights Attaching to Assets	 	22
	 	 	11.7	 	Trustee's Dealing with Assets	 	22
	 	 	11.8	 	Swaps and Enhancements	 	22
	 	 	11.9	 	Swaps and Enhancements for Rated Funds	 	22
	 	 	11.10	 	Limitation of Trustee's Personal Liability	 	23
	 	 	11.11	 	Moneys Payable to Trustee	 	23
	 	 	11.12	 	Segregation of Assets of a Fund	 	23
	 	 	11.13	 	Assets of Funds	 	23
	 	 	11.14	 	Liabilities of a Fund	 	23
	 	 	11.15	 	Origination and Management of Mortgages	 	23
	 	 	11.16	 	Trust Manager will act as Master Servicer	 	24
	 	 	11.17	 	Trust Manager's Power to Delegate	 	24
	 	 	11.18	 	Trust Manager	 	24
	 	 	11.19	 	Professional Advisers	 	24
	12.	 	Additional obligations of Trust Manager and AMS	 	25
	 	 	12.1	 	General	 	25
	 	 	12.2	 	Additional Obligations	 	25
	 	 	12.3	 	Trust Manager Cannot Bind Trustee Unless Authorised	 	26
	 	 	12.4	 	Threshold Rate Obligation of AMS	 	26
	13.	 	Retirement of Trust Manager	 	26
	 	 	13.1	 	Removal	 	26
	 	 	13.2	 	Voluntary Retirement	 	26
	 	 	13.3	 	No Resignation by Trust Manager Unless Successor Appointed	 	27
	 	 	13.4	 	Trustee Appoints Replacement Trust Manager	 	27
	 	 	13.5	 	Terms of Appointment of Incoming Manager	 	27
	 	 	13.6	 	Effect of Termination of Outgoing Manager	 	27
	 	 	13.7	 	Delivery of Documents	 	27
	 	 	13.8	 	Notice to Security Trustee of Incoming Manager	 	27
	14.	 	Trustee's powers	 	28
	 	 	14.1	 	General Power	 	28
	 	 	14.2	 	Specific Powers	 	28
	 	 	14.3	 	Delegation to Related Bodies Corporate	 	28
	 	 	14.4	 	Trustee's Power to Delegate; Appoint Attorneys and Agents	 	29
	 	 	14.5	 	Trustee Liable for Delegates	 	29
	 	 	14.6	 	Delegable and Non-Delegable Duties of Trustee	 	29
	 	 	14.7	 	Trustee Not Liable for Third Parties	 	30
	15.	 	Trustee's covenants	 	30
	 	 	15.1	 	General	 	30
	 	 	15.2	 	To Act Continuously as Trustee	 	30
	 	 	15.3	 	To Act Honestly, Diligently and Prudently	 	30
	 	 	15.4	 	No Dispositions of Assets	 	30
	 	 	 	 	 	 	 

ii

 

	 	 	15.5	 	Forward Notices etc. to Trust Manager and Bond Trustee	 	30
	 	 	15.6	 	Trustee will implement Trust Manager's Directions	 	30
	 	 	15.7	 	Custodian	 	31
	 	 	15.8	 	Perform Transaction Documents	 	31
	16.	 	Trustee's fees and expenses	 	31
	 	 	16.1	 	Trustee's Fee	 	31
	 	 	16.2	 	Manager's Fee	 	31
	17.	 	Retirement of Trustee	 	31
	 	 	17.1	 	Mandatory Retirement	 	31
	 	 	17.2	 	Trust Manager may Remove Trustee	 	31
	 	 	17.3	 	Trust Manager Appoints Replacement	 	32
	 	 	17.4	 	Voluntary Retirement	 	32
	 	 	17.5	 	Funds to be Vested in New Trustee	 	32
	 	 	17.6	 	Release of Outgoing Trustee	 	32
	 	 	17.7	 	Incoming Trustee to Execute Deed	 	32
	 	 	17.8	 	Trust Manager and Outgoing Trustee to Settle Amounts Payable	 	32
	 	 	17.9	 	Outgoing Trustee to Retain Lien	 	33
	 	 	17.10	 	Delivery of Documents	 	33
	 	 	17.11	 	Notice to Security Trustee of New Trustee	 	33
	18.	 	Trust accounts	 	33
	 	 	18.1	 	Opening of Trust Accounts	 	33
	 	 	18.2	 	Location of Trust Accounts	 	33
	 	 	18.3	 	Authorised Signatories	 	34
	 	 	18.4	 	Bank Statements and Account Information	 	34
	 	 	18.5	 	Deposits	 	34
	 	 	18.6	 	Withdrawals	 	34
	 	 	18.7	 	Central Clearing Account	 	34
	19.	 	Auditors	 	35
	 	 	19.1	 	Appointment of Auditor	 	35
	 	 	19.2	 	Removal and Retirement of Auditor	 	35
	 	 	19.3	 	Appointment of Replacement Auditor	 	35
	 	 	19.4	 	Auditor may have other Offices	 	35
	20.	 	Records and Financial Statements	 	35
	21.	 	Payments from funds and termination	 	36
	 	 	21.1	 	Order of Payment of Income of Funds	 	36
	 	 	21.2	 	Order of Payment of Capital of Funds	 	36
	 	 	21.3	 	Distribution of Income	 	36
	 	 	21.4	 	Subordination of Beneficiaries' Entitlements	 	36
	 	 	21.5	 	Income of the Fund	 	37
	 	 	21.6	 	Income Entitlement	 	37
	 	 	21.7	 	Distribution of excess Tax Income	 	37
	 	 	21.8	 	Payments to Beneficiaries	 	37
	 	 	21.9	 	Application of Fund income	 	38
	 	 	21.10	 	Application of Beneficiaries' Entitlements	 	38
	 	 	21.11	 	Trust Manager to ensure compliance by Trustee	 	38
	 	 	21.12	 	Distribution on Vesting Date	 	38
	22.	 	The register	 	39
	23.	 	Meetings of Bondholders	 	39
	24.	 	Payments generally	 	39
	 	 	24.1	 	Payments to Beneficiaries	 	39
	 	 	24.2	 	Payments to Bondholders	 	39
	 	 	 	 	 	 	 

iii

 

	 	 	24.3	 	Payments Good Discharge	 	39
	 	 	24.4	 	Valid Receipts	 	39
	25.	 	Trustee's and Trust Manager's powers, liability and indemnity generally	 	40
	 	 	25.1	 	Powers Additional	 	40
	 	 	25.2	 	Reliance on Certificates	 	40
	 	 	25.3	 	No Liability	 	40
	 	 	25.4	 	Notices from Trustee and Trust Manager	 	40
	 	 	25.5	 	Compliance with Laws	 	40
	 	 	25.6	 	Reliance on Experts	 	40
	 	 	25.7	 	Powers, Authorities and Discretions	 	41
	 	 	25.8	 	Legal and Other Proceedings	 	41
	 	 	25.9	 	Liability of Trustee under Transaction Documents	 	41
	 	 	25.10	 	Trustee's indemnity not be impaired	 	42
	 	 	25.11	 	Trust Manager's Right of Indemnity	 	43
	 	 	25.12	 	Conflicts	 	43
	 	 	25.13	 	Consumer Credit Code	 	43
	26.	 	Notices	 	44
	 	 	26.1	 	Notices Generally	 	44
	 	 	26.2	 	Notices to Bondholders	 	45
	 	 	26.3	 	Notices to Designated Rating Agencies	 	45
	27.	 	Amendment	 	45
	 	 	27.1	 	Amendment by Trustee	 	45
	 	 	27.2	 	Certain Provisions Not to be Varied	 	46
	 	 	27.3	 	Copy of Amendments to Bondholders	 	46
	 	 	27.4	 	Copy of Amendments in Advance to Designated Rating Agencies	 	46
	28.	 	Miscellaneous	 	46
	 	 	28.1	 	Data Base Confidential	 	46
	 	 	28.2	 	Waivers, Remedies Cumulative	 	47
	 	 	28.3	 	Governing Law	 	47
	 	 	28.4	 	Jurisdiction	 	47
	 	 	28.5	 	Severability of Provisions	 	47
	 	 	28.6	 	Counterparts	 	47
	 	 	28.7	 	Inspection of this Deed	 	47
	Schedule 1	 	48
	 	 	Form of Fund Creation Notice	 	48
	Schedule 2	 	49
	 	 	Form of Issue Notice	 	49
	Schedule 3	 	51
	 	 	Form of Portfolio Compliance Certificate	 	51
	Schedule 4	 	53
	 	 	Intentionally blank	 	53
	Schedule 5	 	54
	 	 	Intentionally blank	 	54
	Schedule 6	 	55
	 	 	Intentionally blank	 	55
	Schedule 7	 	56
	 	 	Intentionally blank	 	56

iv

  

	Date
	 	                                        
                                        2003
	
Parties
	
 	

 
	

1.	
 	
Permanent Custodians Limited (ACN 001 426 384) of 35 Clarence Street, Sydney, NSW 2000 (PCL);
	

2.	
 	
Australian Securitisation Management Pty Limited (ACN 103 852 428) of Level 6, 12 Castlereagh Street, Sydney, NSW (ASM); and
	

3.	
 	
Australian Mortgage Securities Ltd (ABN 89 003 072 446) of Level 6, 12 Castlereagh Street, Sydney, NSW 2000 (AMS).
	
Recitals
	
 	

 
	

A	
 	

This Deed is made for the purposes of establishing Warehouse Funds and Issuing Funds to be known collectively as the ARMS II Global Funds.
	

B	
 	

PCL has agreed to act as trustee, and the Trust Manager has agreed to act as manager of the Warehouse Funds and the Issuing Funds, upon and subject to the terms of this Deed.

It is agreed as follows. 

1.    Definitions and interpretation  

1.1    Definitions  

In
this Deed and the recitals to it: 

Amortisation Date means, in relation to a Bond, each date upon which all or part of the principal amount of that Bond is payable in accordance with the
corresponding Bond Terms. 

Amortisation Amount means, in relation to a Bond and an Amortisation Date, the principal amount payable in respect of that Bond on that Amortisation
Date, determined in accordance with the corresponding Bond Terms. 

Ancillary Documents means, in relation to a Mortgage, all documents evidencing, entered into by or delivered to the Trustee in connection with: 

	(a)
	the
Loan secured by that Mortgage; and

	(b)
	the
Collateral Securities for that Mortgage. 

Approved Accounting Standards means: 

	(a)
	accounting
standards from time to time approved under the Corporations Act;

	(b)
	the
requirements of the Corporations Act in relation to the preparation and content of accounts; and

	(c)
	generally
accepted accounting principles and practices in Australia consistently applied, except where inconsistent with the standards or requirements referred to in paragraphs (a) or
(b). 

Assets means, in relation to a Fund, all property and assets (real and personal (including choses in action and other rights), tangible and intangible,
present or future) comprised in, and held by Trustee as trustee of that Fund. 

Associate in relation to a person means a person that is taken to be an associate of the first mentioned person by virtue of Division 2 of Part 1.2 of
the Corporations Act. 

1

 

Auditor means, in relation to a Fund, the auditor of that Fund appointed from time to time pursuant to clause 19. 

Australian Jurisdiction means a State or Territory of the Commonwealth and the Commonwealth of Australia. 

Authorised Investments means investments which at their date of acquisition are: 

	(a)
	Loans
secured by Mortgages over Land;

	(b)
	cash;

	(c)
	bonds,
debentures, stock or treasury bills of the Commonwealth of Australia or the Government of any State or Territory of the Commonwealth;

	(d)
	debentures
or stock of any public statutory body constituted under the law of the Commonwealth of Australia or of any State of the Commonwealth where the repayment of the principal
secured and the interest payable thereon is guaranteed by the Commonwealth or the State;

	(e)
	notes
or other securities of the Commonwealth of Australia or the Government of any State or Territory of the Commonwealth;

	(f)
	deposits
with, or the acquisition of certificates of deposit (whether negotiable, convertible or otherwise), issued by, a Bank;

	(g)
	bills
of exchange which at the time of acquisition have a remaining term to maturity of not more than 200 days, accepted or endorsed by a Bank; and

	(h)
	commercial
paper. 

(In
paragraphs (b)-(g) inclusive of this definition, expressions shall be construed and, if necessary read down, so that the Bonds in relation to any Fund constitute "mortgage-backed securities" for
the purposes of the Duties Act, 1997 of New South Wales, the Duties Act, 2000 of Victoria, the Duties Act, 2001 of Queensland and the Duties Act, 2001 of Tasmania). 

Authorised Signatory means, in relation to any corporation, any person from time to time whose name, title or position and specimen signature are set
out in a certificate signed by two directors or one director and one secretary of the corporation confirming that person's appointment as an Authorised Signatory for the purposes of this Deed and/or
any Transaction Document to which that corporation is a party. 

Bank means a corporation authorised under Part 2 of the Banking Act, 1959 to carry on banking business, including the general business of banking, in
Australia or a corporation formed or incorporated under an Act of the Parliament of an Australian Jurisdiction to carry on the general business of banking. 

Beneficiary means, in relation to a Fund, initially each person specified as a beneficiary of that Fund in the relevant Fund Creation Notice, and
subsequently any other person for whom the Trustee holds that Fund upon and subject to the terms and conditions of this Deed. 

Bond Terms means, in relation to a Bond, all of the terms and conditions applicable to that Bond, as set out in this Deed, the relevant Supplementary
Bond Terms, the relevant Bond Trust Deed (if any) and the relevant Security Trust Deed (if any). 

Bond Trust Deed means, in relation to a Fund, a deed (howsoever called), between (among others) the Trustee as trustee of that Fund, the Trust Manager,
the Security Trustee and a person (howsoever called) acting as trustee for Bondholders of Bonds denominated in US Dollars. 

2

 

Bond Trustee means, in relation to a Bond Trust Deed, initially the person in whose favour that Bond Trust Deed is executed, and subsequently any
successor trustee (howsoever called) appointed under that Bond Trust Deed. 

Business Day means a day, other than a Saturday, Sunday or public holiday on which Banks are open for business in Sydney and Melbourne. 

Collateral Security means, in relation to a Mortgage and a Loan secured by that Mortgage, any other guarantee, indemnity or Security Interest executed
in favour of or held by the Trustee as security for the obligations secured by that Mortgage or the obligations of any person who has given any such guarantee, indemnity or Security Interest. 

Consumer Credit Code means the Consumer Credit Code incorporated in the Consumer Credit (Queensland) Act 1994, as it is in force as co-operative or
consistent legislation in each Australian State or Territory. 

Consumer Credit Regulations means the regulations made under the Consumer Credit (Queensland) Act 1994 which apply to the Consumer Credit Code. 

Creditor means, in relation to a Fund, a creditor of the Trustee in respect of a debt or obligation incurred by the Trustee while acting in its capacity
as trustee of the Fund. 

Data Base means all information, data and records collected, held or stored in any way or in any medium by or for the Trustee, the Trust Manager or the
Master Servicer relating to the Funds, their Assets and their management. 

Designated Rating means, in relation to a person or an obligation, and a Rated Fund, each credit rating as specified or approved by each Designated
Rating Agency for that Fund or for the obligations of the Trustee as trustee of that Fund. 

Designated Rating Agency means, in relation to a Fund or Bonds, each Rating Agency which has been requested by the Trust Manager to rate the debt
obligations of that Fund or those Bonds. 

Domestic Master Trust Deed means the Master Trust Deed dated 7 March 1995 between PCL and AMS (as amended from time to time) in relation to trust funds
in respect of which any relevant bonds, debentures or loan facility agreements are only issued or entered into in Australia. 

Enhancements means a Mortgage Insurance Policy, a Stand-by Facility, a Guaranteed Investment Contract and any other security, support, rights or
benefits in favour of the Trustee in support of or substitution for payments due under or in respect of an Authorised Investment, or payable by the Trustee under or in respect of the Bonds. 

Euro Master Trust Deed means the Master Trust Deed dated 7 March 1995 between PCL and AMS, as amended and restated on 12 July 1999 and as further
amended from time to time in relation to trust funds designated as "ARMS II Euro Funds". 

Event of Insolvency means, in relation to a body corporate, any of the following events: 

	(a)
	an
order is made that the body corporate be wound up;

	(b)
	a
liquidator, provisional liquidator, controller (as defined in the Corporations Act) or administrator is appointed in respect of the body corporate or a substantial portion of its
assets whether or not under an order;

	(c)
	the
body corporate enters into, or resolves to enter into, a scheme of arrangement, deed of company arrangement or composition with, or assignment for the benefit of, all or any class
of its creditors; 

3

 

	(d)
	the
body corporate resolves to wind itself up, or otherwise dissolve itself, or gives notice of its intention to do so, or is otherwise wound up or dissolved;

	(e)
	the
body corporate is or states that it is insolvent;

	(f)
	as
a result of the operation of section 459F(1) of the Corporations Act, the body corporate is taken to have failed to comply with a statutory demand;

	(g)
	the
body corporate takes any step to obtain protection or is granted protection from its creditors, under any applicable legislation; or

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

and
in relation to a Fund means any of the above events occurring in relation to that Fund, as if that Fund were a person having independent legal capacity but not the Trustee in its capacity as
trustee of any other Fund or trust. 

Expenses means, in relation to a Fund, all costs, charges, fees and expenses properly incurred by the Trustee or the Trust Manager in exercising its
rights or performing its obligations with respect to that Fund under this Deed, to the extent to which they relate to that Fund or are properly payable from that Fund, including: 

	(a)
	any
costs, charges, fees and expenses payable to the Trustee, the Trust Manager, the Security Trustee, the Bond Trustee, a Paying Agent, the Calculation Agent or any other person
engaged by the Trustee or the Trust Manager under any Transaction Document; and

	(b)
	all
legal costs and disbursements incurred by the Trust Manager or the Trustee in connection with:

	(i)
	settling
and executing any Transaction Document;

	(ii)
	any
subsequent consent, approval, waiver or amendment under, of or to any Transaction Document; or

	(iii)
	evaluating
any matter of concern to the Trust Manager or the Trustee in relation to a Transaction Document or a Fund. 

Expenses
do not include general overhead costs and expenses of the Trustee or the Trust Manager (for example, rent and amounts payable to employees in connection with their employment) incurred
directly or indirectly in connection with the business of the Trustee or the Trust Manager. 

Face Value means: 

	(a)
	in
relation to a Bond, and at any time, the principal amount outstanding in respect of that Bond at that time; and

	(b)
	in
relation to a Mortgage, and at any time, the principal amount of the Loan secured by that Mortgage outstanding at that time;

	(c)
	in
relation to an Authorised Investment, and at any time, the face value of that Authorised Investment or the principal amount payable in respect of that Authorised Investment at that
time. 

Financial Statements means, in relation to a Fund, and a date or period, a profit and loss account for that period, a balance sheet as at that date, and
all notes and other explanations of or relating to the same. 

4

 

Financial Year means, in relation to a Fund, each period from 1 July in one calendar year until 30 June in the next calendar year, provided that: 

	(a)
	the
first Financial Year for a Fund commences on the date upon which it is constituted in accordance with this Deed, and ends on the next 30 June; and

	(b)
	the
final Financial Year for a Fund ends on the Vesting Date for that Fund. 

Fitch Ratings means Fitch Australia Pty Limited. 

Fund Creation Notice means a notice given by the Trust Manager to the Trustee under clause 3.2. 

Funding Period means, in relation to a Warehouse Fund, the period for which the beneficiary of that Fund has agreed pursuant to the relevant Warehouse
Funding Agreement to provide funding to the Trustee as trustee of that Fund, to finance the investment by the Trustee in Authorised Investments. 

Funds means the Warehouse Funds and the Issuing Funds (each a Fund). 

Government Body means: 

	(a)
	any
person, government or the body exercising an executive, legislative, judicial or other government function of any jurisdiction; and

	(b)
	any
person deriving a right directly or indirectly from any other Government Body. 

Guaranteed Investment Contract means a guaranteed investment contract of a type approved by the Chief Commissioner of Stamp Duties in New South Wales
pursuant to paragraph (g) of the definition of prescribed property in the dictionary to the Duties Act, 1997 of New South Wales. 

Income Distribution Date means, in relation to a Fund, each date upon which income of that Fund is to be distributed to a Beneficiary of that Fund, as
specified in the Fund Creation Notice relating to that Fund or in any Transaction Document between the Trustee (as trustee of that Fund), the Trust Manager and a Beneficiary of that Fund. If there is
any inconsistency between the Fund Creation Notice and any Transaction Document as to the Income Distribution Dates for a Fund, the Transaction Document prevails. 

Incoming Manager has the meaning given in clause 13.4. 

Incoming Trustee has the meaning given in clause 17.5. 

Initial Amount means, in relation to a Fund, the initial amount settled or to be settled on the Trustee to constitute that Fund, as specified in the
relevant Fund Creation Notice. 

Initial Exchange Amount has the meaning given in the ISDA Definitions. 

Interest Entitlement means, in relation to a Bond and an Interest Payment Date, the amount of interest accrued in respect of that Bond and due for
payment on that Interest Payment Date, determined in accordance with the relevant Bond Terms. 

Interest Payment Date means, in relation to a Bond, each date for the payment of interest under the Bond, determined in accordance with the relevant
Bond Terms. 

Issue means each issue of Bond by the Trustee under this Deed. 

Issue Date means, in relation to a Bond, the date on which that Bond is issued or proposed to be issued, as the context requires. 

Issue Notice means a notice given by the Trust Manager to the Trustee under clause 5.1, as amended in accordance with clause 6.4. 

5

 

Issue Proceeds means: 

	(a)
	in
relation to an Issue of Bonds denominated in Australian Dollars, the amount received by the Trustee from the initial Bondholders of the relevant Bonds in payment of the
Subscription Amount for those Bonds; and

	(b)
	in
relation to an Issue of Bonds denominated in a currency other than Australian Dollars, the aggregate of the Initial Exchange Amounts received by the Trustee under the relevant
Currency Swaps in exchange for payment by the Trustee to the relevant Currency Swap Counterparties of the aggregate Subscription Amount received from the initial Bondholders of those Bonds. 

Issuing Fund means each trust fund from time to time created under this Deed following the giving by the Trust Manager of a Fund Creation Notice which
specifies that the trust fund to be created is to be an Issuing Fund. 

Land means: 

	(a)
	any
estate or interest whether at law or in equity in freehold or leasehold land, including all improvements on such land; and

	(b)
	any
parcel and any lot, common property and land comprising a parcel within the meaning of the Strata Titles Act, 1973 (New South Wales) or the Community Land Development Act, 1989
(New South Wales) or any equivalent legislation in any other Australian Jurisdiction. 

Loan means a loan or other form of financial accommodation made available by the Trustee as trustee of a Fund, or any other indebtedness owed to the
Trustee as trustee of a Fund. 

Manager's Default means, in relation to a Fund: 

	(a)
	the
Trust Manager breaches any of its obligations under this Deed or any other Transaction Document in relation to the Fund; and

	(b)
	if
the breach is capable of remedy, the Trust Manager does not remedy the breach within 30 days after notice from the Trustee or the Security Trustee (if any) requiring it to be
remedied. 

Manager's Fee means, in relation to a Fund, the fee payable to the Trust Manager in accordance with clause 16.2. 

Master Origination and Servicing Agreement means the agreement so entitled dated on or about the date of this Deed made between the Trustee and AMS, or
any other document between the Trustee, the Trust Manager and any other person relating to the origination, management and servicing of Mortgages by that person (as the case requires). 

Master Servicer means initially AMS, and subsequently the person from time to time appointed by the Trust Manager to perform the role of the Master
Servicer under this Deed and the Master Origination and Servicing Agreement. 

Maturity Date means, in relation to a Bond, the date upon which the Face Value of that Bond is due to be reduced to zero, and the Bond is due to be
redeemed in full. 

Moody's means Moody's Investors Service Inc of 99 Church Street, New York or Moody's Investors Service Pty. Limited of 55 Hunter Street, Sydney. 

Mortgage means a registered (or pending registration, registrable) mortgage over Land situated in any Australian Jurisdiction, which secures the
repayment of a Loan and any other moneys payable on or in respect of that Loan. 

6

 

Mortgage Insurance Policy means a policy of insurance under which, amongst other things, an insurer insures payment to the mortgagee of amounts payable
under or in respect of, or secured by, a Mortgage. 

Mortgagor means the mortgagor under a Mortgage. 

Net Income in relation to a Fund for a Financial Year has the meaning given to it for that Fund and for that Financial Year pursuant to clause 21.6. 

Notice means a notice, certificate, request, demand or other communication to be given, served or made under or pursuant to this Deed. 

Outgoing Manager has the meaning given in clause 13.4. 

Outgoing Trustee has the meaning given in clause 17.5. 

Penalty Payment means: 

	(a)
	the
amount of any criminal or civil penalty which the Trustee is ordered to pay under the Consumer Credit Code;

	(b)
	any
other money ordered to be paid by the Trustee, or legal costs or other expenses payable or incurred by the Trustee related to such an order;

	(c)
	any
amount which the Trustee agrees to pay to a debtor or other person in settlement of an application for an order under the Consumer Credit Code; and

	(d)
	any
legal costs or other costs or expenses payable or incurred by the Trustee related to that application, 

in
each case in relation to a Regulated Loan or a Regulated Mortgage. 

Portfolio means: 

	(a)
	in
relation to an Issue, the Mortgages specified by the Trust Manager in or details of which are attached to the relevant Issue Notice; and

	(b)
	in
relation to a Fund, the Mortgages from time to time comprised in the Assets of that Fund. 

Portfolio Compliance Certificate means a certificate in the form set out in Schedule 3, or such other form as the Trustee, the Trust Manager and the
Master Servicer may from time to time agree. 

Rated Fund means a Fund in respect of which there is a Designated Rating Agency. 

Rating Agency means Moody's, S&P, Fitch Ratings or any other recognised rating agency designated from time to time in writing by the Trust Manager to
the Trustee. 

Registered Company Auditor has the same meaning as in the Corporations Act. 

Regulated Loan means a Loan comprised in the Assets of any Fund which is regulated by the Consumer Credit Code. 

Regulated Mortgage means a Mortgage comprised in the Assets of any Fund which is regulated by the Consumer Credit Code. 

Related Body Corporate has the same meaning as in section 9 of the Corporations Act. 

Residual Capital Beneficiary means, in relation to a Fund, each holder of a Residual Capital Unit in that Fund from time to time. 

Residual Capital Unit means, in relation to a Fund, each unit in that Fund designated as such. 

7

  

Residual Income Beneficiary means, in relation to a Fund, each holder of a Residual Income Unit in that Fund from time to time. 

Residual Income Unit means, in relation to a Fund, each unit in that Fund designated as such. 

S&P means Standard & Poor's (Australia) Pty Limited, trading as Standard & Poor's Ratings Group. 

Security Interest means any mortgage, pledge, lien, charge, encumbrance, hypothecation, title retention, preferential right, trust arrangement, right of
set-off, flawed asset, contingent debt arrangement and any other security arrangement or agreement. 

Security Trust Deed means, relation to a Fund, a deed (howsoever called) between the Trustee as trustee of that Fund, the Trust Manager and a person
(howsoever called) acting as trustee for Creditors under which the Trustee charges in favour of that trustee all or some of the Assets of the Fund to secure the payment of moneys owing to some or all
of the Creditors of that Fund. 

Security Trustee means, in relation to a Security Trust Deed, initially the person in whose favour that Security Trust Deed is executed, and
subsequently any successor trustee (howsoever called) appointed under that Security Trust Deed. 

Series means, in relation to Bonds, Bonds whose terms and conditions are the same in all respects. 

Stand-by Facility means an agreement entered into by the Trustee as trustee of a Fund pursuant to which a third party agrees to finance the payment by
the Trustee of amounts payable in respect of Bonds issued in respect of that Fund to cover a short-fall in the Fund due to default in the payment of amounts payable under or in respect of Mortgages
comprised in that Fund. 

Subscription Amount means, in relation to a Bond, the total amount payable upon issue of that Bond. 

Supplementary Bond Terms means, in relation to a Bond, the supplementary terms and conditions upon which that Bond is issued, as attached to or
otherwise identified in the relevant Issue Notice. 

Taxation Act means the Income Tax Assessment Act, 1936 (Commonwealth) and the Income Tax Assessment Act, 1997 (Commonwealth). 

Tax includes all income tax, goods and services tax, withholding tax, stamp, financial institutions, registration and other duties, bank accounts debits
tax and other taxes, levies, imposts, deductions and charges whatsoever (including in respect of any duty imposed on receipts or liabilities of financial institutions any amounts paid in respect
thereof to another financial institution) together with interests on them and penalties with respect of them (if any) and charges, fees or other amounts made on or in respect of them. 

Threshold Rate Obligation means any obligation of AMS under any Transaction Document relating to any Fund to exercise its powers under this Deed and the
Master Origination and Servicing Agreement to change the rate of interest payable on or in respect of Loans secured by Mortgages to a minimum rate required to ensure that, subject to any assumptions
and having regard to any relevant matters specified in that Transaction Document, the Trustee will have available to it sufficient funds to enable it to comply with all of its obligations under the
Transaction Documents for that Fund as they fall due. 

Transaction Documents means: 

	(a)
	this
Deed;

	(b)
	each
Master Origination and Servicing Agreement;

	(c)
	each
Ancillary Document; 

8

 

	(d)
	each
Security Trust Deed;

	(e)
	each
Bond Trust Deed;

	(f)
	each
Interest Rate Swap;

	(g)
	each
Currency Swap;

	(h)
	all
Bonds and the Supplementary Bond Terms relating to them;

	(i)
	each
Warehouse Funding Agreement;

	(j)
	each
Enhancement;

	(k)
	each
Subscription Agreement;

	(l)
	each
Paying Agency Agreement; and

	(m)
	each
other document which is expressed to be, or which is agreed by the Trust Manager and Trustee to be, a Transaction Document for the purposes of this Deed, 

and
in relation to a Fund means all of the foregoing to the extent that they relate to that Fund. 

Trust Account means, in relation to a Fund, the bank account for that Fund opened and maintained by the Trustee in accordance with clause 18. 

Trust Manager means initially ASM, and subsequently the person from time to time appointed to perform the role of the Trust Manager under this Deed. 

Trustee means initially PCL, and subsequently any person appointed as the trustee of the Funds in accordance with this Deed. 

Trustee's Default in relation to a Fund means: 

	(a)
	the
Trustee breaches any obligation or duty imposed on the Trustee under this Deed, or any other Transaction Document, in relation to the Fund; and

	(b)
	if
the breach is capable of remedy, the Trustee does not remedy the breach within 30 days after notice from the Trust Manager or the Security Trustee (if any) requiring it to be
remedied. 

Trustee's Indemnity means, in relation to a Fund: 

	(a)
	the
Trustee's right of indemnity from the Assets of that Fund in respect of liabilities incurred by the Trustee acting in its capacity as trustee of that Fund; and

	(b)
	all
equitable liens and other Security Interests which the Trustee has over the Assets of that Fund. 

Vesting Date means, in relation to a Fund, the earlier of: 

	(a)
	the
eightieth anniversary of the date of this Deed;

	(b)
	the
date upon which the Fund terminates by operation of law;

	(c)
	if
Bonds have been issued by the Trustee as trustee of the Fund:

	(i)
	the
date immediately following the date upon which the Trustee pays in full all moneys which are or may become due (actually or contingently) in respect of those Bonds; or

	(ii)
	the
date appointed by the Bondholders in relation to the Fund as the Vesting Date, in accordance with this Deed; 

9

 

	(d)
	if
Bonds have not been issued by the Trustee as trustee of the Fund, the date appointed by the Trust Manager as the Vesting Date in accordance with this Deed; or

	(e)
	in
the case of a Warehouse Fund, the date nominated by the Beneficiary of that Fund pursuant to clause 9.2. 

Warehouse Beneficiary means, in relation to a Warehouse Fund, each Beneficiary of that Warehouse Fund. 

Warehouse Fund means each trust fund from time to time created under: 

	(a)
	this
Deed following the giving by the Trust Manager to the Trustee of a Fund Creation Notice which specifies that the trust fund to be created is to be a "Warehouse Fund";

	(b)
	the
Domestic Master Trust Deed following the giving by the Trust Manager (as defined in the Domestic Master Trust Deed) to the Trustee (as defined in the Domestic Master Trust Deed)
of a Fund Creation Notice (as defined in the Domestic Master Trust Deed) that specifies that the trust fund to be created is to be a "Warehouse Fund"; or

	(c)
	the
Euro Master Trust Deed following the giving by the Trust Manager (as defined in the Euro Master Trust Deed) to the Trustee (as defined in the Euro Master Trust Deed) of a Fund
Creation Notice (as defined in the Euro Master Trust Deed) that specifies that the trust fund to be created is to be a "Warehouse Fund". 

Warehouse Funding Agreement means any agreement or arrangement pursuant to which a Warehouse Beneficiary provides funding to the Trustee as trustee of
the relevant Warehouse Fund to settle and/or purchase Mortgages. 

Warehouse Trigger Event means, in relation to a Warehouse Fund: 

	(a)
	a
Trustee's Default occurs in relation to that Warehouse Fund and continues unremedied;

	(b)
	a
Manager's Default occurs in relation to that Warehouse Fund and continues unremedied;

	(c)
	the
Funding Period for that Warehouse Fund expires, and the Trustee has not, within 5 Business Days of such expiry, given to the relevant Warehouse Beneficiary a notice under clause
9.1 in respect of all of the Assets comprised in that Warehouse Fund; or

	(d)
	any
other event occurs which is defined to be a Warehouse Trigger Event for that Fund in any Warehouse Funding Agreement relating to that Fund. 

1.2    Interpretation  

In
this Deed unless the context indicates a contrary intention: 

	(a)
	person includes an individual, a body politic, a corporation and a statutory or other authority or association (incorporated or
unincorporated);

	(b)
	references
to a party include that party's executors, administrators, successors, substitutes and assigns, including any person taking by way of novation;

	(c)
	references
to any legislation or to any section or provision thereof includes any statutory modification or re-enactment or any statutory provision substituted therefor and all
ordinances, by-laws, regulations and other statutory instruments issued thereunder;

	(d)
	corporation means any body corporate wherever formed or incorporated, including any public authority or any instrumentality of the
Crown; 

10

 

	(e)
	the
expression certified by a corporation or person means certified in writing by an Authorised Signatory of the corporation or by that
person respectively and certify and like expressions shall be construed accordingly;

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

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

	(h)
	references
to a clause or a Schedule are to a clause or a Schedule of this Deed;

	(i)
	where
any word or phrase is given a defined meaning, any other part of speech or other grammatical form of that word or phrase has a corresponding meaning;

	(j)
	where
the day on or by which any sum is payable under this Deed or any act, matter or thing is to be done is not a Business Day such sum shall be paid and such act, matter or thing
shall be done on the next succeeding Business Day;

	(k)
	all
accounting terms shall be interpreted in accordance with the Approved Accounting Standards;

	(l)
	month means calendar month;

	(m)
	a
reference to any document or agreement is to such document as amended, varied, supplemented or novated from time to time; and

	(n)
	a
reference to an entitlement of a Beneficiary of a Fund means the entitlement of that Beneficiary as set out in this Deed and the
relevant Fund Creation Notice. 

1.3    Incorporated Definitions  

Words
and expressions defined in a Bond Trust Deed in respect of a Fund have the same meanings when used in this Deed to the extent that this Deed relates to that Fund unless otherwise defined in this
Deed. Such words and expressions include: 

Australian Dollars, Bond, Bondholder, Calculation Agent, Currency Swap, Currency Swap Counterparty, Extraordinary Resolution, Interest Rate Swap, Interest Rate Swap
Counterparty, ISDA Definitions, ISDA Master Agreement, Paying Agency Agreement, Paying Agent, Subscription Agreement, US Dollar. 

2.    The ARMS II Funds  

2.1    Appointment of Trustee  

The
Trustee agrees to act as trustee of each Fund upon and subject to the terms and conditions of this Deed. 

2.2    Separate and Distinct Funds  

Each
Fund shall be a separate and distinct trust fund. 

3.    The Funds  

3.1    Beneficial Interest in Funds  

The
Trustee must hold each Fund, and each Asset comprised in that Fund from time to time, on trust for the Beneficiaries of that Fund upon and subject to the terms and conditions of this Deed. 

11

 

3.2    Fund Creation Notice  

The
Trust Manager may at any time give to the Trustee a notice in, or substantially in, the form of Schedule 1 or in such other form as the Trust Manager and the Trustee may from time to time agree,
duly completed and executed by an Authorised Signatory of the Trust Manager, and specifying: 

	(a)
	whether
the Fund to be created is a Warehouse Fund or an Issuing Fund;

	(b)
	the
Initial Amount for that Fund;

	(c)
	each
Beneficiary of that Fund and their respective entitlements as a Beneficiary of that Fund;

	(d)
	the
name of that Fund;

	(e)
	the
Income Distribution Dates for that Fund; and

	(f)
	in
the case of a Rated Fund, the Designated Rating Agency and the Designated Rating for that Rated Fund. 

3.3    Creation or Additional Funds  

If
the Trust Manager has given to the Trustee a Fund Creation Notice, then unless the Trustee rejects that Fund Creation Notice by written notice to the Trust Manager within one Business Day of it
being given, the Fund referred to in that notice shall be constituted immediately upon the Trust Manager settling or procuring the settlement upon the Trustee of the Initial Amount. 

3.4    Name of Funds  

	(a)
	Each
Fund shall be known by the name specified in the relevant Fund Creation Notice, unless the Trustee reasonably objects to the use of that name, in which case that Fund will be
called by such other name as the Trustee and the Trust Manager may agree.

	(b)
	The
Trustee and the Trust Manager may from time to time agree in writing to change the name of a Fund. 

3.5    Duration of Funds  

Each
Fund shall continue until, and shall terminate on, the Vesting Date for that Fund. 

4.    Limits on rights of Bondholders and Beneficiaries  

4.1    General Limits  

Subject,
in the case of a Warehouse Fund, to the terms of any Warehouse Funding Agreement, no Bondholder or Beneficiary shall be entitled to: 

	(a)
	require
the transfer to it of any Asset comprised in any Fund;

	(b)
	exercise
any rights, powers or privileges (including instituting or defending legal proceedings) in respect of any Asset of any Fund;

	(c)
	attend
meetings or take part in or consent to any action concerning any property or corporation in which the Trustee holds an interest;

	(d)
	lodge
or enter a caveat or similar instrument claiming an estate or interest in any Asset of any Fund;

	(e)
	have
any recourse to the Trustee in its personal capacity, except to the extent of any fraud, negligence or wilful default by the Trustee; or 

12

 

	(f)
	seek
to wind up any Fund. 

4.2    Further Limits on Interests of Beneficiaries  

No
Beneficiary may assign, transfer or otherwise encumber its beneficial interest in any Fund (otherwise than as expressly contemplated by this Deed) without the prior written consent of the Trust
Manager and the Trustee (which either may give or withhold in its absolute discretion). Any assignment, transfer or encumbrance in breach of this clause shall be of no force and effect and shall not
vest in any purported assignee, transferee or encumbrancee any right, title or interest in any Fund. 

4.3    Ranking of Interest of Beneficiaries  

The
rights of any Beneficiary in relation to any Fund and in relation to any payment or distribution out of any Fund shall at all times rank after, and be subject to, the rights of Bondholders in
respect of the Bonds issued in relation to that Fund and other Creditors of that Fund. 

4.4    Resolution of Conflicts  

If
there is at any time a conflict between: 

	(a)
	a
duty owed by the Trustee or the Trust Manager under any Transaction Document to a Beneficiary and a duty owed by such person to the Bondholders under any Transaction Document; or

	(b)
	a
duty owed to Bondholders of one Series of Bonds and a duty owed to Bondholders of another Series of Bonds ranking in priority after that Series, 

the
Trustee or the Trust Manager must give priority: 

	(i)
	to
the interests of the Bondholders over the interests of the Beneficiaries; and

	(ii)
	to
the interests of Bondholders in the same order of priority as the ranking of the Series of Bonds held by them respectively, 

and
shall not, provided it acts in good faith, incur any liability to any Beneficiary or any Bondholder for so doing. 

4.5    No Liability of Bondholders or Beneficiaries  

No
Beneficiary or Bondholder shall, by reason of being a Beneficiary or Bondholder: 

	(a)
	have
any liability to make any contribution to the Assets of any Fund; or

	(b)
	be
under any obligation to indemnify the Trustee, the Trust Manager, the Master Servicer or any other person in respect of any of their respective liabilities (actual or contingent,
present or future) arising from the exercise by them of their respective powers and the performance by them of their respective duties and obligations under this Deed and the Transaction Documents. 

13

 

5.    Bonds  

5.1    Nature of Bonds  

The
Trust Manager may by giving notice to the Trustee in accordance with clause 6, require the Trustee as trustee of an Issuing Fund, to issue debt securities: 

	(a)
	in
the form of inscribed stock and as otherwise determined by the Trust Manager;

	(b)
	in
accordance with this Deed, the relevant Bond Trust Deed (if any) and the relevant Security Trust Deed (if any); and

	(c)
	with
the benefit of and subject to this Deed, the relevant Bond Trust Deed (if any), the relevant Supplementary Bonds Terms and the relevant Security Trust Deed (if any). 

5.2    Trustee's Covenant to Bondholders  

The
Trustee covenants for the benefit of each Bondholder: 

	(a)
	to
make all payments on or in respect of the Bonds held by that Bondholder on the due date for payment; and

	(b)
	to
comply with:

	(i)
	all
of the relevant Bond Terms;

	(ii)
	the
relevant Bond Trust Deed (if any); and

	(iii)
	the
relevant Security Trust Deed (if any). 

5.3    Minimum Face Value of Bonds  

The
minimum initial Face Value of each Bond shall be as specified in the relevant Bond Terms. 

5.4    Bonds Not Invalid if Issued in Breach  

No
Bond shall be invalid or unenforceable on the ground that it was issued in breach of this Deed or any other Transaction Document. 

6.    Procedure for Issue of Bonds  

6.1    Form of Issue Notice  

Each
Issue Notice must, subject to the relevant Supplementary Bond Terms: 

	(a)
	be
in the form of Schedule 2, or in such other form as the Trustee and the Trust Manager may from time to time agree;

	(b)
	be
signed by an Authorised Signatory of the Trust Manager;

	(c)
	be
received by the Trustee not less than 5 Business Days before the Issue Date (or at such other time as may be agreed between the Trustee and the Trust Manager);

	(d)
	specify;

	(i)
	the
name or designation to be ascribed to the Bonds;

	(ii)
	the
aggregate Face Value of the Bonds to be issued;

	(iii)
	the
denominations in which the Bonds are to be issued;

	(iv)
	the
Issue Date; 

14

  

	(v)
	all
reasonable details of any Security Trust Deed, Bond Trust Deed, Enhancements and Currency Swaps required to be entered into by the Trustee as trustee of the relevant
Issuing Fund as a condition precedent to the issue of the Bonds;

	(vi)
	whether
any of the Bonds will constitute a separate Series of Bonds, and if so specify the information referred to in the previous sub-paragraphs of this paragraph (d)
with respect to each such Series;

	(vii)
	whether
the Portfolio is comprised in the Assets of a Warehouse Fund, and if not the person for whose benefit the Issue Proceeds of that Issue are to be held pursuant
to clause 6.8(a); and

	(viii)
	all
other Transaction Documents to be entered into in connection with or as a condition precedent to the issue of the Bonds;

	(e)
	have
attached to it or otherwise identify in a manner satisfactory to the Trustee:

	(i)
	details
of the Portfolio which the Trustee, as trustee of the relevant Issuing Fund, is to acquire with the Issue Proceeds;

	(ii)
	the
Supplementary Bond Terms applicable to those Bonds, which must specify the details referred to in clause 6.3; and

	(iii)
	if
the relevant Issuing Fund is a Rated Fund, a letter or certificate from the Designated Rating Agency addressed to the Trustee confirming that the Bonds in each Series specified
in the Issue Notice will be rated not lower than the Designated Rating for that Series, and if Bonds have previously been issued by the Trustee as trustee of that Issuing Fund that the issue of the
Bonds specified in the Issue Notice will not cause the credit rating assigned to the Bonds previously issued to be downgraded to a credit rating lower than the Designated Rating for those Bonds; and

	(f)
	contain
a certification by the Trust Manager that:

	(i)
	the
terms of this Deed with respect to the proposed Issue have been, and will on the Issue Date continue to be complied with;

	(ii)
	the
acquisition of the Portfolio and the characteristics of the Portfolio are consistent with all information memoranda, notices, reports, statements and the like given to
Bondholders or prospective Bondholders, and will not cause any statements made in any such document or statement to be misleading or deceptive, or likely to mislead or deceive; and

	(iii)
	assuming
that all parties to all Transaction Documents relating to the relevant Issuing Fund, and all issuers of Authorised Investments from time to time comprised in the Assets of
that Issuing Fund comply in full with their respective obligations under those Transaction Documents and Authorised Investments and having regard to:

	(A)
	the
terms of those Transaction Documents;

	(B)
	the
terms of the Mortgages comprised in the relevant Portfolio;

	(C)
	the
anticipated Expenses of that Issuing Fund; and

	(D)
	all
other information available to the Trust Manager, 

the
Trustee will have available to it sufficient funds to enable it to comply with its obligations under those Transaction Documents. 

15

 

6.2    Notice to Warehouse Beneficiary  

If
the Portfolio of which details are attached to an Issue Notice in accordance with clause 6.1(e)(i) comprises Assets of a Warehouse Fund, the Trust Manager must give a copy of the Issue Notice to
each Beneficiary of that Warehouse Fund at the same time as it gives the Issue Notice to the Trustee. 

6.3    Supplementary Bond Terms  

The
Supplementary Bond Terms for the Bonds comprised in each Issue must specify: 

	(a)
	the
rate per annum (if any) at which interest payable on the Face Value of the Bonds is to be calculated and the method of calculation;

	(b)
	the
Interest Payment Dates (if any);

	(c)
	the
Amortisation Dates (if any);

	(d)
	the
Amortisation Amounts payable on each Amortisation Date, or the method of calculating those amounts;

	(e)
	the
Maturity Date of the Bonds;

	(f)
	any
preferred, deferred or other rights applicable to the Bonds;

	(g)
	if
the Issue will comprise Bonds of different Series, the details specified in the previous paragraphs of this clause 6.3 with respect to each Series, and any other terms and
conditions which distinguish Bonds in one Series from Bonds in any other Series;

	(h)
	in
the case of an Issue in respect of a Rated Fund, the minimum rating requirements in relation to that Rated Fund; and

	(i)
	any
other terms and conditions which the Trustee and the Trust Manager may agree. 

6.4    Amendment  

With
the consent of the Trustee, the Trust Manager may prior to an Issue Date amend by notice in writing to the Trustee an Issue Notice previously given, or the Supplementary Bond Terms or details of
the Portfolio attached to such an Issue Notice. 

6.5    Acceptance of Issue Notice  

The
Trustee may rely upon any certification from the Trust Manager to the contents of an Issue Notice as evidence of the matters so certified. 

6.6    Non-Complying Issue Notice  

If
the Trustee receives an Issue Notice which it reasonably believes does not comply with this clause 6, it must no later than close of business 2 Business Days prior to the proposed Issue Date advise
the Trust Manager in writing giving reasonable details of the reasons for the Trustee's belief. 

6.7    Issue of Bonds and Transfer of Benefit of Mortgages  

If
the Trustee has: 

	(a)
	received
an Issue Notice which it reasonably believes complies with this clause 6;

	(b)
	subject
to clause 6.9, received the Subscription Amount (in cleared funds) in an aggregate amount equal to the Face Value of the Bonds referred to in the relevant Issue Notice; and 

16

 

	(c)
	as
trustee of the relevant Fund, on or prior to the proposed Issue Date:

	(i)
	entered
into a Security Trust Deed (if specified in the relevant Issue Notice);

	
(ii)
	entered
 into or otherwise obtained the benefit of the Transaction Documents relating to that Fund as referred to in the relevant Issue Notice; and

	(iii)
	received
a Portfolio Compliance Certificate given as of a time no earlier than 5:00 pm on the Business Day immediately preceding the proposed Issue Date, 

then,
the Trustee must, subject to the terms of this Deed, on the Issue Date, issue Bonds, as trustee of the relevant Fund, in accordance with the Transaction Documents relating to that Fund. 

6.8    Acquisition of Portfolio  

Upon
receipt of the Issue Proceeds of an Issue, the Trustee: 

	(a)
	will
(notwithstanding any other provision of this Deed) hold those Issue Proceeds:

	(i)
	if
and to the extent that the Portfolio specified in the relevant Issue Notice was, immediately prior to the Issue Date, comprised in the Assets of a Warehouse Fund, as trustee of
that Warehouse Fund; or

	(ii)
	if
and to the extent that the Portfolio specified in the relevant Issue Notice was not, immediately prior to the Issue Date, comprised in the Assets of a Warehouse Fund, upon trust
absolutely for the benefit of the person specified in the relevant Issue Notice, 

in
each case to the extent of the aggregate Face Value of the relevant Mortgages comprised in that Portfolio as at close of business on the Business Day immediately preceding the Issue Date; 

	(b)
	must
(notwithstanding clause 18.5) cause those Issue Proceeds to be credited direct to the Trust Account for the relevant Warehouse Fund or to be applied in accordance with the
instructions of the Beneficiary of the relevant Warehouse Fund or, (if clause 6.8(a)(ii) applies) deal with them in accordance with the Trustee's obligations to the person for whose benefit they are
held, or otherwise in accordance with the directions of that person;

	(c)
	will
hold automatically by virtue of this Deed (without any further act or other thing being done or any instrument being brought into existence) as trustee of the relevant Issuing
Fund the benefit of:

	(i)
	the
Portfolio specified in the relevant Issuing Notice; and

	(ii)
	all
Ancillary Documents, Enhancements and Interest Rate Swaps relating to the Mortgages in that Portfolio; and

	(d)
	must
apply the balance (if any) of the Issue Proceeds in accordance with the relevant Supplementary Bond Terms. 

6.9    Amount of Bonds Created for an Issuing Fund  

The
aggregate Subscription Amount of Bonds issued on an Issue Date may exceed the aggregate Face Value (as at close of business on the Business Day immediately preceding the Issue Date) of Mortgages
in the Portfolio to be held by the Trustee as trustee of the relevant Issuing Fund under clause 6.8(c) only to the extent and on conditions such that each Designated Rating Agency confirms that any
credit rating assigned or to be assigned to any Bonds to be issued by the Trustee 

17

 

as
trustee of that Issuing Fund will not be downgraded below the Designated Rating, qualified or withdrawn. 

6.10    Action following Issue  

As
soon as practicable after an Issue Date, the Trust Manager must direct the Trustee to take, and the Trustee must take, all action and do all things which the Trustee is obliged to do under the
Transaction Documents relating to the relevant Fund. 

6.11    No Liability for Insufficient Moneys  

If
on an Issue Date the conditions specified in paragraphs (a)-(c) of clause 6.7 and clause 6.9 are not fulfilled: 

	(a)
	the
Trustee shall not proceed with the Issue and will refund all Subscription Amounts received to the applicants for Bonds; and

	(b)
	neither
the Trustee nor the Trust Manager shall have any obligation or liability to any person to proceed with the Issue. 

6.12    Recording of Transfer and Further Assurance  

On
or as soon as reasonably practicable following an Issue Date: 

	(a)
	the
Trust Manager must record in the records kept pursuant to clause 20 the transfer to the relevant Issuing Fund of the benefit of the Portfolio details of which were attached to the
corresponding Issue Notice (and the benefit of all corresponding Ancillary Documents, Enhancements, and Interest Rate Swaps); and

	(b)
	the
Trustee must execute such documentation and do all such other acts, matters or things as the Trust Manager reasonably requires to give effect to that transfer. 

6.13    Subsequent Adjustment  

	(a)
	(Accrued Interest) Following an Issue Date, the Trustee, as trustee of the Warehouse Fund in which the Portfolio acquired with the
proceeds of the relevant Issue were held prior to that Issue, shall be entitled to any interest proceeds received by the Trustee that represents accrued but unpaid interest on Mortgages in that
Portfolio up to (but not including) the Issue Date. The Trust Manager must notify the Trustee of the amount of any such interest as soon as reasonably practicable following the Issue Date. Upon
receipt of such notification, the Trustee must promptly credit the amount of any such interest to the Trust Account for the relevant Warehouse Fund.

	(b)
	(Other Costs) Subject to paragraph (c) below, the Trust Manager may in its absolute discretion direct the Trustee in writing on or at
any time after an Issue Date to transfer funds between the corresponding Warehouse Fund or Issuing Fund with such other amounts as the Trust Manager considers appropriate, so that:

	(i)
	the
Warehouse Fund has the benefit of any receipts, and bears the cost of any losses or outgoings, in respect of each Mortgage (and any corresponding Ancillary Documents, Enhancements
and Interest Rate Swaps) up to (but not including) the Issue Date; and

	(ii)
	the
Issuing Fund has the benefit of such receipts, and bears such costs, from (and including) the Issue Date.

	(c)
	(Trust Manager to Certify Adjustments) A written direction by the Trust Manager pursuant to this clause 6.13 must certify that the
relevant amount is, in the opinion of the Trust Manager, 

18

 

to
be properly debited or credited to a Warehouse Fund or an Issuing Fund (as the case may be). 

	(d)
	(Trustee to Act in accordance with Direction) The Trustee must act in accordance with, and may rely upon, a written direction, of the
Trust Manager and any certificate given in accordance with this clause 6.13. 

6.14    No Limit on Bonds  

Subject
to the provisions of this Deed, any relevant Bond Trust Deed and any relevant Security Trust Deed, there shall be no limit on the number or Face Value of Bonds which may be issued in respect
of a Fund. 

6.15    Compliance with Laws  

The
Trust Manager must ensure that no issue or allotment of Bonds, offer of Bonds for subscription or purchase, or invitation to subscribe for or buy, Bonds shall be made unless the issue, allotment,
offer or invitation is made in compliance with all applicable laws in all jurisdictions in which the issue, allotment, offer or invitation is made. 

7.    Transfers of bonds  

Intentionally
blank. 

8.    Registration confirmations  

Intentionally
blank. 

9.    Warehouse funding  

9.1    Transfer of Warehouse Assets to Another Fund  

The
Trust Manager, may at any time by not less than 5 Business Days prior written notice (or such other period, either shorter or longer, as may be specified in any relevant Transaction Document or
agreed by the relevant Warehouse Beneficiary) require the transfer by a Warehouse Beneficiary of its beneficial interest in some or all of the Assets of the relevant Warehouse Fund to: 

	(a)
	the
Trustee in its capacity as trustee of an Issuing Fund or another Warehouse Fund; or

	(b)
	a
person nominated by the Trust Manager, 

in
consideration of payment by the Trustee to that Warehouse Beneficiary of an amount equal to (subject to any provision of any relevant Warehouse Funding Agreement): 

	(c)
	the
Face Value of those Assets; minus

	(d)
	the
aggregate of:

	(i)
	all
Taxes which are or may become payable in respect of the relevant Warehouse Fund;

	(ii)
	all
Expenses incurred but not previously paid of that Warehouse Fund;

	(iii)
	all
other amounts which are or may become payable by it to Creditors of that Warehouse Fund; and

	(iv)
	all
amounts in respect of which it is entitled to be reimbursed or indemnified under this Deed; plus 

19

 

	(e)
	any
other amount payable to the Warehouse Beneficiary in accordance with the relevant Warehouse Funding Agreement. 

9.2    Warehouse Trigger Event  

If
a Warehouse Trigger Event occurs in relation to a Warehouse Fund, the Warehouse Beneficiaries of that Fund may by notice in writing to the Trustee and the Trust Manager: 

	(a)
	nominate
a date (which must not be less than 5 Business Days after the date of the notice) as the Vesting Date for that Fund; and

	(b)
	subject
to clauses 9.1, 9.3, 21 and 25.10 require the transfer on the Vesting Date by the Trustee to the Warehouse Beneficiaries of all of the Assets of that Fund. 

9.3    Parties to Give Effect to Transfer  

Each
of the Trustee, the Trust Manager and the Warehouse Beneficiaries of a Warehouse Fund must execute all documents and do all things as the other may reasonably require to give effect to a transfer
of the Assets of a Fund following the giving by: 

	(a)
	the
Trust Manager of a notice under clause 9.1; or

	(b)
	that
Warehouse Beneficiaries of a notice under clause 9.2. 

9.4    Rights Additional to Issue of Bonds  

This
clause 9 does not limit the operation of clause 6. 

10.    Appointment of Trust Manager  

10.1    Appointment  

The
Trust Manager must manage each Fund upon and subject to the terms of this Deed. 

10.2    Powers of Management  

The
Trust Manager has, subject to this Deed, full and complete powers, and is responsible for, the management of the Funds (including liabilities), including: 

	(a)
	the
management, administration, investment and day to day operation of the Funds; and

	(b)
	the
keeping of all books, records and accounts for each Fund in accordance with this Deed. 

10.3    Trust Manager to Enforce Against Master Servicer  

The
Trust Manager must take all reasonable action to: 

	(a)
	ensure
that the Master Servicer complies with its obligations under the Master Origination and Servicing Agreement; and

	(b)
	enforce
the performance by the Master Servicer of its obligations under the Master Origination and Servicing Agreement. 

10.4    Trust Manager Not Liable for Master Servicer  

Neither
the Trustee nor, subject to clause 10.3, the Trust Manager has any responsibility or liability for the performance by the Master Servicer of its obligations under the Master Origination and
Servicing Agreement. 

20

 

10.5    No Enquiry  

The
Trustee has no obligation to make any enquiry as to the performance by the Master Servicer of its obligations under the Master Origination and Servicing Agreement. 

11.    Investment of the fund  

11.1    Authorised Investments  

	(a)
	Subject
to the terms of this Deed, the Assets of each Fund must comprise only property which is an Authorised Investment at its date of acquisition.

	(b)
	If
an Asset of a Fund would not at any time be an Authorised Investment if it were to be acquired at that time, neither the Trustee nor the Trust Manager shall be obliged to dispose
of that Asset. 

11.2    Trust Manager to Make Proposals  

The
Trust Manager must from time to time make proposals to the Trustee as to the investment of the Assets of the Fund. Each such proposal must: 

	(a)
	be
in writing in a form agreed between the Trustee and the Trust Manager;

	(b)
	specify
the Authorised Investments to be purchased or sold;

	(c)
	specify
the action (if any) to be taken by the Trustee to give effect to it;

	(d)
	contain
a certification by the Trust Manager that the giving effect to by the Trustee of the proposal will be in accordance with this Deed;

	(e)
	specify
the price to be paid for the Asset or in the case of a Loan to be made by the Trustee, the amount of the Loan;

	(f)
	specify
to whom any amount is payable under paragraph (e), or if an Asset is to be acquired from a Warehouse Fund, the name of the Warehouse Fund;

	(g)
	in
the case of the making of a Loan secured by a Mortgage, contain a certification by the Trust Manager that it is not aware of any breach by the Master Servicer of the
representations and warranties made in the Master Origination and Servicing Agreement with respect to that Loan or Mortgage; and

	(h)
	contain
all other information which the Trustee may reasonably require to satisfy itself that certification is correct and to give effect to the proposal. 

An
Issue Notice which complies with clause 6 complies with this clause 11.2. 

11.3    Trustee to Comply with Proposals  

The
Trustee: 

	(a)
	must
comply with a proposal made by the Trust Manager in accordance with this Deed provided that, in the case of a proposal for the making or acquisition of a Loan secured by a
Mortgage (unless any Transaction Document otherwise provides or unless otherwise agreed), the Trustee has received evidence satisfactory to it that a Solicitor's Certificate required by clause 12.1(b)
of the Master Origination and Servicing Agreement has been or will upon such a Loan being made or acquired, be issued; and 

21

 

	(b)
	may
rely upon the recommendations and advice of the Trust Manager with respect to any such proposal, without being under a duty to make any enquiry or exercise any judgment as to:

	(i)
	the
merits of the proposal; or

	(ii)
	whether
the proposal complies with this Deed (unless the Trustee ought reasonably to know that the proposal does not so comply). 

11.4    Authorised Investments for Rated Funds  

The
Trust Manager shall only give to the Trustee as a trustee of a Rated Fund a proposal to acquire investments falling within paragraphs (c)-(h) (inclusive) of the definition of  Authorised Investments where the investment (or the issuer of it) has a rating that complies at the time of the proposed acquisition with the minimum
rating requirements (if any) specified in any Warehouse Funding Agreement, Supplementary Bond Terms or in relation to that Rated Fund. 

11.5    Limitation on Maturity of Investments  

The
Trust Manager must ensure that, to the extent that money is or will be required to meet Expenses of a Fund or payments due to Bondholders, Interest Rate Swap Counterparties or Currency Swap
Counterparties of a Fund, the Assets of that Fund are invested in Authorised Investments which mature or are otherwise immediately available in or convertible into cash on or before the date those
Expenses of the Fund or payments (as the case may be) are due. 

11.6    Rights Attaching to Assets  

	(a)
	The
Trust Manager may exercise all voting and other rights conferred by any Assets of a Fund in such manner as it sees fit in its absolute discretion.

	(b)
	The
Trustee must execute and deliver to the Trust Manager or as the Trust Manager directs all proxies and powers of attorney which the Trust Manager may request for the purposes of
exercising the voting and other rights conferred by the Assets of a Fund. 

11.7    Trustee's Dealing with Assets  

The
Trustee must not buy, sell or otherwise deal with the Assets of a Fund except in accordance with the proposals of the Trust Manager made in accordance with this Deed. 

11.8    Swaps and Enhancements  

Subject
to the terms of this Deed, the Trustee must, as trustee of a Fund, enter into any Interest Rate Swaps, Currency Swaps and Enhancements on such terms and with such counterparties as the Trust
Manager may require in writing, provided that if the Fund is a Rated Fund, the identity of the counterparty and the terms of the relevant Transaction Document must be such that each Designated Rating
Agency confirms that the entering into of such arrangements will not cause any credit rating assigned to any Bonds issued by the Trustee as trustee of that Rated Fund to be downgraded below the
Designated Rating, qualified or withdrawn. 

11.9    Swaps and Enhancements for Rated Funds  

The
Trustee, as trustee of a Rated Fund in respect of which Bonds have previously been issued, must not enter into or terminate any Interest Rate Swap, Currency Swap or Enhancement unless 

22

 

the
Trustee receives a direction from the Trust Manager to do so and a certificate from the Trust Manager that doing so: 

	(a)
	either
will not cause the rating of those Bonds by a Designated Rating Agency to be downgraded, or is necessary to avoid the rating of those Bonds being downgraded; and

	(b)
	is
in the best interests of the Creditors and Beneficiaries of that Rated Fund. 

11.10    Limitation of Trustee's Personal Liability  

Notwithstanding
any other provision of this Deed, the Trustee is not obliged to execute any document or incur any obligation as trustee of a Fund unless its personal liability under that document or
in respect of that obligation is limited in a manner consistent with clause 25.9. 

11.11    Moneys Payable to Trustee  

Subject
to this Deed, the Trust Manager must ensure that any agreement entered into by the Trustee as trustee of a Fund contains a provision to the effect that any moneys payable to the Trustee under
it must be paid to the Trustee, or to an account or Authorised Investment in the name of the Trustee. 

11.12    Segregation of Assets of a Fund  

Subject
to this Deed, the Trustee must: 

	(a)
	ensure
that no Assets of a Fund are mixed or co-mingled with the Assets of any other Fund, or with any assets or property of the Trustee or any other person; and

	(b)
	where
advised by the Trust Manager that it is appropriate to do so, apportion any Asset coming into the hands of the Trustee which belongs to one or more Fund, or of any liability
which relates to one or more Fund, in such manner as the Trust Manager certifies in writing is fair and reasonable. 

11.13    Assets of Funds  

The
Assets of a Fund are only available to meet liabilities incurred by the Trustee as trustee of that Fund, and are not available to meet any other liabilities of the Trustee (whether incurred
personally or as trustee of any other Fund). 

11.14    Liabilities of a Fund  

Subject
to clause 11.12, liabilities incurred by the Trustee as trustee of a Fund must not be: 

	(a)
	aggregated
with any liabilities of the Trustee, whether incurred personally or as trustee of any other Fund; or

	(b)
	set-off
against the Assets of any other Fund. 

11.15    Origination and Management of Mortgages  

All
Mortgages must be originated, managed and serviced in accordance with: 

	(a)
	the
Master Origination and Servicing Agreement; and

	(b)
	any
Interest Rate Swaps and Enhancements relating to those Mortgages. 

23

 

11.16    Trust Manager will act as Master Servicer  

If:

	(a)
	the
appointment of the Master Servicer is terminated under the Master Origination and Servicing Agreement; and

	(b)
	the
Master Servicer is not immediately replaced on the same or substantially the same terms, 

the
Trust Manager must with effect from the date the termination becomes effective assume the role of Master Servicer, upon the same terms and conditions as those binding on the Master Servicer under
the Master Servicing and Origination Agreement immediately prior to termination, until a replacement Master Servicer is appointed. 

11.17    Trust Manager's Power to Delegate  

The
Trust Manager may, in performing its obligations under this Deed: 

	(a)
	delegate
to any of its officers and employees all or any of the powers, authorities and discretions conferred on the Trust Manager by this Deed;

	(b)
	by
power of attorney:

	(i)
	appoint
any person to be its attorney or agent for such purpose and with such powers, authorities and discretions (not exceeding those vested in the Trust Manager) as the Trust
Manager thinks fit with or without power to sub-delegate, and also to authorise the issue in the name of the Trust Manager of documents bearing facsimile signatures of the Trust Manager or of the
attorney or agent either with or without proper manuscript signatures of their officers thereon; and

	(ii)
	insert
such provisions for the protection and convenience of those dealing with any such attorney or agent as the Trust Manager may think fit;

	(c)
	appoint
by writing or otherwise any person to be agent or sub-agent of the Trust Manager as the Trust Manager may think necessary or proper for such purposes and with such power,
authorities and discretions (not exceeding those vested in the Trust Manager) as the Trust Manager thinks fit and to supersede or suspend any such agent or sub-agent for such cause or reason as the
Trust Manager may in its sole discretion think sufficient with or without assigning any cause or reason and either absolutely or for such time as it may think proper; and

	(d)
	delegate
to another person approved by the Trustee, on terms approved by the Trustee, its obligations under this Deed with respect to the origination, management and servicing of
Mortgages. The Trustee must not unreasonably withhold or delay its approval in either case. 

11.18    Trust Manager  

The
Trust Manager is, subject to clause 10.4, liable for: 

	(a)
	the
acts or omissions of any officer, employee, attorney, agent, sub-delegate or sub-agent to whom any delegation is made under clause 11.17; and

	(b)
	the
fees and expenses of any such person. 

11.19    Professional Advisers  

The
Trust Manager may engage and pay reasonable expenses to any valuers, solicitors, barristers, accountants, surveyors, property advisers, real estate agents, contractors, qualified advisers, and 

24

  

such
other persons as may be necessary, usual or desirable for the purpose of enabling the Trust Manager to be fully and properly advised and informed, in order that it may properly exercise its
powers and perform its obligations under this Deed. 

12.    Additional obligations of Trust Manager and AMS  

12.1    General  

The
covenants in this clause 12 are for the benefit of the Trustee, each Beneficiary and each Bondholder. 

12.2    Additional Obligations  

The
Trust Manager must: 

	(a)
	(Act Honestly) act honestly and in good faith in the performance of its duties and in the exercise of its powers under this Deed;

	(b)
	(Prudently) exercise such diligence and prudence as a prudent man of business would exercise in performing its duties and exercising
its powers under this Deed, having regard to the interests of the Beneficiaries and the Bondholders;

	(c)
	(Conduct its Business Properly) use its best endeavours to carry on and conduct its business in so far as it relates to this Deed in a
proper and efficient manner;

	(d)
	(Make Available Records) make available to the Trustee for inspection all of the books and records of each Fund maintained by the Trust
Manager under this Deed and give to the Trustee such written or oral information as the Trustee reasonably requires with respect to all matters relating to the Funds;

	(e)
	(Pay Receipts) pay to the Trustee, within one Business Day of receipt, all money coming into its hand which is an Asset of a Fund;

	(f)
	(Not Co-mingle) ensure that any Assets of a Fund which it may come to hold from time to time are not mixed or co-mingled with any
Assets of any other Fund, or with any assets of the Trust Manager or any other person;

	(g)
	(Prepare Notices) prepare or cause to be prepared all notices, reports statements and the like which the Trustee is required to prepare
under any of the provisions of this Deed and deliver those notices and statements;

	(h)
	(Approval of Notices) submit to the Trustee all information memoranda, notices, reports, statements and the like to be given by the
Trust Manager to Bondholders, or prospective Bondholders, for the Trustee's consent prior to the issue of the same other than notices, reports, statements and information provided by the Trust Manager
to Bondholders on a periodic basis or on request by a Bondholder relating to the nature of the Authorised Investments comprised in the Assets of a Fund and the performance of those Authorised
Investments;

	(i)
	(Accuracy of Notices) ensure that all information memoranda, notices, reports, statements and the like given by the Trust Manager to
Bondholders or prospective Bondholders:

	(i)
	are
true in all material respects;

	(ii)
	are
not misleading or deceptive or likely to mislead or deceive; and

	(iii)
	comply
with the requirements of all applicable laws; 

25

 

	(j)
	(Copies of all notices) give to the Trustee a copy of all notices, reports and statements provided by the Trust Manager to Bondholders,
including those provided on a periodic basis or on request;

	(k)
	(Taxes) direct the Trustee to make all payments (as and when they fall due) out of a Fund for Taxes levied upon any Fund or upon the
Trustee in its capacity as trustee of any Fund;

	(l)
	(Monitor Transaction Documents) monitor and enforce the Transaction Documents and take all such steps as are necessary to ensure that
the Trustee complies with its obligations and obtains the benefits conferred on it by the Transaction Documents to which it is a party;

	(m)
	(Comply with Transaction Documents) comply with its obligations under all Transaction Documents to which it is a party; and

	(n)
	(Necessary Information) give to the Trustee all information, notices, certificates, consents, approvals and authorisations which it is
entitled or obliged to give under the Transaction Documents and which are necessary to enable the Trustee to comply with its obligations under the Transaction Documents. 

12.3    Trust Manager Cannot Bind Trustee Unless Authorised  

In
exercising its powers, authorities and discretions and performing its duties and obligations under this Deed, the Trust Manager has no power to bind the Trustee, otherwise than as expressly
provided in this Deed. 

12.4    Threshold Rate Obligation of AMS  

AMS
must: 

	(a)
	comply
with each Threshold Rate Obligation; and

	(b)
	without
limiting paragraph (a), in complying with each Threshold Rate Obligation, have regard to:

	(i)
	the
interests of the Beneficiaries of each Fund; and

	(ii)
	the
ability of the Beneficiaries of each Fund to comply with their respective obligations where such obligations are secured by a Security Interest over their respective entitlements
to receive distributions of income from the Funds. 

13.    Retirement of Trust Manager  

13.1    Removal  

The
Trustee may terminate the appointment of the Trust Manager under this Deed if: 

	(a)
	an
Event of Insolvency occurs in relation to the Trust Manager; or

	(b)
	a
Manager's Default has occurred and is continuing. 

13.2    Voluntary Retirement  

The
Trust Manager may, subject to clause 13.3, resign upon giving to the Trustee not less than 3 months' notice in writing (or such other period as the Trust Manager and the Trustee may agree) of its
intention to do so. 

26

 

13.3    No Resignation by Trust Manager Unless Successor Appointed  

The
Trust Manager must not resign under clause 13.2 unless: 

	(a)
	it
procures that, before the date on which that termination becomes effective, another person assumes all of the obligations of the Trust Manager under this Deed as its successor, and
executes such documents as the Trustee requires to become bound by this Deed, with effect from that date, as if it had originally been a party to this Deed as the Trust Manager; and

	(b)
	the
appointment of the successor Trust Manager under paragraph (a):

	(i)
	is
approved by the Trustee; and

	(ii)
	will
not cause the credit rating of any Bonds issued by the Trustee as trustee of any Fund to be downgraded below the Designated Rating for that Fund. 

13.4    Trustee Appoints Replacement Trust Manager  

On
termination of the appointment of the Trust Manager (the Outgoing Manager) under clause 13.1, the Trustee shall be entitled to appoint another person
to be the Trust Manager (the Incoming Manager) and until any such appointment is made, the Trustee shall, subject to this Deed and to any approval
required by law, act as Trust Manager and shall be entitled to the Manager's Fee. 

13.5    Terms of Appointment of Incoming Manager  

The
Trustee must ensure that the Incoming Manager executes such documents as the Trustee requires to assume with effect from the date its appointment becomes effective, all of the rights, powers,
discretions and obligations of the Trust Manager under this Deed and the Transaction Documents to which the Outgoing Manager is or was a party, as if the Incoming Manager had been originally a party
to this Deed and any such Transaction Documents as the Trust Manager. 

13.6    Effect of Termination of Outgoing Manager  

The
termination of the appointment of the Outgoing Manager under this clause 13 will not affect any of the rights, obligations or liabilities of the Outgoing Manager under this Deed or any Transaction
Document accrued or arising before such termination, or as a result of any act or thing occurring before such termination. 

13.7    Delivery of Documents  

The
Outgoing Manager must immediately upon termination of its appointment becoming effective deliver to the Trustee (or at its direction) the Data Base and all other books, documents, records and
property relating to the Funds. The Outgoing Manager is entitled to take, and keep copies of such books, documents and records. Each of the Trustee and the Incoming Manager must produce the originals
of such books, documents and records in its possession upon the giving of reasonable written notice by the Outgoing Manager. 

13.8    Notice to Security Trustee of Incoming Manager  

The
Trustee or the Incoming Manager must give notice to the Security Trustee (if any) as soon as practicable following the appointment of the Incoming Manager. 

27

 

14.    Trustee's powers  

14.1    General Power  

Subject
to the terms of this Deed, the Trustee has all of the rights, powers and discretions over and in respect of the Assets of the Funds which it could exercise if it were the absolute and
beneficial owner of such Assets. 

14.2    Specific Powers  

The
Trustee has the following powers: 

	(a)
	(Authorised Investments) to make, purchase, acquire, dispose of or otherwise deal with any Authorised Investment;

	(b)
	(Enforcement of Rights) to exercise or enforce its rights under or in respect of any of the Assets of any Fund;

	(c)
	(Fees and Expenses) to pay all Expenses of a Fund;

	(d)
	(Advisers) to engage, and to incur reasonable expenses in relation to, any valuers, solicitors, barristers, accountants, surveyors,
property advisers, real estate agents, contractors, qualified advisers, and such other persons as may be necessary, usual or desirable for the purpose of enabling the Trustee to be fully and properly
advised and informed, in order that it may properly exercise its powers and perform its obligations under this Deed;

	(e)
	(Proceedings) to institute, prosecute, defend, settle and compromise legal or administrative proceedings in respect of the Assets of
any Fund;

	(f)
	(Waivers) to give any waiver, time or indulgence to any person on such terms as it may in its discretion determine;

	(g)
	(Bonds) to borrow money by the issue of Bonds as provided in this Deed;

	(h)
	(Other Borrowings) to otherwise borrow or raise money or procure financial accommodation;

	(i)
	(Transaction Documents) to enter into and perform its obligations under any Transaction Documents;

	(j)
	(Insurance) to insure any Asset;

	(k)
	(Attend Meetings) to attend and vote at meetings; and

	(l)
	(Incidental Powers) to do all such things which the Trustee reasonably considers incidental to any of the previous powers or necessary
or convenient to be done for or in connection with any Fund or the Trustee's functions under this Deed. 

Each
of the above powers is a separate and independent power. None of them limits the others, or any other power of the Trustee under this Deed. 

14.3    Delegation to Related Bodies Corporate  

The
Trustee may, with the prior written consent of the Trust Manager from time to time by instrument in writing delagate to any Related Body Corporate of the Trustee which is a trustee company or
trustee corporation for the purposes of any of the following: 

	(a)
	the
Trustee Companies Act 1964 (New South Wales);

	(b)
	the
Trustee Companies Act 1984 (Victoria);

	(c)
	the
Trustee Companies Act 1968 (Queensland); 

28

 

	(d)
	the
Trustee Companies Act 1988 (South Australia);

	(e)
	the
Trustee Companies Act 1953 (Tasmania);

	(f)
	the
Trustee Companies Ordinance 1947 (Australian Capital Territory); or

	(g)
	the
Trustee Companies Act 1987 (Western Australia), 

the
exercise of its powers and the performance of its obligations under this Deed. 

14.4    Trustee's Power to Delegate; Appoint Attorneys and Agents  

The
Trustee may, in performing its obligations under this Deed: 

	(a)
	delegate
to any of its officers and employees all or any of the powers, authorities and discretions conferred on the Trustee by this Deed;

	(b)
	by
power of attorney:

	(i)
	appoint
any person to be its attorney or agent for such purpose and with such powers, authorities and discretions (not exceeding those vested in the Trustee) as the Trustee thinks fit
with or without power to sub-delegate, and also to authorise the issue in the name of the Trustee of documents bearing facsimile signatures of the Trustee or of the attorney or agent either with or
without proper manuscript signatures of their officers thereon; and

	(ii)
	insert
such provisions for the protection and convenience of those dealing with any such attorney or agent as the Trust Manager may think fit; and

	(c)
	appoint
by writing or otherwise any person to be agent or sub-agent of the Trustee as the Trustee may think necessary or proper for such purposes and with such power, authorities and
discretions (not exceeding those vested in the Trustee) as the Trustee thinks fit and to supersede or suspend any such agent or sub-agent for such cause or reason as the Trustee may in its sole
discretion think sufficient with or without assigning any cause or reason and either absolutely or for such time as it may think proper. 

14.5    Trustee Liable for Delegates  

The
Trustee is, notwithstanding any delegation under clause 14.3 or 14.4: 

	(a)
	subject
to clause 14.7, liable for any act or omission of any such delegate as if any such act or omission were its own; and

	(b)
	responsible
for payment of the remuneration, fees and expenses of any person appointed under this clause 14. 

14.6    Delegable and Non-Delegable Duties of Trustee  

The
Trustee must not delegate: 

	(a)
	the
receipt and payment of money (otherwise than in accordance with the Transaction Documents, or in the case of the purchase price, sale proceeds or other moneys payable or
receivable in respect of Authorised Investments to a solicitor, stockbroker or real estate agent); or

	(b)
	the
exercise of any right of enforcement under a Mortgage or Ancillary Document, otherwise than to the Master Servicer under the Master Origination and Servicing Agreement. 

29

 

14.7    Trustee Not Liable for Third Parties  

Except
as expressly provided in any Transaction Document, no failure by the Trustee to comply with its obligations under any Transaction Document will be considered to be the neglect, default or
breach of duty of the Trustee to the extent that that failure was caused or contributed to by any other party to that Transaction Document (having regard to the powers and duties conferred on the
Trustee by this Deed). 

15.    Trustee's covenants  

15.1    General  

The
covenants in this clause 15 are for the benefit of the Trust Manager, each Beneficiary and each Bondholder. 

15.2    To Act Continuously as Trustee  

The
Trustee must act continuously as trustee of each Fund until the earlier of: 

	(a)
	the
Vesting Date of the Fund; and

	(b)
	the
date on which Trustee retires or is removed from office, 

in
either case, in accordance with this Deed. 

15.3    To Act Honestly, Diligently and Prudently  

The
Trustee must: 

	(a)
	act
at all times in the best interests of the Beneficiaries and the Bondholders of each Fund;

	(b)
	act
honestly and in good faith in the performance of its duties and in the exercise of its discretions hereunder; and

	(c)
	exercise
such diligence and prudence as a prudent man of business would exercise in performing its functions and in exercising its powers and discretions and performing its
obligations under this Deed, having regard to the interests of the Beneficiaries and the Bondholders. 

15.4    No Dispositions of Assets  

Except
as provided in the Transaction Documents, the Trustee must not sell, mortgage, charge or otherwise encumber or part with possession of any Asset. 

15.5    Forward Notices etc. to Trust Manager and Bond Trustee  

The
Trustee must promptly forward to the Trust Manager and the Bond Trustee of each Fund all notices, reports, circulars and other documents received by it or on its behalf as trustee of that Fund. 

15.6    Trustee will Implement Trust Manager's Directions  

Subject
to this Deed and any other Transaction Document to which it is a party, the Trustee must act upon all directions given to it by the Trust Manager is accordance with this Deed. 

30

 

15.7    Custodian  

Unless
otherwise required by the terms of any Security Trust Deed, the Trustee must keep in safe custody all documents of title to or evidencing Assets. The Trustee may comply with this obligation by
holding Assets in any clearing or custody system approved by the Trust Manager and (if required) the relevant Security Trustee (if any). 

15.8    Perform Transaction Documents  

The
Trustee must comply with its obligations under all Transaction Documents to which it is a party. 

16.    Trustee's fees and expenses  

16.1    Trustee's Fee  

The
Trustee shall be entitled to deduct from each Fund such fee as is agreed in writing from time to time between the Trustee and the Trust Manager. The fees payable to the Trustee in respect of each
Fund must be determined on or before the first Issue Date for that Fund, and shall apply until the Vesting Date of that Fund. 

16.2    Manager's Fee  

The
Manager shall be entitled to be paid in respect of the performance of its duties as Trust Manager in relation to each Fund such fees as may from time to time be agreed between the Trustee, the
Trust Manager, each Beneficiary of that Fund, the relevant Bond Trustee (if there is a Bond Trust Deed for that Fund), the relevant Security Trustee (if there is a Security Trust Deed for that Fund)
and the relevant Designated Rating Agency (if that Fund is a Rated Fund). 

17.    Retirement of Trustee  

17.1    Mandatory Retirement  

	(a)
	If:

	(i)
	an
Event of Insolvency has occurred in relation to the Trustee;

	(ii)
	a
Trustee's Default has occurred and is continuing (except for a Trustee's Default constituted by a failure by the Trustee to pay any amount which it would, but for clause 25.9 or
any corresponding provision of any Transaction Document, have been liable to pay);

	(iii)
	there
is a change in the effective control of the Trustee; or

	(iv)
	the
Trustee rejects a Fund Creation Notice in accordance with clause 3.3, 

the
Trust Manager may, subject to paragraph (b), by notice in writing to the Trustee require the Trustee to retire as trustee of the Funds within such period as the Trust Manager may specify in the
notice. The Trustee must so retire within the period specified. 

	(b)
	The
Trust Manager may only give a notice pursuant to paragraph (a)(iv) above if it has been directed to do so by an Extraordinary Resolution. 

17.2    Trust Manager may Remove Trustee  

If
the Trustee does not retire within the period specified in a notice given under clause 17.1 the Trust Manager may by deed poll remove the Trustee from office as trustee of the Funds. 

31

 

17.3    Trust Manager Appoints Replacement  

On
the retirement or removal of the Trustee under clause 17.1 or 17.2, the Trust Manager must as soon as reasonably practicable appoint some other statutory trustee to be the Trustee of the Funds.
Until the appointment is completed the Trust Manager must act as Trustee. 

17.4    Voluntary Retirement  

The
Trustee may only voluntarily retire as trustee of the Funds if: 

	(a)
	the
Trustee gives to the Trust Manager not less than 3 months' (or such other period as the Trust Manager may agree) written notice of its intention to do so; and

	(b)
	the
Trustee selects as the new Trustee of the Funds a statutory trustee whose identity is acceptable to the Trust Manager (acting reasonably) and which enters into the documents
referred to in clause 17.7. 

17.5    Funds to be Vested in New Trustee  

Upon
retiring or being removed from office, the Trustee (the Outgoing Trustee) must execute all documents and do all things necessary to vest the Funds
or cause them to be vested, in the person appointed as the successor Trustee (the Incoming Trustee). 

17.6    Release of Outgoing Trustee  

Upon
retirement or removal, the Outgoing Trustee shall have no further obligations under this Deed, but retirement or removal will not affect any of the rights, obligations or liabilities of the
Outgoing Trustee accrued or arising before retirement or removal. 

17.7    Incoming Trustee to Execute Deed  

The
Incoming Trustee must execute all documents as the Trust Manager requires to: 

	(a)
	assume
with effect from the date its appointment becomes effective, all of the rights, powers, discretions and obligations of the Trustee under this Deed and the Transaction Documents
to which the Outgoing Trustee is or was a party or of which it had the benefit, as if the Incoming Trustee had originally been a party to, or had had the benefit of this Deed and any such Transaction
Document as the Trustee; and

	(b)
	indemnify
the Outgoing Trustee for all liabilities of the Outgoing Trustee under or in respect of the Bonds issued by the Outgoing Trustee which mature on or after the date of the
retirement or removal of the Outgoing Trustee, and for all other liabilities and expenses incurred by the Outgoing Trustee for which it is entitled to be indemnified out of the Funds and which have
not been recouped by it, provided that the liability of the Incoming Trustee under such indemnity shall be limited to the same extent provided for in clause 25.9 and any payment shall rank in the same
priority pursuant to clause 25.9 as the corresponding liability for which the Outgoing Trustee claims such indemnification. 

17.8    Trust Manager and Outgoing Trustee to Settle Amounts Payable  

The
Trust Manager may: 

	(a)
	settle
with the Outgoing Trustee the amount of any sums payable by the Outgoing Trustee to the Trust Manager or the Incoming Trustee, or by the Trust Manager to the Outgoing Trustee
under this Deed; and

	(b)
	give
or accept from the Outgoing Trustee a discharge in respect thereof. 

32

 

Any
such settlement or discharge shall (except in the case of any fraud, negligence or wilful default on the part of the Outgoing Trustee or its officers, employees, agents and delegates) be
conclusive and binding upon all persons. 

17.9    Outgoing Trustee to Retain Lien  

Notwithstanding
the retirement or removal of the Outgoing Trustee and the indemnity in favour of the Outgoing Trustee by the Incoming Trustee as contemplated by clause 17.7, the Outgoing Trustee will
retain a lien over each Fund to meet claims of any Creditors of the Outgoing Trustee as trustee of the Fund, to the extent that the claims of those Creditors are not properly and duly satisfied by the
Incoming Trustee. 

17.10    Delivery of Documents  

The
Outgoing Trustee must immediately upon termination of its appointment becoming effective deliver to the Incoming Trustee (or at its direction) the Data Base and all other books, documents, records
and property relating to the Funds under its control. The Outgoing Trustee is entitled to take, and keep copies of such books, documents and records. Each of the Trust Manager and the Incoming Trustee
must produce the originals of such books, documents and records in its possession upon the giving of reasonable written notice by the Outgoing Trustee. 

17.11    Notice to Security Trustee of New Trustee  

The
Incoming Trustee or the Trust Manager must give notice to the Security Trustee (if any) as soon as practicable following the appointment of the Incoming Trustee. 

18.    Trust accounts  

18.1    Opening of Trust Accounts  

The
Trustee: 

	(a)
	must,
as directed by the Trust Manager, open a separate account with a Bank in respect of each Fund. Each such account must:

	(i)
	be
opened in the name of the Trustee;

	(ii)
	bear
a designation indicating the Fund to which it relates; and

	(iii)
	in
the case of a Rated Fund, be maintained with a Bank whose debt obligations are rated at all relevant times by the Designated Rating Agency, not lower than the Designated Rating;
and

	(b)
	may
open such additional accounts with a Bank in respect of a Fund as the Trust Manager may direct. 

18.2    Location of Trust Accounts  

	(a)
	Unless
otherwise directed in writing by the Trust Manager, the principal Trust Account of each Fund must be opened and maintained at a branch of a Bank in New South Wales.

	(b)
	If
directed to do so by the Trust Manager, the Trustee must open Trust Accounts with a branch of a Bank outside New South Wales provided that the Trustee enters into arrangements with
the relevant Bank so that as soon as practicable after the receipt of moneys to the credit of any such account, such moneys are to be transferred to the credit of the principal Trust Account of the
relevant Fund. 

33

 

18.3    Authorised Signatories  

The
Trustee must ensure that the only authorised signatories for any Trust Account are officers or employees of the Trustee. 

18.4    Bank Statements and Account Information  

	(a)
	The
Trustee must give to the Trust Manager (and any other person from time to time specified by the Trust Manager):

	(i)
	copies
of all statements for a Trust Account promptly following receipt of the same by the Trustee; and

	(ii)
	such
explanations and reconciliations as to any such statements as may from time to time reasonably be required by the Trust Manager (or such other person).

	(b)
	The
Trustee authorises the Trust Manager to obtain statements and information in relation to each Trust Account direct from the Bank at which it is held. 

18.5    Deposits  

Subject
to this Deed, the Trustee must pay into the Trust Account of a Fund the following moneys: 

	(a)
	subject
to clause 6.8(b) and (d), the Issue Proceeds of each Issue by the Trustee as trustee of that Fund;

	(b)
	all
proceeds of sale and other moneys received under or in respect of the Authorised Investments of that Fund;

	(c)
	all
money received under or in respect of any Transaction Documents entered into by the Trustee in its capacity as trustee of that Fund; and

	(d)
	all
other moneys received by the Trustee in respect of that Fund. 

18.6    Withdrawals  

Subject
to this Deed, the Trustee may withdraw funds from a Trust Account and apply them in: 

	(a)
	settling
or purchasing Authorised Investments in accordance with this Deed and making payments required in connection with the holding of Authorised Investments;

	(b)
	making
payments to the Bondholders or the Beneficiaries of that Fund;

	(c)
	paying
amounts payable by the Trustee under any Transaction Documents entered into by the Trustee in its capacity as trustee of that Fund; and

	(d)
	paying
Expenses of that Fund. 

18.7    Central Clearing Account  

The
Trustee, as trustee of a number of Funds, may maintain an account with a Bank as a clearing account for the receipt of money comprising Assets of those Funds generally, provided that as soon as
practicable after the receipt of money to the clearing account and the identification of the Fund to which the money relates, the Trustee must ensure that the Bank credits that money to the Trust
Account for that Fund. The Trustee may mix or co-mingle the Assets of one Fund with the Assets of another Fund in accordance with this clause. 

34

   19.    Auditors  

19.1    Appointment of Auditor  

The
Trustee must appoint an auditor of each Fund within one month of the creation of that Fund pursuant to this Deed. The auditor must be a firm of chartered accountants some of whose members are
Registered Company Auditors. 

19.2    Removal and Retirement of Auditor  

	(a)
	The
Trustee may from time to time remove an Auditor.

	(b)
	An
Auditor may retire at any time upon giving one months' written notice (or such shorter period as the Trustee may agree) to the Trustee of its intention to so retire. 

19.3    Appointment of Replacement Auditor  

Any
vacancy in the office of an Auditor occurring under clause 19.2 must be filled by the Trustee appointing as auditor a firm of chartered accountants some of whose members are Registered Company
Auditors. 

19.4    Auditor may have other Offices  

An
Auditor may also be the auditor of the Trustee, the Trust Manager, a Related Body Corporate of the Trustee or the Trust Manager or of any other Fund but a member of the firm appointed as an Auditor
may not be an officer, a partner of an officer or an employee of the Trustee, the Trust Manager or a Related Body Corporate of the Trustee or the Trust Manager. 

20.    Records and Financial Statements  

	(a)
	The
Trust Manager must keep accounting and other records which correctly record and explain the Assets and financial position of each Fund, and all transactions entered into by the
Trustee as trustee of each Fund, in a manner which will enable the preparation from time to time of true and fair Financial Statements of each Fund and the auditing of those Financial Statements.

	(b)
	The
Trust Manager must make all accounting records available to the Trustee and the Bond Trustee of the relevant Fund for inspection at all reasonable times without charge.

	(c)
	All
Financial Statements must be prepared in accordance with Approved Accounting Standards.

	(d)
	The
Trust Manager must deliver to the Trustee, the Security Trustee and the Bond Trustee of each Fund not later than three months after the end of each Financial Year of that Fund,
the Financial Statements of that Fund for that Financial Year, duly audited by the Auditor.

	(e)
	The
Trust Manager must ensure that the Financial Statements of each Fund are audited by the Auditor as at the end of each Financial Year.

	(f)
	The
Trust Manager must ensure that all necessary tax returns for each Fund are prepared and lodged within any applicable time limits. 

35

 

21.    Payments from funds and termination  

21.1    Order of Payment of Income of Funds  

Subject
to the terms of any Transaction Document relating to a Fund (which prevail over this clause 21.1 in the event of any inconsistency) all income of a Fund must be applied in the following order. 

	(a)
	first,
in payment of, or in allowance for, all Taxes in respect of the Fund;

	(b)
	secondly,
in payment of, or allowance for any Expenses (other than Manager's Fees) due or which may become due in respect of that Fund;

	(c)
	thirdly,
in payment to the Bondholders (if any) in respect of the Fund of their respective Interest Entitlements on each Interest Payment Date;

	(d)
	fourthly,
in payment of the Manager's Fee; and

	(e)
	fifthly,
subject to clause 21.4, in payment to the Beneficiaries of that Fund, in accordance with their respective entitlements to the income of that Fund. 

21.2    Order of Payment of Capital of Funds  

Subject
to the terms of any Transaction Document relating to a Fund, (which prevail over this clause 21.2 in the event of any inconsistency) the capital of a Fund must be applied in the following
order: 

	(a)
	first,
in payment of, or in allowance for, all Taxes in respect of the Fund to the extent that the same has not been satisfied from the income of the Fund;

	(b)
	secondly,
in payment of, or in allowance for any Expenses (other than Manager's Fees) due or which may become due, to the extent that the same cannot be satisfied from the income of
the Fund;

	(c)
	thirdly,
in payment to the Bondholders (if any) of the Fund of the Amortisation Amounts payable to them on each Amortisation Date;

	(d)
	fourthly,
in payment of the Manager's Fee; and

	(e)
	fifthly,
subject to clause 21.4, on the termination of the Fund, in payment of the balance to the Beneficiaries of that Fund, in accordance with their respective entitlements to the
capital of that Fund. 

21.3    Distribution of Income  

Subject
to clause 21.4 and the terms of any Transaction Document relating to a Fund, the Trustee must, if directed to do so by the Trust Manager, make distributions of income of a Fund to the
Beneficiaries of that Fund on the Income Distribution Dates (if any) for that Fund, in accordance with their respective entitlements to the income of that Fund. 

21.4    Subordination of Beneficiaries' Entitlements  

Subject
to the terms of any Transaction Document between the Trustee (as trustee of a Fund), the Trust Manager and each Beneficiary of that Fund, no income of that Fund for a Financial Year may be
paid to the Beneficiaries of that Fund in accordance with their respective entitlements under clause 21.3 unless: 

	(a)
	all
Expenses of or relating to that Fund and all amounts payable to Bondholders of that Fund have been paid; 

36

 

	(b)
	all
other amounts which are, under the terms of any relevant Transaction Document, required to be paid in priority to amounts payable to the Beneficiaries in respect of such income
have been paid; and

	(c)
	sufficient
provision has been made for the amounts referred to in paragraphs (b) and (c) in respect of that Financial Year. 

21.5    Income of the Fund  

For
each Financial Year in respect of a Fund the Trust Manager will ascertain the following on behalf of the Trustee: 

	(a)
	the
net income of that Fund in accordance with section 95(1) of the Taxation Act (the Tax Income); and

	(b)
	the
net income of that Fund in accordance with conventional accounting principles applicable to the administration of trusts (the Accounting
Income). 

21.6    Income Entitlement  

Notwithstanding
anything to the contrary contained in this Deed: 

	(a)
	(Present entitlement) the Beneficiaries of each Fund shall, as at the end of each Financial Year for that Fund, have an absolute vested
interest in, and be presently entitled to, the income of that Fund for that Financial Year in accordance with their respective entitlements; and

	(b)
	(Application of Income) unless the Trustee otherwise determines, having regard to any relevant taxation or other implications for the
Trustee (disregarding for these purposes any possible operation of clause 21.7) for any Financial Year for that Fund, for the purposes of paying, applying, distributing, setting aside or allocating
any income in respect of that Financial Year for the benefit of the Beneficiaries in accordance with the terms of this Deed, the income that is to be so paid, applied, distributed, set aside or
allocated shall be whichever is the greater of the Tax Income or the Accounting Income for that Financial Year. 

21.7    Distribution of excess Tax Income  

For
the avoidance of doubt, in the event that the Tax Income of a Fund exceeds the Accounting Income of that Fund in any Financial Year then, notwithstanding anything to the contrary in this Deed, the
Trust Manager must direct the Trustee to, and the Trustee shall, so far as possible, ensure that such excess is allocated to the Beneficiaries of that Fund in accordance with their respective
entitlements (as confirmed by the Trust Manager to the Trustee), and shall take such action as is reasonably necessary to give effect to this clause. 

21.8    Payments to Beneficiaries  

	(a)
	(Distributable Income due as at close of Financial Year) The income of a Fund for a Financial Year (to the extent not previously
distributed) shall, subject to clause 21.10, constitute a debt due as at the end of that Financial Year by the Trustee as trustee of the Fund to each Beneficiary of that Fund who is entitled to the
income under clause 21.6(a) and shall, subject to clause 21.10, be payable under paragraph (b).

	(b)
	(Payment) Subject to clause 21.10, the Trustee may, on the instructions of the Trust Manager, make interim distributions of the income
of a Fund to the relevant Beneficiaries in accordance with their respective entitlements and shall as soon as practicable after the end of a Financial 

37

 

Year
pay the income of that Fund (to the extent not previously distributed) to the Beneficiaries of that Fund in accordance with their respective entitlements. 

21.9    Application of Fund Income  

	(a)
	If
by the last of any Financial Year for a Fund (the Last Day) the Trustee has not effectively dealt with the whole of the income of
that Fund for that Financial Year by paying, applying or distributing it, or by setting it aside, then the income not so paid, applied, distributed or set aside shall be deemed to have been
irrevocably applied and set aside on the Last Day by the Trustee on behalf of, and shall be held by the Trustee on and from the Last Day upon trust absolutely for, the Beneficiaries of that Fund in
accordance with their respective entitlements to income (including, for these purposes, the allocation of excess Tax Income (if any) pursuant to clause 21.7).

	(b)
	If
the Trustee fails to effectively allocate any excess to a Beneficiary in accordance with clause 21.7, then such excess shall vest or be deemed to be vested in that Beneficiary.

	(c)
	For
the purposes of this clause 21.9, references to income of that Fund for any Financial Year shall be to the greater of the Tax Income or the Accounting Income for that Fund for
that Financial Year. 

21.10    Application of Beneficiaries' Entitlements  

	(a)
	To
the extent that there is an amount payable referred to in clause 21.4 which is to be paid in priority to the amounts payable to a Beneficiary of a Fund, that Beneficiary directs
the Trustee to meet that amount as an application of that Beneficiary's entitlement to the income of that Fund.

	(b)
	Notwithstanding
paragraph (a) of this clause, once an amount is paid out of a Fund to a Beneficiary during a Financial Year, that amount may not be recovered from that Beneficiary for
any reason or by any person except to the extent that the amount was paid in error. 

21.11    Trust Manager to ensure compliance by Trustee  

Without
limiting its other obligations under this Deed, the Trust Manager, in exercising its powers and carrying out its duties in accordance with this Deed, must, to the extent possible, ensure that
the Trustee complies with its obligations under this clause 21. 

21.12    Distribution on Vesting Date  

The
Trustee must as soon as practicable following the Vesting Date for a Fund: 

	(a)
	sell
or convert into cash:

	(i)
	all
of the Assets of the Fund; or

	(ii)
	if
the Vesting Date occurs following the giving by a Warehouse Beneficiary of a notice under clause 9.2 requiring transfer in specie, and subject to the terms of any relevant
Warehouse Funding Agreement, so much of the assets of the relevant Warehouse Fund as are necessary to enable it to discharge in full, or make full provision for:

	(A)
	all
Taxes which are or may become payable in respect of that Warehouse Fund;

	(B)
	all
Expenses incurred but not previously paid of that Warehouse Fund;

	(C)
	all
other amounts which are or may become payable by it to Creditors of that Fund; and 

38

 

	(D)
	all
amounts in respect of which it is entitled to be reimbursed or indemnified under this Deed;

	(b)
	apply
the proceeds of sale or conversion in the manner and order set out in clauses 21.1 and 21.2; and

	(c)
	transfer
the balance of that Fund to the Beneficiaries of that Fund, in accordance with their respective entitlements, either in cash or, if the Vesting Date occurs following the
giving of notice by a Warehouse Beneficiary under clause 9.2 and that notice requires the transfer in specie, in specie. 

22.    The register  

Intentionally
blank. 

23.    Meetings of Bondholders  

The
convening, holding of, and conduct of meetings of Bondholders, and the exercise of voting rights and the passing of resolutions at those meetings are governed by the provisions of the relevant
Bond Trust Deed (if any). 

24.    Payments generally  

24.1    Payments to Beneficiaries  

Any
moneys payable by the Trustee to a Beneficiary under this Deed may be paid by: 

	(a)
	a
"not negotiable" cheque in favour of the Beneficiary despatched by post to the address of the Beneficiary for the purposes of clause 26.1; or

	(b)
	at
the option of the Beneficiary by direct transfer to a designated bank account in Australia of the Beneficiary. 

24.2    Payments to Bondholders  

Any
moneys payable by the Trustee to a Bondholder under this Deed shall be made in accordance with the Bond Terms, the relevant Bond Trust Deed (if any), the relevant Security Trust Deed (if any) and
the relevant Paying Agency Agreement. 

24.3    Payments Good Discharge  

Every
payment made in accordance with clause 24.1 or 24.2 shall be in full satisfaction of the moneys payable and shall be a good discharge to the Trustee and to the Trust Manager. Neither the Trustee
nor the Trust Manager is responsible for any moneys which are not credited to the bank account of a Beneficiary if the Bank at which the Trust Account from which the payment is made is held has been
instructed to effect the direct transfer referred to in clause 24.1(b). 

24.4    Valid Receipts  

The
receipt of the Trustee for any moneys shall discharge the person paying the same from all liability to make any further enquiry in relation thereto. Every such receipt shall as to the moneys paid
or expressed to be received in such receipt, effectually discharge the person paying such moneys from such liability or enquiry and from being concerned to see to the application or being answerable
or accountable for any loss or misapplication of such moneys. 

39

 

25.    Trustee's and Trust Manager's powers, liability and indemnity generally  

25.1    Powers Additional  

The
following provisions of this clause 25 are in addition to any rights or powers conferred on the Trustee or the Trust Manager at law or in equity. Each of them is to be construed separately and
except where expressly stated, none of them limits the others. 

25.2    Reliance on Certificates  

Subject
to clause 25.4, neither the Trustee nor the Trust Manager shall incur any liability in respect of any action taken or thing suffered by it in reliance upon any document (including, for
example, any notice, resolution, direction, consent, certificate, receipt or statement) given to or served on it for the purposes of or pursuant to this Deed which it reasonably believes to be
genuine, and to be signed by persons authorised to do so and having power to bind the person on whose behalf the document is or purports to be given. 

In
preparing any such document each of the Trustee and the Trust Manager is entitled to assume that each person under any Authorised Investment, other Transaction Document or any other deed, agreement
or arrangement has performed or will perform their obligations thereunder in full by the due date and otherwise in accordance with the terms thereof, unless the Trustee or the Trust Manager has notice
to the contrary. 

25.3    No Liability  

If
either the Trustee or the Trust Manager incurs any liability to any person as a consequence of having relied, in accordance with clause 25.2, upon a document which was forged or does not bind the
person on whose behalf it was purportedly given, the Trustee or the Trust Manager (as the case may be) is entitled to reimbursement for the amount of such loss from the relevant Fund. 

25.4    Notices from Trustee and Trust Manager  

Whenever
any document or communication is to be given by the Trust Manager or the Trustee to the other of them, the recipient may accept as sufficient a document which it reasonably believes to be
signed on behalf of the giver by any two Authorised Signatories of the giver of the notice. The recipient of the notice is not responsible for any loss arising from any act, neglect, mistake or
discrepancy of the giver of the notice or any officer, employee, agent or delegate of the giver of the notice in preparing any such document or in compiling, verifying or calculating any matter or
information contained in any such document, whether or not an error in any such information, document, form or list is reproduced by the recipient in any step taken by it under this Deed. 

25.5    Compliance with Laws  

The
Trustee and the Trust Manager shall not incur any liability to anyone in respect of any failure to perform or to do any act or thing which the Trustee or the Trust Manager is prohibited from doing
by any applicable law (or any ordinance, rule, regulation or by-law made pursuant thereto) or by any order or judgment of any competent court or other tribunal. 

25.6    Reliance on Experts  

Each
of the Trustee and the Trust Manager: 

	(a)
	may
act upon the opinion or advice of, or information obtained from the Trust Manager (in the case of the Trustee only), the Trustee (in the case of the Trust Manager only) the Master
Servicer or any barristers, solicitors, bankers, accountants, brokers, valuers and other 

40

 

professional
advisers (whether instructed by the Trustee, the Trust Manager or the Master Servicer) believed by it in good faith to be expert and properly informed in relation to the matters upon
which they are consulted; and 

	(b)
	is
not liable for anything done or suffered by it in good faith in reliance upon such opinion, advice or information. 

25.7    Powers, Authorities and Discretions  

Except
as otherwise expressly provided in this Deed, neither the Trustee nor the Trust Manager is liable for any loss (whether consequential or otherwise), costs or damages resulting from the exercise
of (or failure to exercise) its rights, powers or discretions or the performance of (or failure to perform) its obligations under this Deed, except where such losses, costs or damages are caused by
the fraud, negligence or wilful default of the Trustee or the Trust Manager (as the case may be). 

25.8    Legal and Other Proceedings  

	(a)
	(Indemnity for legal costs) Subject to paragraph (b), the Trustee and the Trust Manager are entitled to be indemnified out of a Fund,
and the Trustee may pay from the Fund all reasonable legal costs and disbursements and all other cost, disbursements, outgoings and expenses incurred by the Trustee or the Trust Manager in connection
with:

	(i)
	properly
enforcing or preparing for the enforcement of, or properly preserving its rights under; and

	(ii)
	the
proper initiation, defence, carriage and settlement of any action, suit, proceeding or dispute in respect of, 

this
Deed or any other Transaction Document or otherwise under or in respect of that Fund. 

	(b)
	Nothing
in paragraph (a) affects:

	(i)
	any
obligation of the Trustee to restore the Assets of any Fund because of a failure by the Trustee to exercise in relation to the Fund the degree of care, diligence and prudence
required of a trustee or because of some other neglect, default or breach of duty by the Trustee, having regard to the powers and duties conferred on the Trustee by this Deed; or

	(ii)
	any
remedy which the Trustee, any Bondholder or any Beneficiary may have against the Trust Manager under any Transaction Document. 

25.9    Liability of Trustee under Transaction Documents  

	(a)
	The
Trustee has no personal liability in relation to any of its obligations under or arising out of this Deed or any of the Transaction Documents entered into in its capacity as
trustee of a Fund.

	(b)
	In
relation to each such obligation, the liability of the Trustee is limited to and does not extend beyond the Assets of the relevant Fund as they stand at the time at which the
obligation is met or satisfied.

	(c)
	The
Trustee is not liable to meet or satisfy any such obligation from its own assets (except the Trustee's Indemnity) and each such obligation must be met or satisfied from the
relevant Fund or the Trustee's Indemnity.

	(d)
	The
preceding paragraphs apply notwithstanding the fact that the liabilities of the Trustee in its capacity as the trustee of a Fund may from time to time and at any time almost
equal, equal or exceed the value of the Assets of that Fund at the relevant time. 

41

 

	(e)
	The
previous paragraphs of this clause 25.9 do not apply to the liability of the Trustee in relation to any obligation which in any Transaction Document the Trustee expressly assumes
in its personal capacity.

	(f)
	It
is acknowledged by the Trustee that the Assets of each Fund at any time will include the amount of any compensation found by a Final judgment (or admitted by the Trustee) to be
payable by the Trustee to restore that Fund because of a failure by the Trustee to exercise in relation to the Fund the degree of care, diligence and prudence required of a trustee or because of some
other neglect, default or breach of duty by the Trustee having regard to the powers and duties conferred on the Trustee by this Deed, in either case occurring before the time in question and causing
loss to the Fund quantified before the time in question.

	(g)
	For
the purposes of this clause 25.9, Final Judgment means a judgment of a court of law in Australia against which there can be no
appeal or in relation to which the time to appeal has expired. 

25.10    Trustee's Indemnity not be impaired  

	(a)
	The
Trustee is indemnified out of the Assets of each Fund against all liabilities, losses, costs and expenses incurred by the Trustee in performing any of its duties or exercising any
of its powers in relation to that Fund pursuant to this Deed or the relevant Transaction Documents.

	(b)
	This
indemnity given in paragraph (a) will not be voided and will apply to permit payment of any liability of the Trustee to Creditors of a Fund notwithstanding any failure by the
Trustee to exercise the degree of care, diligence and prudence required of a trustee or neglect, default or breach of duty by the Trustee having regard to the powers, authorities and discretions
conferred on the Trustee by this Deed, including where the failure or the negligence, default or breach of duty involved, on the part of the Trustee, dishonesty of any wilful act or omission known by
the Trustee to be a breach of trust.

	(c)
	If
the Trustee fails to exercise the degree of care, diligence and prudence required of a trustee or there occurs any other neglect, default or breach of duty by the Trustee having
regard to the powers, authorities and discretions conferred on the Trustee by this Deed:

	(i)
	the
Trustee may not receive, hold the proceeds or otherwise have the benefit of the indemnity given in paragraph (a) otherwise than on behalf of and on trust for the Creditors of the
relevant Fund; and

	(ii)
	the
Trustee may only be indemnified to the extent necessary to allow it to discharge its liabilities to those Creditors.

	(d)
	Nothing
in this clause 25.10 is to be taken:

	(i)
	as
imposing any restriction upon any right which any person may have to bring an action against the Trustee for loss or damage suffered by reason of the Trustee's failure to exercise
the degree of care, diligence and prudence required of a trustee or any other neglect, default or breach of duty by the Trustee having regard to the powers, authorities and discretions conferred on
the Trustee by this Deed; or

	(ii)
	as
conferring upon the Trustee a right to be indemnified out of the Fund against any loss the Trustee (in its personal capacity) suffers in consequence of an action brought against
it by reason of the Trustee's failure to exercise the degree of care, diligence and prudence required of a trustee or any other neglect, default or breach of duty by the Trustee having regard to the
powers, authorities and discretions conferred on the Trustee by this Deed. 

42

 

25.11    Trust Manager's Right of Indemnity  

The
Trust Manager is entitled to be indemnified out of the relevant Fund in respect of any liability, cost or expense properly incurred by it in its capacity as manager of the relevant Fund or so
incurred by any of its delegates, sub-delegates or agents. 

25.12    Conflicts  

Without
limiting clause 15.3, nothing in this Deed prevents the Trustee, the Trust Manager or any Related Body Corporate or Associate (as defined in Part 1.2, Division 2 of the Corporations Act) of
either of them (all being included in this clause in references to the Trustee and the Trust Manager) from: 

	(a)
	subscribing
for, buying or selling Bonds;

	(b)
	in
the ordinary course of its business contracting or acting in any capacity as representative or agent or otherwise or entering into any financial, banking, development, insurance,
agency, broking or other transaction with the Trustee as trustee of any Fund or any other trust, or in its personal capacity;

	(c)
	providing
any advice or services to the Trustee as trustee of any Fund; or

	(d)
	being
interested in any such contract or transaction. 

The
Trustee and the Trust Manager shall not be in any way liable to account to any Bondholder, any Beneficiary or any other person for any profits or benefits made or derived from or in connection
with any such transaction. 

25.13    Consumer Credit Code  

	(a)
	The
Trust Manager, the Master Servicer and the Trustee agree:

	(i)
	without
limiting any other provision of this Deed and subject to paragraph (b) below, the Master Servicer shall indemnify the Trustee, free of any set-off or counterclaim, against all
Penalty Payments which the Trustee is required to pay personally or in its capacity as trustee of a Fund and arising in connection with the performance of its duties or exercise of its powers under
this Deed in relation to that Fund; 

43

  

	(ii)
	the
Master Servicer shall be nominated credit provider for the purposes of section 75 of the Consumer Credit Regulations (Western Australia) for the purposes of all Regulated Loans
and Regulated Mortgages; and

	(iii)
	the
Master Servicer must, subject to paragraph (b), pay to the Trustee on demand any amount which the Trustee may recover from the Master Servicer under section 75 of the Consumer
Credit Regulations (Western Australia) by virtue of the Master Servicer being the nominated credit provider.

	(b)
	If
the Trustee makes a Penalty Payment, the Trustee shall have no right to recover the amount of that Penalty Payment from the Master Servicer if that Penalty Payment was made as a
result of:

	(i)
	the
Trustee's failure to exercise the degree of care, diligence and prudence required of a trustee; or

	(ii)
	any
other neglect, default or breach of duty by the Trustee, 

in
either case, having regard to the powers, authorities and discretions conferred on the Trustee by this Deed. 

	(c)
	For
the avoidance of doubt, but subject to paragraph (d), clause 25.10 applies to a Penalty Payment.

	(d)
	If
the Trustee has made, is obliged to make or intends to make a Penalty Payment, and is, or claims to be, entitled to recover the amount of that Penalty Payment from the Master
Servicer under paragraph (a), the Trustee may not exercise the right of indemnity conferred by clause 25.10 in respect of that Penalty Payment unless:

	(i)
	it
has made demand on the Master Servicer for recovery of that Penalty Payment under paragraph (a); and

	(ii)
	the
Master Servicer has failed to pay the amount of that Penalty Payment to the Trustee within 10 Business Days after that demand. 

26.    Notices  

26.1    Notices Generally  

Subject
to clause 26.2, every Notice: 

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

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

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

	(ii)
	posted
by prepaid registered post to such address; or

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

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

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

	(i)
	(in
the case of prepaid registered post) within 2 Business Days after posting; 

44

 

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

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

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

The Trustee

35 Clarence Street

Sydney NSW 2000

By fax: (02) 8295 8675

Attention: Senior Manager Securitisation 

The Trust Manager

Level 6

12 Castlereagh Street

SYDNEY NSW 2000

By fax: (02) 9225 0864

Attention: Manager, Operations 

A Beneficiary

The
address or fax number specified in the relevant Fund Creation Notice or as otherwise notified by the Beneficiary to the Trust Manager from time to time. 

26.2    Notices to Bondholders  

A
Notice by the Trustee or the Trust Manager to Bondholders shall be deemed to be duly given or made if given or made in accordance with the Bond Terms and the Bond Trust Deed (if any). 

26.3    Notices to Designated Rating Agencies  

The
Trust Manager must provide a copy of each Notice to Bondholders in a Rated Fund to each Designated Rating Agency for that Fund as from time to time agreed in writing with that Rating Agency. 

27.    Amendment  

27.1    Amendment by Trustee  

Subject
to clause 27.2, the Trustee and the Trust Manager may by way of supplemental deed vary or amend this Deed (including this clause) in respect of any one or more Funds so long as such variation
or amendment is: 

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

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

	(c)
	in
the opinion of the Trustee, is:

	(i)
	required
by; or

	(ii)
	a
consequence of; or

	(iii)
	consistent
with; or 

45

 

	(iv)
	appropriate,
expedient or desirable for any reason as a consequence of, 

the
introduction or imposition of, or any amendment or alteration to, any statute, regulation or requirement of any Governmental Body or any decision by any court (including, without limitation, the
introduction or imposition of any Tax, any amendment to any regulation imposing a Tax, the issue of or amendment to any ruling by the Commissioner or Deputy Commissioner of Taxation or the issue of
any government announcement or statement or the handing down of any decision by any court that has or may have the effect of altering the manner or basis of taxation of trusts generally or of trusts
similar to any of the Funds); 

	(d)
	to
apply only in respect of a Fund not yet constituted;

	(e)
	necessary
to ensure that this Deed is not required to be registered with or approved by any Government Body in any Australian Jurisdiction;

	(f)
	in
the reasonable opinion of the Trustee not prejudicial to the interests of the Bondholders or Beneficiaries in respect of any Fund previously constituted (in the case of a variation
or amendment affecting that Fund); or

	(g)
	approved
by an Extraordinary Resolution and by the Beneficiaries of any Fund to which the alteration, addition or modification applies. 

27.2    Certain Provisions Not to be Varied  

The
Trustee may not vary or amend clause 21, clause 27.1 or this clause 27.2 in so far as they relate to Funds previously constituted (except pursuant to paragraphs (a), (b) or (c) of clause 27.1),
without the unanimous consent of all Bondholders and all Beneficiaries of that Fund. 

27.3    Copy of Amendments to Bondholders  

The
Trust Manager must upon request by a Bondholder, provide the Bondholder with a copy of the supplemental deed effecting any variation or amendment to this Deed. 

27.4    Copy of Amendments in Advance to Designated Rating Agencies  

The
Trust Manager must provide a copy of a proposed variation or amendment to this Deed insofar as it applies to a Rated Fund to each Designated Rating Agency for the Rated Fund at least 5 Business
Days (or such other period as may from time to time be agreed by the Trust Manager with the Designated Rating Agency) prior to the same taking effect. 

28.    Miscellaneous  

28.1    Data Base Confidential  

Each
of the Trustee, the Trust Manager and the Master Servicer must keep the Data Base confidential in so far as the same is held by it and shall not disclose the same to any other person (including
any of its Related Bodies Corporate) except: 

	(a)
	as
permitted or required by any Transaction Document or necessary for any party to a Transaction Document (including the Trustee, the Trust Manager and the Master Servicer) to perform
its respective duties and obligations thereunder;

	(b)
	as
required for the enforcement or attempted enforcement of any Transaction Document;

	(c)
	to
any professional adviser, delegate, agent or sub-agent of the Trustee, the Trust Manager or the Master Servicer under a power contained in a Transaction Document; 

46

 

	(d)
	to
the officers, employees and directors of the Trustee, the Trust Manager or the Master Servicer made in the performance by the Trustee, the Trust Manager or the Master Servicer
respectively of its duties and obligations under the Transaction Documents or at law;

	(e)
	to
the Auditor of any Fund or as required by the Auditor of any Fund;

	(f)
	as
required by law or by any Government Body; or

	(g)
	in
the case of a Rated Fund, to the Designated Rating Agency for that Fund. 

28.2    Waivers, Remedies Cumulative  

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

28.3    Governing Law  

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

28.4    Jurisdiction  

	(a)
	Each
of the Trustee, the Trust Manager, the Beneficiaries and the Bondholders irrevocably submits to and accepts, generally and unconditionally, the non-exclusive jurisdiction of the
courts and appellate courts of the State of New South Wales with respect to any legal action or proceedings which may be brought at any time relating in any way to this Deed.

	(b)
	Each
of the Trustee, the Trust Manager, the Beneficiaries and the Bondholders irrevocably waives any objection it may now or in the future have to the venue of any such action or
proceedings and any claim it may now or in the future have that any such action or proceeding has been brought in an inconvenient forum. 

28.5    Severability of Provisions  

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

28.6    Counterparts  

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

28.7    Inspection of this Deed  

The
Beneficiaries and the Bondholders may inspect a copy of this Deed at the office of the Trust Manager during normal business hours, but shall not be entitled to a copy thereof. 

47

   Schedule 1  

Form of Fund Creation Notice  

[Letterhead
of Trust Manager] 

Permanent
Custodians Limited

35 Clarence Street

SYDNEY NSW 2000 

Attention:
Senior Manager Securitisation 

Dear
Sirs 

ARMS II PROGRAM: FUND CREATION NOTICE—GLOBAL FUNDS  

We
refer to the Master Trust Deed (the Master Trust Deed) dated 7 March 1995 made between Permanent Custodians Limited as trustee and Australian
Mortgage Securities Ltd as trust manager, as amended and restated on [                        ] 2003. 

Words
and expressions defined in the Master Trust Deed have the same meaning when used in this Fund Creation Notice, unless otherwise defined herein. 

In
accordance with clause 3.2 of the Master Trust Deed, we give you this Fund Creation Notice for the following Fund (the Fund): 

	(a)
	the
Fund is designated a Global Fund;

	(b)
	the
Fund is to be a [Warehouse] [Issuing]* Fund;

	(c)
	the
Initial Amount for the Fund is A$            ;

	(d)
	the
Beneficiary/Beneficiaries of the Fund is/are [insert details];

	(e)
	the
name of the Fund is [                        ];

	(f)
	the
Income Distribution Dates for the Fund are as follows: 

[insert
details] 

	(g)
	the
Fund is [not]* to be a Rated Fund;

	(h)
	the
Designated Rating Agency for the Fund is [                        ]; and

	(i)
	the
Designated Rating for the Fund is [insert details]*. 

We
enclose our cheque in your favour in settlement upon you of the Initial Amount. 

Yours
faithfully 

	
 Authorised Signatory
 Australian Securitisation Management Pty Limited	 	 

48

 

Schedule 2  

Form of Issue Notice  

[Letterhead
of Trust Manager] 

Permanent
Custodians Limited

35 Clarence Street

SYDNEY NSW 2000 

Attention:
Senior Manager Securitisation 

Dear
Sirs 

ARMS II PROGRAM : ISSUE NOTICE—GLOBAL FUNDS  

We
refer to the Master Trust Deed (the Master Trust Deed) dated 7 March 1995 made between Permanent Custodians Limited as trustee and Australian
Mortgage Securities Ltd as trust manager as amended and restated on [                        ] 2003. 

Words
and expressions defined in the Master Trust Deed have the same meaning when used in this Issue Notice, unless otherwise defined herein. 

	1.
	In
accordance with clauses 5.1 and 6.1 of the Master Trust Deed, we require you, as Trustee of the [insert details of Issuing Fund] to issue the following
Bonds:

	(a)
	the
name or designation to be ascribed to the Bonds is [insert details];

	(b)
	the
aggregate Face Value of the Bonds to be issued is A$/US$[                        ];

	(c)
	the
denominations in which the Bonds are to be issued is A$/US$[                        ] per Bond;

	(d)
	the
Issue Date is [insert details];

	(e)
	the
following Transaction Documents are required to be entered into in connection with the issue of the Bonds: 

[insert
details of Security Trust Deed, Bond Trust Deed, all Enhancements, all Currency Swaps and any other Transaction Documents to be entered into by the Trustee] 

[Copies
of [drafts of] those Transaction Documents are enclosed.] 

	(f)
	[the
Bonds will comprise a single Series all being totally fungible] [the Bonds will comprise [insert number] Series having
principal terms as follows:

	(g)
	[insert
details as per (b)-(e) above for each Series]]; and

	(h)
	the
Portfolio to be acquired with the Issue Proceeds is [not] comprised in the Assets of a Warehouse Fund, [, being the
[                        ] Fund]. [The person for whose benefit the Issue Proceeds of the Bonds are to be held pursuant to clause
6.8(a) of the Master Trust Deed
is [insert details]].

	2.
	We
attach:

	(a)
	details
of the Portfolio which are to be acquired by you, in your capacity as Trustee of the Issuing Fund, with the Issue Proceeds;

	(b)
	the
Supplementary Bond Terms applicable to the Bonds; and]

	(c)
	a
letter/certificate from the Designated Rating Agency addressed to you confirming that the Bonds [in each Series] will be rated not lower than the Designated
Rating [for that Series];

49

 

[and
that Bonds previously issued by you as Trustee of the Issuing Fund will not be downgraded to a credit rating lower than the Designated Rating as a result of the issue of the Bonds
specified in this Issue Notice]. 

	3.
	The
Supplementary Bond Terms applicable to the Bonds are the terms and condition set out in [                        ].

	4.
	We
certify that:

	(a)
	the
terms of the Master Trust Deed with respect to the proposed Issue have been, and will on the Issue Date, continue to be complied with; and

	(b)
	assuming
that all parties to all Transaction Documents entered into by you as Trustee of the relevant Issuing Fund, and all issuers of Authorised Investments from time to time
comprised in the Assets of the Issuing Fund comply in full with their respective obligations under those Transaction Documents and Authorised Investments, and having regard to:

	(i)
	the
terms of the Transaction Documents;

	(ii)
	the
terms of the Mortgages comprised in the Portfolio;

	(iii)
	the
anticipated Expenses of the Issuing Fund; and

	(iv)
	all
other information available to us as at the date of this notice, 

you
will, in your capacity as Trustee of the Issuing Fund, have available to you sufficient funds to enable you to comply with your obligations under those Transaction Documents. 

Yours
faithfully 

	
 Authorised Signatory
 Australian Securitisation Management Pty Limited	 	 

50

 

Schedule 3  

Form of Portfolio Compliance Certificate  

[Letterhead
of Master Servicer] 

Permanent
Custodians Limited

35 Clarence Street

SYDNEY NSW 2000 

Attention:
Senior Manager Securitisation 

Dear
Sirs 

ARMS II PROGRAM: PORTFOLIO COMPLIANCE CERTIFICATE—GLOBAL FUNDS  

We
refer to: 

	(a)
	the
Master Trust Deed (the Master Trust Deed) dated 7 March 1995 made between Permanent Custodians Limited as trustee and Australian
Mortgage Securities Ltd as trust manager, as amended and restated on [                        ] 2003; and

	(b)
	the
Issue Notice (the Issue Notice) given by the Trust Manager to you dated
[                        ] requiring you to
issue the Bonds referred to therein in your capacity as Trustee of the [insert details of Issuing Fund]. 

Words
and expressions defined in the Master Trust Deed have the same meaning when used in this Portfolio Compliance Certificate, unless otherwise defined herein. 

We
certify, with respect to each Mortgage comprised in the Portfolio specified in the Issue Notice that: 

	1.
	[on
the date of its settlement, except as disclosed to you in writing and approved or waived by you on or prior to settlement, all of the representations and warranties
made by us pursuant to clause 12.1 of the Master Origination and Servicing Agreement were true and correct by reference to the facts and circumstances then existing;]

	2.
	[we
are not aware of any fact, event or circumstance which would lead us to believe that any of those representations and warranties, or any other warranties, statements,
certificates or other information provided to us by the relevant Mortgagor, Approved Solicitor, Approved Valuer or any other person prior to settlement of that mortgage were incorrect, untrue or
misleading in any material respect at the time they were made;]

	3.
	[we
are not aware of any fact, event or circumstance which would cause any of those representations and warranties to be untrue or incorrect if repeated on the date of this
Portfolio Compliance Certificate by reference to the facts and circumstances now existing;]

	4.
	[we
are not aware of any circumstances relating to that Mortgage or the relevant Property which could reasonably be expected to diminish, as at the date of this Portfolio
Compliance Certificate, the value or marketability of the Property from that stated in the relevant valuation;]

	5.
	[the
Borrower in respect of each such Mortgage is not in arrears in the payment of any periodic payments secured by that Mortgage, except to the extent disclosed to and
approved by the Designated Rating Agency for the purposes of the letter or certificate from the Designated Rating Agency attached to the Issue Notice;] 

51

 
	6.
	[we
are not aware of any circumstances relating to that Mortgage, the relevant Property, the relevant Mortgagor or any relevant Guarantor which could reasonably be expected
to cause a prudent investor to:

	(a)
	regard
the Mortgage as an unacceptable investment;

	(b)
	expect
the Mortgagor to default under the Mortgage; or

	(c)
	diminish
the value or marketability of the Property from that stated in the relevant Valuation; and]

	7.
	[we
are not aware of the occurrence of any Event of Default in relation to that Mortgage which has not been remedied to our satisfaction or waived in accordance with the
Master Origination and Servicing Agreement.] 

The
statements made by us above are based upon a review of the Database and the records maintained by us with respect to the Portfolio under and in accordance with the Master Trust Deed and the Master
Origination and Servicing Agreement. We have made no specific enquiry or investigation as to any of the matters referred to in the statements made above. 

Yours
faithfully 

	
 Authorised Signatory
 Australian Mortgage Securities Ltd	 	 

52

 

Schedule 4  

Intentionally blank  

53

 

Schedule 5  

Intentionally blank  

54

 

Schedule 6  

Intentionally blank  

55

 

Schedule 7  

Intentionally blank  

56

 

	Executed in Sydney as a deed.	 	 
	
Trustee	
 	

 
	
Signed Sealed and Delivered for Permanent Custodians Limited by its attorney under power of attorney in the presence
of:	
 	

 
	

 Witness Signature	
 	

 Attorney Signature
	

 Print Name	
 	

 Print Name
	
AMS	
 	

 
	
Signed Sealed and Delivered for Australian Mortgage Securities Ltd by its attorney under power of attorney in the presence
of:	
 	

 
	

 Witness Signature	
 	

 Attorney Signature
	

 Print Name	
 	

 Print Name
	
ASM	
 	

 
	
Signed Sealed and Delivered for Australian Securitisation Management Pty Limited by its attorney under power of attorney in the
presence of:	
 	

 
	

 Witness Signature	
 	

 Attorney Signature
	

 Print Name	
 	

 Print Name

57

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