Document:

Exhibit 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

57QuickLinks
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Exhibit 4.4  

Security Trust Deed  

        Permanent
Custodians Limited

Australian Securitisation Management Pty Limited

Permanent Registry Limited

The Bank of New York 

        ARMS
II Global Fund I 

        The
Chifley Tower

2 Chifley Square

Sydney NSW 2000

Australia

Tel 61 2 9230 4000

Fax 61 2 9230 5333 

        ©
Copyright Allens Arthur Robinson 2003 

  

Security Trust Deed  

 
  Table of Contents    
    

	1.	 	Interpretation	 	4
	 	 	1.1 Definitions	 	4
	 	 	1.2 Bond Trust Deed and Master Trust Deed	 	7
	 	 	1.3 Interpretation	 	7
	 	 	1.4 Liability of Chargor	 	7
	 	 	1.5 Status of this Deed	 	8
	 	 	1.6 Knowledge of Class A Bond Trustee	 	8
	 	 	1.7 Determination, statement and certificate sufficient evidence	 	8
	

2.	
 	
Appointment of security trustee	
 	
9
	 	 	2.1 The Security Trustee	 	9
	 	 	2.2 Benefit of Trusts	 	9
	 	 	2.3 Resolution of Conflicts	 	9
	 	 	2.4 Acknowledgement of Indebtedness	 	9
	 	 	2.5 Repayment of Secured Moneys	 	9
	 	 	2.6 Interest on Unpaid Amounts	 	9
	 	 	2.7 Discharge by Payment	 	10
	 	 	2.8 Duration of Trust	 	10
	

3.	
 	
Charge and dealings with charged property	
 	
10
	 	 	3.1 Charge and Ranking of the Charge	 	10
	 	 	3.2 Floating Charge	 	10
	 	 	3.3 Automatic Crystallisation	 	10
	 	 	3.4 Operation as Fixed Charge	 	10
	 	 	3.5 Security for a Limited Amount	 	11
	

4.	
 	
Covenants	
 	
11
	 	 	4.1 Positive Covenants of the Chargor	 	11
	 	 	4.2 Negative Covenants of the Chargor	 	12
	 	 	4.3 Covenant of Trust Manager	 	13
	

5.	
 	
Representations and warranties	
 	
13
	 	 	5.1 Representations and Warranties	 	13
	 	 	5.2 Repetition	 	15
	

6.	
 	
Consequences of Event of Default	
 	
15
	 	 	6.1 Events of Default	 	15
	 	 	6.2 Consequences of Default	 	15
	 	 	6.3 Commencement of enforcement	 	16
	 	 	6.4 No individual enforcement	 	16
	 	 	6.5 Limitation on exercise of enforcement powers	 	16
	 	 	6.6 Convening of meeting	 	17
	

7.	
 	
Enforcement	
 	
17
	 	 	7.1 Appointment of Receiver	 	17
	 	 	7.2 Joint Receivers	 	17
	 	 	7.3 Remuneration of Receiver	 	17
	 	 	7.4 Agent of the Chargor	 	17
	 	 	7.5 Status of Receiver after Commencement of Winding Up	 	18
	 	 	7.6 Powers of Receiver	 	18
	 	 	7.7 Separate Powers	 	20
	 	 	 	 	 

1

 

	 	 	7.8 Terms of Exercise	 	20
	 	 	7.9 Indemnities	 	20
	 	 	7.10 Security Trustee may exercise Powers	 	20
	

8.	
 	
Liability for exercise of powers	
 	
20
	 	 	8.1 No Notice or Enforcement	 	20
	 	 	8.2 No Liability for Loss	 	21
	 	 	8.3 No Liability to Account	 	21
	 	 	8.4 Indemnity Regarding Exercise of Powers	 	21
	 	 	8.5 No Conflict	 	21
	 	 	8.6 Contract Involving Conflict of Duty	 	22
	 	 	8.7 Confidential Information	 	22
	 	 	8.8 Benefit for Receiver etc.	 	22
	 	 	8.9 Limitation of liability	 	22
	 	 	8.10 Liability for Agents	 	22
	

9.	
 	
Protection of persons dealing with Security Trustee or Receiver	
 	
22
	 	 	9.1 No Inquiry	 	22
	 	 	9.2 Receipts	 	23
	

10.	
 	
Application of money	
 	
23
	 	 	10.1 Establishment of Secured Moneys Account	 	23
	 	 	10.2 Priority of Payments	 	23
	 	 	10.3 Payments Conditional and Limited	 	24
	 	 	10.4 Money Received	 	24
	 	 	10.5 Power To Invest Amounts Contingently Due	 	24
	 	 	10.6 Concerning Payments	 	24
	

11.	
 	
Continuing security and releases	
 	
24
	 	 	11.1 Liability Preserved	 	24
	 	 	11.2 Chargor's Liability Not Affected	 	25
	 	 	11.3 Waiver by Chargor	 	25
	 	 	11.4 Discharge of Securities	 	25
	

12.	
 	
Perfection and protection of security	
 	
25
	 	 	12.1 Further Assurance	 	25
	 	 	12.2 Power of Attorney	 	26
	

13.	
 	
Security provisions	
 	
26
	 	 	13.1 Statutory Powers	 	26
	 	 	13.2 Continuing Security	 	26
	 	 	13.3 Continuing Indemnities	 	27
	 	 	13.4 No Merger of Security	 	27
	 	 	13.5 Moratorium Legislation	 	27
	 	 	13.6 Conflict	 	27
	 	 	13.7 Consent of Security Trustee	 	27
	 	 	13.8 Settlement Conditional	 	27
	 	 	13.9 Remedies Cumulative	 	27
	 	 	13.10 Chargor To Bear Cost	 	28
	 	 	13.11 Certificates Conclusive	 	28
	 	 	13.12 Written waiver, consent and approval	 	28
	

14.	
 	
The security trustee	
 	
28
	 	 	14.1 Covenants of Security Trustee	 	28
	 	 	 	 	 

2

 

	 	 	14.2 Protection of Security Trustee	 	28
	 	 	14.3 Supplemental Powers of Security Trustee	 	29
	 	 	14.4 Remuneration and Expenses	 	30
	 	 	14.5 Conflicts	 	31
	 	 	14.6 Reliance on Certificates	 	31
	 	 	14.7 No Liability	 	31
	 	 	14.8 Keep Records	 	31
	 	 	14.9 Removal	 	31
	 	 	14.10 Retirement of Security Trustee	 	32
	 	 	14.11 Removal or Retirement not Effective	 	32
	 	 	14.12 Appointment of New Security Trustee	 	32
	 	 	14.13 Funds to be Vested in New Trustee	 	32
	 	 	14.14 Release of Outgoing Security Trustee	 	32
	 	 	14.15 Incoming Security Trustee to Execute Deed	 	32
	 	 	14.16 Settlement Amounts Payable to Outgoing Security Trustee	 	33
	 	 	14.17 Outgoing Security Trustee to Retain Lien	 	33
	 	 	14.18 Delivery of Documents	 	33
	 	 	14.19 Notice to Secured Creditors of New Security Trustee	 	33
	 	 	14.20 Additional Security Trustee's Powers	 	33
	 	 	14.21 Notification	 	33
	 	 	14.22 No Ratings Downgrade	 	34
	

15.	
 	
Amendment	
 	
34
	 	 	15.1 Amendment by Security Trustee	 	34
	 	 	15.2 Certain Provisions Not to be Varied	 	34
	 	 	15.3 Copy of Amendments to Secured Creditors	 	34
	 	 	15.4 Copy of Amendments in Advance to Designated Rating Agencies	 	34
	 	 	15.5 Evidence of Variation	 	35
	

16.	
 	
Meetings	
 	
35
	

17.	
 	
Class A Bond Trustee	
 	
35
	 	 	17.1 Capacity	 	35
	 	 	17.2 Exercise of rights	 	35
	 	 	17.3 Instructions or directions	 	35
	 	 	17.4 Payments	 	35
	

18.	
 	
Notices	
 	
35
	 	 	18.1 Notices Generally	 	35
	 	 	18.2 Notices to Secured Creditors	 	36
	 	 	18.3 Notices to Designated Rating Agencies	 	37
	

19.	
 	
Governing law and jurisdiction	
 	
37
	 	 	19.1 Governing Law	 	37
	 	 	19.2 Jurisdiction	 	37
	

20.	
 	
General	
 	
37
	 	 	20.1 Severability of Provisions	 	37
	 	 	20.2 Counterparts	 	38

3

   Security Trust Deed  

	Date
	 	                        2003
	
Parties
	
 	

 
	

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

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

3.	
 	
Permanent Registry Limited (ACN 000 334 636) of 35 Clarence Street, Sydney, NSW 2000, Australia (included in the expression the Security Trustee); and
	

4.	
 	
The Bank of New York of 101 Barclay Street, 21W, New York, New York, 10286 (included in the expression the Class A Bond Trustee).
	
Recitals
	
 	

 
	

A	
 	

The Chargor enters into this Deed in its capacity as trustee of the Fund known as ARMS II Global Fund I constituted under the Master Trust Deed and at the request of the Trust Manager.
	

B	
 	

The Chargor intends to enter into certain transactions in that capacity under the Secured Documents including the raising of money by the issue of Bonds, and the acquisition of Authorised Investments with the proceeds of issue.
	

C	
 	

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

This deed provides  

1.    Interpretation  

1.1    Definitions  

In
this Deed: 

Attorney means any attorney appointed under any of the Secured Documents (including under clause 12.2 of this Deed). 

Bondholders' Secured Moneys means all debts and monetary liabilities of the Chargor to the Bondholders, or to the Security Trustee on behalf of the
Bondholders, in either case under or in respect of the Bonds. 

Bond Trust Deed means the deed, so entitled, dated on or about the date of this Deed between the parties to this Deed and Australian Mortgage
Securities Ltd. 

Calculation Agent's Secured Moneys means all debts and monetary liabilities owing to the Calculation Agent under or in respect of the Secured Documents. 

Charge means the charge created by clause 3.1. 

Charged Property means all of the Chargor's right, title, benefit and interest in and to: 

	(a)
	all
of the Assets of the Fund; and 

4

 

	(b)
	the
Trustee's Indemnity in relation to the Fund. 

Chargor means PCL in its capacity as trustee of the Fund, and every reference in this Deed to the  Chargor is a reference to PCL acting in that
capacity, and not in its personal capacity or in its capacity as trustee of any other trust. 

Class A Bond Trustee's Secured Moneys means all debts and monetary liabilities owing to the Class A Bond Trustee under or in respect of
the Secured Documents. 

Currency Swap Counterparties' Secured Moneys means all debts and monetary liabilities of the Chargor to the Currency Swap Counterparties or to the
Security Trustee on behalf of the Currency Swap Counterparties, in either case, under or in respect of the Currency Swaps. 

Eligible Account means an account in the sole name of the Security Trustee with an Eligible Financial Institution. 

Enhancement means each Enhancement entered into by the Chargor, except for any Mortgage Insurance Policy, any Cash Reserve Top-Up Loans, the
Cash Reserve and the Advances Reserve. 

Event of Crystallisation means each or any of the following events: 

	(a)
	the
Chargor deals, attempts or purports to deal with all or any of the Charged Property otherwise than in accordance with this Deed;

	(b)
	an
Event of Insolvency occurs in relation to the Chargor;

	(c)
	the
Commissioner of Taxation, or its delegate, determines to issue a notice under Subdivision 260-A (Schedule 1) of the Taxation Administration Act 1953 or
section 218 of the Income Tax Assessment Act 1936 for any amount in excess of A$1,000,000 due by the Chargor in respect of any Tax under such Act or any fines and costs imposed on the Chargor
under such Act;

	(d)
	any
person levies or attempts or purports to levy distress, execution or any other like process over any Charged Property or any Security Interest over any Charged Property is or
becomes enforceable; and

	(e)
	an
Event of Default occurs. 

Expiration Date means the day 6 months after the day on which the Security Trustee discharges the Charged Property from the Charge under
clause 11.4. 

Extraordinary Resolution has the meaning given in the Conditions. 

Indebtedness means moneys borrowed or raised, including rentals under financial leases and interest thereon, any liability under any bill of exchange,
debenture, note or other security or under any acceptance credit facility, any liability in respect of the acquisition cost of assets or services to the extent payable after the time of acquisition or
possession thereof, and any guarantee or other assurance against financial loss in respect of any moneys borrowed or raised, interest or liabilities. 

Interest Rate Swap Counterparties' Secured Moneys means all debts and monetary liabilities of the Chargor to the Interest Rate Swap Counterparties or to
the Security Trustee on behalf of the Interest Rate Swap Counterparties, in either case, under or in respect of the Interest Rate Swaps. 

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

Paying Agent Secured Moneys means all debts and monetary liabilities owing to each Paying Agent under or in respect of the Secured Documents. 

Power means any right, power, authority, discretion or remedy conferred on the Security Trustee, any Receiver or any Attorney by this Deed or any
applicable law. 

5

 

Receiver means a receiver, or receiver and manager, of all or any part of the Charged Property appointed under this Deed. 

Secured Creditor means each of: 

	(a)
	each
Bondholder;

	(b)
	each
Interest Rate Swap Counterparty;

	(c)
	each
Currency Swap Counterparty;

	(d)
	the
Security Trustee;

	(e)
	the
Class A Bond Trustee;

	(f)
	the
Calculation Agent;

	(g)
	each
Paying Agent; and

	(h)
	the
US$ Registrar. 

Secured Document means each of: 

	(a)
	this
Deed;

	(b)
	the
Bond Trust Deed;

	(c)
	the
Master Trust Deed, in so far as it relates to the Fund;

	(d)
	the
Master Origination and Servicing Agreement in so far as it relates to the origination and management and servicing of Mortgages comprised in the Assets of the Fund;

	(e)
	each
Mortgage comprised in the Assets of the Fund;

	(f)
	each
Ancillary Document entered into or held by the Chargor;

	(g)
	each
Bond (including the Supplementary Bond Terms);

	(h)
	each
Enhancement, in so far as it relates to the Fund;

	(i)
	each
Interest Rate Swap;

	(j)
	each
Currency Swap;

	(k)
	each
Subscription Agreement; and

	(l)
	each
Paying Agency Agreement, 

and
all other documents which are at any time entered into by the Chargor under or pursuant to, or which are ancillary or incidental to, or which are contemplated by any of the abovementioned
documents. 

Secured Moneys means: 

	(a)
	the
Bondholders' Secured Moneys;

	(b)
	the
Interest Rate Swap Counterparties' Secured Moneys;

	(c)
	the
Currency Swap Counterparties' Secured Moneys;

	(d)
	the
Security Trustee's Secured Moneys;

	(e)
	the
Class A Bond Trustee's Secured Moneys;

	(f)
	the
Calculation Agent's Secured Moneys; 

6

 

	(g)
	the
Paying Agent Secured Moneys; and

	(h)
	the
US$ Registrar Secured Moneys, 

in
each case irrespective of whether those debts or monetary liabilities: 

	(e)
	are
present or future;

	(f)
	are
actual, prospective or contingent;

	(g)
	are
ascertained or unascertained;

	(h)
	are
owed or incurred by or on account of the Chargor alone, or severally or jointly with any other person;

	(i)
	are
owed or incurred to or for the account of the relevant Secured Creditor alone, or severally or jointly with any other person;

	(j)
	are
owed or incurred as principal, interest, fees, charges, taxes, duties or other imposts, damages (whether for breach of contract or tort or incurred on any other ground), losses,
costs or expenses, or on any other account; or

	(k)
	comprise
any combination of the above. 

Secured Moneys Account means the Eligible Account established and maintained by the Security Trustee pursuant to clause 10.1(a). 

Security Trust means the trust created by this Deed. 

Security Trust Fund means all property, rights and assets which are or become subject to the Security Trust. 

Security Trustee means the person who from time to time holds the office of trustee of the Security Trust (in its capacity as trustee of the Security
Trust only) which person is, at the date of this Deed, Permanent Registry Limited. 

Security Trustee's Secured Moneys means all debts and monetary liabilities of the Chargor to the Security Trustee under or in respect of this Deed. 

US$ Registrar Secured Moneys means all debts and monetary liabilities owing to the US$ Registrar under or in respect of the Secured Documents. 

1.2    Bond Trust Deed and Master Trust Deed  

Words
and expressions which are defined in the Bond Trust Deed (including by incorporation by reference) and the Master Trust Deed have the same meanings when used in this Deed, unless otherwise
defined in this Deed, or unless the context otherwise requires. To the extent of any inconsistency between a word or expression defined in the Bond Trust Deed and the Master Trust Deed, the definition
of that word or expression in the Bond Trust Deed will prevail. 

1.3    Interpretation  

Clause 1.3
of the Bond Trust Deed is incorporated in this Deed as if set out in full in this Deed. 

1.4    Liability of Chargor  

	(a)
	The
Chargor 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 the Fund. 

7

 

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

	(c)
	The
Chargor 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 Assets
of the Fund or the Trustee's Indemnity.

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

	(e)
	The
previous paragraphs of this clause 1.4 do not apply to the liability of the Chargor in relation to any obligation which the Chargor expressly assumes in its personal
capacity.

	(f)
	It
is acknowledged by the Chargor that the Assets of the Fund at any time will include the amount of any compensation found by a Final Judgment (or admitted by the Chargor) to be
payable by the Chargor to restore the Fund because of a failure by the Chargor 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 Chargor having regard to the powers and duties conferred on the Chargor by the Master Trust 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 1.4, 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. 

1.5    Status of this Deed  

This
Deed is: 

	(a)
	the
Security Trust Deed for the Fund; and

	(b)
	a
Transaction Document. 

1.6    Knowledge of Class A Bond Trustee  

The
Class A Bond Trustee will only be considered to have knowledge, notice of or to be aware of any matter or thing if the Class A Bond Trustee has knowledge, notice or awareness of that
matter or thing by virtue of the actual knowledge, notice of awareness of the officers or employees of the Class A Bond Trustee who have day to day responsibility for the administration of the
trust established by the Bond Trust Deed. 

1.7    Determination, statement and certificate sufficient evidence  

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

8

 

2.    Appointment of security trustee  

2.1    The Security Trustee  

The
Security Trustee: 

	(a)
	is
appointed to act as trustee on behalf of the Secured Creditors on the terms and conditions of this Deed; and

	(b)
	acknowledges
and declares that it:

	(i)
	holds
the sum of A$10.00 received on the date of this Deed from the Trust Manager; and

	(ii)
	will
hold the benefit of the Charge, the Charged Property and the benefit of each of the Secured Documents to which it is a party, 

in
each case, on trust for the Secured Creditors, on the terms and conditions of this Deed. 

2.2    Benefit of Trusts  

	(a)
	Each
Secured Creditor is entitled to the benefit of the Security Trust.

	(b)
	The
provisions of this Deed are binding on the Chargor and the Secured Creditors and all persons claiming through them, respectively. 

2.3    Resolution of Conflicts  

If
there is at any time a conflict between a duty owed by the Security Trustee to any Secured Creditor or class of Secured Creditor and a duty owed by it to another Secured Creditor or class of
Secured Creditor, the Security Trustee must give priority to the interests of the Secured Creditors according to the order in which moneys are to be applied set out in clause 10.2. Provided
that the Security Trustee acts in good faith, it shall not incur any liability to any Secured Creditor for so doing. 

2.4    Acknowledgement of Indebtedness  

The
Chargor acknowledges its indebtedness to the Security Trustee as trustee for the Secured Creditors in respect of the Secured Moneys. 

2.5    Repayment of Secured Moneys  

The
Chargor covenants with the Security Trustee for the benefit of the Secured Creditors that as and when any Secured Moneys becomes due to be paid, repaid or redeemed in accordance with the terms
upon which they are outstanding or under any provision of this Deed, the Chargor will unconditionally pay or cause to be paid to or to the order of the Security Trustee (as the case requires) the
Secured Moneys as they fall due. 

2.6    Interest on Unpaid Amounts  

The
Chargor covenants with the Security Trustee for the benefit of the Secured Creditors that it will pay or cause to be paid to or to the order of the Security Trustee interest on the amount of any
Secured Moneys which have become due but remain unpaid until actual payment of that unpaid amount (whether before or after any judgment or other order of a court of competent jurisdiction), at such
intervals, in such amount and on such conditions (if any) as are set out in the Secured Document which governs the payment of that unpaid amount. 

9

 

2.7    Discharge by Payment  

Notwithstanding
clauses 2.5 and 2.6, every payment on account of Secured Moneys made by the Chargor direct to the corresponding Secured Creditors (or, in the case of the Class A Bondholders, to
the Class A Bond Trustee or a Paying Agent) will satisfy to that extent the Chargor's obligations to the Security Trustee under this Deed. 

2.8    Duration of Trust  

The
Security Trust commences on the date of this Deed and terminates on the earlier of: 

	(a)
	the
80th anniversary of the date of this Deed; and

	(b)
	the
Expiration Date. 

3.    Charge and dealings with charged property  

3.1    Charge and Ranking of the Charge  

	(a)
	The
Chargor charges all of its right, title, benefit and interest in and to the Charged Property to the Security Trustee on behalf of the Secured Creditors as security for the due and
punctual payment of the Secured Moneys.

	(b)
	The
Charge is a first ranking charge having priority over all other Security Interests of the Chargor. 

3.2    Floating Charge  

Subject
to clauses 3.3 and 3.4, the Charge is a floating charge, and accordingly the Chargor may, subject to the terms of this Deed, deal with the Charged Property in accordance with and as
contemplated by the Secured Documents. 

3.3    Automatic Crystallisation  

If
an Event of Crystallisation occurs: 

	(a)
	the
Charge will at that time automatically crystallise and immediately become a fixed charge over that part of the Charged Property in respect of which that Event of Crystallisation
occurs;

	(b)
	the
Security Trustee will be deemed to have intervened and to have exercised all its rights of intervention in respect of that Charged Property; and

	(c)
	the
Security Trustee will have the right (either in its own name or in the name of the Chargor) immediately to seek and obtain appropriate relief in relation to that Charged Property. 

3.4    Operation as Fixed Charge  

Notwithstanding
any other provision of this Deed, the Security Trustee may at any time by notice in writing to the Chargor determine the floating character of the Charge as regards any part of the
Charged Property specified in that notice either particularly or generally. Upon the giving of such a notice, the Charge will immediately cease to be a floating charge and will become and operate as a
fixed charge as regards that part of the Charged Property. 

10

 

3.5    Security for a Limited Amount  

Notwithstanding
any other term of this Deed and notwithstanding that the Charge is security for the whole of the Secured Moneys, the amount recoverable by the Security Trustee under the Charge is
limited to A$10,000,000,000. 

4.    Covenants  

4.1    Positive Covenants of the Chargor  

The
Chargor must: 

	(a)
	(Compliance With Agreements): subject to the terms of the Master Trust Deed, enforce fully and punctually perform and comply with its
obligations under each of the Secured Documents;

	(b)
	(Documents of title): subject to the terms of this Deed, immediately upon demand deposit with the Security Trustee, or as the Security
Trustee, in exercising its Powers, may direct all property comprised in the Charged Property and all documents or indicia of title to the Charged Property;

	(c)
	(Inform of Material Events): promptly upon receiving actual notice, inform the Security Trustee, the Class A Bond Trustee and
each Designated Rating Agency in writing of the occurrence of any of the following:

	(i)
	the
commencement or, to the best of its knowledge, threatened commencement of litigation, arbitration, administrative or judicial proceeding or investigation against the Chargor which
is likely to have a Material Adverse Effect;

	(ii)
	the
commencement of any liquidation proceedings by or against the Chargor under any applicable law or any proceeding in which a receiver, receiver and manager, liquidator,
provisional liquidator, administrator, trustee or other similar official shall have been, or may be, appointed or requested for the Chargor;

	(iii)
	the
occurrence of an Event of Crystallisation, Event of Default or Potential Event of Default; or

	(iv)
	the
retirement or removal from office of:

	(A)
	the
Trust Manager as manager of the Fund;

	(B)
	the
Chargor as trustee of the Fund;

	(C)
	the
Class A Bond Trustee as trustee for the Class A Bondholders; and

	(D)
	the
Security Trustee as trustee for the Secured Creditors;

	(d)
	(Maintain Approvals): obtain and maintain in full force and effect all Approvals which are necessary or material to the conduct of its
business;

	(e)
	(Protect Property): subject to the terms of the Master Trust Deed, maintain, protect and enforce its rights under or arising from the
Charged Property, remedy every defect in its title to any part of the Charged Property, and with the consent of, and at the direction of the Security Trustee, take, defend, settle or compromise all
legal proceedings for the protection or recovery of any of the Charged Property;

	(f)
	(Observe Statutes): comply with and observe all Statutes and lawful requirements of a Government Body which are binding on it or the
Charged Property where failure to do so may have a Material Adverse Effect; 

11

 

	(g)
	(Attend Meetings of Bondholders): permit the Security Trustee to attend any meeting of Bondholders convened in accordance with the Bond
Trust Deed and to be heard on any part of the business of the meeting which concerns the Security Trust Fund or the Secured Moneys;

	(h)
	(Information): whenever requested, give to the Security Trustee, each Designated Rating Agency, any Secured Creditor or any Auditor
such information in the Chargor's possession or control as any such person may reasonably require with respect to all matters relating to the Chargor's affairs and the interests of Secured Creditors;
and

	(i)
	(Semi-annual reports): provide, or procure that the Trust Manager on its behalf provides, promptly upon request by the
Security Trustee, reports which:

	(i)
	confirm,
that to the knowledge of the Chargor and the Trust Manager, no Event of Default nor Potential Event of Default is subsisting, or giving details of any Event of Default or
Potential Event of Default that is subsisting; and

	(ii)
	attach
either the most recent audited Financial Statements of the Fund or, if no audited Financial Statements have been produced for the financial year or half-year
immediately preceding the date which is six months before the request, unaudited management Financial Statements prepared in accordance with Approved Accounting Standards for that period. 

4.2    Negative Covenants of the Chargor  

The
Chargor must not without the prior written consent of the Security Trustee and without prior written confirmation from each Designated Rating Agency that such action will not affect the Designated
Rating of the Bonds (if any) then outstanding: 

	(a)
	(Alter Rights): subject to the terms of the Master Trust Deed, waive, novate, modify or amend, or release any party from its
obligations under, or consent to any waiver, modification, novation or amendment of, or release of any party from its obligations under, any of the Secured Documents or waive or alter any rights with
respect to the Charged Property in any such case, in a manner which would materially and adversely affect the rights of any Secured Creditor;

	(b)
	(Dealings with Assets): sell, transfer, exchange, create or permit any Security Interest over, or otherwise dispose of all or part of
the Charged Property except:

	(i)
	as
contemplated by or permitted under the Secured Documents; and

	(ii)
	in
the ordinary course of the exercise of its rights and the performance of its obligations under the Secured Documents;

	(c)
	(Other Business): in its capacity as trustee of the Fund, engage in any business or activity other than the business and activities
contemplated by or permitted under the Secured Documents;

	(d)
	(Increased Fees): agree to any increase in fees payable or expenses reimbursable by the Chargor to any other party under or in
connection with any of the Secured Documents;

	(e)
	(Creation of Indebtedness): in its capacity as trustee of the Fund, create, incur, assume or suffer to exist any Indebtedness except
for Indebtedness created or arising under or in accordance with the Secured Documents;

	(f)
	(Bank accounts): in its capacity as trustee of the Fund, open or operate any bank account except as contemplated by or permitted under
the Secured Documents; or 

12

 

	(g)
	(Insolvency) institute any proceedings in relation to any Event of Insolvency in relation to the Fund. 

4.3    Covenant of Trust Manager  

	(a)
	The
Trust Manager repeats the covenants contained in clauses 12.2(l) and (m) of the Master Trust Deed for the benefit of the Security Trustee and the Class A Bond
Trustee as trustees for the Secured Creditors and the Class A Bondholders respectively.

	(b)
	The
Trust Manager on behalf of the Chargor will promptly lodge this Deed for registration by the Australian Securities and Investments Commission pursuant to the Corporations Act.

	(c)
	The
Trust Manager must deliver to each Designated Rating Agency such periodic reports as to the Fund, its assets and liabilities as the Trust Manager and that Designated Rating Agency
may from time to time agree.

	(d)
	The
Trust Manager must provide promptly upon request by the Security Trustee the most recent audited Financial Statements of the Fund or, if no audited Financial Statements have been
produced for the financial year or half year immediately preceding the date which is six months before the request, unaudited management Financial Statements prepared in accordance with Approved
Accounting Standards for that period.

	(e)
	The
Trust Manager must promptly upon receiving actual notice, inform the Security Trustee, the Chargor, the Class A Bond Trustee and each Designated Rating Agency in writing of
the occurrence of any of the following:

	(i)
	the
commencement or threatened commencement of litigation, arbitration, administrative or judicial proceeding or investigation against the Chargor which is likely to have a Material
Adverse Effect;

	(ii)
	the
commencement of any liquidation proceedings by or against the Chargor or the Fund under any applicable law or any proceeding in which a receiver, receiver and manager,
liquidator, provisional liquidator, official manager, trustee or other similar official shall have been, or may be, appointed or requested for the Chargor or the Fund;

	(iii)
	the
occurrence of an Event of Default or Potential Event of Default;

	(iv)
	the
occurrence of an Event of Crystallisation; or

	(v)
	its
retirement or removal from office as manager of the Fund or the retirement or removal from office of the Chargor as trustee of the Fund or the Security Trustee as trustee of the
Security Trust. 

5.    Representations and warranties  

5.1    Representations and Warranties  

The
Chargor represents and warrants to the Security Trustee, on behalf of the Secured Creditors, that: 

	(a)
	(Due Incorporation): it is duly incorporated and validly existing under the laws of the Commonwealth of Australia and has the corporate
power to own its property and to carry on its business as is now being conducted;

	(b)
	(Constitution): the execution delivery and performance of the Secured Documents does not violate its constitution; 

13

 

	(c)
	(Corporate Power): it has the power and has taken all corporate and other action required to enter into the Secured Documents and to
authorise the execution and delivery of the Secured Documents and the performance of its obligations under the Secured Documents;

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

	(e)
	(Legally Binding Obligation): each Secured Document to which it is a party constitutes a valid, legally binding and enforceable
obligation of the Chargor in accordance with its terms except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganisation, moratorium or trust or other similar laws
affecting creditors' rights generally; 

14

  

	(f)
	(Execution, Delivery and Performance): the execution, delivery and performance of the Secured Documents (other than the Mortgages) by
the Chargor does not violate any existing law or regulation or any document or agreement to which it is a party or which is binding upon it or any of its assets;

	(g)
	(Authorisation): all Approvals of every Government Body required to be obtained by it in connection with the execution, delivery and
performance of the Secured Documents have been obtained and are valid and subsisting;

	(h)
	(Good Title): it is the legal owner of, and is entitled to charge in the manner provided in this Deed, the Charged Property and,
subject only to this Deed, the Charged Property is free of all other Security Interests other than the Trustee's Indemnity and any Security Interest arising by operation of law;

	(i)
	(Pending Litigation or Other Proceeding): it does not have actual notice of any pending action, proceeding or investigation before any
court, Government Body or administrative agency or arbitrator against or affecting the Charged Property or the Chargor, or any assets or rights of the Chargor, or, to the Chargor's knowledge, any
threatened action or proceeding before any of the foregoing, which, if decided adversely to the Chargor, would materially and adversely affect:

	(i)
	the
business or financial condition of the Chargor;

	(ii)
	the
Charged Property;

	(iii)
	the
efficacy or first priority of the Charge; or

	(iv)
	the
exercise of the rights of the Security Trustee in respect of the Charged Property;

	(j)
	(No Other Default): it is not in default under any document or agreement relating to Indebtedness or any other agreement to an extent
or in a manner which has (or could have) an adverse effect on the Chargor or its ability to perform its obligations under the Secured Documents; and

	(k)
	(Events of Default): the Chargor is not aware of the occurrence of an Event of Default or Potential Event of Default which is
continuing unremedied. 

5.2    Repetition  

Each
representation and warranty contained in clause 5.1 is deemed to be given or repeated (as the case may be) on each day on which obligations in respect of the Secured Moneys are incurred,
undertaken or are due to be satisfied by the Chargor (including, but not limited to, each Issue Date) with reference to the facts and circumstances then subsisting, as if made on each such day. 

6.    Consequences of Event of Default  

6.1    Events of Default  

Each
of the events set out in Condition 11.1 constitutes an Event of Default. 

6.2    Consequences of Default  

At
any time after the occurrence of an Event of Default, the Security Trustee may, and must: 

	(a)
	if
an Extraordinary Resolution is passed to that effect; or 

15

 

	(b)
	if
it is required to do so in writing by:

	(i)
	if
any Class A Bonds or Fast Prepayment Bonds remain outstanding, the Bondholders of not less than 51% of the aggregate of:

	(A)
	the
Face Value of all outstanding Class A Bonds; and

	(B)
	the
US$ Equivalent of the Face Value of all outstanding Fast Prepayment Bonds; or

	(ii)
	if
all Class A Bonds and Fast Prepayment Bonds have been redeemed in full, the Bondholders of not less than 51% of the aggregate Face Value of all outstanding Class B
Bonds; or

	(iii)
	if
all Class A Bonds, Class B Bonds and Fast Prepayment Bonds have been redeemed in full, by the Secured Creditor ranking the highest in priority for payment under
clause 10.2, 

by
notice in writing to the Issuer, do any one or more of the following: 

	(c)
	declare
the Charge to be enforceable;

	(d)
	exercise
all or any of its Powers which arise or which are expressed to arise upon the occurrence of an Event of Default or upon the Charge becoming enforceable; and

	(e)
	declare
the Secured Moneys immediately due and payable, whereupon the same will become so due and payable. 

6.3    Commencement of enforcement  

Immediately
upon the giving by the Security Trustee of a notice under clause 6.2: 

	(a)
	the
Security Trustee must give a copy of that notice to each Secured Creditor, each Paying Agent and each Designated Rating Agency; and

	(b)
	the
right of the Chargor to deal with the Charged Property ceases. 

6.4    No individual enforcement  

Unless
the Security Trustee having become bound to perform its obligations under this Deed fails to do so within 7 Business Days of being obliged to do so and such failure is continuing, the rights of
each Secured Creditor (other than the Security Trustee) to enforce the obligations of the Chargor with respect to payment of the Secured Moneys are limited to the exercise of its rights to enforce and
seek due administration by the Security Trustee of this Deed. In particular, unless the Security Trustee having become bound to perform its obligations under this Deed fails to do so within 7 Business
Days of being obliged to do so and such failure is continuing, no Secured Creditor (other than the Security Trustee) may, with respect to payment of any such amount: 

	(a)
	sue
the Chargor;

	(b)
	obtain
judgment against the Chargor;

	(c)
	apply
for or seek to wind up the Fund; or

	(d)
	levy
execution against any Asset of the Fund. 

6.5    Limitation on exercise of enforcement powers  

The
Security Trustee must not: 

	(a)
	give
a notice under clause 6.2; or 

16

 

	(b)
	exercise
any of the Powers which arise, or are expressed to arise, upon the occurrence of an Event of Default or upon the Charge becoming enforceable, 

without
having first been directed to do so by an Extraordinary Resolution or by notice in writing in accordance with clause 6.2(b), unless it reasonably believes that it is necessary to do so
to protect the interests of the Secured Creditors. 

6.6    Convening of meeting  

Promptly
upon receiving actual notice of the occurrence of an Event of Default: 

	(a)
	the
Class A Bond Trustee must convene a meeting of Class A Bondholders and request directions from the Class A Bondholders as to what action the Class A
Bondholders require the Class A Bond Trustee to require the Security Trustee to take; and

	(b)
	the
Security Trustee must convene a meeting of A$ Bondholders and request directions from the A$ Bondholders as to what action the A$ Bondholders require the Security Trustee to take. 

7.    Enforcement  

7.1    Appointment of Receiver  

Subject
to clause 6.5, at any time after an Event of Default has occurred which has not been remedied or waived in writing by the Security Trustee, the Security Trustee may: 

	(a)
	(Appoint Receiver): appoint in writing any person or persons to be a Receiver of all or any part of the Charged Property;

	(b)
	(Terminate Receiver): from time to time terminate the appointment of any Receiver so appointed as to all or any part of the Charged
Property; and

	(c)
	(Replace Receiver): in case of the termination, retirement or death of any such Receiver, appoint another person or persons in his
place. 

7.2    Joint Receivers  

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

7.3    Remuneration of Receiver  

The
Security Trustee may fix the remuneration of any Receiver at such rate as the Security Trustee from time to time determines, but not exceeding whichever is the greater of the standard hourly rate
from time to time charged by the firm of which the Receiver is a member and 5% of the gross amount of all money collected by the Receiver. 

7.4    Agent of the Chargor  

Every
Receiver is the agent of the Chargor and the Chargor is (subject to clause 1.4) solely responsible for all acts and omissions by, and the remuneration of, the Receiver. Except in cases in
which, on a reasonable judgement, it is impractical to do so, the Security Trustee must only 

17

 

appoint
a Receiver if the Receiver, upon being appointed covenants with the Security Trustee not to exercise any Power: 

	(a)
	as
agent of or in the name of the Chargor unless the Receiver has (except in cases in which on a reasonable judgment it is impracticable to do so) obtained a written acknowledgement
from any person to whom a liability is incurred as a result of the exercise of that Power that:

	(i)
	in
the exercise of that Power, the Receiver is the agent of the Chargor and is acting in no other capacity; and

	(ii)
	the
Chargor's liability in relation to the exercise of the Power is limited to the Security Trust Fund; and

	(b)
	as
agent of or in the name of the Security Trustee unless the Receiver has (except in cases in which on a reasonable judgment it is impracticable to do so) obtained a written
acknowledgement from any person to whom a liability is incurred as a result of the exercise of that Power that:

	(i)
	in
the exercise of that Power, the Receiver is the agent of the Security Trustee and is acting in no other capacity; and

	(ii)
	that
the Security Trustee's liability in relation to the exercise of the Power is limited to the Security Trustee's rights against the Security Trust Fund. 

7.5    Status of Receiver after Commencement of Winding Up  

If
for any reason a Receiver ceases to be the agent of the Chargor, and the Receiver becomes the agent of the Security Trustee: 

	(a)
	the
Receiver's rights of recourse to the Security Trustee are limited to the Security Trustee's rights against the assets which from time to time constitute the Charged Property;

	(b)
	the
Receiver has no authority to act in a way which exposes the Security Trustee to any personal liability; and

	(c)
	no
act or omission of the Receiver will be considered fraud, negligence or wilful default of the Security Trustee. 

7.6    Powers of Receiver  

Every
Receiver has the following powers in addition to any other powers conferred by law: 

	(a)
	(To take possession): to take possession of and collect and get in the Charged Property, and to retain all books, records and documents
of title relating to the Charged Property;

	(b)
	(To collect money): to convert, liquidate and reduce the whole or any part of the Charged Property into money;

	(c)
	(To carry on business): to carry on or concur in carrying on any business of the Chargor in relation to the Charged Property and to do
any thing which the Chargor is authorised or obliged to do under this Deed and to protect, maintain, preserve and enforce the Charged Property;

	(d)
	(To Borrow or raise money): to incur Indebtedness for the purposes of or in connection with the exercise of any Power and to grant
Security Interests over the Charged Property to secure such Indebtedness, whether ranking in priority to, pari passu with, or after this Deed;

	(e)
	(To employ): to employ any person as employee, contractor, professional adviser, agent, broker or auctioneer, to discharge any such
person, to rely upon the advice of any such person, and 

18

 

to
delegate to any such person any Power (including this Power to employ and the Power to delegate); 

	(f)
	(To sell property): to sell or concur in selling the Charged Property (whether or not the Receiver has taken possession of it), whether
by public auction, private treaty or tender; for cash or on credit; in one lot or in parcels; with or without special conditions or stipulations as to title, the time and the mode of payment of
purchase money or otherwise; with power to allow payment of all or part of the purchase money to be deferred (whether with or without security); and otherwise on such terms and conditions as the
Receiver considers expedient;

	(g)
	(Promote Companies): to incorporate or participate in incorporating companies to purchase the Charged Property or assume the
obligations of the Chargor;

	(h)
	(To give up possession): to give up possession of the whole or any part of the Charged Property at any time;

	(i)
	(To invest proceeds against contingencies): to invest the Charged Property as the Receiver thinks fit, with full power to vary,
transpose or re-invest such investments from time to time;

	(j)
	(To enter into contracts): to enter into any contract or arrangement for the purposes of or in connection with the exercise of any
Power;

	(k)
	(To perform contracts): to perform, enforce, exercise or refrain from exercising the Chargor's rights and powers under, obtain the
benefit of and to vary, rescind or terminate, all contracts and rights forming part of the Charged Property (including those arising under the Secured Documents), and all contracts or arrangements
entered into by the Receiver in exercise of his Powers;

	(l)
	(To take proceedings): to institute, conduct, defend, discontinue, compromise or settle any legal proceedings relating to the Charged
Property and to submit to arbitration;

	(m)
	(To bankrupt debtors and wind-up companies): to make debtors bankrupt, to wind-up companies, and to do all
things in connection with any bankruptcy or winding up which the Receiver thinks necessary for the recovery or protection of the Charged Property;

	(n)
	(To delegate): to delegate from time to time any Power including this Power of delegation;

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

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

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

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

19

 

	(s)
	(Incidental Power): to do all such other things which the Receiver considers necessary for or incidental to the exercise of any other
Power conferred on the Receiver by this Deed, or for the protection of the interests of the Secured Creditors under this Deed; and

	(t)
	(To Do Such Things As Are Expedient): to do all such other acts and things without limitation as such Receiver shall think expedient
for the interests of the Security Trustee or the Secured Creditors, 

and
such further powers and discretions as the Security Trustee by notice in writing to the Receiver confers upon the Receiver for the purposes referred to in this clause 7. 

7.7    Separate Powers  

Each
of the paragraphs of clause 7.6 confers a separate and independent Power, none of which limits any of the others. 

7.8    Terms of Exercise  

Any
exercise by a Receiver of any Power may be: 

	(a)
	on
such terms and conditions as the Receiver in his discretion considers appropriate, necessary or expedient; and

	(b)
	without
prejudice to clause 7.4, expressed to be in the name of the Chargor or otherwise. 

7.9    Indemnities  

The
Security Trustee may, but shall not under any circumstances be obliged to, give such indemnities to the Receiver concerning the performance of the Receiver's duties as are permitted by law, and if
the Security Trustee is obliged to pay any money under any indemnity, that money will become part of the Secured Moneys. 

7.10    Security Trustee may exercise Powers  

At
any time after an Event of Default has occurred which has not been remedied or waived in writing, and whether or not a Receiver has been appointed, the Security Trustee may exercise all or any of
the Powers conferred on a Receiver as if the Powers had been conferred on the Security Trustee. The Security Trustee may: 

	(a)
	exercise
those Powers itself or appoint an agent or joint and several agents for that purpose (or do both);

	(b)
	fix,
in accordance with clause 7.3, the remuneration of any agent appointed by the Security Trustee as if that agent were appointed as Receiver;

	(c)
	from
time to time terminate the appointment of any such agent; and

	(d)
	in
the case of the termination, retirement or death of any such agent, appoint another person or persons in his place. 

8.    Liability for exercise of powers  

8.1    No Notice or Enforcement  

It
is not incumbent on the Security Trustee to: 

	(a)
	give
any notice of the Charge to any person;

	(b)
	enforce
payment of any moneys payable to the Chargor; 

20

 

	(c)
	realise
any of the Charged Property; or

	(d)
	take
any steps or proceedings for that purpose, 

unless,
in any such case, the Security Trustee thinks fit to do so or is expressly required to do so under this Deed. 

8.2    No Liability for Loss  

Neither
the Security Trustee nor any Receiver is liable for any omission, delay, mistake or irregularity in or about the exercise, attempted exercise, non-exercise or purported exercise of
any Power except for fraud, negligence or wilful default. 

8.3    No Liability to Account  

Neither
the Security Trustee nor any Receiver is, by reason of the Security Trustee or the Receiver entering into possession of the Charged Property, liable to account as mortgagee or chargee in
possession or for anything except actual receipts or be liable for any loss upon realisation or for any default, omission, delay or mistake for which a mortgagee or chargee in possession might be
liable (except where that loss results from, or that default, omission, delay or mistake constitutes, fraud, negligence or wilful default on the part of the Security Trustee or a Receiver (as the case
may be)). 

8.4    Indemnity Regarding Exercise of Powers  

	(a)
	Without
prejudice to the right of indemnity given to trustees by law, each of the Security Trustee, the Receiver, any Attorney and each of their respective officers, directors,
employees and affiliates is, except where caused by fraud, negligence or wilful default, entitled to be indemnified out of the Charged Property in respect of all costs, expenses, liabilities, Taxes
and losses incurred by it in the exercise of any Power or obligation under this Deed, and against all actions, proceedings, costs, claims and demands in respect of any matter or thing done or omitted
relating to the Charged Property, even if caused by a mistake, oversight, error of judgment or want of prudence by the Security Trustee, the Receiver, the relevant Attorney or their respective
officers, directors, employees and affiliates.

	(b)
	Notwithstanding
any other provision of this Deed, if the Security Trustee considers that the Charged Property will be insufficient to fully reimburse, exonerate or indemnify the
Security Trustee under paragraph (a) in respect of any amount in respect of which it is entitled to be indemnified under that paragraph, the Security Trustee shall not be obliged to exercise
any Power or comply with any obligation under this Deed unless and until it has received an indemnity in respect of such amounts in form and substance and from a party reasonably satisfactory to it. 

8.5    No Conflict  

The
Security Trustee and any Receiver may exercise any Power, notwithstanding that the exercise of that Power involves a conflict between any duty owed to the Chargor by the Security Trustee or such
Receiver and: 

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

	(b)
	the
interests of the Security Trustee or Receiver. 

21

 

8.6    Contract Involving Conflict of Duty  

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

8.7    Confidential Information  

The
Security Trustee or any Receiver may for the purpose of exercising any Power, disclose to any person any documents or records of, or information about, the Chargor, the Chargor's property or the
Chargor's business or affairs, whether or not confidential, if it reasonably considers such disclosure necessary for the purposes of exercising any Power. 

8.8    Benefit for Receiver etc.  

The
Security Trustee is deemed to have accepted the benefit of this clause 8 and any provision of this Deed expressed to be in favour or for the benefit of a Receiver, Attorney or delegate as
agent for all such persons, and the Security Trustee holds the benefit of such provisions on trust for the benefit of all such persons. 

8.9    Limitation of liability  

Notwithstanding
any other provision of this Deed, the Security Trustee will have no liability under or in connection with this Deed or any other Transaction Document (whether to the Secured Creditors,
the Chargor, the Trust Manager or any other person) other than to the extent to which the liability is able to be satisfied out of the property of the Security Trust Fund from which the Security
Trustee is actually indemnified for the liability. This limitation will not apply to a liability of the Security Trustee to the extent that it is not satisfied because, under this Deed or by operation
by law, there is a reduction in the extent of the Security Trustee's indemnification as a result of the Security Trustee's fraud, negligence or wilful default. Nothing in this clause 8.9 or any
similar provision in any other Transaction Document limits or adversely affects the rights or Powers of the Security Trustee, any Receiver or Attorney. 

8.10    Liability for Agents  

The
Security Trustee will not be responsible to any Secured Creditor for any misconduct or default on the part of any agent or delegate appointed by the Security Trustee in accordance with this Deed,
provided that any such person will be a person who is, in the opinion of the Security Trustee, appropriately qualified and the Security Trustee has exercised good faith in the selection of such agent
or delegate. 

9.    Protection of persons dealing with Security Trustee or Receiver  

9.1    No Inquiry  

No
person dealing with the Security Trustee, a Receiver or any Attorney is bound to inquire as to whether any of the Secured Moneys are owing or payable, whether any Receiver or Attorney has been
properly appointed, or as to the propriety or regularity of the exercise or purported exercise of any Power or any other matter or thing, or be affected by actual or constructive notice that any such
exercise is improper. Any transaction entered into as a result of any such exercise or purported exercise will be valid and binding notwithstanding any irregularity or impropriety in such exercise. 

22

 

9.2    Receipts  

The
receipt of the Security Trustee, the Receiver or any Attorney for any money or assets which come into the hands of the Security Trustee, the Receiver or such Attorney by virtue of any Power, will
discharge any person paying or handing over the same from being concerned to see to their application, or being answerable or accountable for their loss or misapplication. 

10.    Application of money  

10.1    Establishment of Secured Moneys Account  

Upon
the Charge becoming enforceable under clause 6.2: 

	(a)
	the
Security Trustee must establish and thereafter maintain an Eligible Account designated ARMS II Global Fund I (or any other name
which is appropriate to identify the account as being established for the purposes of the Security Trust); and

	(b)
	thereafter,
the Security Trustee must credit to the Secured Moneys Account, all moneys received by the Security Trustee under the Secured Documents or as a result of the exercise of
any Power, provided that the Security Trustee may credit such moneys to an account with an Eligible Financial Institution if the moneys are not deposited for more than 30 days and the aggregate
of the moneys held in such accounts at any time is not more than 20% of the aggregate Face Value of the Bonds at that time. 

10.2    Priority of Payments  

Subject
to any law which applies notwithstanding any agreement to the contrary and subject to clause 10.3, all money received by the Security Trustee or a Receiver after the Charge has become
enforceable pursuant to the Secured Documents or as a result of the exercise of any Power must be applied: 

	(a)
	(Costs of enforcement): first, in payment on a full indemnity basis of all costs, charges, expenses and disbursements incurred in the
exercise or performance or attempted exercise or performance of any Powers (including, for the avoidance of doubt, the Manager's Fee and those incurred by the Security Trustee) and any powers of the
Class A Bond Trustee under the Transaction Documents;

	(b)
	(Fees and Expenses): second, in payment of or towards satisfaction (pari passu and rateably) of fees and other expenses payable to the
Security Trustee, the Class A Bond Trustee, each Paying Agent, the Calculation Agent, the US$ Registrar, the Chargor and the Receiver's remuneration;

	(c)
	(Class A Bondholders, Fast Prepayment Bondholders, Interest Rate Swap Counterparties and Class A Currency Swap
Counterparties): third, in or towards satisfaction (pari passu and rateably) of:

	(i)
	the
Bondholders' Secured Moneys owing to the Bondholders of Class A Bonds and Fast Prepayment Bonds, pari passu and rateably;

	(ii)
	the
Currency Swap Counterparties' Secured Moneys owing to the Class A Currency Swap Counterparties, pari passu and rateably; and

	(iii)
	the
Interest Rate Swap Counterparties' Secured Moneys owing to the Interest Rate Swap Counterparties, pari passu and rateably;

	(d)
	(Class B Bondholders): fourth, in or towards satisfaction of the Bondholders' Secured Moneys owing to the Bondholders of
Class B Bonds, pari passu and rateably; and 

23

 

	(e)
	(Surplus): fifth, in payment to the persons entitled thereto. 

10.3    Payments Conditional and Limited  

The
obligations of the Security Trustee and any Receiver under clause 10.2 are subject to the following: 

	(a)
	neither
the Security Trustee nor the Receiver must make any payments pursuant to clause 10.2(c) or (d) until and to the extent that the relevant Secured Moneys has
become due and payable, and until then must invest all surplus moneys in accordance with clause 10.5; and

	(b)
	the
liability of the Security Trustee to make any payments or distribution of moneys under clause 10.2 is limited to making such payments in the order set out in
clause 10.2 and to the extent of funds available in the Secured Moneys Account. 

10.4    Money Received  

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

10.5    Power To Invest Amounts Contingently Due  

Unless
expressly prohibited by this Deed, all moneys received by the Security Trustee following the Charge becoming enforceable and not required to be immediately applied under any of the discretions
or Powers contained in this Deed will be held by the Security Trustee in the Secured Moneys Account, or invested as the Security Trustee thinks appropriate in Authorised Investments on the following
terms and conditions: 

	(a)
	the
Security Trustee may from time to time vary and deal with or dispose of such investments provided that it does not incur a capital loss in doing so; and

	(b)
	if
the Security Trustee invests any amount under this clause, it must (subject to clause 10.1(b)) ensure that any such Authorised Investments are rated at least the Designated
Rating by each Designated Rating Agency, and mature such that the Security Trustee is able to distribute the proceeds of those investments in or towards discharge of the Secured Moneys as they become
due. 

10.6    Concerning Payments  

If
there is any dispute as to whether any moneys received or payable by the Chargor or the Security Trustee are capital or income, such dispute will be referred to the Auditor, acting as an expert,
and his determination is final and binding. The Security Trustee in making any payment may make such payment against receipt of such information, invoices or receipts or certificates as it may
reasonably require. 

11.    Continuing security and releases  

11.1    Liability Preserved  

Notwithstanding
any payout figure quoted or other form of account stated by the Security Trustee, no grant of full or partial satisfaction of or discharge from this Deed by the Security Trustee
releases the Chargor hereunder until all the Secured Moneys have in fact been received by the Security Trustee and are not liable for whatever reason to be disgorged notwithstanding that such 

24

 

quotation
or statement of account may have arisen from the mistake, negligence, error of law or error of fact of the Security Trustee. 

11.2    Chargor's Liability Not Affected  

This
Deed and the liability of the Chargor under it are not affected or discharged by any of the following: 

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

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

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

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

11.3    Waiver by Chargor  

The
Chargor hereby waives in favour of the Security Trustee: 

	(a)
	all
rights whatsoever against the Security Trustee and any other person, estate or assets so far as necessary to give effect to anything in this Deed;

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

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

11.4    Discharge of Securities  

Upon
proof being given to the reasonable satisfaction of the Security Trustee that all Secured Moneys have been duly paid and satisfied, or that provision for payment and satisfaction has been duly
made in accordance with the provisions of this Deed, the Security Trustee must: 

	(a)
	at
the request and cost of the Chargor (including the payment of any stamp duty) release and discharge the Charged Property from the Charge; and

	(b)
	issue
a certificate to the Chargor to that effect which certificate is conclusive in the absence of manifest error. 

12.    Perfection and protection of security  

12.1    Further Assurance  

The
Chargor must from time to time, as and when required to do so by the Security Trustee, execute all documents and do all things as the Security Trustee requires for more satisfactorily assuring the
Charged Property to the Security Trustee. In particular, the Chargor must execute in favour of the Security Trustee such legal mortgages, transfers, assignments or other assurances for all or any part
of the Charged Property in such form and containing such powers and provisions as the Security Trustee requires. 

25

 

12.2    Power of Attorney  

By
way of security, the Chargor appoints the Security Trustee, each director and manager from time to time of the Security Trustee, and any Receiver appointed under this Charge, severally, as attorney
of the Chargor as follows: 

	(a)
	(Powers): Each such attorney has power to:

	(i)
	appoint
(and remove at will) at any time any person(s) as a substitute(s) for an attorney or attorneys;

	(ii)
	do
all acts which ought to be done by the Chargor under the Charge;

	(iii)
	take
all action which is in the opinion of the Security Trustee or the attorney(s) necessary or expedient to secure or perfect the Charge, including the power to execute legal
mortgages, fixed charges, transfers, assignments and other assurances in favour of the Security Trustee, and to ensure the prompt stamping and registration of any of them;

	(iv)
	demand,
sue for, recover and receive all or any part(s) of the Charged Property from any person, in the name of and on behalf of the Chargor, or in the name of the Security Trustee
or an attorney appointed under this Charge;

	(v)
	give
effective receipts for all or any part of the Charged Property to any person;

	(vi)
	take
further action and to execute further instruments which are, or are in the opinion of the Security Trustee, either necessary to more satisfactorily secure the payment of the
Secured Moneys or are expedient in relation to the Charged Property; and

	(vii)
	take
any action which the attorney reasonably considers expedient or necessary to remedy an Event of Default or Potential Event of Default.

	(b)
	(Ratification): The Chargor ratifies and confirms now and for the future all actions lawfully undertaken by or on behalf of its
attorney under this Power of Attorney.

	(c)
	(Survives termination): This Power of Attorney continues in force until all actions taken under it have been completed, notwithstanding
the determination of this Deed or any of the agreements or arrangements to which it refers.

	(d)
	(Irrevocable): This Power of Attorney is irrevocable. 

13.    Security provisions  

13.1    Statutory Powers  

To
the extent not prohibited by law, the Security Trustee is not required to give any notice to any person or allow the expiration of any time to any person before enforcing this Deed or exercising
any Power. 

13.2    Continuing Security  

This
Deed is a continuing security despite any settlement of account or any other thing until the Charge is fully and finally discharged in accordance with this Deed. 

26

   13.3    Continuing Indemnities  

	(a)
	Each
indemnity of the Chargor contained in this Deed or in any Secured Document is a continuing obligation of the Chargor, notwithstanding any settlement of account or the occurrence
of any other thing, and remains in full force and effect until all Secured Moneys have been paid in full and the Charge has been fully and finally discharged in accordance with this Deed.

	(b)
	Each
indemnity of the Chargor in this Deed is an additional, separate and independent obligation of the Chargor and no one indemnity limits the generality of any other indemnity. 

13.4    No Merger of Security  

Nothing
in this Deed merges, extinguishes, postpones, lessens or otherwise prejudicially affects any other right, power or remedy arising by law or under any other Secured Document. 

13.5    Moratorium Legislation  

To
the fullest extent permitted by law, the provisions of all Statutes operating directly or indirectly to lessen or affect in favour of the Chargor any obligation under this Deed, or to delay or
otherwise prevent or prejudicially affect the exercise of any Power, are hereby expressly waived, negatived and excluded. 

13.6    Conflict  

Where
any Power of the Security Trustee, Receiver or Attorney under this Deed is inconsistent with the powers conferred by applicable law then, to the extent not prohibited by that law, the powers
conferred by applicable law are deemed to be negated or varied to the extent of the inconsistency. 

13.7    Consent of Security Trustee  

Whenever
the doing of anything by the Chargor is dependent upon the consent or approval of the Security Trustee, the Security Trustee, may withhold its consent or approval or give it conditionally or
unconditionally in its absolute discretion unless expressly stated otherwise. 

13.8    Settlement Conditional  

Any
settlement or discharge between the Chargor and the Security Trustee is conditional on any security or payment given or made to the Security Trustee by the Chargor or any other person in relation
to the Secured Moneys not being avoided, repaid or reduced by virtue of any law relating to insolvency and any provision of any agreement, arrangement or scheme, formal or informal, relating to the
administration of any assets of any person. If the security or payment is avoided, repaid or reduced, the Security Trustee is entitled to recover the value or amount of such security or payment
avoided, repaid or reduced from the Chargor subsequently as if that settlement or discharge had not occurred. 

13.9    Remedies Cumulative  

The
rights and remedies conferred by this Deed on the Security Trustee and the Receiver are cumulative and in addition to all other rights or remedies available to the Security Trustee or the Receiver
by Statute, by general law, or by virtue of any other Secured Document. 

27

 

13.10    Chargor To Bear Cost  

Anything
which must be done by the Chargor under this Deed, whether or not at the request of the Security Trustee, is to be done at the cost of the Chargor. 

13.11    Certificates Conclusive  

A
certificate of the Security Trustee as to the amount of the Secured Moneys at any time is conclusive in the absence of manifest error. 

13.12    Written waiver, consent and approval  

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

14.    The security trustee  

14.1    Covenants of Security Trustee  

Until
it retires or is removed from office as Security Trustee, the Security Trustee must: 

	(a)
	(Power): act continuously as trustee of the Security Trust;

	(b)
	(Performance): act honestly and in good faith in the performance of its duties and the exercise of any discretions having regard to the
rights and interests of the Secured Creditors;

	(c)
	(No Commingling): keep the Charged Property separate from all other assets, investments and other property of the Security Trustee or
any other person, including, but not limited to, assets, investments or other property vested in or held by the Security Trustee as trustee of trusts other than the Security Trust. Nothing in this
clause 14.1(c) prohibits the Security Trustee investing any moneys received by it in accordance with clause 10.5; and

	(d)
	(Notice to Dealers): promptly upon becoming aware of the occurrence of any event which, pursuant to the Secured Documents, has the
effect of obliging the Chargor not to issue Bonds, give notice to each person which the Trust Manager has notified the Security Trustee to be a dealer or underwriter in respect of the Bonds, to each
Paying Agent and to each Designated Rating Agency of such event. 

14.2    Protection of Security Trustee  

In
addition to any protections under any applicable Statute or contained in this Deed: 

	(a)
	(Reliance on Resolutions): the Security Trustee is not responsible for acting or relying upon any resolution purporting to have been
passed at any meeting of the Bondholders in respect of which proper minutes have been made and which the Security Trustee believes in good faith to have been properly passed even though it afterwards
appears that such resolution is not binding or valid by reason of a defect in the convening of, or proceedings at, the meeting or otherwise howsoever;

	(b)
	(Enquiry into title) the Security Trustee is not bound to enquire into, or liable for:

	(i)
	any
defects or failure in the title of the Chargor to the Charged Property;

	(ii)
	any
insufficiency of the Charged Property as security for the Secured Moneys; or

	(iii)
	any
ineffectiveness or unenforceability of the Charge, 

28

 

whether
any such matter might have been discovered upon enquiry and remedied or not except (in the case only of the matters referred to in sub-paragraphs (ii) and (iii)) to the
extent that such insufficiency, ineffectiveness or unenforceability is caused by the Security Trustee's fraud, negligence or wilful default, or a failure by the Security Trustee to comply with the
obligations imposed on it by law; 

	(c)
	(Monitoring compliance): the Security Trustee is not bound to monitor, investigate or otherwise inform itself as to the Chargor's
compliance with the Secured Documents except as expressly provided in this Deed;

	(d)
	(Discretion to Enforce): notwithstanding any actual or constructive notice which the Security Trustee has of the occurrence of an Event
of Default, the Security Trustee may exercise or refrain from exercising its Powers in relation to that Event of Default as it sees fit in its absolute discretion unless in any such case:

	(i)
	the
Security Trustee is directed as to the manner in which it should exercise that Power pursuant to an Extraordinary Resolution or pursuant to a notice in writing in accordance with
clause 6.2(b);

	(ii)
	the
Security Trustee's liability is limited in a manner consistent with clause 8.9; and

	(iii)
	the
Security Trustee is indemnified to its satisfaction against all actions, proceedings, claims and demands to which the Security Trustee may render itself liable and all costs,
charges and expenses which the Security Trustee may thereby incur; and

	(e)
	(No Obligation to Inform): except where expressly provided in this Deed, nothing in this Deed imposes on the Security Trustee an
obligation to inform the Secured Creditors of the occurrence of an Event of Default or Potential Event of Default. 

14.3    Supplemental Powers of Security Trustee  

In
addition to the provisions of any applicable Statute and the other Powers contained in this Deed: 

	(a)
	(Act on Advice): the Security Trustee may, without liability for loss, obtain, accept and act on or decline and elect not to act on:

	(i)
	the
opinion or advice of any professional adviser, agent, broker, auctioneer or other expert selected by the Security Trustee with due care, despite the same being subsequently found
to contain some error or not be authentic, if the Security Trustee acted, accepted or declined in good faith; or

	(ii)
	a
certificate signed by any two directors on behalf of the Chargor or the Trust Manager as to any fact or matter prima facie within the knowledge of the Chargor or the Trust Manager,
as sufficient evidence of such fact;

	(b)
	(Absolute Discretion): except as expressly provided otherwise in this Deed, the Security Trustee has absolute discretion as to the
exercise of its Powers and performance of its duties (including, without limitation, the exercise of any Powers where it reasonably believes that it is necessary to do so in order to protect the
interests of the Secured Creditors (as contemplated by clause 6.5)) and, as to the conduct of any action, proceeding or claim and, provided it has acted with reasonable care and diligence, it
will not be responsible for any loss, damages or expenses that may result from the exercise or non-exercise of its Powers or performance of its duties; 

29

 

	(c)
	(Delegation and Agents): the Security Trustee, whenever it believes in good faith that it is in the best interests of the Secured
Creditors to do so, may:

	(i)
	act
through agents;

	(ii)
	authorise
such person as it thinks fit to act as its representative at any meeting; or

	(iii)
	delegate
its powers, discretions, duties or obligations to any person as provided, whether expressly or by implication, in any of the Secured Documents, and no person dealing with
any such agent or delegate is bound to enquire as to the regularity or authority of such agent or delegate or as to whether it has the requisite power;

	(d)
	(Convene Meetings): the Security Trustee may at any time in accordance with the Meetings Procedures convene a meeting or meetings of
Bondholders for any purpose which the Security Trustee considers desirable;

	(e)
	(Represent Secured Creditors): the Security Trustee may at any time of the Security Trustee's own volition, or pursuant to any
directions, or in accordance with any policy given or indicated by any meeting of Bondholders, represent the Secured Creditors generally in:

	(i)
	any
investigation, negotiation, action, transaction or proceeding relating to or affecting the interests of the Secured Creditors; or

	(ii)
	the
enforcement of the rights of the Secured Creditors or the Security Trustee;

	(f)
	(Discretion in Representing Secured Creditors): except as provided in this Deed, in representing the Secured Creditors, the Security
Trustee has an absolute discretion to act or to refrain from acting and to commence, prosecute, vary or discontinue, abandon, waive or compromise any action, proceeding or claim on any terms or
conditions as it thinks fit;

	(g)
	(Apply to the Court for Direction): the Security Trustee may apply to the Court for directions in relation to any question, and assent
to and approve of or oppose any application to the Court made by any Secured Creditor; and

	(h)
	(Power to Determine): except as expressly otherwise provided in this Deed, the Security Trustee has full power as between itself and
the Secured Creditors to determine all questions and matters of doubt arising in relation to any of the provisions of this Deed and every such determination shall be conclusive and binding on the
Secured Creditors except in the case of a manifest error. 

14.4    Remuneration and Expenses  

The
Security Trustee agrees that: 

	(a)
	(Fees): its sole remuneration for undertaking its obligations under this Deed is the payment of the fees agreed between the Security
Trustee and the Trust Manager on behalf of the Chargor on or before the date of this Deed;

	(b)
	(No claim against Chargor): it has no claim against the Chargor for payment of expenses other than for expenses relating to enforcement
of the Charge pursuant to clause 10.2; and

	(c)
	(Meet own ordinary costs and expenses): it will pay from its own funds any costs and expenses incurred by it in performing its
obligations and exercising its rights in the ordinary course of its duties under this Deed but is not obliged to undertake legal proceedings or other extraordinary action not in the ordinary course of
its duties unless it has been indemnified to its reasonable satisfaction for liabilities, costs and expenses incurred and for reasonable remuneration for the services provided by it in respect of
those legal proceedings or that other extraordinary action. 

30

 

14.5    Conflicts  

Provided
it acts in good faith, nothing in this Deed prevents the Security Trustee or any Related Body Corporate or Associate (as defined in Part 1.2 Division 2 of the Corporations Act) (all
being included in this clause in references to the Security Trustee) 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 Chargor, the Trust Manager or any Secured Creditor;

	(c)
	providing
any advice or services to the Chargor, the Trust Manager or any Secured Creditor; or

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

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

14.6    Reliance on Certificates  

The
Security Trustee shall not 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. 

14.7    No Liability  

If
the Security Trustee incurs any liability to any person as a consequence of having relied, in accordance with clause 14.6, upon a document which was forged or does not bind the person on
whose behalf it was purportedly given, the Security Trustee is entitled to reimbursement for the amount of such loss from the Security Trust Fund. 

14.8    Keep Records  

The
Security Trustee must: 

	(a)
	(Keep records): keep and maintain proper and accurate books, records and accounts in regard to its duties under this Deed;

	(b)
	(Inspection): make available during normal office hours and upon reasonable request to each of the Auditor, the Chargor and the Trust
Manager, for inspection and copying, any of those books, records and accounts; and

	(c)
	(Extracts): deliver to the Auditor such extracts or copies of those books, records and accounts and such other information as it may
reasonably require. 

14.9    Removal  

If:

	(a)
	(Default): the Security Trustee defaults in:

	(i)
	the
payment of any moneys required to be paid by the Security Trustee; or 

31

 

	(ii)
	the
observance or performance of any of its obligations under this Deed (and, if that default is capable of rectification, it is not rectified within 5 Business Days of its
occurrence);

	(b)
	(Insolvent): an Event of Insolvency occurs in relation to the Security Trustee; or

	(c)
	(Extraordinary Resolution): an Extraordinary Resolution is passed that the Security Trustee be removed from office, 

the
Trust Manager may (or in the case of clause 14.9(c), must), subject to clause 14.11, by at least 15 Business Days' written notice to the Security Trustee remove the Security Trustee
from office. 

14.10    Retirement of Security Trustee  

The
Security Trustee may, subject to clause 14.11, retire at any time upon giving not less than 4 months notice in writing (or such shorter period as the parties may agree) to the
Chargor and each Secured Creditor. 

14.11    Removal or Retirement not Effective  

No
removal or retirement of the Security Trustee under this clause 14 is effective unless and until a new Security Trustee has accepted the office of Security Trustee pursuant to
clause 14.12. 

14.12    Appointment of New Security Trustee  

Subject
to clauses 14.9(c), 14.22 and 16.2(d), the power of appointing a new Security Trustee is vested in the Trust Manager. 

14.13    Funds to be Vested in New Trustee  

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

14.14    Release of Outgoing Security Trustee  

Upon
retirement or removal, the Outgoing Security 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 Security Trustee accrued or arising before retirement or removal. 

14.15    Incoming Security Trustee to Execute Deed  

The
Incoming Security Trustee must execute all documents as the Chargor requires to: 

	(a)
	assume
with effect from the date its appointment becomes effective, all of the rights, powers, discretions and obligations of the Security Trustee under this Deed as if the Incoming
Security Trustee had originally been a party to this Deed as the Security Trustee; and

	(b)
	indemnify
the Outgoing Security Trustee for all liabilities and expenses incurred by the Outgoing Security Trustee for which it is entitled to be indemnified out of the Security Trust
Fund and which have not been recouped by it, provided that the liability of the Incoming Security Trustee under such indemnity shall be limited to the same extent provided for in clause 1.4 and
any payment shall rank in the same priority pursuant to clause 1.4 as the corresponding liability for which the Outgoing Security Trustee claims such indemnification. 

32

 

14.16    Settlement Amounts Payable to Outgoing Security Trustee  

The
Chargor or the Trust Manager may: 

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

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

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

14.17    Outgoing Security Trustee to Retain Lien  

Notwithstanding
the retirement or removal of the Outgoing Security Trustee and the indemnity in favour of the Outgoing Security Trustee by the Incoming Security Trustee as contemplated by
clause 14.15, the Outgoing Security Trustee will retain a lien over the Security Trust Fund to meet
claims of any creditors of the Outgoing Security Trustee as trustee of the Security Trust Fund, to the extent that the claims of those creditors are not properly and duly satisfied by the Incoming
Security Trustee. 

14.18    Delivery of Documents  

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

14.19    Notice to Secured Creditors of New Security Trustee  

The
Incoming Security Trustee or the Chargor must give notice to the Secured Creditors as soon as practicable following the appointment of the Incoming Security Trustee. 

14.20    Additional Security Trustee's Powers  

The
powers conferred by this Deed upon the Security Trustee are in addition to any powers which may from time to time be vested in trustees by law and to any powers which may from time to time be
vested in the Security Trustee as a Secured Creditor. 

14.21    Notification  

	(a)
	The
Security Trustee must promptly notify each Designated Rating Agency, the Class A Bond Trustee and each Secured Creditor (other than the Class A Bondholders) of:

	(i)
	the
occurrence of an Event of Default (upon the Security Trustee receiving actual notice of same); or

	(ii)
	the
giving of a notice under clause 6.2; or

	(iii)
	any
proposal to vary, replace or terminate this Deed or to replace the Security Trustee.

	(b)
	The
Class A Bond Trustee must promptly notify each Class A Bondholder of the occurrence of an Event of Default (upon the Class A Bond Trustee receiving actual
notice of the same). 

33

 

14.22    No Ratings Downgrade  

The
Trust Manager must exercise the power of appointment conferred by clause 14.12 in such a way that the appointment of the Incoming Security Trustee does not cause the credit rating assigned
by each of the Designated Rating Agencies to Bonds issued prior to, or to be issued by the Chargor following, such appointment to be less than the relevant Designated Rating, qualified or withdrawn. 

15.    Amendment  

15.1    Amendment by Security Trustee  

Subject
to clause 15.2, the Security Trustee may by way of supplemental deed made with the Chargor, the Trust Manager and the Class A Bond Trustee vary or amend this Deed (including this
clause 15), the Bond Trust Deed or any Condition 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 Security Trustee necessary to comply with the provisions of any existing or proposed statute or regulation or with the requirements of any Government Body;

	(c)
	in
the opinion of the Security Trustee appropriate or expedient as a consequence of an amendment or proposed amendment to any statute or regulation or altered requirements of any
Government Body and is not prejudicial to the interests of any Secured Creditor;

	(d)
	in
the reasonable opinion of the Security Trustee not prejudicial to the interests of any Secured Creditor; or

	(e)
	approved
by an Extraordinary Resolution. 

15.2    Certain Provisions Not to be Varied  

The
Security Trustee may not vary or amend clauses 6.1, 6.2, 10.2, this clause 15 or Conditions 4.4, 4.5, 5.1 or 5.2 (except pursuant to paragraph (b) of clause 15.1) without the
prior approval of an Extraordinary Resolution and the consent of all Currency Swap Counterparties and Interest Rate Swap Counterparties. 

15.3    Copy of Amendments to Secured Creditors  

The
Security Trustee must upon request by: 

	(a)
	a
Secured Creditor; or

	(b)
	the
Class A Bond Trustee on behalf of a Class A Bondholder, 

make
available for inspection and copying by any such Secured Creditor or the Class A Bond Trustee (as the case may be) at its offices on reasonable notice and during normal business hours a
copy of the supplemental deed effecting any variation or amendment to this Deed, the Bond Trust Deed or any Condition. 

15.4    Copy of Amendments in Advance to Designated Rating Agencies  

The
Trust Manager on behalf of the Security Trustee must provide a copy of any proposed variation or amendment to this Deed, the Bond Trust Deed or a Condition which has been reviewed by the Security
Trustee, to each Designated Rating Agency at least 10 Business Days (or such other period as may from time to time be agreed between the Security Trustee and the Designated Rating Agency) prior to the
same taking effect. 

34

 

15.5    Evidence of Variation  

If
a variation or amendment to this Deed, the Bond Trust Deed or a Condition is made pursuant to this clause 15, any person may rely upon a certificate from the Security Trustee describing the
variation and the certificate is deemed to be conclusive evidence of the variation or amendment. 

16.    Meetings  

The
Meetings Procedures apply to all meetings and resolutions of Bondholders. 

17.    Class A Bond Trustee  

17.1    Capacity  

	(a)
	The
Class A Bond Trustee is a party to this Deed in its capacity as trustee for the Class A Bondholders from time to time under the Bond Trust Deed.

	(b)
	Notwithstanding
any other provision of this Deed or any other Transaction Document, the Class A Bond Trustee's rights and obligations under this Deed only apply to the
Class A Bonds and the Class A Bond Trustee is not in any way responsible for the Fast Prepayment Bonds or the Class B Bonds. 

17.2    Exercise of rights  

Except
as otherwise provided in this Deed and in the Bond Trust Deed: 

	(a)
	the
rights, remedies and discretions of the Class A Bondholders under this Deed (including all rights to vote or give instructions to the Security Trustee and to enforce any
undertaking or warranty under this Deed) may only be exercised by the Class A Bond Trustee on behalf of the Class A Bondholders in accordance with the Bond Trust Deed; and

	(b)
	the
Class A Bondholders may only exercise enforcement rights in respect of the Charged Property through the Class A Bond Trustee and only in accordance with this Deed
and the Bond Trust Deed. 

17.3    Instructions or directions  

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

17.4    Payments  

Any
payment to be made by the Chargor or the Security Trustee to a Class A Bondholder under this Deed may be made to the Class A Bond Trustee or a Paying Agent on behalf of that
Class A Bondholder and any such payment is a good discharge to the Chargor or the Security Trustee to the extent of the same. 

18.    Notices  

18.1    Notices Generally  

Subject
to clause 18.2, every Notice: 

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

35

 

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

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

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

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

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

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

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

The Chargor

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: Financial Controller 

The Security Trustee

35 Clarence Street

SYDNEY NSW 2000

By fax: (02) 8295 8675

Attention: Senior Manager, Securitisation 

The Class A Bond Trustee

The Bank of New York

101 Barclay Street, Floor 21 West

NEW YORK NY 10286 USA

By fax: (212) 815 5915

Attention: Global Structured Finance Unit 

18.2    Notices to Secured Creditors  

A
notice, request or other communication by the Security Trustee to: 

	(a)
	Class A
Bondholders, shall be deemed to be duly given if given to the Class A Bond Trustee in accordance with clause 18.1; 

36

 

	(b)
	A$
Bondholders, shall be deemed to be duly given if given in accordance with the Conditions; and

	(c)
	any
other Secured Creditor, must be given in accordance with the Secured Document under which the Secured Moneys outstanding to that Secured Creditor is or may become owing. 

18.3    Notices to Designated Rating Agencies  

The
Security Trustee must provide a copy of each Notice to each Secured Creditor or the Class A Bond Trustee (on behalf of the Class A Bondholders) and to each Designated Rating Agency
as from time to time agreed in writing with the relevant Designated Rating Agency. 

19.    Governing law and jurisdiction  

19.1    Governing Law  

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

19.2    Jurisdiction  

	(a)
	The
Chargor, the Class A Bond Trustee, the Security Trustee and the Secured Creditors each irrevocably submits to and accepts generally and unconditionally the
non-exclusive jurisdiction of the Courts and appellate Courts 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)
	The
Chargor, the Class A Bond Trustee, the Security Trustee and the Secured Creditors each irrevocably waives any objection it may now or in the future have to the venue of any
such action or proceedings and any claim it may now or in the future have that any such action or proceedings have been brought in an inconvenient forum. 

20.    General  

20.1    Severability of Provisions  

Any
provision of this Deed which is illegal, void or unenforceable will be ineffective to the extent only of that illegality, voidness or unenforceability without invalidating the remaining
provisions. 

37

 

20.2    Counterparts  

This
Deed may be executed in a number of counterparts. Each counterpart is to be considered an original and all such counterparts together constitute one and the same instrument. 

	Executed as a deed.	 	 
	
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
	
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
	
Signed Sealed and Delivered for Permanent Registry Limited by its attorney under power of attorney in the presence of:	
 	

 
	

 
 Witness Signature	
 	

 
 Attorney Signature
	 
 Print Name	 	 
 Print Name
	
Executed as a deed by The Bank of New York in the presence of:	
 	

 
	

 
 Witness Signature	
 	

 
 Signature
	

 
 Print Name	
 	

 
 Print Name

38

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