Document:

Exhibit 4.5.8

 

 

	
  Australian Borrower Charge

  
	
  (Project H)

  
	
   

  
	
  HA Funding Pty Limited

  
	
  ACN
  117 549 498

  
	
   

  
	
  and

  
	
   

  
	
  BNP Paribas

  
	
   

  
	
   

  
	
  

  
	
   

  
	
   

  
	
  MLC
  Centre Martin Place Sydney New South Wales 2000 Australia

  Telephone
  +61 2 9225 5000 Facsimile +61 2 9322 4000

  www.freehills.com
  DX 361 Sydney 

  
	
   

  
	
  SYDNEY
  MELBOURNE PERTH BRISBANE SINGAPORE

  Correspondent
  Offices HANOI HO CHI MINH CITY JAKARTA KUALA LUMPUR

  
	
   

  
	
  Reference
  WGG:36C

  

 

 

Table of
contents

 

	
  Clause

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  1

  	
  Definitions and interpretation

  	
  1

  
	
   

  	
  1.1

  	
  Definitions

  	
  1

  
	
   

  	
  1.2

  	
  Interpretation

  	
  3

  
	
   

  	
  1.3

  	
  Incorporated
  definitions

  	
  5

  
	
   

  	
  1.4

  	
  Inclusive
  expressions

  	
  5

  
	
   

  	
  1.5

  	
  Security
  Trust Deed

  	
  5

  
	
   

  	
  1.6

  	
  Capacity
  of Chargee

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  2

  	
  Charge

  	
  7

  
	
   

  	
  2.1

  	
  Charge

  	
  7

  
	
   

  	
  2.2

  	
  Priority

  	
  7

  
	
   

  	
  2.3

  	
  Nature
  of Charge

  	
  7

  
	
   

  	
  2.4

  	
  Crystallisation

  	
  8

  
	
   

  	
  2.5

  	
  De-crystallisation

  	
  8

  
	
   

  	
  2.6

  	
  Prospective
  liability

  	
  9

  
	
   

  	
  2.7

  	
  Designated
  Account, insurance policy proceeds and book debts

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  3

  	
  Discharge of the Charge

  	
  10

  
	
   

  	
  3.1

  	
  Discharge

  	
  10

  
	
   

  	
  3.2

  	
  Automatic
  release

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
  4

  	
  Representations and warranties, undertakings

  	
  11

  
	
   

  	
  4.1

  	
  Representations
  and warranties

  	
  11

  
	
   

  	
  4.2

  	
  Performance
  under Transaction Documents

  	
  11

  
	
   

  	
  4.3

  	
  Negative
  pledge

  	
  11

  
	
   

  	
  4.4

  	
  Payment
  of Secured Moneys

  	
  11

  
	
   

  	
  4.5

  	
  Chargor’s
  Business

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  5

  	
  Enforcement

  	
  12

  
	
   

  	
  5.1

  	
  When
  enforceable

  	
  12

  
	
   

  	
  5.2

  	
  Assistance
  in realisation

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  6

  	
  Receiver

  	
  12

  
	
   

  	
  6.1

  	
  Appointment
  of Receiver

  	
  12

  
	
   

  	
  6.2

  	
  Agency
  of Receiver

  	
  13

  
	
   

  	
  6.3

  	
  Powers
  of Receiver

  	
  13

  
	
   

  	
  6.4

  	
  Nature
  of Receiver’s Powers

  	
  15

  
	
   

  	
  6.5

  	
  Status
  of Receiver after commencement of winding-up

  	
  15

  
	
   

  	
  6.6

  	
  Powers
  exercisable by the Chargee

  	
  15

  
	
   

  	
  6.7

  	
  Set-off

  	
  16

  
	
   

  	
  6.8

  	
  Notice
  of exercise of rights

  	
  16

  
	
   

  	
  6.9

  	
  Termination
  of receivership and possession

  	
  16

  

 

1

 

	
  7

  	
  Application and receipts of money

  	
  16

  
	
   

  	
  7.1

  	
  Order
  of application

  	
  16

  
	
   

  	
  7.2

  	
  Money
  actually received

  	
  17

  
	
   

  	
  7.3

  	
  Amounts
  contingently due

  	
  17

  
	
   

  	
  7.4

  	
  Notice
  of a subsequent Encumbrance

  	
  18

  
	
   

  	
  7.5

  	
  Chargee’s
  statement of indebtedness

  	
  18

  
	
   

  	
  7.6

  	
  Chargee’s
  receipts

  	
  18

  
	
   

  	
  7.7

  	
  Conversion
  of currencies on application

  	
  19

  
	
   

  	
  7.8

  	
  Amounts
  payable on demand

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
  8

  	
  Power of attorney

  	
  19

  
	
   

  	
  8.1

  	
  Appointment
  of Attorney

  	
  19

  
	
   

  	
  8.2

  	
  Purposes
  of appointment

  	
  19

  
	
   

  	
  8.3

  	
  Delegation
  and substitution

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  9

  	
  Protection

  	
  20

  
	
   

  	
  9.1

  	
  Protection
  of third parties

  	
  20

  
	
   

  	
  9.2

  	
  Protection
  of the Chargee, Receiver and Attorney

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  10

  	
  Saving provisions

  	
  21

  
	
   

  	
  10.1

  	
  Statutory
  powers

  	
  21

  
	
   

  	
  10.2

  	
  Continuing
  security

  	
  21

  
	
   

  	
  10.3

  	
  No
  merger of security

  	
  21

  
	
   

  	
  10.4

  	
  Exclusion
  of moratorium

  	
  21

  
	
   

  	
  10.5

  	
  Conflict

  	
  22

  
	
   

  	
  10.6

  	
  Completion
  of blank securities

  	
  22

  
	
   

  	
  10.7

  	
  Principal
  obligations

  	
  22

  
	
   

  	
  10.8

  	
  No
  obligation to marshal

  	
  22

  
	
   

  	
  10.9

  	
  Non-avoidance

  	
  22

  
	
   

  	
  10.10

  	
  Increase
  in financial accommodation

  	
  23

  
	
   

  	
   

  	
   

  	
   

  
	
  11

  	
  Third party provisions

  	
  23

  
	
   

  	
  11.1

  	
  Suspense
  account

  	
  23

  
	
   

  	
  11.2

  	
  Independent
  obligations

  	
  23

  
	
   

  	
  11.3

  	
  Unconditional
  nature of obligations

  	
  23

  
	
   

  	
  11.4

  	
  No
  competition

  	
  25

  
	
   

  	
   

  	
   

  	
   

  
	
  12

  	
  General

  	
  26

  
	
   

  	
  12.1

  	
  Performance
  by Chargee of the Chargor’s obligations

  	
  26

  
	
   

  	
  12.2

  	
  Chargor
  to bear cost

  	
  26

  
	
   

  	
  12.3

  	
  Notices

  	
  26

  
	
   

  	
  12.4

  	
  Governing
  law and jurisdiction

  	
  27

  
	
   

  	
  12.5

  	
  Prohibition
  and enforceability

  	
  27

  
	
   

  	
  12.6

  	
  Waivers

  	
  27

  
	
   

  	
  12.7

  	
  Variation

  	
  28

  
	
   

  	
  12.8

  	
  Cumulative
  rights

  	
  28

  
	
   

  	
  12.9

  	
  Assignment

  	
  28

  
	
   

  	
  12.10

  	
  Counterparts

  	
  28

  

 

2

 

	
   

  	
  12.11

  	
  Attorneys

  	
  28

  

 

3

 

This
deed of charge

 

is made on 20 December 2005 between the following parties:

 

1.            HA Funding Pty Limited

ACN 117 549 498

of Level 6, 10 Dorcas Street, South Melbourne, Victoria

(Chargor)

 

2.            BNP Paribas

ABN 23 000 000 117

of Securitisation CAA 05 B1, 3 rue d’Antin, 75 078 Paris Cedex 02, France

(Chargee)

 

Recitals

 

A.           The Chargor is, or will be, the legal and beneficial owner of the
Charged Property.

 

B.            The Chargor has agreed to charge the Charged Property to secure the
payment of the Secured Moneys.

 

This
deed witnesses

 

that in consideration of, among other things, the
mutual promises contained in this deed, the parties agree:

 

1             Definitions and interpretation

 

1.1          Definitions

 

In this deed:

 

Accelerated
Event of Default means the occurrence of an
Event of Default which is continuing and has not been waived under the Bridge
Facility Agreement and which has resulted in the Facility Agent serving a
notice under clause [23.16(a)] of the Bridge Facility Agreement;

 

Attorney means an attorney appointed under this deed;

 

Beneficiary means a “Beneficiary” as defined in the Security Trust Deed;

 

Bridge
Facility Agreement means the Senior Bridge
Facilities Agreement between Hertz International, Ltd., the Original Borrowers
party thereto, the Original Guarantors party thereto, BNP Paribas and The Royal
Bank of Scotland PLC, as Mandated Lead Arrangers, CALYON, as Co-Arranger, BNP
Paribas, The Royal Bank of Scotland plc and CALYON, as Joint Bookrunners, BNP
Paribas as Facility Agent, Security Agent and Global Coordinator and the
Financial Institutions party thereto, as Banks ;

 

Charge means the security created by this deed;

 

Charged
Property means all of the present and future
undertaking, assets and rights of the Chargor including all real and personal
property, choses in action, goodwill, uncalled and called but unpaid capital;

 

1

 

Corporations Act means the Corporations Act 2001 (Cth);

 

debt includes
debts owing by a bank or other financial institution, including in relation to
a current trading account;

 

Designated Account means the bank account opened by the Chargor in accordance with
clause 2.7;

 

Designated Bank means the bank with which the Designated Account is maintained;

 

Intellectual
Property Rights includes any patent, design,
trade mark, copyright, trade secret, confidential information and any right to
use, or to grant the use of, or to be the registered owner or user of, any of
them;

 

Marketable
Securities has the following meaning:

 

(a)           the meaning given to that expression in the Corporations Act;
and

 

(b)           any units (whatever called) in a trust estate which represent a
legal or beneficial interest in any of the income or assets of that trust
estate and includes any options to acquire any units as described;

 

Material
Document means:

 

(a)           the Purchase Deed; and

 

(b)           each other Transaction Document under and as defined in the Purchase
Deed;

 

Power means any right, power, authority, discretion or remedy conferred
on the Chargee, Receiver or Attorney by any Transaction Document or any
applicable law;

 

Principal
Agreement means:

 

(a)           the Bridge Facility Agreement; or

 

(b)           any other document which the Chargor and the Chargee agree, now or
in the future, is a Principal Agreement for the purposes of this deed;

 

Purchase
Deed means the deed entitled “Australian
Purchase Deed (Project H)” dated on or after the date of this deed between the
Chargor (as seller) and Hertz Australia Pty Limited (ABN 31 004 407 807) (as
purchaser), among others;

 

Receiver means a receiver or receiver and manager appointed under this deed;

 

Secured
Moneys means all debts and monetary
liabilities of the Chargor to the Beneficiaries or the Security Trustee on any
account under or in relation to any Transaction Document and in any capacity,
irrespective of whether the debts or liabilities:

 

(a)           are present or future;

 

(b)           are actual, prospective, contingent or otherwise;

 

(c)           are at any time ascertained or unascertained;

 

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

 

2

 

(e)           are owed to or incurred for the account of any Beneficiary or the
Security Trustee, alone, or severally, or jointly with any other person;

 

(f)            are owed to any other person as agent (whether disclosed or not) for
or on behalf of a Beneficiary or the Security Trustee;

 

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

 

(h)           are owed to or incurred for the account of a Beneficiary directly or
as a result of:

 

(1)           the assignment or transfer to a Beneficiary of any debt or liability
of the Chargor (whether by way of assignment, transfer or otherwise); or

 

(2)           any other dealing with any such debt or liability;

 

(i)            are owed to or incurred for the account of a Beneficiary or the
Security Trustee before the date of this deed or before the date of any
assignment of this deed to any Beneficiary or the Security Trustee by any other
person or otherwise; or

 

(j)            comprise any combination of the above;

 

Security Trust means the trust established under the Security Trust Deed;

 

Security
Trust Deed means the security trust deed
dated on or before the date of this deed between the Chargor and others and the
Chargee as security trustee constituting the Security Trust;

 

Title
Document means any original, duplicate or
counterpart certificate or document of title including any real property
certificate of title or any share certificate;

 

Transaction Document means:

 

(a)           this deed;

 

(b)           the Security Trust Deed;

 

(c)           the Principal Agreement;

 

(d)           any other Transaction Document as defined in the Security Trust
Deed;

 

(e)           any
document which the Chargor and the Chargee agree, now or in the future, is a
Transaction Document for the purposes of this deed,

 

or any document or agreement entered into or given
under any of the above; and

 

Transaction Party means:

 

(a)           the Chargor; or

 

(b)           any other Transaction Party as defined in a Transaction Document.

 

1.2          Interpretation

 

In this deed, headings and bold type are for convenience only and do
not affect the interpretation of this deed and, unless the context requires
otherwise:

 

3

 

(a)           words importing the singular include the plural and vice versa;

 

(b)           words importing a gender include any gender;

 

(c)           other parts of speech and grammatical forms of a word or phrase
defined in this deed have a corresponding meaning;

 

(d)           an expression suggesting or referring to a natural person or an
entity includes any company, partnership, joint venture, association,
corporation or other body corporate and any Government Agency;

 

(e)           a reference to any thing (including any right) includes a part of
that thing but nothing in this clause 1.2(e) implies that performance
of part of an obligation constitutes performance of the obligation;

 

(f)            a reference to a clause, party, annexure, exhibit or schedule is
a reference to a clause of, and a party, annexure, exhibit and schedule to,
this deed and a reference to this deed includes any annexure, exhibit and
schedule;

 

(g)           a reference to a statute, regulation, proclamation, ordinance or by-law
includes all statutes, regulations, proclamations, ordinances or by-laws
amending, consolidating or replacing it, whether passed by the same or another
Government Agency with legal power to do so, and a reference to a statute
includes all regulations, proclamations, ordinances and by-laws issued under
that statute;

 

(h)           a reference to a document includes all amendments or supplements to,
or replacements or novations of, that document;

 

(i)            a reference to liquidation includes official management, appointment
of an administrator, compromise, arrangement, merger, amalgamation,
reconstruction, winding-up, dissolution, deregistration, assignment for the
benefit of creditors, scheme, composition or arrangement with creditors,
insolvency, bankruptcy, or any similar procedure or, where applicable, changes
in the constitution of any partnership or person, or death;

 

(j)            a reference to a party to any document includes that party’s
successors and permitted assigns;

 

(k)           a reference to an agreement other than this deed includes an
undertaking, deed, agreement or legally enforceable arrangement or
understanding whether or not in writing;

 

(l)            a reference to an asset includes all property of any nature,
including a business, and all rights, revenues and benefits;

 

(m)          a reference to a document includes any agreement in writing, or any
certificate, notice, deed, instrument or other document of any kind;

 

(n)           no provision of this deed may be construed adversely to a party
solely on the ground that the party was responsible for the preparation of this
deed or that provision; and

 

(o)           a covenant or agreement on the part of two or more persons
binds them jointly and severally;

 

(p)           a reference to a body, other than a party to this deed (including an
institute, association or authority), whether statutory or not:

 

4

 

(1)           which ceases to exist; or

 

(2)           whose powers or functions are transferred to another body,

 

is a reference to the body which replaces it or which substantially
succeeds to its powers or functions;

 

(q)           an Event of Default is continuing if it has not been remedied to the
satisfaction of the Facility Agent (acting reasonably) or expressly waived in
writing by the Facility Agent; and

 

(r)            references to time are to Sydney time.

 

1.3          Incorporated
definitions

 

(a)           A word or phrase (other than one defined in clause 1.1) defined
in the Principal Agreement or in the Security Trust Deed has the same meaning
in this deed.

 

(b)           If a word of phrase is defined in both the Principal Agreement and
the Security Trust Deed the definition in the Security Trust Deed prevails to
the extent of any inconsistency.

 

1.4          Inclusive
expressions

 

Specifying anything in this deed after the words “includes” or “for
example” or similar expressions does not limit what else is included unless
there is express wording to the contrary.

 

1.5          Security
Trust Deed

 

This deed is a “Security” and a “Transaction Document” for the purposes
of the Security Trust Deed.

 

1.6          Capacity
of Chargee

 

(a)           The Chargee enters into this deed only in its capacity as trustee of
the Security Trust and in no other capacity. A liability arising under or in
connection with this deed is limited to and can be enforced against the Chargee
only to the extent to which it can be satisfied out of the assets of the
Security Trust out of which the Chargee is actually indemnified for the
liability. This limitation of the Chargee’s liability applies despite any other
provision of this deed (other than clause 1.6(c)) and extends to all
liabilities and obligations of the Chargee in any way connected with any
representation, warranty, conduct, omission, agreement or transaction related
to this deed.

 

(b)           The parties (other than the Chargee) may not sue the Chargee in
any capacity other than as trustee of the Security Trust, including seek the
appointment of a receiver (except in relation to property of the Security
Trust), a liquidator, an administrator or any similar person to the Chargee or
prove in any liquidation, administration or arrangement of or affecting the
Chargee (except in relation to property of the Security Trust).

 

(c)           The provisions of this clause 1.6 shall not apply to any
obligation or liability or the Chargee to the extent that it is not satisfied
because under 

 

5

 

the Security Trust Deed or by operation of law there is a reduction in
the extent of the Chargee’s indemnification out of the assets of the Security
Trust, as a result of the Chargee’s fraud, negligence or wilful default.

 

(d)           No act or omission of the Chargee (including any related failure to
satisfy its obligations or breach of representation or warranty under this
deed) will be considered fraud, negligence or wilful default of the Chargee for
the purpose of clause 1.6(c) to the extent to which the act or
omission was caused or contributed to by any failure by any other person other
than a delegate of the Chargee appointed under the Security Trust Deed to
fulfil its obligations relating to the Security Trust or by any other act or
omission of any other person other than a delegate of the Chargee appointed
under the Security Trust Deed.

 

(e)           No attorney, agent, delegate, receiver or receiver and manager
appointed under this deed has authority to act on behalf of the Chargee in a
way which exposes the Chargee to any personal liability and no act or omission
of any such person will be considered fraud, negligence or wilful default of
the Chargee for the purpose of clause 1.6(c).

 

(f)            The Chargee is not obliged to do or refrain from doing anything
under this deed (including incur any liability) unless the Chargee’s liability
is limited in the same manner as set out in clauses 1.6(a) to 1.6(c) inclusive).

 

1.7          Limited
recourse

 

(a)           Subject to clause 1.7(d) but despite any other provision of
this deed, the Chargor is only obliged to pay any amount otherwise payable
under or in relation to this deed to the extent that the amount can be
satisfied out of the Charged Property.

 

(b)           Subject to clause 1.7(d) but despite any other provision of
this deed, the Security Trustee must not:

 

(1)           take any action against the Chargor personally to recover any part of
the Secured Moneys which cannot be recovered out of the Charged Property; or

 

(2)           levy execution or bring any other proceedings (other than to enforce
a Transaction Document) against any property of the Chargor which does not form part of
the Charged Property to recover any part of the Secured Moneys.

 

(c)           Clause 1.7(b) operates as a covenant not to sue and not as a
release, and may be pleaded in bar to any action brought in breach of it.

 

(d)           Nothing in this clause 1.7 affects the rights of the Security
Trustee or the liability of the Chargor with respect to fraud, gross negligence
or wilful misconduct by the Chargor.

 

6

 

2             Charge

 

2.1          Charge

 

The Chargor charges all of its interest in the Charged Property to the
Chargee as security for the due and punctual payment of the Secured Moneys.

 

2.2          Priority

 

The parties intend that the Charge take priority over all other
Encumbrances of the Chargor other than any Encumbrance mandatorily preferred by
law.

 

2.3          Nature
of Charge

 

The Charge is:

 

(a)           a fixed charge over all the Chargor’s present and future interest
under:

 

(1)           any freehold or leasehold property or any other interest in real
property including fixtures;

 

(2)           any machinery, plant or equipment (other than stock in trade);

 

(3)           any uncalled or called but unpaid capital of the Chargor;

 

(4)           any Encumbrance over any real or personal property or any Guarantee;

 

(5)           any Title Document and any other documents evidencing a right to the
possession of any real or personal property;

 

(6)           any partnership in which the Chargor is a partner;

 

(7)           any joint venture in which the Chargor is a joint venturer;

 

(8)           any insurance policy in relation to the Charged Property but not the
proceeds from that insurance policy;

 

(9)           any Marketable Securities;

 

(10)         any Intellectual Property Rights;

 

(11)         any book debt or other debt but not the proceeds of any such debt;

 

(12)         books of account, registers, minute books, statements, invoices,
accounting and other records, however recorded, and all software;

 

(13)         other assets not acquired by the Chargor for disposal in the
ordinary course of the ordinary business of the Chargor;

 

(14)         the Designated Account and any chose in action in respect of the
Designated Account; and

 

(15)         each Material Document and any rights
of the Chargor under each Material Document; and

 

(b)           a floating charge over all other Charged Property.

 

7

 

2.4          Crystallisation

 

The floating charge created in clauses 2.1 and 2.3 automatically
and immediately crystallises and becomes fixed:

 

(a)           without the Chargee giving any notice to the Chargor, in respect of
all of the Charged Property:

 

(1)           when a Receiver or any other receiver or receiver and manager is
appointed in respect of any of the Charged Property;

 

(2)           when the Charge or any other Encumbrance over any of the Charged
Property is enforced in any other way; or

 

(3)           when an order is made or a resolution is passed for the liquidation
of the Chargor;

 

(b)           without the Chargee giving any notice to the Chargor, in respect of
a particular asset of the Charged Property:

 

(1)           when the Chargor breaches clause 4.3 in respect of that asset;

 

(2)           when any step is taken to issue, levy or enforce any distress,
attachment, execution or other process against or upon that asset;

 

(3)           when any Encumbrance over that asset is, or becomes capable of
being, enforced or any floating Encumbrance over that asset crystallises or
otherwise becomes a fixed Encumbrance;

 

(4)           when a notice which affects that asset is issued, signed or given
under Subdivision 260-A of Schedule 1 of the Taxation Administration
Act 1953 (Cth) by, or on behalf of, the Commissioner of Taxation or the
Deputy Commissioner of Taxation, or under any similar legislation; or

 

(5)           when any thing occurs which may result in any amounts,
including Tax or moneys owing to employees, ranking ahead of the floating
charge with respect to that asset; and

 

(c)           in respect of any asset including the proceeds of any book debt or
other debt or other moneys now or in the future payable to the Chargor, when
the Chargee gives notice in respect of that asset to the Chargor upon or any
time after the occurrence of a Default.

 

2.5          De-crystallisation

 

(a)           Where an asset has become subject to a fixed charge under
clause 2.4, the Chargee may release the asset from that fixed charge
by notice in writing to the Chargor.

 

(b)           When an asset is released from the fixed charge under
clause 2.5(a), the asset will again be subject to:

 

(1)           the floating charge under clauses 2.1 and 2.3; and

 

(2)           the further operation of clause 2.4.

 

8

 

2.6          Prospective
liability

 

(a)           The parties acknowledge that the maximum amount of the prospective
liability secured by this deed, for the purposes of establishing priority under
section 282(3) of the Corporations Act, is A$500,000,000.

 

(b)           The Chargee may from time to time lodge a notice under section 268(2) of
the Corporations Act on behalf of the Chargor specifying an increase in the
maximum amount of the prospective liability referred to in clause 2.6(a) and
from the date of lodgment the amount specified in clause 2.6(a) is to
be regarded as varied to the amount specified in that notice.

 

(c)           Neither clause 2.6(a) nor clause 2.6(b) in any
way affects or limits the actual amount of
Secured Moneys which may in fact be secured by the Charge.

 

(d)           Clauses 2.6(a), (b) and (c) are to be construed
independently of each other.

 

2.7          Designated
Account, insurance policy proceeds and book debts

 

(a)           If an Event of Default occurs and is continuing, the Chargee may require
the Chargor to open and maintain a Designated Account at a bank and branch
approved by the Chargee on terms that:

 

(1)           nominated Officers of the Chargee must be signatories to the
Designated Account; and

 

(2)           no withdrawals can be made from the Designated Account without the
signature of one of those Officers.

 

(b)           If an Event of Default occurs and is continuing, the Chargor must
immediately and until notified otherwise by the Chargee deposit in the Designated
Account any proceeds the Chargor receives under any insurance policy in
relation to the Charged Property or any book debt or other debt in respect of
which the floating charge has crystallised.

 

(c)           Clause 2.7(b) does not apply to proceeds received from any
workers’ compensation or public liability policy or reinstatement policy to the
extent that the proceeds are paid to a person:

 

(1)           entitled to be compensated under the workers’ compensation or public
liability policy; or

 

(2)           under a contract for the reinstatement of the Charged Property.

 

(d)           The Chargor must give all notices and directions and execute all
necessary documents as requested by the Chargee to ensure clauses 2.7(a) and
(b) are complied with.

 

(e)           A Power created under this clause 2.7 is not waived by any
failure or delay in exercise, or by the partial exercise, of that Power.

 

(f)            If a Power arising under this clause 2.7 is waived, the fixed
charge created by this deed in respect of the relevant book debt, other debt,
insurance policy or other relevant asset continues to operate as a fixed
charge.

 

9

 

(g)           The Chargor must:

 

(1)           give notice to the Designated Bank of the charge of the Designated
Account; and

 

(2)           obtain an acknowledgment from the Designated Bank of that charge and
the notice.

 

(h)           The Chargor must obtain an agreement from the Designated Bank that:

 

(1)           it will not repay any money in the Designated Account to the Chargor
or any other person without the prior written consent of the Chargee;

 

(2)           it waives all rights of set-off and combination in respect of the
Designated Account;

 

(3)           it must not exercise an Encumbrance in respect of the Designated
Account; and

 

(4)           the agreement of the Designated Bank must not be varied or terminated
without the prior written consent of the Chargee (which consent will not be
unreasonably withheld or delayed).

 

3             Discharge of the Charge

 

3.1          Discharge

 

The Chargee must discharge from the Charge the Charged Property, or any
part of it as appropriate, if any of the following events occur:

 

(a)           the Secured Moneys are discharged in full and the Chargee is under
no further actual or contingent obligation to provide financial accommodation
to the Chargor or any other person under any Transaction Document;

 

(b)           the Chargor ceases
to be a borrower under the Bridge Facility Agreement and any Take-Out Financing
(as defined in the Bridge Facility Agreement) which is secured by the same
Australian Securities (as defined in the Bridge Facility Agreement) and the
Chargor requests such discharge and pays to the Chargee the cost of discharge and any Secured Moneys outstanding at that time; or

 

(c)           to facilitate any disposal, sale or disposition permitted under the
Bridge Facility Agreement including, for the avoidance of doubt, any sale or
other disposition of any property pursuant to a merger, consolidation,
reorganisation, winding-up, securitisation, Take-Out Financing or sale and
leaseback permitted under the Bridge Facility Agreement to the extent necessary
to ensure such merger, consolidation, reorganisation, winding-up,
securitisation, Take-Out Financing or sale and leaseback takes place (a Permitted Disposal).

 

3.2          Automatic
release

 

Where the disposal, sale or disposition of property forming part of
the Charged Property is a Permitted Disposal, the relevant property will be
deemed to be 

 

10

 

automatically released from the Charge with effect from the day of such
disposal and the Chargee will (at the cost of the Chargor) do all such acts as
are reasonably requested by the Chargor in order to release such property.

 

4             Representations and warranties, undertakings

 

4.1          Representations
and warranties

 

(a)           The Chargor represents and warrants to and for the benefit of the
Chargee and each Beneficiary that all its representations and warranties in
each Transaction Document are, or will be, true and correct in all respects
when made or regarded as having been made.

 

(b)           The Chargor further represents and warrants that:

 

(1)           as at the date of execution of this deed all of the Charged Property
is located, or taken for stamp duty purposes to be located, in Victoria; and

 

(2)           its only issued share capital consists of 100 ordinary shares.

 

(c)           The Chargor acknowledges that it has not entered into this deed or
any other Transaction Document in reliance on any representation, warranty,
promise or statement of the Chargee or of any person on behalf of the Chargee.

 

4.2          Performance
under Transaction Documents

 

(a)           The Chargor must fully and punctually perform its obligations
under the Transaction Documents.

 

(b)           The Chargor must ensure that no Event of Default occurs. Without
affecting the liability of the Chargor or the Powers in any other respect
(including where a breach of this clause 4.2(b) is also a breach of
another provision of a Transaction Document), the Chargor is not liable in
damages for breach of this clause 4.2(b) but, subject to clause 5.1,
the Chargee may exercise its Powers consequent upon or following that
breach.

 

4.3          Negative
pledge

 

The Chargor must not:

 

(a)           create or allow to exist or agree to any Encumbrance over; or

 

(b)           sell, assign, transfer or otherwise dispose of or part with
possession of,

 

any of the Charged Property except to the extent expressly permitted by
the Bridge Facility Agreement.

 

4.4          Payment
of Secured Moneys

 

The Chargor must pay or repay the Secured Moneys owed by the Chargor to
the Chargee or any Beneficiary in accordance with this deed, each other
Transaction 

 

11

 

Document and each other obligation under which the Secured Moneys are
payable by the Chargor.

 

4.5          Chargor’s
Business

 

The Chargor must not undertake any business or acquire any asset other
than as contemplated by the Transaction Documents.

 

5             Enforcement

 

5.1          When
enforceable

 

(a)           Upon the occurrence of an Accelerated Event of Default, the Charge
and each Collateral Security are immediately enforceable without the need for
any demand or notice to be given to the Chargor or any other person.

 

(b)          Upon the occurrence of an Accelerated Event of Default, the Secured
Moneys are immediately due and payable by the Chargor without the need for any
demand or notice to be given to the Chargor or any other person other than a
notice expressly required by a Transaction Document.

 

5.2          Assistance
in realisation

 

After the occurrence of an Accelerated Event of Default, the Chargor
must take all action required by the Chargee, Receiver or Attorney to assist
any of them to realise the Charged Property and exercise any Power including:

 

(a)           executing all transfers, conveyances, assignments and assurances of
any of the Charged Property;

 

(b)           doing anything necessary or desirable under the law in force in any
place where the Charged Property is situated;

 

(c)           giving all notices, orders, directions and consents which the
Chargee, Receiver or Attorney thinks expedient; and

 

(d)           doing anything necessary:

 

(1)           for a call to be made on the uncalled capital of the Chargor; or

 

(2)           to collect all called but unpaid capital of the Chargor.

 

6             Receiver

 

6.1          Appointment
of Receiver

 

Upon the occurrence of an Accelerated Event of Default or at any time
thereafter, the Chargee may:

 

(a)           appoint any person or any 2 or more persons jointly, or
severally, or jointly and severally to be a receiver or a receiver and manager
of the Charged Property;

 

12

 

(b)           remove any Receiver and on the removal, retirement or death of any
Receiver, appoint another Receiver; and

 

(c)           fix the remuneration and direct payment of that remuneration and any
costs, charges and expenses of the Receiver out of the proceeds of any
realisation of the Charged Property.

 

6.2          Agency
of Receiver

 

(a)           Subject to clause 6.5, each Receiver is the agent of the Chargor.

 

(b)           The Chargor is responsible for the acts, defaults and remuneration
of the Receiver.

 

6.3          Powers
of Receiver

 

Subject to any express exclusion by the terms of the Receiver’s
appointment, the Receiver has, in addition to any powers conferred on the
Receiver by applicable law, and whether or not in possession of the Charged
Property or any part of it, the following powers:

 

(a)           manage, possession or control: to manage, enter into possession or assume control of any of the
Charged Property;

 

(b)           lease or licence: to
accept the surrender of, determine, grant or renew any lease or licence in
respect of the use or occupation of any of the Charged Property:

 

(1)           on any terms or special conditions that the Chargee or Receiver
thinks fit; and

 

(2)           in conjunction with the sale, lease or licence of any other property
by any person;

 

(c)           sale: to sell or
concur in selling any of the Charged Property to any person:

 

(1)           by auction, private treaty or tender;

 

(2)           on such terms and special conditions as the Chargee or the Receiver
thinks fit;

 

(3)           for cash or for a deferred payment of the purchase price, in whole
or in part, with or without interest or security;

 

(4)           in conjunction with the sale of any property by any other person;
and

 

(5)           in one lot or in separate parcels;

 

(d)           grant options to purchase: to grant to any person an option to purchase any of the Charged
Property;

 

(e)           acquire property: to
acquire any interest in any property, in the name or on behalf of the Chargor,
which on acquisition forms part of the Charged Property;

 

(f)            carry on business: to
carry on or concur in carrying on any business of the Chargor in respect of the
Charged Property;

 

13

 

(g)           borrowings and security:

 

(1)           to raise or borrow any money, in its name or the name or on behalf
of the Chargor, from the Chargee or any person approved by the Chargee in
writing; and

 

(2)           to secure money raised or borrowed under clause 6.3(g)(1) by
an Encumbrance over any of the Charged Property, ranking in priority to, equal
with, or after, the Charge or any Collateral Security;

 

(h)           maintain or improve Charged Property: to do anything to maintain, protect or improve any of the Charged
Property including completing, repairing, erecting a new improvement on,
demolishing or altering any of the Charged Property;

 

(i)            income and bank accounts: to do anything to manage or obtain income or revenue from any of
the Charged Property including operating any bank account which forms part of
the Charged Property or opening and operating a new bank account;

 

(j)            access to Charged Property: to have access to any of the Charged Property, the premises at
which the business of the Chargor is conducted and any of the administrative
services of the business of the Chargor;

 

(k)           insure Charged Property: to insure any of the Charged Property;

 

(l)            sever fixtures: to
sever fixtures in respect of any of the Charged Property;

 

(m)          compromise: to make or
accept any compromise or arrangement;

 

(n)           surrender Charged Property: to surrender or transfer any of the Charged Property to any
person;

 

(o)           exchange Charged Property: to exchange with any person any of the Charged Property for any
other property whether of equal value or not;

 

(p)           employ or discharge:
to employ or discharge any person as an employee, contractor, agent,
professional advisor or auctioneer for any of the purposes of this deed;

 

(q)           delegate: to delegate
to any person any Power of the Receiver;

 

(r)            perform or enforce documents: to observe, perform, enforce, exercise or refrain from exercising
any right, power, authority, discretion or remedy of the Chargor under, or
otherwise obtain the benefit of:

 

(1)           any document, agreement or right which attaches to or forms part of
the Charged Property; and

 

(2)           any document or agreement entered into in exercise of any Power by
the Receiver;

 

(s)           receipts: to give
effectual receipts for all moneys and other assets which may come into the
hands of the Receiver;

 

(t)            take proceedings: to
commence, discontinue, prosecute, defend, settle or compromise in its name or
the name or on behalf of the Chargor, any proceedings including proceedings in
relation to any insurance in respect of any of the Charged Property;

 

14

 

(u)           insolvency proceedings:
to make any debtor bankrupt, wind-up any company, corporation or other entity
and do all things in relation to any bankruptcy or winding-up which the
Receiver thinks necessary or desirable including attending and voting at
creditors’ meetings and appointing proxies for those meetings;

 

(v)           execute documents: to
enter into and execute any document or agreement in the name of the Receiver or
the name or on behalf of the Chargor including bills of exchange, cheques or
promissory notes for any of the purposes of this deed;

 

(w)          make calls: to make
calls on any member of the Chargor in respect of uncalled capital of the
Chargor;

 

(x)            vote: to exercise any
voting rights or powers in respect of any part of the Charged Property;

 

(y)           collect called capital:
to collect or enforce payment of any called but unpaid capital of the Chargor
whether or not the calls were made by the Receiver;

 

(z)            incidental power: to
do anything necessary or incidental to the exercise of any Power of the
Receiver.

 

6.4          Nature
of Receiver’s Powers

 

The Powers of the Receiver must be construed independently and no one
Power limits the generality of any other Power. Any dealing under any Power of
the Receiver will be on the terms and conditions the Receiver thinks fit.

 

6.5          Status
of Receiver after commencement of winding-up

 

(a)           The power to appoint a Receiver under clause 6.1 may be
exercised even if, at the time an Accelerated Event of Default occurs or at the
time a Receiver is appointed, an order has been made or a resolution has been
passed for the winding-up of the Chargor.

 

(b)           If for any reason, including operation of law, a Receiver:

 

(1)           appointed in the circumstances described in clause 6.5(a); or

 

(2)           appointed at any other time,

 

ceases to be the agent of the Chargor as a result of an order being
made or a resolution being passed for the winding-up of the Chargor, then the
Receiver immediately becomes the agent of the Chargee. In such case the
Receiver will be the agent of the Mortgagee in its capacity as Security Trustee
only.

 

6.6          Powers
exercisable by the Chargee

 

(a)           Whether or not a Receiver is appointed under clause 6.1, the
Chargee may, upon the occurrence of an Accelerated Event of Default or at any
time thereafter and without giving notice to any person, exercise any Power of
the Receiver in addition to any Power of the Chargee.

 

15

 

(b)           The exercise of any Power by the Chargee, Receiver or Attorney does
not cause or deem the Chargee, Receiver or Attorney:

 

(1)           to be a mortgagee in possession;

 

(2)           to account as mortgagee in possession; or

 

(3)           to be answerable for any act or omission for which a mortgagee in
possession is liable.

 

6.7          Set-off

 

If any Accelerated Event of Default occurs, the Chargee is entitled to
apply any credit balance in any of the Chargor’s accounts with the Chargee in
and towards satisfaction of any of the Secured Moneys.

 

6.8          Notice
of exercise of rights

 

The Chargee, Receiver or Attorney is not required:

 

(a)           to give notice of the Charge or any Collateral Security to any
debtor or creditor of the Chargor or to any other person;

 

(b)           to enforce payment of any money payable to the Chargor including any
of the debts or monetary liabilities charged by this deed or by any Collateral
Security; or

 

(c)           to obtain the consent of the Chargor to any exercise of a Power.

 

6.9          Termination
of receivership and possession

 

The Chargee may, at any time, terminate the appointment of a Receiver
and may, at any time, give up, or re-take, possession of the Charged Property.

 

7             Application and receipts of money

 

7.1          Order
of application

 

(a)           At any time after the occurrence of an Accelerated Event of Default,
all money received by the Chargee, Receiver, Attorney or any other person
acting on their behalf under this deed or any Collateral Security may be
appropriated and applied towards any amount and in any order that the Chargee,
Receiver, Attorney or that other person determines in its absolute discretion,
to the extent not prohibited by law.

 

(b)           Failing a determination under clause 7.1(a), the money must be
applied in the following manner and order:

 

(1)           first, in payment of all amounts which, to the extent required by
law, have priority over the payments specified in the balance of
clause 7.1(b);

 

(2)           second, in payment of all costs, charges and expenses (including any
GST) of the Chargee, Receiver or Attorney incurred in or 

 

16

 

incidental to the exercise or performance or attempted
exercise or performance of any Power;

 

(3)           third, in payment of any other outgoings the Chargee, Receiver or
Attorney thinks fit to pay;

 

(4)           fourth, in payment to the Receiver of his remuneration;

 

(5)           fifth, in payment and discharge, in order of their priority, of any
Encumbrances of which the Chargee, Receiver or Attorney is aware and which have
priority to the Charge;

 

(6)           sixth, in payment to the Chargee towards satisfaction of the Secured
Moneys and applied against interest, principal or any other amount the Chargee,
Receiver or Attorney thinks fit;

 

(7)          seventh, in payment only to the extent required by law, in order of
their priority, of other Encumbrances in respect of the Charged Property of
which the Chargee, Receiver or Attorney is aware and which are due and payable
in accordance with their terms; and

 

(8)          eighth, in payment of the surplus, if any, without interest to the
Chargor. The Chargee, Receiver or Attorney may pay the surplus to the
credit of an account in the name of the Chargor in the books of any bank
carrying on business within Australia and having done so is under no further
liability in respect of that surplus.

 

7.2          Money
actually received

 

In applying any money towards satisfaction of the Secured Moneys the
Chargor is to be credited only with so much of the money which is available for
that purpose (after deducting any GST imposed) and which is actually received
by the Chargee, Receiver or Attorney. The credit dates from the time of
receipt.

 

7.3          Amounts
contingently due

 

(a)           If at the time of a distribution of any money under clause 7.1
any part of the Secured Moneys is contingently owing to the Chargee or a
Beneficiary, the Chargee, Receiver or Attorney may retain an amount equal
to the amount contingently owing or any part of it.

 

(b)           If the Chargee, Receiver or Attorney retains any amount under
clause 7.3(a) it must place that amount on short-term interest
bearing deposit until the amount contingently owing becomes actually due and
payable or otherwise ceases to be contingently owing at which time the Chargee,
Receiver or Attorney must:

 

(1)           pay to the Chargee the amount which has become actually due to it;
and

 

(2)           apply the balance of the amount retained, together with any interest
on the amount contingently owing, in accordance with clause 7.1.

 

17

 

7.4          Notice
of a subsequent Encumbrance

 

(a)           If the Chargee receives actual or constructive notice of a
subsequent Encumbrance, the Chargee:

 

(1)           may open a new account in the name of the Chargor in its books;
or

 

(2)           is regarded as having opened a new account in the name of the
Chargor in its books,

 

on the date it received or was regarded as having received notice of
the subsequent Encumbrance.

 

(b)           From the date on which that new account is opened or regarded as
opened:

 

(1)           all payments made by the Chargor to the Chargee; and

 

(2)           all financial accommodation and advances by the Chargee to the
Chargor,

 

are or are regarded as credited and debited, as the case may be,
to the new account.

 

(c)           The payments by the Chargor under clause 7.4(b) must be
applied:

 

(1)           first, in reduction of the debit balance, if any, in the new
account; and

 

(2)           second, if there is no debit balance in the new account, in
reduction of the Secured Moneys which have not been debited or regarded as
debited to the new account.

 

7.5          Chargee’s
statement of indebtedness

 

A certificate signed by any Officer of the Chargee stating:

 

(a)           the amount of the Secured Moneys due and payable; or

 

(b)           the amount of the Secured Moneys, whether currently due and payable
or not,

 

is sufficient evidence of that amount as at the date stated on the
certificate, or failing that as at the date of the certificate, unless the
contrary is proved.

 

7.6          Chargee’s
receipts

 

(a)           The receipt of any Officer of the Chargee for any money payable to
or received by the Chargee under this deed exonerates the payer from all
liability to enquire whether any of the Secured Moneys have become payable.

 

(b)           Every receipt of an Officer of the Chargee effectually discharges
the payer from:

 

(1)           any future liability to pay the amount specified in the receipt; and

 

(2)           being concerned to see to the application of, or being answerable or
accountable for any loss or misapplication of, the amount specified in the
receipt.

 

18

 

7.7          Conversion
of currencies on application

 

In making an application under clause 7.1, the Chargee, Receiver
or Attorney may itself, or through its bankers, purchase one currency with
another in the manner and amounts and at the times it thinks fit, whether or
not the purchase is through an intermediate currency, or spot or forward.

 

7.8          Amounts
payable on demand

 

If an amount payable under a Transaction Document is not expressed to
be payable on a specified date, that amount is payable by the Chargor on demand
by the Chargee.

 

8             Power of attorney

 

8.1          Appointment
of Attorney

 

In consideration of the Chargee entering into the Transaction Documents
and for other consideration received, the Chargor irrevocably appoints each
Receiver and each Officer of the Chargee severally its attorney for the
purposes set out in clause 8.2.

 

8.2          Purposes
of appointment

 

The Attorney may, in its name or in the name of the Chargor, Chargee or
Receiver, at any time after the occurrence of an Accelerated Event of Default
do any of the following:

 

(a)           do any thing which ought to be done by the Chargor under this deed;

 

(b)           do anything which ought to be done by the Chargor in respect of the
Charged Property under this deed or a Transaction Document;

 

(c)           exercise any right, power, authority, discretion or remedy of the
Chargor under:

 

(1)           this deed;

 

(2)           any other Transaction Document; or

 

(3)           any agreement forming part of the Charged Property;

 

(d)           do any thing which in the opinion of the Chargee, Receiver or
Attorney is necessary or expedient for securing or perfecting the Charge and
any Collateral Security;

 

(e)           execute in favour of the Chargee any legal mortgage, transfer,
assignment and any other assurance of any of the Charged Property;

 

(f)            execute deeds of assignment, composition or release;

 

(g)           sell or otherwise part with the possession of any of the
Charged Property; and

 

(h)           generally, do any other thing, whether or not of the same kind as
those set out in clause 8.2(a) to (f), which in the opinion of the Chargee,
Receiver or Attorney is necessary or expedient:

 

19

 

(1)           to more satisfactorily secure to the Chargee the payment of the
Secured Moneys; or

 

(2)           in relation to any of the Charged Property.

 

8.3          Delegation
and substitution

 

The Attorney may, at any time, for any of the purposes in
clause 8.2, appoint or remove any substitute or delegate or sub-attorney.

 

9             Protection

 

9.1          Protection
of third parties

 

(a)           No person dealing with the Chargee, Receiver or Attorney is bound to
enquire whether:

 

(1)           the Charge has become enforceable;

 

(2)           the Receiver or Attorney is duly appointed; or

 

(3)           any Power has been properly or regularly exercised.

 

(b)           No person dealing with the Chargee, Receiver or Attorney is affected
by express notice that the exercise of any Power was unnecessary or improper.

 

(c)           The irregular or improper exercise of any Power is, as regards the
protection of any person, regarded as authorised by the Chargor and this deed,
and is valid.

 

9.2          Protection
of the Chargee, Receiver and Attorney

 

(a)           The Chargee, Receiver or Attorney is not liable for any loss or
damage including consequential loss or damage, arising directly or indirectly
from:

 

(1)           any omission or delay in the exercise or non-exercise of any Power;
or

 

(2)           the neglect, default or dishonesty of any manager, Officer,
employee, agent, accountant, auctioneer or solicitor of the Chargor, the
Chargee, Receiver or Attorney.

 

(b)           Clause 9.2(a) does not apply:

 

(1)           in respect of the Chargee, to any loss or damage which arises from
the wilful default, fraud or negligence of the Chargee; and

 

(2)           in respect of a Receiver or Attorney, to any loss or damage which
arises from the wilful default, fraud or negligence of the Receiver or
Attorney.

 

20

 

10           Saving provisions

 

10.1        Statutory
powers

 

(a)           The powers of the Chargee under this deed or any Collateral Security
are in addition to any powers the Chargee has under applicable law.

 

(b)           To the extent not prohibited by law, before enforcing this deed or
any Collateral Security, or exercising any Power, the Chargee is not required
to give any notice or allow the expiration of any time to any person.

 

(c)           If a law which requires a period of notice to be given cannot be
excluded, but that law allows the period to be specified or changed, then that
period of time is one day.

 

10.2        Continuing
security

 

The Charge is a continuing security despite:

 

(a)           any settlement of account; or

 

(b)           the occurrence of any other thing,

 

and remains in full force and effect until the Chargee has given a
discharge of the Charge in respect of all the Charged Property under
clause 3.

 

10.3        No
merger of security

 

(a)           Nothing in this deed merges, extinguishes, postpones, lessens or
otherwise prejudicially affects:

 

(1)           any Encumbrance or indemnity in favour of the Chargee;

 

(2)           any indemnity in favour of the Chargee contained in any Transaction
Document; or

 

(3)           any right, power, authority, discretion or remedy which the Chargee may have
against the Chargor or any other person at any time.

 

(b)           No other Encumbrance or Transaction Document which the Chargee or a
Beneficiary has the benefit of in any way prejudicially affects any Power.

 

10.4        Exclusion
of moratorium

 

To the extent not excluded by law, a provision of any legislation which
directly or indirectly:

 

(a)           lessens or otherwise varies or affects in favour of the Chargor any
obligations under this deed or any Transaction Document; or

 

(b)           stays, postpones or otherwise prevents or prejudicially affects the
exercise by the Chargee, Receiver or Attorney of any Power,

 

is negatived and excluded from this deed and any Transaction Document
and all relief and protection conferred on the Chargor by or under that
legislation is also negatived and excluded.

 

21

 

10.5        Conflict

 

Where any right, power, authority, discretion or remedy of the Chargee,
Receiver or an Attorney under this deed or any Transaction Document is
inconsistent with the powers conferred by applicable law then, to the extent
not prohibited by that law, those powers conferred by applicable law are
regarded as negatived or varied to the extent of the inconsistency.

 

10.6        Completion
of blank securities

 

At any time after the Charge has become enforceable, the Chargee,
Receiver, Attorney or any Officer of the Chargee may complete, in favour
of the Chargee, any appointee of the Chargee or any purchaser, any instrument
executed in blank by or on behalf of the Chargor and deposited with the Chargee
as security under this deed or under any Collateral Security.

 

10.7        Principal
obligations

 

The Charge and each Collateral Security is:

 

(a)           a principal obligation and is not ancillary or collateral to any
other Encumbrance (other than another Collateral Security) or other obligation;
and

 

(b)           independent of, and unaffected by, any other Encumbrance or other
obligation which the Chargee or any Beneficiary may hold at any time in
respect of the Secured Moneys.

 

10.8        No
obligation to marshal

 

Before the Chargee enforces the Charge, it is not required to marshal
or to enforce or apply under, or appropriate, recover or exercise:

 

(a)           any Encumbrance or Collateral Security held, at any time, by the
Chargee; or

 

(b)           any moneys or assets which the Chargee, at any time, holds or is
entitled to receive.

 

10.9        Non-avoidance

 

If any payment by the Chargor to the Chargee or a Beneficiary is at any
time avoided for any reason including any legal limitation, disability or
incapacity of or affecting the Chargor or any other thing, and whether or not:

 

(a)           any transaction relating to the Secured Moneys was illegal, void or
substantially avoided; or

 

(b)           any thing was or ought to have been within the knowledge of the
Chargee or any Beneficiary,

 

the Chargor:

 

(c)           as an additional, separate and independent obligation, indemnifies
the Chargee against that avoided payment; and

 

22

 

(d)           acknowledges that any liability of the Chargor under the Transaction
Documents and any right or remedy of the Chargee under the Transaction
Documents is the same as if that payment had not been made.

 

10.10     Increase in financial
accommodation

 

The Chargee or any Beneficiary may at any time increase the
financial accommodation provided under any Transaction Document or otherwise
provide further financial accommodation.

 

11           Third party provisions

 

11.1        Suspense
account

 

(a)           The Chargee may apply to the credit of a suspense account any:

 

(1)           amounts received under this deed;

 

(2)           dividends, distributions or other amounts received in respect of the
Secured Moneys in any liquidation; and

 

(3)           other amounts received from any Transaction Party or any other
person in respect of the Secured Moneys.

 

(b)           The Chargee may retain the amounts in the suspense account for
as long as it determines and is not obliged to apply them in or towards
satisfaction of the Secured Moneys.

 

11.2        Independent
obligations

 

This deed is enforceable against the Chargor:

 

(a)           without first having recourse to any Collateral Security;

 

(b)           whether or not the Chargee or any other person has:

 

(1)           made demand upon any Transaction Party other than the Chargor;

 

(2)           given notice to any Transaction Party (other than the Chargor) or
any other person in respect of any thing; or

 

(3)           taken any other steps against any Transaction Party (other than the
Chargor) or any other person;

 

(c)           whether or not any Secured Moneys is then due and payable; and

 

(d)           despite the occurrence of any event described in clause 11.3.

 

11.3        Unconditional
nature of obligations

 

(a)           The Charge and the obligations of the Chargor under the Transaction
Documents are absolute, binding and unconditional in all circumstances.

 

(b)           The Charge and the obligations of the Chargor under the Transaction
Documents are not released or discharged or otherwise affected by anything
which but for this provision might have that effect, including:

 

23

 

(1)           the grant to any Transaction Party or any other person of any time,
waiver, covenant not to sue or other indulgence;

 

(2)           the release (including a release as part of any novation) or
discharge of any Transaction Party or any other person;

 

(3)           the cessation of the obligations, in whole or in part, of any
Transaction Party or any other person under any Transaction Document or any
other document or agreement;

 

(4)           the liquidation of any Transaction Party or any other person;

 

(5)           any arrangement, composition or compromise entered into by the
Chargee, any Transaction Party or any other person;

 

(6)           any Transaction Document or any other document or agreement being in
whole or in part illegal, void, voidable, avoided, unenforceable or
otherwise of limited force or effect;

 

(7)           any extinguishment, failure, loss, release, discharge, abandonment,
impairment, compounding, composition or compromise, in whole or in part of
any Transaction Document or any other document or agreement;

 

(8)           any Collateral Security being given to the Chargee, or any other
person by any Transaction Party or any other person;

 

(9)           any alteration, amendment, variation, supplement, renewal or
replacement of any Transaction Document or any other document or agreement;

 

(10)         any moratorium or other suspension of any Power;

 

(11)         the Chargee, Receiver or Attorney exercising or enforcing, delaying
or refraining from exercising or enforcing, or being not entitled or unable to
exercise or enforce any Power;

 

(12)         the Chargee obtaining a judgment against any Transaction Party or
any other person for the payment of any of the Secured Moneys;

 

(13)         any transaction, agreement or arrangement that may take place
with the Chargee, any Transaction Party or any other person;

 

(14)         any payment to the Chargee, Receiver or Attorney including any
payment which at the payment date or at any time after the payment date is, in
whole or in part, illegal, void, voidable, avoided or unenforceable;

 

(15)         any failure to give effective notice to any Transaction Party or any
other person of any default under any Transaction Document or any other
document or agreement;

 

(16)         any legal limitation, disability or incapacity of any Transaction
Party or of any other person;

 

(17)         any breach of any Transaction Document or any other document or
agreement;

 

(18)         the acceptance of the repudiation of, or termination of, any
Transaction Document or any other document or agreement;

 

24

 

(19)         any Secured Moneys being irrecoverable for any reason;

 

(20)         any disclaimer by any Transaction Party or any other person of any
Transaction Document or any other document or agreement;

 

(21)         any assignment, novation, assumption or transfer of, or other
dealing with, any Powers or any other rights or obligations under any
Transaction Document or any other document or agreement;

 

(22)         the opening of a new account of any Transaction Party with the
Chargee or any transaction on or relating to the new account;

 

(23)         any prejudice (including material prejudice) to any person as a
result of any thing done, or omitted by the Chargee, any Transaction Party or
any other person;

 

(24)         any prejudice (including material prejudice) to any person as a
result of the Chargee, Receiver, Attorney or any other person selling or
realising any property the subject of a Collateral Security at less than the
best price;

 

(25)         any prejudice (including material prejudice) to any person as a
result of any failure or neglect by the Chargee, Receiver, Attorney or any
other person to recover the Secured Moneys from any Transaction Party or by the
realisation of any property the subject of a Collateral Security;

 

(26)         any prejudice (including material prejudice) to any person as a
result of any other thing;

 

(27)         the receipt by the Chargee of any dividend, distribution or other
payment in respect of any liquidation;

 

(28)         the failure of any other Transaction Party or any other person to
execute any Transaction Document or any other document; or

 

(29)         any other act, omission, matter or thing whether negligent or not.

 

(c)           Clauses 11.3(a) and (b) apply irrespective of:

 

(1)           the consent or knowledge or lack of consent or knowledge, of the
Chargee, any Transaction Party or any other person of any event described in
clause 11.3(b); or

 

(2)           any rule of law or equity to the contrary.

 

11.4        No
competition

 

(a)           Until the Secured Moneys have been fully paid and the Charge has
been finally discharged under clause 3, the Chargor is not entitled to:

 

(1)           be subrogated to the Chargee;

 

(2)           claim or receive the benefit of any Encumbrance, Guarantee
(including any Transaction Document) or other document or agreement of which
the Chargee has the benefit or of any moneys held by the Chargee or of any
Power;

 

25

 

(3)           either directly or indirectly prove in, claim or receive the benefit
of any distribution, dividend or payment arising out of or relating to the
liquidation of any Transaction Party, except in accordance with
clause 11.4(b);

 

(4)           make a claim or exercise or enforce any right, power or remedy
(including under an Encumbrance or Guarantee or by way of contribution) against
any Transaction Party liable to pay the Secured Moneys;

 

(5)           accept, procure the grant of, or allow to exist any Encumbrance in
favour of the Chargor from any Transaction Party liable to pay the Secured
Moneys;

 

(6)           exercise or attempt to exercise any right of set-off against, nor
realise any Encumbrance taken from, any Transaction Party liable to pay the
Secured Moneys; or

 

(7)           raise any defence or counterclaim in reduction or discharge of its
obligations under the Transaction Documents.

 

(b)           If required by the Chargee, the Chargor must prove in any
liquidation of a Transaction Party liable to pay the Secured Moneys for all
moneys owed to the Chargor.

 

(c)           All moneys recovered by the Chargor from any liquidation or under
any Encumbrance from a Transaction Party liable to pay the Secured Moneys must
be received by the Chargor for the Chargee to the extent of the unsatisfied
liability of the Chargor under the Transaction Documents.

 

(d)           The Chargor must not do or seek, attempt or purport to do anything
referred to in clause 11.4(a).

 

12           General

 

12.1        Performance
by Chargee of the Chargor’s obligations

 

If the Chargor defaults in fully and punctually performing any
obligation contained or implied in any Transaction Document, the Chargee may,
without prejudice to any Power, do all things necessary or desirable, in the
opinion of the Chargee, to make good or attempt to make good that default to
the satisfaction of the Chargee.

 

12.2        Chargor
to bear cost

 

Any thing which must be done by the Chargor under this deed, whether or
not at the request of the Chargee, must be done at the cost of the Chargor.

 

12.3        Notices

 

Any notice or other communication including any request, demand,
consent or approval, to or by a party to this deed must be given in accordance
with the notice requirements of the Principal Agreement.

 

26

 

12.4        Governing
law and jurisdiction

 

(a)           This deed is governed by the laws of New South Wales.

 

(b)           The Chargor irrevocably submits to the non-exclusive jurisdiction of
the courts of New South Wales.

 

(c)           The Chargor irrevocably waives any objection to the venue of any
legal process on the basis that the process has been brought in an inconvenient
forum.

 

12.5        Prohibition
and enforceability

 

(a)           Any provision of, or the application of any provision of, any
Transaction Document or any Power which is prohibited in any jurisdiction is,
in that jurisdiction, ineffective only to the extent of that prohibition.

 

(b)           Any provision of, or the application of any provision of, any
Transaction Document which is void, illegal or unenforceable in any
jurisdiction does not affect the validity, legality or enforceability of that
provision in any other jurisdiction or of the remaining provisions in that or
any other jurisdiction.

 

(c)           Without limiting clause 12.5(a) or (b), if the inclusion
of an asset in the Charged Property would invalidate, avoid or render
ineffective the Charge, whether in respect of that asset only or otherwise,
then that asset is excluded from the Charged Property, but only for so long as
that effect prevails.

 

(d)           If an asset referred to in clause 12.5(c) could be
included in the Charged Property without clause 12.5(c) applying if
an Authorisation was obtained or other action taken, the Chargor must promptly
obtain that Authorisation or take that action.

 

12.6        Waivers

 

(a)           Waiver of any right arising from a breach of this deed or of any
Power arising upon default under this deed or upon the occurrence of an Event
of Default or an Accelerated Event of Default must be in writing and signed by
the party granting the waiver.

 

(b)           A failure or delay in exercise, or partial exercise, of:

 

(1)           a right arising from a breach of this deed or the occurrence of an
Event of Default or an Accelerated Event of Default; or

 

(2)           a Power created or arising upon default under this deed or upon the
occurrence of an Event of Default or an Accelerated Event of Default,

 

does not result in a waiver of that right or Power.

 

(c)           A party is not entitled to rely on a delay in the exercise or non-exercise
of a right or Power arising from a breach of this deed or on a default under
this deed or on the occurrence of an Event of Default or an Accelerated Event
of Default as constituting a waiver of that right or Power.

 

27

 

(d)           A party may not rely on any conduct of another party as a
defence to exercise of a right or Power by that other party.

 

(e)           This clause may not itself be waived except by writing.

 

12.7        Variation

 

A variation of any term of this deed must be in writing and signed by
the parties.

 

12.8        Cumulative
rights

 

The Powers are cumulative and do not exclude any other right, power,
authority, discretion or remedy of the Chargee, Receiver or Attorney.

 

12.9        Assignment

 

(a)           Subject to any Transaction Document (including clause 7 of the
Security Trust Deed), the Chargee may, assign its rights under this deed and
each Collateral Security without the consent of the Chargor.

 

(b)           The Chargor must not assign any of its rights under this deed or any
Collateral Security without the prior written consent of the Chargee.

 

12.10     Counterparts

 

This deed may be executed in any number of counterparts. All
counterparts taken together, constitute one instrument. A party may execute
this deed by signing any counterpart.

 

12.11     Attorneys

 

Each of the attorneys executing this deed states that the attorney has
no notice of the revocation of the power of attorney appointing that attorney.

 

28

 

Executed as a deed:

 

CHARGOR:

 

Signed sealed and delivered for

HA Funding Pty Limited

by its attorney

in the presence of:

 

 

	
  /s/ David Barton

  	
   

  	
  /s/ Ralph Ayling

  	
   

  
	
  Witness

  	
  Attorney

  
	
   

  	
   

  
	
   

  	
   

  
	
  David Barton

  	
   

  	
  Ralph Ayling

  	
   

  
	
  Name (please print)

  	
  Name (please print)

  

 

 

CHARGEE:

 

Signed sealed and delivered for

BNP Paribas

by its attorney

in the presence of:

 

 

	
  /s/ Tessa Hoser

  	
   

  	
  /s/ Wendy Gwyn

  	
   

  
	
  Witness

  	
  Attorney

  
	
   

  	
   

  
	
   

  	
   

  
	
  Tessa Hoser

  	
   

  	
  Wendy Gwyn

  	
   

  
	
  Name (please print)

  	
  Name (please print)

  

 

29Exhibit 4.5.9

 

 

Australian Security Trust
Deed

(Project H)

 

HA Funding Pty Limited

ACN 117 549
498

 

and

 

BNP Paribas

 

 

 

 

MLC Centre Martin Place
Sydney New South Wales 2000 Australia

Telephone +61 2 9225 5000
Facsimile +61 2 9322 4000

www.freehills.com DX 361
Sydney

 

SYDNEY MELBOURNE PERTH
BRISBANE SINGAPORE

Correspondent Offices HANOI
HO CHI MINH CITY JAKARTA KUALA LUMPUR

 

Reference WGG:LGR:36G

 

 

Table of contents

 

	
  Clause

  	
   

  	
  page

  
	
   

  	
   

  	
   

  
	
  1

  	
  Definitions and interpretation

  	
  1

  
	
   

  	
  1.1

  	
  Definitions

  	
  1

  
	
   

  	
  1.2

  	
  Interpretation

  	
  7

  
	
   

  	
  1.3

  	
  Inclusive expressions

  	
  8

  
	
   

  	
  1.4

  	
  Business Day

  	
  8

  
	
   

  	
  1.5

  	
  Charge

  	
  8

  
	
   

  	
  1.6

  	
  Limited recourse

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  2

  	
  Declaration of trust

  	
  9

  
	
   

  	
  2.1

  	
  Holding of Trust Fund on
  trust

  	
  9

  
	
   

  	
  2.2

  	
  Name

  	
  9

  
	
   

  	
  2.3

  	
  Period

  	
  9

  
	
   

  	
  2.4

  	
  Trust Account

  	
  9

  
	
   

  	
  2.5

  	
  Payment of Secured Moneys

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  3

  	
  Determination of Secured Moneys

  	
  10

  
	
   

  	
  3.1

  	
  Determination of Secured
  Moneys

  	
  10

  
	
   

  	
  3.2

  	
  Details of Secured Moneys

  	
  10

  
	
   

  	
   

  	
   

  	
   

  
	
  4

  	
  Receipt of money

  	
  11

  
	
   

  	
  4.1

  	
  Money not forming part of
  Recovered Moneys

  	
  11

  
	
   

  	
  4.2

  	
  Receipt of money after
  Determination Date

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  5

  	
  Sharing between Beneficiaries

  	
  12

  
	
   

  	
  5.1

  	
  Pre Determination Date
  payments

  	
  12

  
	
   

  	
  5.2

  	
  Sharing after Determination
  Date

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  6

  	
  Security Trustee’s rights and responsibilities

  	
  13

  
	
   

  	
  6.1

  	
  Security Trustee entitled to
  exercise all rights

  	
  13

  
	
   

  	
  6.2

  	
  Instructions and extent of
  discretion

  	
  13

  
	
   

  	
  6.3

  	
  Exercise of Powers to waive
  or amend

  	
  14

  
	
   

  	
  6.4

  	
  Exercise of enforcement and
  other powers

  	
  14

  
	
   

  	
  6.5

  	
  Exercise of other ancillary
  powers

  	
  15

  
	
   

  	
  6.6

  	
  Right to appoint agent,
  delegates

  	
  16

  
	
   

  	
  6.7

  	
  Events of Default

  	
  17

  
	
   

  	
  6.8

  	
  No monitoring

  	
  17

  
	
   

  	
  6.9

  	
  Information

  	
  17

  
	
   

  	
  6.10

  	
  Security Trustee to have same
  rights as Beneficiaries

  	
  18

  
	
   

  	
  6.11

  	
  Security Trustee may contract

  	
  18

  
	
   

  	
  6.12

  	
  Exercise of Powers

  	
  18

  
	
   

  	
  6.13

  	
  Application to court for
  direction

  	
  18

  
	
   

  	
  6.14

  	
  Security Trustee not liable

  	
  18

  
	
   

  	
  6.15

  	
  Indemnity

  	
  19

  
	
   

  	
  6.16

  	
  Protection of third parties

  	
  20

  

 

1

 

	
   

  	
  6.17

  	
  Exclusions of law where
  permitted

  	
  20

  
	
   

  	
  6.18

  	
  Independent decisions by
  Beneficiaries

  	
  20

  
	
   

  	
  6.19

  	
  Variation

  	
  21

  
	
   

  	
  6.20

  	
  Additional matters

  	
  21

  
	
   

  	
   

  	
   

  	
   

  
	
  7

  	
  Termination of Security Trustee’s appointment

  	
  21

  
	
   

  	
  7.1

  	
  Termination of appointment

  	
  21

  
	
   

  	
  7.2

  	
  Assurances

  	
  22

  
	
   

  	
  7.3

  	
  Appointment of successor
  Security Trustee

  	
  22

  
	
   

  	
   

  	
   

  	
   

  
	
  8

  	
  Changes to Beneficiaries and Security Providers

  	
  23

  
	
   

  	
  8.1

  	
  Transfers by Beneficiaries

  	
  23

  
	
   

  	
  8.2

  	
  Transfer by a Security
  Provider

  	
  23

  
	
   

  	
   

  	
   

  	
   

  
	
  9

  	
  Savings provisions

  	
  23

  
	
   

  	
  9.1

  	
  Continuing indemnities

  	
  23

  
	
   

  	
  9.2

  	
  Non-avoidance

  	
  23

  
	
   

  	
  9.3

  	
  Exclusion of moratorium

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  10

  	
  Meetings of Beneficiaries

  	
  24

  
	
   

  	
  10.1

  	
  Meetings

  	
  24

  
	
   

  	
  10.2

  	
  Meeting on application

  	
  24

  
	
   

  	
  10.3

  	
  Notice of meeting

  	
  24

  
	
   

  	
  10.4

  	
  Who may attend and address
  meeting

  	
  25

  
	
   

  	
  10.5

  	
  Quorum

  	
  26

  
	
   

  	
  10.6

  	
  Chair

  	
  26

  
	
   

  	
  10.7

  	
  Voting and decisions

  	
  26

  
	
   

  	
  10.8

  	
  Votes

  	
  26

  
	
   

  	
  10.9

  	
  Objection to voter’s
  qualification

  	
  27

  
	
   

  	
  10.10

  	
  Proxies and other powers

  	
  27

  
	
   

  	
  10.11

  	
  Proxy and other instruments

  	
  27

  
	
   

  	
  10.12

  	
  Adjournments

  	
  28

  
	
   

  	
  10.13

  	
  Declaration by chair of
  voting

  	
  28

  
	
   

  	
  10.14

  	
  Manner of poll

  	
  28

  
	
   

  	
  10.15

  	
  Poll on election of chair or
  question of adjournment

  	
  28

  
	
   

  	
  10.16

  	
  Minutes

  	
  28

  
	
   

  	
  10.17

  	
  Passing of resolutions by
  instrument in writing

  	
  29

  
	
   

  	
   

  	
   

  	
   

  
	
  11

  	
  Amendments to this deed

  	
  29

  
	
   

  	
  11.1

  	
  Amendment by the Security
  Trustee

  	
  29

  
	
   

  	
  11.2

  	
  Amendment with consent

  	
  29

  
	
   

  	
  11.3

  	
  Distribution of amendments

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  12

  	
  General

  	
  30

  
	
   

  	
  12.1

  	
  Performance by Security
  Trustee of obligations

  	
  30

  
	
   

  	
  12.2

  	
  Transaction Party to bear
  cost

  	
  30

  
	
   

  	
  12.3

  	
  GST

  	
  30

  
	
   

  	
  12.4

  	
  Notices

  	
  30

  
	
   

  	
  12.5

  	
  Governing law and
  jurisdiction

  	
  31

  

 

2

 

	
   

  	
  12.6

  	
  Prohibition and
  enforceability

  	
  31

  
	
   

  	
  12.7

  	
  Waivers

  	
  32

  
	
   

  	
  12.8

  	
  Variation

  	
  32

  
	
   

  	
  12.9

  	
  Cumulative rights

  	
  32

  
	
   

  	
  12.10

  	
  Consents of Security Trustee

  	
  32

  
	
   

  	
  12.11

  	
  Limited recourse of Security
  Provider

  	
  32

  
	
   

  	
  12.12

  	
  Counterparts

  	
  33

  
	
   

  	
  12.13

  	
  Attorneys

  	
  33

  
	
   

  	
  12.14

  	
  Appointment of agent for
  service of process

  	
  33

  

 

3

 

This security trust deed

 

is made on 21 December
2005 between the following parties:

 

1                                        HA Funding Pty Limited

ACN 117 549 498

of Level 6, 10 Dorcas Street, South Melbourne, Victoria

(Company)

 

2                                        BNP Paribas

ABN 23 000 000 117

of Securitisation CAA 05 B1, 3 rue d’Antin, 75 078
Paris Cedex 02, France

(Security Trustee)

 

Recitals

 

A.                                  The Company has or will grant the Securities to secure the due and
punctual performance, observance and fulfilment of its obligations under the
Transaction Documents and the payment in full of the Secured Moneys to the
Beneficiaries.

 

B.                                    The Security Trustee will hold, among other things, all its right,
title and interest in, to and under the Securities on trust for the
Beneficiaries on the terms of this deed.

 

This deed witnesses

 

that in
consideration of, among other things, the mutual promises contained in this
deed, the parties agree:

 

1                                        Definitions and interpretation

 

1.1                               Definitions

 

In this
deed:

 

Amount
Owing means, in respect of a Beneficiary at
any time, the Secured Moneys of that Beneficiary at that time;

 

Attorney means an attorney appointed under any Security;

 

Beneficiary means:

 

(a)                                 any Finance Party or Secured Party (as defined in a Transaction
Document or in a Security (directly or indirectly)) from time to time;

 

(b)                                any Hedge Counterparty;

 

(c)                                 any Noteholder;

 

Business
Day means:

 

(a)                                 for the purposes of clause 12.4, a day on which banks are open
for business in the city where the notice or other communication is received
excluding a Saturday, Sunday or public holiday; and

 

1

 

(b)                                for all other purposes, a day on which banks are open for business
in Melbourne, Sydney and London excluding a Saturday, Sunday or public holiday;

 

Charge
means the security created under the Company
Charge over all of the assets of the Company;

 

Collateral
Security means any present or future
Encumbrance, Guarantee or other document or agreement created or entered into
by a Transaction Party or any other person as security for, or to credit
enhance, the payment of any of the Secured Moneys;

 

Company
Charge means the deed entitled “Australian
Borrower Charge (Project H)” dated on or about the date of this deed between
SPV Orphan and the Security Trustee;

 

Controller has the meaning given to the word “controller” in the Corporations
Act, but as if “charge” included any Security, and includes a Receiver;

 

Corporations
Act means the Corporations Act 2001 (Cth);

 

Default means:

 

(a)                                 an Event of Default; or

 

(b)                                a Potential Event of Default;

 

Default
Notice has the meaning given in
clause 6.7(a)(1);

 

Designated
Rating Agency means each internationally
recognised rating agency which has been requested by the Company to rate any
Notes issued by the Company from time to time;

 

Determination
Date means the date on which the first of
the following occurs:

 

(a)                                 the Security Trustee appoints a Controller under a Security;

 

(b)                                the Security Trustee otherwise enforces a Security;

 

(c)                                 any other event agreed in writing to be an event for the purposes of
this paragraph (c) by the Majority Beneficiaries and the Security Trustee;

 

Dollars, A$ and $
means the lawful currency of the Commonwealth of Australia;

 

Encumbrance means an interest or power:

 

(a)                                 reserved in or over an interest in any asset, including any
retention of title; or

 

(b)                                created or otherwise arising in or over any interest in any asset
under a bill of sale, mortgage, charge, lien, pledge, trust or power,

 

by way
of, or having similar commercial effect to, security for the payment of a debt,
any other monetary obligation or the performance of any other obligation, and
includes any agreement to grant or create any of the above;

 

Event
of Default means an Event of Default as
defined in any Transaction Document;

 

Exposure means at any time in respect of a Beneficiary (but without double
counting) the sum of its commitment or facility limit (however described) under
the Transaction Documents (as determined by the Security Trustee) and the

 

2

 

Realised
Swap Loss and Potential Close-out Amount (if any) of that Beneficiary and any
Related Body Corporate of that Beneficiary;

 

Extraordinary
Decision in relation to the Beneficiaries or
a class of Beneficiaries means:

 

(a)                                 a resolution passed at a meeting of the Beneficiaries or a class of
Beneficiaries (as the case may be) duly convened and held in accordance with
the provisions contained in this deed by a majority consisting of not less than
75% of the votes cast thereat; or

 

(b)                                a resolution in writing pursuant to clause 10 signed by all the
Beneficiaries or all of the class of Beneficiaries (as the case may be);

 

Fee
Letter means any fee letter entered into
between the Security Trustee and the Company relating to the Security Trustee’s
duties under this deed;

 

Finally
Paid means, in respect of the Secured Moneys
or any other monetary liability, satisfaction of the following conditions:

 

(a)                                 payment or satisfaction of it in full; and

 

(b)                                during the 6 month period from and including the day after the
payment or satisfaction, no person, including a Transaction Party, liquidator,
provisional liquidator, administrator, official manager, trustee in bankruptcy,
receiver, receiver and manager, other controller (as defined in the
Corporations Act) or similar official, exercises a right to recoup or claim
repayment of any part of the amount paid or satisfied, whether under the laws
of preferences, fraudulent dispositions or otherwise;

 

Financial
Contract means any contract, agreement or
arrangement or derivative or treasury product which is, or is similar to, or
has similar effect in relation to its subject matter to, a futures contract (as
defined in the Corporations Act), a forward exchange rate contract, a currency
swap, an interest rate swap, a forward interest rate swap, an interest rate
hedge, a swap or a currency hedge;

 

Government
Agency means any government or any
governmental, semi-governmental, administrative, fiscal or judicial body,
department, commission, authority, tribunal, agency or entity;

 

GST means the goods and services tax levied under the GST Act;

 

GST
Act means a New Tax System (Goods and
Services Tax) Act 1999 (Cth);

 

Guarantee means any guarantee, suretyship, letter of credit, letter of
comfort or any other obligation:

 

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

 

(b)                                to indemnify any person against the consequences of default in the
payment of; or

 

(c)                                 to be responsible for,

 

any debt
or monetary liability of another person or the assumption of any responsibility
or obligation in respect of the insolvency or the financial condition of any
other person;

 

3

 

Hedge
Arrangement means a Financial Contract to
which a Security Provider is a party;

 

Hedge
Counterparty means any provider of a Hedge
Arrangement (other than a Security Provider);

 

Interest
Expense means interest and amounts in the
nature of, or having a similar purpose or effect to, interest and includes:

 

(a)                                 discount on a bill of exchange or other instrument;

 

(b)                                fees and amounts incurred on a regular or recurring basis, such as
line fees; and

 

(c)                                 capitalised amounts of the same or similar name to the foregoing;

 

Majority
Beneficiaries means at any time, one or more
Beneficiaries whose aggregate Shares are more than 75%;

 

Note means any note, bond or other debt security issued by the Company
from time to time;

 

Noteholder means any person who holds a Note from time to time;

 

Officer means:

 

(a)                                 in relation to the Company, any Authorised Signatory of it under and
as defined in the Bridge Facility Agreement; and

 

(b)                                in relation to the Security Trustee, any officer, as that expression
is defined in the Corporations Act, of the Security Trustee or any person who
is duly authorised by the Security Trustee to act on its behalf or any attorney
appointed from time to time by the Security Trustee;

 

Potential
Close-out Amount means at any time in
relation to a Hedge Counterparty the amount which, if the Hedge Arrangements to
which that Hedge Counterparty is a party were closed out at that time, would be
owed to that Hedge Counterparty under those Hedge Arrangements;

 

Potential
Event of Default means a Potential Event of
Default as defined in any Transaction Document;

 

Power means, any right, power, authority, discretion or remedy conferred
on the Security Trustee, a Controller or an Attorney by any Transaction
Document or any applicable law;

 

Realised
Swap Loss means at any time in relation to a
Hedge Counterparty the amount (if any) payable by a Security Provider to the
Hedge Counterparty under the Hedge Arrangement which has been closed out or
terminated; the amount is to be calculated on the basis specified in the Hedge
Arrangement;

 

Receiver means a receiver or receiver and manager appointed under a Security
or any Transaction Document;

 

Recovered
Moneys means the aggregate amount received
or recovered by the Security Trustee under the Transaction Documents or under
clauses 2.5 or 4.2 on or after the Determination Date;

 

Related
Body Corporate means a “related body
corporate” as that expression is defined in section 50 of the Corporations
Act;

 

4

 

Secured
Moneys means all debts and monetary liabilities
of the Transaction Parties to the Beneficiaries or the Security Trustee on any
account under or in relation to any Transaction Document and in any capacity,
irrespective of whether the debts or liabilities:

 

(a)                                 are present or future;

 

(b)                                are actual, prospective, contingent or otherwise;

 

(c)                                 are at any time ascertained or unascertained;

 

(d)                                are owed or incurred by or on account of a Transaction Party alone
or severally or jointly with any other person;

 

(e)                                 are owed to or incurred for the account of any Beneficiary or the
Security Trustee, alone, or severally, or jointly with any other person;

 

(f)                                   are owed to any other person as agent (whether disclosed or not) for
or on behalf of a Beneficiary or the Security Trustee;

 

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

 

(h)                                are owed to or incurred for the account of a Beneficiary directly or
as a result of:

 

(1)                                 the assignment or transfer to a Beneficiary of any debt or liability
of a Transaction Party (whether by way of assignment, transfer or otherwise);
or

 

(2)                                 any other dealing with any such debt or liability;

 

(i)                                    are owed to or incurred for the account of a Beneficiary or the
Security Trustee before the date of this deed or before the date of any
assignment of this deed to any Beneficiary or the Security Trustee by any other
person or otherwise; or

 

(j)                                    comprise any combination of the above;

 

Secured
Property means the property subject to a
Security;

 

Security
means, at any time, each of the following
which has been granted at that time:

 

(a)                                 any Encumbrance entered into by or granted in favour of the Security
Trustee (as trustee under this deed) or the benefit of which the Security
Trustee acquires after the date of this deed as security for, among other
things, the payment of any of the Secured Moneys (including the Company
Charge);

 

(b)                                any Collateral Security;

 

(c)                                 any other document which the Security Trustee and the Company agree
at any time, now or in the future, is a Security for the purposes of this deed;

 

Security
Provider means a person who has granted a
Security and includes, on the date of this deed, the Company;

 

Share means, in respect of a Beneficiary at any time, the Secured Moneys
plus (without double counting any amount) the Exposure of that Beneficiary at
that

 

5

 

time
expressed as a percentage of the aggregate Secured Moneys plus (without double
counting any amount) the aggregate Exposures of all Beneficiaries at that time;

 

Special
Decision means a resolution passed at a
meeting of Beneficiaries in accordance with, or a resolution or decision of
Beneficiaries otherwise made in accordance with, clause 10, in each case
by the Majority Beneficiaries;

 

Statement means a statement referred to in clause 3.2(a)(1);

 

Subsidiary
means a subsidiary as defined in section 46
of the Corporations Act;

 

Tax means:

 

(a)                                 any tax, levy, charge, impost, duty, fee, deduction or withholding;
or

 

(b)                                any income, stamp or transaction duty, tax or charge,

 

which
is assessed, levied, imposed or collected by a Government Agency and includes
any interest, fine, penalty, charge, fee or other amount imposed on or in
respect of any of the above;

 

Transaction
Document means:

 

(a)                                 this deed;

 

(b)                                a Security;

 

(c)                                 any other Transaction Document as defined in a Security (directly or
indirectly);

 

(d)                                any Hedge Arrangement;

 

(e)                                 any Note and any document or agreement embracing the rights of
Noteholders in respect of a Note; or

 

(f)                                   any Fee Letter;

 

(g)                                any other document which the Security Trustee and the Company agree,
now or in the future, is a Transaction Document for the purposes of this deed,

 

or any
document or agreement entered into or given under any of the above;

 

Transaction
Party means:

 

(a)                                 a Security Provider; or

 

(b)                                any other borrower, guarantor or obligor now or in the future,
howsoever described or defined in a Transaction Document;

 

Trust
Fund means:

 

(a)                                 the sum of $10 referred to in clause 2.1;

 

(b)                                all right, title and interest of the Security Trustee under the
Securities and the other Transaction Documents (other than, in the case of
other Transaction Documents, those held in a personal capacity) including all
money recovered under them (whether on enforcement or otherwise) including all
Recovered Moneys;

 

(c)                                 all money paid to the Security Trustee under this deed; and

 

6

 

(d)                                all other property acquired by the Security Trustee and intended to
be held for the benefit the Beneficiaries on the trusts of this deed; and

 

wilful
default means, in relation to the Security
Trustee, a wilful and intentional failure of the Security Trustee to comply
with any of its obligations under the Transaction Documents other than a
failure which:

 

(a)                                 arises as a result of a failure by a person other than the Security
Trustee to comply with a Transaction Document or as a result of a Default;

 

(b)                                arises due to a lack of proper or complete instructions or
directions being given to the Security Trustee under and in accordance with
this deed; or

 

(c)                                 is in accordance with a court order or direction or otherwise
required by law.

 

1.2                               Interpretation

 

In this
deed, headings and bold type are for convenience only and do not affect the
interpretation of this deed and, unless the context requires otherwise:

 

(a)                                 words importing the singular include the plural and vice versa;

 

(b)                                words importing a gender include any gender;

 

(c)                                 other parts of speech and grammatical forms of a word or phrase
defined in this deed have a corresponding meaning;

 

(d)                                an expression suggesting or referring to a natural person or an
entity includes any company, partnership, joint venture, association, corporation
or other body corporate and any Government Agency;

 

(e)                                 a reference to any thing (including any right) includes a part of
that thing but nothing in this clause 1.2(e) implies that performance of
part of an obligation constitutes performance of the obligation;

 

(f)                                   a reference to a clause, party, annexure or schedule is a reference
to a clause of, and a party, annexure and schedule to, this deed and a
reference to this deed includes any annexure and schedule;

 

(g)                                a reference to a statute, regulation, proclamation, ordinance or
by-law includes all statutes, regulations, proclamations, ordinances or by-laws
amending, consolidating or replacing it, whether passed by the same or another
Government Agency with legal power to do so, and a reference to a statute
includes all regulations, proclamations, ordinances and by-laws issued under
that statute;

 

(h)                                a reference to a document includes all amendments or supplements to,
or replacements or novations of, that document;

 

(i)                                    a reference to liquidation includes official management, appointment
of an administrator, compromise, arrangement, merger, amalgamation,
reconstruction, winding up, dissolution, assignment for the benefit of
creditors, scheme, composition or arrangement with creditors, insolvency,
bankruptcy, or any similar procedure or, where applicable, changes in the
constitution of any partnership or person, or death;

 

(j)                                    a reference to a party to any document includes that party’s
successors and permitted assigns;

 

7

 

(k)                                 a covenant or agreement on the part of 2 or more persons binds them jointly and severally;

 

(l)                                    a reference to an agreement other than this deed includes an
undertaking, deed, agreement or legally enforceable arrangement or
understanding whether or not in writing;

 

(m)                              a reference to an asset includes all property of any nature,
including a business, and all rights, revenues and benefits;

 

(n)                                a reference to a document includes any agreement in writing, or any
certificate, notice, instrument or other document of any kind;

 

(o)                                no provision of this deed may be construed adversely to a party
solely on the ground that the party was responsible for the preparation of this
deed or that provision;

 

(p)                                a reference to a body, other than a party to this deed (including an
institute, association or authority), whether statutory or not:

 

(1)                                 which ceases to exist; or

 

(2)                                 whose powers or functions are transferred to another body,

 

is a reference to the body which replaces it
or which substantially succeeds to its powers or functions; and

 

(q)                                references to time are to Sydney time.

 

1.3                               Inclusive
expressions

 

Specifying
anything in this deed after the words “include” or “for example” or similar
expressions does not limit what else is included unless there is express
wording to the contrary.

 

1.4                               Business
Day

 

(a)                                 Subject to clause 1.4(b) or any provision to the contrary in any
Transaction Document, where the day on or by which any thing is to be done is
not a Business Day, that thing must be done on or by the preceding Business Day.

 

(b)                                If a payment is due on a day which is not a Business Day, the due
date for that payment is the next Business Days in the same calendar month or,
if none, the preceding Business Day, and interest (if applicable) must be adjusted
accordingly.

 

1.5                               Charge

 

(a)                                 The parties agree that all amounts payable by the Company to the
Security Trustee on any account under or in accordance with this deed are
Secured Moneys for the purposes of the Charge.

 

(b)                                If there is any inconsistency between this deed and the Charge, this
deed will prevail.

 

1.6                               Limited
recourse

 

(a)                                  Subject to clause 1.6(d) but despite any other provision of this
deed, the Company is only obliged to pay any amount otherwise payable under or
in

 

8

 

relation to this deed to the extent that the
amount can be satisfied out of the Secured Property.

 

(b)                                 Subject to clause 1.6(d) but despite any other provision of this
deed, the Security Trustee must not:

 

(1)                                 take any action against the Company personally to recover any part
of the Secured Moneys which cannot be recovered out of the Secured Property; or

 

(2)                                 levy execution or bring any other proceedings (other than to enforce
a Transaction Document) against any property of the Company which does not form
part of the Secured Property to recover any part of the Secured Moneys.

 

(c)                                  Clause 1.6(b) operates as a covenant not to sue and not as a
release, and may be pleaded in bar to any action brought in breach of it.

 

(d)                                 Nothing in this clause 1.6 affects the right of the Security Trustee
or the liability of the Company with respect to fraud, gross negligence or
wilful misconduct by the Company.

 

2                                        Declaration of trust

 

2.1                               Holding
of Trust Fund on trust

 

The
Security Trustee declares that it holds the sum of $10 in Sydney and will hold
the Trust Fund, on trust for the Beneficiaries from time to time on the terms
of this deed.

 

2.2                               Name

 

The
trust established under this deed is to be known as the “HA Funding Security
Trust”.

 

2.3                               Period

 

The
trust established under this deed commences on the date of this deed and,
unless terminated at an earlier date, terminates on the earlier of:

 

(a)                                 the eightieth anniversary of the date of this deed; and

 

(b)                                the date on which all the Securities have been fully and finally
discharged according to their terms (or, if discharged at different times, the
date on which the last is fully and finally discharged) and all Recovered
Moneys have been distributed in accordance with this deed.

 

2.4                               Trust
Account

 

The
Security Trustee must promptly credit the sum of $10 referred to in
clause 2.1 to a bank account in Sydney or in any other place the Beneficiaries, by Special Decision, agree.

 

2.5                               Payment
of Secured Moneys

 

(a)                                 Each Security Provider must pay the Secured Moneys due by it in
accordance with the Transaction Documents and each other obligation under which
the Secured Moneys are payable.

 

9

 

(b)                                Each Security Provider must pay the Secured Moneys to the Security
Trustee as and when it is due for payment and each Security Provider
acknowledges its indebtedness to the Security Trustee in respect of the Secured
Moneys.

 

(c)                                 Clause 2.5(b) is an additional, independent and separate
obligation to any obligation of a Security Provider to pay to a Beneficiary the
Secured Moneys of the Beneficiary in a Transaction Document or otherwise, but:

 

(1)                                 payment by any Security Provider to the Security Trustee of any such
Secured Moneys which are Finally Paid operates in satisfaction of the
obligation of the Security Provider to pay the amount to the Beneficiary; and

 

(2)                                 payment by any Security Provider to a Beneficiary in accordance with
the Transaction Documents of any Secured Moneys of the Beneficiary which are
Finally Paid operates in satisfaction of the obligation of the Security
Provider to pay the amount to the Security Trustee.

 

(d)                                Nothing in clause 2.5(b) affects or derogates from a Security
Provider’s obligations to pay Secured Moneys to a Beneficiary (subject to clause 2.5(c)(1)
and 2.5(c)(2)).

 

(e)                                 Any Secured Moneys paid to a Beneficiary or the Security Trustee by
a Security Provider are paid as money secured by the Securities.

 

3                                        Determination of Secured Moneys

 

3.1                               Determination
of Secured Moneys

 

To
determine the Secured Moneys of a Beneficiary on any date for the purposes of
this deed:

 

(a)                                 amounts in a foreign currency must be translated into Dollars at the
rate of exchange determined by the Beneficiary as that rate of exchange at
which the Beneficiary could have, on that date, purchased from another person
in the normal course of business in dealing with currencies that amount of
foreign currency with Dollars;

 

(b)                                any liability which is contingent must be included at its face
value; and

 

(c)                                 Interest Expense due but unpaid and Interest Expense accrued but not
yet due must be included.

 

3.2                               Details
of Secured Moneys

 

(a)                                 The Security Trustee may at any time request a Beneficiary to
provide, and the Beneficiary must then, within a reasonable time, provide:

 

(1)                                 a statement signed by an Officer of the Beneficiary setting out the
Secured Moneys owing to that Beneficiary at the date of the statement or as at
any other date requested by the Security Trustee; and

 

10

 

(2)                                 any information the Security Trustee reasonably requests in respect
of the calculation of the amounts referred to in clause 3.2(a)(1).

 

(b)                                The information provided under clause 3.2(a) must include full
details of how the Beneficiary has applied the provisions of clause 3.1 in
calculating the amounts referred to in clause 3.2(a)(1).

 

(c)                                 As between the Security Trustee and the Beneficiaries, the Security
Trustee may rely on a Statement given by a Beneficiary as sufficient evidence
of its contents and the respective amounts of Secured Moneys owing to the
Beneficiary as at the date set out in the Statement unless the contrary is
proved.

 

(d)                                Any Statement is binding on all Beneficiaries, subject to any
contrary determination by the Security Trustee, for the purposes of determining
the Share of each Beneficiary under this deed as at the date of the Statement.

 

(e)                                 If a Beneficiary does not provide a Statement, the Security Trustee
may determine the Secured Moneys owing to that Beneficiary and issue an
alternative Statement which will be taken as the Statement for that Beneficiary
for the purposes of this clause 3.2.

 

4                                        Receipt of money

 

4.1                               Money
not forming part of Recovered Moneys

 

(a)                                 Where any Transaction Document permits or requires money to be
placed to the credit of a suspense account:

 

(1)                                 in order to preserve the rights to prove in the bankruptcy or
liquidation of any person; or

 

(2)                                 because amounts are contingently due or for any other reason,

 

that
money will not, unless otherwise decided by all the Beneficiaries, form part of
the Recovered Moneys until, in accordance with the terms of the Transaction
Documents, the money is paid to or for the account of the Security Trustee or
one or more Beneficiaries (at which time it becomes Recovered Moneys).

 

(b)                                Where money is placed in a suspense account referred to in
clause 4.1(a), any interest earned and credited to the account is
Recovered Moneys.

 

4.2                               Receipt
of money after Determination Date

 

(a)                                 Subject to clause 4.2(b), if, after the Determination Date, a
Beneficiary receives (whether by way of voluntary or involuntary payment or by
way of set-off, combination or amalgamation of accounts or otherwise) any
Secured Moneys, the Beneficiary must within a reasonable time notify the
Security Trustee.

 

(b)                                Clause 4.2 does not apply to money received by a Beneficiary
from the Security Trustee under this deed.

 

(c)                                 A Beneficiary who receives an amount referred to in
clause 4.2(a) must pay the amount to the Security Trustee within 5
Business Days of receiving it.

 

11

 

(d)                                An amount paid under clause 4.2(c) is to be:

 

(1)                                 regarded as having been received by the Security Trustee and not by
the Beneficiary who receives it; and

 

(2)                                 distributed by the Security Trustee as Recovered Moneys.

 

(e)                                 If a Beneficiary who makes a payment referred to in
clause 4.2(c) is obliged to refund any part of that amount under laws
relating to insolvency or liquidation or similar events, then:

 

(1)                                 on request from the Security Trustee, each party to which any part
of the payment was distributed must repay to the Security Trustee the amount
received by that party and the Security Trustee must pay to that Beneficiary
the amount it is required to refund; and

 

(2)                                 any balance is Recovered Moneys.

 

5                                        Sharing between Beneficiaries

 

5.1                               Pre
Determination Date payments

 

(a)                                 If, before the Determination Date, a Beneficiary directs the
Security Trustee to demand payment from a Security Provider of Secured Moneys
which are then due and payable to the Beneficiary, the Security Trustee must
promptly make that demand.

 

(b)                                On receipt of any money from that Security Provider, the Security
Trustee holds it on trust for the Beneficiary who made the request and must pay
the full amount received to that Beneficiary or as otherwise required by a
Transaction Document.

 

(c)                                 Subject to the Transaction Documents, if, before the Determination
Date, the Security Trustee otherwise receives any Secured Moneys due and
payable to a Beneficiary, it must promptly pay that money to that Beneficiary.

 

(d)                                A demand or payment under clause 5.1(a) is not required for
money to be made payable or for any enforcement action (including appointment
of a Controller or declaring that money is due and payable) under the
Transaction Documents, as long as the money is payable or the enforcement
action can be taken under the Transaction Documents.

 

5.2                               Sharing
after Determination Date

 

(a)                                 The Recovered Moneys must, as between the Security Trustee and each
Security Provider, be applied by the Security Trustee in accordance with the
Security under which it is recovered (including in accordance with this deed if
the Security so requires).

 

(b)                                The Recovered Moneys available for distribution in or towards
payment or repayment of the Secured Moneys (after payment out of the Recovered
Moneys of any amounts which, under a Security, are required to be paid out of
those Recovered Moneys before any distribution is made in or towards payment or
repayment of the Secured Moneys) must be applied by the Security Trustee in
accordance with any written agreement between all

 

12

 

of the Beneficiaries at the time that
agreement is made and the Security Trustee at that time but, in the absence of
any such agreement, then in the following order of priority:

 

(1)                                 first, in or towards payment of any money due to the Security
Trustee in its capacity as security trustee under the Transaction Documents;

 

(2)                                 second, pari passu and rateably, in or towards payment or repayment
to each Beneficiary of its Share (calculated as at the date of the
distribution) of the Secured Moneys (calculated as at the date of the
distribution) until each Beneficiary has received its Secured Moneys in full.

 

(c)                                 Clause 5.2(b) is for the benefit of the relevant Beneficiaries
only and no other party may claim any benefit under it.

 

(d)                                An agreement effected under clause 5.2(b) is binding on all
Beneficiaries even if they become Beneficiaries after that agreement is
effected.

 

6                                        Security Trustee’s rights and responsibilities

 

6.1                               Security
Trustee entitled to exercise all rights

 

Subject
to this deed, the Security Trustee:

 

(a)                                 is entitled to exercise all Powers under the Securities (including
those Powers conferred on trustees generally by statute and those conferred on
trustees generally by law or equity in respect of the Securities) as if the
Security Trustee were the sole beneficial owner of the Securities; and

 

(b)                                may in its absolute discretion determine:

 

(1)                                 whether or not to take any steps to enforce a Security or to
otherwise seek to recover any money payable under a Security; and

 

(2)                                 the manner of the enforcement (including the terms of any sale under
a Security and the identity of any Controller appointed under a Security).

 

6.2                               Instructions
and extent of discretion

 

(a)                                 Subject to the other terms of this deed, and except in respect of
amounts due to the Security Trustee in its personal capacity, in exercising its
Powers under a Security, the Security Trustee:

 

(1)                                 must act in accordance with the instructions (if any) of the
Majority Beneficiaries; or

 

(2)                                 in the absence of any such instructions, may (but is not obliged to)
act as it thinks fit in the best interests of the Beneficiaries.

 

(b)                                Each Beneficiary authorises the Security Trustee to give any consent
and do anything else necessary or appropriate for it to give effect to any
instructions given in accordance with this deed.

 

13

 

(c)                                 Any action taken by the Security Trustee in accordance with this
deed is binding, as between the Security Trustee and the Beneficiaries, on all
the Beneficiaries.

 

(d)                                Despite any other provision of this deed, the Security Trustee is
not obliged to take any action under this deed or a Security or exercise any
Power until it is first indemnified to its satisfaction in accordance with
clause 6.15 or otherwise.

 

6.3                               Exercise
of Powers to waive or amend

 

The
Security Trustee:

 

(a)                                 must not, in its capacity as trustee, waive breaches of, or any
Default under, or otherwise excuse the performance of any obligation of a
Transaction Party under, a Transaction Document without the prior instructions
of the Majority Beneficiaries or as otherwise provided in a Transaction
Document;

 

(b)                                must exercise or refrain from exercising a Power and must waive or
excuse performance of a Security if so instructed:

 

(1)                                 by the Majority Beneficiaries; or

 

(2)                                 where a Transaction Document provides for such instructions from the
Beneficiaries on a different basis, from the Beneficiaries on that basis;

 

(c)                                 must not amend or vary any Transaction Document unless instructed to
do so by:

 

(1)                                 the Majority Beneficiaries; or

 

(2)                                 where a Transaction Document provides for such instructions from the
Beneficiaries on a different basis, from the Beneficiaries on that basis; or

 

(3)                                 as otherwise provided in a Transaction Document,

 

but is
not obliged to effect any such amendment or variation to the extent it would
increase the personal liability of the Security Trustee or derogate from any of
its rights under the Transaction Documents; and

 

(d)                                subject to the provisions of any relevant Transaction Document, must
confer with the Beneficiaries before exercising a Power or giving any consent,
approval or agreement or making any determination under a Transaction Document.

 

6.4                               Exercise
of enforcement and other powers

 

(a)                                 The Security Trustee must, if so instructed by the Majority
Beneficiaries and if to do so would be in accordance with the terms of the
Transaction Documents:

 

(1)                                 give notice in writing to a Security Provider declaring that the
relevant Secured Moneys are immediately due and payable;

 

(2)                                 appoint a Controller under a Security;

 

14

 

(3)                                 otherwise enforce or take steps to enforce a Security as directed in
writing by the Majority Beneficiaries; or

 

(4)                                 do any one or more of the things in clauses 6.4(a)(1),
6.4(a)(2) and 6.4(a)(3).

 

(b)                                The Security Trustee must if entitled by law and the terms of the
Transaction Documents to do so, appoint a Controller under the Corporations Act
to a Security Provider if so instructed by the Majority Beneficiaries.

 

(c)                                 The Security Trustee must if entitled by law and the terms of the
Transaction Documents to do so, appoint an administrator under the Corporations
Act to a Security Provider if, but only if, instructed to do so by the Majority
Beneficiaries.

 

(d)                                The Security Trustee must at any time after action under
clause 6.4(a), (b) or (c) has been taken, do any other things it considers
appropriate (or as instructed by the Majority Beneficiaries) to enforce the
whole or any part of the Security in respect of which that first mentioned
action was taken and to exercise its Powers under that Security.

 

(e)                                 The Security Trustee must, if so instructed by the Majority Beneficiaries,
release or discharge:

 

(1)                                 any specified Security in full; or

 

(2)                                 all or any specified assets from any specified Security,

 

but
otherwise must not release or discharge a Security unless required by law or by
the express provisions of a Transaction Document to do so.

 

(f)                                   If the Security Trustee is directed by the Majority Beneficiaries in
accordance with this clause 6.4 to appoint a Controller under a Security, it
must appoint a Controller selected by the Majority Beneficiaries (subject to
any instructions of the Majority Beneficiaries).

 

(g)                                A notice under clause 6.4(a)(1) is not required for money to be
made payable or for any enforcement action (including appointment of a
Controller or declaring that money is due and payable) under the Transaction
Documents as long as the money is payable or the enforcement action can be
taken under the Transaction Documents.

 

6.5                               Exercise
of other ancillary powers

 

(a)                                 The Security Trustee:

 

(1)                                 is not responsible for, or liable to any person in respect of, any
absence of, or defect in, title or for its inability to exercise any of its
Powers under a Security arising from any absence of, or defect in, title; and

 

(2)                                 need not give notice to any person of the execution of any Security
nor obtain any licence, consent or other authority for the execution of any
Security and is not liable to any person for failure to do so.

 

(b)                                The Security Trustee:

 

15

 

(1)                                 may rely on any certificate, notice or other document (including any
facsimile transmission or telegram) it believes to be genuine and correct and
to have been signed or sent by or on behalf of the proper or authorised person
or persons;

 

(2)                                 may rely on any advice or statements of solicitors, independent
accountants or other experts selected by the Security Trustee with reasonable
care; and

 

(3)                                 must place any Security, title document or other document, deed or
certificate relating to a Security for the time being in its possession in any
properly and safely maintained safe deposit, safe or receptacle selected by it,
or with any bank or financial institution (including a
Beneficiary) or person whose business includes undertaking the safe custody of
documents, or with any lawyer or firm of lawyers,

 

in any
such case without being responsible, or liable, to any person for any loss
occasioned by doing so.

 

6.6                               Right
to appoint agent, delegates

 

(a)                                 The Security Trustee, instead of acting personally, may employ an
agent to do any act required or permitted to be done under this deed or in
relation to the Securities.

 

(b)                                The Security Trustee may:

 

(1)                                 delegate any of its Powers under this deed or in relation to the
Securities, either wholly or partially or subject to any limitations or
restrictions, to any person (including any Beneficiary) as it thinks fit,
proper or appropriate in its absolute discretion if that delegate agrees to be
bound by the terms of this deed as if it was a party to it;

 

(2)                                 for the purpose of any delegation under clause 6.6(b)(1),
execute such powers of attorney or other instruments as it thinks proper; and

 

(3)                                 revoke any delegation under clause 6.6(b)(1) or power or
instrument under clause 6.6(b)(2), from time to time.

 

(c)                                 No person dealing with the Security Trustee, or any delegate
referred to in clause 6.6(b) is bound to enquire whether the delegation
remains in force.

 

(d)                                The Security Trustee may act or rely on the opinion, certificate or
advice of, or information obtained from, any agent, delegate or adviser
appointed by it. The Security Trustee is not responsible for any loss
occasioned by doing so if the Security Trustee has acted in good faith and has
not been guilty of fraud, wilful default or negligence in so acting.

 

(e)                                 Despite an appointment under clause 6.6(b), but subject to
clause 6.14(a)(2), the Security Trustee remains liable for any act or
omission of any appointee as if such act or omission was of the Security
Trustee.

 

16

 

6.7                               Events
of Default

 

(a)                                 The Security Trustee is not to be regarded as having knowledge of
the occurrence of any Default unless the Security Trustee:

 

(1)                                 has received notice (Default Notice)
from a Transaction Party or Beneficiary referring to this deed or the relevant
Transaction Document and stating that a Default has occurred and describing the
event and stating that the notice is a “Default Notice”; or

 

(2)                                 is actually aware that a Default has occurred.

 

(b)                                If the Security Trustee receives a Default Notice or becomes
actually aware that a Default has occurred, the Security Trustee must promptly
notify all Beneficiaries of the occurrence.

 

(c)                                 If the Security Trustee receives a Default Notice, the Security
Trustee may consider the Default to be continuing until it has received a
further notice from the party giving the original notice stating that the
Default is no longer continuing. The Security Trustee may rely on the second
notice for all purposes under this deed and the Transaction Documents.

 

6.8                               No
monitoring

 

The
Security Trustee is not required to:

 

(a)                                 keep itself informed as to the performance or observance by any
Transaction Party of its obligations under any Transaction Document or any other document or agreement to which any one or more
of them is a party; or

 

(b)                                inspect the properties or books of any Transaction Party or to assess or keep under review the business, operations,
financial condition, creditworthiness or status of the affairs of any
Transaction Party.

 

6.9                               Information

 

(a)                                 Except for any notices, reports, accounts or other documents or information
which the Security Trustee is required to provide under any Transaction
Document, the Security Trustee has no duty or responsibility, but is authorised
in its absolute discretion, to provide any Beneficiary with any credit or other
information concerning the assets, liabilities, financial condition or business
of any Transaction Party or any of its
respective Subsidiaries or Related Body Corporate, which may come into the
possession of the Security Trustee.

 

(b)                                The Security Trustee is not obliged to review or check the accuracy
or completeness of any report, notice or other document it forwards to any
Beneficiary or other person.

 

(c)                                 Nothing in any Transaction Document obliges the Security Trustee to
disclose any information relating to any Transaction Party if the disclosure
would in the reasonable opinion of the Security Trustee constitute a breach of
any law or duty of secrecy or confidence.

 

17

 

6.10                        Security
Trustee to have same rights as Beneficiaries

 

The
Security Trustee, in its capacity as a Beneficiary (if it is or becomes one)
has the same rights, powers and discretions under this deed as any other
Beneficiary and may exercise the same as if it were not acting as the Security
Trustee.

 

6.11                        Security
Trustee may contract

 

The
Security Trustee may, despite any rule of law or equity to the contrary, enter
into any contract or arrangement and transact any kind of business with any
Beneficiary or Transaction Party and is not liable to account for any fee,
remuneration or profit received or accruing in connection with that contract,
arrangement or transaction.

 

6.12                        Exercise
of Powers

 

The
Security Trustee or any shareholder, director, Officer or employee of the
Security Trustee may be interested as a director, Officer, employee,
shareholder, manager or professional advisor or may otherwise stand in a
fiduciary position in relation to any party to this deed or any other person
and that interest or fiduciary position does not preclude the Security Trustee
from exercising any Power (including where an exercise of that Power may
benefit that party or person).

 

6.13                        Application
to court for direction

 

The
Security Trustee may apply to a court for directions in relation to any
question relating to its duties under this deed or to its Powers.

 

6.14                        Security
Trustee not liable

 

(a)                                 The Security Trustee is not, and its directors, Officers, employees,
agents, successors or attorneys are not, liable to any party for:

 

(1)                                 any loss or damage occurring as a result of it exercising, failing
to exercise or purporting to exercise any Power under this deed or in relation
to a Transaction Document;

 

(2)                                 any act of any agent, delegate, Officer or employee of the Security
Trustee;

 

(3)                                 any other matter or thing done, or not done, by it in relation to
this deed or a Transaction Document;

 

(4)                                 any absence of, or defect in, title or any inability to exercise any
of its Powers under a Security;

 

(5)                                 any failure by a Transaction Party to perform its obligations under
a Transaction Document;

 

(6)                                 the financial condition or solvency of a Transaction Party;

 

(7)                                 any statement, representation or warranty of a Transaction Party
being incorrect or misleading in any respect;

 

(8)                                 acting in accordance with the instructions of one or more of the
Beneficiaries or all of the Beneficiaries (as applicable) in accordance with
this deed or for refraining from acting in accordance with the instructions of
one or more of the Beneficiaries or all of the Beneficiaries (as applicable) in
accordance with this

 

18

 

deed, or where
there are no instructions which are required by this deed for the Security
Trustee to act or refrain from acting;

 

(9)                                 acting on any written communication, notice or other document
containing a direction or instructions purporting to have been given by one or
more of the Beneficiaries, the Majority Beneficiaries or all of the
Beneficiaries which the Security Trustee believes to be genuine and correct and
to have been signed by, or sent by or on behalf of, the proper person;

 

(10)                           acting on any written communication, notice or other document
containing a direction or instructions purporting to have been given by one or
more of the Beneficiaries, the Majority Beneficiaries or all of the
Beneficiaries passed at a meeting of the Beneficiaries at which minutes were
made and signed, even though it may subsequently be found that there was some
defect in the constitution of the meeting or the passing of the resolution or
that for any other reason the resolution was not valid or binding on any of the
Beneficiaries whom it purported to bind, or on the Security Trustee; or

 

(11)                           the value, validity, effectiveness, genuineness, enforceability or
sufficiency of any Security, Transaction Document or any other certificate or
document given under any of them,

 

to the
extent that the Security Trustee and its agents, delegates, Officers and
employees have acted reasonably in all the circumstances and have not been
guilty of fraud, wilful default or negligence.

 

(b)                                Nothing in this clause 6.14 exempts the Security Trustee from
liability to a Beneficiary if it fails to follow the lawful directions of one
or more of the Beneficiaries, the Majority Beneficiaries, or all of the
Beneficiaries given in accordance with this deed (as applicable) or fails to
obtain the required consent of one or more of the Beneficiaries, the Majority
Beneficiaries, or all of the Beneficiaries in
any circumstance where the direction is lawfully given or the consent is
required under this deed.

 

(c)                                 Failure by the Security Trustee to act due to lack of instructions
or lack of proper instructions from one or more of the Beneficiaries, the
Majority Beneficiaries, or all of the
Beneficiaries required to be given under this deed ( as applicable) does not
amount to fraud, wilful default or negligence of the Security Trustee.

 

(d)                                The Security Trustee is not bound by any waiver, amendment,
supplement or modification of any Transaction Document unless it gives its
prior written consent as Security Trustee under the Transaction Document.

 

(e)                                 The Security Trustee is not liable to any Transaction Party because
a Beneficiary fails to perform its obligations under a Transaction Document.

 

6.15                        Indemnity

 

(a)                                 Subject to clause 6.15(c) and:

 

(1)                                 without prejudice to any right of indemnity given to it by law or
equity; and

 

19

 

(2)                                 in addition to, and without prejudice to, any other indemnity in any
other Transaction Document,

 

the
Security Trustee is entitled to be indemnified out of any money from time to
time received by the Security Trustee under the Securities or otherwise forming
part of the Trust Fund in respect of:

 

(3)                                 all liabilities and expenses (including any money paid or to be paid
for the employment or appointment of any agent) incurred by any of them in the
exercise or purported exercise of the Powers under this deed or in relation to
the other Transaction Documents; and

 

(4)                                 all actions, proceedings, costs, claims and demands arising in
relation to this deed or any other Transaction Document,

 

and the
Security Trustee may from time to time retain and pay out of any money
recovered from the Securities or otherwise forming part of the Trust Fund an
amount to satisfy that indemnity.

 

(b)                                The Security Trustee is not obliged to do or refrain from doing
anything under this deed, other than calling a meeting of the Beneficiaries or
providing notices unless it is able to satisfy its rights of indemnity under
clause 6.15(a)(1) or is otherwise indemnified to its satisfaction.

 

(c)                                 The indemnity in clause 6.15(a)(1) does not apply:

 

(1)                                 where the Security Trustee or any of its Officers, agents,
delegates, or employees is guilty of fraud, wilful default or negligence; or

 

(2)                                 to the extent that any Beneficiary (as beneficiary under this deed)
may have a claim against the Security Trustee in accordance with any
Transaction Document.

 

6.16                        Protection
of third parties

 

No
person dealing with the Security Trustee is bound to enquire whether the
Security Trustee:

 

(a)                                 has been properly appointed under this deed; or

 

(b)                                has the requisite Power under this deed or another Transaction
Document,

 

and any
person dealing with the Security Trustee may assume
that anything purported to be done by the Security Trustee under this deed or
another Transaction Document has been duly authorised by this deed and the
Beneficiaries.

 

6.17                        Exclusions
of law where permitted

 

All
liabilities and responsibilities which may from time to time be imposed on the
Security Trustee at law or in equity are, to the extent permitted at law or in
equity, and, except to the extent provided to the contrary in this deed,
expressly negatived and waived by the other parties.

 

6.18                        Independent
decisions by Beneficiaries

 

(a)                                 Each Beneficiary acknowledges that it has, independently and without
reliance on the Security Trustee or any other Beneficiary, and based on the
documents and information it has considered appropriate, made its own

 

20

 

investigation into the affairs and financial
condition of each Transaction Party and the value, validity, effectiveness,
genuineness and enforceability of each Transaction Document.

 

(b)                                Each Beneficiary must independently and without reliance on the
Security Trustee or any other Beneficiary, and based on the documents and
information it considers appropriate, continue to make its own analysis and
decisions in relation to its rights and obligations under any document or
agreement to which it and any other Beneficiary or any other Transaction Party
is a party.

 

(c)                                 The Security Trustee is not liable if a Beneficiary fails to do
anything referred to in clause 6.18(a) or 6.18(b) or if a Beneficiary
suffers loss or damage as a result of doing anything referred to in clause 6.18(a)
or 6.18(b).

 

6.19                        Variation

 

The
provisions of this clause 6, other than clauses 6.14 and 6.15, may be
amended from time to time by written
agreement between the Security Trustee and the Beneficiaries without the approval of the Security Providers and so long
as the amendment does not increase the liability of any other party or derogate
from the rights of any other party.

 

6.20                        Additional
matters

 

(a)                                 The rights and obligations of the Security Trustee under this deed
are in addition to, and without prejudice to, its rights and obligations under
the other Transaction Documents.

 

(b)                                If there is any inconsistency between the rights and obligations of
the Security Trustee under this deed and the rights and obligations of the
Security Trustee under any other Transaction Document, those under this deed
prevail to the extent of the inconsistency.

 

7                                        Termination of Security Trustee’s appointment

 

7.1                               Termination
of appointment

 

(a)                                 The Security Trustee may resign at any time by giving at least
90 Business Days notice to each Beneficiary and the Security
Providers, or their representative to that effect.

 

(b)                                The Security Trustee may be removed at any time by the Majority
Beneficiaries giving to the Security Trustee at least
90 Business Days notice to that effect.

 

(c)                                 If the Majority Beneficiaries give a notice under
clause 7.1(b), they must, as soon as reasonably practicable after giving
the notice, provide a copy of the notice to all other Beneficiaries.

 

(d)                                On the termination of the Security Trustee’s appointment, whether by
resignation, removal or otherwise, the Security Trustee is released from any
further obligations as Security Trustee under this deed and the other
Transaction Documents from the time of that termination, but the release

 

21

 

does not prejudice any liability in respect
of any default arising before the termination of appointment.

 

7.2                               Assurances

 

Despite
clause 7.1 and the terms of any Transaction Document, no resignation,
removal or release of the Security Trustee takes effect unless:

 

(a)                                 a successor Security Trustee has been appointed in accordance with
clause 7.3;

 

(b)                                the successor Security Trustee undertakes to act as Security Trustee
and be bound in that capacity by the terms of this deed and each Security to
which the Security Trustee is a party; and

 

(c)                                 the successor Security Trustee obtains title to each Security and
the Trust Fund in its capacity as Security Trustee.

 

7.3                               Appointment
of successor Security Trustee

 

(a)                                 If the appointment of the Security Trustee is terminated, by
resignation, removal or otherwise, the Majority Beneficiaries may appoint a
successor Security Trustee.

 

(b)                                If no successor Security Trustee is appointed by the Majority
Beneficiaries, or accepts the appointment, within 20 Business Days
after:

 

(1)                                 notice of resignation or removal is given in accordance with
clause 7.1; or

 

(2)                                 the Security Trustee’s appointment is otherwise terminated,

 

the
terminated Security Trustee may, on behalf of each Beneficiary, appoint a
successor Security Trustee on the same terms as the terminated Security
Trustee.

 

(c)                                 Each Beneficiary and each Security Provider is bound by the terms of
any appointment made under clause 7.3(b).

 

(d)                                The Security Trustee, each Beneficiary and each Transaction Party
must do all things necessary, including executing any deeds of appointment or
vesting, to ensure that the appointment of any successor Security Trustee is
properly and promptly effected.

 

(e)                                 When a successor Security Trustee is appointed, the new Security
Trustee and each other party to the Transaction Documents has the same rights
and obligations among themselves as they would have had if the new Security
Trustee had been an original party to the Transaction Documents (other than in
relation to any accrued rights against the terminated Security Trustee for
default under the Transaction Documents).

 

(f)                                   Each Beneficiary and each other party to this deed (other than the
Security Trustee), for consideration received, appoints the Security Trustee
and each Officer for the time being and from time to time of the Security
Trustee severally its attorney, in its name and on its behalf, to do all things
and execute, sign seal and deliver (conditionally or unconditionally in the
attorney’s discretion) all documents, deeds and instruments necessary or
desirable for the appointment of a successor Security Trustee under

 

22

 

clause 7.3(b) and to vest in that
successor Security Trustee all of the Trust Fund or any part of it.

 

(g)                                The power in clause 7.3(f) may be delegated or a sub-power may
be given, and any delegate or sub-attorney may be removed by the attorney
appointing it.

 

8                                        Changes to Beneficiaries and Security Providers

 

8.1                               Transfers
by Beneficiaries

 

A
Beneficiary may assign any of its rights or novate any of its rights and
obligations under any of the Transaction Documents to any person and in any
manner permitted under and in accordance with the Transaction Documents.

 

8.2                               Transfer
by a Security Provider

 

A
Security Provider may assign any of its rights or novate any of its rights and
obligations under any of the Transaction Documents to any person and in any
manner permitted under and in accordance with the Transaction Documents.

 

9                                        Savings provisions

 

9.1                               Continuing
indemnities

 

(a)                                 Each indemnity contained in this deed and each other Transaction
Document is a continuing obligation despite:

 

(1)                                 any settlement of account; or

 

(2)                                 the occurrence of any other thing,

 

and
remains in full force and effect until:

 

(3)                                 all money owing, contingently or otherwise, under any Transaction
Document has been paid in full; and

 

(4)                                 each Transaction Document has been finally discharged.

 

(b)                                Each indemnity in this deed and each other Transaction Document is an
additional, separate and independent obligation and no one indemnity limits the
general application of any other indemnity.

 

9.2                               Non-avoidance

 

The
provisions of this deed are not affected by anything which, but for this
provision, might have that effect, including:

 

(a)                                 the respective times and dates on which, or the order in which, any
of the Transaction Documents were executed, delivered or registered;

 

(b)                                the respective times and dates on which, or the order in which, the
debts and monetary liabilities comprising all or any part of any of the Secured
Moneys are incurred or become due;

 

(c)                                 anything contained in any of the Transaction Documents;

 

23

 

(d)                                the enforcement or attempted enforcement of, or the exercise or
attempted exercise of any other Power under, any of the Transaction Documents;

 

(e)                                 the repayment from time to time of all or any part of any of the
Secured Moneys;

 

(f)                                   the fluctuation (including the reduction and subsequent increase)
from time to time of all or any part of any of the Secured Moneys;

 

(g)                                a Beneficiary being or not being from time to time obliged to:

 

(1)                                 perform its obligations under any Transaction Document at the
request, or for the benefit, of any Transaction Party; or

 

(2)                                 do anything which may cause money to become due by any Transaction
Party to that Beneficiary;

 

(h)                                that all or any part of the Secured Moneys are contingent or
prospective;

 

(i)                                    the appointment of a liquidator, Controller or other similar officer
to a Transaction Party or to all or any part of the assets of a Transaction
Party;

 

(j)                                    the liquidation of a Transaction Party;

 

(k)                                 a person becoming or ceasing to be a Beneficiary or a Transaction
Party; or

 

(l)                                    any provision of any statute or any rule of law or equity to the
contrary.

 

9.3                               Exclusion
of moratorium

 

To the
extent not excluded by law, a provision of any legislation which at any time
directly or indirectly lessens, stays, postpones, prevents or otherwise
prejudicially affects the exercise of any Power, is negatived and excluded from
this deed, and all relief and protection conferred on a Transaction Party by or
under that legislation is also negatived and excluded.

 

10                                 Meetings of Beneficiaries

 

10.1                        Meetings

 

The
Security Trustee may convene a meeting of Beneficiaries at any time.

 

10.2                        Meeting
on application

 

The
Security Trustee must convene a meeting of Beneficiaries if Beneficiaries
having alone, or together, a Share (determined as if the date of application
was the Determination Date) of not less than 30% of the Shares of all
Beneficiaries apply in writing.

 

10.3                        Notice
of meeting

 

(a)                                 If the purpose of a meeting is to determine the instructions of the
Beneficiaries to be given to the Security Trustee, the person or persons
calling the meeting must notify all Beneficiaries of the meeting at least
21 days (exclusive of the day on which the notice is given and of the day
on which the meeting is held) (or any shorter period the Beneficiaries may
agree on) in advance under clause 10.3(c).

 

24

 

(b)                                The Security Trustee must give notice of each meeting of all
Beneficiaries to each Beneficiary.

 

(c)                                 A notice to Beneficiaries must set out:

 

(1)                                 the place, day and time of the meeting;

 

(2)                                 the general nature of the business to be transacted;

 

(3)                                 the terms of any resolution to be proposed;

 

(4)                                 a summary of any information in the possession of the Security
Trustee which the Security Trustee reasonably determines may influence the
Beneficiaries’ vote;

 

(5)                                 a statement to the effect that proxies may be appointed more than
24 hours before the time fixed for the meeting but not after that time;
and

 

(6)                                 any other information the person preparing the notice reasonably
considers appropriate.

 

(d)                                In giving notice of a meeting to Beneficiaries, the Security Trustee
complies with its obligations if it sends the notice to the address of each
relevant Beneficiary specified under clause 12.4 or if it does not have an
address for all relevant Beneficiaries, by sending the notice to the addresses
it has and by advertising the notice in a newspaper published throughout
Australia or in 2 or more newspapers whose publication together has national
coverage throughout Australia.

 

(e)                                 If:

 

(1)                                 the Security Trustee accidentally omits to give notice under
clauses 10.3(a) or 10.3(b) or fails to give notice in the form required by
clause 10.3(c) and 10.3(d); or

 

(2)                                 a relevant Beneficiary does not receive a notice,

 

the
relevant meeting is still valid.

 

(f)                                   Even if a meeting is called by shorter notice than that specified in
this clause 10.3, it will be considered to be duly called if it is so
agreed to by the relevant Beneficiaries representing a quorum required for the
resolutions to be passed at that meeting.

 

10.4                        Who
may attend and address meeting

 

The
following persons are entitled to attend and address a meeting, including an
adjourned meeting, of all Beneficiaries:

 

(a)                                 the Security Trustee’s representative;

 

(b)                                the Security Trustee’s solicitor and advisers;

 

(c)                                 each Beneficiary or its representative or both; and

 

(d)                                each Beneficiary’s solicitor and advisers.

 

No
person other than a Beneficiary has a right to vote.

 

25

 

10.5                        Quorum

 

(a)                                 No business (other than the election of a chairman, if necessary)
may be transacted at a meeting of Beneficiaries unless there is a quorum.

 

(b)                                A quorum for any meeting of all Beneficiaries to pass a Special
Decision is the Beneficiaries (whether in person, proxy, representative or
attorney) having alone or together a Share of 75%.

 

(c)                                 If a quorum has not been reached within 30 minutes after the
time appointed for the meeting, the meeting, if called on the requisition of
relevant Beneficiaries must be dissolved or, if called to pass a Special Decision,
must be adjourned to the same day, time and place in the following week.

 

10.6                        Chair

 

(a)                                 The Security Trustee’s nominee (who may be a Beneficiary or the
Security Trustee) must preside as chair at a meeting of any Beneficiaries.

 

(b)                                If the Security Trustee’s nominee does not appear within
15 minutes after the time appointed for the meeting, the Beneficiaries
present must elect one of their number to preside as chair.

 

10.7                        Voting
and decisions

 

(a)                                 Any question submitted to a meeting of Beneficiaries must be decided
in the first instance by a show of hands unless a poll is required under
clause 10.7(b).

 

(b)                                A poll must be taken if any Transaction Document or the applicable
law requires the question to be decided by a Special Decision or if demanded by
the chair, the Security Trustee or a Beneficiary.

 

(c)                                 The chair does not have a casting vote in addition to any other vote
which the chair may exercise.

 

(d)                                A resolution passed by the Majority Beneficiaries or all
Beneficiaries (as the case may be) in accordance with this clause 10 on
any matter constitutes the instructions of the Majority Beneficiaries or all
Beneficiaries (as the case may be) under any Transaction Document in relation
to that matter and is binding on all the Beneficiaries.

 

(e)                                 A resolution, decision or instruction:

 

(1)                                 expressly required in this deed to be given by all Beneficiaries
must be made by all of the Beneficiaries;

 

(2)                                 otherwise to be made by the Beneficiaries must be made by the
Majority Beneficiaries; or

 

(3)                                 to replace or remove the Security Trustee must be made by Special
Decision.

 

10.8                        Votes

 

(a)                                 On a show of hands, each Beneficiary present at a meeting:

 

(1)                                 in person; or

 

26

 

(2)                                 by proxy, representative or attorney,

 

has one
vote.

 

(b)                                On a poll, each Beneficiary present at a meeting:

 

(1)                                 in person; or

 

(2)                                 by proxy, representative or attorney;

 

has one
vote for each dollar of the Amount Owing of it at that time.

 

(c)                                 In determining whether or not a resolution constitutes a resolution
of the Majority Beneficiaries, the votes in clauses 10.8(a) and 10.8(b)
must be weighted by the chair accordingly.

 

(d)                                If Amounts Owing by Beneficiaries is held jointly, the most senior
Beneficiary’s vote either in person or by proxy, representative or attorney
will be accepted to the exclusion of the other joint Beneficiaries.

 

(e)                                 The most senior Beneficiary is the person nominated in writing to
the Security Trustee by all joint Beneficiaries in respect of that Amount Owing
or failing such nomination the person selected by the Security Trustee in its
absolute discretion.

 

10.9                        Objection
to voter’s qualification

 

(a)                                 An objection may be raised to the qualification of a voter only at
the meeting where the vote objected to is to be exercised.

 

(b)                                An objection must be referred to the chair whose decision is final.

 

(c)                                 The chair may consult with any representative of a Beneficiary or
the Security Trustee present at the meeting.

 

(d)                                A vote allowed at a meeting is valid for all purposes.

 

10.10                 Proxies
and other powers

 

(a)                                 Any person including a Beneficiary may act as a proxy.

 

(b)                                A proxy has the same right to be heard as a Beneficiary.

 

(c)                                 A vote given in accordance with the terms of a proxy form is valid
despite the previous revocation or amendment, unless notice in writing of the
revocation or amendment is deposited with the Security Trustee at least
24 hours before the time appointed for the meeting or adjourned meeting at
which the proxy proposes to vote.

 

(d)                                A notarially certified copy of each proxy form and satisfactory
proof of due execution, if applicable, must be produced at a meeting or
adjourned meeting if required by the Security Trustee, who is not obliged to
investigate or be concerned with the validity or authority of a proxy.

 

10.11                 Proxy
and other instruments

 

(a)                                 If the appointer of a proxy is an individual, the instrument of
appointment must be in writing and signed by the appointer or the appointer’s
attorney authorised in writing.

 

(b)                                If the appointer of a proxy is a corporation, the instrument of
appointment must be:

 

27

 

(1)                                 under its common seal (if it has one); or

 

(2)                                 under the hand of an Officer or attorney who has been authorised by
the corporation.

 

(c)                                 An instrument appointing a proxy must be in the following form or in
any other common or usual form:

 

“I [                   ]
of [                   ]
being a Beneficiary under the Security Trust Deed constituting the [insert name of trust]
Trust appoint [                   ]
of [                   ]
as my proxy to vote at the meeting of Beneficiaries to be held on
[    ] and at any adjournment of that meeting.

 

Signed
at [                   ]
by me on [                   ].

 

This
form is to be used *in favour/against the resolution. (*Strike out whichever is
not desired.) Unless otherwise directed the proxy may vote as he or she thinks
fit.”.

 

10.12                 Adjournments

 

The
chair may adjourn a meeting with the consent of the Majority/all Beneficiaries
or if a quorum is required under a Transaction Document but not present.

 

10.13                 Declaration
by chair of voting

 

At a
meeting of Beneficiaries a declaration by the chair or Security Trustee (as
applicable) that a resolution has been carried or lost by a particular majority
is conclusive evidence of that fact.

 

10.14                 Manner
of poll

 

(a)                                 If at a meeting a poll is demanded or required in accordance with
clause 10.7(b), that poll must be conducted as directed by the chair at
the meeting.

 

(b)                                A demand for a poll may be withdrawn at any time.

 

(c)                                 The demand for a poll does not discontinue the meeting except to
decide the question for which the poll is demanded.

 

(d)                                The result of the poll is regarded as the relevant resolution of the
meeting.

 

10.15                 Poll
on election of chair or question of adjournment

 

A poll
demanded at a meeting of Beneficiaries on the election of the chair or on a
question of adjournment must be taken at the meeting without adjournment.

 

10.16                 Minutes

 

(a)                                 The chair or Security Trustee (as applicable) must ensure that minutes
of proceedings at every meeting of Beneficiaries are taken and entered in a
minute book provided by the Security Trustee.

 

(b)                                The signature by the chair of minutes of a meeting is conclusive
evidence of the matters stated in the minutes.

 

28

 

10.17                 Passing
of resolutions by instrument in writing

 

(a)                                 Despite the preceding provisions of this clause 10, a
resolution, decision or instruction of Beneficiaries may be passed or made,
without any meeting or previous notice being required or even if a meeting has
been called, by an instrument or instruments in writing signed by one or more
Beneficiaries having alone or together the relevant number of votes to pass the
relevant resolution or make the relevant decision or give the relevant
instruction.

 

(b)                                Any such instruments are effective on presentation to the Security
Trustee for entry in the records referred to in clause 10.16.

 

(c)                                 Any such resolution, decision or instruction is binding on all
Beneficiaries.

 

11                                 Amendments to this deed

 

11.1                        Amendment
by the Security Trustee

 

The
Security Trustee and the Company may by way of supplemental deed alter, add to
or modify this deed (including this clause 11) so long as such alteration,
addition or modification is:

 

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

 

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

 

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

 

(d)                                in the opinion of the Security Trustee neither prejudicial nor
likely to be prejudicial to the interests of the Beneficiaries as a whole; or

 

(e)                                 such that it does not adversely affect the rating by each Designated
Rating Agency of any Notes then on issue by the Company.

 

11.2                        Amendment
with consent

 

Subject
to clause 11.1, where in the opinion of the Security Trustee a proposed
alteration, addition or modification to this deed is prejudicial or likely to
be prejudicial to the interests of Beneficiaries as a whole, the Security
Trustee and the Company may make such alteration, addition or modification if sanctioned
by an Extraordinary Decision of the Beneficiaries.

 

29

 

11.3                        Distribution
of amendments

 

The
Company shall distribute to all Beneficiaries and each Designated Rating Agency
a copy of any amendment made pursuant to clause 11.1 or clause 11.2
as soon as reasonably practicable after the amendment has been made.

 

12                                 General

 

12.1                        Performance
by Security Trustee of obligations

 

If a
Transaction Party defaults in fully and punctually performing any obligation
contained or implied in any Transaction Document, the Security Trustee may,
without prejudice to any Power, do all things necessary or desirable, in the
Security Trustee’s opinion, to make good or attempt to make good that default
to the Security Trustee’s satisfaction.

 

12.2                        Transaction
Party to bear cost

 

Except
as otherwise expressly provided in a Transaction Document, any thing which must
be done by a Transaction Party under any Transaction Document, whether or not
at the request of the Security Trustee, is to be done at the cost of the
Transaction Party.

 

12.3                        GST

 

If a
party is entitled under this deed to be reimbursed or indemnified by another
party for a cost or expense incurred in connection with this deed, the
reimbursement or indemnity payment must not include any GST component of the
cost or expense for which an input tax credit may be claimed by the party
entitled to be reimbursed or indemnified, or by its representative member.

 

12.4                        Notices

 

Any
notice or other communication including any request, demand, consent or
approval, to or by a party to any Transaction Document:

 

(a)                                 must be in legible writing and in English addressed as shown below:

 

(1)                                 if to the Company:

 

Address:                                              Level 6, 10 Dorcas Street, South Melbourne, Victoria

 

Attention:                                      Company Secretary

 

Facsimile:                                         +61 3 9698 2295

 

(2)                                 if to the Security Trustee:

 

Address:                                              Securitisation CAA 05 B1, 3 rue d’Antin, 75 078 Paris Cedex 02,
France

 

Attention:                                      Iyadh Laalai

 

Facsimile:                                         +33 1 42
98 69 19;

 

(3)                                 if to a Beneficiary, to the address set out in the relevant
Transaction Document;

 

30

 

(4)                                 if to a Security Provider, to the address set out in the relevant
Transaction Document;

 

or as
specified to the sender by any party by notice;

 

(b)                                must be signed by an Officer of the sender;

 

(c)                                 is regarded as being given by the sender and received by the
addressee:

 

(1)                                 if by delivery in person, when delivered to the addressee;

 

(2)                                 if by post, on delivery to the addressee; or

 

(3)                                 if by facsimile transmission, whether or not legibly received, when
received by the addressee,

 

but if
the delivery or receipt is on a day which is not a Business Day or is after 4pm
(addressee’s time) it is regarded as received at 9am on the following Business
Day; and

 

(d)                                can be relied on by the addressee and the addressee is not liable to
any other person for any consequences of that reliance if the addressee
believes it to be genuine, correct and authorised by the sender.

 

A facsimile
transmission is regarded as legible unless the addressee telephones the sender
within 2 hours after the transmission is received or regarded as received
under clause 12.4(c) and informs the sender that it is not legible.

 

12.5                        Governing
law and jurisdiction

 

(a)                                 This deed is governed by the laws of New South Wales.

 

(b)                                The parties irrevocably submits to the non-exclusive jurisdiction of
the courts of New South Wales.

 

(c)                                 Each Security Provider irrevocably waives any objection to the venue
of any legal process on the basis that the process has been brought in an
inconvenient forum.

 

(d)                                Each Security Provider irrevocably waives any immunity in respect of
its obligations under this deed that it may acquire from the jurisdiction of
any court or any legal process for any reason including the service of notice,
attachment before judgment, attachment in aid of execution or execution.

 

12.6                        Prohibition
and enforceability

 

(a)                                 Any provision of, or the application of any provision of, any
Transaction Document or any Power which is prohibited in any jurisdiction is,
in that jurisdiction, ineffective only to the extent of that prohibition.

 

(b)                                Any provision of, or the application of any provision of, any
Transaction Document which is void, illegal or unenforceable in any
jurisdiction does not affect the validity, legality or enforceability of that
provision in any other jurisdiction or of the remaining provisions in that or
any other jurisdiction.

 

31

 

12.7                        Waivers

 

(a)                                 Waiver of any right arising from a breach of this deed or of any
Power arising on default under this deed or on the occurrence of an Event of
Default must be in writing and signed by the party granting the waiver.

 

(b)                                A failure or delay in exercise, or partial exercise, of:

 

(1)                                 a right arising from a breach of this deed or the occurrence of an
Event of Default; or

 

(2)                                 a Power created or arising on default under this deed or on the
occurrence of an Event of Default,

 

does
not result in a waiver of that right or Power.

 

(c)                                 A party is not entitled to rely on a delay in the exercise or
non-exercise of a right or Power arising from a breach of this deed or on a
default under this deed or on the occurrence of an Event of Default as
constituting a waiver of that right or Power.

 

(d)                                A party may not rely on any conduct of another party as a defence to
exercise of a right or Power by that other party.

 

(e)                                 This clause may not itself be waived except by writing.

 

12.8                        Variation

 

Subject
to clause 6.19 and clause 11, a variation of any term of this deed
must be in writing and signed by the parties.

 

12.9                        Cumulative
rights

 

The
Powers are cumulative and do not exclude any other right, power, authority,
discretion or remedy of the Security Trustee, Receiver or Attorney.

 

12.10                 Consents
of Security Trustee

 

Despite
the terms of any other Transaction Document, to be binding or effective a
consent or approval given by the Security Trustee must be in writing signed by
a director, secretary or Officer of the Security Trustee.

 

12.11                 Limited
recourse of Security Provider

 

To the
extent that either:

 

(a)                                 the liability of the Security Provider is limited under the terms of
a Security or other Transaction Document to which it is a party; or

 

(b)                                the rights of recourse or other rights, powers and remedies of the
Security Trustee or the Beneficiaries or both are limited under a Security or
other Transaction Document to which the Security Provider is a party,

 

then
the liability of that Security Provider or the rights of recourse and other
rights, powers and remedies of the Security Trustee or the Beneficiaries or
both in respect of the Security Provider are limited to the same extent as if
the applicable provisions were set out in this deed in full.

 

32

 

12.12                 Counterparts

 

This
deed may be executed in any number of counterparts. All counterparts together
and taken to form one and the same instrument.

 

12.13                 Attorneys

 

Each of
the attorneys executing this deed states that the attorney has no notice of the
revocation of the power of attorney appointing that attorney.

 

12.14                 Appointment
of agent for service of process

 

The
Security Trustee hereby appoints BNP Paribas, Sydney Branch of 60 Castlereagh
Street, Sydney, New South Wales, Australia to receive service of process on its
behalf as its authorised agent for service of process in Australia. If for any
reason such agent shall cease to be such agent for service of process, the
Security Trustee shall forthwith appoint a new agent for service of process in
Australia and deliver to the Company a copy of the new agent’s acceptance of
appointment within 30 days. Nothing in this deed shall affect the right to
serve process in any other manner permitted by law.

 

33

 

	
  Executed as a deed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  COMPANY:

  	
   

  
	
   

  	
   

  
	
  Signed sealed and delivered for

  	
   

  
	
  HA Funding Pty Limited

  	
   

  
	
  by its attorney in

  	
   

  
	
  the presence of:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ David Barton

  	
   

  	
  /s/ Ralph Ayling

  	
   

  
	
  Witness

  	
  Attorney

  
	
   

  	
   

  
	
   

  	
   

  
	
  David Barton

  	
   

  	
  Ralph Ayling

  	
   

  
	
  Name (please print)

  	
  Name (please print)

  
	
   

  	
   

  
	
   

  	
   

  
	
  SECURITY TRUSTEE:

  	
   

  
	
   

  	
   

  
	
  Signed sealed and delivered for

  	
   

  
	
  BNP Paribas

  	
   

  
	
  by its attorney in the presence of:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Tessa Hoser

  	
   

  	
  /s/ Wendy Gwyn

  	
   

  
	
  Witness

  	
  Attorney

  
	
   

  	
   

  
	
   

  	
   

  
	
  Tessa Hoser

  	
   

  	
  Wendy Gwyn

  	
   

  
	
  Name (please print)

  	
  Name (please print)

  

 

34

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