Document:

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                                                                     Exhibit 4.1

                       HOMESIDE MORTGAGE SECURITIES TRUSTS
                       MASTER TRUST DEED

DATE:                                                        3 January 2001

PARTIES:          PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007) having
                  its registered office at Level 7, 39 Hunter Street, Sydney NSW
                  2000 ("ISSUER TRUSTEE")

                  HOMESIDE GLOBAL MBS MANAGER, INC having an office at 7301
                  Baymeadows Way, Jacksonville, Florida, United States of
                  America ("GLOBAL TRUST MANAGER")

RECITALS:

            A.    It is intended by this deed to provide for the future
                  establishment of Trusts, in each case, upon the terms and
                  conditions of a Supplemental Deed.

            B.    Each Trust will be established for the purpose of securitising
                  pools of Assets that may be from time to time acquired by the
                  Issuer Trustee.

            C.    The Issuer Trustee and the Global Trust Manager have agreed to
                  act as trustee and manager respectively of each of the Trusts
                  on the terms and conditions set out in this deed.

OPERATIVE PROVISIONS:

PART A - DEFINITIONS

1     DEFINITIONS AND INTERPRETATION
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DEFINITIONS SCHEDULE

            1.1   In this deed, DEFINITIONS SCHEDULE means the deed called
                  "HomeSide Mortgage Securities Trusts Definitions Schedule"
                  dated on or about the date of this deed and made between the
                  companies described in schedule 1 to that deed.

            1.2   Except to the extent to which words and phrases are otherwise
                  defined in this deed, words and phrases defined in the
                  Definitions Schedule shall bear the same meaning in this deed.
                  For the avoidance of doubt, in the event of any inconsistency
                  between a definition in this deed and a definition in the
                  Definitions Schedule, the definitions in this deed will
                  prevail. Any amendment to the Definitions Schedule will only
                  apply to this deed if made in accordance with this deed.

            1.3   Clauses 1.2 to 1.5 (inclusive) of the Definitions Schedule are
                  incorporated into this deed as if those clauses were set out
                  in full.

INTERPRETATION

            1.4   This deed binds the Issuer Trustee, the Global Trust Manager,
                  the Secured Creditors of each Trust and the Unitholders of
                  each Trust.
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            1.5   By executing this deed, the Issuer Trustee and the Global
                  Trust Manager agree that, unless the contrary intention
                  appears, terms used in any Transaction Document have the
                  meaning given to them in the Definitions Schedule.

PART B - TRUSTS

2     THE TRUSTS
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ISSUER TRUSTEE

            2.1   Provided that its appointment has not been terminated in
                  accordance with this deed and the Supplemental Deed for the
                  relevant Trust, the Issuer Trustee is appointed and agrees to
                  act as the trustee of each Trust constituted pursuant to this
                  deed and the Notice of Creation of Trust for the relevant
                  Trust, with effect from the date of constitution of the
                  relevant Trust, on the terms and conditions contained in this
                  deed and the Supplemental Deed for the relevant Trust.

GLOBAL TRUST MANAGER

            2.2   Provided that its appointment has not been terminated in
                  accordance with this deed and the Supplemental Deed for the
                  relevant Trust, the Global Trust Manager is appointed and
                  agrees to act as the manager of each Trust constituted
                  pursuant to this deed and the Notice of Creation of Trust for
                  the relevant Trust, with effect from the date of constitution
                  of the relevant Trust, in accordance with the terms and
                  conditions of this deed and the Supplemental Deed for the
                  relevant Trust.

DECLARATIONS OF TRUST

            2.3   The Issuer Trustee declares that it will act as trustee in
                  respect of the Assets of each Trust and will hold the Assets
                  of each Trust upon the trusts and with, and subject to, the
                  powers and conditions contained in this deed and the
                  Supplemental Deed for the relevant Trust.

ASSETS VEST IN ISSUER TRUSTEE

            2.4   The Assets of each Trust vest in the Issuer Trustee. The
                  Issuer Trustee must hold the Assets of each Trust on trust for
                  the relevant Unitholders and, in respect of the Secured
                  Creditors and the Unitholders of each Trust, the Issuer
                  Trustee must act in what the Issuer Trustee considers in good
                  faith to be in the interests of the relevant Unitholders and
                  the Secured Creditors as a whole, subject to this deed. The
                  Issuer Trustee shall not be in breach of this requirement or
                  any other provision of this deed if it transfers or disposes
                  of any Assets to any Secured Creditor or any other person in
                  accordance with the terms of any Transaction Document.

ASSETS TO BE KEPT SEPARATE

            2.5   The Issuer Trustee must keep the Assets of each of the Trusts
                  separate. Each Trust is a separate and distinct trust fund
                  held by the Issuer Trustee on separate and distinct terms and
                  conditions.

SUPPLEMENTAL DEEDS

            2.6   A Supplemental Deed may specify the provisions which are to
                  apply to that Trust in addition to the provisions of this
                  deed, or in place of any provision of this deed or any
                  provisions which are to be varied or

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                  deleted from this deed. The provisions contained in a
                  Supplemental Deed which are expressed to apply to a particular
                  Trust apply in relation to that Trust only. Any such
                  Supplemental Deed may vary or amend the terms of this deed or
                  provide terms in addition to those contained in this deed only
                  in respect of the Trust which is named in that Supplemental
                  Deed. Where a Supplemental Deed does vary or amend the terms
                  of this deed or provide terms in addition to those contained
                  in this deed in respect of a Trust then references in this
                  deed to this deed shall be deemed to be references to this
                  deed incorporating such variations, amendments and additions
                  in relation to the relevant Trust.

                  In the event of any conflict between the provisions of a
                  Supplemental Deed and any provisions in this deed, the
                  relevant provisions in the Supplemental Deed prevail in
                  respect of the Trust to which they are expressed to apply.

NAME OF TRUSTS

            2.7   Each Trust will be identified by a name specified in the
                  relevant Supplemental Deed. The name of each Trust may be
                  varied from time to time by agreement between the Issuer
                  Trustee and the Global Trust Manager, subject to any approval
                  required by law.

DESIGNATION AND DISCHARGE OF LIABILITIES

            2.8   The Issuer Trustee must allocate to each Trust those
                  Liabilities which in the opinion of the Global Trust Manager
                  are properly referable to that Trust. Subject to the
                  provisions of this deed, the Issuer Trustee must pay out of
                  the relevant Trust (and/or make such provision the Global
                  Trust Manager considers adequate for) all Liabilities in
                  connection with that Trust.

MIXTURE OF ASSETS

            2.9   The Issuer Trustee must account for the Assets of each Trust
                  separately from the Assets of all other Trusts and must
                  account for the Liabilities of a Trust separate and apart from
                  the Liabilities and amounts outstanding in respect of all
                  other Trusts.

NO LIMIT TO NUMBER OF TRUSTS

            2.10  There is no limit to the number of Trusts that may be created.

3     DURATION OF THE TRUSTS
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COMMENCEMENT

            3.1   Subject to clause 2.1 and 2.2, the Global Trust Manager and
                  the Issuer Trustee may at any time constitute a Trust by
                  lodging with the Issuer Trustee:

                  (a)   a Notice of Creation of Trust, substantially in the form
                        set out in Schedule 1, or such other form as may be
                        agreed from time to time by the Issuer Trustee and the
                        Global Trust Manager which relates to that Trust; and

                  (b)   the sum of $10 to constitute the initial Assets of the
                        Trust.

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TERMINATION

            3.2   A Trust terminates on the earliest of:

                  (a)   the date which is 80 years after that Trust's date of
                        constitution;

                  (b)   the date on which that Trust is terminated under this
                        deed or the Supplemental Deed for that Trust or by law;
                        and

                  (c)   following the occurrence of an Event of Default in
                        respect of that Trust, the date on which the Security
                        Trustee has notified the Issuer Trustee in writing that
                        it has enforced the Deed of Charge in respect of that
                        Trust and has distributed all of the amounts which it is
                        required to distribute under the Master Security Trust
                        Deed for that Trust.

            3.3   At any time after the date that all the Notes issued in
                  respect of a Trust have been redeemed in accordance with this
                  deed and any other Secured Creditors paid in full, the Global
                  Trust Manager may notify the Issuer Trustee and the
                  Unitholders of that Trust in writing that the Trust is to be
                  terminated. The Trust terminates upon receipt of that notice
                  by the Issuer Trustee.

PROCEDURE

            3.4   On termination, and subject to the terms of the Supplemental
                  Deed for the Trust, the Issuer Trustee must realise the Assets
                  of the Trust. This must be completed in 180 days if practical
                  and in any event as soon as possible after that.

FINAL DISTRIBUTION

            3.5   The net proceeds of realisation, after discharging or
                  providing for all Liabilities of a Trust (including any
                  contingent or potential liabilities) in accordance with this
                  deed and meeting the expenses (including anticipated expenses)
                  of termination, must be distributed by the Issuer Trustee to
                  the Unitholders of the Trust in accordance with the
                  Supplemental Deed for that Trust.

4     INTEREST OF UNITHOLDERS
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ENTITLEMENT TO A TRUST

            4.1   The beneficial interest in each Trust will be constituted by
                  the issue of:

                  (a)   one or more Residual Capital Units; and

                  (b)   one or more Residual Income Units,

                  of that Trust in accordance with the relevant Supplemental
                  Deed. The beneficial interest of each Trust is vested in the
                  Residual Capital Unitholders and the Residual Income
                  Unitholders of that Trust in accordance with this deed and
                  that relevant Supplemental Deed.

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            4.2   The rights and interests of the Residual Income Unitholders
                  and the Residual Capital Unitholders in respect of a Trust
                  will be determined in accordance with the relevant
                  Supplemental Deed.

RESTRICTIONS

            4.3   No Unitholder in respect of a Trust is entitled (other than as
                  permitted by this deed or any other Transaction Document in
                  respect of that Trust) to:

                  (a)   interfere with any Trust or any rights or powers of the
                        Global Trust Manager or the Issuer Trustee under this
                        deed or any other Transaction Document in respect of
                        that Trust;

                  (b)   exercise a right in respect of an Asset of any Trust or
                        lodge a caveat or other notice affecting an Asset of any
                        Trust or otherwise claim any interest in an Asset of any
                        Trust;

                  (c)   subject to the Transaction Documents for that Trust,
                        require the transfer to it of any Asset of any Trust;

                  (d)   seek to terminate or wind up any Trust;

                  (e)   have any recourse whatsoever to the Issuer Trustee or
                        the Global Trust Manager in its personal capacity except
                        in the case of fraud, negligence or breach of trust on
                        the part of the Issuer Trustee or fraud, negligence or
                        material breach of obligation on the part of the Global
                        Trust Manager; or

                  (f)   seek to remove the Issuer Trustee or the Global Trust
                        Manager.

                  However, nothing in this clause prevents a Unitholder from:

                  (i)   exercising its rights in connection with any Transaction
                        Document;

                  (ii)  taking proceedings to obtain an injunction or other
                        order to restrain any breach of any Transaction
                        Document; or

                  (iii) taking proceedings to obtain declaratory relief in
                        relation to any Transaction Document.

RANKING

            4.4   The rights, claim and interest of the Unitholders of a Trust
                  at all times rank after, and are subject to, the interests of
                  the Secured Creditors of that Trust including, without
                  limitation, in relation to any payment obligations in respect
                  of the Notes of the Trust.

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PART C - ASSETS

5     TRANSFERS BETWEEN TRUSTS
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POWER

            5.1   The Issuer Trustee, as trustee of a Trust, has power to
                  acquire or dispose of Mortgage Loans in accordance with this
                  deed and the Supplemental Deed relating to that Trust.

DIRECTION BY GLOBAL TRUST MANAGER

            5.2   The Global Trust Manager may, from time to time, direct the
                  Issuer Trustee (in such form as may be agreed between the
                  Issuer Trustee and the Global Trust Manager) to:

                  (a)   acquire Mortgage Loans from another Trust (in this
                        clause 5, the "TRANSFEROR TRUST") in its capacity as
                        trustee of a Trust (in this clause 5, the "TRANSFEREE
                        TRUST") in accordance with the Supplemental Deeds for
                        the Transferor Trust and for the Transferee Trust using
                        the proceeds of Borrowings of the Transferee Trust
                        and/or other funds available to that Transferee Trust;
                        or

                  (b)   dispose of Mortgage Loans to the purchaser of the
                        Mortgage Loans (in this clause 5, the "RELEVANT
                        ACQUIRER"),

                  by delivering a Receivables Transfer Direction to the Issuer
                  Trustee.

REQUIRED INFORMATION

            5.3   Any Receivables Transfer Direction given to the Issuer Trustee
                  in accordance with clause 5.2 must comply with the
                  requirements of this deed and the relevant Supplemental Deeds
                  and include all relevant details relating to:

                  (a)   the Relevant Acquirer;

                  (b)   the Transferor Trust and the Transferee Trust;

                  (c)   the Mortgage Loans subject to the direction;

                  (d)   the Cut-Off Date and the Closing Date for the Housing
                        Loans referable to the relevant Mortgage Loans;

                  (e)   the amount and source of the Borrowings to be raised to
                        enable the Issuer Trustee to acquire the Mortgage Loans
                        (where applicable) or, if not a Borrowing, the source of
                        funds; and

                  (f)   the purchase price (or its method of calculation).

CONDITIONS TO ACCEPTANCE

            5.4   The Issuer Trustee will not act on a Receivables Transfer
                  Direction unless the direction complies with the requirements
                  of clause 5.3 of this deed and any other requirements
                  specified in the relevant Supplemental Deeds.

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            5.5   If the Issuer Trustee accepts a Receivables Transfer Direction
                  under clause 5.2, the Global Trust Manager shall do everything
                  reasonably necessary to enable the Issuer Trustee to implement
                  the direction.

EFFECT OF ACCEPTANCE

            5.6   If the Issuer Trustee complies with a Receivables Transfer
                  Direction under clause 5.2 to acquire Mortgage Loans, it shall
                  (acting on the direction of the Global Trust Manager):

                  (a)   in its capacity as trustee of the Transferee Trust:

                        (i)   pay the purchase price specified in the
                              Receivables Transfer Direction to acquire the
                              relevant Mortgage Loans; and

                        (ii)  acquire the relevant Mortgage Loans; and

                  (b)   in its capacity as trustee of the Transferor Trust, do
                        all such things as may be required to dispose of its
                        right, title and interest in, to and under the relevant
                        Mortgage Loans to the Transferee Trust in the manner
                        contemplated by the Receivables Transfer Directions,

                  and otherwise comply with the Receivables Transfer Direction.

TRANSFERS

            5.7   A transfer shall take place under a Receivables Transfer
                  Direction, or by such other method as the Issuer Trustee and
                  the Global Trust Manager may determine or as required in a
                  Transaction Document.

            5.8   Upon payment of the purchase price (specified in the
                  Receivables Transfer Direction and as adjusted in accordance
                  with the terms of the sale):

                  (a)   by the Issuer Trustee as trustee of the Transferee
                        Trust, the Issuer Trustee as trustee of the Transferee
                        Trust will hold automatically, by virtue of this deed
                        and without any further act or instrument or other thing
                        being done or brought into existence, the benefit of all
                        Mortgage Loans of that Trust transferred to it by the
                        Issuer Trustee as trustee of the Transferor Trust
                        (together with the benefit of all Support Facilities and
                        Derivative Contracts which the Issuer Trustee and the
                        Global Trust Manager agree are to be transferred, and
                        all other rights and entitlements relating to the
                        relevant Mortgage Loans); or

                  (b)   by the Relevant Acquirer, the Issuer Trustee as trustee
                        of the Transferor Trust will treat the Mortgage Loans as
                        having been repaid in full by that payment.

            5.9   The Receivables Transfer Direction or other method of transfer
                  (as the case may be) may, if so agreed between the Issuer
                  Trustee and the Global Trust Manager, provide:

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                  (a)   that the Issuer Trustee shall give for the benefit of
                        the Transferee Trust specified representations,
                        warranties and undertakings in relation to the Mortgage
                        Loans; and

                  (b)   for the effect of any breach of a representation,
                        warranty or undertaking referred to in paragraph (a).

TRANSFER OF RIGHTS

            5.10  When Mortgage Loans are transferred from a Trust, the rights
                  and benefits of the Issuer Trustee in its capacity as trustee
                  of the Transferor Trust, and the rights of indemnity or
                  reimbursement of the Issuer Trustee in its capacity as trustee
                  of the Transferor Trust in respect of the Mortgage Loans
                  (including, without limitation, any representation, warranty,
                  covenant or undertaking in favour of that party) are also
                  transferred, with effect from the date of transfer, for the
                  benefit of the Transferee Trust.

ADJUSTMENTS

            5.11  Following a transfer of Mortgage Loans from a Trust to any
                  person (including, without limitation, another Trust), the
                  Global Trust Manager shall calculate, and notify the Issuer
                  Trustee of, and the Issuer Trustee shall pay, the amount of
                  any Accrued Interest Adjustment relating to those Housing
                  Loans that may be due from one Trust to another Trust or other
                  person at any time in accordance with the provisions (if any)
                  of the relevant Supplemental Deeds or the relevant Receivables
                  Transfer Direction (as the case may be).

6     TITLE PERFECTION EVENT IN RESPECT OF A TRUST
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EVENT

            6.1   If the Issuer Trustee has notice that a Title Perfection Event
                  has occurred and is subsisting in respect of a Trust, the
                  Issuer Trustee must notify the Seller, the Servicer, the
                  Global Trust Manager and each Current Rating Agency that a
                  Title Perfection Event has occurred and, unless each Current
                  Rating Agency confirms in writing within 10 Business Days of
                  receipt of that notice to the Issuer Trustee, the Global Trust
                  Manager and the Servicer that the failure to protect the
                  Issuer Trustee's title to the Mortgage Loans in accordance
                  with clause 6.2 will not have an Adverse Rating Effect, the
                  Issuer Trustee must declare that a Title Perfection Event has
                  occurred in respect of that Trust. The Global Trust Manager
                  must notify the Issuer Trustee immediately after becoming
                  aware that a Title Perfection Event has occurred.

PERFECTION OF TITLE

            6.2   Trustee in accordance with clause 6.1 in respect of a relevant
                  Trust, the Issuer Trustee and the Global Trust Manager must as
                  soon as practicable take all necessary steps to protect the
                  Issuer Trustee's interest in, and title to, the Mortgage Loans
                  forming part of the Assets of that Trust, including:

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                  (a)   the execution (where necessary, executed under a Power
                        of Attorney) and lodgement of Transfers or caveats with
                        the land titles office of the appropriate jurisdiction;

                  (b)   give notice to the relevant Debtors and Security
                        Providers of the sale of the relevant Mortgage Loans;

                  (c)   give notice of its interest in, and title to, the
                        relevant Mortgage Loans to any other interested person;
                        and

                  (d)   require each relevant Debtor to make all payments in
                        respect of the relevant Housing Loans to the Collections
                        Account or as otherwise directed by the Issuer Trustee.

POWER OF ATTORNEY

            6.3   The Issuer Trustee must only use a Power of Attorney granted
                  to it in respect of a Trust in the manner contemplated by
                  clause 6.2, if it has declared that a Title Perfection Event
                  has occurred in accordance with clause 6.1

ISSUER TRUSTEE TO HOLD LEGAL TITLE OR LODGE CAVEATS

            6.4   If the Issuer Trustee does not hold the Mortgage Title
                  Documents necessary to vest fully and effectively in the
                  Issuer Trustee the Seller's legal right, title and interest in
                  and to any Mortgage in relation to a Housing Loan that is part
                  of the Assets of the Trust, the Issuer Trustee must, as soon
                  as is practicable in the circumstances after the Issuer
                  Trustee is aware of the occurrence of the Title Perfection
                  Event in respect of a Trust, either have commenced to take all
                  necessary steps to protect the Issuer Trustee's interest in,
                  and title to, each Mortgage which comprises an Asset of that
                  Trust or have lodged or entered a caveat or similar instrument
                  in respect of the Issuer Trustee's interest in the Land
                  subject to each Mortgage which comprises an Asset of that
                  Trust.

OTHER SECURED LIABILITIES

            6.5   Following a declaration in accordance with clause 6.1 in
                  respect of a Trust, the Issuer Trustee must continue to hold
                  its interest in the Seller Trust Assets (if any) which relate
                  to that Trust in accordance with the relevant Supplemental
                  Deed.

7     INVESTMENT
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GLOBAL TRUST MANAGER'S ROLE

            7.1   The moneys comprised in a Trust must be invested only in
                  Assets of that Trust. The Global Trust Manager must ensure
                  that sufficient Assets of each Trust are in Cash to enable the
                  Issuer Trustee to give effect to the Global Trust Manager's
                  decisions. The Issuer Trustee must not acquire or dispose of
                  any Asset of a Trust except as directed by the Global Trust
                  Manager until the Trust terminates, provided that the Issuer
                  Trustee is entitled to deal with Assets as it considers
                  appropriate to satisfy any liability for which it is entitled
                  to be indemnified and for which it may be personally liable.

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DIRECTIONS

           7.2   (a)    The Global Trust Manager must give the Issuer
                        Trustee directions in writing for the investment of any
                        of the Assets of a Trust in Mortgage Loans or Authorised
                        Investments and as to the purchase, sale, transfer,
                        exchange or alteration of any Mortgage Loans or
                        Authorised Investments. A direction of this type must
                        identify the Mortgage Loans or Authorised Investments
                        and the steps that the Global Trust Manager directs that
                        the Issuer Trustee take in relation to it. The Issuer
                        Trustee must exercise any voting rights in respect of
                        Mortgage Loans or Authorised Investments in such manner
                        as the Global Trust Manager directs from time to time.

                  (b)   It shall be the role of the Issuer Trustee to give
                        effect to all directions and proposals of the Global
                        Trust Manager as are communicated by the Global Trust
                        Manager to the Issuer Trustee in accordance with this
                        clause 7, but the Global Trust Manager may not give any
                        direction or proposal to the Issuer Trustee which
                        conflicts with the terms of the Trust, including the
                        Supplemental Deed for that Trust.

CONTINGENCIES

            7.3   If an investment proposed by the Global Trust Manager involves
                  the Issuer Trustee incurring:

                  (a)   any material liability as trustee of the Trust (in the
                        reasonable opinion of the Issuer Trustee); or

                  (b)   any additional liability that may exceed the Net Assets
                        of the Trust,

                  then the Global Trust Manager must not give a direction to the
                  Issuer Trustee to invest any of the Assets unless the Global
                  Trust Manager reasonably believes that there will be no
                  Adverse Rating Effect in respect of the Trust and the Issuer
                  Trustee need not give effect to the Global Trust Manager's
                  direction unless the Issuer Trustee's liability (other than
                  its liability as trustee of the Trust) is limited in a manner
                  which the Issuer Trustee considers satisfactory provided the
                  Issuer Trustee must notify the Global Trust Manager if it is
                  not so satisfied as soon as practicable but in any event
                  within 5 Business Days (or such other period as is agreed
                  between the Issuer Trustee and the Global Trust Manager) of
                  receiving a copy of such details as the Issuer Trustee may
                  reasonably require (as compiled by the Global Trust Manager)
                  of the proposed investment.

            7.4   Subject to clause 7.6, the Global Trust Manager shall from
                  time to time give to the Issuer Trustee of a Trust a proposal
                  for an investment in property which is to constitute Assets of
                  that Trust and for the sale, transfer or other realisation of
                  or dealing with the Assets of that Trust. Each proposal must:

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

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                  (b)   specify the Assets to be purchased, sold, transferred or
                        originated;

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

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

                  (e)   specify the price to be paid for the Asset or, in the
                        case of a loan to be made by or financial accommodation
                        to be provided to the Issuer Trustee, the amount of the
                        loan or the accommodation;

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

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

DISCRETION OF GLOBAL TRUST MANAGER

            7.5   The Global Trust Manager shall have the fullest discretion to
                  recommend in the proposal the time and mode of and the broker,
                  contractor or agent (if any) to be engaged in the
                  implementation of the proposal including the right to
                  recommend a postponement for so long as the Global Trust
                  Manager in its discretion shall think fit.

ISSUER TRUSTEE TO ACT

            7.6   Subject to this deed, on receipt of any written proposal by
                  the Global Trust Manager under clause 7.4, the Issuer Trustee:

                  (a)   must comply with that proposal in accordance with this
                        deed unless the Issuer Trustee considers that it would
                        be illegal for the Issuer Trustee to do so, would
                        constitute a breach of any fiduciary duty in respect of
                        the Trust or of any document, agreement or law or would
                        result in the Issuer Trustee's exposure to a risk of
                        personal liability where the Issuer Trustee is not
                        satisfied (acting reasonably) that it will be adequately
                        indemnified or reimbursed for any cost, expense, loss or
                        liability which it will or may incur as a result of
                        complying with such proposal; and

                  (b)   may rely upon the recommendations and advice of the
                        Global Trust Manager with respect to any such proposal,
                        without being under a duty to make any inquiries or to
                        make any assessments or judgment in relation to:

                        (i)   the merits of the proposal; or

                        (ii)  whether the proposed investment is an Authorised
                              Investment or is otherwise permitted under or

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                              complies with this deed. Subject to this deed, the
                              Issuer Trustee must not make or acquire an
                              investment if it knows that it is not an
                              Authorised Investment or that it does not comply
                              with this deed.

PART D - BORROWINGS

8     BORROWINGS
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BORROWINGS

            8.1   Subject to the provisions of this deed and the relevant
                  Supplemental Deed, the Issuer Trustee, at the written request
                  of the Global Trust Manager (in the form agreed between the
                  Issuer Trustee and the Global Trust Manager from time to
                  time), and in respect of a Trust, must Borrow in accordance
                  with this deed and the relevant Supplemental Deed for the
                  purpose of, or ancillary to, the investment in Assets or to
                  enable the Issuer Trustee to continue to fund its holding in
                  that investment. The Global Trust Manager will not instruct
                  the Issuer Trustee to make a Borrowing in respect of a Trust
                  if the Borrowing would, in the Global Trust Manager's
                  reasonable opinion, have an Adverse Rating Effect in respect
                  of that Trust.

TYPES OF BORROWINGS

            8.2   A Borrowing (other than under a Derivative Contract) in
                  respect of a Trust may only take the form of:

                  (a)   an issue of Notes in accordance with this deed, the
                        relevant Supplemental Deed, the Master Security Trust
                        Deed, the relevant Deed of Charge and the relevant Note
                        Trust Deed, if applicable;

                  (b)   a drawdown under a relevant Support Facility; or

                  (c)   any other Borrowing which is at all times subordinated
                        to, and subject to, the interests of the Secured
                        Creditors in respect of the Trust (and entered into with
                        the recourse of the creditor being limited to the funds
                        available to the Issuer Trustee at any time after
                        satisfaction of all other Liabilities).

GLOBAL TRUST MANAGER TO SELECT METHOD

            8.3   The Global Trust Manager must, by notice in writing to the
                  Issuer Trustee, select the method of Borrowing in accordance
                  with clause 8.2 to be undertaken by the Issuer Trustee. If the
                  Borrowing takes the form referred to in clause 8.2(c) the
                  Global Trust Manager must notify the Issuer Trustee in writing
                  of the form of that Borrowing, the total amount of that
                  Borrowing and the terms and conditions relating to it (which
                  must be in accordance with the terms of the Transaction
                  Documents and acceptable to the Issuer Trustee, acting
                  reasonably).

SECURITY

            8.4   The Issuer Trustee may (but is not obliged to) secure the
                  repayment or payment of any Borrowings referred to in clause
                  8.2(c) and interest, costs and other charges and expenses in
                  connection with such Borrowings, upon terms and conditions
                  determined by the Global

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                  Trust Manager in writing including, without limitation, giving
                  a negative pledge or by giving any form of security over all
                  or any of the Assets of the relevant Trust provided that the
                  Borrowing and interest, costs and other charges and expenses
                  in connection with such Borrowing remains subordinated in the
                  manner described in paragraph 8.2(c).

SUPPLEMENTAL DEED

            8.5   Where the Borrowing takes the form of an issue of Notes, the
                  Supplemental Deed for the relevant Trust must (where relevant)
                  provide for, amongst other things, the following:

                  (a)   the designation of the Notes for that Trust;

                  (b)   the initial principal amount, Interest Rate, authorised
                        denominations and maturity of each Class of Notes for
                        that Trust;

                  (c)   the method for calculating the amount of interest and
                        principal to be paid to each Class of Notes;

                  (d)   the timing and order of priority of interest and
                        principal payments;

                  (e)   any applicable redemption features; and

                  (f)   distribution dates and interest accrual periods.

DEBT OF THE ISSUER TRUSTEE

            8.6   Subject to this deed, each Note will represent a debt of the
                  Issuer Trustee as trustee of the relevant Trust and will be
                  repaid or redeemed in accordance with its terms of issue. The
                  Issuer Trustee acknowledges its indebtedness in relation to
                  each such Note.

LOCATION OF NOTES

            8.7   For Registered Notes, the property in the Notes is regarded as
                  situated at the place where the Register on which those
                  Registered Notes are recorded is located.

PURPOSE OF BORROWINGS

            8.8   the proceeds of a Borrowing:

                  (a)   to purchase, refinance or otherwise invest in, Assets
                        referable to that Trust;

                  (b)   to make payments of amounts due and payable in respect
                        of Notes previously issued by the Issuer Trustee in
                        respect of that Trust;

                  (c)   to make payments of amounts due and payable in respect
                        of any Support Facility, Derivative Contract or any
                        other Borrowings referable to that Trust; or

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<PAGE>

                  (d)   otherwise in accordance with this deed or any other
                        Transaction Document including, without limitation,
                        discharging Liabilities in respect of that Trust for
                        which the Issuer Trustee has or will have a right of
                        reimbursement out of the Assets of that Trust.

GLOBAL TRUST MANAGER'S POWER

            8.9   Where a Borrowing takes the form of an issue of Notes, the
                  Global Trust Manager has the power to:

                  (a)   negotiate the terms and conditions of the issue of the
                        Notes;

                  (b)   accept the terms and conditions of the issue of the
                        Notes with any person managing or arranging the issue of
                        the Notes and bind the Issuer Trustee to the issue of
                        the Notes on those terms and conditions; and

                  (c)   direct the Issuer Trustee to issue the Notes on those
                        terms and conditions.

                  However, the Global Trust Manager's power to act and bind the
                  Issuer Trustee in accordance with this clause is conditional
                  on the Issuer Trustee being satisfied (in its reasonable
                  discretion) with the terms and conditions of the issue of the
                  Notes, including the terms and conditions dealing with the
                  personal liability of the Issuer Trustee. The Issuer Trustee
                  must notify the Global Trust Manager if it is not satisfied
                  with the terms and conditions dealing with the personal
                  liability of the Issuer Trustee within 5 Business Days (or
                  such other period as is agreed between the Issuer Trustee and
                  the Global Trust Manager) of receiving a copy of the terms and
                  conditions of the issue (other than commercial information to
                  be completed on or about the date of issue) and any other
                  relevant Transaction Documents in connection with the issue.

NO LIABILITY ATTACHES TO THE GLOBAL TRUST MANAGER

            8.10  The Global Trust Manager shall not be liable in any way to
                  meet any moneys payable by the Issuer Trustee in its capacity
                  as trustee of any Trust to a Noteholder, or to any other
                  person, with respect to the preparation and service of an
                  Issue Notice on the Issuer Trustee, the certifications in such
                  an Issue Notice or the issue of any Notes.

9     CONDITIONS PRECEDENT TO ISSUE OF NOTES
================================================================================
ISSUE NOTICE

            9.1   The Global Trust Manager must prepare an Issue Notice
                  (substantially in the form of Schedule 3) and deliver it to
                  the Issuer Trustee no later than 2 Business Days (or such
                  other period as the Global Trust Manager and the Issuer
                  Trustee may agree) before the proposed Issue Date for the
                  issue of any Notes.

CONDITIONS PRECEDENT TO ISSUE

            9.2   The Issuer Trustee must not issue any Notes in relation to a
                  Trust on an Issue Date unless:

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<PAGE>

                  (a)   the Global Trust Manager has directed the Issuer Trustee
                        to issue the Notes. The Issuer Trustee may rely on the
                        direction of the Global Trust Manager to issue Notes
                        without enquiry;

                  (b)   the Issuer Trustee has granted a charge to the Security
                        Trustee over the Assets of that Trust by executing a
                        Deed of Charge for the benefit of the Secured Creditors
                        of that Trust;

                  (c)   on or before the second Business Day before the Issue
                        Date (or such other period as the Issuer Trustee and
                        Global Trust Manager may agree), the Global Trust
                        Manager has provided an Issue Notice for that Trust to
                        the Issuer Trustee;

                  (d)   the relevant Trust has been constituted according to
                        this deed and the relevant Supplemental Deed; and

                  (e)   any other conditions precedent to the issuing of the
                        Notes on that Issue Date referred to in the relevant
                        Supplemental Deed have been satisfied.

CONDITIONS PRECEDENT TO DIRECTION TO ISSUE

            9.3   The Global Trust Manager will not direct the Issuer Trustee to
                  issue Notes unless:

                  (a)   clause 9.2 has been complied with;

                  (b)   such documentation as the Global Trust Manager regards
                        as being reasonably necessary for the issue, sale and
                        distribution of the Notes has been entered into;

                  (c)   it is not actually aware that an Insolvency Event has
                        occurred in respect of the Issuer Trustee in its
                        personal capacity or in its capacity as trustee of the
                        Trust to which the Notes relate; and

                  (d)   any other conditions precedent to the Global Trust
                        Manager directing the Issuer Trustee to issue Notes
                        referred to in the relevant Supplemental Deed are
                        satisfied.

10    TERMS OF ISSUE OF NOTES
================================================================================
CHARACTERISTICS

            10.1  The Notes will have the characteristics specified in the
                  relevant Supplemental Deed and, in the case of Bearer Notes,
                  the relevant Note Trust Deed (including the Conditions).

EXCLUDED OFFER OR ISSUE

            10.2  The Global Trust Manager must not issue a direction to the
                  Issuer Trustee pursuant to clause 9.2(a) unless the Global
                  Trust Manager:

                  (a)   is satisfied that any offer for the issue, or any
                        invitation to apply for the issue, of:

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<PAGE>

                        (i)   the Notes:

                              (A)   is an offer of securities for issue, or is
                                    an invitation to apply for the issue of
                                    securities, which does not need disclosure
                                    to investors under Part 6D.2 of Chapter 6 of
                                    the Corporations Law; and

                              (B)   is made pursuant to an exemption from, or is
                                    not subject to, the registration
                                    requirements of the Exchange Act; or

                        (ii)  at the time the direction is issued, the Notes
                              comply with:

                              (A)   the Financial Services Act, 1986 (United
                                    Kingdom), all regulations made under or in
                                    relation to that Act and the Public Offers
                                    of Securities Regulations 1995;

                              (B)   the Exchange Act, all regulations made
                                    thereunder and all other laws or regulations
                                    of any jurisdiction of the United States of
                                    America regulating the offer or the issue
                                    of, or the subscription for, the Notes; and

                              (C)   any other relevant laws.

SUBSCRIPTIONS BY OTHER PERSONS

            10.3  Subscriptions for Notes must be made in the manner agreed
                  between the Global Trust Manager and the Issuer Trustee. Upon
                  receipt of a duly completed subscription form (if required),
                  completion of any other procedures determined by the Global
                  Trust Manager and receipt of the Issue Price for the Notes,
                  the Issuer Trustee must as soon as practicable after an Issue
                  Date for a Trust and subject to this deed:

                  (a)   issue the Notes in accordance with the relevant Issue
                        Notice;

                  (b)   where the Notes are Registered Notes, issue an
                        Acknowledgment to the subscriber in respect of the
                        Notes;

                  (c)   where the Notes are Registered Notes, enter the relevant
                        information in respect of the Notes into the Register;
                        and

                  (d)   where the Notes are Bearer Notes, issue those Bearer
                        Notes in accordance with the Note Trust Deed and the
                        Supplemental Deed for the relevant Trust.

NO LIABILITY

            10.4  Notwithstanding any other provision of this deed or any
                  Transaction Document, in no circumstances will the Issuer
                  Trustee or the Global Trust Manager be obliged to issue or
                  procure the issue of a Note if the Issuer Trustee has not
                  received payment in full of the Issue Price in cleared funds
                  (or as otherwise agreed between the Global Trust

                                       16
<PAGE>

                  Manager and the Issuer Trustee) for the Note. If insufficient
                  moneys are raised on a proposed Issue Date for their intended
                  purpose in accordance with this deed, neither the Issuer
                  Trustee nor the Global Trust Manager shall have any obligation
                  or liability to any person (including, without limitation, to
                  each other or any intending Noteholder) to issue the Notes or
                  incur any other liability for any costs, loss or liabilities
                  incurred in connection with the failure to issue the Notes
                  other than the obligation to return any subscription moneys
                  received on the Issue Date unless the failure to raise the
                  necessary moneys was caused by its own negligence, fraud or
                  breach of trust (in the case of the Issuer Trustee) or
                  material breach of obligation (in the case of the Global Trust
                  Manager).

TERMS OF NOTES

            10.5  All Notes issued by the Issuer Trustee as trustee of a Trust
                  shall be issued with the benefit of, and subject to, this
                  deed, the relevant Supplemental Deed, the Master Security
                  Trust Deed, the relevant Deed of Charge and, in the case of
                  Bearer Notes, the relevant Note Trust Deed. Each such document
                  in relation to a Trust is binding on the Global Trust Manager,
                  the Issuer Trustee and each Secured Creditor in respect of
                  that Trust.

ACKNOWLEDGMENT OF INDEBTEDNESS

            10.6  Subject to the terms of this deed and the Supplemental Deed
                  for the relevant Trust:

                  (a)   each entry in the Register for the Trust in respect of a
                        Registered Note relating to the Trust; and

                  (b)   in relation to each Bearer Note relating to the Trust,
                        that Bearer Note,

                  constitutes an independent and separate acknowledgment to the
                  relevant Noteholders or Note Owners, as the case may be, by
                  the Issuer Trustee of its indebtedness as trustee of the Trust
                  for the Invested Amount of that Note together with the other
                  rights given to Noteholders and the Note Owners under this
                  deed, the Supplemental Deed for the relevant Trust, the Master
                  Security Trust Deed, the Deed of Charge in respect of the
                  relevant Trust and (in relation to a Bearer Note) the Note
                  Trust Deed and the Conditions for the relevant Trust.

11    SUPPORT AND OTHER FACILITIES
================================================================================
FACILITIES

            11.1  The Issuer Trustee shall, in relation to any Trust, on the
                  prior direction of the Global Trust Manager, enter into any
                  Support Facility or Derivative Contract on such terms and
                  conditions as are reasonably required by the Global Trust
                  Manager provided the Issuer Trustee is satisfied (in its
                  reasonable discretion) with the terms and conditions dealing
                  with the personal liability of the Issuer Trustee (the Issuer
                  Trustee must notify the Global Trust Manager if not so
                  satisfied as soon as practicable but in any event within 5
                  Business Days (or such other period as is agreed between the
                  Issuer Trustee and the Global

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<PAGE>

                  Trust Manager) of receiving a copy of the terms and conditions
                  of the relevant facility and any other Transaction Documents
                  in connection with the relevant facility).

RATED ISSUES

            11.2  Clauses 11.3 to 11.5 shall only apply with respect to a Trust
                  if Notes in respect of that Trust have been, or are to be
                  rated by a Current Rating Agency.

MANAGER'S DIRECTION

            11.3  The Global Trust Manager shall (subject to this deed):

                  (a)   direct the Issuer Trustee that each Support Facility or
                        Derivative Contract for the benefit of the Trust must be
                        taken out or executed with a person having at that time
                        the Required Credit Rating (if required by a Current
                        Rating Agency); and

                  (b)   take, or direct the Issuer Trustee to take, such other
                        action as may be necessary to satisfy the requirements
                        of the Current Rating Agency with respect to the
                        relevant Support Facility or Derivative Contract in
                        relation to that Trust.

REPLACEMENT OR ADDITIONAL FACILITIES

            11.4  Any Support Facility or Derivative Contract for the benefit of
                  a Trust shall, subject to this deed, be entered into by the
                  Issuer Trustee on or prior to the Issue Date in relation to
                  any Notes in respect of that Trust provided that, the Issuer
                  Trustee may, at the direction of the Global Trust Manager:

                  (a)   enter into a new Support Facility or Derivative Contract
                        as trustee of a Trust after the Issue Date if, and only
                        if, the Global Trust Manager has received written
                        confirmation from the Current Rating Agency that
                        entering into the Support Facility or Derivative
                        Contract will not result in a downgrading of any rating
                        assigned to any Notes issued in respect of that Trust;
                        or

                  (b)   substitute a new Support Facility or Derivative Contract
                        for any existing Support Facility or Derivative Contract
                        (respectively) entered into in accordance with this
                        clause 11.4 if, and only if, the Global Trust Manager
                        considers it to be in the interests of that Trust and
                        the Global Trust Manager has received confirmation from
                        the Current Rating Agency that the new Support Facility
                        or Derivative Contract will not result in a downgrading
                        of any rating assigned to any Notes issued in respect of
                        that Trust.

REDUCTION IN RATING

            11.5  If a person providing a Support Facility or Derivative
                  Contract to the Issuer Trustee as trustee of a Trust ceases to
                  have the Required Credit Rating (if a Current Rating Agency
                  requires it to have a Required Credit Rating) and a Current
                  Rating Agency has downgraded, or has indicated that it
                  proposes to downgrade, its rating of the Notes, the Issuer
                  Trustee must, if directed by the Global Trust Manager (in its
                  absolute discretion) and subject to this deed:

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<PAGE>

                  (a)   enter into any substitute or additional Support Facility
                        or Derivative Contract identified by the Global Trust
                        Manager, on such terms as are reasonably required by the
                        Global Trust Manager; or

                  (b)   take such other action as may be required by the Current
                        Rating Agency,

                  to maintain the rating of those Notes as it stood prior to
                  such downgrading or proposed downgrading of the rating of the
                  Notes.

PART E - ISSUER TRUSTEE

12    ISSUER TRUSTEE
================================================================================
POWERS

            12.1  Subject to the relevant Supplemental Deed in respect of a
                  Trust, the Issuer Trustee has all the powers in respect of a
                  Trust that it is legally possible for a natural person or
                  corporation to have and as though it were the absolute owner
                  of the Assets of the relevant Trust and acting in its personal
                  capacity. For example, the Issuer Trustee has power to borrow
                  (whether or not on security) and to incur all types of
                  obligations and liabilities (including, without limitation,
                  Borrowings under clause 8.2).

                  Without affecting the generality of the above, the Issuer
                  Trustee has the following powers (to be construed as separate
                  and independent powers of the Issuer Trustee):

                  (a)   to invest in, acquire or dispose, or otherwise deal with
                        Mortgage Loans;

                  (b)   to invest in or deal with any other Asset for cash or
                        upon terms;

                  (c)   to pay all fees payable under the Transaction Documents
                        and all expenses which are properly incurred in respect
                        of a Trust;

                  (d)   to borrow and raise moneys as provided in the
                        Transaction Documents;

                  (e)   subject to this deed, to borrow, raise money or procure
                        financial accommodation where the Issuer Trustee
                        considers the same to be in the interests of a Trust
                        upon such terms as the Global Trust Manager thinks fit
                        and that are acceptable to the Issuer Trustee (acting
                        reasonably);

                  (f)   to exercise any power of sale arising on default under
                        any Housing Loan or any other right or remedy accruing
                        in respect of a Trust in relation to any asset or under
                        the Transaction Documents;

                  (g)   to grant any form of discharge, release or partial
                        discharge or release of any Housing Loan and provide any
                        type of financial

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<PAGE>

                        accommodation in connection with any Housing Loan where
                        to do so is in the opinion of the Issuer Trustee not
                        prejudicial to the Secured Creditors of a Trust;

                  (h)   to enter into and perform its obligations under the
                        Transaction Documents containing such terms and
                        conditions as the Global Trust Manager thinks fit and
                        that are acceptable to the Issuer Trustee (acting
                        reasonably);

                  (i)   to enter into Support Facilities and Derivative
                        Contracts;

                  (j)   to enter into any agreement or do anything in connection
                        with a Trust, such as dealing with the assets over which
                        security is held, engaging advisers and to execute
                        proxies and other instruments;

                  (k)   to enter into any document giving effect to a priority
                        arrangement between the Issuer Trustee (in relation to a
                        Housing Loan) and another provider of financial
                        accommodation which will take or has taken security over
                        the asset which is subject to a Mortgage or a Collateral
                        Security;

                  (l)   to pay amounts required to remove any lien or charge
                        over any Assets to permit the Issuer Trustee to deal
                        with that Asset in accordance with the relevant
                        Supplemental Deed and any Transaction Document of the
                        relevant Trust;

                  (m)   to fetter its future discretions in accordance with the
                        Transaction Documents;

                  (n)   to lodge Bearer Notes, or arrange for Bearer Notes to be
                        lodged, with a Depository;

                  (o)   to convert currencies on such terms and conditions as
                        the Global Trust Manager thinks fit and that are
                        acceptable to the Issuer Trustee (acting reasonably);

                  (p)   to list and maintain the listing of the Bearer Notes on
                        any stock exchange;

                  (q)   to appoint a Note Trustee, Note Registrar and Agent Bank
                        in respect of a relevant Trust;

                  (r)   to appoint Paying Agents in respect of a relevant Trust;
                        and

                  (s)   to appoint the Servicer in respect of a Trust to retain
                        custody of the Mortgage Title Documents of that Trust in
                        accordance with the Servicing Agreement and to lodge
                        such Mortgage Title Documents with such Servicer.

INTERESTS OF SECURED CREDITORS PARAMOUNT

            12.2  The Issuer Trustee agrees to, and each Unitholder acknowledges
                  that the Issuer Trustee will, subject to the provisions of
                  this deed, exercise its powers in what the Issuer Trustee
                  considers in good faith to be in

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<PAGE>

                  the interests of the Unitholders and the Secured Creditors in
                  respect of each Trust as a whole. In the event of any conflict
                  between those interests, the Issuer Trustee must, subject to
                  the provisions of this deed, exercise its powers in what the
                  Issuer Trustee considers in good faith to be in the interests
                  of the Secured Creditors in respect of the Trust as a whole.
                  Nothing in this clause limits the rights of the Issuer Trustee
                  against any Secured Creditor.

DELEGATION

            12.3  The Issuer Trustee may, with the consent of the Global Trust
                  Manager (such consent not to be unreasonably withheld),
                  authorise any person or persons to act as its delegate (in the
                  case of a joint appointment, either severally or jointly and
                  severally) to perform its functions under any Transaction
                  Document including to hold title to any Asset, perform any act
                  or obligation or exercise any discretion within the Issuer
                  Trustee's power (including the power to sub-delegate). The
                  authorisation must be written. The Issuer Trustee remains
                  liable for the acts or omissions of a delegate except where
                  the Issuer Trustee has acted in good faith and without
                  negligence or breach of trust in relation to the appointment
                  of the delegate. However, the Issuer Trustee may include
                  provisions to protect and assist those dealing with the
                  delegate in the authorisation as the Issuer Trustee thinks
                  fit. The delegate may be a Related Entity of the Global Trust
                  Manager or the Issuer Trustee.

INDEMNITY

            12.4  The Issuer Trustee is entitled to be indemnified out of the
                  Assets of a Trust to the extent of those Assets for any
                  liability incurred by the Issuer Trustee in performing or
                  exercising any of its powers or duties in relation to the
                  Trust. This indemnity is in addition to any indemnity allowed
                  by law, but does not extend to liabilities to the extent
                  arising from the Issuer Trustee's fraud, negligence or breach
                  of trust.

ACT ON EXPERT ADVICE

            12.5  The Issuer Trustee may obtain and act on the written opinion,
                  advice or information obtained from Valuers, solicitors,
                  barristers, legal practitioners, surveyors, contractors,
                  brokers, qualified advisers (whether financial or otherwise),
                  accountants and other experts or consultants whether
                  instructed by the Global Trust Manager or the Issuer Trustee
                  which the Issuer Trustee considers are necessary, usual or
                  desirable for the purpose of enabling the Issuer Trustee to be
                  fully and properly advised and informed in order that it may
                  properly exercise its powers and obligations under this deed.

ISSUER TRUSTEE'S COVENANTS

            12.6  The Issuer Trustee covenants with the Global Trust Manager,
                  with the intent that the benefit of these covenants enures not
                  only to the Global Trust Manager but also to the Unitholder
                  and the relevant Secured Creditors jointly and each of them
                  severally that it will, in respect of each Trust:

                  (a)   act continuously as trustee of the Trust until the Trust
                        is terminated in accordance with this deed or until it
                        has retired or been removed in accordance with this
                        deed;

                                       21
<PAGE>

                  (b)   exercise all due diligence and vigilance in carrying out
                        its functions and duties under this deed;

                  (c)   take all such corporate actions which are necessary to
                        ensure that it is able to exercise all its powers and
                        remedies and perform all its obligations under this deed
                        and all other deeds, agreements and other arrangements
                        entered into by the Issuer Trustee under this deed;

                  (d)   except where required by statute or by law, not sell,
                        mortgage, charge or deal with the Assets of the Trust
                        (or permit any of its officers to do so) except as
                        permitted by the Transaction Documents relating to that
                        Trust;

                  (e)   forward promptly to the Global Trust Manager all
                        notices, reports, circulars and other documents received
                        by it as holder of the Assets;

                  (f)   act honestly and in good faith in the performance of its
                        duties and the exercise of its discretions under this
                        deed;

                  (g)   exercise such diligence and prudence as a prudent man of
                        business would exercise in performing its express
                        functions and in exercising its discretions under this
                        deed, subject to the provisions of this deed, having
                        regard to the interests of the Unitholders, and the
                        Secured Creditors of the Trust as a whole;

                  (h)   use its best endeavours to carry on and conduct its
                        business insofar as it relates to this deed in a proper
                        and efficient manner;

                  (i)   except as permitted by the Transaction Documents, and
                        without prejudice to the Issuer Trustee's right of
                        indemnity or reimbursement under this deed, it will not
                        give any guarantees or incur or raise any financial
                        indebtedness (other than in respect of trade creditors
                        in the ordinary course of business of the relevant
                        Trust) in respect of the Trust other than the Notes
                        issued in respect of that Trust or the Borrowings
                        entered into in respect of that Trust;

                  (j)   not terminate the obligations of any person under the
                        Transaction Documents in respect of the Trust to which
                        the Issuer Trustee is a party except in the manner
                        contemplated by the relevant Transaction Document;

                  (k)   not, in its capacity as trustee of the Trust, conduct
                        any business other than the business permitted under the
                        Transaction Documents for that Trust;

                  (l)   subject to this deed and the other Transaction Documents
                        of the Trust, keep each Trust separate from the others
                        and not mix or commingle the Assets of the Trust with
                        the assets or property of any other Trust or any other
                        person;

                                       22
<PAGE>

                  (m)   maintain an arms' length relationship with its Related
                        Entities in relation to dealings affecting the Trust;

                  (n)   not create any Security Interest over the Assets of the
                        Trust for the benefit of any person except as permitted
                        by the Transaction Documents for that Trust;

                  (o)   except in the manner contemplated by the Transaction
                        Documents, not terminate the Trust, transfer or deal
                        with the Assets of the Trust or agree to the merger of
                        the Trust with any other person or entity until all of
                        the Borrowings raised in respect of the Trust have been
                        repaid in full;

                  (p)   maintain a register of Authorised Investments and other
                        Assets of that Trust; and

                  (q)   keep (or ensure that the Global Trust Manager keeps, in
                        which case the Issuer Trustee will provide the Global
                        Trust Manager with copies of all relevant documents in
                        its possession or control for such purpose) accounting
                        records which correctly record and explain all amounts
                        paid and received by the Issuer Trustee on behalf of
                        each Trust.

ISSUER TRUSTEE'S INDEMNITY FROM ASSETS

            12.7  In respect of each Trust, and without limitation to the terms
                  of any Transaction Document, the right of the Issuer Trustee
                  to be exonerated or indemnified for its liability in respect
                  of all amounts owing by the Issuer Trustee in its capacity as
                  trustee of a Trust shall be limited to the Assets comprising
                  that Trust from time to time available to meet such liability
                  in accordance with this deed. This limitation will not apply
                  to any obligation or liability of the Issuer Trustee to the
                  extent that it is not satisfied because under a Transaction
                  Document or by operation of law there is a reduction in the
                  extent of the Issuer Trustee's indemnification out of the
                  Assets of the applicable Trust as a result of the Issuer
                  Trustee's fraud, negligence or breach of trust.

LIMITATION OF LIABILITY OF ISSUER TRUSTEE

            12.8  The Issuer Trustee is not liable:

                  (a)   in connection with anything done by it in good faith in
                        reliance upon any document, form or list except when it
                        has reasonable grounds to believe that the document,
                        form or list is not genuine;

                  (b)   if it fails to do anything because it is prevented or
                        hindered from doing it by law or order;

                  (c)   to anyone for payments (except when made negligently)
                        made by it in good faith to a Governmental Authority in
                        connection with Taxes (including Taxes assessed on the
                        income of a Trust) or other charges in respect of a
                        Trust even if the payment need not have been made;

                                       23
<PAGE>

                  (d)   if a person fails to carry out an agreement with the
                        Issuer Trustee in connection with any Trust, except to
                        the extent the failure is due to the Issuer Trustee's
                        fraud, negligence or breach of trust; or

                  (e)   to anyone because of any error of law or any matter done
                        or omitted to be done by it in good faith in the event
                        of the liquidation or dissolution of a corporation
                        (other than a corporation under its Control).

            12.9  If the Issuer Trustee relies in good faith on a written
                  opinion, advice, information or statement given to it by a
                  person referred to in clause 12.5, it is not liable for any
                  misconduct, mistake, oversight, error of judgment,
                  forgetfulness or want of prudence on the part of that person
                  except when the person is not independent from the Global
                  Trust Manager (where the Issuer Trustee has actual notice of
                  that relationship) or the Issuer Trustee. A person is regarded
                  as independent notwithstanding that the person acts or has
                  acted as an adviser to the Global Trust Manager or the Issuer
                  Trustee or both of them.

            12.10 The Issuer Trustee is not liable:

                  (a)   for any loss, costs, liabilities or expenses arising out
                        of the exercise or non-exercise of its discretions under
                        this deed or otherwise in respect of a Trust;

                  (b)   for any loss, costs, liabilities or expenses arising out
                        of the exercise or non-exercise of a discretion on the
                        part of the Global Trust Manager;

                  (c)   for any loss, costs, liabilities or expenses caused by
                        the Issuer Trustee's failure to check any calculation,
                        information, document, form or list supplied or
                        purported to be supplied to it by the Global Trust
                        Manager under this deed, under any Transaction Document
                        or a Borrowing, or any other person;

                  (d)   for any loss, costs, liabilities or expenses caused by
                        its acting on any instruction or direction given to it
                        by the Global Trust Manager or by any person in
                        accordance with the terms of any Transaction Document or
                        a Borrowing or failure by the Global Trust Manager or
                        other person to give such an instruction or direction
                        when required to do so by a Transaction Document or
                        Borrowing;

                  (e)   for any other act or omission on its part except where
                        the act or omission is fraudulent, negligent or in
                        breach of trust;

                  (f)   to the Unitholder or the Secured Creditors of a Trust
                        other than to the extent of the Issuer Trustee's right
                        of indemnity in respect of that Trust;

                                       24
<PAGE>

                  (g)   to make any payment to the Unitholder or the Secured
                        Creditors of a Trust except out of funds held by it for
                        that purpose under this deed in respect of that Trust;

                  (h)   for any Global Trust Manager's Default or any other
                        failure by the Global Trust Manager or other person
                        providing services or selling assets to or in respect of
                        a Trust to perform their obligations under or in
                        connection with a Trust or a Transaction Document; or

                  (i)   for having acted upon:

                        (i)   any resolution purporting to have been passed at
                              any meeting of Noteholders in respect of which
                              minutes have been made and signed; or

                        (ii)  any purposed direction, consent or approval of
                              Noteholders,

                        even though it may subsequently be found that there was
                        some defect in the constitution of that meeting, the
                        passing of that resolution or the giving of the
                        direction, consent or approval (as the case may be) or
                        that for any reason that resolution, direction, consent
                        or approval is not valid or binding upon Noteholders,

                  except, in all cases, to the extent such loss, cost, liability
                  or expense is caused by the Issuer Trustee's own negligence,
                  fraud or breach of trust.

DEALING WITH INSTRUMENTS

            12.11 The Issuer Trustee and the Global Trust Manager are not
                  required to take any action relating to a transfer or other
                  dealing with any Unit or any Note unless the relevant
                  Unitholder or Noteholder has first paid in cash all Taxes,
                  brokerage, transfer fees, registration fees and other charges
                  which may be payable in respect of the transaction or dealing.

PROCEEDINGS IN RESPECT OF A TRUST

            12.12 (a)   The Issuer Trustee may institute, prosecute, defend
                        or otherwise appear in any action, suit or other
                        proceeding in any court or tribunal in respect of any
                        matters touching or concerning a Trust, any Asset or any
                        Transaction Document including an enforcement,
                        contemplated enforcement of, preservation of rights
                        under, initiation, carriage and settlement of any court
                        proceedings in respect of the Trust, any Asset or a
                        Transaction Document. All costs, disbursements and
                        expenses incurred by the Issuer Trustee or the Global
                        Trust Manager in anticipation of or in connection with
                        any such action, suit or proceeding and all costs and
                        disbursements incurred by the Issuer Trustee or the
                        Global Trust Manager in obtaining any legal advice or
                        opinions concerning such action, suit or proceeding or
                        relating to the interpretation or construction of this
                        deed are to be deducted from and paid out of the
                        relevant Trust, provided that:

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<PAGE>

                        (i)   the basis of incurring any of those costs,
                              disbursements and expenses by the Issuer Trustee:

                              (A)   is approved by the Global Trust Manager or
                                    an Extraordinary Resolution at a meeting of
                                    the Voting Secured Creditors of the relevant
                                    Trust; or

                              (B)   is regarded by the Issuer Trustee as
                                    necessary to protect the interests of the
                                    Voting Secured Creditors in relation to the
                                    Trust following a breach by the Global Trust
                                    Manager of its obligations under this deed
                                    and the Issuer Trustee reasonably believes
                                    that any delay in seeking an approval under
                                    paragraph (A) may be prejudicial to the
                                    interests of the Voting Secured Creditors in
                                    relation to the Trust or the Issuer Trustee;
                                    or

                        (ii)  the Issuer Trustee considers the incurring of
                              those costs, disbursements and expenses to be
                              desirable to protect the Issuer Trustee against
                              potential personal liability.

                  (b)   Each of the Issuer Trustee and the Global Trust Manager
                        shall be entitled to claim in respect of the
                        indemnities, stipulated in clauses 12.4 and 14.10
                        respectively, from the relevant Trust for its expenses
                        and liabilities incurred in defending any action, suit,
                        proceeding or dispute in which fraud, negligence or
                        material breach of obligations (in the case of the
                        Global Trust Manager only) or fraud, negligence or
                        breach of trust (in the case of the Issuer Trustee only)
                        is alleged or claimed against it. However, on the same
                        being proved, accepted or admitted by it, it shall from
                        its personal assets immediately repay to that Trust the
                        amount previously paid by that Trust to it in respect of
                        that indemnity to the extent that it relates to the
                        fraud, negligence or a material breach of obligations
                        (in the case of the Global Trust Manager only) or fraud,
                        negligence or breach of trust (in the case of the Issuer
                        Trustee only).

LIMITATION OF ISSUER TRUSTEE'S LIABILITY

            12.13 Notwithstanding any other provision of this deed, the Issuer
                  Trustee is not obliged to execute or do or omit to do anything
                  (including any instrument), enter into any agreement or incur
                  any obligation in connection with a Trust (including, without
                  limitation, in connection with Borrowings of any kind) unless
                  the Issuer Trustee has received independent legal advice (if
                  required by the Issuer Trustee) in relation to the act,
                  omission, instrument, agreement, obligation or liability and
                  unless the Issuer Trustee's liability in connection with the
                  act, omission, instrument, agreement, obligation or liability
                  is limited in a manner satisfactory to the Issuer Trustee.

                                       26
<PAGE>

ISSUER TRUSTEE'S RELIANCE

            12.14 The Issuer Trustee is entitled to conclusively rely on (unless
                  actually aware to the contrary), and is not required to
                  investigate the accuracy of:

                  (a)   the contents of any notice, report, certificate,
                        statements, representations or warranties made or given
                        by any party other than itself pursuant to this deed,
                        any Issue Notice or direction from the Global Trust
                        Manager provided in accordance with the Transaction
                        Documents;

                  (b)   any calculations made by the Global Trust Manager under
                        any Transaction Document including, without limitation,
                        the calculation of amounts to be paid to, or charged
                        against, the Secured Creditors of the relevant Trust and
                        the Unitholders; or

                  (c)   the amount of, or allocation of, collections or other
                        receipts received by a Trust,

                  and the Issuer Trustee is not liable to any person in any
                  manner whatsoever in respect of all such matters.

NO LIABILITY FOR NON-PAYMENT

            12.15 Except in the case of and to the extent of fraud, negligence
                  or breach of trust on the part of the Issuer Trustee, the
                  Issuer Trustee is not liable for any losses, costs,
                  liabilities or claims in the event of a failure to pay moneys
                  on the due date for payment for any loss howsoever arising in
                  respect of a Trust to the Secured Creditors of the relevant
                  Trust or the Unitholder or any other person.

ISSUER TRUSTEE NO OTHER DUTIES

            12.16 The Issuer Trustee in respect of a Trust only has the
                  obligations which are expressly set out in this deed, the
                  relevant Supplemental Deed and the other Transaction Documents
                  for the relevant Trust.

GLOBAL TRUST MANAGER'S ACTIONS

            12.17 The Global Trust Manager shall take such action as is
                  consistent with its powers under this deed and shall give all
                  necessary instructions and directions to assist the Issuer
                  Trustee to perform its obligations under this deed and the
                  other Transaction Documents.

USE OF CLEARING SYSTEM

            12.18 The Issuer Trustee is entitled to exercise any of its powers
                  and perform any of its obligations under this deed (including
                  the holding of Assets and the payment and receipt of money)
                  through or in conjunction with any recognised clearing system.

NO SUPERVISION OR INVESTIGATION

            12.19 Except as expressly set out in this deed and the other
                  Transaction Documents, the Issuer Trustee has no obligation to
                  supervise the Global Trust Manager or any other party or take
                  any action to investigate the accounts, management, control or
                  activities of the Global Trust Manager or any other person.
                  The Issuer Trustee has no

                                       27
<PAGE>

                  duty, and is under no obligation, to investigate whether any
                  of the following has occurred in relation to a Trust (except
                  where the Issuer Trustee has actual notice):

                  (a)   Global Trust Manager's Default;

                  (b)   Servicer Termination Event; or

                  (c)   Title Perfection Event.

INFORMATION

            12.20 Except as expressly required by this deed and the other
                  Transaction Documents, the Issuer Trustee has no duty to
                  provide any person (including any Secured Creditor) with any
                  credit or any other information concerning the affairs,
                  financial condition or business of a Trust.

INFORMATION MEMORANDUM

            12.21 (a)   The Issuer Trustee has no responsibility for (and
                        will have no liability to any person, including the
                        Unitholders and the Secured Creditors), in respect of
                        any statement or information in or omission from any
                        information memorandum, advertisement, circular or other
                        document prepared by the Global Trust Manager, the
                        Seller or any other person, including in connection with
                        the issue of Notes. Without prejudice to the foregoing,
                        the Global Trust Manager must not publish or permit to
                        be published any such document in connection with the
                        offer of Notes or an invitation for subscriptions for
                        Notes without the prior consent of the Issuer Trustee,
                        which consent must not be unreasonably withheld. In
                        considering whether to give its consent, the Issuer
                        Trustee is not required to review any such document or
                        take into account the interests of the Unitholders or
                        the Secured Creditors or any other person except that
                        the Issuer Trustee must not withhold its consent if it
                        has not reviewed the relevant document (provided the
                        Issuer Trustee has been granted 5 Business Days (or such
                        other period as is agreed between the Issuer Trustee and
                        the Global Trust Manager) to review the relevant
                        document and seek any appropriate advice under clause
                        12.5).

                  (b)   The Issuer Trustee must not, except with the prior
                        consent of the Global Trust Manager, prepare or
                        circulate any statement, information or other document
                        in connection with the issue of Notes.

ISSUER TRUSTEE DECISIONS

            12.22 In the event of any dispute, ambiguity or doubt as to the
                  construction or enforceability of this deed or of any other
                  Transaction Document, or of the Issuer Trustee's powers or
                  obligations under or in connection with this deed or any other
                  Transaction Document, or the determination or calculation of
                  any amount or thing under or for the purpose of this deed or
                  any other Transaction Document, the Issuer Trustee may (but
                  will have no obligation to):

                                       28
<PAGE>

                  (a)   obtain and rely on advice from any person referred to in
                        clause 12.5; and/or

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

                  and provided the Issuer Trustee is using reasonable endeavours
                  to resolve such ambiguity, dispute or doubt, the Issuer
                  Trustee (in its absolute discretion) may (but will have no
                  obligation to) refuse to act or refrain from acting in
                  relation to matters affected by such dispute, ambiguity or
                  doubt.

LIABILITY FOR TRANSACTION DOCUMENTS

            12.23 The Issuer Trustee has no responsibility for the form or
                  contents of this deed or any other Transaction Document and
                  will have no personal liability (including in respect of
                  negligence) arising as a result of, or in connection with, any
                  inadequacy, invalidity or unenforceability of any provision of
                  this deed or the other Transaction Documents. Nothing in this
                  clause limits the Issuer Trustee's representations and
                  warranties as to the enforceability of its obligations against
                  it under the Transaction Documents.

REPRESENTATIONS AND WARRANTIES

            12.24 The Issuer Trustee represents and warrants to the Global Trust
                  Manager that:

                  (a)   it has been duly incorporated as a company limited by
                        shares in accordance with the laws of the place of its
                        incorporation, is validly existing under those
                        respective laws and has power and authority to carry on
                        its business as it is now being conducted;

                  (b)   it has power to enter into and observe its obligations
                        under this deed and the Transaction Documents to which
                        it is a party;

                  (c)   it has in full force and effect the authorisations
                        necessary to authorise its execution, delivery and
                        performance of this deed and the Transaction Documents
                        to which it is a party, observe obligations under them
                        and allow them to be enforced, and has filed all
                        necessary returns with the Australian Securities and
                        Investments Commission;

                  (d)   its obligations under this deed and the Transaction
                        Documents to which it is a party are valid, binding and
                        enforceable against it in accordance with their terms
                        subject to registration (where required), the payment of
                        any necessary stamp duty and laws and defences generally
                        affecting creditor's rights and the availability of
                        equitable remedies; and

                  (e)   no Issuer Trustee Default continues unremedied.

            12.25 The representations and warranties in clause 12.24 are made on
                  the date of this deed and on each date Notes are issued in
                  respect of a Trust after the date of this deed.

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<PAGE>

BREACH OF CONSUMER CREDIT LEGISLATION

            12.26 Where the Issuer Trustee is held liable for breaches under the
                  Consumer Credit Code, the Issuer Trustee must seek relief
                  initially under any indemnities provided to it by the Global
                  Trust Manager, the Seller or the Servicer before exercising
                  its right to recover against any Assets of a Trust. Only after
                  any claim being made under all such indemnities is not
                  satisfied within 3 Business Days of it being made, the Issuer
                  Trustee is entitled to exercise its right of indemnity out of
                  the Assets of the relevant Trust.

13    ISSUER TRUSTEE'S RETIREMENT
================================================================================
NOTICE FROM GLOBAL TRUST MANAGER

            13.1  The Global Trust Manager may, by written notice, require the
                  Issuer Trustee to retire if it reasonably believes that an
                  Issuer Trustee Default has occurred.

ISSUER TRUSTEE'S MANDATORY RETIREMENT

            13.2  The Issuer Trustee must retire as trustee of a Trust when
                  required to do so by the Global Trust Manager under clause
                  13.1.

REMOVAL

            13.3  If the Issuer Trustee refuses to retire within 30 days of
                  being required to do so under clause 13.1 or 13.2, the Global
                  Trust Manager is entitled to remove the Issuer Trustee from
                  office immediately by notice in writing.

NEW ISSUER TRUSTEE

            13.4  Upon the retirement or removal of the Issuer Trustee under
                  clauses 13.1, 13.2 or 13.3, the Global Trust Manager may
                  appoint a replacement trustee by deed if that appointment will
                  not, in the reasonable opinion of the Global Trust Manager,
                  materially prejudice the interests of Noteholders. The
                  appointment is not complete until the new trustee executes a
                  deed by which it covenants to be bound by this deed. Until the
                  appointment of any replacement trustee is complete, the Global
                  Trust Manager must act as trustee (subject to the law) in
                  accordance with this deed. The Global Trust Manager will be
                  entitled to the Issuer Trustee's fee for the period it so acts
                  as Issuer Trustee.

ISSUER TRUSTEE'S VOLUNTARY RETIREMENT

            13.5  The Issuer Trustee may retire by giving 3 months' notice in
                  writing to the Global Trust Manager or such period as the
                  Global Trust Manager and the Issuer Trustee may agree.

            13.6  The purported retirement of the Issuer Trustee under clause
                  13.5 and the purported appointment of a new trustee has no
                  effect until the new trustee executes a deed under which it
                  covenants to act as trustee in accordance with this deed. Such
                  a new trustee may be appointed by the Global Trust Manager at
                  any time after receipt of the notice referred to in clause
                  13.5. If the Global Trust Manager fails to appoint a new
                  trustee within 60 days of the receipt of the notice referred
                  to in clause 13.5 then the Issuer Trustee may appoint a new
                  trustee provided

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<PAGE>

                  that each Current Rating Agency has confirmed that the
                  appointment of such person as the new trustee will not have an
                  Adverse Rating Effect in relation to any Trust.

RELEASE

            13.7  When it retires or is removed, the Issuer Trustee is released
                  from all obligations in relation to the Trust arising after
                  the date it retires or is removed except that the Issuer
                  Trustee is still obliged, at the cost of the Trust, to vest
                  the Assets in the new trustee (or the Global Trust Manager if
                  the Global Trust Manager is acting as trustee) and to promptly
                  deliver all books and records (including computer records to
                  the extent and in the form the Issuer Trustee is able to
                  deliver them) relating to the Trust to the new trustee (or to
                  the Global Trust Manager if the Global Trust Manager is acting
                  as trustee). The Issuer Trustee agrees to co-operate with the
                  new Trustee (or the Global Trust Manager if it is acting as
                  Issuer Trustee) in the transfer of the books and records. The
                  retiring Issuer Trustee may make it a condition of vesting
                  Assets in the new trustee (or the Global Trust Manager, if the
                  Global Trust Manager is acting as trustee) that all
                  liabilities of the retiring Issuer Trustee for which it is
                  entitled to be indemnified and for which it may be personally
                  liable are first satisfied or provided for to the satisfaction
                  of the retiring Issuer Trustee. Removal, retirement or
                  discharge of the Issuer Trustee will not affect the rights or
                  indemnities available to it under this deed or at law in
                  relation to the performance by the Issuer Trustee of its
                  obligations and powers as trustee.

SETTLEMENT OF AMOUNTS

            13.8  The Global Trust Manager may settle with the Issuer Trustee
                  the amount of any sums payable by the Issuer Trustee to the
                  Global Trust Manager or by the Global Trust Manager to the
                  Issuer Trustee and may give to or accept from the Issuer
                  Trustee a discharge in respect of those sums which is then
                  conclusive and binding as between the Issuer Trustee and the
                  Global Trust Manager.

COSTS

            13.9  The Issuer Trustee will bear the reasonable costs of its
                  removal if it is removed because of an Issuer Trustee Default.
                  The Issuer Trustee will indemnify the Global Trust Manager and
                  each Trust for these costs. These costs are not payable out of
                  the Assets of a Trust.

            13.10 Any delegation made by the Issuer Trustee under clause 12.3 in
                  respect of a Trust will automatically terminate if the Issuer
                  Trustee retires, or is removed, in accordance with this clause
                  13 in respect of that Trust.

PART F - GLOBAL TRUST MANAGER

14    GLOBAL TRUST MANAGER
================================================================================
POWERS

            14.1  The Global Trust Manager must (subject to the Transaction
                  Documents for a Trust) manage each Trust until it retires or
                  is removed. This power extends to the management of the Assets
                  (other

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<PAGE>

                  than the Mortgage Loans) and Liabilities of each Trust, and
                  excludes the Issuer Trustee from management except as set out
                  in this deed.

MANAGER TO HAVE DISCRETION

            14.2  Subject to this deed, the Global Trust Manager has absolute
                  discretion with respect to all the powers, authorities and
                  discretions vested in it whether or not in relation to the
                  manner or time of exercise.

SERVICES

            14.3  Without limiting any other provision of this deed, the Global
                  Trust Manager agrees to perform and provide the following
                  services to the Issuer Trustee in respect of each Trust:

                  (a)   to prepare and maintain all accounts, ledgers and
                        financial records and reports in respect of the Trust
                        and the tax returns of the Trust;

                  (b)   to prepare and deliver (by facsimile or such other
                        method as the Global Trust Manager may consider
                        appropriate) such statements and reports as may be
                        required to be prepared and delivered by the Global
                        Trust Manager under the Transaction Documents for that
                        Trust;

                  (c)   to calculate the amount of each payment to each Secured
                        Creditor in accordance with the provisions of the
                        Transaction Documents and advise the Issuer Trustee of
                        such amount of each payment;

                  (d)   to notify the Issuer Trustee immediately if:

                        (i)   it becomes actually aware of a material breach of
                              a Transaction Document;

                        (ii)  it becomes actually aware that a representation or
                              warranty in a Transaction Document was incorrect
                              when made; or

                        (iii) it becomes actually aware of the occurrence of a
                              Global Trust Manager's Default,

                        provided that the Global Trust Manager is not
                        responsible or liable to investigate (except in the case
                        of manifest error);

                  (e)   subject to the terms of the Transaction Documents and
                        any confidentiality undertakings to which the Global
                        Trust Manager is subject, to provide the Issuer Trustee,
                        in a timely manner (having regard to the information
                        requested) the information reasonably requested by the
                        Issuer Trustee in connection with the Trust. The costs
                        and expenses of the Global Trust Manager in connection
                        with providing such information will fall within the
                        indemnity referred to in clause 14.10;

                  (f)   the co-ordination of Borrowings of the Trust;

                                       32
<PAGE>

                  (g)   subject to the appointment of any Servicer, the
                        management of Mortgage Loans, Authorised Investments and
                        any Support Facilities and Derivative Contracts required
                        to be established and maintained pursuant to the
                        Supplemental Deed of that Trust; and

                  (h)   the calculation of all determinations to be made on each
                        Determination Date and of all payments to be made on
                        each Payment Date in accordance with the Supplemental
                        Deed of that Trust.

DELEGATION

            14.4  The Global Trust Manager may, pursuant to a Deed of Delegation
                  or otherwise, authorise any person or persons to act as its
                  delegate (in the case of a joint appointment, either severally
                  or jointly and severally) to perform any or all of its
                  functions in respect of a Trust or under any Transaction
                  Document in respect of a Trust, to perform any act or exercise
                  any discretion within the Global Trust Manager's power
                  (including the power to sub-delegate). The Global Trust
                  Manager remains liable for the performance of all of its
                  obligations under this deed notwithstanding any such
                  appointment.

                  The delegate may be a Related Entity of the Global Trust
                  Manager or the Issuer Trustee.

ACT ON EXPERT ADVICE

            14.5  The Global Trust Manager may obtain and act upon the written
                  opinion, advice or information obtained from Valuers,
                  barristers, solicitors, legal practitioners, contractors,
                  brokers, qualified advisers (both financial and otherwise) and
                  other experts whether instructed by the Global Trust Manager
                  or by the Issuer Trustee.

NO POWER TO BIND ISSUER TRUSTEE

            14.6  The Global Trust Manager acknowledges that in exercising its
                  powers, authorities and discretions vested in it and carrying
                  out and performing its duties and obligations in relation to
                  any Trust or any Asset, whether under this deed or under any
                  Transaction Document, neither it nor its delegate has any
                  power to bind the Issuer Trustee, otherwise than as expressly
                  provided in this deed or such other Transaction Document, or
                  with the express authority of the Issuer Trustee.

GLOBAL TRUST MANAGER'S COVENANTS

            14.7  The Global Trust Manager covenants with the Issuer Trustee in
                  respect of each Trust that it will, until the Trust is
                  terminated in accordance with this deed and winding up of the
                  Trust is completed or until it has retired or been removed in
                  accordance with this deed:

                  (a)   use its best endeavours to carry on and conduct its
                        business to which its obligations and functions under
                        this deed relate, in a proper and efficient manner;

                  (b)   manage the Trust;

                                       33
<PAGE>

                  (c)   act honestly and in good faith in the performance of its
                        duties and in the exercise of its discretions under this
                        deed;

                  (d)   make available for inspection by the Issuer Trustee and
                        the Auditor during normal business hours and after the
                        receipt of reasonable notice, the books of the Global
                        Trust Manager relating to the Trust;

                  (e)   give to the Issuer Trustee and the Auditor written or
                        oral information which either may reasonably require
                        with respect to all matters in possession of the Global
                        Trust Manager relating to the Assets or the Trust;

                  (f)   pay to the Issuer Trustee within two Business Days of
                        becoming actually aware of receipt of money that is
                        payable by the Global Trust Manager to the Issuer
                        Trustee under this deed;

                  (g)   within two Business Days of each 30 June and 31 December
                        and within two Business Days of a request (there being
                        no more than two such requests in each calender year)
                        from the Issuer Trustee, provide to the Issuer Trustee a
                        certificate signed by two Authorised Persons of the
                        Global Trust Manager stating that, as at that date, to
                        the best of the Global Trust Manager's knowledge,
                        information and belief no Global Trust Manager's Default
                        is subsisting;

                  (h)   not release any Assets of any Trust to any party except
                        in accordance with the provisions of this deed and with
                        the prior written permission of the Issuer Trustee;

                  (i)   not merge or consolidate into another entity, unless the
                        surviving entity assumes the obligations of the Global
                        Trust Manager under the Transaction Documents;

                  (j)   make any filings required in connection with the Trust
                        or the Assets with any Governmental Agency except any
                        filings that the Issuer Trustee is required to make in
                        relation to its capacity as trustee of the Trust;

                  (k)   keep all accounting records which correctly record all
                        amounts paid and received in connection with the
                        relevant Trust by the Issuer Trustee (to the extent that
                        the Issuer Trustee has notified the Global Trust Manager
                        of them) and by the Global Trust Manager;

                  (l)   take all such corporate actions which are necessary to
                        ensure that it is able to exercise all its powers and
                        remedies and perform all its obligations under this deed
                        and all other deeds, agreements and other arrangements
                        entered into by the Global Trust Manager under this
                        deed;

                                       34
<PAGE>

                  (m)   not direct the Issuer Trustee to act if the Global Trust
                        Manager is aware that that direction could reasonably be
                        expected to have an Adverse Rating Effect;

                  (n)   prepare and submit to the Issuer Trustee for signing and
                        filing on a timely basis all income Tax returns or
                        elections required to be filed with respect to the Trust
                        and ensure that the Issuer Trustee is directed to pay
                        any Taxes (including Taxes assessed on the income of the
                        Trust, it being acknowledged however that the Issuer
                        Trustee and the Global Trust Manager will cooperate to
                        use their best endeavours to ensure that no such Tax
                        falls due) required to be paid by the Trust;

                  (o)   notify the Issuer Trustee and the Current Rating Agency
                        as soon as practicable after becoming aware that a Title
                        Perfection Event or a Global Trust Manager's Default has
                        occurred;

                  (p)   deliver to the Note Trustee (with a copy to the Issuer
                        Trustee) at least annually a written statement
                        certifying to the best of its knowledge the Issuer
                        Trustee's fulfilment of its obligations under the
                        Transaction Documents for each Trust; and

                  (q)   obtain and maintain any licences that it is required to
                        obtain and maintain in order to perform its material
                        obligations as Global Trust Manager under the
                        Transaction Documents for each Trust.

FURTHER LIMITATION OF LIABILITY OF GLOBAL TRUST MANAGER

            14.8  If the Global Trust Manager relies in good faith on a written
                  opinion, advice, information or statement given to it by a
                  person referred to in clause 14.5, it is not liable for any
                  misconduct, mistake, oversight, error of judgment,
                  forgetfulness or want of prudence on the part of that person
                  except when the person is not independent from the Global
                  Trust Manager. A person will be regarded as independent
                  notwithstanding that:

                  (a)   the person acts or has acted as adviser to the Global
                        Trust Manager or the Issuer Trustee or both of them so
                        long as separate instructions are given by the Global
                        Trust Manager to that person; or

                  (b)   the person is a Related Entity of the Global Trust
                        Manager or the Issuer Trustee.

GLOBAL TRUST MANAGER LIABLE

            14.9  The Global Trust Manager is not liable:

                  (a)   for any loss, costs, liabilities or expenses arising out
                        of the exercise or non-exercise of its discretions under
                        this deed or otherwise in respect of a Trust;

                  (b)   for any loss, costs, liabilities or expenses arising out
                        of the exercise or non-exercise of a discretion on the
                        part of the

                                       35
<PAGE>

                        Issuer Trustee or any act, omission, misconduct,
                        mistake, oversight, error of judgment, forgetfulness or
                        want of prudence on the part of the Issuer Trustee or
                        other person providing services or selling assets to or
                        in respect of a Trust;

                  (c)   for any loss, costs, liabilities or expenses caused by
                        its failure to check any calculation, information,
                        document, form or list supplied or purported to be
                        supplied to it by the Issuer Trustee or any other
                        person;

                  (d)   for any other act or omission, misconduct, mistake,
                        oversight, error of judgment, forgetfulness or want of
                        prudence on its part;

                  (e)   for any default by the Issuer Trustee or any other
                        failure by the Issuer Trustee or other person providing
                        services or selling assets to or in respect of a Trust
                        to perform their obligations under or in connection with
                        a Trust or a Transaction Document; or

                  (f)   for any failure to pay any moneys on the due date for
                        payment of such moneys to the Secured Creditors of the
                        relevant Trust or any other person,

                  except, in all cases, to the extent that such loss, cost,
                  liability or expense is caused by the Global Trust Manager's
                  fraud, negligence, or material breach of obligation under this
                  deed.

INDEMNITY

            14.10 The Global Trust Manager is indemnified out of the Assets of a
                  Trust in respect of any liability, cost or expense (other than
                  general overhead costs and expenses) properly incurred by it
                  in its capacity as Global Trust Manager of the Trust.

REPRESENTATIONS AND WARRANTIES

            14.11 The Global Trust Manager represents and warrants to the Issuer
                  Trustee that:

                  (a)   it has been duly incorporated as a company limited by
                        shares in accordance with the laws of the place of its
                        incorporation, is validly existing under those
                        respective laws and has power and authority to carry on
                        its business as it is now being conducted;

                  (b)   it has power to enter into and observe its obligations
                        under this deed and the Transaction Documents to which
                        it is a party;

                  (c)   it has in full force and effect the authorisations
                        necessary to authorise its execution, delivery and
                        performance of this deed and the Transaction Documents
                        to which it is a party, observe obligations under them
                        and allow them to be enforced, and has filed all
                        necessary returns with the Australian Securities &
                        Investments Commission;

                                       36
<PAGE>

                  (d)   its obligations under this deed and the Transaction
                        Documents to which it is a party are valid, binding and
                        enforceable against it in accordance with their terms
                        subject to the payment of any necessary stamp duty and
                        laws and defences generally affecting creditor's rights;

                  (e)   no Global Trust Manager's Default continues unremedied;
                        and

                  (f)   it does not enter into this deed or any Transaction
                        Document in the capacity of a trustee of any trust or
                        settlement other than where the Global Trust Manager
                        acts as Issuer Trustee under clause 13.4 or as Security
                        Trustee under the Deed of Charge.

            14.12 The representations and warranties in clause 14.11 are made on
                  the date of this deed and on each date Notes are issued in
                  respect of a Trust after the date of this deed.

LIMITATION OF LIABILITY OF GLOBAL TRUST MANAGER

            14.13 The Global Trust Manager is not liable:

                  (a)   in connection with anything done by it in good faith in
                        reliance upon any document, form or list except when it
                        has reasonable grounds to believe that the document,
                        form or list is not genuine;

                  (b)   if it fails to do anything because it is prevented or
                        hindered from doing it by law or order;

                  (c)   to anyone for payments (except when made negligently)
                        made by it in good faith to a Governmental Agency in
                        connection with Taxes (including Taxes assessed on the
                        income of a Trust) or other charges in respect of a
                        Trust even if the payment need not have been made;

                  (d)   if a person fails to carry out an agreement with the
                        Global Trust Manager in connection with any Trust,
                        except when the failure is due to the Global Trust
                        Manager's fraud, negligence or material breach of
                        obligation;

                  (e)   to anyone because of any error of law or any matter done
                        or omitted to be done by it in good faith in the event
                        of the liquidation or dissolution of a corporation
                        (other than a corporation under its Control); or

                  (f)   except to the extent expressly provided for in a
                        Transaction Document, to indemnify the Issuer Trustee or
                        make any payments to any other person in relation to the
                        Trusts except that there will be no limit on the Global
                        Trust Manager's liability for any fraud, negligence or
                        material breach of obligation by it in its capacity as
                        Global Trust Manager of the Trusts.

                                       37
<PAGE>

NO LIABILITY FOR NON-PAYMENT

            14.14 Except in the case of and to the extent of fraud, negligence
                  or material breach of obligation on the part of the Global
                  Trust Manager, the Global Trust Manager is not liable in the
                  event of a failure to pay moneys on the due date for payment
                  for any loss howsoever arising in respect of a Trust to the
                  Secured Creditors of the relevant Trust or the Unitholders or
                  any other person.

REPORTING

            14.15 In respect of a Trust, the Global Trust Manager will on or
                  about each Determination Date send:

                  (a)   to the Issuer Trustee, the Paying Agents and the Note
                        Trustee, the Reporting Statement; and

                  (b)   to the Current Rating Agencies, such information as they
                        reasonably require,

                  unless otherwise specified in the relevant Supplemental Deed.

15    GLOBAL TRUST MANAGER'S RETIREMENT
================================================================================
GLOBAL TRUST MANAGER'S DEFAULT

            15.1  The Issuer Trustee may, by written notice, require the Global
                  Trust Manager to retire if it reasonably believes that a
                  Global Trust Manager's Default has occurred.

GLOBAL TRUST MANAGER'S MANDATORY RETIREMENT

            15.2  The Global Trust Manager must retire as Global Trust Manager
                  of a Trust when required to do so by the Issuer Trustee under
                  clause 15.1.

REMOVAL

            15.3  Upon the occurrence of, or at any time after, a Global Trust
                  Manager's Default (of which the Issuer Trustee has actual
                  notice and which has not been waived by the Issuer Trustee),
                  the Issuer Trustee must, upon giving written notice to the
                  Global Trust Manager and each Current Rating Agency for that
                  Trust, immediately terminate the rights and obligations of the
                  Global Trust Manager in respect of each relevant Trust and
                  appoint another entity acceptable to the Current Rating Agency
                  to act in its place.

RETIREMENT

            15.4  The Global Trust Manager may retire from the management of all
                  of the Trusts upon giving 3 months written notice to the
                  Issuer Trustee (or such other period as the Global Trust
                  Manager and the Issuer Trustee may agree).

NEW GLOBAL TRUST MANAGER

            15.5  Upon the retirement or removal of the Global Trust Manager
                  under clauses 15.1, 15.2, 15.3 and 15.4, the Global Trust
                  Manager must (as soon as practicable) appoint in writing
                  another corporation to be the manager of the Trust, subject to
                  the approval of the Issuer Trustee and any approval required
                  by law provided that the appointment will not,

                                       38
<PAGE>

                  in the reasonable opinion of the Issuer Trustee, materially
                  prejudice the interests of the Noteholders. If the Global
                  Trust Manager does not propose a replacement at least 30 days
                  before the Global Trust Manager proposes to retire or the
                  Issuer Trustee does not approve of the replacement proposed by
                  the Global Trust Manager, the Issuer Trustee may appoint a new
                  manager as of the date of the proposed retirement. An
                  appointment is not complete until the new manager executes a
                  deed by which it covenants to be bound by this deed. The
                  appointment of the replacement manager must not cause an
                  Adverse Rating Effect.

ISSUER TRUSTEE ACT AS GLOBAL TRUST MANAGER

            15.6  Until the appointment of any replacement manager is complete,
                  the Issuer Trustee must (subject to any approval required by
                  law) act as Global Trust Manager in accordance with this deed.
                  For so long as it so acts, the Issuer Trustee is entitled to
                  the fee which, but for its removal, the Global Trust Manager
                  would have been entitled to receive.

RELEASE

            15.7  When it retires or is removed, the Global Trust Manager is
                  released from all obligations in relation to each Trust
                  arising after the date of its retirement or removal except
                  that the Global Trust Manager is still obliged to promptly
                  deliver all books and records (including computer records to
                  the extent and in the form the Global Trust Manager is able to
                  deliver them) relating to the Trust in the Global Trust
                  Manager's possession or control as at the date of retirement
                  to the new Global Trust Manager (or the Issuer Trustee if it
                  is acting as Global Trust Manager). The Global Trust Manager
                  agrees to co-operate with the new Global Trust Manager (or the
                  Issuer Trustee if it is acting as Global Trust Manager) in the
                  transfer of the books and records. The Issuer Trustee may
                  settle with the Global Trust Manager the amount of any sums
                  payable by the Global Trust Manager to the Issuer Trustee or
                  the Issuer Trustee to the Global Trust Manager and may give to
                  or accept from the Global Trust Manager a discharge in respect
                  of those sums which will be conclusive and binding as between
                  the Issuer Trustee and the Global Trust Manager.

CHANGE IN TERMS OF APPOINTMENT

            15.8  No change in the terms and conditions of appointment of the
                  Global Trust Manager may be made without the approval of the
                  Issuer Trustee which approval may not be unreasonably
                  withheld.

COSTS

            15.9  The Global Trust Manager will bear the reasonable costs of its
                  removal if it is removed because of a Global Trust Manager's
                  Default. The Global Trust Manager will indemnify the Issuer
                  Trustee and each Trust for these costs.

            15.10 Any delegation made by the Global Trust Manager under clause
                  14.4 in respect of a Trust will automatically terminate if the
                  Global Trust Manager retires, or is removed, in accordance
                  with this clause in respect of that Trust.

                                       39
<PAGE>

PART G - OTHER

16    TRANSFER AND TRANSMISSION OF NOTES
================================================================================
NO RESTRICTION ON TRANSFER

                  Subject to the relevant Supplemental Deed, there is no
                  restriction on the transfer of Notes for a Trust. The relevant
                  Supplemental Deed regulates the transfer and transmission of
                  Notes for a Trust.

17    REGISTER OF NOTEHOLDERS
================================================================================
REGISTER OF NOTEHOLDERS

                  The Issuer Trustee shall keep an up to date Register in
                  respect of the Registered Notes only, and in accordance with
                  Schedule 6 to this deed and the relevant Supplemental Deed.
                  The Register may be maintained in electronic form. The Issuer
                  Trustee will procure that a register be maintained with
                  respect to any Bearer Notes in accordance with the Note Trust
                  Deed for the relevant Trust, if any.

18    MEETINGS OF NOTEHOLDERS
================================================================================

            18.1  Any proposal requiring the consent of holders of Bearer Notes
                  of a Trust will be determined in accordance with the Note
                  Trust Deed for that Trust. Any proposal requiring the consent
                  of the holders of Registered Notes of a Trust will be
                  determined in accordance with this deed and the Supplemental
                  Deed for that Trust.

            18.2  In respect of Registered Notes, the Issuer Trustee, the Global
                  Trust Manager and each Noteholder must comply with the
                  contents of Schedule 4 in relation to the meetings of
                  Noteholders. Subject to clause 18.3, Schedule 4 does not apply
                  to Bearer Notes.

            18.3  The procedure for convening a meeting at which all Noteholders
                  are entitled to participate is set out in Schedule 4, amended
                  as follows:

                  (a)   any notice of a meeting given or required to be given to
                        the holders of Bearer Notes must also be given to the
                        Note Trustee;

                  (b)   a meeting at which the Note Trustee is the only
                        Noteholder pursuant to clause 18.3(c) must not, unless
                        otherwise agreed by the Note Trustee, be held until the
                        Note Trustee has had the opportunity of seeking and
                        obtaining directions from the holders of Bearer Notes
                        regarding how the Note Trustee is to vote at the
                        meeting;

                  (c)   the Noteholders in relation to the Bearer Notes means
                        the Note Trustee alone, acting on behalf of the holders
                        of Bearer Notes under the Note Trust Deed or, if the
                        Note Trustee has become bound to take steps and/or to
                        proceed under the Note Trust Deed and fails to do so
                        within a reasonable time and such failure is continuing,
                        the holders of Bearer Notes;

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<PAGE>

                  (d)   if the Note Trustee is the only Noteholder in relation
                        to the Bearer Notes pursuant to clause 18.3(c), it will
                        be regarded as a representative holding or representing
                        all of the Bearer Notes for the purposes of determining
                        whether a quorum is present at such meeting, for
                        determining the votes to which the Note Trustee is
                        entitled to cast at such meeting and any other relevant
                        matter relating to such meeting;

                  (e)   if the holders of Bearer Notes become entitled to attend
                        a meeting of Noteholders pursuant to clause 18.3(c), the
                        evidence of the entitlement of such Noteholders to
                        attend such meeting and to vote thereat, and any other
                        relevant matters, will be determined in accordance with
                        the provisions of the Note Trust Deed and the Agency
                        Agreement, with such amendments as determined by the
                        Issuer Trustee to be necessary; and

                  (f)   if at a particular time the Note Trustee is or would be
                        the only Noteholder in respect of a meeting of
                        Noteholders, notwithstanding any other provision of this
                        deed, the requirement to convene such a meeting and put
                        such issue to such meeting will be satisfied if
                        directions are sought from the Note Trustee on the
                        particular issue that would otherwise be put to such
                        meeting. Upon such a direction being given by the Note
                        Trustee, a meeting of the Noteholders will be regarded
                        as having been duly called, convened and held and the
                        direction will be regarded as properly passed as an
                        Extraordinary Resolution of such meeting.

19    RECOURSE OF CREDITORS
================================================================================
RECOURSE LIMITED

                  Without limiting clause 33, the recourse of the Issuer
                  Trustee, the Global Trust Manager and any creditor (including,
                  without limitation, any Secured Creditor) in respect of a
                  Trust is limited to the Assets of that particular Trust.

PART H - MISCELLANEOUS

20    PAYMENTS
================================================================================
SATISFACTION AND DISCHARGE

            20.1  Payment of any amount in accordance with clause 20.4 will be
                  in satisfaction of the money payable and is a good discharge
                  to the Issuer Trustee.

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<PAGE>

CHEQUES AND NOTICES

            20.2  The Issuer Trustee must prepare or cause to be prepared all
                  Cheques and notices which are to be issued to Noteholders in
                  relation to a Trust under this deed and stamp the same as
                  required by law at the expense of the relevant Trust, and the
                  Issuer Trustee must sign (by autographical, mechanical or
                  other means) such Cheques for dispatch by the day on which
                  they ought to be despatched.

PAYMENTS TO NOTEHOLDERS

            20.3  Any payment made by or on behalf of the Issuer Trustee in
                  respect of any Registered Note shall be made to the person
                  whose name is entered in the Register as the registered owner
                  of the relevant Registered Note (or in the case of joint
                  registered owners, to the person whose name first appears in
                  the Register). Any payment by or on behalf of the Issuer
                  Trustee in respect of any Bearer Note shall be made in
                  accordance with the Note Trust Deed and the Agency Agreement
                  for the relevant Trust.

PAYMENT METHODS

            20.4  Any moneys payable by the Issuer Trustee, the Global Trust
                  Manager or the Servicer under any Transaction Document shall
                  be paid by the Issuer Trustee, the Global Trust Manager or the
                  Servicer (as the case may be) in the manner required by the
                  Transaction Documents and may be paid to such person by:

                  (a)   (CHEQUE) crossed "not negotiable" Cheque in favour of
                        the relevant person and despatched by post to the
                        address of the relevant person being in the case of a
                        Registered Noteholder, the address of that Registered
                        Noteholder shown in the Register on the Record Date or,
                        in the case of any other relevant person, to the address
                        of that other relevant person for the purposes of clause
                        20;

                  (b)   (ELECTRONIC TRANSFER) electronic transfer through a
                        Clearing System;

                  (c)   (DIRECT PAYMENT) by direct transfer to a designated
                        account of the relevant person and agreed to by the
                        Global Trust Manager and the Issuer Trustee; or

                  (d)   (OTHER AGREED MANNER) any other manner specified by the
                        relevant person and agreed to by the Global Trust
                        Manager, the Servicer (but only in the case of a payment
                        to be made by the Servicer) and the Issuer Trustee.

                  The agreement referred to in paragraphs (c) and (d) above may
                  be constituted by the Global Trust Manager directing the
                  Issuer Trustee to make a payment by direct transfer and the
                  Issuer Trustee effecting such transfer.

VALID RECEIPTS

            20.5  A receipt issued by the Issuer Trustee, the Global Trust
                  Manager or the Servicer (as the case may be) for any moneys
                  shall exonerate the person paying the same from all liability
                  to make any further enquiry.

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<PAGE>

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

21    PAYMENTS, INCOME AND DISTRIBUTIONS
================================================================================
PAYMENTS

            21.1  The principal and income in relation to a Trust, and other
                  amounts credited to the Collections Account for that Trust,
                  will be allocated by the Global Trust Manager, and paid by the
                  Issuer Trustee at the direction of the Global Trust Manager,
                  in accordance with the Supplemental Deed for that Trust.

            21.2  The Global Trust Manager must, to the extent it is possible to
                  do so, determine that there is an amount of Net Trust Income
                  of each Trust in respect of each Financial Year (being an
                  amount not less than $1) and for the purpose of those
                  calculations:

                  (a)   the Global Trust Manager may determine whether any
                        deemed or actual receipt, profit, gain, payment, loss,
                        outgoing, provision or reserve or any sum of money or
                        investment in a Financial Year is or is not to be
                        treated as being on income or capital account of the
                        Trust (including treating the transfer of amounts from
                        the corpus of the Trust as income of the Trust for any
                        purpose) and whether and the extent to which any
                        provisions and reserves need to be made for the
                        Financial Year;

                  (b)   unless determined otherwise in accordance with clause
                        21.2(a), an item is to be taken into account in
                        calculating the Net Trust Income if it would be taken
                        into account in determining the Net Annual Income; and

                  (c)   the Global Trust Manager will make such determinations
                        as are necessary to ensure, as far as possible, that any
                        tax liability in respect of the Trust in respect of a
                        year of income under Division 6 of the Tax Act (or any
                        similar provision of any replacement act) is borne by
                        the Unitholders and not by the Issuer Trustee.

            21.3  The Global Trust Manager must determine the Net Annual Income
                  of each Trust for each Financial Year and in doing so, it may
                  have regard to the determinations made by it under clause
                  21.2. The Residual Income Unitholders of a Trust shall be
                  entitled to the whole of the Net Annual Income of that Trust
                  for each Financial Year in accordance with the relevant
                  Supplemental Deed.

            21.4  The Residual Income Unitholders of a Trust shall be presently
                  entitled for the purposes of the Tax Act to the whole of the
                  Net Trust Income of that Trust in respect of each Financial
                  Year.

                                       43
<PAGE>

            21.5  On the last day of each Financial Year of a Trust, the
                  Residual Income Unitholders of that Trust will be entitled to
                  be paid an amount equal to whichever is the greater of the
                  following:

                  (a)   its proportion of the Net Trust Income to which it is
                        presently entitled under clause 21.4; and

                  (b)   its proportion of the Net Annual Income to which it is
                        entitled under clause 21.3.

            21.6  The Global Trust Manager may in its absolute discretion
                  require the Residual Income Unitholders of a Trust to invest
                  an amount in the Trust if:

                  (a)   that amount represents an amount to which the Residual
                        Income Unitholders are presently entitled to under
                        clause 21.4 hereof and which amount was not actually
                        paid to the Residual Income Unitholders in the relevant
                        Financial Year; and

                  (b)   the Residual Income Unitholders request the Global Trust
                        Manager (or Issuer Trustee) to pay, or otherwise deal
                        with such amount on behalf of the Residual Income
                        Unitholders,

                  as a payment, or additional payment, in respect of its
                  interest in the Trust.

PAYMENT

            21.7  The Global Trust Manager must calculate the distributions to
                  be paid and direct the Issuer Trustee to pay such
                  distributions.

ISSUER TRUSTEE TO ACT

            21.8  Subject to this deed, the Issuer Trustee must act in
                  accordance with any direction to pay given to it by the Global
                  Trust Manager in accordance with this clause 21.

22    ACCOUNTS AND AUDIT
================================================================================
ACCOUNTS

            22.1  The accounts of each Trust must be prepared by the Global
                  Trust Manager in accordance with the accounting standards
                  under the Corporations Law, and, if not inconsistent with
                  those accounting standards, generally accepted principles and
                  practices in Australia consistently applied by a body
                  corporate or as between bodies corporate and over time. The
                  accounts must be maintained at the office of the Global Trust
                  Manager. The Global Trust Manager covenants with the Issuer
                  Trustee to keep the accounts of each Trust.

AUDIT

            22.2  At the recommendation of the Global Trust Manager, the Issuer
                  Trustee must appoint a person qualified to act as required by
                  the Corporations Law as the Auditor to audit the accounts of
                  each Trust. The Issuer Trustee may replace any Auditor. The
                  Auditor may retire on one month's written notice to the Issuer
                  Trustee. The Auditor's

                                       44
<PAGE>

                  remuneration will be as determined by the Global Trust Manager
                  from time to time.

ESTABLISHMENT OF BANK ACCOUNTS

            22.3  Immediately upon lodgment of any Supplemental Deed in
                  accordance with clause 2.6, the Issuer Trustee must open a
                  Collections Account for the Trust established under the
                  Supplemental Deed with an Eligible Bank in its name which is
                  referable to that Trust. The Issuer Trustee must open such
                  other Collections Accounts as it is directed to do so by the
                  Global Trust Manager. A Collections Account of a Trust:

                  (a)   may be a money market account;

                  (b)   must have Authorised Persons of the Issuer Trustee as
                        the only authorised signatories;

                  (c)   must be such that any moneys deposited in it are
                        Authorised Investments of the Trust; and

                  (d)   must be operated by the Issuer Trustee in accordance
                        with the Transaction Documents.

            22.4  The Issuer Trustee must pay into the Collections Account of a
                  Trust (or procure the payment into the Collections Account of
                  a Trust of):

                  (a)   all moneys raised from the issue of Units and the Notes
                        in respect of that Trust (except to the extent that such
                        moneys are paid directly to the seller of an Asset by
                        the Issuer Trustee); and

                  (b)   any other money received by the Issuer Trustee in
                        respect of the Trust.

WITHDRAWALS

            22.5  The Issuer Trustee must withdraw or procure the withdrawal of
                  funds from the Collections Account for a Trust in accordance
                  with the directions of the Global Trust Manager and apply the
                  same when necessary for:

                  (a)   providing consideration for the acquisition of Assets or
                        the redemption of the Face Value of the Notes for that
                        particular Trust;

                  (b)   making payments for itself, the Global Trust Manager,
                        the Security Trustee or other persons in accordance with
                        this deed for that particular Trust;

                  (c)   making payments to the Secured Creditors for that
                        particular Trust;

                  (d)   any other payments permitted or contemplated by the
                        Transaction Documents for that particular Trust; and

                  (e)   investing any surplus funds in Assets for that
                        particular Trust.

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<PAGE>

23    ADMINISTRATION AND REPORTING
================================================================================
REGISTER OF UNITHOLDERS

            23.1  The Global Trust Manager must establish a register of
                  Unitholders, which may be in electronic form, and keep it up
                  to date in accordance with the Supplemental Deed for the
                  relevant Trust. Subject to the terms of the relevant
                  Supplemental Deed, the Global Trust Manager must decide what
                  information is to be recorded in the register, in consultation
                  with the Issuer Trustee. A complete copy of the register (or
                  part of it) must be provided to the Issuer Trustee within
                  three Business Days after request. The Issuer Trustee is
                  entitled to rely on and assume the accuracy of the register.

TRANSFERS

            23.2  The Unitholders may transfer Units in accordance with the
                  Supplemental Deed for the relevant Trust. Transfers must be in
                  a form approved by the Global Trust Manager and be presented
                  for registration duly stamped, together with the relevant Unit
                  certificate (if any). A transfer is not effective until
                  registered. The Global Trust Manager may refuse to register
                  any transfer of a Unit in its absolute discretion.

DEATH, LEGAL DISABILITY

            23.3  If a Unitholder of a Trust dies or becomes subject to a legal
                  disability such as bankruptcy or insanity, only the survivor
                  (in the case of joint holders) or the legal personal
                  representative (in any other case) will be recognised as
                  having any claim to Units registered in the Unitholder's name.

DEDUCTIONS

            23.4  The Issuer Trustee and Global Trust Manager may deduct from
                  any amount to be paid to a Unitholder any amount of Tax (or an
                  estimate of it) which they are required or authorised to
                  deduct in respect of that payment by law or by this deed or
                  which the Global Trust Manager considers should be deducted.

24    RIGHTS AND LIABILITIES OF GLOBAL TRUST MANAGER AND ISSUER TRUSTEE
================================================================================
HOLDING UNITS

            24.1  The Issuer Trustee and its Related Entities may hold any Unit
                  issued in respect of a Trust.

OTHER CAPACITIES

            24.2  None of the:

                  (a)   Issuer Trustee;

                  (b)   Global Trust Manager;

                  (c)   Related Entities of the Issuer Trustee;

                  (d)   Related Entities of the Global Trust Manager;

                                       46
<PAGE>

                  (e)   directors or officers of the Issuer Trustee or its
                        Related Entities;

                  (f)   directors or officers of the Global Trust Manager or its
                        Related Entities;

                  (g)   shareholders of the Issuer Trustee or its Related
                        Entities; or

                  (h)   shareholders of the Global Trust Manager or its Related
                        Entities,

                        is prohibited from:

                        (A)   subscribing for, purchasing, holding, dealing in
                              or disposing of Notes;

                        (B)   at any time:

                              (i)   contracting with;

                              (ii)  acting in any capacity as representative or
                                    agent for; or

                              (iii) entering into any financial, banking, agency
                                    or other transaction with,

                              any other of them in any capacity (including,
                              without limitation, themselves in another
                              capacity), the Security Trustee, any other
                              party to a Transaction Document, or any
                              Unitholder, Secured Creditor or Noteholder;

                  (C)   being interested in any contract or transaction referred
                        to in paragraph (B); or

                  (D)   doing anything which it could do if the Issuer Trustee
                        or the Global Trust Manager was not party to this deed
                        or the other Transaction Documents (provided the
                        Transaction Documents are complied with).

                  None of the persons mentioned is liable to account to the
                  Secured Creditors, the Unitholders or the Noteholders for any
                  profits or benefits (including, without limitation, bank
                  charges, commission, exchange brokerage and fees) derived in
                  connection with any contract or transaction referred to above.

                  The preceding provisions of this clause 24.2 only apply if the
                  Issuer Trustee or the Global Trust Manager (as the case may
                  be), in connection with the action, contract or transaction,
                  acts in good faith to the Secured Creditors and the
                  Unitholders as a whole.

EXERCISE OF DISCRETION

            24.3  Without limiting clause 24.2, the Issuer Trustee and any
                  Related Entity of the Issuer Trustee may perform different
                  roles in connection with the Transaction Documents, including
                  roles as trustee, security trustee,

                                       47
<PAGE>

                  registrar, paying agent, shareholder, beneficiary, and
                  notwithstanding that interests of or duties to the Issuer
                  Trustee in respect of those roles may conflict with interests
                  or duties of any Unitholder or Secured Creditor of a Trust.
                  The Issuer Trustee and each Related Entity of the Issuer
                  Trustee will have no liability to any person for assuming
                  different roles or for any use, non-use or communication of
                  any information as contemplated by this clause. This clause
                  24.3 is subject to the requirement that the Issuer Trustee
                  acts in good faith regarding the Unitholders and Secured
                  Creditors of each Trust in exercising any powers or rights or
                  taking any action of the kind permitted under this clause.

            24.4  Subject to the terms of the Transaction Documents, the Issuer
                  Trustee and the Global Trust Manager may each decide how and
                  when to exercise their powers in their absolute discretion.

25    LIABILITY OF THE UNITHOLDERS AND NOTEHOLDERS
================================================================================
LIABILITY LIMITED

            25.1  Subject to clause 21.6, the liability of the Unitholders and
                  the Noteholders in respect of a Trust is limited to the
                  application price or Issue Price (as the case may be) paid or
                  agreed to be paid for a Unit or Note. No Unitholder or
                  Noteholder is under any obligation to indemnify the Issuer
                  Trustee or the Global Trust Manager if there is a deficiency
                  in the Net Assets of a Trust or meet the claim of any creditor
                  of the Issuer Trustee or the Global Trust Manager in respect
                  of that Trust.

26    REMUNERATION AND EXPENSES
================================================================================
GLOBAL TRUST MANAGER

            26.1  The Global Trust Manager is entitled to a fee, in respect of a
                  Trust, in an amount agreed from time to time between the
                  Issuer Trustee and the Global Trust Manager in respect of that
                  Trust. Such fee accrues on a daily basis and is to be
                  calculated in relation to, and paid from, the Assets of the
                  relevant Trust in accordance with the Supplemental Deed for
                  that Trust.

ISSUER TRUSTEE

            26.2  The Issuer Trustee is entitled to a fee, in respect of a
                  Trust, in an amount agreed between the Issuer Trustee and the
                  Global Trust Manager in respect of that Trust from time to
                  time. Such fee accrues on a daily basis and is to be
                  calculated in relation to, and paid from, the Assets of the
                  relevant Trust in accordance with the Supplemental Deed for
                  that Trust.

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<PAGE>

EXPENSES

            26.3  All liabilities and expenses (except general overhead costs
                  and expenses) incurred reasonably and in good faith by the
                  Issuer Trustee or the Global Trust Manager in connection with
                  any Trust or in performing their obligations or exercising
                  their powers under this deed are payable or reimburseable out
                  of the Assets of that Trust in accordance with this clause.
                  This includes (without limitation) liabilities and expenses
                  connected with:

                  (a)   this deed and the formation of the Trust and any
                        Transaction Documents for that Trust;

                  (b)   the sale, purchase, insurance, custody and any other
                        dealing with Assets;

                  (c)   any proposed investment;

                  (d)   the administration, management or promotion of the Trust
                        or its Assets and Liabilities (including the issuance of
                        Notes);

                  (e)   convening and holding meetings of Noteholders, the
                        implementation of any resolutions and communications
                        with Noteholders;

                  (f)   Tax (including Taxes assessed on the income of the
                        Trust, provided it is not on the personal account of the
                        Issuer Trustee or the Global Trust Manager) and bank
                        fees;

                  (g)   the engagement of agents, Valuers, barristers,
                        solicitors, legal practitioners, contractors, brokers,
                        qualified advisers and any other person engaged in
                        accordance with this deed;

                  (h)   preparation and audit of the taxation returns and
                        accounts of the Trust;

                  (i)   subject to clauses 13.9 and 15.9, termination of the
                        Trust and the retirement or removal of the Issuer
                        Trustee or Global Trust Manager and the appointment of a
                        new trustee or manager;

                  (j)   any court proceedings, arbitration or other dispute
                        concerning the Trust including proceedings against the
                        Issuer Trustee or the Global Trust Manager by the other
                        of them (except to the extent that the person incurring
                        the expenses is found by a court to be fraudulent, in
                        breach of trust (in the case of the Issuer Trustee only)
                        or to have been negligent or in material breach of its
                        obligations in which case any expenses reimbursed under
                        this clause 26.3(j) must be repaid to the extent the
                        expenses are referable to the fraud, breach of trust,
                        material breach of obligations or negligence);

                  (k)   any other costs, liabilities or expenses incurred in
                        respect of, or in connection with, any Transaction
                        Document; and

                  (l)   any expenses payable to each Current Rating Agency.

                                       49
<PAGE>

                  All such costs, liabilities and expenses are payable on a full
                  indemnity basis (or, in the case of legal costs and
                  disbursements, charged at the usual commercial rates of the
                  relevant legal services provider).

DEFERRAL

            26.4  The Issuer Trustee and the Global Trust Manager may with the
                  other's approval defer reimbursement of any or all expenses
                  under clause 26.3 for an agreed period.

GST

            26.5  The fees set out in clauses 26.1 and 26.2 are inclusive of
                  GST. The supplier of the fee will provide the Global Trust
                  Manager and the Issuer Trustee with any reasonable
                  documentation required for GST purposes so as to enable the
                  Global Trust Manager and the Issuer Trustee to receive an
                  input tax credit or tax return for GST purposes.

APPLICATION

            26.6  To the extent permitted by law, money received in connection
                  with this deed or the Supplemental Deed in respect of a Trust
                  is to be applied in the order set out in the Supplemental Deed
                  for that Trust.

27    NOTICES
================================================================================
NOTICES

            27.1  Subject to clauses 27.4 and 27.5, any notice, approval,
                  consent or other communication in connection with this deed:

                  (a)   must be given by an Authorised Person of the relevant
                        party;

                  (b)   must be in writing; and

                  (c)   must be left at the address of the addressee or sent by
                        prepaid ordinary post to the address of the addressee or
                        sent by facsimile to the facsimile number of the
                        addressee, or sent by e-mail to the e-mail address of
                        the addressee specified in clause 27.2 or any other
                        address, facsimile number or e-mail address any party
                        may from time to time notify to the other parties as its
                        address for service of communications pursuant to this
                        deed.

INITIAL ADDRESSES

                  27.2  The initial address and facsimile numbers of the Issuer
                        Trustee and the Global Trust Manager are:

                             ISSUER TRUSTEE:

                             Address:     Level 3
                                          39 Hunter Street
                                          Sydney NSW 2000
                             Facsimile:   (02) 9221 7870
                             Attention:   Manager, Securitisation
                             E-mail:      as notified from time to time

                                       50
<PAGE>

                             GLOBAL TRUST MANAGER:

                             Address:     7301 Baymeadows Way
                                          Jacksonville  Florida  32256
                                          United States of America
                             Facsimile:   904 281 3062
                             Attention:   General Counsel
                             E-mail:      rjjacobs@homeside.com

TIME EFFECTIVE

                  27.3  Unless a later time is specified in it, a notice,
                        approval, consent or other communication takes effect
                        from the time it is received.

RECEIPT

                  27.4  A letter. facsimile or e-mail is taken to be received:

                        (a)   in the case of a posted letter, on the third
                              (seventh, if posted to or from a place outside
                              Australia) day after posting;

                        (b)   in the case of a facsimile, on production of a
                              transmission report by the machine from which the
                              facsimile was sent which indicates that the
                              facsimile was sent in its entirety to the
                              facsimile number of the recipient notified for the
                              purpose of this clause; and

                        (c)   in the case of an e-mail, on receipt by the sender
                              of an e-mail from the recipient stating that the
                              e-mail was delivered in its entirety and the
                              contents and attachments of the e-mail have been
                              received.

                        However, if the time of deemed receipt of any notice is
                        not before 4.00 p.m. (local time at the address of the
                        recipient) on a Business Day it is deemed to have been
                        received at the commencement of business on the next
                        following Business Day.

            27.5  All notices with respect to the Unitholders or the Noteholders
                  are valid if despatched by prepaid ordinary post (airmail if
                  posted to a place outside Australia) to the Unitholders or the
                  Noteholders at their registered office (or, in the case of
                  Registered Noteholders, to the address specified in the
                  Register and, in the case of joint holders, to the person
                  whose name first appears in the Register ). Such notice is
                  taken to be received on the third (seventh, if posted to a
                  place outside Australia) day after posting.

            27.6  Where a notice or other communication is to be provided under
                  this deed to a Noteholder of a Note in bearer form, the notice
                  may be given in accordance with the relevant Note Trust Deed.

                                       51
<PAGE>

28    AMENDMENTS TO THIS DEED AND SUPPLEMENTAL DEED
================================================================================
AMENDING POWER

            28.1  Subject to this clause 28.1 and to any approval required by
                  law and by clause 28.2, and provided that 10 Business Days
                  prior notice of the proposed amendment has been given to the
                  Current Rating Agency, the Issuer Trustee and the Global Trust
                  Manager by deed may amend, add to or revoke any provision of
                  this deed (including this clause 28.1) as it applies to any
                  Trust or any provision of any Supplemental Deed for the Trust
                  if the amendment, addition or revocation:

                  (a)   in the reasonable opinion of the Issuer Trustee or of
                        legal counsel appointed by the Issuer Trustee is
                        necessary or expedient to comply with or be consistent
                        with the provisions of any statute, ordinance,
                        regulation or by-law or with the requirement of any
                        statutory authority;

                  (b)   in the opinion of the Issuer Trustee is made to correct
                        a manifest error or is of a formal, technical or
                        administrative nature only;

                  (c)   in the opinion of the Issuer Trustee or the Global Trust
                        Manager will enable the provisions of this deed or the
                        Supplemental Deed to be more conveniently,
                        advantageously, profitably or economically administered;

                  (d)   in the opinion of the Issuer Trustee is otherwise
                        desirable for any reason; or

                  (e)   is considered by the Issuer Trustee not to be materially
                        prejudicial to the interests of the Noteholders as a
                        whole or the interests of any individual Noteholder or
                        group of Noteholders; or

                  (f)   in the reasonable opinion of the Issuer Trustee or of
                        legal counsel appointed by the Issuer Trustee is
                        required by, is a consequence of, is consistent with or
                        is appropriate or expedient as a consequence of, any
                        amendment to any statute, regulation or requirements of
                        any Governmental Agency (including, without limitation,
                        any amendment, addition or revocation which is in the
                        opinion of the Issuer Trustee appropriate or expedient
                        as a result of any amendment to any legislation dealing
                        with, or associated with, taxation or any ruling by the
                        Commissioner or Deputy Commissioner of Taxation or any
                        government announcement or statement that has or may
                        have the effect of altering the manner or basis of
                        taxation of trusts generally or of trusts similar to any
                        of the Trusts).

CONSENT REQUIRED

            28.2  If in the reasonable opinion of the Issuer Trustee any
                  amendment, addition or revocation referred to in clause
                  28.1(c) or clause 28.1(d) will be or is likely to become
                  prejudicial to the interests of Noteholders of a particular
                  class in respect of the Trust or to the

                                       52
<PAGE>

                  interests of all Noteholders in respect of the Trust, the
                  amendment, addition or revocation may be effected only if in
                  accordance with clause 28.3 or 28.4 (as the case may be).

AMENDMENTS PREJUDICIAL TO NOTEHOLDERS OF A CLASS

            28.3  Subject to clause 28.4, if in the reasonable opinion of the
                  Issuer Trustee any amendment, addition or revocation referred
                  to in clause 28.1(c) or clause 28.1(d) will be or is likely to
                  become prejudicial to the interests of Noteholders of a
                  particular class, the amendment, addition or revocation may
                  only be effected if the relevant Noteholders pass an
                  Extraordinary Resolution approving such amendment, addition or
                  revocation in accordance with this deed.

AMENDMENTS PREJUDICIAL TO ALL NOTEHOLDERS

            28.4  If in the reasonable opinion of the Issuer Trustee, any
                  amendment, addition or revocation referred to in clause
                  28.1(c) or clause 28.1(d) will be or is likely to become
                  prejudicial to the interests of all Noteholders in respect of
                  the Trust:

                  (a)   the amendment, addition or revocation may only be
                        effected if the relevant Noteholders pass an
                        Extraordinary Resolution approving such amendment,
                        addition or revocation in accordance with this deed; and

                  (b)   there will not be a separate Extraordinary Resolution
                        required for each class of Noteholders pursuant to
                        clause 28.3.

            28.5  The Issuer Trustee will be entitled to assume that any
                  proposed alteration, addition or revocation referred to in
                  clause 28 will not be materially prejudicial to the interests
                  of a Class of Noteholders or all Noteholders if each of the
                  Current Rating Agencies confirms in writing that if the
                  alteration, addition or revocation is effected this will not
                  lead to a reduction, qualification or withdrawal of the then
                  rating given, respectively, to the Class of Notes, or to each
                  Class of Notes, by the Current Rating Agency.

29    TAX REFORM
================================================================================
29.1  The parties acknowledge that:

                  (a)   the Commonwealth Government of Australia has announced
                        its intention that trusts be taxed as companies from 1
                        July 2001;

                  (b)   it is not known whether the Trusts will be excluded from
                        this new regime;

                  (c)   it is in the interest of all parties, including the
                        Issuer Trustee, the Noteholders and the Residual Income
                        Unitholders, that:

                        (i)   the Issuer Trustee always be in a position to pay
                              any tax liability when due;

                                       53
<PAGE>

                        (ii)  the payment of tax by the Issuer Trustee must not
                              affect the amount of principal or interest payable
                              on the rated Notes or the timing of such payments;
                              and

                        (iii) the rating of the Notes be maintained; and

                  (d)   no draft legislation to implement this change has been
                        introduced into the Australian Federal Parliament, and
                        it is not conclusively known when or whether tax will be
                        payable (by the Trusts) or what, if any, transition
                        provisions will apply.

            29.2  If and when draft legislation is introduced into Australian
                  Federal Parliament, and the result of that draft legislation
                  if it becomes law will be that the Issuer Trustee will become
                  liable to pay tax on the Net Trust Income of the Trust, or any
                  part of it, then the Global Trust Manager shall promptly
                  consult with the Issuer Trustee and each Current Rating Agency
                  to determine what changes, if any, are necessary to the
                  cashflow methodology and/or to the Transaction Documents to
                  achieve the objective referred to in clause 29.1(c) (the
                  "OBJECTIVE");

                  (a)   within a reasonable time of the draft legislation being
                        introduced into Parliament (or such longer time as the
                        Issuer Trustee and each Current Rating Agency permit)
                        the Global Trust Manager shall provide a written
                        recommendation to the Issuer Trustee and a draft
                        amending deed ("AMENDING Deed") that if executed will
                        achieve the Objective; and

                  (b)   upon the Issuer Trustee being notified that the draft
                        Amending Deed will achieve the Objective (and in this
                        regard the Issuer Trustee may rely (amongst others) upon
                        advice of tax lawyers) the Issuer Trustee and the Global
                        Trust Manager shall execute the Amending Deed.

            29.3  Provided that the Issuer Trustee and each Current Rating
                  Agency receives written advice from an experienced and
                  reputable tax lawyer or tax accountant to the effect that if
                  the cashflow methodology, as amended by the Amending Deed, is
                  followed the Objective will be met, and each Current Rating
                  Agency confirms the change in Tax law or the Amending Deed
                  will not have an Adverse Rating Effect in respect of the
                  relevant Trust:

                  (a)   the Issuer Trustee shall not be obliged to obtain the
                        consent of any Noteholder, Secured Creditor or Residual
                        Income Unitholder to the Amending Deed;

                  (b)   subject to its terms, the Amending Deed shall be
                        effective when executed, and may:

                        (i)   permit the Issuer Trustee to accumulate a reserve
                              out of moneys that would otherwise be payable to
                              the Residual Income Unitholders; and

                                       54
<PAGE>

                        (ii)  provide for Tax to be paid out of moneys that
                              would otherwise have been payable to the Residual
                              Income Unitholders; and

                  (c)   without limiting this clause 29, in formulating a
                        proposal to meet the Objective, the Global Trust Manager
                        shall have regard to the impact of any change to the
                        cashflow methodology to the Residual Income Unitholders,
                        and shall consider proposals made by the Residual Income
                        Unitholders that will enable the Issuer Trustee to meet
                        the Objective.

30    UNITHOLDERS AND SECURED CREDITORS BOUND BY DEED
================================================================================

                  The terms and conditions of this deed as duly altered,
                  modified, added to or cancelled from time to time are binding
                  on the Issuer Trustee, the Global Trust Manager, each
                  Unitholder, each Secured Creditor and all persons claiming
                  through any of them respectively as if that person were a
                  party to this deed.

31    MISCELLANEOUS
================================================================================
CERTIFICATE

            31.1  A certificate signed by the Issuer Trustee or its solicitors
                  about a matter or about a sum payable to the Issuer Trustee in
                  connection with this deed or a Supplemental Deed is sufficient
                  evidence of the matter or sum stated in the certificate unless
                  the matter or sum is proved to be false.

EXERCISE OF RIGHTS

            31.2  The Issuer Trustee or an attorney appointed under this deed
                  may exercise a right, power or remedy at its discretion, and
                  separately or concurrently with another right, power or
                  remedy. A single or partial exercise of a right, power or
                  remedy by the person does not prevent a further exercise of
                  that or an exercise of any other right, power or remedy.
                  Failure by the person to exercise or delay in exercising a
                  right, power or remedy does not prevent its exercise. The
                  person with the right, power or remedy is not liable for any
                  loss caused by its exercise, attempted exercise, failure to
                  exercise or delay in exercising it except in the case of its
                  fraud or wilful default or, in the case of the Issuer Trustee,
                  negligence, fraud or breach of trust.

WAIVER AND VARIATION

            31.3  A provision of or a right created under this deed may not be
                  waived or varied except in writing signed by the party or
                  parties to be bound.

SUPERVENING LEGISLATION

            31.4  Any present or future legislation which operates to vary the
                  obligations of the Issuer Trustee in connection with this deed
                  with the result that the Issuer Trustee's rights, powers or
                  remedies are adversely affected (including, without
                  limitation, by way of delay or postponement) is excluded
                  except to the extent that its exclusion is prohibited or
                  rendered ineffective by law.

                                       55
<PAGE>

APPROVALS AND CONSENT

            31.5  The Issuer Trustee, the Global Trust Manager or an attorney
                  appointed under this deed may give conditionally or
                  unconditionally or withhold its approval or consent in its
                  absolute discretion, unless this deed expressly provides
                  otherwise.

REMEDIES CUMULATIVE

            31.6  The rights, powers and remedies provided in this deed are
                  cumulative with and not exclusive of the rights, powers or
                  remedies provided by law independently of this deed.

INDEMNITIES

            31.7  Each indemnity in this deed is a continuing obligation,
                  separate and independent from the other obligations of the
                  Issuer Trustee and the Global Trust Manager and survives
                  termination of this deed. It is not necessary for the Issuer
                  Trustee or the Global Trust Manager to incur expense or make
                  payment before enforcing a right of indemnity conferred by
                  this deed.

TIME OF THE ESSENCE

            31.8  Time is of the essence in this deed in respect of an
                  obligation of the Issuer Trustee to pay money.

RECEIPTS

            31.9  The receipt of a Receiver, or an Authorised Person of the
                  Issuer Trustee, releases the person paying money to the
                  Receiver or the Issuer Trustee in connection with this deed
                  from:

                  (a)   liability for the money paid or expressed to be
                        received; and

                  (b)   being concerned to see to its application or being
                        answerable or accountable for its loss or
                        misapplication.

ACKNOWLEDGMENT

                  31.10 The parties acknowledge and agree that the Issuer
                        Trustee and the Global Trust Manager in exercising their
                        powers and discretions under this deed, and in
                        performing their obligations under this deed, must act
                        in accordance with their duties and obligations under
                        this deed, the Deed of Charge in respect of each Trust,
                        the Master Trust Deed and the Supplemental Deed in
                        respect of each Trust and may exercise such powers and
                        discretions as provided in this deed, the Deed of Charge
                        in respect of each Trust, the Master Trust Deed and the
                        Supplemental Deed in respect of each Trust and (without
                        limitation) in forming any opinion may obtain and act
                        upon the advice of persons who are not parties to this
                        deed.

                  31.11 The parties acknowledge that they are bound by the terms
                        of this deed, the Master Trust Deed, the Deed of Charge
                        in respect of each Trust and the Supplemental Deed in
                        respect of each Trust.

DISCLOSURE OF INFORMATION

                  31.12 Subject to this deed, the Issuer Trustee is not required
                        (unless ordered so to do by a court of competent
                        jurisdiction) to disclose to any Unitholder, Secured
                        Creditor or any other person confidential,

                                       56
<PAGE>

                        financial or other information made available to the
                        Issuer Trustee in connection with this deed.

RIGHTS CUMULATIVE

                  31.13 The rights, powers and remedies provided in this deed
                        are cumulative and not exclusive of the rights, powers
                        or remedies provided by law independently of this deed.

SIGNATURES

                  31.14 The Issuer Trustee and the Global Trust Manager may rely
                        on the validity of any signature on any transfer, form
                        of application or other instrument or document unless
                        the Issuer Trustee or the Global Trust Manager (as the
                        case may be) has reasonable grounds to believe that the
                        signature is not genuine. Neither the Issuer Trustee nor
                        the Global Trust Manager is liable to make good out of
                        its own funds any loss incurred by any person if a
                        signature is forged or otherwise fails to bind the
                        person whose signature it purports to be or on whose
                        behalf it purports to be made. Any such loss, subject to
                        any right of reimbursement from any other person
                        (including the Global Trust Manager) is to be borne by
                        the relevant Trust in respect of which the loss is
                        incurred.

MEETINGS

                  31.15 A reference in this deed to a meeting of Secured
                        Creditors of a Trust is a reference to a meeting of
                        Secured Creditors of the Trust conducted in accordance
                        with the provisions of the relevant Deed of Charge.

32    GOVERNING LAW
================================================================================
GOVERNING LAW

                  32.1  This deed and each Trust are governed by the law in
                        force in the Australian Capital Territory and the
                        rights, liabilities and obligations of the Global Trust
                        Manager, the Issuer Trustee, the Unitholders and the
                        Secured Creditors are governed by the laws in force in
                        the Australian Capital Territory.

SUBMISSION TO JURISDICTION

                  32.2  Each party irrevocably and unconditionally submits to
                        the non-exclusive jurisdiction of the courts of the
                        Australian Capital Territory and courts of appeal from
                        them. Each party waives any right it has to object to an
                        action being brought in those courts including, without
                        limitation, by claiming that the action has been brought
                        in an inconvenient forum or that those courts do not
                        have jurisdiction.

SERVICE

                  32.3  Without preventing any other mode of service, any
                        document in an action (including, without limitation,
                        any writ of summons or other originating process or any
                        third or other party notice) may be served on any party
                        by being delivered to or left for that party at its
                        address for service of notices under clause 27.

                                       57
<PAGE>

33    LIMITED RECOURSE
================================================================================

                        Clause 2 of the Definitions Schedule applies to this
                        deed as if set out in full in it (with any consequential
                        changes as are necessary to give effect to that clause
                        in this deed).

34    COUNTERPARTS
================================================================================

                        This deed may consist of a number of counterparts and
                        the counterparts taken together constitute one and the
                        same instrument.

EXECUTED as a deed in the Australian Capital Territory.

                                       58
<PAGE>

SCHEDULE 1             NOTICE OF CREATION OF TRUST
================================================================================

                       To:     Perpetual Trustee Company Limited ("ISSUER
                               TRUSTEE")

                       From:   HomeSide Global MBS Manager, Inc ("GLOBAL TRUST
                               Manager")

                       Under clause 3.1 of the Master Trust Deed dated [ ] 2001
                       between the Issuer Trustee and the Global Trust Manager
                       establishing the HomeSide Mortgage Securities Trusts (as
                       amended from time to time) ("MASTER TRUST DEED") the
                       Global Trust Manager gives notice of the creation of a
                       Trust under the Master Trust Deed to be known as the [ ]
                       [Trust X-Y] Trust [or such other name as the Global Trust
                       Manager and the Issuer Trustee have agreed under clause
                       2.7 of the Master Trust Deed].

                       The [ ] [Trust X-Y] Trust will be a Trust for the
                       purposes of the Master Trust Deed.

                       This Notice of Creation of Trust is accompanied by $10 in
                       accordance with clause 3.1(b) of the Master Trust Deed.

                       The Residual Capital Unitholder of the Trust is [ ] and
                       the Residual Income Unitholder of the Trust is [ ] each
                       of whom has contributed $5 of the accompanying $10 as the
                       initial application price of their respective units.

                       The above sum of $10 will vest in the Issuer Trustee and
                       be held by the Issuer Trustee on and subject to the
                       trusts, terms and conditions of the Master Trust Deed and
                       the Supplemental Deed dated [ ] in respect of this Trust
                       and will be invested by the Issuer Trustee in accordance
                       with the provisions of the Supplemental Deed and the
                       Master Trust Deed.

                       Terms defined for the purposes of the Master Trust Deed
                       have the same meaning when used in this Notice of
                       Creation of Trust.

                       Dated:

                       For and on behalf of the Global Trust Manager

                       ---------------------------------------
                       Authorised Person

                       For and on behalf of the Issuer Trustee

                       ---------------------------------------
                       Authorised Person

                                       59
<PAGE>

SCHEDULE 2             RECEIVABLES TRANSFER DIRECTION
================================================================================

TO:         PERPETUAL TRUSTEE COMPANY LIMITED as trustee of the [ ] Trust
            [and [ ]] Trust ("ISSUER TRUSTEE")

FROM:       HOMESIDE GLOBAL MBS MANAGER, INC ("GLOBAL TRUST MANAGER")

                        1     DIRECTION TO ACQUIRE RECEIVABLES

                        Under clause 5.2 of the Master Trust Deed dated [ ] 2001
                        (as amended from time to time) establishing the HomeSide
                        Mortgage Securities Trusts ("MASTER TRUST DEED"), the
                        Global Trust Manager proposes and directs in this
                        direction ("DIRECTION") that the Issuer Trustee on [ ]
                        will:

                        (a)   [offer to [ ] to cease to hold as trustee of the
                              [ ] Trust, and dispose of to [ ], the Assets
                              specified in Annexure A;] or [hold as trustee of
                              the [ ] Trust ("TRUST") on the terms of the Master
                              Trust Deed the benefit of the portfolio of Assets
                              specified in Annexure A ("PORTFOLIO OF ASSETS");]
                              and

                        (b)   [receive from [ ] ("RELEVANT ACQUIRER") the
                              principal amount of the Housing Loans relating to
                              the Portfolio of Assets at [date] being $[ ].]

                        2     GLOBAL TRUST MANAGER'S CERTIFICATIONS

                        The Global Trust Manager certifies to the Issuer Trustee
                        that:

                        (a)   this direction complies with the Master Trust Deed
                              and the relevant Supplemental Deed dated [ ];

                        (b)   after due enquiry it believes the Issuer Trustee
                              as trustee of both the [ ] Trust and the [ ] Trust
                              will be able to satisfy all its present and future
                              obligations and liabilities having regard to any
                              Notes to be issued, any other Borrowings, any
                              Assets to be acquired and other anticipated
                              rights, liabilities and obligations of the Issuer
                              Trustee.

                        INTERPRETATION

                        Each expression used in this Direction that is not
                        defined has the same meaning as in the [ ] Master
                        Definitions Schedule dated [ ] between the Issuer
                        Trustee, the Security Trustee and the Global Trust
                        Manager.

                        Dated:

                        For and on behalf of [                 ]

                                              Authorised Person

                                       60
<PAGE>

                                   ANNEXURE A

                               PORTFOLIO OF ASSETS

                          [Specify Portfolio of Assets]

                                       61
<PAGE>

SCHEDULE 3             ISSUE NOTICE
================================================================================

                       TO:    [       ]

                       Dear Sirs

                       [                         ] TRUST

                       [  ] ("GLOBAL TRUST MANAGER") refers to the Master Trust
                       Deed dated [  ] and the
                       Supplemental Deed referable to the
                       [  ] Trust dated [  ] ("MASTER
                       TRUST DEED").

                       NOTES

                       Pursuant to clause 9.1 of the Master Trust Deed, the
                       Global Trust Manager hereby notifies the Issuer Trustee
                       of the details of the issue of Notes on the following
                       terms:

                       (a)    Class;

                       (b)    Name;

                       (c)    Issue Date;

                       (d)    Maturity Date;

                       (e)    the number of Notes to be issued;

                       (f)    the initial Face Value of those Notes;

                       (g)    the Notes are [interest bearing/not interest
                              bearing] and the interest is [fixed/floating/at a
                              discount]

                       (h)    the [Margin] is [  ];

                       (i)    the [Payment Date] is [  ];

                       (j)    the Notes are secured by [  ];

                       (k)    the Support Facilities are [  ];

                       (l)    [INSERT SALE NOTICE DETAILS];

                       (m)    the minimum subscription for the Notes is [  ];

                       (n)    [the currency of the Note];

                       (o)    [OTHERS].

                                       62
<PAGE>

                       GLOBAL TRUST MANAGER'S CERTIFICATIONS

                       For the purposes of clause 9.2 of the Master Trust Deed,
                       the Global Trust Manager confirms that:

                       (a)     based on the anticipated Assets of the Trust at
                               the date of this Issue Notice, the Issuer Trustee
                               should (and the Global Trust Manager reasonably
                               believes that the Issuer Trustee will) be able to
                               meet its anticipated obligations and Liabilities
                               in respect of the Trust as and when they fall
                               due;

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

                       (c)     the acquisition of the Assets (if any) and the
                               characteristics of the Assets are consistent with
                               all information memoranda, notices, reports,
                               statements and the like given to Secured
                               Creditors.

                       Yours faithfully

                       FOR AND ON BEHALF OF THE GLOBAL TRUST MANAGER

                                       63
<PAGE>

SCHEDULE 4             MEETINGS OF NOTEHOLDERS
================================================================================

                  1     A meeting of Noteholders of a Trust must be convened by
                        notice in writing sent to every Noteholder of that Trust
                        entitled to attend and vote at the meeting at least 7
                        Business Days before the date of the meeting. The notice
                        of meeting must include a proxy form. The notice of
                        meeting need not set out the terms of any resolution to
                        be proposed, but must state the general nature of the
                        business to be transacted at the meeting. Either the
                        Global Trust Manager or the Issuer Trustee may convene a
                        meeting but must first give the other at least 10
                        Business Days notice of its intention to do so.

NON-RECEIPT

                  2     If a Noteholder does not receive a notice (including if
                        notice was accidentally omitted to be given to them) the
                        meeting is not invalidated.

QUORUM

                  3     The quorum for a meeting of a Trust is Noteholders
                        present in person or by proxy together holding between
                        them at least 67% of the Invested Amount of the Notes
                        for that Trust.

NO QUORUM

                  4     If a quorum is not present within 30 minutes after the
                        scheduled time for the meeting, the meeting is:

                        (a)   if convened on the requisition of Noteholders -
                              dissolved; or

                        (b)   otherwise - adjourned to such place and time as
                              the Global Trust Manager decides in consultation
                              with the Issuer Trustee.

                        At any adjourned meeting, those Noteholders present in
                        person or by proxy holding between them at least 50% of
                        the Invested Amount of the Notes constitute a quorum.

CHAIRMAN

                  5     A person may be appointed as the chairman of a meeting
                        of Noteholders of a Trust (the "CHAIRMAN") by an
                        ordinary resolution of the Noteholders of that Trust
                        present at the meeting or, in the absence of such an
                        appointment, nominated by the Issuer Trustee. The
                        Chairman need not be a Noteholder.

ADJOURNMENT

                  6     The Chairman has power to adjourn a meeting for any
                        reason to such place and time as the Chairman thinks
                        fit.

VOTING

                  7     Voting at a meeting of Noteholders of a Trust is by a
                        show of hands, unless a poll is duly demanded or the
                        Resolution

                                       64
<PAGE>

                        proposed is required by this deed or by law to be
                        decided by a percentage of all Notes. Each Noteholder of
                        the Trust present in person or by proxy has one vote on
                        a show of hands. On a poll, each Noteholder of the Trust
                        present in person or by proxy has one vote for every $10
                        of the Invested Amount (rounded down to the nearest $10)
                        in respect of that Noteholder. In the case of joint
                        holders, only the person whose name appears first in the
                        register may vote.

POLL

                  8     A poll may be demanded before or on declaration of the
                        result of a show of hands by either:

                        (a)   the Chairman; or

                        (b)   at least 1 Noteholder present in person or by
                              proxy.

CASTING VOTE

                  9     If votes are equal, whether on a show of hands or on a
                        poll, the Chairman has a casting vote in addition to the
                        vote or votes (if any) to which the Chairman is entitled
                        as a Noteholder.

PROXIES

                  10    A Noteholder may be represented at a meeting by proxy.
                        Proxies are governed by Part 2G.4 Division 5 of the
                        Corporations Law as if all meetings were convened under
                        Part 2G.4 Division 5. The Issuer Trustee is not
                        obligated to enquire whether a proxy has been validly
                        given. A proxy expires after 12 months. A proxy is still
                        valid after it is revoked or after the Noteholder who
                        gave it dies or becomes under a legal disability, unless
                        the Issuer Trustee has received written notice of that
                        fact before the meeting at which the proxy is used.

REPRESENTATIVES

                  11    A body corporate may be represented at a meeting by a
                        person appointed in the manner provided in section 250D
                        of the Corporations Law. The person may exercise on the
                        body's behalf the same powers as the body could if it
                        were a natural person and the body is taken to be
                        present at the meeting in person.

OTHER ATTENDEES

                  12    The Issuer Trustee, the Global Trust Manager, the
                        Unitholders and the Auditor may attend and speak at any
                        meeting, or invite any other person to attend and speak.

RESOLUTIONS BINDING

                  13    A Resolution in respect of a Trust binds all Noteholders
                        of the Trust, whether or not they are present at the
                        meeting. No objection may be made to any vote cast
                        unless the objection is made at the meeting. The
                        decision of the Chairman on any matter is final.

                                       65
<PAGE>

MINUTES

                  14    The minutes of a meeting of Noteholders signed by the
                        Chairman of the meeting are conclusive evidence of the
                        matters stated in them unless the contrary is proved.

WRITTEN RESOLUTIONS

                  15    Notwithstanding the provisions of this schedule, a
                        Resolution of the Noteholders of a Trust (including an
                        Extraordinary Resolution) may be passed, without any
                        meeting or previous notice being required, by an
                        instrument or instruments in writing which has or have:

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

                        (b)   any such instrument shall be effective upon
                              presentation to the Issuer Trustee for entry in
                              the records referred to in paragraph 13.

POWERS OF A MEETING

                  16

                        (a)   Subject to paragraph (b) below, a meeting of the
                              Noteholders of a Trust shall, without prejudice to
                              any rights or powers conferred on other persons by
                              the Transaction Documents, have power exercisable
                              by Extraordinary Resolution:

                              (i)   to sanction any action that the Issuer
                                    Trustee or the Global Trust Manager proposes
                                    to take to enforce the provisions of any
                                    Transaction Documents relating to the Trust;

                              (ii)  to sanction any proposal by the Global Trust
                                    Manager or the Issuer Trustee for any
                                    modification, abrogation, variation or
                                    compromise of, or arrangement in respect of,
                                    the rights of the Noteholders against the
                                    Issuer Trustee or the Global Trust Manager,
                                    whether such rights arise under any
                                    Transaction Document or otherwise;

                              (iii) to sanction the exchange or substitution of
                                    Notes for or the conversion of Notes into
                                    any other obligations or securities of the
                                    Issuer Trustee or any other body corporate
                                    formed or to be formed;

                              (iv)  subject to the Master Trust Deed and the
                                    relevant Supplemental Deed, to consent to
                                    any alteration, addition or modification of
                                    the Master Trust Deed or the relevant
                                    Supplemental Deed which is proposed by the
                                    Issuer Trustee or the Global Trust Manager;

                                       66
<PAGE>

                              (v)   to discharge or exonerate the Issuer Trustee
                                    or the Global Trust Manager from any
                                    liability in respect of any act or omission
                                    for which it may become responsible under
                                    any Transaction Document relating to the
                                    Trust; and

                              (vi)  to authorise the Issuer Trustee, the Global
                                    Trust Manager or any other person to concur
                                    in and execute and do all such documents,
                                    acts and things as may be necessary to carry
                                    out and give effect to any Extraordinary
                                    Resolution.

                        (b)   A meeting of the Noteholders of the Trust shall
                              not have power to, nor shall any resolution
                              submitted to the meeting propose or have the
                              effect of:

                              (i)   removing the Issuer Trustee or Global Trust
                                    Manager from office;

                              (ii)  interfering with the management of any
                                    Trust;

                              (iii) winding-up or terminating a Trust, except as
                                    contemplated by the Master Trust Deed;

                              (iv)  altering the Authorised Investments of a
                                    Trust; or

                              (v)   altering the terms upon which any Notes are
                                    issued (subject to the specific provisions
                                    of paragraph (a) above).

                                       67
<PAGE>

SCHEDULE 5             FORM OF ACKNOWLEDGEMENT
================================================================================

                       To:                                             (Name)
                          ---------------------------------------------
                                                                       (Address)
                          ---------------------------------------------

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

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

                       Register:
                                ---------------------------------------

                       Number of Notes:
                                       --------------------------------

                       Final Maturity Date:
                                           ----------------------------

                       Face Value of each Note:
                                               ------------------------

                       Coupon (if applicable):
                                              -------------------------

                       Payment Dates:
                                     ----------------------------------

                       This is to acknowledge that the person named above has
                       been entered in the Register of Noteholders in respect of
                       the abovementioned Notes ("NOTES") issued by Perpetual
                       Trustee Company Limited (ABN 42 000 001 007) ("ISSUER
                       TRUSTEE") as trustee of the [ ] Trust ("TRUST") as
                       constituted by the Supplemental Deed dated [ ] under the
                       terms of the Master Trust Deed dated [ ] ) (together the
                       "MASTER TRUST DEED") each between the Trustee and
                       HomeSide Global MBS Manager, Inc. ("GLOBAL TRUST
                       MANAGER"). The Notes described above are registered and
                       held by the Noteholder(s) named above subject to the
                       terms and conditions of the Master Trust Deed and the
                       Master Security Trust Deed ("SECURITY TRUST DEED")
                       between the Issuer Trustee, Global Trust Manager, P. T.
                       Limited (ABN 67 004 454 666)("SECURITY TRUSTEE") and the
                       Bank of New York, New York Branch ("NOTE TRUSTEE").

                       A tax file number has/has not been obtained from the
                       person named above.

                       Copies of the Master Trust Deed and Master Security Trust
                       Deed are available for inspection by appointment at the
                       office of the Global Trust Manager at [ ].

                       None of the Global Trust Manager, Security Trustee nor
                       the Issuer Trustee is under any obligation at any time to
                       repurchase Notes from Noteholders.

                       The Acknowledgment is not a certificate of title and the
                       Register of Noteholders on which these Notes are
                       registered is the only conclusive evidence of the title
                       of the abovementioned person to the Notes.

                                       68
<PAGE>

                       The Issuer Trustee's liability to make payments on the
                       Notes is limited under the Master Trust Deed and the
                       Master Security Trust Deed to its right of indemnity from
                       the assets of the Trust. The Issuer Trustee will (subject
                       to the terms of the Master Trust Deed) only be liable in
                       respect of the Notes for anything beyond its actual right
                       of indemnity from the assets of the Trust in respect of
                       any negligence, fraud, or breach of trust on the part of
                       the Issuer Trustee.

                       None of the Global Trust Manager, the Security Trustee or
                       the Issuer Trustee guarantees the repayment of the Face
                       Value of, or the Coupon due on, the Notes.

                       Transfers of the Notes must be made pursuant to a
                       transfer form as are available from the Global Trust
                       Manager at [ ]. Executed transfer forms of the Notes must
                       be lodged with the Issuer Trustee and be accompanied by
                       this Acknowledgment.

                       Each expression in this Acknowledgment that is not
                       defined herein has the same meaning as in the Master
                       Trust Deed.

                       Dated

                       For and on behalf of
                       [ISSUER TRUSTEE]

                       ---------------------------  ----------------------------
                       Authorised Person            Authorised Person

                                       69
<PAGE>

SCHEDULE 6             REGISTER OF NOTEHOLDERS
================================================================================

REGISTER

            1     The Issuer Trustee must, in respect of each Trust, keep an up
                  to date Register in respect of that Trust. The Issuer Trustee
                  must enter into the Register for a particular Trust:

                  (a)   the name of the Trust;

                  (b)   the names and addresses of the Noteholders;

                  (c)   the number of Notes held by each Noteholder;

                  (d)   the date on which each Noteholder was first registered
                        in the Register;

                  (e)   the date on which any person ceases to be a Noteholder;

                  (f)   the Coupon (if applicable) payable in relation to the
                        Note;

                  (g)   the Final Maturity Date (if applicable) in relation to
                        the Note;

                  (h)   the account into which any payments to a Noteholder are
                        to be paid (if applicable);

                  (i)   the Issue Price in relation to the Notes;

                  (j)   the Face Value of the Notes;

                  (k)   the Invested Amount in relation to the Notes; and

                  (l)   any other particulars the Global Trust Manager or the
                        Issuer Trustee agree are desirable or as required under
                        the relevant Supplemental Deed.

ISSUER TRUSTEE NOT LIABLE FOR MISTAKE

            2     The Issuer Trustee is not liable for any mistake in the
                  Register or in any purported copy except to the extent that
                  the mistake is attributable to the Issuer Trustee's own fraud,
                  negligence or breach of trust.

GLOBAL TRUST MANAGER ACCEPT CORRECTNESS

            3     The Global Trust Manager is entitled to accept the correctness
                  of all information contained in the Register and is not liable
                  to any person for any error in it.

INSPECTION

            4     The Global Trust Manager, or Noteholders and their authorised
                  representatives may inspect that part of the Register which
                  relates to the Noteholder free of charge at any time when the
                  Issuer Trustee's registered office is required to be open and
                  accessible to the public. The Issuer Trustee shall give a copy
                  of the Register or part of it to the Global Trust Manager
                  within three Business Days of receipt of a request from the
                  Global Trust Manager.

                                       70
<PAGE>

CHANGE IN INFORMATION

            5     A Noteholder must advise the Issuer Trustee of any change to
                  the information noted in the Register in respect of that
                  Noteholder. Upon receipt of such advice, the Issuer Trustee
                  must promptly update the information contained in the Register
                  and copy the updated information to the Global Trust Manager.

CLOSURE

            6     The Issuer Trustee from time to time may close the Register
                  but no part of the Register may be closed for more than 30
                  days in aggregate in any calendar year.

NOTICE OF OTHER INTEREST

            7     Except as otherwise provided in this deed, no notice of any
                  trust, whether express, implied or constructive, shall be
                  entered in the Register and neither the Issuer Trustee nor the
                  Global Trust Manager shall be affected by or compelled to
                  recognise (even when having notice of it) any right or
                  interest in any Note other than the Noteholders' absolute
                  right to the entirety of them and the receipt by a Noteholder
                  shall be a good discharge to the Issuer Trustee and Global
                  Trust Manager.

INFORMATION

            8     The Global Trust Manager shall furnish the Issuer Trustee with
                  such information as the Issuer Trustee may reasonably require
                  to maintain the Register.

CLOSURE TO CALCULATE ENTITLEMENT

            9     In order to calculate any payments due to Noteholders and
                  interest entitlements, the Register may be closed by the
                  Issuer Trustee from 4:30 pm on such Business Day as the Global
                  Trust Manager determines from time to time (not exceeding five
                  Business Days) and recommence at the commencement of business
                  on the Business Day immediately following the day that such
                  payments or interest entitlements are payable.

APPOINTMENT OF THIRD PARTY REGISTRAR

            10    The Issuer Trustee, with the approval of the Global Trust
                  Manager, may cause the Register to be maintained by a third
                  party on its behalf and require that person to discharge the
                  Issuer Trustee's obligations under this deed in relation to
                  the Register. The Issuer Trustee is not liable for any act or
                  omission of such person provided the Issuer Trustee has acted
                  in good faith and without negligence or breach of trust in
                  selecting a person competent to perform this function and in
                  the appointment of the person.

CONCLUSIVENESS OF REGISTER

            11    An Acknowledgment is not a certificate of title as to Notes
                  and subject to the terms of the relevant Note the Register is
                  the only conclusive evidence of title to Notes.

WORN OUT OR LOST ACKNOWLEDGMENT

            12    If an Acknowledgment becomes worn out or defaced, then upon
                  production of it to the Issuer Trustee, a replacement will be
                  issued. If

                                       71
<PAGE>

                  an Acknowledgment is lost or destroyed, and upon proof of this
                  to the satisfaction of the Issuer Trustee and the provision of
                  such indemnity as the Issuer Trustee considers adequate, a
                  replacement Acknowledgment will be issued. A fee not exceeding
                  $10 may also be charged by the Issuer Trustee for the new
                  Acknowledgment if it so requires.

RECTIFICATION OF REGISTER

            13    If:

                  (a)   an entry is omitted from the Register; or

                  (b)   an entry is made in the Register otherwise than in
                        accordance with this deed; or

                  (c)   an entry wrongly exists in the Register; or

                  (d)   there is an error or defect in any entry in the
                        Register; or

                  (e)   a default is made or an unnecessary delay takes place in
                        entering into the Register that any person has ceased to
                        be the holder of a Note or any other information,

                  the Issuer Trustee may rectify the same and the Issuer Trustee
                  is not liable for any loss, costs or liability incurred as a
                  result of any of the foregoing occurring except to the extent
                  that the loss, costs or liability is the result of fraud,
                  negligence or breach of trust on behalf of the Issuer Trustee.

                                       72
<PAGE>

EXECUTION PAGE
================================================================================
SIGNED, SEALED AND                  )
DELIVERED by                        )
as attorney for PERPETUAL TRUSTEE   )
COMPANY LIMITED                     )
under power of attorney dated       )
                                    )
in the presence of:                 )
                                    )
--------------------------------    )
Signature of witness                )
                                    )
--------------------------------    )
Name of witness (block letters)     )
                                    )
--------------------------------    )
Address of witness                  )      --------------------------------
                                    )      By executing this deed the
--------------------------------    )      attorney states that the attorney
Occupation of witness               )      has received no notice of
                                    )      revocation of the power of attorney

SIGNED by                           )
                                    )
                                    )
on behalf of and SEALED AND         )
DELIVERED by HOMESIDE               )
GLOBAL MBS MANAGER, INC             )
in the presence of:                 )
                                    )
                                    )
--------------------------------    )
Signature of witness                )
                                    )
--------------------------------    )
Name of witness (block letters)     )
                                    )
--------------------------------    )
Address of witness                  )      ------------------------------------
                                    )      By executing this deed the signatory
--------------------------------    )      states that the signatory has
Occupation of witness               )      received no notice of revocation of
                                    )      the authority pursuant to which they
                                    )      execute this deed

                                       73
<PAGE>

                      -------------------------------------
                      DATED              3 January 2001

                                HOMESIDE MORTGAGE
                                SECURITIES TRUSTS

                                MASTER TRUST DEED

                        PERPETUAL TRUSTEE COMPANY LIMITED
                               ("ISSUER TRUSTEE")
                        HOMESIDE GLOBAL MBS MANAGER, INC.
                            ("GLOBAL TRUST MANAGER")

                            MALLESONS STEPHEN JAQUES
                                   Solicitors

                             Governor Phillip Tower
                                 1 Farrer Place
                                 Sydney NSW 2000
                            Telephone (02) 9296 2000
                            Facsimile (02) 9296 3999
                                  DX 113 Sydney
                                  Ref: CD3:SRF
<PAGE>

CONTENTS               MASTER TRUST DEED
================================================================================

                       1     DEFINITIONS AND INTERPRETATION                  2

                             Definitions Schedule                            2
                             Interpretation                                  2

                       2     THE TRUSTS                                      3

                             Issuer Trustee                                  3
                             Global Trust Manager                            3
                             Declarations of trust                           3
                             Assets vest in Issuer Trustee                   3
                             Assets to be kept separate                      3
                             Supplemental Deeds                              3
                             Name of Trusts                                  4
                             Designation and discharge of Liabilities        4
                             Mixture of Assets                               4
                             No limit to number of Trusts                    4

                       3     DURATION OF THE TRUSTS                          4

                             Commencement                                    4
                             Termination                                     5
                             Procedure                                       5
                             Final Distribution                              5

                       4     INTEREST OF UNITHOLDERS                         5

                             Entitlement to a Trust                          5
                             Restrictions                                    6
                             Ranking                                         6

                       5     TRANSFERS BETWEEN TRUSTS                        7

                             Power                                           7
                             Direction by Global Trust Manager               7
                             Required information                            7
                             Conditions to acceptance                        7
                             Effect of acceptance                            8
                             Transfers                                       8
                             Transfer of rights                              9
                             Adjustments                                     9

                       6     TITLE PERFECTION EVENT IN RESPECT OF A TRUST    9

                             Event                                           9
                             Perfection of title                             9
                             Power of Attorney                              10
                             Issuer Trustee to hold Legal Title or
                               lodge Caveats                                10
                             Other Secured Liabilities                      10

                       7     INVESTMENT                                     10

                             Global Trust Manager's role                    10
                             Directions                                     11
                             Contingencies                                  11
                             Discretion of Global Trust Manager             12
                             Issuer Trustee to act                          12

                                       1
<PAGE>

                       8     BORROWINGS                                     13

                             Borrowings                                     13
                             Types of Borrowings                            13
                             Global Trust Manager to select method          13
                             Security                                       13
                             Supplemental Deed                              14
                             Debt of the Issuer Trustee                     14
                             Location of Notes                              14
                             Purpose of Borrowings                          14
                             Global Trust Manager's power                   15
                             No liability attaches to the Global
                               Trust Manager                                15

                       9     CONDITIONS PRECEDENT TO ISSUE OF NOTES         15

                             Issue Notice                                   15
                             Conditions precedent to issue                  15
                             Conditions precedent to direction to issue     16

                       10    TERMS OF ISSUE OF NOTES                        16

                             Characteristics                                16
                             Excluded offer or issue                        16
                             Subscriptions by other persons                 17
                             No liability                                   17
                             Terms of Notes                                 18
                             Acknowledgment of indebtedness                 18

                       11    SUPPORT AND OTHER FACILITIES                   18

                             Facilities                                     18
                             Rated issues                                   19
                             Manager's Direction                            19
                             Replacement or additional facilities           19
                             Reduction in rating                            19

                       12    ISSUER TRUSTEE                                 20

                             Powers                                         20
                             Interests of Secured Creditors paramount       21
                             Delegation                                     22
                             Indemnity                                      22
                             Act on expert advice                           22
                             Issuer Trustee's covenants                     22
                             Issuer Trustee's indemnity from Assets         24
                             Limitation of liability of Issuer Trustee      24
                             Dealing with instruments                       26
                             Proceedings in respect of a Trust              26
                             Limitation of Issuer Trustee's liability       27
                             Issuer Trustee's reliance                      28
                             Issuer Trustee no other duties                 28
                             Global Trust Manager's actions                 28
                             Use of clearing system                         28
                             No supervision or investigation                28
                             Information                                    29
                             Information Memorandum                         29
                             Issuer Trustee decisions                       29
                             Liability for Transaction Documents            30

                                       2
<PAGE>

                             Representations and warranties                 30
                             Breach of Consumer Credit Legislation          31

                       13    ISSUER TRUSTEE'S RETIREMENT                    31

                             Notice from Global Trust Manager               31
                             Issuer Trustee's mandatory retirement          31
                             Removal                                        31
                             New Issuer Trustee                             31
                             Issuer Trustee's voluntary retirement          31
                             Release                                        32
                             Settlement of amounts                          32
                             Costs                                          32

                       14    GLOBAL TRUST MANAGER                           32

                             Powers                                         32
                             Manager to have discretion                     33
                             Services                                       33
                             Delegation                                     34
                             Act on expert advice                           34
                             No power to bind Issuer Trustee                34
                             Global Trust Manager's covenants               34
                             Further limitation of liability of Global
                                Trust Manager                               36
                             Global Trust Manager liable                    36
                             Indemnity                                      37
                             Representations and warranties                 37
                             Limitation of liability of Global
                               Trust Manager                                38
                             No liability for non-payment                   39
                             Reporting                                      39

                       15    GLOBAL TRUST MANAGER'S RETIREMENT              39

                             Global Trust Manager's Default                 39
                             Global Trust Manager's Mandatory Retirement    39
                             Removal                                        39
                             Retirement                                     39
                             New Global Trust Manager                       39
                             Issuer Trustee act as Global Trust Manager     40
                             Release                                        40
                             Change in terms of appointment                 40
                             Costs                                          40

                       16    TRANSFER AND TRANSMISSION OF NOTES             41

                             No restriction on transfer                     41

                       17    REGISTER OF NOTEHOLDERS                        41

                             Register of Noteholders                        41

                       18    MEETINGS OF NOTEHOLDERS                        41

                       19    LIABILITY OF THE UNITHOLDERS AND CREDITORS     42

                             Liability limited                              42
                             Recourse limited                               42

                       20    PAYMENTS                                       42

                             Satisfaction and discharge                     42

                                       3
<PAGE>

                             Cheques and notices                            43
                             Payments to Noteholders                        43
                             Payment Methods                                43
                             Valid receipts                                 43

                       21    PAYMENTS, INCOME AND DISTRIBUTIONS             44

                             Payments                                       44
                             Payment                                        45
                             Issuer Trustee to act                          45

                       22    ACCOUNTS AND AUDIT                             45

                             Accounts                                       45
                             Audit                                          45
                             Establishment of bank accounts                 46
                             Withdrawals                                    46

                       23    ADMINISTRATION AND REPORTING                   47

                             Register of Unitholders                        47
                             Transfers                                      47
                             Death, legal disability                        47
                             Deductions                                     47

                       24    RIGHTS AND LIABILITIES OF GLOBAL TRUST
                             MANAGER AND ISSUER TRUSTEE                     47

                             Holding Units                                  47
                             Other capacities                               47
                             Exercise of discretion                         48

                       25    LIABILITY OF THE UNITHOLDERS AND NOTEHOLDERS   49

                             Liability limited                              49
                             Recourse limited                               49

                       26    REMUNERATION AND EXPENSES                      49

                             Global Trust Manager                           49
                             Issuer Trustee                                 49
                             Expenses                                       50
                             Deferral                                       51
                             GST                                            51
                             Application                                    51

                       27    NOTICES                                        51

                             Notices                                        51
                             Initial addresses                              51
                             Time effective                                 52
                             Receipt                                        52

                       28    AMENDMENTS TO THIS DEED AND SUPPLEMENTAL DEED  53

                             Amending power                                 53
                             Consent required                               53
                             Amendments prejudicial to Noteholders of a
                               Class                                        54
                             Amendments prejudicial to all Noteholders      54

                       29    TAX REFORM                                     54

                       30    UNITHOLDERS AND SECURED CREDITORS BOUND BY
                             DEED                                           56

                                       4
<PAGE>

                       31    MISCELLANEOUS                                  56

                             Certificate                                    56
                             Exercise of rights                             56
                             Waiver and variation                           56
                             Supervening legislation                        56
                             Approvals and consent                          57
                             Remedies cumulative                            57
                             Indemnities                                    57
                             Time of the essence                            57
                             Receipts                                       57
                             Acknowledgment                                 57
                             Disclosure of information                      57
                             Rights cumulative                              58
                             Signatures                                     58
                             Meetings                                       58

                       32    GOVERNING LAW                                  58

                             Governing Law                                  58
                             Submission to jurisdiction                     58
                             Service                                        58

                       33    LIMITED RECOURSE                               59

                       34    COUNTERPARTS                                   59

                       SCHEDULE 1  NOTICE OF CREATION OF TRUST              60

                       SCHEDULE 2  RECEIVABLES TRANSFER DIRECTION           61

                       SCHEDULE 3  ISSUE NOTICE                             63

                       SCHEDULE 4  MEETINGS OF NOTEHOLDERS                  65

                       SCHEDULE 5  FORM OF ACKNOWLEDGEMENT                  69

                       SCHEDULE 6  REGISTER OF NOTEHOLDERS                  71

                                       5<PAGE>

                                                                   EXHIBIT 4.4

                       HOMESIDE MORTGAGE SECURITIES TRUSTS
                           MASTER SECURITY TRUST DEED

DATE:                                           3 January 2001

PARTIES:          PERPETUAL TRUSTEE COMPANY LIMITED (ABN 42 000 001 007) having
                  its registered office at Level 7, 39 Hunter Street, Sydney NSW
                  2000 ("ISSUER TRUSTEE")
                  P.T. LIMITED (ABN 67 004 454 666 having its registered office
                  at Level 7, 39 Hunter Street, Sydney NSW 2000 ("SECURITY
                  TRUSTEE")
                  HOMESIDE GLOBAL MBS MANAGER, INC. having an office at
                  7301 Baymeadows Way, Florida, 32256, United States of America
                  ("GLOBAL TRUST MANAGER")
                  THE BANK OF NEW YORK, NEW YORK BRANCH, a New York banking
                  corporation acting through its New York branch at 101 Barclay
                  Street, 21W, New York New York 10286 ("NOTE TRUSTEE")

RECITALS:

            A.    The Issuer Trustee is the trustee, and the Global Trust
                  Manager is the manager, of each Trust which is or will be
                  established pursuant to the Master Trust Deed and a Notice of
                  Creation of Trust, and which will be regulated by a
                  Supplemental Deed which provides for this deed to apply to
                  that Trust.

            B.    Pursuant to the Master Trust Deed, the Issuer Trustee has the
                  power to raise money by issuing Notes and will be doing so in
                  accordance with the terms of the Master Trust Deed.

            C.    As security for its obligations to the Secured Creditors of a
                  Trust, the Issuer Trustee, as trustee of that Trust, will
                  grant to the Security Trustee a charge over all of the Assets
                  of that Trust for the benefit of those Secured Creditors.

            D.    The Issuer Trustee of a Trust has the power under the Master
                  Trust Deed to grant the Charge evidenced in the relevant Deed
                  of Charge.

            E.    The Security Trustee of each Security Trust will act as
                  trustee for the Secured Creditors and hold the benefit of the
                  Charge on trust for the Secured Creditors and otherwise act in
                  accordance with this deed and the relevant Deed of Charge.

            F.    The Note Trustee may have certain rights and obligations under
                  this deed in respect of a Trust in its capacity as a Voting
                  Secured Creditor, of that Trust.

OPERATIVE PROVISIONS:

1     INTERPRETATION
------------------------------------------------------------------------------

            1.1   The following words have these meanings in this deed unless
                  the contrary intention appears.

<PAGE>

                  DEFINITIONS SCHEDULE means the deed called "HomeSide Mortgage
                  Securities Trusts Definitions Schedule" dated on or about the
                  date of this deed and made between the parties described in
                  schedule 1 to that deed.

DEFINITIONS SCHEDULE

            1.2   Except to the extent to which words and phrases are otherwise
                  defined in this deed, words and phrases defined in the
                  Definitions Schedule or in the Supplemental Deed for a Trust
                  shall bear the same meaning in this deed when used in respect
                  of that Trust. In the event of any inconsistency between a
                  definition in the Definitions Schedule and the Supplemental
                  Deed for a Trust, the definitions in the Supplemental Deed
                  will prevail. No change to the Definitions Schedule or to the
                  Supplemental Deed for a Trust will affect the interpretation
                  of this deed unless the change has been agreed to by the
                  Security Trustee.

MISCELLANEOUS

            1.3   Clauses 1.2 to 1.5 (inclusive) of the Definitions Schedule are
                  deemed to be incorporated in this deed as if they were set out
                  in full.

            1.4   The Issuer Trustee, the Global Trust Manager, the Security
                  Trustee and the Note Trustee will only have rights and
                  obligations under this deed in respect of a Trust where the
                  Supplemental Deed for that Trust specifies that this deed (and
                  the Deed of Charge relating to that Trust) is to apply to that
                  Trust.

2     DECLARATION OF SECURITY TRUST

------------------------------------------------------------------------------
DECLARATION OF SECURITY TRUST

            2.1   The Security Trustee declares that it holds the sum of $10
                  (contributed by the Global Trust Manager) and will hold the
                  Security Trust Fund in respect of each Security Trust on trust
                  for persons who are the Secured Creditors of the Trust
                  referable to that Security Trust from time to time.

COMMENCEMENT AND TERMINATION

            2.2   A Security Trust will commence on the date on which the Deed
                  of Charge in respect of that Security Trust is executed and
                  terminates on the earlier of:

                  (a)   the Vesting Date in respect of that Security Trust; and

                  (b)   the date on which the related Trust is terminated in
                        accordance with the Master Trust Deed.

NAME OF SECURITY TRUST

            2.3   The name of each Security Trust will be the "HomeSide Mortgage
                  Securities X-Y Security Trust", where X is the year in which
                  the relevant Security Trust is created and Y is the
                  consecutive number of the Security Trust created in that year
                  (or such other name agreed between the Issuer Trustee, the
                  Security Trustee and the Global Trust Manager).

                                       2
<PAGE>

RIGHTS OF SECURED CREDITORS

            2.4   The Secured Creditors of a Security Trust are bound by, and
                  are deemed to have notice of, the provisions of the
                  Transaction Documents of the Trust to which the Security Trust
                  relates. The rights of the Secured Creditors of a Security
                  Trust are limited by the terms of such Transaction Documents.

            2.5   Without limiting clause 2.4, no Secured Creditor in respect of
                  a Trust is entitled (other than as permitted by this deed or
                  any other Transaction Document in respect of that Trust) to:

                  (a)   interfere with any Trust or any rights or powers of the
                        Global Trust Manager or the Issuer Trustee under the
                        Master Trust Deed or any other Transaction Document in
                        respect of that Trust;

                  (b)   exercise a right in respect of an Asset of any Trust or
                        lodge a caveat or other notice affecting an Asset of any
                        Trust or otherwise claim any interest in an Asset of any
                        Trust;

                  (c)   subject to the Transaction Documents for that Trust,
                        require the transfer to it of any Asset of any Trust;

                  (d)   seek to terminate or wind up any Trust;

                  (e)   have any recourse whatsoever to the Issuer Trustee or
                        the Global Trust Manager in its personal capacity except
                        in the case of fraud, negligence or breach of trust on
                        the part of the Issuer Trustee or the fraud, negligence
                        or material breach of obligation on the part of the
                        Global Trust Manager; or

                  (f)   seek to remove the Issuer Trustee or the Global Trust
                        Manager.

                     However, nothing in this clause prevents a Secured Creditor
                     from:

                     (i)   exercising its rights in connection with any
                           Transaction Document in respect of that Trust;

                     (ii)  taking proceedings to obtain an injunction or other
                           order to restrain any breach of any Transaction
                           Document in respect of that Trust; or

                     (iii) taking proceedings to obtain declaratory relief in
                           relation to any Transaction Document in respect of
                           that Trust.

3     PAYMENTS
------------------------------------------------------------------------------
PAYMENT TO SECURITY TRUSTEE

            3.1   Subject to clause 3.2, the Issuer Trustee agrees to pay the
                  Secured Money referable to a Trust to the Security Trustee in
                  accordance with the terms of the Transaction Documents for
                  that Trust.

                                       3
<PAGE>

DISCHARGE BY PAYMENT TO SECURED CREDITORS

            3.2

                  (a)   The payment of the Secured Money of a Trust by the
                        Issuer Trustee to a Secured Creditor of that Trust in
                        accordance with the terms of the Transaction Documents
                        for that Trust will discharge the Issuer Trustee from
                        any obligation to pay that amount to the Security
                        Trustee in accordance with clause 3.1.

                  (b)   Clause 3.2(a) does not affect or limit the obligation of
                        the Issuer Trustee to pay to the Security Trustee any
                        Secured Money of a Trust payable to the Security Trustee
                        on its own account pursuant to the terms of any
                        Transaction Document for that Trust.

ELECTION BY SECURITY TRUSTEE

            3.3   The Security Trustee may elect, at any time after an Event of
                  Default has occurred in respect of a Trust, to require payment
                  to it of all or part of the Secured Money for that Trust.
                  Clause 3.2(a) will not apply if any such election is made by
                  the Security Trustee.

4     COVENANTS BY ISSUER TRUSTEE
------------------------------------------------------------------------------
GENERAL COVENANTS

            4.1   The Issuer Trustee, in respect of each Trust, agrees to:

                  (a)   (OBSERVE MASTER TRUST DEED) observe the terms of the
                        Master Trust Deed and the Supplemental Deed for that
                        Trust in dealing with the Secured Property of that
                        Trust;

                  (b)   (COPY OF REGISTER) at the same time or as soon as
                        practicable after a notice referred to in clause 4.1(e)
                        is given to the Security Trustee, provide to the
                        Security Trustee:

                        (i)   a current copy of the Register of that Trust
                              maintained in accordance with the Master Trust
                              Deed;

                        (ii)  details (including notice details) of each Secured
                              Creditor of that Trust; and

                        (iii) details of the Secured Money owing to each Secured
                              Creditor of that Trust;

                  (c)   (PROVIDE INFORMATION) upon request from the Security
                        Trustee (acting reasonably), provide to the Security
                        Trustee such information, copies of any accounting
                        records and other documents, statements and reports
                        required to be maintained by, or that are otherwise in
                        the possession of, the Issuer Trustee, or which the
                        Issuer Trustee is entitled to obtain from any person
                        (including information and documents referred to in
                        clause 4.1(b));

                  (d)   (DEPOSIT DOCUMENTS) if the Charge in respect of that
                        Trust has taken effect as a fixed charge, deposit with
                        the Security

                                       4
<PAGE>

                        Trustee immediately or as soon as the Issuer Trustee
                        receives them:

                        (i)   anything evidencing a Security Interest in respect
                              of that Trust and any document of title given to
                              the Issuer Trustee to secure the payment of a
                              monetary obligation to the Issuer Trustee in
                              respect of that Trust; and

                        (ii)  any documents of title relating to property over
                              which that Charge operates as a fixed charge;

                  (e)   (EVENT OF DEFAULT) notify and provide the Security
                        Trustee and each Current Rating Agency with details of
                        any Event of Default in respect of that Trust of which
                        it becomes actually aware;

                  (f)   (ACTIONS) do all such things as are necessary or
                        appropriate to give effect to the provisions of this
                        deed and the Deed of Charge for that Trust;

                  (g)   (OTHER BUSINESS) not engage in any business or other
                        activities other than those contemplated by the
                        Transaction Documents for the Trust;

                  (h)   (INSOLVENCY PROCEEDINGS) not take any steps to commence
                        or initiate any insolvency, dissolution, consolidation,
                        merger or other similar proceedings in respect of the
                        Trust unless each Current Rating Agency confirms that
                        such proceedings will not result in the downgrade,
                        reduction or withdrawal of the Required Credit Rating in
                        respect of the Trust;

                  (i)   (OTHER INDEBTEDNESS) not incur any financial
                        indebtedness in respect of the Trust except as
                        contemplated by the Transaction Documents for the Trust;

                  (j)   (SEPARATENESS) conduct the business and operations of
                        the Trust in a manner which is separate from, and on an
                        arm's length basis with all other business conducted by
                        the Issuer Trustee;

                  (k)   (SUBSIDIARIES) not establish any subsidiaries; and

                  (l)   (BANK ACCOUNTS) not open or maintain any bank accounts
                        in respect of the Trust other than as contemplated by
                        the Transaction Documents for that Trust.

COVENANTS IN RESPECT OF SECURED PROPERTY

            4.2   The Issuer Trustee, in respect of each Trust, will not:

                  (a)   dispose of, deal with or part with possession of any
                        interest in the Secured Property of that Trust over
                        which the Charge in respect of that Trust is floating in
                        any manner except as permitted by the Transaction
                        Documents;

                                       5
<PAGE>

                  (b)   without the prior written consent of the Security
                        Trustee, dispose of, deal with or part with possession
                        of any interest in, or permit a set-off or combination
                        of, accounts in respect of the Secured Property of that
                        Trust over which the Charge in respect of that Trust is
                        fixed in any manner except as permitted by the
                        Transaction Documents; or

                  (c)   without the prior written consent of the Security
                        Trustee, create or allow to come into existence an
                        Encumbrance (other than pursuant to this deed or the
                        Deed of Charge in respect of that Trust) which affects
                        any Secured Property of that Trust (except an
                        Encumbrance which is created by the operation of law or
                        as permitted by the Transaction Documents for that
                        Trust).

            4.3   If the Issuer Trustee creates or allows to exist an
                  Encumbrance over any Secured Property of a Trust in breach of
                  clause 4.2(c), without the consent of the Security Trustee,
                  then, despite anything contained in this deed or any other
                  agreement in connection with the provision of the Secured
                  Money in respect of that Trust:

                  (a)   the Issuer Trustee must immediately procure that; and

                  (b)   the Security Trustee and the Secured Creditors of that
                        Trust need not provide any further accommodation which
                        would form part of the Secured Money of that Trust until
                        the Issuer Trustee procures that,

                  a priority agreement is entered into between the Issuer
                  Trustee, the Security Trustee and the encumbrancer in a form
                  acceptable to the Security Trustee. The Security Trustee's
                  other rights which arise if the Issuer Trustee so creates or
                  allows to exist an Encumbrance are not affected by this clause
                  4.3. The Issuer Trustee must provide each Current Rating
                  Agency with written notice of the creation or existence of the
                  Encumbrance.

GLOBAL TRUST MANAGER UNDERTAKINGS

            4.4   The Global Trust Manager undertakes to the Issuer Trustee and
                  the Security Trustee that it will not knowingly give any
                  direction to the Issuer Trustee under the Transaction
                  Documents which would, if complied with, result in the Issuer
                  Trustee breaching the terms of this deed or any other
                  Transaction Document.

            4.5   At the request of the Issuer Trustee or the Security Trustee,
                  the Global Trust Manager must provide to the Issuer Trustee or
                  the Security Trustee, as the case may be, the information and
                  other material referred to in clauses 4.1(b)(ii) and (iii) and
                  clause 4.1(c) to the extent that such information is in the
                  possession of the Global Trust Manager or which the Global
                  Trust Manager is entitled to obtain from any person and the
                  Global Trust Manager is permitted, under any applicable
                  privacy legislation, to provide that information or material
                  to the Issuer Trustee or the Security Trustee, as the case may
                  be.

                                       6
<PAGE>

5     FURTHER ASSURANCES
------------------------------------------------------------------------------
ISSUER TRUSTEE ASSURANCES

            5.1   The Issuer Trustee, in respect of each Trust, agrees to:

                  (a)   execute in favour of the Security Trustee, or as the
                        Security Trustee directs, and in a form acceptable to
                        the Security Trustee, further documents; and

                  (b)   do the things the Security Trustee stipulates,

                  to provide more effective security to the Security Trustee
                  over the Secured Property of the relevant Trust, for the
                  payment of the Secured Money of the relevant Trust and to
                  enable the Security Trustee to exercise its rights in
                  connection with that Secured Property.

COMPLETION OF INSTRUMENTS

            5.2   An Authorised Person of the Security Trustee may fill in any
                  blanks in this deed and in any Deed of Charge and complete in
                  favour of the Security Trustee or anyone purchasing under the
                  powers given by this deed any instrument executed by or on
                  behalf of the Issuer Trustee in blank and deposited with the
                  Security Trustee in connection with this deed or any Deed of
                  Charge.

REGISTRATION OF CHARGE

            5.3   The Global Trust Manager (on behalf of the Security Trustee)
                  must register the Charge in respect of each Trust at the
                  Issuer Trustee's expense as a charge on the register of
                  charges maintained by the Australian Securities and
                  Investments Commission under the Corporations Law. The Issuer
                  Trustee agrees to procure execution of all documents required
                  by the Global Trust Manager which are necessary to register
                  each such Charge and to provide evidence to the Security
                  Trustee promptly after registration is completed.

6     REPRESENTATIONS AND WARRANTIES
------------------------------------------------------------------------------

            6.1   The Issuer Trustee, as trustee of each Trust, represents and
                  warrants that:

                  (a)   (NO BREACH) it is not in breach of any material
                        provision of the Master Trust Deed or the relevant
                        Supplemental Deed;

                  (b)   (POWER) it has power to enter into this deed and the
                        Deed of Charge in respect of the Trust, and to observe
                        its obligations under them and to allow them to be
                        enforced;

                  (c)   (AUTHORISATIONS) it has in full force and effect the
                        authorisations necessary to exercise the powers referred
                        to in paragraph (b) above;

                  (d)   (NO CONTRAVENTION) this deed, the Deed of Charge in
                        respect of the Trust and the transactions under them do
                        not contravene its constituent documents or any law,
                        regulation or official

                                       7
<PAGE>

                        directive or any of its obligations or undertakings by
                        which it or any of its assets are bound;

                  (e)   (CREATION OF TRUST) the Trust has been validly created;

                  (f)   (APPOINTMENT OF ISSUER TRUSTEE) the Issuer Trustee has
                        been validly appointed as the trustee of the Trust;

                  (g)   (SOLE TRUSTEE) the Issuer Trustee is the sole trustee of
                        the Trust;

                  (h)   (NO REMOVAL) so far as the Issuer Trustee is aware,
                        there are no proceedings to remove the Issuer Trustee as
                        trustee; and

                  (i)   (TITLE) it is the legal owner, or owner in equity, of
                        the Secured Property.

GLOBAL TRUST MANAGER REPRESENTATION AND WARRANTIES

            6.2   The Global Trust Manager, as manager of each Trust, represents
                  and warrants that:

                  (a)   (NO BREACH) it is not in breach of any material
                        provision of the Master Trust Deed;

                  (b)   (POWER) it has the power to enter into this deed and the
                        Deed of Charge in respect of the Trust, and to observe
                        its obligations under them and allow them to be
                        enforced;

                  (c)   (AUTHORISATIONS) it has in full force and effect the
                        authorisations necessary to exercise the powers referred
                        to in paragraph (b);

                  (d)   (NO CONTRAVENTION) as far as the Global Trust Manager is
                        aware, this deed, the Deed of Charge and the
                        transactions under them do not contravene its
                        constituent documents or any law, regulation or official
                        directive or any of its obligations or undertakings by
                        which it or any of its assets are bound;

                  (e)   (APPOINTMENT OF GLOBAL TRUST MANAGER) the Global Trust
                        Manager has been validly appointed as trust manager of
                        the Trust; and

                  (f)   (NO REMOVAL) as far as the Global Trust Manager is
                        aware, there are no proceedings to remove the Global
                        Trust Manager as trust manager.

            6.3   The representations and warranties in clauses 6.1 and 6.2 are
                  taken to be made in respect of a Trust on the date of
                  execution of the Deed of Charge for that Trust.

7     GENERAL POWERS, RIGHTS AND RESPONSIBILITIES
------------------------------------------------------------------------------
POWER TO INVEST

            7.1   All moneys received by the Security Trustee and not required
                  to be applied immediately under any of the discretions or
                  powers contained

                                       8
<PAGE>

                  in this deed may be placed at the time by the Security Trustee
                  in Authorised Investments.

OTHER POWERS

            7.2   The Security Trustee may, whenever it thinks it expedient in
                  the interests of the Secured Creditors of a Trust, apply to
                  any court for directions in relation to any question of law or
                  fact arising either before or after an Event of Default in
                  respect of that Trust and assent to, and approve of, or oppose
                  any application to any court made by or at the instance of any
                  Secured Creditor of that Trust, the Issuer Trustee or the
                  Global Trust Manager.

                  Further, the Security Trustee:

                  (a)   (DEFEND SECURITY TRUST FUND) may take such action as it
                        is directed to take by an Extraordinary Resolution of
                        Voting Secured Creditors of a Trust to defend the
                        Security Trust Fund referable to that Trust against any
                        legal proceedings that, if successful, might adversely
                        affect the Security Trust Fund referable to that Trust;
                        and

                  (b)   (DEFEND ITSELF AS SECURITY TRUSTEE) may take such action
                        as it considers necessary to defend itself as trustee of
                        the Security Trust against any legal proceedings.

DISCRETION OF SECURITY TRUSTEE AS TO EXERCISE OF POWERS

            7.3   Subject to any express provision to the contrary contained in
                  this deed, the Security Trustee will, as regards all the
                  powers, authorities and discretions vested in it by this deed
                  have absolute discretion as to the exercise of them in all
                  respects and, in the absence of fraud, negligence or breach of
                  trust on its part, the Security Trustee will not be in any way
                  responsible for any loss, costs, damages, claims or
                  obligations that may result from the exercise or non-exercise
                  of them.

LIMITATION ON SECURITY TRUSTEE'S ACTIONS

            7.4   Notwithstanding knowledge by, or notice to, the Security
                  Trustee of any Event of Default or breach anticipatory or
                  actual of, or default under, any covenant, obligation,
                  condition or provision by the Issuer Trustee or the Global
                  Trust Manager contained in or imposed by this deed or the
                  Master Trust Deed, the Security Trustee is only required to
                  take all such steps and do all such things as it is empowered
                  to do having regard to the powers, authorities and discretions
                  vested in it pursuant to this deed and the obligations imposed
                  on the Security Trustee by this deed.

LIMITATIONS ON SECURITY TRUSTEE'S RESPONSIBILITY

            7.5   The Security Trustee is not to:

                  (a)   be held responsible if it acts upon any resolution
                        purporting to have been passed at any meeting of the
                        Voting Secured Creditors of a Trust 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

                                       9
<PAGE>

                        not valid or binding upon any of those Voting Secured
                        Creditors whom it purports to bind or upon the Security
                        Trustee;

                  (b)   be obliged to notify the Secured Creditors of a Trust of
                        the happening of any Event of Default insofar as they
                        relate to that Trust except in the circumstances set out
                        in clause 9.1;

                  (c)   be bound or concerned to examine or enquire into, nor be
                        liable for any defect or failure in, the title of the
                        Issuer Trustee to any Secured Property;

                  (d)   be under any liability whatsoever for acting in
                        accordance with any direction obtained from the Secured
                        Creditors or the Voting Secured Creditors (as the case
                        may be) of a Trust at a meeting convened under clause 9;
                        and

                  (e)   be under any liability whatsoever for a failure to take
                        any action in respect of any breach by the Issuer
                        Trustee of its duties as trustee of the Trust of which
                        the Security Trustee is not actually aware or in respect
                        of any Event of Default in respect of a Trust of which
                        the Security Trustee is not actually aware,

                  except to the extent that any such matter or liability is
                  caused by the fraud, negligence or breach of trust of the
                  Security Trustee.

NO LIABILITY

            7.6 The Security Trustee is not liable:

                  (a)   for any loss, costs, damages or expenses arising out of
                        the exercise or non-exercise of a discretion or for any
                        act or omission on its part under this deed;

                  (b)   for any loss, costs, damages or expenses arising out of
                        the exercise or non-exercise of a discretion of the
                        Issuer Trustee or the Global Trust Manager or the act or
                        omission of the Issuer Trustee or the Global Trust
                        Manager;

                  (c)   for any loss caused by its failure to check any
                        information, document, form or list supplied or
                        purported to be supplied to it by the Issuer Trustee or
                        the Global Trust Manager;

                  (d)   to the Secured Creditors of a Trust or any other person
                        for any liability or thing beyond the extent to which it
                        can be satisfied out of property of the Security Trust
                        Fund referable to that Trust out of which the Security
                        Trustee is actually indemnified for the liability or
                        thing;

                  (e)   to make a payment to any Secured Creditor except out of
                        funds held for that purpose pursuant to this deed; or

                  (f)   for any other act or omission on its part,

                  except, in all cases, to the extent that the relevant matter
                  is due to the fraud, negligence or breach of trust of the
                  Security Trustee.

                                       10
<PAGE>

SECURITY TRUSTEE NOT RESPONSIBLE FOR MONITORING

            7.7   (a)   Each Secured Creditor is taken to confirm that:

                        (i)   it has made its own appraisal and investigation of
                              the business, financial condition, status and
                              affairs of the Global Trust Manager, the Servicer,
                              the Issuer Trustee and each other party to each
                              Transaction Document, of the Assets of each Trust
                              and of the property comprising the Security Trust
                              Fund referable to that Trust;

                        (ii)  it is solely responsible for continuing that
                              appraisal and investigation after the date of this
                              deed;

                        (iii) it has not entered into any Transaction Document
                              as the result of any inducement from, or
                              representation or statement by, the Security
                              Trustee; and

                        (iv)  it has made its own appraisal of its financial
                              return under the Transaction Documents.

                  (b)   Each Secured Creditor is taken to confirm that it has
                        not relied, and will not rely, on the Security Trustee
                        at any time, and that the Security Trustee is not
                        required:

                        (i)   to provide it with any information concerning the
                              business, financial condition, status or affairs
                              of the Global Trust Manager, the Servicer, the
                              Issuer Trustee or any other party to any
                              Transaction Document;

                        (ii)  to investigate the adequacy, accuracy or
                              completeness of any information provided by the
                              Global Trust Manager, the Servicer, the Issuer
                              Trustee or any other party to any Transaction
                              Document in connection with the Transaction
                              Documents (whether or not the information is
                              provided to that Secured Creditor by the Security
                              Trustee);

                        (iii) to assess or keep under review the business,
                              financial condition, status or affairs of the
                              Global Trust Manager, the Servicer, the Issuer
                              Trustee or any other party to any Transaction
                              Document or to inspect any of their properties or
                              books;

                        (iv)  to investigate whether or not an Event of Default
                              has occurred in respect of a Trust; or

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

                                       11
<PAGE>

                  (c)   Except to the extent contemplated by another Transaction
                        Document, the Security Trustee has no duty or
                        responsibility, but is authorised in its absolute
                        discretion, to provide any Secured Creditor of a Trust
                        with any credit or other information concerning the
                        assets, liabilities, financial condition or business of
                        the Issuer Trustee, the Trust or (to the extent that it
                        is relevant to the performance by that person of its
                        obligations under the Transaction Documents) the Global
                        Trust Manager or the Servicer which may come into the
                        possession of the Security Trustee.

SECURITY TRUSTEE'S FURTHER DUTIES

            7.8   Subject to this deed, the Security Trustee must comply with
                  the duties imposed on it by this deed and must:

                  (a)   act continuously as trustee of each Security Trust until
                        it is terminated in accordance with this deed or until
                        the Security Trustee has retired or been removed in
                        accordance with this deed;

                  (b)   exercise all due diligence and vigilance in carrying out
                        its functions and duties under this deed and each Deed
                        of Charge;

                  (c)   subject to this deed, retain each Security Trust Fund in
                        safe custody and hold it on trust for the Secured
                        Creditors of the relevant Trust upon the terms of this
                        deed and the relevant Deed of Charge; and

                  (d)   not sell, mortgage, charge or part with the possession
                        of any part or the whole of the Security Trust Fund
                        referable to a Trust (or permit any of its officers,
                        agents and employees to do so) except as permitted or
                        contemplated by this deed and the relevant Deed of
                        Charge.

ACCEPTANCE OF CERTIFICATES ETC.

            7.9   The Security Trustee is, for any purpose and at any time,
                  entitled to rely on, act upon, accept and regard as conclusive
                  and sufficient (without being in any way bound to call for
                  further evidence or information or being responsible for any
                  loss that may be occasioned by such reliance, acceptance or
                  regard) any of the following:

                  (a)   any information, report, balance sheet, profit and loss
                        account, certificate or statement supplied by the Issuer
                        Trustee or the Global Trust Manager or by any officer,
                        auditor or solicitor of the Issuer Trustee or the Global
                        Trust Manager including the Register of a Trust and any
                        other details of the identity of, Secured Moneys owing
                        to, and notice details of, any Secured Creditor of a
                        Trust;

                  (b)   all statements (including statements made or given to
                        the best of the maker's knowledge and belief or
                        similarly qualified) contained in any information,
                        report, balance sheet, profit and loss account,
                        certificate or statement given pursuant to, or in
                        relation to, this deed or the Master Trust Deed; and

                                       12
<PAGE>

                  (c)   all accounts supplied to the Security Trustee pursuant
                        to this deed and all reports of the Auditor supplied to
                        the Security Trustee pursuant to this deed,

                  except, in each case, when it is actually aware that the
                  information supplied pursuant to clauses (a) to (c) is
                  incorrect.

ACT ON OPINION OF EXPERTS

            7.10  The Security Trustee may in relation to this deed or the
                  rights, powers or obligations conferred or imposed by this
                  deed act on the advice or opinion or information received from
                  any adviser of a kind appropriate to the particular case
                  including any lawyer, banker, accountant, securities company,
                  broker or valuer or other expert in Australia or elsewhere,
                  whether obtained by the Security Trustee or otherwise
                  (including by the Issuer Trustee or the Global Trust Manager).
                  The Security Trustee is not responsible for any loss
                  occasioned by so acting in good faith and any such advice or
                  opinion or information may be given verbally or by letter or
                  otherwise. The Security Trustee is not to be liable for any
                  loss occasioned by acting in good faith on any opinion, advice
                  and information purporting to be so conveyed although the same
                  contains some error or is not authentic unless it has
                  reasonable grounds to believe such advice, opinion or
                  information not to be authentic.

RIGHT TO RECTIFY

            7.11  The Security Trustee may do anything which should have been
                  done by the Issuer Trustee under this deed or under the Deed
                  of Charge but which has not been done or which the Security
                  Trustee considers has not been done properly, but the Security
                  Trustee is under no obligation to do so.

CONSENT TO DEALINGS

            7.12  During such time that a Charge has effect as a floating charge
                  over the relevant Secured Property, the Issuer Trustee may
                  dispose of, or deal with, such Secured Property to the extent
                  permitted by the Master Trust Deed and the Supplemental Deed
                  for the relevant Trust.

ASCERTAIN EVENT OF DEFAULT

            7.13  The Security Trustee need not:

                  (a)   without limiting any other provision of this deed,
                        notify any person of the execution of this deed or any
                        Deed of Charge; or

                  (b)   take any steps to ascertain whether there has occurred
                        any:

                        (i)   Event of Default in respect of a Trust; or

                        (ii)  event which constitutes, or which with the giving
                              of notice or the lapse of time would constitute,
                              an Event of Default in respect of a Trust.

                  Nothing in this clause limits or restricts the duties of the
                  Security Trustee to take any action in accordance with clause
                  9.1 or clause 9.9

                                       13
<PAGE>

                  of this deed if it becomes actually aware of, or has actual
                  notice of, an Event of Default in respect of a Trust.

                  Until it has actual notice to the contrary, the Security
                  Trustee may assume that no Event of Default has occurred in
                  respect of a Trust and that the Issuer Trustee and the Global
                  Trust Manager are observing and performing all the obligations
                  on their part contained in the Transaction Documents in
                  respect of the Trust and need not inquire whether that is, in
                  fact, the case.

NO DUTY TO INVESTIGATE

            7.14  The Security Trustee has no duty to keep itself informed about
                  the circumstances of the Issuer Trustee or the Global Trust
                  Manager, or the performance by the Issuer Trustee or the
                  Global Trust Manager of their respective obligations under
                  this deed, any Deed of Charge or the other Transaction
                  Documents or (subject to the express requirements of this
                  deed) to consider or provide any Secured Creditor with any
                  information with respect to the Issuer Trustee or the Global
                  Trust Manager.

LIABILITY MUST BE LIMITED

            7.15  Except for the obligations imposed on it under clause 9.1, the
                  Security Trustee is not obliged to do or omit to do any thing
                  including enter into any transaction or incur any liability
                  unless the Security Trustee's liability is limited in a manner
                  which is consistent with clause 25.2.

NOT USE OWN FUNDS

            7.16  Except as required by clause 9.1 or clause 9.9, the Security
                  Trustee will not be under any obligation for whatever reason
                  to advance or use its own funds for the payment of any costs,
                  expenses or liabilities whatsoever.

COVER FOR COSTS

            7.17

                  (a)   Before exercising a right, power or discretion or
                        performing an obligation as Security Trustee (except the
                        power to provide a notice to all Secured Creditors in
                        accordance with clause 9.1(a) and to convene a meeting
                        of Voting Secured Creditors in accordance with clause
                        9.1(b)), the Security Trustee need not act unless its
                        liability is limited in a manner satisfactory to it or,
                        if required by the Security Trustee, until the Voting
                        Secured Creditors place it in funds equivalent to the
                        amount which the Security Trustee determines may become
                        liabilities of the Security Trustee in respect of that
                        act (or until the Voting Secured Creditors provide an
                        indemnity to the Security Trustee in respect of those
                        liabilities in a form acceptable to it, acting
                        reasonably), provided that no Voting Secured Creditor
                        shall be under any obligation to either contribute to
                        such placing of funds or provide such indemnity to the
                        Security Trustee if that Secured Creditor has no Secured
                        Moneys due or payable to it at that time.

                                       14
<PAGE>

                  (b)   If the Voting Secured Creditors do not place the
                        Security Trustee in funds, or do not provide the
                        indemnity, in the manner contemplated by paragraph (a),
                        then the Security Trustee is not required to exercise
                        the relevant right, power or discretion or perform the
                        relevant obligation.

RECEIPT OF INSTRUCTIONS

            7.18  Without limiting its rights, powers and discretions, but
                  subject to its express duties or obligations under clause 9 of
                  this deed, the Security Trustee will not be required to
                  exercise any right, power or discretion (including to require
                  anything to be done, form any opinion or give any notice,
                  consent, waiver or approval) without the specific instructions
                  of the Voting Secured Creditors of a Trust given by
                  Extraordinary Resolution. However, the Security Trustee may
                  exercise a right, power or discretion before it receives any
                  such instructions if the Security Trustee reasonably believes
                  that it is in the best interests of the Secured Creditors of
                  the Trust that it does so (and provided that the Security
                  Trustee first notifies in writing the Voting Secured Creditors
                  of its intention to do so).

DISPUTE OR AMBIGUITY

            7.19  In the event of any dispute or ambiguity as to the
                  construction or enforceability of this deed or any other
                  Transaction Document, or the Security Trustee's powers or
                  obligations under or in connection with this deed or the
                  determination or calculation of any amount or thing for the
                  purpose of this deed or the construction or validity of any
                  direction from Voting Secured Creditors, the Security Trustee
                  may (but will have no obligation to):

                  (a)   obtain and rely on advice from any person referred to in
                        clause 7.10; and

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

                  and provided the Security Trustee is using reasonable
                  endeavours to resolve such ambiguity or dispute, the Security
                  Trustee, in its absolute discretion, may (but will have no
                  obligation to) refuse to act or refrain from acting in
                  relation to matters affected by such dispute or ambiguity.

NO LIABILITY FOR DOCUMENTS

            7.20  The Security Trustee has no responsibility for the form or
                  contents of this deed or any other Transaction Document and
                  will have no liability arising as a result of or in connection
                  with any inadequacy, invalidity or unenforceability of any
                  provision of this deed or the other Transaction Documents
                  except insofar as it applies to the Security Trustee or to any
                  representation and warranty given by the Security Trustee.

                                       15
<PAGE>

CONFLICT OF DUTY

            7.21

                  (a)   If there is at any time a conflict between a duty owed
                        by the Security Trustee to the Noteholders and a duty
                        owed by the Security Trustee to any other Secured
                        Creditor or class of Secured Creditor, then the Security
                        Trustee must give priority to the interests of the
                        Noteholders as a whole.

                  (b)   The Security Trustee must give priority to the interests
                        of the Senior Noteholders as a class if, in the opinion
                        of the Security Trustee, there is a conflict between the
                        interests of the Senior Noteholders (on the one hand)
                        and the interests of the Junior Noteholders or other
                        persons entitled to the benefit of this deed and the
                        Deed of Charge in respect of a Trust (on the other
                        hand).

                  (c)   Provided that the Security Trustee acts in good faith,
                        it shall not incur any liability to any Secured Creditor
                        for doing so.

INDEMNITY

            7.22  Without prejudice to any right of indemnity given by law to
                  trustees, the Security Trustee will be indemnified in respect
                  of a Security Trust out of the Security Trust Fund which
                  relates to that Security Trust for all costs, fees, charges,
                  expenses and liabilities incurred in or about the due
                  execution of that Security Trust.

DELEGATION

            7.23  The Security Trustee may in accordance with this clause
                  authorise in writing specified parties to act as its delegate,
                  attorney or agent to perform its functions under the
                  Transaction Documents (including the holding of Mortgage Title
                  Documents and a power to sub-delegate). The Security Trustee
                  may include provisions in the authorisation to protect and
                  assist those dealing with the delegate, attorney or agent as
                  the Security Trustee thinks fit.

                  The Security Trustee must not delegate to any person any of
                  its trusts, duties, powers, authorities and discretions under
                  this deed or a Deed of Charge in relation to a Security Trust
                  except:

                  (a)   subject to this clause, to a Related Entity of the
                        Security Trustee;

                  (b)   to the Global Trust Manager, the Servicer or a Receiver
                        in accordance with the provisions of this deed or any
                        other Transaction Document relating to the Security
                        Trust;

                  (c)   to any Clearing System (in respect of which the Security
                        Trustee is not liable for its acts or omissions); or

                  (d)   in accordance with the provisions of this deed or the
                        Supplemental Deed relating to that Security Trust,

                                       16
<PAGE>

                  provided that, in each case, the Security Trustee must not
                  delegate to such third parties any material part of its
                  powers, duties or obligations as Security Trustee.

                  Where the Security Trustee delegates any of its trusts,
                  duties, powers, authorities and discretions to any person who
                  is a Related Entity of the Security Trustee, the Security
                  Trustee at all times remains liable for the acts or omissions
                  of such Related Entity and for the payment of fees of that
                  Related Entity when acting as delegate. Subject to this, the
                  Security Trustee is not liable for the acts or omissions of
                  any delegate, attorney or agent if it appointed the delegate,
                  attorney or agent in good faith.

            7.24  Any delegation made by the Security Trustee under clause 7.23
                  in respect of a Security Trust will automatically terminate if
                  the Security Trustee retires, or is removed, in accordance
                  with clause 16 of this deed in respect of that Security Trust.

            7.25  The Security Trustee has no duties, obligations or
                  responsibilities other than those expressly set out in this
                  deed.

NO LIABILITY

            7.26  Without limitation, the Security Trustee is not liable for:

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

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

                  (c)   any omission delay or mistake or any loss or
                        irregularity in or about the exercise, attempted
                        exercise, non-exercise or purported exercise of any of
                        its powers under this deed or a Deed of Charge,

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

8     CRYSTALLISATION OF FLOATING CHARGE
------------------------------------------------------------------------------
CRYSTALLISATION

            8.1   If the Charge referable to a Trust has not otherwise taken
                  effect as a fixed charge over all of the Secured Property
                  referable to that Trust, it automatically takes effect as a
                  fixed charge over the Secured Property of that Trust in
                  respect of which the Charge has not previously taken effect as
                  a fixed charge immediately prior to the occurrence of any of
                  the following events:

                                       17
<PAGE>

                  (a)   an Event of Default occurs in respect of that Trust;

                  (b)   the Issuer Trustee breaches any of the covenants in
                        clause 4.2 of this deed in respect of that Trust;

                  (c)   the Australian Federal Commissioner of Taxation (or some
                        person authorised to issue on his behalf) issues a
                        notice in respect of tax due by the Issuer Trustee under
                        sections 218 or 255 of the Income Tax Assessment Act
                        1936 (Cwth) or under section 74 of the Sales Tax
                        Assessment Act 1992 (Cwth) or under any similar
                        provision of any law;

                  (d)   the Issuer Trustee files an Australian tax return which
                        results in Tax becoming due by the Issuer Trustee in its
                        capacity as trustee of that Trust which is not paid on
                        time; or

                  (e)   if the law provides that the Charge becomes fixed.

REPLACEMENT OF FIXED CHARGE WITH FLOATING CHARGE

            8.2   Subject to clauses 8.3 and 8.4 and in respect of any Relevant
                  Secured Property of a Trust, the Security Trustee:

                  (a)   must give notice of the fixing of such Charge in respect
                        of the Relevant Secured Property to the Issuer Trustee
                        and each Current Rating Agency promptly after becoming
                        actually aware of the fixing of such Charge in respect
                        of the Relevant Secured Property; and

                  (b)   may and, if directed by Voting Secured Creditors of that
                        Trust who in aggregate are owed not less than 90% of the
                        Secured Money of that Trust at the time, the Security
                        Trustee must, give a notice to the Issuer Trustee
                        stating that, from the effective date specified in the
                        notice, it no longer requires that Charge to operate as
                        a fixed charge over the Relevant Secured Property of
                        that Trust specified in the notice. Any such
                        notification does not prejudice the rights of the
                        Security Trustee to give a notice to the Issuer Trustee
                        stating that the charge takes effect as a fixed charge
                        or the fixing of the charge again in accordance with
                        clause 8.1.

SUBSEQUENT DEALING

            8.3   From the effective date specified in a notice given under
                  clause 8.2(b):

                  (a)   the Issuer Trustee may deal with the Relevant Secured
                        Property the subject of the notice, if it was acquired
                        by the Issuer Trustee before the effective date of the
                        notice, as if it had always been charged by way of
                        floating charge under this deed;

                  (b)   the floating charge given by the relevant Deed of Charge
                        over the Relevant Secured Property the subject of the
                        notice acquired by the Issuer Trustee on or after the
                        effective date of the notice continues to operate as a
                        floating charge as if it had never been a fixed charge;
                        and

                                       18
<PAGE>

                  (c)   a person dealing with the Issuer Trustee in relation to
                        the Relevant Secured Property the subject of the notice
                        may rely on the notice from the Security Trustee as
                        conclusive evidence that, as at the time the notice is
                        issued, such Relevant Secured Property is charged by way
                        of floating charge.

FURTHER CHARGE

            8.4   The Issuer Trustee charges, by way of floating charge and
                  further assurance, the Relevant Secured Property the subject
                  of a notice given pursuant to clause 8.2(b) to the Security
                  Trustee as security for payment of the Secured Money on the
                  same terms as the relevant Charge.

9     SECURITY TRUSTEE TO CONVENE MEETINGS
------------------------------------------------------------------------------
CONVENE MEETINGS

            9.1   Subject to clause 9.5, the Security Trustee must, upon
                  becoming actually aware of the occurrence of an Event of
                  Default in respect of a Trust, take the following steps:

                  (a)   notify all Secured Creditors of that Trust that the
                        Charge granted in respect of that Trust has taken effect
                        as a fixed charge over all of the Secured Property of
                        that Trust and provide to those Secured Creditors full
                        details of the Event of Default as advised to the
                        Security Trustee under clause 4.1(e) or otherwise known
                        to the Security Trustee and the actions and procedures
                        which the Issuer Trustee and the Global Trust Manager
                        have notified the Security Trustee are being taken or
                        will be taken by the Issuer Trustee and the Global Trust
                        Manager to remedy the relevant Event of Default; and

                  (b)   do all such things as are necessary or appropriate to
                        promptly convene a meeting of the Voting Secured
                        Creditors of that Trust in accordance with the
                        provisions of clause 10.

EXTRAORDINARY RESOLUTIONS

            9.2   Subject to the terms of the Supplemental Deed for the relevant
                  Trust, at a meeting of Voting Secured Creditors of a Trust
                  referred to in clause 9.1(b), the Voting Secured Creditors of
                  that Trust must vote on whether to direct the Security Trustee
                  by Extraordinary Resolution to:

                  (a)   declare the Secured Moneys in respect of that Trust
                        immediately due and payable;

                  (b)   appoint a Receiver in accordance with clause 11 (and, if
                        a Receiver is to be appointed, the Voting Secured
                        Creditors of that Trust must determine the amount of the
                        Receiver's remuneration);

                  (c)   instruct the Security Trustee in writing to sell and
                        realise the Secured Property of that Trust where the
                        Security Trustee has agreed to do so; or

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<PAGE>

                  (d)   take such other action as the Voting Secured Creditors
                        may specify in the terms of such Extraordinary
                        Resolution and which the Security Trustee indicates that
                        it is willing to take.

NOTICE

            9.3   If the Voting Secured Creditors of a Trust pass an
                  Extraordinary Resolution pursuant to this clause 9 at a
                  meeting convened following an Event of Default in respect of
                  that Trust, the Security Trustee must notify the Issuer
                  Trustee and the Global Trust Manager in writing one Business
                  Day after such Extraordinary Resolution is so passed of any
                  direction thereby given to the Security Trustee by the Voting
                  Secured Creditors of that Trust.

NO OBLIGATION TO APPOINT RECEIVER

            9.4   The Security Trustee must not take any steps to appoint a
                  Receiver under clause 11 or otherwise to enforce the Charge
                  created under a Deed of Charge unless:

                  (a)   the Voting Secured Creditors of the relevant Trust have
                        passed an Extraordinary Resolution referred to in clause
                        9.2 or at a meeting convened pursuant to clauses 9.6,
                        9.7 or 9.8; or

                  (b)   in the opinion of the Security Trustee, the delay
                        required to obtain the consent of the Voting Secured
                        Creditors of the relevant Trust would be prejudicial to
                        the interests of those Voting Secured Creditors.

                  Nothing in this clause 9.4 affects or restricts the operation
                  of clause 8 of this deed.

WAIVER OF EVENT OF DEFAULT

            9.5   The Security Trustee may, at its discretion but not in
                  contravention of an Extraordinary Resolution of the Voting
                  Secured Creditors, waive or ignore an Event of Default in
                  respect of a Trust or determine that any event that would
                  otherwise be an Event of Default will not be treated as such,
                  if such action, in the opinion of the Security Trustee, will
                  not be prejudicial to the interests of the Secured Creditors
                  of that Trust.

MEETINGS

            9.6   The Security Trustee may at any time convene a meeting of
                  Voting Secured Creditors of a Trust to consider such
                  Extraordinary Resolutions as are put to the meeting by the
                  Security Trustee including, without limitation, resolutions
                  put for the purpose of seeking directions from Voting Secured
                  Creditors as to the exercise of its powers and duties and
                  performance of its obligations.

GLOBAL TRUST MANAGER CONVENES MEETING

            9.7   If the Security Trustee fails to convene a meeting in
                  accordance with clause 9.1(b), the Global Trust Manager may
                  convene a meeting of the relevant Voting Secured Creditors in
                  accordance with this clause 9. Any such meeting is to have
                  only the same powers as if convened by the Security Trustee
                  and is to be conducted in accordance with the provisions of
                  clause 10.

                                       20
<PAGE>

SECURED CREDITORS CONVENE MEETING

            9.8   The Voting Secured Creditors of a Trust who in aggregate are
                  owed not less than 10% of the Secured Money of a Trust may
                  convene a meeting of Voting Secured Creditors at any time. Any
                  such meeting is to have only the same powers as if convened by
                  the Security Trustee or the Global Trust Manager pursuant to
                  this clause 9 and is to be conducted in accordance with the
                  provisions of clause 10.

NOTICE OF EVENT OF DEFAULT

            9.9   If the Security Trustee becomes actually aware of the
                  occurrence of an Event of Default in respect of a Trust, and
                  the Issuer Trustee has not given the Security Trustee notice
                  in accordance with clause 4.1(e), the Security Trustee must
                  give the Issuer Trustee notice of the occurrence of that Event
                  of Default.

NOTICE OF ACTION TO REMEDY EVENT OF DEFAULT

            9.10  If the Issuer Trustee and the Global Trust Manager take any
                  action or procedures referred to in clause 9.1(a) to remedy an
                  Event of Default in respect of a Trust, both the Issuer
                  Trustee and the Global Trust Manager must keep the Security
                  Trustee informed of those actions and procedures.

LIMITATION ON RIGHTS OF SECURED CREDITORS

            9.11  Subject to this deed, the powers, rights and remedies
                  conferred on the Security Trustee by this deed are exercisable
                  by the Security Trustee only, and no Secured Creditor is
                  entitled without the written consent of the Security Trustee
                  to exercise the same or any of them. Without limiting the
                  generality of the foregoing, no Secured Creditor is entitled
                  to enforce the Deed of Charge in respect of a Trust or the
                  provisions of this deed or to appoint or cause to be appointed
                  a Receiver to any of the Secured Property or otherwise to
                  exercise any power conferred by the terms of any applicable
                  law on charges except as provided in this deed and the Deed of
                  Charge in respect of the Trust.

10    MEETING OF VOTING SECURED CREDITORS
------------------------------------------------------------------------------
NOTICE OF MEETING

            10.1  (a)   The Security Trustee, if it wishes to convene a meeting
                        of Voting Secured Creditors, must give at least five
                        days' notice specifying the place, day and hour of the
                        meeting and the general nature of the business to be
                        transacted and containing such or any further
                        information as the Security Trustee may think fit and
                        the terms of any resolution of which the Security
                        Trustee is aware will be proposed.

                  (b)   Subject to clause 10.2, such notice must be sent to all
                        Voting Secured Creditors of the relevant Trust. The
                        accidental omission to send such notice to, or the
                        non-receipt of a notice of meeting by, any such Voting
                        Secured Creditor will not invalidate the meeting.

                  (c)   The Security Trustee must notify the Issuer Trustee and
                        the Global Trust Manager of the place, day and hour of
                        the

                                       21
<PAGE>

                        meeting and of the nature of the business to be
                        transacted at that meeting.

                  (d)   The omission to give a notice referred to in the
                        preceding paragraph (c) to either the Global Trust
                        Manager or the Issuer Trustee will invalidate the
                        meeting, but the party who failed to receive the notice
                        may waive the same.

                  (e)   The Security Trustee, the Issuer Trustee and the Global
                        Trust Manager and any person on behalf of any of them
                        and its solicitors and any officer, solicitor or auditor
                        of any of them and any counsel instructed by the
                        solicitor of any of them may attend any meeting or any
                        adjourned meeting of Voting Secured Creditors and all
                        such persons have the right of audience at such meeting.

                  (f)   Notwithstanding the other provisions of this clause 10,
                        a resolution of Voting Secured Creditors (including an
                        Extraordinary Resolution) may be passed, without any
                        meeting or previous notice being required, by an
                        instrument or instruments in writing which has or have:

                        (i)   been signed by or on behalf of all Voting Secured
                              Creditors; and

                        (ii)  been presented to the Security Trustee for entry
                              in the records referred to in clause 10.21.

ADVERTISEMENT OF MEETING IN NEWSPAPER

            10.2  Instead of the notice requirements of clause 10.1, but without
                  limiting any obligations of the Issuer Trustee or the Note
                  Trustee in respect of a Trust to provide the notices required
                  by the Note Trust Deed for a Trust, notice of any meeting of
                  the Voting Secured Creditors of a Trust may be given by
                  advertisement in a daily newspaper circulating generally
                  throughout the relevant jurisdictions and by electronic means
                  (including without limitation email or otherwise as agreed
                  between the Security Trustee and the Global Trust Manager) at
                  least five days before the proposed meeting and giving the
                  same details as set out in clause 10.1(a). Notwithstanding the
                  foregoing provisions of clauses 10.1 and 10.2, if it is so
                  agreed by Voting Secured Creditors who:

                  (a)   are a majority in number of Voting Secured Creditors
                        (present in person or by proxy) having the right to
                        attend and vote at the meeting; and

                  (b)   hold or represent between them an amount which is at
                        least 95% of the Secured Money at the time,

                  a resolution may be proposed and passed at a meeting of which
                  no notice has been given in the manner contemplated by this
                  deed.

QUORUM

            10.3  No business is to be transacted at any such meeting unless a
                  quorum is present when the meeting proceeds to business. The
                  quorum necessary

                                       22
<PAGE>

                  for a meeting at which any resolution including an
                  Extraordinary Resolution is to be proposed must be at least
                  such number of Voting Secured Creditors (present in person or
                  by proxy) having the right to attend and vote at that meeting
                  who hold or are owed between them an amount which is not less
                  than 67% of the Secured Money at the time.

QUORUM AT ADJOURNED MEETING

            10.4  If within 15 minutes from the time appointed for any meeting,
                  a quorum is not present, the meeting must stand adjourned for
                  such period as the chairman directs and notice of the
                  adjourned meeting in accordance with clause 10.1 or clause
                  10.2 must be given to the Voting Secured Creditors by the
                  Security Trustee.

                  At an adjourned meeting two or more Voting Secured Creditors
                  present in person, holding or who are owed between them an
                  amount which is not less than 50% of the Secured Money at the
                  time form a quorum.

CHAIRMAN

            10.5  At a meeting of Voting Secured Creditors, some person
                  nominated by the Security Trustee (whether a Secured Creditor,
                  a representative of the Security Trustee or not) must preside
                  as chairman. If no such person is present within 15 minutes
                  after the time appointed for holding the meeting the Voting
                  Secured Creditors present must choose one of their number to
                  preside as chairman.

VOTING

            10.6  (a)   Every question submitted to a meeting of Voting Secured
                        Creditors must be decided in the first instance by a
                        show of hands. In the case of an equality of votes, the
                        chairman both on the show of hands and on a poll is
                        entitled to have a second or casting vote in addition to
                        the vote or votes (if any) to which he may be entitled
                        as a Voting Secured Creditor.

                  (b)   The chairman or such number of Voting Secured Creditors
                        (present in person or by proxy) holding or who are owed
                        between them an amount which is not less than 2% of the
                        Secured Money may, before or on the declaration of the
                        result of a show of hands, demand a poll. If at any
                        meeting a poll is so demanded, it must be taken in such
                        manner and, subject to this deed, either at once or
                        after such adjournment as the chairman directs and the
                        result of such poll will be deemed to be the resolution
                        of the meeting in which the poll was demanded as at the
                        date of the taking of the poll. The demand for a poll
                        must not prevent the continuance of meeting for the
                        transaction of any business other than the question on
                        which the poll has been demanded. Any poll demanded at
                        any meeting on the election of a chairman or any
                        question of adjournment must be taken at the meeting
                        without adjournment. The demand for a poll may be
                        withdrawn.

VOTES

            10.7  (a)   The Voting Secured Creditors are only entitled to vote:

                                       23
<PAGE>

                        (i)   at a meeting convened by the Security Trustee
                              following the occurrence of an event referred to
                              in clause 9.1(b) to consider the Extraordinary
                              Resolutions referred to in clause 9.2 or such
                              other resolutions put to the meeting (or at any
                              adjournment of such a meeting) by the Security
                              Trustee which are related to, or incidental to,
                              such resolutions; and

                        (ii)  at any meeting convened under clauses 9.6, 9.7 or
                              9.8 to consider such Extraordinary Resolutions as
                              are put to the meeting.

                  (b)   On a show of hands every Voting Secured Creditor who is
                        present in person or by proxy and who has the right to
                        vote shall have one vote.

                  (c)   On a poll every Voting Secured Creditor who is present
                        in person or by proxy and has the right to vote shall
                        have one vote for each $10 (but not a part thereof) of
                        the Secured Moneys that the Voting Secured Creditor
                        holds.

VOTING BY JOINT NOTEHOLDERS

            10.8  In the case of joint holders of a Note, the vote of the senior
                  joint holder who tenders a vote whether in person or by proxy
                  is to be accepted to the exclusion of the votes of the other
                  joint holders and for this purpose seniority is to be
                  determined on the basis of whose name stands first in the
                  Register maintained in accordance with the Master Trust Deed.

VOTING BY CORPORATION

            10.9  A corporation being a Voting Secured Creditor may vote by any
                  officer or representative duly authorised in writing who is
                  entitled to speak, demand a poll, vote, act as a proxy and in
                  all other respects exercise the rights of a Voting Secured
                  Creditor and must be reckoned as a Voting Secured Creditor for
                  all purposes.

VOTING BY PERSON OF UNSOUND MIND

            10.10 A Voting Secured Creditor of unsound mind or in respect of
                  whom an order has been made by any court having jurisdiction
                  in respect of mental health may vote whether on a show of
                  hands or on a poll by his committee curator bonis or other
                  person in the nature of a committee curator bonis appointed by
                  such court.

OBJECTION TO VOTER'S QUALIFICATION

            10.11 No objection is to be raised to the qualification of any voter
                  except at the meeting or adjourned meeting at which the vote
                  objected to is given or tendered and every vote not disallowed
                  at such meeting shall be valid for all purposes. Any such
                  objection made in due time shall be referred to the chairman
                  of the meeting and his decision shall be final and conclusive.

                                       24
<PAGE>

METHOD OF VOTING

            10.12 On a show of hands and on a poll votes may be given either
                  personally or by proxy and a proxy is to have the same right
                  of audience as a Voting Secured Creditor.

PROXY INSTRUMENT

            10.13 The instrument appointing a proxy must be in writing under the
                  hand of the appointor or of his attorney duly authorised in
                  writing or if the appointor is a corporation either under its
                  common seal or under the hand of an officer or attorney so
                  authorised.

ATTENDANCE AT MEETINGS AND APPOINTMENT OF PROXY

            10.14 Each Voting Secured Creditor is entitled to attend and
                  (subject to clause 10.7) to vote at any meeting of Voting
                  Secured Creditors convened under this deed and is entitled to
                  appoint another person (whether a Voting Secured Creditor or
                  not) as his proxy to attend and vote. Such proxy has the same
                  rights as the Voting Secured Creditor to vote, whether on a
                  poll or on a show of hands, to speak and to be reckoned in a
                  quorum.

VOTING AUTHORITY TO BE DEPOSITED WITH SECURITY TRUSTEE

            10.15 The instrument appointing a proxy and the power of attorney or
                  other authority (if any) under which it is signed or a
                  certified copy of such power or authority must be deposited
                  with the Security Trustee or its duly appointed agent not less
                  than 2 days before the time appointed for holding the meeting
                  or adjourned meeting at which the person named in the
                  instrument proposes to vote and in default the instrument or
                  proxy is invalid. A copy of a proxy (and the authority under
                  which it is signed) sent by fax will be sufficient for the
                  foregoing requirement provided the relevant original or
                  certified copy (in the case of the authority) is received by
                  the Security Trustee prior to the relevant meeting. No
                  instrument appointing a proxy is valid after the expiration of
                  12 months from the date named in it as the date of its
                  execution.

FORM OF PROXY

            10.16 An instrument appointing a proxy may be in the following form
                  or in any other form which the Security Trustee may approve:

                  "I,                                      , of                ,
                  being a Voting Secured Creditor in respect of the [ ] [X]
                  Security Trust appoint of                        (and in his
                  or her absence or if this instrument of proxy is duly
                  completed except as to the name of the proxy, the chairman of
                  the meeting) to vote for me and on my behalf at the meeting of
                  Voting Secured Creditors to be held on the .... day of
                  .......... 20.. and at any adjournment thereof.

                  Signed at              by me this       day of [year]

                  I direct my proxy to vote for/against the proposed
                  resolution.* (In the absence of direction the proxy may vote
                  as he/she thinks fit or abstain from voting.)

                  * If more than one resolution, refer to each separately."

                                       25
<PAGE>

PROXY - EFFECT OF DEATH OR INSANITY

            10.17 A vote given in accordance with the terms of an instrument of
                  proxy is valid notwithstanding the previous death or insanity
                  of the principal or revocation of the proxy or of the
                  authority under which the proxy was executed if no intimation
                  in writing of such death, insanity or revocation has been
                  received by the Security Trustee before the commencement of
                  the meeting or adjourned meeting at which the proxy is used.

DETERMINATION OF VOTING

            10.18 At any meeting of Voting Secured Creditors unless a poll is
                  demanded in accordance with clause 10.6(b) a statement by the
                  chairman that a resolution has been carried or carried by any
                  particular majority or lost or not carried by any particular
                  majority is to be conclusive evidence of the fact.

ADJOURNMENT

            10.19 The chairman may with the consent of a majority of Voting
                  Secured Creditors (present in person or by proxy) at a meeting
                  adjourn that meeting from time to time and from place to
                  place.

EFFECT OF RESOLUTION

            10.20 An Extraordinary Resolution passed at a meeting of Voting
                  Secured Creditors of a Trust duly convened and held in
                  accordance with this clause 10 is binding upon all the Secured
                  Creditors of that Trust whether present or not present at such
                  meeting and each of such Secured Creditors and (subject to
                  clauses 7.15 to 7.17 inclusive) the Security Trustee is bound
                  to give effect to the Extraordinary Resolution provided that a
                  resolution of all Voting Secured Creditors of a Trust which in
                  its terms (or having regard to the terms of this deed) affects
                  a particular Class of Voting Secured Creditors only, or in a
                  manner different to the rights of Voting Secured Creditors
                  generally, is not binding on the Voting Secured Creditors of
                  that particular Class unless the Voting Secured Creditors of
                  that particular Class have, by Extraordinary Resolution or
                  Written Resolution, agreed to be bound thereby. Nothing in
                  this clause 10.20 requires the Security Trustee to do or omit
                  to do any act if, in the opinion of the Security Trustee, this
                  might cause it to breach a law, a Transaction Document, a
                  fiduciary duty or an obligation owed to another person.

MINUTES

            10.21 Minutes of all resolutions passed and proceedings at every
                  meeting of Voting Secured Creditors must be made and duly
                  entered in a book to be provided for that purpose by the
                  Security Trustee and any such minutes if purporting to be
                  signed by the chairman of the meeting at which such
                  resolutions were passed or proceedings had or by the chairman
                  of the next succeeding meeting (if any) of Voting Secured
                  Creditors are conclusive evidence of the matters stated in
                  them and until the contrary is proved every such meeting in
                  respect of the proceedings of which minutes have been made is
                  deemed to have been duly held and convened and all resolutions
                  passed and proceedings conducted at such meeting are deemed to
                  have been duly passed and conducted.

                                       26
<PAGE>

11    APPOINTMENT OF RECEIVER
------------------------------------------------------------------------------
APPOINTMENT

            11.1  Subject to clause 11.2, if the Voting Secured Creditors of a
                  Trust pass the Extraordinary Resolution referred to in clause
                  9.2(b) or resolve to appoint a receiver or receiver and
                  manager at a meeting convened under clauses 9.6, 9.7 or 9.8,
                  the Security Trustee must (subject to clauses 7.15 to 7.17
                  inclusive) appoint a person or persons as receiver or receiver
                  and manager of the Secured Property of that Trust to deal with
                  that Secured Property in accordance with any reasonable
                  instructions given by the Voting Secured Creditors by
                  Extraordinary Resolution passed at a meeting of the Voting
                  Secured Creditors convened in accordance with this deed and
                  the Security Trustee must fix the remuneration of a Receiver
                  in accordance with the terms of the Extraordinary Resolution
                  passed at any such meeting.

NEW RECEIVER

            11.2  If a Receiver is removed, retires or dies, then the Security
                  Trustee may appoint a new Receiver on substantially the same
                  terms as the previous Receiver.

NO LIABILITY FOR RECEIVER

            11.3  The Security Trustee will not be responsible for anything done
                  or not done by the Receiver. To the extent permitted by law,
                  the Receiver will be the agent of the Issuer Trustee and not
                  the Security Trustee. The Receiver's remuneration and
                  necessary expenses must be paid out of the Secured Property in
                  accordance with this deed.

TWO OR MORE RECEIVERS

            11.4  If 2 or more persons are appointed as Receiver of the same
                  part of the Secured Property, then the Security Trustee may
                  provide that their rights, powers and remedies vest in them
                  jointly and severally, or jointly.

APPOINTMENT OVER PART

            11.5  The power to appoint a receiver or receiver and manager over
                  all of the Secured Property may be exercised whether or not a
                  Receiver has already been appointed over part of it.

INDEMNITY TO RECEIVER

            11.6  The Security Trustee may give an indemnity, in such terms as
                  it in its absolute discretion considers appropriate, in favour
                  of a Receiver appointed in accordance with this clause 11. Any
                  indemnity granted to the Receiver by the Security Trustee must
                  be limited so as not to exceed the Security Trustee's right of
                  indemnity out of the relevant Security Trust Fund.

12    POWERS OF RECEIVER
------------------------------------------------------------------------------

            12.1  A Receiver may do all such things as are necessary or
                  expedient to deal with the Secured Property of a Trust as if
                  the Receiver were the absolute and beneficial owner of it. The
                  Receiver may, in addition to powers conferred by statute or by
                  the terms of its appointment, but

                                       27
<PAGE>

                  subject to the Supplemental Deed for that Trust, exercise any
                  or all of the following powers:

                  (a)   (POSSESSION, ETC) enter, take possession of, have access
                        to and make use of that Secured Property as often as the
                        Receiver deems expedient;

                  (b)   (EXERCISE RIGHTS) exercise the rights, powers and
                        remedies of the Issuer Trustee over, in connection with
                        or comprising part of that Secured Property (including,
                        without limitation, collecting in, recovering and suing
                        for that Secured Property);

                  (c)   (MANAGE) manage that Secured Property;

                  (d)   (CARRY ON BUSINESS) carry on any business or pursuit
                        that is within the powers of the Issuer Trustee, and is
                        carried on by the Issuer Trustee at the time the
                        Receiver is appointed;

                  (e)   (SELL) subject to obligations imposed by law, sell or
                        agree to sell that Secured Property on any terms,
                        including, without limitation, the following:

                        (i)   the sale may take place whether or not the
                              Receiver has taken possession of that Secured
                              Property;

                        (ii)  the sale may be by public auction, private treaty
                              or by tender;

                        (iii) the sale may be in one lot or in parcels, and with
                              or without special provisions about title, or
                              time, or mode of payment of purchase money, or
                              otherwise;

                        (iv)  allow the purchase money to remain secured by
                              a mortgage or charge of the Secured Property
                              sold, or secured by other security, or
                              without security, and on any other terms,
                              without being responsible for any resultant
                              loss;

                        (v)   enter into, rescind or vary a contract for sale,
                              and resell without being responsible for loss, and
                              execute assurances of that Secured Property in the
                              name and on behalf of the Issuer Trustee or
                              otherwise; or

                        (vi)  do anything to complete any sale which the
                              Receiver considers desirable, and set aside from
                              the proceeds of sale the amount which the Receiver
                              considers desirable to meet future claims until
                              the possibility of claims being made is ended;

                  (f)   (BENEFIT OF AGREEMENTS) obtain the benefit of any
                        agreement entered into by the Issuer Trustee (including,
                        without limitation, by specific performance), whether or
                        not the agreement is entered into in the exercise of the
                        rights, powers and remedies conferred by this deed;

                                       28
<PAGE>

                  (g)   (PROCEEDINGS) institute, conduct, defend, submit to
                        arbitration, settle, compromise or defer in the name of
                        the Issuer Trustee or otherwise on any terms, any
                        proceeding, claim, question or dispute in connection
                        with that Secured Property or this deed and execute
                        releases or other discharges in connection with them;

                  (h)   (DELEGATE) delegate the Receiver's powers including this
                        power of delegation to any person for any period;

                  (i)   (SURRENDER, ETC) end, surrender, or accept the surrender
                        of a lease or licence of, that Secured Property, and
                        compromise with or make concessions to tenants, lessees
                        or licensees, or agree to do any of these things, for
                        any period and on any terms;

                  (j)   (TRANSFER) surrender or transfer that Secured Property
                        to any person;

                  (k)   (EXCHANGE) exchange that Secured Property with a person
                        for an interest in other property of any tenure (with or
                        without giving or receiving other consideration). The
                        property so acquired may be dealt with by the Receiver
                        as if it were part of that Secured Property and the
                        Receiver may grant a Security Interest over that
                        property for the payment of the Secured Money;

                  (l)   (REMOVE ITEMS) remove personal property from that
                        Secured Property and store that property in the name of
                        the Issuer Trustee without liability for loss or damage
                        suffered by the Issuer Trustee;

                  (m)   (OTHER ACTS) do anything which should have been done by
                        the Issuer Trustee under this deed but which has not
                        been done or which the Receiver considers has not been
                        done properly;

                  (n)   (EMPLOY) employ or engage persons (including, without
                        limitation, employees of the Receiver and consultants
                        and professional advisers) in connection with the powers
                        conferred on the Receiver by this clause 12;

                  (o)   (PROTECT PRIORITY) do or cause to be done anything to
                        protect the priority of this deed in respect of that
                        Secured Property, to protect the Issuer Trustee's or the
                        Security Trustee's or a Secured Creditor's estate or
                        interest in that Secured Property, to enforce this deed,
                        to recover the Secured Money or to protect or enhance
                        that Secured Property;

                  (p)   (BANK ACCOUNTS) operate (to the exclusion of the Issuer
                        Trustee) the bank accounts which form part of that
                        Secured Property;

                                       29
<PAGE>

                  (q)   (INCUR LIABILITIES) expend money or incur liabilities in
                        exercising the powers conferred on the Receiver by this
                        clause 12;

                  (r)   (MASTER TRUST DEED) do anything which the Issuer Trustee
                        is empowered to do under the Master Trust Deed;

                  (s)   (NOTICE) serve notice that the Charge has become fixed
                        on any Relevant Secured Property of the Issuer Trustee;

                  (t)   (AUTHORITY) collect that Secured Property or any part of
                        it; and

                  (u)   (INCIDENTAL) to do anything which is ancillary to, or
                        incidental to, any of the foregoing.

13    POWERS OF SECURITY TRUSTEE AND EXCLUSION OF STATUTORY NOTICES
------------------------------------------------------------------------------
SECURITY TRUSTEE HAS POWERS OF RECEIVER

            13.1  At any time after an Event of Default has occurred in relation
                  to a Trust, the Security Trustee, in addition to powers
                  conferred by other provisions of this deed or by law, may,
                  subject to the provisions of clause 12, exercise any of the
                  powers set out or referred to in clause 12 (each of which is
                  to be construed as if the reference to the Receiver were a
                  reference to the Security Trustee) and whether or not a
                  Receiver has been or could be appointed under this deed.

NO LIABILITY AS MORTGAGEE IN POSSESSION

            13.2  If either the Security Trustee or a Receiver exercises its
                  rights under this deed (including without limitation, under
                  clause 7 or clause 12), exercises its rights conferred by law
                  or takes possession of the Secured Property pursuant to this
                  deed, then neither of them is liable to account as mortgagee
                  in possession.

GIVE UP POSSESSION OF SECURED PROPERTY

            13.3  The Security Trustee may give up possession of the Secured
                  Property of a Trust at any time if the Security Trustee:

                  (a)   believes in good faith that it is in the interests of
                        the Secured Creditors of that Trust to do so; or

                  (b)   reasonably considers that it will, by retaining
                        possession of that Secured Property, incur a liability
                        which is not limited in accordance with clause 25.2.

EXCLUSION OF NOTICES

            13.4  The Security Trustee or a Receiver need not give notice or a
                  demand to the Issuer Trustee or allow time to elapse before
                  exercising a right, power or remedy under this deed or
                  conferred by law, unless notice or demand or a lapse of time
                  is required by a law which cannot be excluded. If the law
                  requires that a period of notice must be given or a lapse of
                  time must occur or be permitted before a right, power or
                  remedy under this deed or conferred by law may be exercised,
                  then:

                                       30
<PAGE>

                  (a)   when a period of notice or lapse of time is mandatory,
                        that period of notice must be given or that lapse of
                        time must occur or be permitted by the Security Trustee
                        or Receiver; or

                  (b)   when the law provides that a period of notice or lapse
                        of time may be stipulated or fixed by this deed, one day
                        is stipulated and fixed as that period of notice or
                        lapse of time and, without limitation, where applicable,
                        one day is stipulated and fixed as the period of notice
                        or lapse of time during which:

                        (i)   default must continue before a notice is given or
                              requirement otherwise made for payment of the
                              Secured Money or the observance of obligations
                              under this deed; and

                        (ii)  a notice or requirement for payment of the Secured
                              Money or the observance of obligations under this
                              deed must remain not complied with before the
                              Security Trustee's or Receiver's rights, powers or
                              remedies may be exercised.

NO DUTY AS CHARGEE

            13.5  Nothing in this deed imposes a duty upon the Security Trustee
                  to exercise its powers as chargee under this clause 13 or at
                  law in circumstances where a motion at a meeting of Voting
                  Secured Creditors that a Receiver be appointed is put and is
                  not passed.

14    COSTS, CHARGES, EXPENSES AND INDEMNITIES
------------------------------------------------------------------------------
INDEMNITY BY ISSUER TRUSTEE

            14.1  Subject to this deed and without prejudice to any right of
                  indemnity given by law, the Security Trustee will be
                  indemnified by the Issuer Trustee against all costs and
                  expenses, and all loss and liability, properly incurred by the
                  Security Trustee and the Receiver (as the case may be) in
                  performing any of their duties or exercising any of their
                  powers under this deed.

EXTENT OF INDEMNITY

            14.2  Without limiting clause 14.1, the Security Trustee in respect
                  of each Security Trust is entitled to be indemnified by the
                  Issuer Trustee of the relevant Trust for:

                  (a)   the costs, charges and expenses (including legal costs
                        and disbursements charged at the usual commercial rates
                        of the relevant legal services provider) of the Security
                        Trustee in connection with the negotiation, preparation,
                        execution, stamping, registration and completion of this
                        deed, any deed amending this deed and the Deed of Charge
                        for that Trust;

                  (b)   the costs, charges and expenses (including legal costs
                        and disbursements charged at the usual commercial rates
                        of the relevant legal services provider) of the Security
                        Trustee in connection with any consent, exercise or
                        non-exercise of rights

                                       31
<PAGE>

                        or powers or performance of obligations (including,
                        without limitation, in connection with the contemplated
                        or actual enforcement or preservation of any rights or
                        powers or performance of obligations under this deed),
                        production of title documents, waiver, variation,
                        release or discharge in connection with the Deed of
                        Charge for that Trust or the Secured Property of that
                        Trust;

                  (c)   Taxes and fees (including, without limitation,
                        registration fees) and fines and penalties in respect of
                        Taxes and fees, which may be payable or determined to be
                        payable in connection with this deed or a payment or
                        receipt or any other transaction contemplated by this
                        deed;

                  (d)   without limiting the generality of clause 14.2(b), all
                        legal costs and disbursements charged at the usual
                        commercial rates of the relevant legal services provider
                        and all other costs, disbursements, outgoings and
                        expenses of the Security Trustee in connection with the
                        initiation, carriage and settlement of any court
                        proceedings (including, without limitation, proceedings
                        against the Issuer Trustee arising from any fraud,
                        neglect, breach or default by the Issuer Trustee under
                        this deed) in respect of this deed,

                  except to the extent that any such amount is caused or
                  contributed to by the Security Trustee's and Receiver's fraud,
                  negligence or breach of trust. If the Security Trustee is not
                  indemnified for these amounts from the Issuer Trustee within a
                  reasonable period of requesting that indemnification, then the
                  Security Trustee may exercise its rights of indemnity out of
                  the assets of the Security Trust Fund for that amount.

COSTS OF EXPERTS

            14.3  The costs, charges and expenses referred to in clause 14.2
                  include, without limitation, those payable to any independent
                  consultant or other person appointed to evaluate any matter of
                  concern (including any person consulted by the Security
                  Trustee pursuant to clause 7.10), any agent of the Security
                  Trustee, any Receiver or any attorney appointed under this
                  deed, and, in the case of the Security Trustee, its
                  administration costs in connection with any event referred to
                  in clause 14.2.

GST

            14.4  Any amount representing a cost, charge, fee, liability or
                  expense paid to the Security Trustee under this deed will be
                  inclusive of GST. The supplier will provide the recipient any
                  reasonable documentation required for GST purposes so as to
                  enable the recipient to receive an input tax credit or tax
                  refund for GST purposes.

15    APPLICATION OF MONEY
------------------------------------------------------------------------------
APPLICATION

            15.1  To the extent permitted by law, money received in connection
                  with this deed or the Deed of Charge in respect of a Trust is
                  to be applied

                                       32
<PAGE>

                  (after satisfaction of claims taking priority over the Charge
                  of which the Security Trustee has actual notice) in the order
                  set out in the Supplemental Deed for that Trust.

CREDITING

            15.2  In an application of money in accordance with clause 15.1 the
                  parties entitled to payments under that clause are to be
                  credited only with so much of that money as is actually
                  received by the Security Trustee. The credit dates from the
                  time of receipt. This provision applies even if in exercising
                  a power of sale the Security Trustee or a Receiver transfers
                  the Secured Property and takes a Security Interest to secure
                  the unpaid balance of purchase money.

SUSPENSE ACCOUNT

            15.3  If the Security Trustee receives money in connection with this
                  deed and a Security Trust when it considers that an amount
                  will become owing to it under clause 14 at a future date or
                  when part of the Secured Money is contingently owing, then the
                  Security Trustee may deposit an amount not exceeding that
                  amount or part in an interest bearing deposit account
                  repayable on demand which constitutes an Authorised Investment
                  on terms which the Security Trustee thinks fit with any person
                  until that amount or part becomes actually payable or it
                  considers that the amount will not (and no other amount will)
                  become owing to it under clause 14 or until that part no
                  longer falls within the definition of Secured Money, as
                  appropriate. At that time, the Security Trustee may retain for
                  its own account the amount which is then actually payable to
                  it. The balance is to be paid in accordance with clause 15.1.

            15.4  No money received by the Security Trustee on the realisation
                  of the Secured Property in relation to a Trust is payable to
                  any person claiming any amount due in respect of another
                  Trust. The determination by the Security Trustee (advised by
                  the Global Trust Manager) of which property constitutes the
                  Secured Property in relation to a Trust is conclusive in the
                  absence of manifest error.

            15.5  Where any costs, fees, charges, expenses and liabilities
                  of the Security Trustee or a Receiver are referable to
                  more than one Trust, they may be apportioned between
                  those Trusts at the discretion of the Security Trustee
                  (as advised by the Global Trust Manager). Such
                  apportionment by the Security Trustee is conclusive in
                  the absence of manifest error.

            15.6  If for any reason the periodic fees payable to the Global
                  Trust Manager, the Servicer, the Issuer Trustee, the
                  Security Trustee or any other person cannot be allocated
                  to a particular Trust and are therefore required to be
                  allocated between Trusts, those fees shall be allocated
                  on a proportionate basis having regard to the average
                  daily value of the Assets of each of those Trusts.

                                       33
<PAGE>

16    REMUNERATION AND RETIREMENT OF SECURITY TRUSTEE AND DEALINGS WITH
      SECURITY TRUST
------------------------------------------------------------------------------
REMUNERATION

            16.1  The Security Trustee is to receive a fee in an amount and
                  payable at such times and in such manner as may from time to
                  time be agreed between the Global Trust Manager and the Issuer
                  Trustee in respect of each Security Trust.

MANDATORY RETIREMENT

            16.2  The Security Trustee covenants that it will retire as Security
                  Trustee if:

                  (a)   the Security Trustee ceases to carry on business in all
                        respects or as a professional trustee;

                  (b)   there is a change in ownership of the Security Trustee
                        of more than 50%;

                  (c)   there is a change in the effective management of the
                        Security Trustee without prior written consent of the
                        Global Trust Manager such that the Security Trustee is
                        in the reasonable opinion of the Global Trust Manager no
                        longer able to fulfil its duties and obligations;

                  (d)   an Insolvency Event occurs in respect of the Security
                        Trustee in its personal capacity (but not in its
                        capacity as trustee of any other trust);

                  (e)   an Extraordinary Resolution requiring the removal of the
                        Security Trustee as trustee of any Security Trust is
                        passed at a meeting of Voting Secured Creditors convened
                        under clauses 9.6, 9.7 or 9.8; or

                  (f)   when required to do so by the Global Trust Manager or
                        the Issuer Trustee by notice in writing, the Security
                        Trustee fails or neglects within 14 days after receipt
                        of such notice to carry out or satisfy any material duty
                        imposed on the Security Trustee in respect of the
                        Security Trust.

REMOVAL BY GLOBAL TRUST MANAGER

            16.3  If the Security Trustee refuses to retire, the Global Trust
                  Manager is entitled to remove the Security Trustee from office
                  immediately by notice in writing if an event referred to in
                  clause 16.2 has occurred. On the retirement or removal of the
                  Security Trustee under the provisions of clause 16.2 or this
                  clause 16.3 the Global Trust Manager, subject to any approval
                  required by law, is entitled to and must use its best
                  endeavours to appoint in writing some other person whose
                  appointment will not have an Adverse Rating Effect.

VOLUNTARY RETIREMENT

            16.4  Subject to the appointment of a new Security Trustee, the
                  Security Trustee may retire as trustee under this deed upon
                  giving not more than 90 days' and not less than 30 days'
                  notice in writing to the Issuer Trustee and the Global Trust
                  Manager (or such other time as the

                                       34
<PAGE>

                  Global Trust Manager, the Issuer Trustee and the Security
                  Trustee agree). Subject to any approval required by law, the
                  Security Trustee may appoint in writing as the replacement any
                  other person who is approved by the Global Trust Manager (such
                  approval not to be unreasonably withheld) and whose
                  appointment each Current Rating Agency confirms will not cause
                  an Adverse Rating Effect. If the Security Trustee does not
                  propose a replacement in the notice given by the Security
                  Trustee under this clause or by the date which is 30 days
                  prior to the date of the Security Trustee's proposed
                  retirement, as the case may be, the Global Trust Manager must
                  appoint a new security trustee as of the date of the proposed
                  retirement.

APPOINTMENT OF NEW SECURITY TRUSTEE BY VOTING SECURED CREDITORS

            16.5  If a new security trustee has not been appointed under clauses
                  16.3 or 16.4 at a time when the position of security trustee
                  becomes vacant in accordance with those clauses, the Global
                  Trust Manager must act as security trustee in accordance and
                  subject to the protections contained in this deed and must
                  promptly convene a meeting of the Voting Secured Creditors of
                  all Trusts at which Voting Secured Creditors, holding or who
                  are owed between them an amount which is not less than 75% of
                  the Secured Money at the time, appoint any person nominated by
                  any of them to act as security trustee.

RELEASE OF SECURITY TRUSTEE

            16.6  Upon retirement or removal of the Security Trustee, the
                  Security Trustee is released from all obligations under this
                  deed arising after the date of the retirement or removal
                  except for its obligation to vest each Security Trust Fund in
                  the new security trustee and to deliver all books and records
                  relating to the Security Trust to the new security trustee (at
                  the cost of each Security Trust Fund). The Global Trust
                  Manager and the Issuer Trustee may settle with the Security
                  Trustee the amount of any sums payable by the Security Trustee
                  to the Global Trust Manager or the Issuer Trustee or by the
                  Global Trust Manager or the Issuer Trustee to the Security
                  Trustee and may give to or accept from the Security Trustee a
                  discharge in respect of those sums which will be conclusive
                  and binding as between the Global Trust Manager, the Issuer
                  Trustee and the Security Trustee but not as between the
                  Security Trustee and the Voting Secured Creditors. The
                  removal, retirement or discharge of the Security Trustee will
                  not affect the rights or indemnities available to it under
                  this deed or at law in relation to the performance and
                  exercise by the Security Trustee of its obligations and powers
                  as Security Trustee.

VESTING OF SECURITY TRUST FUND IN NEW SECURITY TRUSTEE

            16.7  The Security Trustee, on its retirement or removal, must vest
                  each Security Trust Fund of the relevant Security Trusts or
                  cause it (or them) to be vested in the new security trustee
                  and must deliver and assign to such new security trustee as
                  appropriate all books, documents, records and other property
                  whatsoever relating to the Security Trust Fund or Security
                  Trust Funds. Except on removal, the Security Trustee may make
                  it a condition of vesting property in the new security trustee
                  that all liabilities of the retiring

                                       35
<PAGE>

                  security trustee for which it is entitled to be indemnified
                  and for which the retiring security trustee considers it is
                  personally liable are first satisfied or provided for to the
                  reasonable satisfaction of the retiring security trustee.

NEW SECURITY TRUSTEE TO EXECUTE DEED

            16.8  Each new security trustee must upon its appointment execute a
                  deed in such form as the Global Trust Manager may require
                  whereby such new security trustee must undertake to the
                  relevant Voting Secured Creditors jointly and severally to be
                  bound by all the covenants on the part of the Security Trustee
                  under this deed from the date of such appointment. Any
                  appointment of a new security trustee has no effect until such
                  a deed is executed by the new security trustee.

SECURITY TRUSTEE FURTHER ASSURANCE

            16.9  The Security Trustee must do all such things and execute all
                  such documents which are necessary or appropriate for the new
                  security trustee to obtain the benefit of this deed.

DEALINGS WITH TRUST

            16.10 None of the:

                  (a)   Security Trustee;

                  (b)   Related Entities of the Security Trustee;

                  (c)   directors or officers of the Security Trustee or its
                        Related Entities; or

                  (d)   shareholders of the Security Trustee or its Related
                        Entities,

                  is prohibited from:

                        (i)   subscribing for, purchasing, holding, dealing in
                              or disposing of Notes;

                        (ii)  at any time:

                             (A)   contracting with;

                             (B)   acting in any capacity as representative or
                                   agent for; or

                             (C)   entering into any financial, banking, agency
                                   or other transaction with,

                                   any other of them, the Issuer Trustee (and
                                   its Related Entities), the Global Trust
                                   Manager (and its Related Entities) or any
                                   Secured Creditor;

                       (iii) being interested in any contract or transaction
                             referred to in paragraph (ii); or

                       (iv)  doing anything it could do if the Security Trustee
                             and the Issuer Trustee were not parties to this
                             deed.

                                       36
<PAGE>

                  None of the persons mentioned is liable to account to the
                  Voting Secured Creditors for any profits or benefits
                  (including, without limitation, bank charges, commission,
                  exchange brokerage and fees) derived in connection with
                  anything referred to in paragraph (i) to (iv).

                  The preceding provisions of this clause 16.10 only apply if
                  the Security Trustee, in connection with the action, contract
                  or transaction, acts in good faith to all Voting Secured
                  Creditors.

                  Without limiting the rest of this clause 16.10, the Security
                  Trustee and any Related Entity of the Security Trustee may
                  perform different roles in connection with the Transaction
                  Documents, including roles as issuer trustee, security
                  trustee, registrar, paying agent, beneficiary, and
                  notwithstanding that interests or duties of the Related Entity
                  of the Security Trustee in respect of those roles may conflict
                  with interests or duties of the Security Trustee or the
                  interests of any Secured Creditor of a Trust. The Security
                  Trustee and each Related Entity of the Security Trustee will
                  have no liability to any person for assuming different roles
                  or for any use, non-use or communication of any information as
                  contemplated by this deed and the Transaction Documents. This
                  paragraph is subject to the requirement that the Security
                  Trustee and each relevant Related Entity of the Security
                  Trustee acts in good faith without fraud, negligence or breach
                  of trust regarding the Voting Secured Creditors of each Trust
                  in exercising any powers or rights or taking any action of the
                  kind permitted under this clause.

            16.11 The Security Trustee will bear the reasonable costs of its
                  removal if it is removed because of an Insolvency Event. The
                  Security Trustee will indemnify the Global Trust Manager and
                  each Trust for these costs. These costs are not payable out of
                  the Assets of a Trust.

17    PRESERVATION OF SECURITY TRUSTEE'S RIGHTS
------------------------------------------------------------------------------
LIABILITIES OF ISSUER TRUSTEE NOT AFFECTED

            17.1  The liabilities under this deed of the Issuer Trustee and the
                  rights under this deed of the Security Trustee, a Receiver or
                  an attorney appointed under this deed are not affected by
                  anything which might otherwise affect them at law or in equity
                  including, without limitation, one or more of the following
                  (whether occurring with or without the consent of a person):

                  (a)   the Security Trustee or another person granting time or
                        other indulgence (with or without the imposition of an
                        additional burden) to, compounding or compromising with,
                        or wholly or partially releasing the Issuer Trustee or
                        another person in any way;

                  (b)   laches, acquiescence, delay, acts, omissions or mistakes
                        on the part of the Security Trustee or another person or
                        both the Security Trustee and another person;

                                       37
<PAGE>

                  (c)   any variation or novation of a right of the Security
                        Trustee or another person, or material alteration of a
                        document, in respect of the Issuer Trustee or another
                        person including, without limitation, an increase in the
                        limit of or other variation in connection with the
                        Secured Money;

                  (d)   the transaction of business, expressly or impliedly,
                        with, for or at the request of the Issuer Trustee or
                        another person;

                  (e)   a change in the legal capacity, rights or obligations of
                        a person;

                  (f)   the fact that a person is a trustee, nominee, joint
                        owner, joint venturer or a member of a partnership, firm
                        or association;

                  (g)   a judgment against the Issuer Trustee or another person;

                  (h)   any part of the Secured Money being irrecoverable;

                  (i)   an assignment of rights in connection with the Secured
                        Money;

                  (j)   the acceptance of repudiation or other termination in
                        connection with the Secured Money;

                  (k)   without limiting the provisions of the Transaction
                        Documents, the invalidity or irregularity in the
                        execution of this deed by the Issuer Trustee or any
                        other person or any deficiency in the powers of the
                        Issuer Trustee or any other person to enter into or
                        observe its obligations under this deed; or

                  (l)   any obligation of the Issuer Trustee or any other person
                        being discharged by operation of law or otherwise.

CONTINUING SECURITY

            17.2  This deed is a continuing security despite any intervening
                  payment, settlement of account or other thing until a release
                  has been executed and given to the Issuer Trustee.

OTHER RIGHTS UNAFFECTED

            17.3  Except as expressly limited under this deed, this deed does
                  not otherwise affect any other right, power or remedy of a
                  Secured Creditor at law or in equity.

PURCHASER FROM SECURITY TRUSTEE

            17.4  A purchaser from or other person dealing with the Security
                  Trustee, or any Receiver, or any attorney appointed under this
                  deed or a person to whom is tendered for registration an
                  instrument duly executed by any of them need not inquire:

                  (a)   whether the Secured Money is in fact owing or payable;

                  (b)   whether default has occurred;

                  (c)   whether a right, power or remedy which they have
                        exercised or purported to exercise has been properly
                        exercised;

                                       38
<PAGE>

                  (d)   whether a Receiver has been properly appointed; or

                  (e)   about any other thing in connection with the exercise or
                        purported exercise of a right, power or remedy.

                  The title of any person relying on this clause is not affected
                  by express or constructive notice of anything in connection
                  with the matters referred to in clauses 17.4(a) to (e)
                  (inclusive).

18    POWER OF ATTORNEY
------------------------------------------------------------------------------
ATTORNEY OF ISSUER TRUSTEE

            18.1  The Issuer Trustee, in respect of each Trust, irrevocably
                  appoints the Security Trustee, each Authorised Person of the
                  Security Trustee, and each Receiver severally its attorneys.

ATTORNEY'S POWERS

            18.2  Upon the occurrence of an Event of Default in relation to a
                  Trust, each attorney may:

                  (a)   in the name of the Issuer Trustee (in its capacity as
                        trustee of that Trust) or the attorney do anything which
                        the Issuer Trustee (in its capacity as trustee of that
                        Trust) may lawfully authorise an attorney to do in
                        connection with this deed or the Secured Property of
                        that Trust or which in the attorney's opinion is
                        necessary or expedient to give effect to any right,
                        power or remedy conferred on the Security Trustee or a
                        Receiver by this deed, by law or otherwise, (including,
                        without limitation, executing deeds and instituting,
                        conducting and defending legal proceedings);

                  (b)   delegate such of its powers (including, and where
                        applicable, this power of delegation) as it would be
                        entitled to delegate under clause 7.23 if it held those
                        powers in its own right rather than as attorney of the
                        Issuer Trustee (in its capacity as trustee of the Trust)
                        to any person for any period and may revoke a
                        delegation; and

                  (c)   exercise or concur in exercising its powers even if the
                        attorney has a conflict of duty in exercising its powers
                        or has a direct or personal interest in the means or
                        result of that exercise of powers.

RATIFICATION BY ISSUER TRUSTEE

            18.3  The Issuer Trustee agrees to ratify anything done by an
                  attorney or its delegate in accordance with clause 18.2.

19    NOTICES
------------------------------------------------------------------------------
FORM

            19.1  A notice, approval, consent or other communication in
                  connection with this deed:

                                       39
<PAGE>

                  (a)   may be given by an Authorised Person of the relevant
                        party; and

                  (b)   must be in writing; and

                  (c)   must be left at the address of the addressee, or sent by
                        prepaid ordinary post (airmail if posted to or from a
                        place outside Australia) to the address of the addressee
                        or sent by facsimile to the facsimile number of the
                        addressee, or sent by e-mail to the e-mail address of
                        the addressee set out below or which is notified to the
                        parties from time to time after execution of this deed.

                        ISSUER TRUSTEE

                        Address:   Level 3
                                   39 Hunter Street
                                   Sydney NSW 2000
                        Facsimile: (61 2) 9221 7870
                        Attention: Manager, Securitisation

                        E-mail:    as notified from time to time

                        SECURITY TRUSTEE

                        Address:   Level 7
                                   1 Castlereagh Street
                                   Sydney   NSW   2000
                       Facsimile:  (61 2) 9229 9009
                       Attention:  Manager, Securitisation

                       E-mail:     as notified from time to time

                       GLOBAL TRUST MANAGER

                       Address:    7301 Baymeadows Way
                                   Jacksonville.  Florida   USA
                       Facsimile:  904 281 3062
                       Attention:  General Counsel

                       E-mail:     rjjacobs@homeside.com

                       NOTE TRUSTEE

                       Address:    101 Barclay Street, 21W
                                   New York, New York 10286 USA
                       Facsimile:  (212) 815 3522
                       Attention:  Global Structured Products Unit

                       E-mail:     as notified from time to time

TIME EFFECTIVE

            19.2  Unless a later time is specified in it a notice, approval,
                  consent or other communication takes effect from the time it
                  is received.

                                       40
<PAGE>

RECEIPT

            19.3  A letter, facsimile or e-mail is taken to be received:

                  (a)   in the case of a posted letter, on the third (seventh,
                        if posted to or from a place outside Australia) day
                        after posting;

                  (b)   in the case of a facsimile, on production of a
                        transmission report by the machine from which the
                        facsimile was sent which indicates that the facsimile
                        was sent in its entirety to the facsimile number of the
                        recipient notified for the purpose of this clause; and

                  (c)   in the case of an e-mail, on receipt by the sender of an
                        e-mail from the recipient stating that the e-mail was
                        delivered in its entirety and the contents and
                        attachments of the e-mail have been received.

                  However, if the time of deemed receipt of any notice is not
                  before 4.00pm local time on a Business Day at the address of
                  the recipient, it is deemed to have been received at the
                  commencement of business on the next Business Day.

            19.4  All notices with respect to the Secured Creditors are valid if
                  despatched by prepaid ordinary post (airmail if posted to a
                  place outside Australia) to the Secured Creditors at their
                  registered office (or, in the case of Noteholders holding
                  Registered Notes, to the address specified in the Register
                  and, in the case of joint holders, to the person whose name
                  first appears in the Register) or, in the case of the owners
                  of Bearer Notes, any notice will be effectively given if it is
                  given to the Note Trustee in accordance with this clause and
                  in the manner contemplated by the relevant Note Trust Deed and
                  the terms and conditions of issue (if any) of the relevant
                  Bearer Notes. Such notice is taken to be received on the third
                  (seventh, if posted to a place outside Australia) day after
                  posting.

20    RELEASE AND ASSIGNMENT
------------------------------------------------------------------------------
RELEASE

            20.1  (a)   The Security Trustee agrees to execute a release of the
                        Secured Property of a Trust from the relevant Charge at
                        the request of the Issuer Trustee and the Global Trust
                        Manager of the relevant Trust on the earlier to occur of
                        the full and final payment of all of the Secured Money
                        of that Trust and the termination of the Trust.

                  (b)   The Security Trustee agrees to execute a release of any
                        part of the Security Property of a Trust from the
                        relevant Charge if such a release is permitted under the
                        Transaction Documents for that Trust.

ASSIGNMENT

            20.2  The Issuer Trustee of a Trust may not create or allow to exist
                  a Security Interest over an interest in this deed or assign or
                  otherwise

                                       41
<PAGE>

                  dispose of or deal with its rights under this deed otherwise
                  than in accordance with the Master Trust Deed or the relevant
                  Supplemental Deed.

21    MISCELLANEOUS
------------------------------------------------------------------------------
CERTIFICATE

            21.1  A certificate signed by the Security Trustee or its solicitors
                  about a matter or about a sum payable to the Security Trustee
                  in connection with this deed or a Deed of Charge is sufficient
                  evidence of the matter or sum stated in the certificate unless
                  the matter or sum is proved to be false.

EXERCISE OF RIGHTS

            21.2  The Security Trustee, a Receiver or an attorney appointed
                  under this deed may exercise a right, power or remedy at its
                  discretion, and separately or concurrently with another right,
                  power or remedy. A single or partial exercise of a right,
                  power or remedy by the person does not prevent a further
                  exercise of that or an exercise of any other right, power or
                  remedy. Failure by the person to exercise or delay in
                  exercising a right, power or remedy does not prevent its
                  exercise. The person with the right, power or remedy is not
                  liable for any loss caused by its exercise, attempted
                  exercise, failure to exercise or delay in exercising it except
                  in the case of its fraud or wilful default or, in the case of
                  the Security Trustee, negligence, fraud or breach of trust.

WAIVER AND VARIATION

            21.3  Subject to clause 9.5, a provision of or a right created under
                  this deed may not be waived or varied except in writing signed
                  by the party or parties to be bound.

SUPERVENING LEGISLATION

            21.4  Any present or future legislation which operates to vary the
                  obligations of the Security Trustee in connection with this
                  deed, the Secured Money or the Secured Property with the
                  result that the Security Trustee's rights, powers or remedies
                  are adversely affected (including, without limitation, by way
                  of delay or postponement) is excluded except to the extent
                  that its exclusion is prohibited or rendered ineffective by
                  law.

APPROVALS AND CONSENT

            21.5  The Security Trustee, a Receiver or an attorney appointed
                  under this deed may give conditionally or unconditionally or
                  withhold its approval or consent in its absolute discretion,
                  unless this deed expressly provides otherwise.

REMEDIES CUMULATIVE

            21.6  The rights, powers and remedies provided in this deed are
                  cumulative with and not exclusive of the rights, powers or
                  remedies provided by law independently of this deed.

                                       42
<PAGE>

INDEMNITIES

            21.7  Each indemnity in this deed is a continuing obligation,
                  separate and independent from the other obligations of the
                  Security Trustee and survives termination of this deed. It is
                  not necessary for the Security Trustee to incur expense or
                  make payment before enforcing a right of indemnity conferred
                  by this deed.

TIME OF THE ESSENCE

            21.8  Time is of the essence in this deed in respect of an
                  obligation of the Security Trustee to pay money.

RECEIPTS

            21.9  The receipt of a Receiver, or an Authorised Person of the
                  Security Trustee, releases the person paying money to the
                  Receiver or the Security Trustee in connection with this deed
                  from:

                  (a)   liability to enquire whether the Secured Money has
                        become payable;

                  (b)   liability for the money paid or expressed to be
                        received; and

                  (c)   being concerned to see to its application or being
                        answerable or accountable for its loss or
                        misapplication.

ACKNOWLEDGMENT

            21.10 The parties acknowledge and agree that the Issuer Trustee and
                  the Global Trust Manager in exercising their powers and
                  discretions under this deed, and in performing their
                  obligations under this deed, must act in accordance with their
                  duties and obligations under this deed, the Deed of Charge in
                  respect of each Trust, the Master Trust Deed and the
                  Supplemental Deed in respect of each Trust and may exercise
                  such powers and discretions as provided in this deed, the Deed
                  of Charge in respect of each Trust, the Master Trust Deed and
                  the Supplemental Deed in respect of each Trust and (without
                  limitation) in forming any opinion may obtain and act upon the
                  advice of persons who are not parties to this deed.

            21.11 The parties acknowledge that they are bound by the terms of
                  this deed, the Master Trust Deed, the Deed of Charge in
                  respect of each Trust and the Supplemental Deed in respect of
                  each Trust.

22    AMENDMENT TO MASTER SECURITY TRUST DEED AND DEED OF CHARGE
------------------------------------------------------------------------------
AMENDMENTS

            22.1  Subject to this clause 22.1 and to any approval required by
                  law (including, without limitation, under the TIA) and by
                  clause 22.2, and provided that 10 Business Days prior notice
                  of the proposed amendment has been given to the Security
                  Trustee and the Current Rating Agency, the Issuer Trustee, the
                  Global Trust Manager, the Security Trustee and the Note
                  Trustee by deed may amend, add to or revoke any provision of
                  this deed (including this clause 22.1) as it applies to any
                  Security Trust or any provision of any Deed of Charge for the
                  Security Trust if the amendment, addition or revocation:

                                       43
<PAGE>

                  (a)   in the opinion of the Security Trustee or of a barrister
                        or solicitor instructed by the Security Trustee is
                        necessary or expedient to comply with or be consistent
                        with the provisions of any statute, ordinance,
                        regulation or by-law or with the requirement of any
                        statutory authority;

                  (b)   in the opinion of the Security Trustee is made to
                        correct a manifest error or ambiguity or is of a formal,
                        technical or administrative nature only;

                  (c)   in the opinion of the Security Trustee or the Global
                        Trust Manager will enable the provisions of this deed or
                        the Deed of Charge to be more conveniently,
                        advantageously, profitably or economically administered;

                  (d)   in the opinion of the Security Trustee or the Global
                        Trust Manager is otherwise desirable for any reason; or

                  (e)   is considered by the Security Trustee not to be
                        materially prejudicial to the interests of the Voting
                        Secured Creditors as a whole or the interests of any
                        individual Voting Secured Creditors or group of Voting
                        Secured Creditors.

CONSENT REQUIRED

            22.2  If in the reasonable opinion of the Security Trustee any
                  amendment, addition or revocation referred to in clause
                  22.1(c) or clause 22.1(d) will be or is likely to become
                  prejudicial to the interests of Voting Secured Creditors of a
                  particular class in respect of the Security Trust or to the
                  interests of all Voting Secured Creditors in respect of the
                  Security Trust, the amendment, addition or revocation may be
                  effected only if in accordance with clause 22.3 or 22.4 (as
                  the case may be).

AMENDMENTS PREJUDICIAL TO VOTING SECURED CREDITORS OF A CLASS

            22.3  Subject to clause 22.4, if in the opinion of the Security
                  Trustee any amendment, addition or revocation referred to in
                  clause 22.1(c) or clause 22.1(d) will be or is likely to
                  become prejudicial to the interests of Voting Secured
                  Creditors of a particular class, the amendment, addition or
                  revocation may only be effected if the relevant Voting Secured
                  Creditors pass an Extraordinary Resolution approving such
                  amendment, addition or revocation in accordance with clause
                  10.

AMENDMENTS PREJUDICIAL TO ALL VOTING SECURED CREDITORS

            22.4  If in the opinion of the Security Trustee, any amendment,
                  addition or revocation referred to in clause 22.1(c) or clause
                  22.1(d) will be or is likely to become prejudicial to the
                  interests of all Voting Secured Creditors in respect of the
                  Security Trust:

                  (a)   the amendment, addition or revocation may only be
                        effected if the relevant Voting Secured Creditors pass
                        an Extraordinary Resolution approving such amendment,
                        addition or revocation in accordance with clause 10; and

                                       44
<PAGE>

                  (b)   there will not be a separate Extraordinary Resolution
                        required for each class of Voting Secured Creditors
                        pursuant to clause 22.3.

CONSENT TO PAYMENT MODIFICATION IN RELATION TO NOTES

            22.5  If any alteration, addition or revocation referred to in
                  clause 22 effects or purports to effect a Payment Modification
                  it will not be effective as against a given Noteholder unless
                  consented to by that Noteholder.

            22.6  The Security Trustee will be entitled to assume that any
                  proposed alteration, addition or revocation referred to in
                  clause 22 (other than a Payment Modification) will not be
                  materially prejudicial to the interests of a Class of
                  Noteholders or all Noteholders if each of the Current Rating
                  Agencies confirms in writing that if the alteration, addition
                  or revocation is effected this will not lead to a reduction,
                  qualification or withdrawal of the then rating given,
                  respectively, to the Class of Notes, or to each Class of
                  Notes, by the Current Rating Agency.

UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL AND INTEREST

            22.7  Notwithstanding any other provision of this deed, any
                  Noteholder shall have the right, which is absolute and
                  unconditional, to receive payment of the principal of and
                  interest, if any, on each Note held by it on or after the
                  respective due dates thereof expressed in such Note or in this
                  deed or to institute suit for the enforcement of any such
                  payment if and to the extent that the institution or
                  prosecution thereof or the entry of judgment therein would,
                  under applicable law, result in the surrender, impairment,
                  waiver, or loss of the Security Interest created by this deed
                  and each Deed of Charge upon any property subject to such
                  Security Interest, and such right shall not be impaired
                  without the consent of such Noteholder, except to the extent
                  that the Transaction Documents contain provisions limiting or
                  denying the right of any Noteholder to institute any such
                  suit.

23    GOVERNING LAW, JURISDICTION AND SERVICE OF PROCESS
------------------------------------------------------------------------------
GOVERNING LAW

            23.1  This deed and each Security Trust are governed by the law in
                  force in the Australian Capital Territory and the rights,
                  liabilities and obligations of the Issuer Trustee, Security
                  Trustee, Global Trust Manager, the Note Trustee, the
                  Unitholders and the Secured Creditors are governed by the laws
                  in force in the Australian Capital Territory.

NON-EXCLUSIVE JURISDICTION

            23.2  Each party irrevocably and unconditionally submits to the
                  non-exclusive jurisdiction of the courts of the Australian
                  Capital Territory and courts of appeal from them. Each party
                  waives any right it has to object to an action being brought
                  in those courts including, without

                                       45
<PAGE>

                  limitation, by claiming that the action has been brought in an
                  inconvenient forum or that those courts do not have
                  jurisdiction.

SERVICE OF PROCESS

            23.3  Without preventing any other mode of service, any document in
                  an action (including, without limitation, any writ of summons
                  or other originating process or any third or other party
                  notice) may be served on any party by being delivered to or
                  left for that party at its address for service of notices
                  under clause 19.

24    COUNTERPARTS
------------------------------------------------------------------------------

                  This deed may consist of a number of counterparts and the
                  counterparts taken together constitute one and the same
                  instrument.

25    LIMITED RECOURSE
------------------------------------------------------------------------------

            25.1  Clause 2 of the Definitions Schedule applies to this deed as
                  if set out in full in it (with any consequential changes as
                  are necessary to give effect to that clause in this deed).

SECURITY TRUSTEE LIABILITY

            25.2  Notwithstanding any other provision of this deed, the Security
                  Trustee will have no liability under or in connection with
                  this deed, a Security Trust, or any other Transaction Document
                  (whether to the Voting Secured Creditors, the Issuer Trustee,
                  the Global Trust Manager or any other person) other than to
                  the extent to which the liability is able to be satisfied in
                  accordance with this deed out of the property of the Security
                  Trust Fund of the Security Trust from which the Security
                  Trustee is actually indemnified for the liability. This
                  limitation will not apply to a liability of the Security
                  Trustee to the extent that it is not satisfied because, under
                  this deed or by operation of law, there is a reduction in the
                  extent of the Security Trustee's indemnification out of the
                  relevant Security Trust Fund as a result of the Security
                  Trustee's fraud, negligence or breach of trust. Nothing in
                  this clause 25.2 or any similar provision in any other
                  Transaction Document limits or adversely affects the powers of
                  the Security Trustee, any Receiver or attorney in respect of
                  any Security Trust Deed or any Secured Property.

26    RELEVANT NOTE TRUSTEE
------------------------------------------------------------------------------
CAPACITY

            26.1  The Note Trustee is a party to this deed in its capacity as
                  trustee from time to time for the Bearer Noteholders of each
                  Trust which are issued with the benefit of a Note Trust Deed
                  in respect of such Trust (under the relevant Note Trust Deed
                  for each such Trust) in respect of which the Supplemental Deed
                  for that Trust specifies that this deed, and the role of the
                  Note Trustee, is to apply to that Trust.

                                       46
<PAGE>

EXERCISE OF RIGHTS

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

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

                  (b)   (LIMITED RIGHT OF ENFORCEMENT BY BEARER NOTEHOLDERS):
                        the relevant Bearer Noteholders may only exercise
                        enforcement rights in respect of the Secured Property
                        through the relevant Note Trustee and only in accordance
                        with this deed.

INSTRUCTIONS OR DIRECTIONS

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

VOTING AT MEETINGS

            26.4  If the Note Trustee in respect of a Trust is entitled under
                  this deed to vote at any meeting of the Secured Creditors or
                  Voting Secured Creditors of that Trust on behalf of the Bearer
                  Noteholders of that Trust, the Note Trustee must vote in
                  accordance, where applicable, with the directions of the
                  Bearer Noteholders of that Trust in accordance with the Note
                  Trust Deed and otherwise in its absolute discretion.

PAYMENTS

            26.5  Any payment to be made to a Bearer Noteholder under this deed
                  may be made to the relevant Note Trustee or a Paying Agent on
                  behalf of that Bearer Noteholder.

NOTICES

            26.6  Any notice to be given to a Bearer Noteholder under this deed
                  may be given to the relevant Note Trustee on behalf of that
                  Bearer Noteholder. Any costs to the relevant Note Trustee of
                  publishing such notice to the Bearer Noteholders will, subject
                  to this deed, be reimbursed by the Issuer Trustee to the
                  relevant Note Trustee.

LIMITATION OF RELEVANT NOTE TRUSTEE'S LIABILITY

            26.7  The liability of the relevant Note Trustee under this deed is
                  limited in the manner and to the same extent as under the
                  relevant Note Trust Deed.

                                       47
<PAGE>

EXECUTED as a deed in the Australian Capital Territory.

                                       48
<PAGE>

EXECUTION PAGE
------------------------------------------------------------------------------

SIGNED, SEALED AND DELIVERED        )
by                                  )
as attorney for PERPETUAL TRUSTEE   )
COMPANY LIMITED under power of      )
attorney dated                      )
                                    )
in the presence of:                 )
                                    )
 ................................    )
Signature of witness                )
                                    )
 ................................    )
Name of witness (block letters)     )
                                    )
 ................................    )      ................................
Address of witness                  )      By executing this deed the
                                    )      attorney states that the attorney
 ................................    )      has received no notice of
Occupation of witness               )      revocation of the power of attorney

SIGNED, SEALED AND DELIVERED        )
by                                  )
as attorney for P.T. LIMITED under  )
power of attorney dated             )
                                    )
in the presence of:                 )
                                    )
 ................................    )
Signature of witness                )
                                    )
 ................................    )
Name of witness (block letters)     )
                                    )
 ................................    )      ................................
Address of witness                  )      By executing this deed the
                                    )      attorney states that the attorney
 ................................    )      has received no notice of
Occupation of witness               )      revocation of the power of attorney

                                       49
<PAGE>

SIGNED by                           )
                                    )
                                    )
on behalf of and SEALED AND         )
DELIVERED by HOMESIDE               )
GLOBAL TRUST MANAGER, INC           )
in the presence of:                 )
                                    )
                                    )
--------------------------------    )
Signature of witness                )
                                    )
--------------------------------    )
Name of witness (block letters)     )
                                    )
--------------------------------    )
Address of witness                  )      ------------------------------------
                                    )      By executing this deed the signatory
--------------------------------    )      states that the signatory has
Occupation of witness               )      received no notice of revocation of
                                    )      the authority pursuant to which they
                                    )      execute this deed

SIGNED, SEALED AND DELIVERED        )
by                                  )
as authorised signatory for THE     )
BANK OF NEW YORK, NEW YORK BRANCH   )
                                    )
in the presence of:                 )
                                    )
 ................................    )
Signature of witness                )
                                    )
 ................................    )
Name of witness (block letters)     )      ................................
                                    )      By executing this deed the
 ................................    )      signatory states that signatory
Address of witness                  )      has received no notice of
                                    )      revocation of the authority under
 ................................    )      which this deed is signed, sealed
Occupation of witness               )      and delivered

                                       50
<PAGE>

CONTENTS                HOMESIDE MORTGAGE SECURITIES TRUSTS
                           MASTER SECURITY TRUST DEED
------------------------------------------------------------------------------

                       1     INTERPRETATION                                  1

                             Definitions Schedule                            2
                             Miscellaneous                                   2

                       2     DECLARATION OF SECURITY TRUST                   2

                             Declaration of Security Trust                   2
                             Commencement and Termination                    2
                             Name of Security Trust                          2
                             Rights of Secured Creditors                     3

                       3     PAYMENTS                                        3

                             Payment to Security Trustee                     3
                             Discharge by Payment to Secured Creditors       4
                             Election by Security Trustee                    4

                       4     COVENANTS BY ISSUER TRUSTEE                     4

                             General Covenants                               4
                             Covenants in respect of Secured Property        5
                             Global Trust Manager Undertakings               6

                       5     FURTHER ASSURANCES                              7

                             Issuer Trustee Assurances                       7
                             Completion of Instruments                       7
                             Registration of Charge                          7

                       6     REPRESENTATIONS AND WARRANTIES                  7

                             Global Trust Manager representation and
                               warranties                                    8

                       7     GENERAL POWERS, RIGHTS AND RESPONSIBILITIES     8

                             Power to Invest                                 8
                             Other Powers                                    9
                             Discretion of Security Trustee as to
                               Exercise of Powers                            9
                             Limitation on Security Trustee's Actions        9
                             Limitations on Security Trustee's
                               Responsibility                                9
                             No Liability                                   10
                             Security Trustee not responsible for
                               monitoring                                   11
                             Security Trustee's Further Duties              12
                             Acceptance of Certificates etc.                12
                             Act on Opinion of Experts                      13
                             Right to Rectify                               13
                             Consent to Dealings                            13
                             Ascertain Event of Default                     13
                             No duty to investigate                         14
                             Liability must be limited                      14
                             Not use own funds                              14
                             Cover for costs                                14
                             Receipt of instructions                        15
                             Dispute or ambiguity                           15
                             No liability for documents                     15
<PAGE>

                             Conflict of duty                               16
                             Indemnity                                      16
                             Delegation                                     16
                             No Liability                                   17

                       8     CRYSTALLISATION OF FLOATING CHARGE             17

                             Crystallisation                                17
                             Replacement of fixed charge with
                             floating charge                                18
                             Subsequent dealing                             18
                             Further charge                                 19

                       9     SECURITY TRUSTEE TO CONVENE MEETINGS           19

                             Convene Meetings                               19
                             Extraordinary Resolutions                      19
                             Notice                                         20
                             No obligation to appoint Receiver              20
                             Waiver of Event of Default                     20
                             Meetings                                       20
                             Global Trust Manager convenes meeting          20
                             Secured Creditors convene meeting              21
                             Notice of Event of Default                     21
                             Notice of action to remedy Event of Default    21
                             Limitation on rights of Secured Creditors      21

                       10    MEETING OF VOTING SECURED CREDITORS            21

                             Notice of Meeting                              21
                             Advertisement of Meeting in Newspaper          22
                             Quorum                                         23
                             Quorum at Adjourned Meeting                    23
                             Chairman                                       23
                             Voting                                         23
                             Votes                                          24
                             Voting by Joint Noteholders                    24
                             Voting by Corporation                          24
                             Voting by Person of Unsound Mind               24
                             Objection to Voter's Qualification             24
                             Method of Voting                               25
                             Proxy Instrument                               25
                             Attendance at Meetings and Appointment of
                             Proxy                                          25
                             Voting Authority to be Deposited with
                               Security Trustee                             25
                             Form of Proxy                                  25
                             Proxy - Effect of Death or Insanity            26
                             Determination of Voting                        26
                             Adjournment                                    26
                             Effect of Resolution                           26
                             Minutes                                        26

                       11    APPOINTMENT OF RECEIVER                        27

                             Appointment                                    27
                             New Receiver                                   27
                             No Liability for Receiver                      27
                             Two or more Receivers                          27
                             Appointment over part                          27
                             Indemnity to Receiver                          27
<PAGE>

                       12    POWERS OF RECEIVER                             28

                       13    POWERS OF SECURITY TRUSTEE AND EXCLUSION OF
                             STATUTORY NOTICES                              30

                             Security Trustee has powers of Receiver        30
                             No liability as mortgagee in possession        30
                             Give up possession of Secured Property         30
                             Exclusion of notices                           30
                             No duty as chargee                             31

                       14    COSTS, CHARGES, EXPENSES AND INDEMNITIES       31

                             Indemnity by Issuer Trustee                    31
                             Extent of Indemnity                            31
                             Costs of experts                               32
                             GST                                            32

                       15    APPLICATION OF MONEY                           33

                             Application                                    33
                             Crediting                                      33
                             Suspense account                               33

                       16    REMUNERATION AND RETIREMENT OF SECURITY
                             TRUSTEE AND DEALINGS WITH SECURITY TRUST       34

                             Remuneration                                   34
                             Mandatory Retirement                           34
                             Removal by Global Trust Manager                34
                             Voluntary Retirement                           34
                             Appointment of new Security Trustee by
                               Voting Secured Creditors                     35
                             Release of Security Trustee                    35
                             Vesting of Security Trust Fund in new
                               Security Trustee                             35
                             New Security Trustee to Execute Deed           36
                             Security Trustee Further Assurance             36
                             Dealings with Trust                            36

                       17    PRESERVATION OF SECURITY TRUSTEE'S RIGHTS      37

                             Liabilities of Issuer Trustee not affected     37
                             Continuing Security                            38
                             Other rights unaffected                        38
                             Purchaser from Security Trustee                38

                       18    POWER OF ATTORNEY                              39

                             Attorney of Issuer Trustee                     39
                             Attorney's Powers                              39
                             Ratification by Issuer Trustee                 39

                       19    NOTICES                                        39

                             Form                                           39
                             Time effective                                 40
                             Receipt                                        41

                       20    RELEASE AND ASSIGNMENT                         41

                             Release                                        41
                             Assignment                                     42

<PAGE>

                       21    MISCELLANEOUS                                  42

                             Certificate                                    42
                             Exercise of rights                             42
                             Waiver and variation                           42
                             Supervening legislation                        42
                             Approvals and consent                          42
                             Remedies cumulative                            42
                             Indemnities                                    43
                             Time of the essence                            43
                             Receipts                                       43
                             Acknowledgment                                 43

                       22    AMENDMENT TO MASTER SECURITY TRUST DEED AND
                             DEED OF CHARGE                                 43

                             Amendments                                     43
                             Consent required                               44
                             Amendments prejudicial to Voting Secured
                               Creditors of a Class                         44
                             Amendments prejudicial to all
                               Voting Secured Creditors                     44
                             Consent to Payment Modification in relation
                               to Notes                                     45
                             Unconditional Rights of Noteholders to
                               Receive Principal and Interest               45

                       23    GOVERNING LAW, JURISDICTION AND SERVICE OF
                             PROCESS                                        45

                             Governing Law                                  45
                             Non-exclusive jurisdiction                     45
                             Service of process                             46

                       24    COUNTERPARTS                                   46

                       25    LIMITED RECOURSE                               46

                             Security Trustee Liability                     46

                       26    RELEVANT NOTE TRUSTEE                          46

                             Capacity                                       46
                             Exercise of rights                             47
                             Instructions or directions                     47
                             Voting at Meetings                             47
                             Payments                                       47
                             Notices                                        47
                             Limitation of relevant Note Trustee's
                               Liability                                    47

<PAGE>

                                                   EXTERNAL DRAFT 6:  29.12.00

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

                       DATED              3 January 2001

                                HOMESIDE MORTGAGE
                                SECURITIES TRUSTS
                           MASTER SECURITY TRUST DEED

                            PERPETUAL TRUSTEE COMPANY
                                     LIMITED
                               ("ISSUER TRUSTEE")
                                  P.T. LIMITED
                              ("SECURITY TRUSTEE")
                          HOMESIDE GLOBAL MBS MANAGER,
                                      INC.
                            ("GLOBAL TRUST MANAGER")
                         THE BANK OF NEW YORK, NEW YORK
                                     BRANCH
                                ("NOTE TRUSTEE")

                            MALLESONS STEPHEN JAQUES
                                   Solicitors

                             Governor Phillip Tower
                                 1 Farrer Place
                                 Sydney NSW 2000
                            Telephone (02) 9296 2000
                               Fax (02) 9296 3999
                                  DX 113 Sydney
                                  Ref: SRF:CD3

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