Document:

<PAGE>

                                            SECURITY TRUST DEED - SMHL GLOBAL
                                            FUND NO. 3

                                            PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                            ABN 86 000 431 827

                                            ME PORTFOLIO MANAGEMENT LIMITED
                                            ABN 79 005 964 134

                                            PERPETUAL TRUSTEE COMPANY LIMITED
                                            ABN 42 000 001 007

                                            and

                                            THE BANK OF NEW YORK

                                            [FREEHILLS LOGO]

                                            MLC Centre Martin Place Sydney New
                                            South Wales 2000 Australia
                                            Telephone 61 2 9225 5000
                                            Facsimile 61 2 9322 4000
                                            www.freehills.com.au DX 361 Sydney

                                            SYDNEY MELBOURNE PERTH CANBERRA
                                            BRISBANE HANOI HO CHI MINH CITY
                                            SINGAPORE
                                            Correspondent Offices JAKARTA KUALA
                                            LUMPUR

                                            Liability limited by the Solicitors'
                                            Limitation of Liability Scheme,
                                            approved under the Professional
                                            Standards Act 1994 (NSW)

                                            Reference PJSR:TEL:25E

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                                                             Security Trust Deed

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TABLE OF CONTENTS
Clause                                                                      Page

1        DEFINITIONS AND INTERPRETATION                                        6

         1.1      Definitions                                                  6
         1.2      Definitions from other documents                            13
         1.3      Interpretation                                              14
         1.4      Benefit of Covenants Hereunder                              15
         1.5      Transaction Document                                        15
         1.6      Knowledge of Issuing Trustee                                15
         1.7      Knowledge of the Security Trustee                           15
         1.8      Knowledge of the Note Trustee                               15

2        ACCEPTANCE OF TRUST                                                  15

         2.1      Appointment of Security Trustee                             15
         2.2      Duration of Trust                                           16
         2.3      Benefit of Trusts                                           16
         2.4      Terms of Notes                                              16
         2.5      Interested Persons Bound                                    16
         2.6      Resolution of Conflicts                                     16

3        NOTE TRUSTEE                                                         17

         3.1      Capacity                                                    17
         3.2      Exercise of rights                                          17
         3.3      Instructions or directions                                  17
         3.4      Payments                                                    17
         3.5      Notices                                                     17
         3.6      Limitation of liability of Note Trustee                     17

4        CHARGE                                                               18

         4.1      Charge                                                      18
         4.2      Priority                                                    18
         4.3      Nature of Charge                                            18
         4.4      Crystallisation                                             18
         4.5      De-crystallisation                                          19
         4.6      Prospective liability                                       20
         4.7      Amount ultimately recoverable                               20

5        REPRESENTATIONS AND WARRANTIES                                       20

         5.1      By the Issuing Trustee                                      20
         5.2      By the Manager                                              21
         5.3      Survival of Representations and Warranties                  22

6        ISSUING TRUSTEE'S AND MANAGER'S COVENANTS                            22

         6.1      Covenants                                                   22
         6.2      Negative Covenants                                          23
         6.3      Fixed Rate Mortgages                                        23

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                                                             Security Trust Deed

         6.4      Dealing in Accordance with Transaction Documents            24
         6.5      Notify Events of Default                                    25

7        EVENTS OF DEFAULT                                                    25

         7.1      Events of Default                                           25
         7.2      Rights of the Security Trustee upon Event of Default        26
         7.3      Notify Events of Default                                    27

8        ENFORCEMENT                                                          27

         8.1      Power to Deal with the Charged Property Ceases              27
         8.2      Protection of Charged Property                              27
         8.3      Power to Enforce                                            27
         8.4      No Obligation to Enforce                                    27
         8.5      Obligation to Convene Meeting                               28
         8.6      Security Trustee to Act in Accordance with Directions       28
         8.7      Security Trustee Must Receive Indemnity                     29
         8.8      Limitation on Rights of Secured Creditors                   29
         8.9      Immaterial waivers                                          30
         8.10     Acts pursuant to resolutions                                30
         8.11     Overriding provision                                        30

9        RECEIVER                                                             31

         9.1      Appointment of Receiver                                     31
         9.2      Agency of Receiver                                          31
         9.3      Powers of Receiver                                          31
         9.4      Nature of Receiver's Powers                                 33
         9.5      Status of Receiver after commencement of winding-up         33
         9.6      Powers exercisable by the Security Trustee                  34
         9.7      Notice of exercise of rights                                34
         9.8      Termination of receivership and possession                  34

10       SECURITY TRUSTEE'S POWERS                                            34

         10.1     Act Jointly                                                 34
         10.2     Appointment of Attorney                                     35
         10.3     Purposes of appointment                                     35
         10.4     Delegation and substitution                                 35
         10.5     Security Trustee May Make Good Default                      35

11       PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER      36

         11.1     No Enquiry                                                  36
         11.2     Receipts                                                    36

12       APPLICATION OF MONEYS                                                36

         12.1     Priority of Payments                                        36
         12.2     Moneys Received                                             38
         12.3     Satisfaction of debts                                       38
         12.4     Investment of Funds                                         38
         12.5     Powers to Invest                                            38
         12.6     Limit of Security Trustee's Liability                       38

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                                                             Security Trust Deed

         12.7     Amounts contingently due                                    39
         12.8     Notice of a subsequent Encumbrance                          39
         12.9     Payments into US$ Account                                   40
         12.10    Payments out of US$ Account                                 40
         12.11    Excluded amounts                                            40
         12.12    Proportionate Sharing                                       40
         12.13    Currency Indemnity                                          41

13       REMUNERATION AND INDEMNIFICATION OF SECURITY TRUSTEE                 42

         13.1     Fee                                                         42
         13.2     Cessation of Fee                                            42
         13.3     Expenses                                                    42
         13.4     Costs                                                       42
         13.5     Indemnity                                                   42
         13.6     Non-Discharge                                               43

14       SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS                             43

         14.1     Additional Powers, Protections, etc.                        43
         14.2     Security Trustee Not Precluded From Entering into Contracts 45
         14.3     Duties of the Security Trustee                              45
         14.4     Security Trustee Liable for Negligence etc.                 45
         14.5     Reliance on Experts                                         45
         14.6     Information                                                 46

15       RETIREMENT AND REMOVAL OF SECURITY TRUSTEE                           46

         15.1     Retirement                                                  46
         15.2     Removal                                                     46
         15.3     Appointment                                                 47
         15.4     Retirement or Removal Effective                             47
         15.5     Vesting of Property in Security Trustee                     47
         15.6     Retention of Lien                                           48

16       MEETINGS OF SECURED CREDITORS                                        48

         16.1     Meetings Regulated by the Schedule                          48
         16.2     Limitation on Security Trustee's Powers                     48
         16.3     Security Trustee rights                                     48

17       CONTINUING SECURITY AND RELEASES                                     49

         17.1     Liability Preserved                                         49
         17.2     Issuing Trustee's Liability Not Affected                    49
         17.3     Waiver by Issuing Trustee                                   50
         17.4     No Notice or Enforcement                                    50
         17.5     No Liability for Loss                                       50
         17.6     No Liability to Account                                     50
         17.7     Indemnity Regarding Exercise of Powers                      50
         17.8     No Conflict                                                 51
         17.9     Contract Involving Conflict of Duty                         51
         17.10    Benefit for Receiver etc.                                   51

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                                                             Security Trust Deed

18       ASSURANCE                                                            51

         18.1     Further Assurance                                           51
         18.2     Postponement or Waiver of Encumbrances                      52

19       PAYMENTS                                                             52

         19.1     Moneys Repayable as Agreed or on Demand                     52
         19.2     No Set-Off or Deduction                                     52

20       DISCHARGE OF THE CHARGE                                              52

         20.1     Release                                                     52
         20.2     Contingent Liabilities                                      53
         20.3     Charge Reinstated                                           53

21       AMENDMENT                                                            53

         21.1     Amendment by Security Trustee                               53
         21.2     Amendment with Consent                                      54
         21.3     Distribution of Amendments                                  54

22       EXPENSES, STAMP DUTIES AND REGISTRATION                              54

         22.1     Expenses                                                    54
         22.2     Stamp Duties                                                55
         22.3     Registration                                                55
         22.4     Goods and services tax in relation to the Security Trustee  55
         22.5     Indemnity                                                   56

23       GOVERNING LAW AND JURISDICTION                                       56

         23.1     Governing Law                                               56
         23.2     Jurisdiction                                                56

24       NOTICES                                                              57

         24.1     Service of Notices                                          57
         24.2     Addresses                                                   57

25       MISCELLANEOUS                                                        58

         25.1     Assignments                                                 58
         25.2     Certificate of Security Trustee                             58
         25.3     Continuing Obligation                                       59
         25.4     Settlement Conditional                                      59
         25.5     No Merger                                                   59
         25.6     Interest on Judgment                                        59
         25.7     No Postponement                                             59
         25.8     Severability of Provisions                                  59
         25.9     Remedies Cumulative                                         60
         25.10    Waiver                                                      60
         25.11    Consents and Approvals                                      60
         25.12    Written Waiver, Consent and Approval                        60
         25.13    Time of Essence                                             60
         25.14    Moratorium Legislation                                      60

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                                                             Security Trust Deed

         25.15    Debit Accounts                                              60
         25.16    Binding on Each Signatory                                   61
         25.17    Counterparts                                                61
         25.18    Certificate of amount of Secured Moneys etc                 61
         25.19    Attorneys                                                   61

26       TRUSTEES' LIABILITY                                                  61

         26.1     Limitation on Issuing Trustee's liability                   61
         26.2     Limitation on Security Trustee's liability                  62
         26.3     Rights against Charged Property Preserved                   63
         26.4     Waiver of Personal Liability                                63
         26.5     Restricted remedies                                         63
         26.6     Wilful Default of the Issuing Trustee                       64
         26.7     Wilful default of the Security Trustee                      64
         26.8     Wilful default of the Note Trustee                          65

27       PRIVACY                                                              66

SCHEDULE 1 - MEETINGS PROCEDURES

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                                                             Security Trust Deed

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THIS SECURITY TRUST DEED is made in Canberra on [#] 2002 between the following
parties:

                  1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          in its capacity as trustee of the Securitisation Fund
                          (ISSUING TRUSTEE)

                  2.      ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          of Level 23, 360 Collins Street,
                          Melbourne, Victoria
                          (MANAGER)

                  3.      PERPETUAL TRUSTEE COMPANY LIMITED
                          ABN 42 000 001 007
                          of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (SECURITY TRUSTEE)

                  4.      BANK OF NEW YORK
                          of 101 Barclay Street,
                          Floor 21 West,
                          New York, NY
                          (NOTE TRUSTEE)

                  RECITALS

                  A.      The Issuing Trustee is the trustee, and the Manager is
                          the manager, of the Securitisation Fund.

                  B.      Under the terms of the Master Trust Deed, the Issuing
                          Trustee is authorised to enter into this Deed to
                          charge the assets of the Securitisation Fund to secure
                          payment of the Secured Moneys and the due and punctual
                          performance of its obligations under the Secured
                          Documents to the Secured Creditors.

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

THIS DEED WITNESSES

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

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1        DEFINITIONS AND INTERPRETATION

         1.1      DEFINITIONS

                  In this Deed unless the context indicates a contrary
                  intention:

                  ATTORNEY means an attorney appointed under this Deed.

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                                                             Security Trust Deed

                  CHARGE means the charge created by this Deed.

                  CHARGED PROPERTY means:

                  (a)     all of the present and future property, rights,
                          entitlements, benefits and money from time to time
                          forming part of the Securitisation Fund pursuant to
                          the terms of the Master Trust Deed, including, but not
                          limited to, the property, rights, entitlements and
                          benefits of the Issuing Trustee as trustee of the
                          Securitisation Fund in the Fund Property, but
                          excluding any property, rights, entitlements, benefits
                          and money located or taken for the purposes of any
                          legislation of a State or Territory of Australia with
                          respect to stamp duties to be located in a State or
                          Territory other than New South Wales, the Australian
                          Capital Territory or the Northern Territory;

                  (b)     all property, rights, entitlements, benefits and money
                          of the Issuing Trustee as trustee of the
                          Securitisation Fund acquired after the date of this
                          deed, including, but not limited to, property, rights,
                          entitlements and benefits of the Issuing Trustee as
                          trustee of the Securitisation Fund in the Fund
                          Property, but excluding:

                          (1)      the Future Property; and

                          (2)      all property, rights, entitlements, benefits
                                   and money which form part of the Charged
                                   Property under paragraph (a) above; and

                  (c)      all Future Property of the Chargor as at 12 noon on
                           the last day of the Relevant Period.

                  CHARGE RELEASE DATE means, subject to clause 20.3, the date
                  the Security Trustee discharges the Charge and this Deed
                  pursuant to clause 20.1.

                  CURRENCY SWAP has the same meaning as in the Notes
                  Supplementary Bond Terms Notice.

                  CURRENCY SWAP PROVIDER has the same meaning as in the Notes
                  Supplementary Bond Terms Notice.

                  ENCUMBRANCE means an interest or power:

                  (a)      reserved in or over an interest in any asset
                           including, but not limited to, any retention of
                           title; or

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

                  by way of, or having similar commercial effect to, security
                  for the payment of a debt, any other monetary obligation or
                  the performance of any other obligation, and includes, but is
                  not limited to, any agreement to grant or create any of the
                  above.

                  ENHANCEMENT means each Enhancement (as defined in the Master
                  Trust Deed) entered into by the Issuing Trustee, except for
                  any Mortgage Insurance Policy.

                  ENHANCEMENT PROVIDER means, in relation to an Enhancement, the
                  person who has entered into or agreed to make that Enhancement
                  available to the Issuing Trustee.

                  EVENT OF CRYSTALLISATION means an event upon which the Charge
                  crystallises pursuant to clause 4.4.

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                                                             Security Trust Deed

                  EVENT OF DEFAULT means each of the events set out or referred
                  to in this Deed as an Event of Default.

                  EXTRAORDINARY RESOLUTION in relation to the Voting Secured
                  Creditors means:

                  (a)     a resolution passed at a meeting of the Voting Secured
                          Creditors duly convened and held in accordance with
                          the provisions contained in this Deed by a majority
                          consisting of not less than 75% of the votes cast
                          thereat; or

                  (b)     a resolution in writing pursuant to clause 15 of the
                          Schedule signed by all the Voting Secured Creditors.

                  FINANCIAL INDEBTEDNESS means moneys borrowed or raised
                  (including rentals under financial leases) and interest
                  thereon; any liability under any bill of exchange, debenture,
                  note or other security or under any acceptance credit
                  facility; any liability in respect of the acquisition cost of
                  assets or services to the extent payable after the time of
                  acquisition or possession thereof; any guarantee, indemnity or
                  other assurance against financial loss in respect of any
                  moneys borrowed or raised, interest or liabilities; and any
                  other arrangement which achieves in substance the same or
                  equivalent effect as any of the foregoing.

                  FUND PROPERTY means:

                  (a)     all Loans, Mortgages and Related Securities;

                  (b)     all Interest Hedges;

                  (c)     all Enhancements;

                  (d)     all bank accounts;

                  (e)     all other Authorised Investments;

                  (f)     all computer software and models, accounting records,
                          financial statements, vouchers and other similar
                          documents relating in any way to the Securitisation
                          Fund;

                  (g)     all Redraw Funding Facilities;

                  (h)     all Payment Funding Facilities; and

                  (i)     all Title Documents.

                  FUTURE PROPERTY means:

                  (a)     land in Queensland, other than a security interest,
                          acquired within 12 months after the date of this deed;
                          and

                  (b)     land in Tasmania acquired within 12 months after the
                          date of this deed.

                  The terms "land" and "security interest" in paragraph (a) have
                  the same meanings as in Section 252 of the Queensland Duties
                  Act 2001, and the terms "land" in paragraph (b) has the same
                  meaning as in Section 142 of the Tasmanian Duties Act 2001.

                  GST has the same meaning as in the A New Tax System (Goods and
                  Services) Act 1999.

                  INSOLVENCY EVENT means in respect of a person (and, in the
                  case of the Issuing Trustee, including in its personal
                  capacity):

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                                                                          PAGE 8

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                                                             Security Trust Deed

                  (a)     an application or order is made for the bankruptcy,
                          winding up or dissolution of the person other than a
                          frivolous or vexatious application or an application
                          which is not stayed within 21 days;

                  (b)     a resolution is passed, or steps are taken to pass a
                          resolution, for the winding up or dissolution of the
                          person, otherwise than for the purpose of an
                          amalgamation or reconstruction while solvent on terms
                          previously approved by the Security Trustee;

                  (c)     the person is otherwise wound up or dissolved or made
                          bankrupt;

                  (d)     a liquidator, provisional liquidator, official
                          manager, administrator, receiver, receiver and
                          manager, trustee in bankruptcy or any similar official
                          is appointed to the person or any of the assets of the
                          person, but in the case of a receiver or receiver and
                          manager only, in respect of the assets of the Fund, or
                          any steps are taken for any such appointment and such
                          appointment is not revoked within 21 days;

                  (e)     the person suspends payment of its debts generally;

                  (f)     the person is, or becomes unable to pay its debts when
                          they are due or is, or becomes, unable to pay its
                          debts within the meaning of the Corporations Act;

                  (g)     the person enters into, or resolves to enter into, any
                          arrangement, composition or compromise with, or
                          assignment for the benefit of, its creditors or any
                          class of them;

                  (h)     the person ceases or threatens to cease, to carry on
                          business;

                  (i)     a notice under section 601AB(3) of the Corporations
                          Act is given to, or in respect of, the person;

                  (j)     the person is, or becomes, or under the Corporations
                          Act is presumed to be, insolvent;

                  (k)     the person takes any steps to obtain, or is granted
                          protection from its creditors or any class of them,
                          under applicable legislation;

                  (l)     anything analogous or having substantially similar
                          effect, to any of the above occurs under or in respect
                          of any existing or future law.

                  INTERESTED PERSON means a collective reference to the Issuing
                  Trustee, the Bondholders, the Beneficiaries of the
                  Securitisation Fund, the Manager and all persons claiming
                  through them and "Interested Person" means a several reference
                  to all Interested Persons.

                  LIQUIDITY NOTEHOLDER means a Bondholder (as defined in the
                  Master Trust Deed) of an SMHL Global No. 3 Liquidity Note.

                  MASTER TRUST DEED means the Master Trust Deed for the
                  Superannuation Members' Home Loans Trusts, dated 4 July 1994
                  made between the Manager and the Issuing Trustee as trustee,
                  as amended from time to time.

                  MORTGAGE DOCUMENTS means all original Mortgages, Loan
                  agreements, Related Securities and documents amending or
                  varying the foregoing and all certificates of title to Land
                  affected by any Mortgage and all searches, certificates,
                  results of statutory enquiries, answers to requisitions on
                  title, opinions, correspondence,

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                                                                          PAGE 9

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                                                             Security Trust Deed

                  accounts and other supporting materials provided to or held by
                  the Issuing Trustee or any agent or servant thereof in
                  relation to every Mortgage, Loan agreement or Related
                  Security.

                  NOTEHOLDER SECURED CREDITOR means together:

                  (a)     the Note Trustee on behalf of the Class A Noteholders
                          save that where the Note Trustee has become bound to
                          take steps and/or proceed under this Deed and fails to
                          do so within a reasonable period of time and such
                          failure is continuing, the Class A Noteholders and
                          then only to the extent permitted by Australian law;
                          and

                  (b)     each Class B Noteholder.

                  NOTES means Class A Notes, Class B Notes and Liquidity Notes.

                  NOTES SUPPLEMENTARY BOND TERMS NOTICE means the Supplementary
                  Bond Terms Notice dated on or about the date of this Deed in
                  respect of the Securitisation Fund and providing the terms of
                  issue of Class A Notes and Class B Notes and executed by the
                  Issuer, the Manager and the Security Trustee.

                  OUTSTANDING PRINCIPAL BALANCE has the same meaning as in the
                  Notes Supplementary Bond Terms Notice.

                  PAYMENT FUNDING FACILITY means any facility provided to the
                  Issuing Trustee to enable the Issuing Trustee to support or
                  fund payments required or to be made by the Issuing Trustee in
                  respect of any Enhancement or Hedge or as otherwise provided
                  in that facility.

                  PAYMENT FUNDING FACILITY PROVIDER means, in relation to a
                  Payment Funding Facility, the person who has entered into or
                  agreed to make that Payment Funding Facility available to the
                  Issuing Trustee.

                  POWER means any right, power, authority, discretion or remedy
                  conferred on the Security Trustee, Receiver or Attorney by any
                  Secured Document or any applicable law.

                  PRIOR INTEREST means the lien over, and right of
                  indemnification from, the Charged Property held by the Issuing
                  Trustee under, and calculated in accordance with, the Master
                  Trust Deed for paid but not reimbursed, or for unpaid,
                  Expenses (other than the Secured Moneys) in relation to the
                  Securitisation Fund.

                  RECEIVER means a receiver appointed by the Security Trustee
                  hereunder and includes a receiver and manager and where more
                  than one person has been appointed as receiver or receiver and
                  manager each such person and also any servant agent or
                  delegate of any such receiver or receiver and manager.

                  REDRAW FACILITY PROVIDER means, in relation to a Redraw
                  Funding Facility, the person who has entered into or agreed to
                  make that Redraw Funding Facility available to the Issuing
                  Trustee.

                  REDRAW FUNDING FACILITY means any facility provided to the
                  Issuing Trustee to enable the Issuing Trustee to fund payments
                  under a Loan Redraw Facility.

                  RELATED BODY CORPORATE has the meaning given to it in section
                  9 of the Corporations Act.

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                                                                         PAGE 10

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                                                             Security Trust Deed

                  RELEVANT PERIOD means the period which commences on and
                  includes the date of this deed and ends on and includes the
                  earlier of:

                  (a)     the date 12 months and 1 day after the date of this
                          deed; and

                  (b)     the date (if any) on which an Event of Default occurs.

                  REPAYMENT DATE means the date on which the Total Outstanding
                  Principal Balance is zero or will be zero following any
                  payments made on the relevant Payment Date.

                  REPRESENTATIVE means:

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

                  (b)     in the case of any other Secured Creditor, a person
                          who is appointed as a proxy for that Secured Creditor
                          pursuant to clause 9 of the Schedule; and

                  (c)     without limiting the generality of paragraph (a), in
                          the case of a Voting Secured Creditor, which is a body
                          corporate, a person who is appointed pursuant to
                          clause 10 of the Schedule by the Secured Creditor.

                  SECURED CREDITOR means:

                  (a)     each Payment Funding Facility Provider;

                  (b)     the Security Trustee in relation to its rights (held
                          on its own right or for the benefit of other Secured
                          Creditors) under this Deed;

                  (c)     any Class A Noteholder in relation to its rights under
                          the Class A Notes held by it;

                  (d)     any Class B Noteholder, in relation to its rights
                          under the Class B Notes held by it;

                  (e)     the Manager in relation to its rights as manager under
                          the Secured Documents for the Securitisation Fund;

                  (f)     each Enhancement Provider in relation to its rights
                          under each Enhancement;

                  (g)     each Interest Hedge Provider in relation to its rights
                          under each Interest Hedge;

                  (h)     the Note Trustee in relation to its rights (held on
                          its own right or for the benefit of any Class A
                          Noteholder) under the Secured Documents;

                  (i)     each Paying Agent, the Note Registrar and the
                          Calculation Agent in relation to its rights under the
                          Secured Documents;

                  (j)     the Lead Managers in relation to its rights under the
                          Secured Documents;

                  (k)     the Currency Swap Provider in relation to its rights
                          under each Currency Swap;

                  (l)     each Redraw Facility Provider; and

                  (m)     any Liquidity Noteholder in relation to its rights
                          under Liquidity Notes held by it.

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                                                                         PAGE 11

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                                                             Security Trust Deed

                  SECURED DOCUMENTS means each of:

                  (a)     this Deed;

                  (b)     the Master Trust Deed, insofar as it relates to the
                          Securitisation Fund;

                  (c)     the Mortgage Origination and Management Agreement,
                          insofar as it relates to the Securitisation Fund;

                  (d)     each Note;

                  (e)     each Supplementary Bond Terms Notice;

                  (f)     each Enhancement;

                  (g)     each Hedge;

                  (h)     the Note Trust Deed;

                  (i)     each Payment Funding Facility;

                  (j)     each Currency Swap;

                  (k)     the Committed Bond Subscription Agreement; and

                  (l)     each Redraw Funding Facility.

                  SECURED MONEYS means all debts and monetary liabilities of the
                  Issuing Trustee to Secured Creditors on any account under or
                  in relation to any Secured Document and in any capacity and
                  irrespective of whether the debts or liabilities:

                  (a)     are present or future;

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

                  (c)     are at any time ascertained or unascertained;

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

                  (e)     are owed to or incurred for the account of the
                          Security Trustee, a Secured Creditor or any person
                          whose account the Security Trustee is owed or incurs
                          it, alone, or severally or jointly with any other
                          person;

                  (f)     are owed to any other person as agent (whether
                          disclosed or not) for or on behalf of the Security
                          Trustee, a Secured Creditor or any person whose
                          account the Security Trustee is owed or incurs it;

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

                  (h)     are owed to or incurred for the account of the
                          Security Trustee, a Secured Creditor or any person
                          whose account the Security Trustee is owed or incurs
                          it, directly or as a result of:

                          (1)      the assignment to the Security Trustee, a
                                   Secured Creditor or any person whose account
                                   the Security Trustee is owed or incurs it, of
                                   any debt or liability of the Issuing Trustee;
                                   or

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

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                                                             Security Trust Deed

                  (i)     are owed to or incurred for the account of the
                          Security Trustee, a Secured Creditor or any person
                          whose account the Security Trustee is owed or incurs
                          it, before the date of this Deed, before the date of
                          any assignment of this Deed to the Security Trustee, a
                          Secured Creditor or any person whose account the
                          Security Trustee is owed or incurs it, by any other
                          person or otherwise; or

                  (j)     comprise any combination of the above.

                  SECURITISATION FUND means the Securitisation Fund constituted
                  under the Master Trust Deed known as SMHL Global Fund No. 3.

                  SUPPLEMENTARY BOND TERMS NOTICE means each Supplementary Bond
                  Terms Notice dated or about the date of this Deed in respect
                  of the Securitisation Fund.

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

                  TITLE DOCUMENTS means all certificates, documents,
                  instruments, indicia of title or other evidence of the right,
                  title, interest and estate of the Issuing Trustee in the items
                  referred to in paragraphs (a) - (c) (inclusive) of the
                  definition of "Charged Property" in this clause 1.1, including
                  without limiting the generality of the foregoing, all Mortgage
                  Documents.

                  VOTING SECURED CREDITOR means:

                  (a)     with respect only to the enforcement of the security
                          under this Deed, for so long as the Secured Moneys of
                          the Class A Noteholders and the Class B Noteholders
                          are 75% or more of total Secured Moneys, the
                          Noteholder Secured Creditors alone; and

                  (b)     at any other time (subject to clause 16.3)

                          (1)      the Note Trustee, acting on behalf of the
                                   Class A Noteholders under the Note Trust Deed
                                   and clause 3 or, if the Note Trustee has
                                   become bound to take steps and/or to proceed
                                   hereunder and fails to do so within a
                                   reasonable time and such failure is
                                   continuing, the Class A Noteholders and then
                                   only to the extent permitted by the
                                   Australian law; and

                          (2)      each other Secured Creditor (other than a
                                   Class A Noteholder).

         1.2      DEFINITIONS FROM OTHER DOCUMENTS

                  (a)     Subject to clause 1.1 each expression used herein that
                          is defined in the Master Trust Deed (as amended by the
                          Notes Supplementary Bond Terms Notice) and the Notes
                          Supplementary Bond Terms Notice have the same meanings
                          when used in this Deed unless the context otherwise
                          requires or unless otherwise defined as this Deed.

                  (b)     Subject to clause 21, no change to the Master Trust
                          Deed or any other document after the date of this Deed
                          will change the meaning of terms used in this Deed or
                          adversely affect the rights of the Security Trustee
                          under this Deed unless the Security Trustee (subject
                          to clause 16.3) with

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                                                             Security Trust Deed

                          the prior written consent of the Noteholder Secured
                          Creditors has agreed to the changes.

         1.3      INTERPRETATION

                  In this Deed unless the context indicates a contrary
                  intention:

                  (a)     the expression "person" includes an individual, a
                          corporation and a Government Agency;

                  (b)     the expression "power" in relation to the Security
                          Trustee or a Receiver includes all powers authorities
                          rights remedies privileges and discretions conferred
                          upon the Security Trustee or the Receiver by this
                          Deed, by any other deed agreement document or
                          instrument by any Statute or otherwise by law;

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

                  (d)     a reference to this Deed, the Master Trust Deed, each
                          Supplementary Bond Terms Notice or to any other deed
                          agreement document or instrument includes respectively
                          this Deed, the Master Trust Deed or such other deed
                          agreement document or instrument as amended, novated,
                          supplemented, varied or replaced from time to time;

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

                  (f)     a reference to a Related Body Corporate shall include
                          a corporation which is or becomes a Related Body
                          Corporate during the currency of this Deed;

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

                  (h)     headings are for convenience only and shall not affect
                          the interpretation hereof;

                  (i)     a reference to a clause is a reference to a clause of
                          this Deed;

                  (j)     a reference to the Schedule is a reference to the
                          Schedule to this Deed;

                  (k)     where any word or phrase is given a defined meaning
                          any other part of speech or other grammatical form in
                          respect of such word or phrase has a corresponding
                          meaning;

                  (l)     where the day on or by which any sum is payable
                          hereunder or any act matter or thing is to be done is
                          a day other than a Banking Day such sum shall be paid
                          and such act matter or thing shall be done on the
                          immediately succeeding Banking Day;

                  (m)     all accounting terms used in this Deed shall have the
                          same meaning ascribed to those terms under accounting
                          principles and practices generally accepted in
                          Australia from time to time;

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                                                                         PAGE 14

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                                                             Security Trust Deed

                  (n)     a reference to the Issuing Trustee is a reference to
                          the Issuing Trustee in its capacity as trustee of the
                          Securitisation Fund, and in no other capacity; and

                  (o)     a reference to the property, business, assets,
                          undertaking or money of the Issuing Trustee is a
                          reference to the property, business, assets,
                          undertaking or money of the Issuing Trustee in the
                          capacity referred to in paragraph (n) only.

         1.4      BENEFIT OF COVENANTS HEREUNDER

                  Unless the context indicates a contrary intention, the
                  Security Trustee shall hold the covenants, undertaking and
                  other obligations and liabilities of the Issuing Trustee and
                  the Manager hereunder on trust for the benefit of the Secured
                  Creditors on the terms and conditions of this Deed.

         1.5      TRANSACTION DOCUMENT

                  This is a Transaction Document for the purposes of the Master
                  Trust Deed.

         1.6      KNOWLEDGE OF ISSUING TRUSTEE

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

         1.7      KNOWLEDGE OF THE SECURITY TRUSTEE

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

         1.8      KNOWLEDGE OF THE NOTE TRUSTEE

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

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

2        ACCEPTANCE OF TRUST

         2.1      APPOINTMENT OF SECURITY TRUSTEE

                  The Security Trustee is hereby appointed, and by its execution
                  hereof accepts its appointment, as trustee on behalf of, and
                  for, the Secured Creditors on the terms and conditions of this
                  Deed.

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                                                                         PAGE 15

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                                                             Security Trust Deed

         2.2      DURATION OF TRUST

                  The trusts established pursuant to this Deed shall commence on
                  the date hereof and shall terminate on the first to occur of:

                  (a)     the Charge Release Date; and

                  (b)     the 80th anniversary of the date of this Deed.

         2.3      BENEFIT OF TRUSTS

                  Each Secured Creditor is entitled to the benefit of the trusts
                  created by this Deed on the terms and conditions herein
                  contained.

         2.4      TERMS OF NOTES

                  All Notes relating to the Securitisation Fund shall be issued
                  with the benefit of, and subject to, the provisions of this
                  Deed, the Master Trust Deed, the Supplementary Bond Terms
                  Notice, the Note Trust Deed and Conditions for the Class A
                  Notes.

         2.5      INTERESTED PERSONS BOUND

                  The provisions of this Deed and the Master Trust Deed shall be
                  binding upon every Interested Person and the Security Trustee.

         2.6      RESOLUTION OF CONFLICTS

                  (a)     The Security Trustee must, as regards the exercise of
                          all discretions vested in it by this Deed and all
                          other Transaction Documents, except where expressly
                          provided otherwise, have regard to the interest of the
                          Secured Creditors.

                  (b)     Subject to the provisions of this Deed, if there is at
                          any time, with respect to enforcement, a conflict
                          between a duty owed by the Security Trustee to any
                          Secured Creditor or class of Secured Creditors, and a
                          duty owed by it to another Secured Creditor or class
                          of Secured Creditors, the Security Trustee must give
                          priority to the interests of the Noteholders (which in
                          the case of Class A Noteholders shall be determined by
                          the Note Trustee acting on their behalf (as provided
                          in clause 16.3) or the Class A Noteholders, as
                          provided herein and in the Note Trust Deed and which,
                          in the case of Class B Noteholders shall be determined
                          by the Class B Noteholders as provided herein).

                  (c)     Subject to the provisions of this Deed (other than
                          paragraph (b)), the Security Trustee must give
                          priority to the interests only of the Class A
                          Noteholders if, in the Security Trustee's opinion (in
                          relation to which in determining the interests of the
                          Class A Noteholders, the Security Trustee may rely on
                          a determination of the Note Trustee) there is a
                          conflict between the interests of the Class A
                          Noteholders and the interests of the Class B
                          Noteholders or other Secured Creditors.

                  (d)     Provided that the Security Trustee acts in accordance
                          with this clause 2.6 and in good faith, it shall not
                          incur any liability to any Secured Creditor for giving
                          effect to paragraph (b) or (c).

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                                                                         PAGE 16

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                                                             Security Trust Deed

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3        NOTE TRUSTEE

         3.1      CAPACITY

                  The Note Trustee is a party to this Deed in its capacity as
                  trustee for the Class A Noteholders from time to time under
                  the Note Trust Deed.

         3.2      EXERCISE OF RIGHTS

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

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

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

         3.3      INSTRUCTIONS OR DIRECTIONS

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

         3.4      PAYMENTS

                  Any payment to be made to a Class A Noteholder under this Deed
                  may be made to the Note Trustee or a Paying Agent on behalf of
                  that Class A Noteholder.

         3.5      NOTICES

                  Any notice to be given to a Class A Noteholder under this Deed
                  may be given to the Note Trustee on behalf of that Class A
                  Noteholder. Any costs to the Note Trustee of publishing such
                  notice to the Noteholders will be reimbursed by the Issuing
                  Trustee to the Note Trustee.

         3.6      LIMITATION OF LIABILITY OF NOTE TRUSTEE

                  Notwithstanding any other provision of this deed, the Note
                  Trustee will have no liability under or in connection with
                  this deed or any other Transaction Document other than to the
                  extent to which the liability is able to be satisfied out of
                  the property from which the Note Trustee is actually
                  indemnified for the liability. This limitation will not apply
                  to a liability of the Note Trustee to the extent that it is
                  not satisfied because, under this deed, any other Transaction
                  Document or by operation of laws, there is a reduction in the
                  extent of the Note Trustee's indemnification as a result of
                  the Note Trustee's fraud, negligence or wilful default.
                  Nothing in this clause or any similar provision in any other
                  Transaction Document limits or adversely affects the powers of
                  the Note Trustee.

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                                                                         PAGE 17

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                                                             Security Trust Deed

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4        CHARGE

         4.1      CHARGE

                  (a)     The Issuing Trustee in its capacity as trustee of the
                          Charged Property charges all of its interest in the
                          Charged Property to the Security Trustee as security
                          for the due and punctual payment of the Secured Moneys
                          and the performance of its obligations under the
                          Secured Documents.

                  (b)     The Charge does not charge any Charged Property as at
                          the date of this Deed which as at that date is, or is
                          taken under the applicable stamp duties legislation of
                          the relevant jurisdiction to be, situated in any State
                          or Territory of Australia other than the Australian
                          Capital Territory or the Northern Territory.

         4.2      PRIORITY

                  The parties intend that the Charge take priority over all
                  other Encumbrances over the Charged Property other than the
                  Prior Interest.

         4.3      NATURE OF CHARGE

                  The Charge is a floating charge over all Charged Property.

         4.4      CRYSTALLISATION

                  The floating charge created in clauses 4.1 and 4.3
                  automatically and immediately crystallises and becomes fixed:

                  (a)     without the Security Trustee giving any notice to the
                          Issuing Trustee, in respect of:

                          (1)      all of the Charged Property:

                                   (A)      when a Receiver or any other
                                            receiver or receiver and manager or
                                            administrator or provisional
                                            liquidator is appointed, or proposed
                                            to be appointed, in respect of any
                                            of the Charged Property;

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

                                   (C)      when a notice under section 218 of
                                            the Income Tax Assessment Act 1936
                                            (Cth), section 260-5 in Schedule 1
                                            of the Tax Administration Act 1953
                                            or similar provision under the
                                            Income Tax Assessment Act 1997 in
                                            respect of the Issuing Trustee is
                                            signed by, or on behalf of, the
                                            Commissioner of Taxation or the
                                            Deputy Commissioner of Taxation;

                                   (D)      upon any Government Agency taking
                                            any step which may result in an
                                            amount of Tax or an amount owing to
                                            a Government Agency ranking ahead of
                                            the Charge;

                                   (E)      when an order is made or a
                                            resolution is passed for the
                                            liquidation of the Issuing Trustee
                                            whether in its personal

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                                                                         PAGE 18

<PAGE>

                                                             Security Trust Deed

                                            capacity or in its capacity as
                                            trustee of the Securitisation Fund;

                                   (F)      when a resolution is passed or a
                                            direction is given by the
                                            Beneficiaries for the winding-up or
                                            termination of the Securitisation
                                            Fund;

                                   (G)      when all of the Beneficiaries give a
                                            direction to the Issuing Trustee to
                                            distribute the assets of the
                                            Securitisation Fund;

                                   (H)      upon the termination of the
                                            Securitisation Fund, whether under
                                            the Master Trust Deed or by
                                            expiration of time or otherwise;

                                   (I)      when an order is made requiring
                                            distribution of any Securitisation
                                            Fund assets to any person or
                                            appointing a receiver in respect of
                                            the Securitisation Fund;

                                   (J)      when the Issuing Trustee resolves,
                                            or any other person on whose
                                            instructions the Issuing Trustee
                                            must act directs the Issuing
                                            Trustee, to distribute any corpus of
                                            the Charged Property which is
                                            subject to the floating charge;

                                   (K)      when any step is taken to issue,
                                            levy or enforce any distress,
                                            attachment, execution or other
                                            process against or upon any of the
                                            Charged Property;

                                   (L)      when any Encumbrance over any of the
                                            Charged Property is, or becomes
                                            capable of being, enforced or any
                                            floating Encumbrance over any of the
                                            Charged Property crystallises or
                                            otherwise becomes a fixed
                                            Encumbrance; or

                                   (M)      upon occurrence of an Event of
                                            Default; or

                          (2)      in respect of any asset, if the Issuing
                                   Trustee:

                                   (A)      creates or allows any Encumbrance
                                            over;

                                   (B)      sells, leases or otherwise disposes
                                            of;

                                   (C)      creates or allows any interest in;
                                            or

                                   (D)      parts with possession of,

                                   that asset in breach of the Master Trust Deed
                                   or this Deed, or agrees or attempts to do so
                                   or take any step towards doing so.

         4.5      DE-CRYSTALLISATION

                  (a)     Where an asset has become subject to a fixed charge
                          under clause 4.4, the Security Trustee may release the
                          asset from that fixed charge by notice in writing to
                          the Issuing Trustee.

                  (b)     When an asset is released from the fixed charge under
                          clause 4.5(a) the asset will again be subject to:

                          (1)      the floating charge under clauses 4.1 and
                                   4.3; and

                          (2)      the further operation of clause 4.4.

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                                                                         PAGE 19

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                                                             Security Trust Deed

                  (c)     The Security Trustee must promptly give each
                          Designated Rating Agency a notice of any release made
                          pursuant to clause 4.5(a).

         4.6      PROSPECTIVE LIABILITY

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

                  (b)     The Security Trustee may from time to time lodge a
                          notice under s268(2) of the Corporations Act on behalf
                          of the Issuing Trustee specifying an increase in the
                          maximum amount of the prospective liability referred
                          to in clause 4.6(a) and from the date of lodgment the
                          amount specified in clause 4.6(a) is to be regarded as
                          varied to the amount specified in that notice.

                  (c)     Neither clause 4.6(a) nor clause 4.6(b) in any way
                          affects or limits the actual amount of Secured Moneys
                          which may in fact be secured by the Charge.

                  (d)     Clauses 4.6(a), (b) and (c) are to be construed
                          independently of each other.

         4.7      AMOUNT ULTIMATELY RECOVERABLE

                  Subject to this Deed and without limiting the Secured Moneys,
                  the amount ultimately recoverable by the Chargee under this
                  Deed is limited to $3,500,000,000.

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

5        REPRESENTATIONS AND WARRANTIES

         5.1      BY THE ISSUING TRUSTEE

                  The Issuing Trustee hereby represents and warrants to the
                  Security Trustee:

                  (a)     (DUE INCORPORATION): the Issuing Trustee is duly
                          incorporated and has the corporate power to own its
                          property and to carry on its business as is now being
                          conducted;

                  (b)     (CONSTITUTION): the execution delivery and performance
                          of each Secured Document does not violate the
                          constitution of the Issuing Trustee;

                  (c)     (CORPORATE POWER): the Issuing Trustee has the power
                          and has taken all corporate and other action required
                          to enter into each Secured Document and to authorise
                          the execution and delivery of each Secured Document
                          and the performance of its obligations hereunder;

                  (d)     (FILINGS): the Issuing Trustee has filed all material
                          corporate notices and effected all material
                          registrations with the Australian Securities and
                          Investments Commission or similar office in the
                          jurisdiction of incorporation and all such filings and
                          registrations are current, complete and accurate,
                          except that this representation and warranty does not
                          apply to the filing of an ASIC form 309 in relation to
                          the creation of the Charge;

                  (e)     (LEGALLY BINDING OBLIGATION): each Secured Document
                          constitutes a valid, legally binding and enforceable
                          obligation of the Issuing Trustee in

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                                                                         PAGE 20

<PAGE>

                                                             Security Trust Deed

                          accordance with its terms except as such
                          enforceability may be limited by any applicable
                          bankruptcy, insolvency, reorganisation, moratorium or
                          trust or other similar laws affecting creditors'
                          rights generally;

                  (f)     (EXECUTION, DELIVERY AND PERFORMANCE): the execution,
                          delivery and performance of each Secured Document by
                          the Issuing Trustee does not violate any existing law
                          or regulation or any document or agreement to which
                          the Issuing Trustee is a party in either case in its
                          capacity as trustee of the Securitisation Fund or
                          which is binding upon it or any of its assets in its
                          capacity as trustee of the Securitisation Fund;

                  (g)     (AUTHORISATION): all consents, licences, approvals and
                          authorisations of every Government Agency required to
                          be obtained by the Issuing Trustee in connection with
                          the execution and delivery of, and performance of its
                          obligations under, each Secured Document have been
                          obtained and are valid and subsisting;

                  (h)     (GOOD TITLE): the Issuing Trustee is the legal owner
                          of and has the power under the Master Trust Deed to
                          enter into each Secured Document and to charge in the
                          manner provided in this Deed, the Charged Property
                          and, subject only to the Master Trust Deed, this Deed
                          and the Prior Interest, the Charged Property is free
                          of all other Encumbrances;

                  (i)     (SECURITISATION FUND VALIDLY CREATED): the
                          Securitisation Fund has been validly created and is in
                          existence at the date of this Deed;

                  (j)     (SOLE TRUSTEE): the Issuing Trustee has been validly
                          appointed as trustee of the Securitisation Fund and is
                          presently the sole trustee of the Securitisation Fund;

                  (k)     (MASTER TRUST DEED): the Securitisation Fund is
                          constituted pursuant to the Master Trust Deed; and

                  (l)     (NO PROCEEDINGS TO REMOVE): no notice has been given
                          to the Issuing Trustee and to the Issuing Trustee's
                          knowledge no resolution has been passed or direction
                          or notice has been given, removing the Issuing Trustee
                          as trustee of the Securitisation Fund.

         5.2      BY THE MANAGER

                  The Manager hereby represents and warrants to the Security
                  Trustee that:

                  (a)     (DUE INCORPORATION): the Manager is duly incorporated
                          and has the corporate power to own its property and to
                          carry on its business as is now being conducted;

                  (b)     (CONSTITUTION): the execution, delivery and
                          performance of each Secured Document does not violate
                          the constitution of the Manager;

                  (c)     (CORPORATE POWER): the Manager has the power and has
                          taken all corporate and other action required to enter
                          into each Secured Document and to authorise the
                          execution and delivery of each Secured Document and
                          the performance of its obligations hereunder;

                  (d)     (FILINGS): the Manager has filed all corporate notices
                          and effected all registrations with the Australian
                          Securities and Investments Commission

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                                                                         PAGE 21

<PAGE>

                                                             Security Trust Deed

                          or similar office in its jurisdiction of incorporation
                          and in any other jurisdiction as required by law and
                          all such filings and registrations are current,
                          complete and accurate;

                  (e)     (LEGALLY BINDING OBLIGATION): each Secured Document
                          constitutes a valid, legally binding and enforceable
                          obligation of the Manager in accordance with its terms
                          except as such enforceability may be limited by any
                          applicable bankruptcy, insolvency, re-organisation,
                          moratorium or trust or other similar laws affecting
                          creditors' rights generally;

                  (f)     (EXECUTION, DELIVERY AND PERFORMANCE): the execution,
                          delivery and performance of each Secured Document by
                          the Manager does not violate any existing law or
                          regulation or any document or agreement to which the
                          Manager is a party or which is binding upon it or any
                          of its assets;

                  (g)     (AUTHORISATION): all consents, licences, approvals and
                          authorisations of every Government Agency required to
                          be obtained by the Manager in connection with the
                          execution, delivery and performance of each Secured
                          Document have been obtained and are valid and
                          subsisting; and

                  (h)     (WARRANTIES): all representations and warranties given
                          by the Manager in any Transaction Document are true
                          and accurate.

         5.3      SURVIVAL OF REPRESENTATIONS AND WARRANTIES

                  All representations and warranties in this Deed survive the
                  execution and delivery of this Deed and the provision of
                  advances and accommodation.

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

6        ISSUING TRUSTEE'S AND MANAGER'S COVENANTS

         6.1      COVENANTS

                  (a)     The Issuing Trustee covenants in favour of the
                          Security Trustee that it will duly and punctually
                          perform observe and fulfil its obligations under the
                          Secured Documents and will pay the Secured Moneys to,
                          or to the order of, the Security Trustee as and when
                          the same fall due for payment.

                  (b)     Notwithstanding clause 6.1(a), every payment by the
                          Issuing Trustee, or the Security Trustee in accordance
                          with this Deed, to the Secured Creditors on account of
                          the Secured Moneys will operate as payment by the
                          Issuing Trustee to the Security Trustee in
                          satisfaction of the Issuing Trustee's obligations in
                          respect thereof.

                  (c)     Each of the Issuing Trustee and the Manager will
                          ensure that it complies with its obligations under the
                          Secured Documents.

                  (d)     Each of the Issuing Trustee and the Manager will give
                          to the Note Trustee a copy of the Register, and to the
                          Security Trustee any information in the power or
                          possession of the Issuing Trustee or the Manager
                          relating to the Securitisation Fund that the Security
                          Trustee reasonably requests in connection with the
                          exercise and performance of its powers and obligations
                          under this Deed, including without limitation:

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                                                                         PAGE 22

<PAGE>

                                                             Security Trust Deed

                          (1)      the identity, and notice details of, each
                                   Secured Creditor and Beneficiary; and

                          (2)      the Secured Moneys owing to each Secured
                                   Creditor.

         6.2      NEGATIVE COVENANTS

                  The Issuing Trustee shall not do, nor shall the Manager direct
                  the Issuing Trustee to do, any of the following without the
                  prior written consent of the Security Trustee and without
                  prior written confirmation from each Designated Rating Agency
                  of the rating assigned to the Notes in relation to the
                  Securitisation Fund and the Notes, except as permitted by this
                  Deed or the Master Trust Deed or the Supplementary Bond Terms
                  Notice:

                  (a)     (NO ENCUMBRANCES): subject only to the Prior Interest,
                          create, purport or attempt to create or permit to
                          exist any Encumbrance howsoever ranking over any part
                          of the Charged Property;

                  (b)     (NO SALE, LEASE ETC.): subject to clause 6.4, convey,
                          assign, transfer, lease or otherwise dispose or part
                          with possession of, make any bailment over, or create
                          or permit to exist any other interest in any part of
                          the Charged Property whilst such part of the Charged
                          Property is subject to the Charge;

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

                          (1)      the Notes;

                          (2)      Financial Indebtedness arising under the
                                   Transaction Documents in relation to the
                                   Securitisation Fund;

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

                          (4)      Financial Indebtedness that will not result
                                   in any reduction or withdrawal of the rating
                                   assigned to the initial Notes by each such
                                   Designated Rating Agency;

                  (d)     (NO RELEASE UNDER TRANSACTION DOCUMENTS): give any
                          release or discharge (whether full, partial or
                          conditional) to any person in respect of their
                          obligations under any of the Transaction Documents
                          relating to the Securitisation Fund, except as
                          contemplated by those Transaction Documents; and

                  (e)     (BANK ACCOUNTS): open any bank account not permitted
                          in the Transaction Documents.

         6.3      FIXED RATE MORTGAGES

                  (a)     Unless each Designated Rating Agency should otherwise
                          notify the Manager in writing, the Manager must not at
                          any time cause:

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                                                             Security Trust Deed

                          (1)      the aggregate Outstanding Principal Balance
                                   of all fixed interest rate Mortgages to
                                   exceed 50% of the aggregate Outstanding
                                   Principal Balance of all Mortgages;

                          (2)      the aggregate Outstanding Principal Balance
                                   of all fixed interest rate Mortgages with an
                                   outstanding fixed interest rate period of 3
                                   years or less to exceed 50% of the aggregate
                                   Outstanding Principal Balance of all
                                   Mortgages; and

                          (3)      the aggregate Outstanding Principal Balance
                                   of all fixed interest rate Mortgages with an
                                   outstanding fixed interest rate period of
                                   greater than 3 years and not exceeding 5
                                   years to exceed 25% of the aggregate
                                   Outstanding Principal Balance of all
                                   Mortgages; and

                          (4)      the fixed interest rate period for any
                                   Mortgage to end on or after [15 December
                                   2009].

                  (b)     The Manager must not cause any fixed interest rate
                          Mortgage to become an Asset of the Fund unless:

                          (1)      the Trustee has entered into a Payment
                                   Funding Facility for such amount agreed to
                                   from time to time by the Manager and each
                                   Designated Rating Agency so that the rating
                                   of the Notes by each Designated Rating Agency
                                   will not be downgraded or withdrawn by the
                                   Trustee holding fixed interest rate
                                   Mortgages; and

                          (2)      the Trustee has entered into an Enhancement
                                   or Interest Hedge in respect of the fixed
                                   interest rate component of the Mortgage for
                                   the period of that interest component and
                                   whether in respect of that Mortgage alone or
                                   with any other Mortgage that is an Asset of
                                   the Securitisation Fund.

                  (c)     Subject to the terms of any such Payment Funding
                          Facility, the Manager must cause the principal amount
                          outstanding under the Payment Funding Facility to be
                          not less than the amount agreed from time to time by
                          the Manager and each Designated Rating Agency.

                  (d)     For the purposes of clause 6.3 a reference:

                          (1)      to a Mortgage is to a Mortgage which is an
                                   Asset of the Securitisation Fund;

                          (2)      to a fixed interest rate Mortgage is a
                                   Mortgage under which all or part of the
                                   interest payable is set at a fixed rate;

                          (3)      the Outstanding Principal Balance of a fixed
                                   interest rate Mortgage is that portion of the
                                   Outstanding Principal Balance of the Mortgage
                                   which is subject to a fixed interest rate.

         6.4      DEALING IN ACCORDANCE WITH TRANSACTION DOCUMENTS

                  The Issuing Trustee may in respect of a given part of the
                  Charged Property whilst subject to the floating charge deal
                  with and pay or apply that part of the Charged Property in
                  accordance with the provisions of the Transaction Documents.

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                                                             Security Trust Deed

         6.5      NOTIFY EVENTS OF DEFAULT

                  Each of the Manager and the Issuing Trustee must immediately
                  notify the Security Trustee in writing if it becomes actually
                  aware of the occurrence of any Event of Default and must
                  provide the Security Trustee with full and complete details in
                  relation thereto immediately upon becoming actually aware of
                  such details.

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7        EVENTS OF DEFAULT

         7.1      EVENTS OF DEFAULT

                  Subject to the Supplementary Bond Terms Notice for the Class A
                  Notes and Class B Notes and the Liquidity Notes, each of the
                  following events is an Event of Default whether or not caused
                  by any reason whatsoever outside the control of an Interested
                  Person or any other person:

                  (a)     (FAILURE TO PAY): the Issuing Trustee does not within
                          10 Banking Days of the due date, and in the specified
                          manner, pay in full any Secured Moneys (except in
                          respect of any moneys payable under any Payment
                          Funding Facility and Redraw Funding Facility which
                          fall due for payment prior to the Repayment Date or
                          payment of interest on Class B Notes unless all Class
                          A Notes have been repaid);

                  (b)     (FAILURE TO COMPLY): the Issuing Trustee or the
                          Manager defaults in fully performing observing and
                          fulfilling any material obligation in relation to the
                          Securitisation Fund under this Deed or a Secured
                          Document (other than a provision requiring the payment
                          of money as contemplated by paragraph (a) of this
                          clause or, prior to the Repayment Date, in respect of
                          any such default under a Payment Funding Facility and
                          Redraw Funding Facility and such default has not been
                          remedied within 10 Banking Days of the Issuing Trustee
                          or the Manager (as the case requires) receiving notice
                          from the Security Trustee specifying the breach and
                          requiring the same to be rectified;

                  (c)     (UNTRUE WARRANTY): any representation, warranty or
                          statement in relation to the Securitisation Fund made,
                          repeated or deemed to be made or repeated in this Deed
                          or in a Secured Document by the Issuing Trustee or the
                          Manager is proved to be untrue in any material respect
                          when made, repeated or deemed to be made or repeated
                          (as the case may be) (except, prior to the Repayment
                          Date, in respect of any representation, warranty or
                          statement made, repeated or deemed to be made or
                          repeated under the Payment Funding Facility and Redraw
                          Funding Facility;

                  (d)     (BREACH OF UNDERTAKING): the Issuing Trustee or the
                          Manager breaches any material undertaking given at any
                          time to the Security Trustee in relation to the
                          Securitisation Fund or fails to comply with any
                          material condition imposed by the Security Trustee in
                          relation to the Securitisation Fund in agreeing to any
                          matter (including any waiver) (except, prior to the
                          Repayment Date, in respect of any breach of any
                          material undertaking or failure to comply with any
                          material condition under the Payment Funding Facility
                          and Redraw Funding Facility;

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                                                             Security Trust Deed

                  (e)     (INSOLVENCY EVENT): any Insolvency Event occurs in
                          relation to the Issuing Trustee other than for the
                          reconstruction of the Issuing Trustee or the
                          Securitisation Fund with the prior written approval of
                          the Manager and the Security Trustee and provided that
                          each Designated Rating Agency has confirmed in writing
                          that such reconstruction will not have an adverse
                          effect on the rating of the Notes;

                  (f)     (ENCUMBRANCE): any Encumbrance over any Charged
                          Property becomes enforceable or any Encumbrance that
                          is a floating security over any Charged Property
                          crystallises or otherwise becomes a fixed or specific
                          security;

                  (g)     (INVESTIGATION): any investigation into the affairs,
                          or into particular affairs, of the Issuing Trustee in
                          relation to the Securitisation Fund is directed or
                          commenced under any Statute;

                  (h)     (VOID OR VOIDABLE): any Secured Document is, becomes
                          or is claimed by the Issuing Trustee or the Manager to
                          be void, voidable or unenforceable in whole or in any
                          material part;

                  (i)     (REPUDIATION): the Issuing Trustee or the Manager
                          disaffirms, disclaims, repudiates or rejects any
                          Secured Document to which it is a party in whole or in
                          any material part;

                  (j)     (VESTING OF ASSETS): there occurs without the prior
                          written approval of the Security Trustee, any vesting
                          or distribution of any assets of the Securitisation
                          Fund other than in accordance with the relevant
                          Supplementary Bond Terms Notices;

                  (k)     (BREACH OF TRUST): any material breach of trust in
                          relation to the Securitisation Fund by the Issuing
                          Trustee or the Issuing Trustee for any reason loses or
                          ceases to be entitled to a material extent to its
                          right of indemnity against the assets of the
                          Securitisation Fund;

                  (l)     (DIMINUTION OF ASSETS): as a result of the act or
                          omission of the Issuing Trustee the assets of the
                          Securitisation Fund are materially diminished or made
                          materially less accessible to the Security Trustee;

                  (m)     (WINDING-UP): without the prior consent of the
                          Security Trustee the Securitisation Fund is wound-up
                          or the Issuing Trustee is required to wind up the
                          Securitisation Fund under the Master Trust Deed or
                          applicable law, or the winding up of the
                          Securitisation Fund commences; and

                  (n)     (PRIORITY OF CHARGE): the Charge ceases to rank as
                          contemplated by clause 4.2.

         7.2      RIGHTS OF THE SECURITY TRUSTEE UPON EVENT OF DEFAULT

                  Upon the occurrence of an Event of Default, the Security
                  Trustee may, and shall, subject to clauses 8.4, 8.5, 8.6 and
                  8.7, if so directed by an Extraordinary Resolution:

                  (a)     declare the Charge immediately enforceable;

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

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                                                             Security Trust Deed

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

                  (d)     appoint a Receiver over the Charged Property, or
                          exercise the powers that a Receiver would otherwise
                          have if appointed under this Deed.

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

         7.3      NOTIFY EVENTS OF DEFAULT

                  Each of the Issuing Trustee and the Manager must promptly (and
                  in any event within 5 Banking Days) notify the Note Trustee on
                  behalf of the Class A Noteholders, and all other Secured
                  Creditors, the Security Trustee, and each of the Designated
                  Rating Agencies if, to the knowledge of its officers who are
                  responsible for the administration of the Securitisation Fund,
                  it becomes aware of the occurrence of an Event of Default or
                  any event specified in clause 4.4 and they must provide full
                  details of the Event of Default or other event and the actions
                  and procedures which are being taken or will be taken by the
                  Issuing Trustee and the Manager to remedy the relevant Event
                  of Default or other event.

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8        ENFORCEMENT

         8.1      POWER TO DEAL WITH THE CHARGED PROPERTY CEASES

                  The Issuing Trustee's power to deal for any purpose with all
                  or any part of the Charged Property, other than by or through
                  a Receiver appointed under this Deed shall immediately cease
                  upon the Charge crystallising and becoming fixed pursuant to
                  the provisions of this Deed (subject only to the operation of
                  clause 4.5, in which case the Issuing Trustee's power to deal
                  in accordance with this Deed with any asset or assets the
                  subject of a notice under such clause shall be reinstated from
                  the date of such notice).

         8.2      PROTECTION OF CHARGED PROPERTY

                  If the Charge crystallises and becomes fixed pursuant to the
                  provisions of this Deed upon the occurrence of an Event of
                  Crystallisation, the Security Trustee shall have the right
                  either in its own name or in the name of the Issuing Trustee
                  to immediately seek and obtain appropriate relief in relation
                  to that part of the Charged Property affected or threatened by
                  such Event of Crystallisation.

         8.3      POWER TO ENFORCE

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

         8.4      NO OBLIGATION TO ENFORCE

                  Subject to clauses 8.5 and 14.4, upon the occurrence of an
                  Event of Default, pending the receipt of directions from the
                  Voting Secured Creditors as

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                                                             Security Trust Deed

                  contemplated by clauses 8.5 and 8.6, the Security Trustee
                  shall not be bound to take any action under this Deed or give
                  any consent or waiver or make any determination hereunder
                  (including, without limiting the generality of the foregoing,
                  to appoint any Receiver, to declare the Charge enforceable or
                  the Secured Moneys immediately due and payable pursuant to
                  clause 7.2 or to take any other proceedings referred to in
                  clause 8.3). Nothing in this clause shall affect the operation
                  of clause 4.4 upon the occurrence of an Event of
                  Crystallisation or the Charge becoming enforceable prior to
                  the Security Trustee receiving directions from the Secured
                  Creditors.

         8.5      OBLIGATION TO CONVENE MEETING

                  (a)     Following the Security Trustee becoming actually aware
                          of the occurrence of an Event of Default, it shall,
                          subject to clause 8.9, promptly convene a meeting of
                          the Voting Secured Creditors in accordance with this
                          Deed, at which it shall seek directions from the
                          Voting Secured Creditors by way of an Extraordinary
                          Resolution of the Voting Secured Creditors regarding
                          the action it should take as a result of such Event of
                          Default.

                  (b)     If the Security Trustee fails to convene a meeting, or
                          to propose the necessary Extraordinary Resolutions, in
                          accordance with clause 8.5(a), the Manager must
                          convene a meeting of Voting Secured Creditors, or
                          propose the necessary Extraordinary Resolutions (as
                          the case may be), in accordance with this clause 8,
                          which 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 the
                          Schedule, in which event all references in this Deed
                          and the Schedule to the Security Trustee in relation
                          to the requirements of meetings of Voting Secured
                          Creditors will be read and construed, mutatis
                          mutandis, as references to the Manager.

         8.6      SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

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

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

                          (1)      this Deed; and

                          (2)      if required by the Security  Trustee (in its
                                   absolute discretion) the receipt from the
                                   Voting Secured Creditors of an indemnity in a
                                   form reasonably satisfactory to the Security
                                   Trustee (which may be by way of an
                                   Extraordinary Resolution of the Voting
                                   Secured Creditors) against all actions,
                                   proceedings, claims and demands to which it
                                   may render itself liable, and all costs,
                                   charges, damages and expenses which it may
                                   incur, in giving effect to an Extraordinary
                                   Resolution of the Voting Secured Creditors.

                          The Security Trustee shall first claim on its
                          indemnity from the property held on trust under clause
                          2.1 before it claims on any indemnity from the

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                                                             Security Trust Deed

                          Secured Creditors other than the Note Trustee,
                          including any indemnity provided under clause 8.7. The
                          Note Trustee is in no circumstance required to give
                          any indemnity to the Security Trustee.

                  (c)     If an Event of Default is a payment default in respect
                          of a subordinated Class of Notes, as long as there are
                          Class A Notes outstanding that rank prior to those
                          subordinated Notes, the Security Trustee must not take
                          any action without the consent of the Note Trustee
                          acting at the direction of each Class of prior ranking
                          Class A Noteholder by Extraordinary Resolution.

                  (d)     If the Security Trustee becomes bound to take steps
                          and/or proceed under this Deed and it fails to do so
                          within a reasonable time and such failure is
                          continuing, the Voting Secured Creditors may exercise
                          such powers as they determine by Extraordinary
                          Resolution.

         8.7      SECURITY TRUSTEE MUST RECEIVE INDEMNITY

                  If:

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

                  (b)     the Voting Secured Creditors refuse to grant the
                          requested indemnity and put the Security Trustee in
                          funds,

                  then the Security Trustee will not be obliged to act in
                  relation to such enforcement. In those circumstances, the
                  Voting Secured Creditors may exercise such Powers and enjoy
                  such protections and indemnities, of the Security Trustee
                  under this Deed, any Encumbrance or other document or
                  agreement created or entered into in favour of the Security
                  Trustee as security for the Secured Moneys or by law as they
                  determine by Extraordinary Resolution. The Note Trustee is in
                  no circumstance required to give an indemnity to the Security
                  Trustee.

         8.8      LIMITATION ON RIGHTS OF SECURED CREDITORS

                  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, subject to clause 8.7, no Secured
                  Creditor is entitled to enforce the Charge or the provisions
                  of this Deed or to appoint or cause to be appointed a Receiver
                  to any of the Charged Property or otherwise to exercise any
                  power conferred by the terms of any applicable law on chargees
                  except as provided in this Deed.

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                                                             Security Trust Deed

         8.9      IMMATERIAL WAIVERS

                  (a)     The Security Trustee may (subject to clause 16.3),
                          with the prior written consent of the Noteholder
                          Secured Creditors agree, on any terms and conditions
                          as it may deem expedient, having first given notice to
                          any Designated Rating Agency for each Class of Notes,
                          but without the consent of the other Secured Creditors
                          and without prejudice to its rights in respect of any
                          subsequent breach, to any waiver or authorisation of
                          any breach or proposed breach of any of the terms and
                          conditions of the Secured Documents or any of the
                          provisions of this Deed which is not, in the
                          reasonable opinion of the Security Trustee, materially
                          prejudicial to the interests of the Secured Creditors
                          and may determine that any event that would otherwise
                          be an Event of Default shall not be treated as an
                          Event of Default for the purpose of this Deed.

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

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

         8.10     ACTS PURSUANT TO RESOLUTIONS

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

         8.11     OVERRIDING PROVISION

                  Notwithstanding any other provision of this Deed:

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

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

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                                                             Security Trust Deed

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9        RECEIVER

         9.1      APPOINTMENT OF RECEIVER

                  Subject to clause 8 upon or at any time after the occurrence
                  of an Event of Default the Security Trustee may:

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

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

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

         9.2      AGENCY OF RECEIVER

                  (a)     Subject to clause 9.5, each Receiver is the agent of
                          the Issuing Trustee.

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

                  (c)     Each Secured Creditor acknowledges that:

                          (1)      any Receiver will be only the agent of the
                                   Issuing Trustee in its capacity as trustee of
                                   the Securitisation Fund; and

                          (2)      notwithstanding anything else in this Deed or
                                   at law, the Issuing Trustee in its personal
                                   capacity is not responsible for any act or
                                   omission of the Receiver.

         9.3      POWERS OF RECEIVER

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

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

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

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

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

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

                          (1)      by auction, private treaty or tender;

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                                                             Security Trust Deed

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

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

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

                          (5)      in one lot or in separate parcels;

                  (d)     GRANT OPTIONS TO PURCHASE: to grant to any person an
                          option to purchase any of the Charged Property;

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

                  (f)     CARRY ON BUSINESS: to carry on or concur in carrying
                          on any business of the Issuing Trustee in respect of
                          the Charged Property;

                  (g)     BORROWINGS AND SECURITY:

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

                          (2)      to secure money raised or borrowed under
                                   clause 9.3(g)(1) by an Encumbrance over any
                                   of the Charged Property, ranking in priority
                                   to, equal with, or after, the Charge;

                  (h)     MAINTAIN OR IMPROVE CHARGED PROPERTY: to do anything
                          to maintain, protect or improve any of the Charged
                          Property including, but not limited to, completing,
                          repairing, erecting a new improvement on, demolishing
                          or altering any of the Charged Property;

                  (i)     INCOME AND BANK ACCOUNTS: to do anything to manage or
                          obtain income or revenue from any of the Charged
                          Property including, but not limited to, operating any
                          bank account which forms part of the Charged Property
                          or opening and operating a new bank account;

                  (j)     ACCESS TO CHARGED PROPERTY: to have access to any of
                          the Charged Property;

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

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

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

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

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

                  (p)     EMPLOY OR DISCHARGE: to employ or discharge any person
                          as an employee, contractor, agent, professional
                          adviser or auctioneer for any of the purposes of this
                          Deed;

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                                                             Security Trust Deed

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

                  (r)     PERFORM OR ENFORCE DOCUMENTS: to observe, perform,
                          enforce, exercise or refrain from exercising any
                          right, power, authority, discretion or remedy of the
                          Issuing Trustee under, or otherwise obtain the benefit
                          of:

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

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

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

                  (t)     TAKE PROCEEDINGS: to commence, discontinue, prosecute,
                          defend, settle or compromise in its name or the name
                          or on behalf of the Issuing Trustee, any proceedings
                          including, but not limited to, proceedings in relation
                          to any insurance in respect of any of the Charged
                          Property;

                  (u)     INSOLVENCY PROCEEDINGS: in connection with any Charged
                          Property, to make any debtor bankrupt, wind-up any
                          company, corporation or other entity and do all things
                          in relation to any bankruptcy or winding-up which the
                          Receiver thinks necessary or desirable including, but
                          not limited to, attending and voting at creditors'
                          meetings and appointing proxies for those meetings;

                  (v)     EXECUTE DOCUMENTS: in connection with any Charged
                          Property, to enter into and execute any document or
                          agreement in the name of the Receiver or the name or
                          on behalf of the Issuing Trustee including, but not
                          limited to, notices, bills of exchange, cheques or
                          promissory notes for any of the purposes of this Deed;

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

                  (x)     ABILITY OF ISSUING TRUSTEE: to do anything the Issuing
                          Trustee could do in respect of the Charged Property;
                          and

                  (y)     INCIDENTAL POWER: to do anything necessary or
                          incidental to the exercise of any Power of the
                          Receiver.

         9.4      NATURE OF RECEIVER'S POWERS

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

         9.5      STATUS OF RECEIVER AFTER COMMENCEMENT OF WINDING-UP

                  (a)     The power to appoint a Receiver under clause 9.1 may
                          be exercised even if at the time an Event of Default
                          occurs or if at the time a Receiver is appointed, an
                          order has been made or a resolution has been passed
                          for the winding-up of the Issuing Trustee or any event
                          set out in clause 4.4(a)(1)(E) to clause 4.4(a)(1)(K)
                          has occurred.

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                  (b)     If for any reason, including, but not limited to
                          operation of law, a Receiver:

                          (1)      appointed in the circumstances described in
                                   clause 9.5(a); or

                          (2)      appointed at any other time,

                          ceases to be the agent of the Issuing Trustee upon or
                          by virtue of, or as a result of, an order or a
                          resolution being passed for the winding-up of the
                          Issuing Trustee, then the Receiver immediately becomes
                          the agent of the Security Trustee.

         9.6      POWERS EXERCISABLE BY THE SECURITY TRUSTEE

                  (a)     Whether or not a Receiver is appointed under clause
                          9.1, the Security Trustee may, on or after the
                          occurrence of an Event of Default and without giving
                          notice to any person, exercise any Power of the
                          Receiver in addition to any Power of the Security
                          Trustee.

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

                          (1)      to be a mortgagee in possession;

                          (2)      to account as mortgagee in possession; or

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

         9.7      NOTICE OF EXERCISE OF RIGHTS

                  The Security Trustee, Receiver or Attorney is not required:

                  (a)     to give notice of the Charge to any debtor or creditor
                          of the Issuing Trustee or to any other person;

                  (b)     to enforce payment of any money payable to the Issuing
                          Trustee including, but not limited to, any of the
                          debts or monetary liabilities charged by this Deed; or

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

         9.8      TERMINATION OF RECEIVERSHIP AND POSSESSION

                  The Security Trustee may, at any time, terminate the
                  appointment of a Receiver and may, at any time, give up
                  possession of the Charged Property.

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10       SECURITY TRUSTEE'S POWERS

         10.1     ACT JOINTLY

                  The Security Trustee or Receiver may exercise any of the
                  powers conferred upon the Security Trustee or the Receiver in
                  conjunction with the exercise of similar powers by any other
                  Encumbrancee of the Charged Property or part thereof or by any
                  receiver appointed by such other Encumbrancee and may enter
                  into and give effect to such agreements and arrangements with
                  such other Encumbrancee or receiver as the Security Trustee or
                  Receiver thinks fit.

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         10.2     APPOINTMENT OF ATTORNEY

                  In consideration of the Security Trustee entering into the
                  Secured Documents, the Issuing Trustee irrevocably appoints
                  each Receiver and each of the directors, secretaries and
                  managers for the time being of the Security Trustee severally
                  its attorney for the purposes set out in clause 10.3.

         10.3     PURPOSES OF APPOINTMENT

                  The Attorney may, in its name or in the name of the Issuing
                  Trustee, Security Trustee or Receiver, at any time after the
                  occurrence of an Event of Default do any of the following:

                  (a)     do any thing which ought to be done by the Issuing
                          Trustee under this Deed;

                  (b)     exercise any right, power, authority, discretion or
                          remedy of the Issuing Trustee under:

                          (1)      this Deed;

                          (2)      any other Secured Document; or

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

                  (c)     do any thing which in the opinion of the Security
                          Trustee, Receiver or Attorney is necessary or
                          expedient for securing or perfecting the Charge;

                  (d)     execute in favour of the Security Trustee any legal
                          mortgage, transfer, assignment and any other assurance
                          of any of the Charged Property;

                  (e)     execute Deeds of assignment, composition or release in
                          connection with the Charged Property;

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

                  (g)     generally, do any other thing, whether or not of the
                          same kind as those set out in clause 10.3 (a) to (f),
                          which in the opinion of the Security Trustee, Receiver
                          or Attorney is necessary or expedient:

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

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

         10.4     DELEGATION AND SUBSTITUTION

                  The Attorney may, at any time, for any of the purposes in
                  clause 10.3, appoint or remove any substitute or delegate or
                  sub-attorney.

         10.5     SECURITY TRUSTEE MAY MAKE GOOD DEFAULT

                  If the Issuing Trustee defaults in duly performing observing
                  and fulfilling any covenant on the part of the Issuing Trustee
                  herein contained or implied it shall be lawful for, but not
                  obligatory upon the Security Trustee, without prejudice to any
                  other power of the Security Trustee, to do all things and pay
                  all moneys necessary or expedient in the opinion of the
                  Security Trustee to make good or to attempt to

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                  make good such default to the satisfaction of the Security
                  Trustee and all such moneys shall form part of the Secured
                  Moneys.

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11       PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER

         11.1     NO ENQUIRY

                  No purchaser or other person dealing with the Security
                  Trustee, the Receiver or any attorney appointed hereunder or
                  to whom is tendered for registration an instrument executed by
                  the Security Trustee, the Receiver or any attorney appointed
                  hereunder, shall be bound to inquire as to whether any Event
                  of Default has occurred or whether the Charge has become
                  enforceable or whether any Secured Moneys are owing or payable
                  or whether the Receiver or attorney has been properly
                  appointed or as to the propriety or regularity of the exercise
                  or purported exercise of any power by the Security Trustee,
                  the Receiver or such attorney or any other matter or thing or
                  be affected by actual or constructive notice that any lease,
                  sale, dealing or instrument is unnecessary or improper and
                  notwithstanding any irregularity or impropriety in any lease,
                  sale, dealing or instrument the same shall as regards the
                  protection and title of the lessee, purchaser or such other
                  person be deemed to be authorised by the aforesaid powers and
                  shall be valid and effectual accordingly.

         11.2     RECEIPTS

                  The receipt of the Security Trustee, the Receiver or any
                  attorney appointed hereunder of any moneys or assets which
                  come into the hands of the Security Trustee, the Receiver or
                  such attorney by virtue of the powers of the Security Trustee,
                  the Receiver or the attorney shall as to the moneys or assets
                  paid or handed over effectually discharge the person, other
                  than the Issuing Trustee, paying or handing over the same from
                  being concerned to see to the application or being answerable
                  or accountable for any loss or misapplication thereof and from
                  any liability to inquire whether the Charge has become
                  enforceable or whether the Secured Moneys have become payable
                  pursuant to the provisions of this Deed or otherwise as to the
                  propriety or regularity of the appointment of such Receiver or
                  attorney or the propriety or regularity of the exercise of
                  such powers by the Security Trustee, the Receiver or the
                  attorney (as the case may be).

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12       APPLICATION OF MONEYS

         12.1     PRIORITY OF PAYMENTS

                  All moneys received by the Security Trustee or by the Receiver
                  as a result of the exercise of the powers conferred by this
                  Deed in relation to the Charged Property pursuant to the
                  provisions of this Deed shall, subject to this Deed, be
                  applied as follows:

                  (a)     Firstly: in payment of all amounts which, to the
                          extent required by law, have priority over the
                          payments specified in the balance of this clause 12.1;

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                                                             Security Trust Deed

                  (b)     Secondly: in payment (pari passu and rateably) of:

                          (1)      any fees and any other expenses, liabilities,
                                   losses, costs, claims, actions, proceedings,
                                   damages, demands, charges, stamp and other
                                   duties and Taxes due to the Issuing Trustee,
                                   the Security Trustee or the Note Trustee;

                          (2)      any fees and any other expenses, liabilities,
                                   losses, costs, claims, actions, proceedings,
                                   damages, demands, charges, stamp and other
                                   duties and Taxes due to the Principal Paying
                                   Agent, the Calculation Agent and the Note
                                   Registrar; and

                          (3)      the Receivers remuneration;

                  (c)     Thirdly: in payment of all costs, charges, expenses
                          and disbursements incurred in or incidental to the
                          exercise or performance or attempted exercise or
                          performance of any Powers of the Receiver, the
                          Security Trustee, an Attorney or the Note Trustee in
                          relation to the Securitisation Fund and the Charged
                          Property;

                  (d)     Fourthly: subject to this clause 12.1, in payment of
                          such other Expenses in relation to the Securitisation
                          Fund or the Charged Property as the Receiver or the
                          Security Trustee shall think fit to pay;

                  (e)     Fifthly: in payment of other Encumbrances over the
                          Charged Property of which the Security Trustee is
                          aware having priority to the Charge (including the
                          Prior Interest), in the order of their priority and
                          the Security Trustee and the Receiver shall be
                          entitled to rely upon a certificate from the prior
                          Encumbrancee as to the amount so secured and shall not
                          be bound to enquire further as to the accuracy of that
                          amount or as to whether that amount or any part
                          thereof is validly secured by such other prior
                          Encumbrance;

                  (f)     Sixthly: in payment of (pari passu and rateably):

                          (1)      all Secured Moneys owing to the Enhancement
                                   Providers;

                          (2)      all Secured Moneys owing to the Class A
                                   Noteholders (as at the date of payment);

                          (3)      all Secured Moneys owing to each Currency
                                   Swap Provider and Interest Hedge Provider;

                          (4)      all Secured Money owing to the Redraw
                                   Facility Provider;

                  (g)     Seventhly: in payment of all Secured Moneys owing to
                          the Class B Noteholders (as at the date of payment);

                  (h)     Eighthly: pari passu and rateably in payment or
                          towards satisfaction of all amounts not covered above
                          owing to any Secured Creditor under any Secured
                          Document;

                  (i)     Ninthly: in payment of subsequent Encumbrances over
                          the Charged Property of which the Security Trustee is
                          aware, in the order of their priority and the Security
                          Trustee and the Receiver shall be entitled to rely
                          upon a certificate from any subsequent Encumbrancee as
                          to the amount so secured and shall not be bound to
                          enquire further as to the accuracy of that

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                                                             Security Trust Deed

                          amount or as to whether that amount or any part
                          thereof is validly secured by the subsequent
                          Encumbrance; and

                  (j)     Tenthly: the surplus (if any) shall be paid to the
                          Issuing Trustee to be distributed in accordance with
                          the terms of the Master Trust Deed, but shall not
                          carry interest as against the Security Trustee.

         12.2     MONEYS RECEIVED

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

         12.3     SATISFACTION OF DEBTS

                  Each Secured Creditor shall accept the distribution of moneys
                  under this clause in full and final satisfaction of all
                  Secured Moneys.

         12.4     INVESTMENT OF FUNDS

                  If the amount of the moneys at any time available for payment
                  in respect of the Secured Documents in relation to the
                  Securitisation Fund under clause 12.1 shall be less than the
                  total amount then due in respect of the Secured Documents in
                  relation to the Securitisation Fund, the Security Trustee may,
                  at its discretion, invest such moneys upon some or one of the
                  investments authorised under clause 12.5 with power from time
                  to time similarly to vary such investments. Such investments
                  with the resulting income therefrom shall be accumulated until
                  the accumulations, together with any other funds for the time
                  being under the control of the Security Trustee and available
                  for such payment, shall amount to at least the total amount
                  then due in respect of the Secured Documents in relation to
                  the Securitisation Fund and then such accumulations and funds
                  (after deduction of any Taxes applicable thereto) shall be
                  applied as specified in clause 12.1.

         12.5     POWERS TO INVEST

                  Any moneys received in or towards satisfaction of the Secured
                  Moneys pending application pursuant to the provisions of this
                  Deed, or surplus moneys which under this Deed ought to or may
                  be invested by the Security Trustee, may be invested in the
                  name or under the control of the Security Trustee in any
                  Authorised Investments which may be selected by the Security
                  Trustee and the Security Trustee may at any time vary or
                  transpose any such investments for or into other such
                  investments and shall not be responsible for any loss
                  occasioned thereby, whether by depreciation in value or
                  otherwise.

         12.6     LIMIT OF SECURITY TRUSTEE'S LIABILITY

                  Notwithstanding anything to the contrary contained in this
                  Deed (and subject only to clause 14) the Security Trustee
                  shall be under no obligation to account to any Interested
                  Person for any moneys received pursuant to the trusts of this
                  Deed other than those received by the Security Trustee from
                  the Issuing Trustee or received or recovered by the Security
                  Trustee or the Receiver hereunder, subject always to

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                                                             Security Trust Deed

                  such deductions and withholdings by the Security Trustee or
                  the Receiver as are authorised by this Deed.

         12.7     AMOUNTS CONTINGENTLY DUE

                  (a)     If at the time of a distribution of any money under
                          clause 12.1 any part of the Secured Moneys is
                          contingently owing to any Secured Creditor, the
                          Security Trustee, Receiver or Attorney may retain an
                          amount equal to the amount contingently owing or any
                          part of it.

                  (b)     If the Security Trustee, Receiver or Attorney retains
                          any amount under clause 12.7(a) it must place that
                          amount on short-term interest bearing deposit which is
                          an Authorised Investment until the amount contingently
                          owing becomes actually due and payable or otherwise
                          ceases to be contingently owing at which time the
                          Security Trustee, Receiver or Attorney must:

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

                          (2)      apply the balance of the amount retained,
                                   together with any interest on the amount
                                   contingently owing, in accordance with clause
                                   12.1.

         12.8     NOTICE OF A SUBSEQUENT ENCUMBRANCE

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

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

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

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

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

                          (1)      all payments made by the Issuing Trustee to
                                   the Security Trustee; and

                          (2)      all financial accommodation and advances by
                                   the Security Trustee to the Issuing Trustee,

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

                  (c)     The payments by the Issuing Trustee under clause
                          12.8(b) must be applied:

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

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

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                                                             Security Trust Deed

         12.9     PAYMENTS INTO US$ ACCOUNT

                  (a)     The Issuing Trustee must direct the Currency Swap
                          Provider to pay all amounts denominated in US$ payable
                          to the Issuing Trustee by the Currency Swap Provider
                          under the Currency Swap into the US$ Account or to the
                          Principal Paying Agent.

                  (b)     If the Issuing Trustee receives any amount denominated
                          in US$ from the Currency Swap Provider under the
                          Currency Swap it will promptly pay that amount to the
                          credit of the US$ Account or to the Principal Paying
                          Agent.

         12.10    PAYMENTS OUT OF US$ ACCOUNT

                  (a)     The Issuing Trustee must, or must require that the
                          Paying Agents on its behalf, pay all amounts credited
                          to the US$ Account as follows and in accordance with
                          the Notes Supplementary Bond Terms Notice for the
                          Securitisation Fund and the Note Trust Deed.

                  (b)     All amounts credited to the US$ Account by the
                          Currency Swap Provider in relation to a payment by the
                          Issuing Trustee under clause 12.1(f)(2), will be
                          applied pari passu to pay all Secured Moneys owing to
                          Class A Noteholders.

         12.11    EXCLUDED AMOUNTS

                  The following amounts shall not be treated as assets of the
                  Trust available for distribution under clause 12.1:

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

                  (b)     the proceeds of cash collateral lodged by the provider
                          of a Currency Swap which are payable to that person
                          under that Currency Swap; and

                  (c)     the proceeds of any other cash collateral lodged by an
                          Enhancement Provider under an Enhancement which are
                          payable to the Enhancement Provider.

                  This clause 12.11 shall not apply to the extent that the
                  relevant moneys are applied in accordance with the relevant
                  document to satisfy any obligation owed to the Issuing Trustee
                  by the relevant Interest Hedge Provider, Currency Swap
                  Provider or Enhancement Provider.

         12.12    PROPORTIONATE SHARING

                  (a)     Whenever any Secured Creditor receives or recovers any
                          money in respect of any sum due from the Issuing
                          Trustee under a Secured Document in any way (including
                          without limitation by set-off) except those referred
                          to in clause 12.11 or through distribution by the
                          Security Trustee under this Deed (the Received Moneys)
                          after the Charge has been enforced:

                          (1)      the Secured Creditor must immediately notify
                                   the Security Trustee;

                          (2)      the Secured Creditor must immediately pay
                                   that money to the Security Trustee (unless
                                   the Security Trustee directs otherwise). As

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                                                             Security Trust Deed

                                   between each class of Class A Noteholders,
                                   such payments (if any) are to be made pari
                                   passu and rateably;

                          (3)      the Security Trustee must treat the payment
                                   as if it were a payment by the Issuing
                                   Trustee on account of all sums then payable
                                   to the Secured Creditors; and

                          (4)

                                   (A)      the payment or recovery will be
                                            taken to have been a payment for the
                                            account of the Security Trustee and
                                            not to the Secured Creditor for its
                                            own account, and to that extent the
                                            liability of the Issuing Trustee to
                                            the Secured Creditor will not be
                                            reduced by the recovery or payment,
                                            other than to the extent of any
                                            distribution received by the Secured
                                            Creditor under paragraph (3); and

                                   (B)      (without limiting sub-paragraph (A))
                                            immediately on the Secured Creditor
                                            making or becoming liable to make a
                                            payment under paragraph (2), the
                                            Issuing Trustee shall indemnify the
                                            Secured Creditor against the payment
                                            to the extent that (despite
                                            sub-paragraph (A)) its liability has
                                            been discharged by the recovery or
                                            payment.

                  (b)     If a Secured Creditor receives or recovers any
                          Received Moneys, and does not pay that amount to the
                          Security Trustee under clause 12.12(a), the Security
                          Trustee may retain out of amounts which would
                          otherwise be payable to the Secured Creditor under
                          this Deed any amounts which the Security Trustee
                          considers necessary to put all Secured Creditors in
                          the same position as if that Secured Creditor had
                          complied with, or been required to comply with, clause
                          12.12(a) and the Security Trustee's obligation to
                          apply monies to such Secured Creditor shall be
                          discharged to the extent of such retention.

         12.13    CURRENCY INDEMNITY

                  The Issuing Trustee shall indemnify each Secured Creditor
                  against any deficiency which arises whenever, for any reason
                  (including as a result of a judgement, order or Insolvency
                  Event):

                  (a)     that Secured Creditor receives or recovers an amount
                          in one currency (the Payment Currency) in respect of
                          any amount denominated under a Secured Document in
                          another currency (the Due Currency); and

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

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                                                             Security Trust Deed

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13       REMUNERATION AND INDEMNIFICATION OF SECURITY TRUSTEE

         13.1     FEE

                  (a)     Upon and from the Charge becoming enforceable, the
                          Security Trustee shall be entitled from the proceeds
                          of the Charged Property by way of remuneration for the
                          Security Trustee's services hereunder to a fee being
                          the time costs of the employees of the Security
                          Trustee during that period for the time spent by such
                          employees relating to the enforcement of the Charge,
                          and any matters incidental thereto, costed at the rate
                          then usually charged by the Security Trustee for the
                          services of such employees to external parties of the
                          Security Trustee.

                  (b)     The Security Trustee's fee under sub-clause (a) shall
                          be payable in arrears for a given period on the same
                          dates as the Issuing Trustee's fee under the Master
                          Trust Deed for the Securitisation Fund.

         13.2     CESSATION OF FEE

                  The Security Trustee shall not be entitled to remuneration
                  pursuant to clause 13.1 in respect of any period after the
                  Charge Release Date.

         13.3     EXPENSES

                  The Issuing Trustee shall from the assets of the Fund pay or
                  discharge all costs, charges, liabilities and expenses
                  reasonably incurred by the Security Trustee in relation to the
                  preparation and execution of this Deed including, but not
                  limited to reasonable legal expenses and any stamp and other
                  Taxes or duties paid by the Security Trustee in connection
                  with the preparation and execution of this Deed.

         13.4     COSTS

                  All costs, charges and expenses incurred and payments made by
                  the Security Trustee in the lawful exercise of its Powers are
                  payable or reimbursable by the Issuing Trustee within fourteen
                  days following demand by the Security Trustee.

         13.5     INDEMNITY

                  Subject to clause 26, the Issuing Trustee shall indemnify the
                  Security Trustee and every or any Receiver, Attorney, or other
                  person appointed under this Deed in respect of all liabilities
                  and reasonable expenses (including Taxes) properly incurred by
                  it or by any person appointed by it or to whom any duties,
                  powers, trusts, authorities or discretions may be delegated by
                  it in the execution or purported execution of any duties,
                  powers, trusts, authorities or discretions vested in it hereby
                  and against all liabilities, actions, proceedings, costs,
                  claims and demands in respect of any matter or thing properly
                  done or omitted in any way relating hereto. Failing due
                  payment in accordance with the preceding provision of this
                  clause, the Security Trustee may in priority to any payment to
                  the Secured Creditors retain and pay out of any moneys in its
                  hands upon the trusts of this Deed the amount of any such
                  liabilities and expenses, and also any remuneration
                  outstanding to the Security Trustee under this clause 13.

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                                                             Security Trust Deed

         13.6     NON-DISCHARGE

                  Unless otherwise specifically stated in any discharge of the
                  trusts of this Deed the provisions of this clause 13 shall
                  continue in full force and effect despite such discharge.

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14       SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS

         14.1     ADDITIONAL POWERS, PROTECTIONS, ETC.

                  By way of supplement to any Statute regulating the conduct of
                  the trusts contained in this Deed and in addition to the
                  powers and rights which may from time to time be vested in the
                  Security Trustee by the general law it is expressly declared
                  as follows:

                  (a)     (ACT ON PROFESSIONAL ADVICE): The Security Trustee may
                          act on the opinion or advice of, or information
                          obtained from, any lawyer, valuer, banker, broker,
                          accountant or other expert appointed by the Security
                          Trustee and shall not be responsible to any Interested
                          Person for any loss occasioned by so acting so long as
                          the Security Trustee has exercised good faith in
                          respect of the appointment. Any such opinion, advice
                          or information may be sent or obtained by letter or
                          facsimile transmission and the Security Trustee shall
                          not be liable to any Interested Person for acting in
                          good faith on any opinion, advice or information
                          purporting to be conveyed by such means even though it
                          shall contain some error which is not a manifest error
                          or shall not be authentic.

                  (b)     (NO ENQUIRY): The Security Trustee shall not be bound
                          to give notice to any person of the execution hereof
                          or to take any steps to ascertain whether any Event of
                          Default has happened and, until it shall have actual
                          knowledge or shall have express notice to the
                          contrary, the Security Trustee shall be entitled to
                          assume that no such Event of Default has happened and
                          that the Issuing Trustee is performing all its
                          obligations under this Deed and under the Secured
                          Documents, and that all other persons are performing
                          all of the obligations imposed on them under the
                          Transaction Documents.

                  (c)     (ACTS PURSUANT TO RESOLUTIONS): The Security Trustee
                          shall not be responsible for having acted in good
                          faith upon any resolution purporting to have been
                          passed at any meeting of the Secured Creditors in
                          respect whereof minutes have been made and signed even
                          though it may subsequently be found that there was
                          some defect in the constitution of such meeting or the
                          passing of such resolution or that for any reason such
                          resolution was not valid or binding upon the Secured
                          Creditors.

                  (d)     (DIRECTORS' CERTIFICATES): The Security Trustee may
                          call for and may accept as sufficient evidence of any
                          fact or matter or of the expediency of any dealing,
                          transaction, step or thing a certificate signed by any
                          two directors or duly authorised officers of the
                          Issuing Trustee or the Manager as to any fact or
                          matter upon which the Security Trustee may, in the
                          exercise of any of its duties, powers, authorities and
                          discretions hereunder, require to be satisfied or to
                          have information to the effect that in the

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                                                             Security Trust Deed

                          opinion of the person or persons so certifying any
                          particular dealing, transaction, step or thing is
                          expedient and the Security Trustee shall not be bound
                          to call for further evidence and shall not be
                          responsible for any loss that may be occasioned by
                          acting on any such certificate.

                  (e)     (CUSTODY OF DOCUMENTS): The Security Trustee may hold
                          or deposit this Deed and any deed or documents
                          relating hereto or to the Secured Documents with any
                          banker or banking company or entity whose business
                          includes undertaking the safe custody of deeds or
                          documents or with any lawyer or firm of lawyers
                          believed by it to be of good repute and the Security
                          Trustee shall not be responsible for any loss incurred
                          in connection with any such holding or deposit and may
                          pay all sums to be paid on account of or in respect of
                          any such deposit.

                  (f)     (DISCRETION): The Security Trustee shall, as regards
                          all the powers, trusts, authorities and discretions
                          vested in it hereby, have absolute and uncontrolled
                          discretion as to the exercise thereof and shall,
                          subject to clause 14.4, be in no way responsible to
                          any Interested Person or any other person for any
                          loss, costs, damages, expenses or inconvenience which
                          may result from the exercise or non-exercise thereof.

                  (g)     (EMPLOY AGENTS): Wherever it considers it expedient in
                          the interests of the Secured Creditors, the Security
                          Trustee may, instead of acting personally, employ and
                          pay an agent selected by it, whether or not a lawyer
                          or other professional person, to transact or conduct,
                          or concur in transacting or conducting any business
                          and to do or concur in doing all acts required to be
                          done by the Security Trustee (including the receipt
                          and payment of money under this Deed). Any such agent
                          being a lawyer, banker, broker or other person engaged
                          in any profession or business shall be entitled to
                          charge and be paid all usual professional and other
                          charges for business transacted and acts done by him
                          or any partner of his or by his firm in connection
                          with the trusts hereof and also his reasonable charges
                          in addition to disbursements for all other work and
                          business done and all time spent by him or his
                          partners or firm on matters arising in connection
                          herewith including matters which might or should have
                          been attended to in person by a trustee not being a
                          lawyer, banker, broker or other professional person.

                  (h)     (DELEGATION): The Security Trustee may whenever it
                          thinks it expedient in the interests of Secured
                          Creditors, delegate to any person or fluctuating body
                          of persons selected by it (including, without
                          limitation, a Related Body Corporate) all or any of
                          the duties, powers, trusts, authorities and
                          discretions vested in the Security Trustee by this
                          Deed. Any such delegation may be by power of attorney
                          or in such other manner as the Security Trustee may
                          think fit and may be made upon such terms and
                          conditions (including power to sub-delegate) as the
                          Security Trustee may think fit. Except for its own
                          fraud, negligence or wilful default, the Security
                          Trustee is not liable for any loss incurred as a
                          result of any fraud, neglect, default or breach of
                          duty by any of its attorneys, agents or delegates
                          where the appointment was made in good faith, except
                          where such attorney, agent or delegate is a Related
                          Body Corporate of the Security Trustee.

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                                                             Security Trust Deed

                  (i)     (DISCLOSURE): Subject to this Deed, the Security
                          Trustee may disclose to any Secured Creditor any
                          confidential, financial or other information made
                          available to the Security Trustee by the Issuing
                          Trustee, the Manager, any other Interested Person or
                          any other person in connection with this Deed.

                  (j)     (DETERMINATION): The Security Trustee, as between
                          itself and the Secured Creditors, shall have full
                          power to determine all questions and doubts arising in
                          relation to any of the provisions of this Deed and
                          every such determination, whether made upon such a
                          question actually raised or implied in the acts or
                          proceedings of the Security Trustee, shall be
                          conclusive and shall bind the Security Trustee and the
                          Secured Creditors.

         14.2     SECURITY TRUSTEE NOT PRECLUDED FROM ENTERING INTO CONTRACTS

                  The Security Trustee, any Related Body Corporate of the
                  Security Trustee and any director or officer of the Security
                  Trustee or of any Related Body Corporate of the Security
                  Trustee shall not be precluded from subscribing for some or
                  all of the Notes with or without a commission or other
                  remuneration or from purchasing or otherwise acquiring,
                  holding, dealing in or disposing of Notes, at any time from
                  contracting or entering into any financial or other
                  transactions with the Issuing Trustee, the Manager or any
                  Related Body Corporate thereof or from being interested in any
                  contract or transaction or from accepting and holding the
                  office of trustee for the holders of any securities or
                  interests of the Issuing Trustee, the Manager or any Related
                  Body Corporate thereof and shall not be liable to account to
                  any Interested Person for any profit made by it or him thereby
                  or in connection therewith, provided that the Security
                  Trustee, any Related Body Corporate of the Security Trustee
                  and any director or officer of the Security Trustee or any
                  Related Body Corporate of the Security Trustee shall, in
                  connection with the above mentioned, act in utmost good faith
                  in relation to the Interested Person.

         14.3     DUTIES OF THE SECURITY TRUSTEE

                  The Security Trustee has no duties or responsibilities in its
                  capacity as trustee other than those expressly set out in this
                  Deed.

         14.4     SECURITY TRUSTEE LIABLE FOR NEGLIGENCE ETC.

                  Subject to clause 14.5, nothing in this Deed shall, in any
                  case where the Security Trustee has failed to comply with the
                  terms of this Deed, or to show the degree of skill, care and
                  diligence required of it as Security Trustee (having regard to
                  the provisions of this Deed conferring on the Security Trustee
                  any duties, powers, trusts, authorities or discretions)
                  relieve or indemnify the Security Trustee from or against any
                  liability which would otherwise attach to it in respect of any
                  fraud, negligence or wilful default.

         14.5     RELIANCE ON EXPERTS

                  The Security Trustee may act upon the opinion or statement or
                  certificate or advice of or information obtained from any
                  barrister, solicitor, banker, accountant, broker, valuer or
                  other person believed by it in good faith to be expert or
                  properly informed in relation to the matters upon which they
                  are consulted and the Security Trustee shall not be liable for
                  anything done or suffered by it in good faith in

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                                                             Security Trust Deed

                  reliance upon such opinion, statement, certificate, advice or
                  information so long as the Security Trustee has exercised good
                  faith in respect of the appointment.

         14.6     INFORMATION

                  The Issuing Trustee and the Manager authorises:

                  (a)     the Security Trustee to provide any Secured Creditor;
                          and

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

                  with any information concerning the Securitisation Fund and
                  Notes which may come into the possession of the Security
                  Trustee or the Note Trustee (as the case may be). Save for the
                  information which is required by any Transaction Document to
                  be provided by it to the respective persons referred to in
                  paragraph (a) or (b) (as the case may be), none of the
                  Security Trustee, Note Trustee or Paying Agent need otherwise
                  provide any other person with such information.

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15       RETIREMENT AND REMOVAL OF SECURITY TRUSTEE

         15.1     RETIREMENT

                  The Security Trustee may retire at any time upon giving not
                  less than three months' notice (or such shorter period as the
                  Manager may agree) in writing to the Issuing Trustee, the Note
                  Trustee, each Designated Rating Agency and the Manager without
                  assigning any reason. The retiring Security Trustee will be
                  responsible for any costs incurred as a result of a voluntary
                  retirement.

         15.2     REMOVAL

                  The Security Trustee may be removed:

                  (a)     by the Manager after prior notice to each Designated
                          Rating Agency if any of the following occurs in
                          relation to the Security Trustee in its personal
                          capacity:

                          (1)      the commencement of the winding up of the
                                   Security Trustee;

                          (2)      the appointment of a receiver or
                                   administrator or analogous person in respect
                                   of the whole or part of the undertaking of
                                   the Security Trustee;

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

                          (4)      a compromise or arrangement by the Security
                                   Trustee with its creditors;

                          (5)      failure of the Security Trustee to remedy
                                   within fourteen days after written notice by
                                   the Manager any material breach of duty on
                                   the part of the Security Trustee; or

                          (6)      if without the prior written consent of the
                                   Manager there occurs:

                                   (A)      a change in fifty-one per cent (or
                                            such other percentage the Manager
                                            may in its absolute discretion
                                            determine shall constitute a change
                                            in the effective control of the
                                            Security Trustee) of the
                                            shareholding of the Security

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                                                             Security Trust Deed

                                            Trustee existing at the date of this
                                            Deed (whether occurring at one time
                                            or through a series or succession of
                                            transfers or issues of shares);

                                   (B)      a change in the effective management
                                            of the Security Trustee as existing
                                            at the date of this Deed such that
                                            the Security Trustee is no longer
                                            able to fulfil its duties and
                                            obligations in relation to the
                                            Charged Property; or

                                    (C)     the establishment by any means of
                                            any trust under which any third
                                            party becomes a beneficial owner of
                                            any of the Security Trustee's rights
                                            under this Deed,

                                    and the determination of the Manager (acting
                                    bona fide and reasonably) that any of these
                                    matters has occurred shall be conclusive;
                                    and

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

         15.3     APPOINTMENT

                  The power of appointing a new Security Trustee shall be vested
                  in the Manager but no person shall be so appointed who shall
                  not have previously been approved by an Extraordinary
                  Resolution of the Voting Secured Creditors. Any appointment of
                  a new Security Trustee shall as soon as practicable thereafter
                  be notified by the Manager to the Secured Creditors.

         15.4     RETIREMENT OR REMOVAL EFFECTIVE

                  (a)     Subject to clause 15.4(b), the retirement or removal
                          of the Security Trustee shall not become effective
                          until a new Security Trustee is appointed and the
                          Manager has received confirmation by the Designated
                          Rating Agencies that such appointment will not cause a
                          downgrading, qualification or withdrawal of the then
                          current ratings of the Notes.

                  (b)     If the Security Trustee gives notice pursuant to
                          clause 15.1 and no new Security Trustee have been
                          appointed by the Manager prior to the expiry of this
                          notice, the retirement of the Security Trustee shall
                          become effective upon expiry of the notice given under
                          clause 15.1 and the Manager shall act as an interim
                          Security Trustee until the new Security Trustee has
                          been appointed and the Manager has received
                          confirmation by the Designated Rating Agencies that
                          such appointment will not cause a downgrading,
                          qualification or withdrawal of the then current
                          ratings of the Notes.

         15.5     VESTING OF PROPERTY IN SECURITY TRUSTEE

                  The new Security Trustee shall forthwith upon appointment
                  execute a deed in such form as the Manager may reasonably
                  require whereby such new Security Trustee undertakes to the
                  Secured Creditors jointly and severally to be bound by all the
                  covenants and obligations on the part of the outgoing Security
                  Trustee under this Deed from the date of such appointment and
                  from such date the outgoing Security Trustee will be absolved
                  and released from all such covenants

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                                                             Security Trust Deed

                  and obligations under this Deed in respect thereof (save in
                  respect of any antecedent fraud, negligence or wilful default)
                  and the new Security Trustee will and may thereafter exercise
                  all the powers and enjoy all the rights and will be subject to
                  all the duties and obligations of the Security Trustee under
                  this Deed in respect thereof as fully as though the new
                  Security Trustee had been originally named as a party to this
                  Deed.

         15.6     RETENTION OF LIEN

                  Notwithstanding any release of the outgoing Security Trustee
                  under this clause, the outgoing Security Trustee shall remain
                  entitled to the benefit of the indemnities granted by this
                  Deed to the outgoing Security Trustee in respect of any
                  liability, cost or other obligation incurred by it whilst
                  acting as Security Trustee, as if it were still the Security
                  Trustee under this Deed.

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16       MEETINGS OF SECURED CREDITORS

         16.1     MEETINGS REGULATED BY THE SCHEDULE

                  The provisions of the Schedule shall apply to all meetings of
                  Secured Creditors and to the passing of resolutions thereat.

         16.2     LIMITATION ON SECURITY TRUSTEE'S POWERS

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

         16.3     SECURITY TRUSTEE RIGHTS

                  (a)     Despite any other provision of this Deed, for so long
                          as the Noteholder Secured Creditors are the only
                          Voting Secured Creditors they may direct the Security
                          Trustee to do any act or thing which the Security
                          Trustee is required to do, or may only do, at the
                          direction of an Extraordinary Resolution of Voting
                          Secured Creditors including those acts or things
                          referred to in clause 12 of Schedule 1 and the
                          Security Trustee shall, subject to this Deed, comply
                          with such direction of the Noteholder Secured
                          Creditors.

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

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

                          (1)      if the Noteholder Secured Creditors are not
                                   the only Voting Secured Creditors; and

                          (2)      if Noteholder Secured Creditors direct the
                                   Security Trustee to enforce the Charge
                                   (whether in the case of the Note Trustee

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                                                             Security Trust Deed

                                   directed to do so by the Class A Noteholders
                                   or as it determines on behalf of the Class A
                                   Noteholders),

                          the Security Trustee shall enforce the Charge under
                          clause 7.2 as if directed to do so by an Extraordinary
                          Resolution of Voting Secured Creditors and clause
                          16.3(a) shall apply as if the Noteholder Secured
                          Creditors were the only Voting Secured Creditors.

                  (d)     The Security Trustee shall not be liable to any
                          Secured Creditor for acting, or not acting, on the
                          directions of the Noteholder Secured Creditors except
                          where in so doing the Security Trustee engages in any
                          fraud, negligence or wilful default.

                  (e)     Any reference to the Noteholder Secured Creditors
                          where:

                          (1)      they are the only Voting Secured Creditors;
                                   or

                          (2)      where the consent of the Noteholder Secured
                                   Creditors is required under this Deed in
                                   relation to a discretion or act of the
                                   Security Trustee,

                          means so many of the Noteholder Secured Creditors who
                          represent more than 50% of the aggregate of the
                          Invested Amount of the Class A Notes and the Class B
                          Notes.

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17       CONTINUING SECURITY AND RELEASES

         17.1     LIABILITY PRESERVED

                  Notwithstanding any payout figure quoted or other form of
                  account stated by the Security Trustee and notwithstanding the
                  rule in Groongal Pastoral Company Limited (In Liquidation) v.
                  Falkiner (1924) 35 CLR 157, no grant of full or partial
                  satisfaction of or discharge from this Deed by the Security
                  Trustee shall release the Issuing Trustee hereunder until all
                  the Secured Moneys have in fact been received by the Security
                  Trustee and are not liable for whatever reason to be disgorged
                  notwithstanding that such quotation or statement of account
                  may have arisen from the mistake, negligence, error of law or
                  error of fact of the Security Trustee its servants or agents.

         17.2     ISSUING TRUSTEE'S LIABILITY NOT AFFECTED

                  This Deed and the liability of the Issuing Trustee hereunder
                  shall not be affected or discharged by any of the following:

                  (a)     (INDULGENCE): the granting to the Issuing Trustee or
                          to any other person of any time or other indulgence or
                          consideration;

                  (b)     (DELAY IN RECOVERY): the Security Trustee failing or
                          neglecting to recover by the realisation of any other
                          security or otherwise any of the Secured Moneys;

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

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                                                             Security Trust Deed

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

         17.3     WAIVER BY ISSUING TRUSTEE

                  The Issuing Trustee hereby waives in favour of the Security
                  Trustee:

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

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

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

         17.4     NO NOTICE OR ENFORCEMENT

                  It shall not be incumbent on the Security Trustee to give any
                  notice of the Charge to any debtors of the Issuing Trustee or
                  to any purchaser or any other person whomsoever or, subject to
                  this Deed, to enforce payment of any moneys payable to the
                  Issuing Trustee or to realise any of the Charged Property or
                  to take any steps or proceedings for that purpose unless the
                  Security Trustee thinks fit to do so.

         17.5     NO LIABILITY FOR LOSS

                  The Security Trustee shall not nor shall any Receiver be
                  liable or otherwise accountable for 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 the powers of the Security Trustee or of the Receiver
                  except for actual fraud, negligence or wilful default.

         17.6     NO LIABILITY TO ACCOUNT

                  Neither the Security Trustee nor any Receiver shall by reason
                  of the Security Trustee or the Receiver entering into
                  possession of the Charged Property or any part thereof be
                  liable to account as mortgagee or chargee in possession or for
                  anything except actual receipts or be liable for any loss upon
                  realisation or for any default, omission, delay or mistake for
                  which a mortgagee or chargee in possession might be liable.

         17.7     INDEMNITY REGARDING EXERCISE OF POWERS

                  Without prejudice to the right of indemnity given to trustees
                  by law, each of the Security Trustee and the Receiver shall be
                  entitled to be indemnified out of the Charged Property in
                  respect of all costs expenses liabilities and losses incurred
                  by it in the execution or purported execution of the
                  provisions hereof or of any of the powers vested in it
                  pursuant to this Deed, including liabilities and expenses
                  consequent upon any mistake, oversight, error of judgment or
                  want of prudence on

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                                                             Security Trust Deed

                  the part of the Security Trustee or the Receiver and against
                  all actions, proceedings, costs, claims and demands in respect
                  of any matter or thing done or omitted in any way relating to
                  the Charged Property unless any of the foregoing is due to
                  actual fraud, negligence or wilful default of the Security
                  Trustee and the Security Trustee may obtain and pay out of any
                  moneys in its possession arising from the trusts or powers of
                  this Deed all sums necessary to effect such indemnity.

         17.8     NO CONFLICT

                  The Security Trustee and any Receiver may exercise any power
                  under this Deed notwithstanding that the exercise of that
                  power involves a conflict between any duty owed to the Issuing
                  Trustee by the Security Trustee or such Receiver and:

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

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

         17.9     CONTRACT INVOLVING CONFLICT OF DUTY

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

         17.10    BENEFIT FOR RECEIVER ETC.

                  The Security Trustee shall be deemed to have accepted the
                  benefit of this clause 17 as agent for the Receiver and any
                  attorney, agent or other person appointed hereunder or by the
                  Security Trustee who are not parties to this Deed and the
                  Security Trustee shall hold the benefit of such provisions on
                  trust for the benefit of those grantees.

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18       ASSURANCE

         18.1     FURTHER ASSURANCE

                  The Issuing Trustee shall procure that all persons having or
                  claiming any estate or interest in the Charged Property or any
                  part thereof shall from time to time and at all times
                  hereafter upon the request of the Security Trustee and at the
                  cost of the Issuing Trustee, make do and execute or cause to
                  be made done and executed all such acts deeds and assurances
                  whatsoever for more satisfactorily securing to the Security
                  Trustee the payment of the Secured Moneys or for assuring or
                  more satisfactorily assuring the Charged Property to the
                  Security Trustee or as the Security Trustee may direct and in
                  particular shall, whenever requested by the Security Trustee
                  so to do, execute in favour of the Security Trustee such legal
                  mortgages transfers assignments or other assurances of all or
                  any part of the Charged Property in such form and containing
                  such powers and provisions as the Security Trustee shall
                  require.

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                                                             Security Trust Deed

         18.2     POSTPONEMENT OR WAIVER OF ENCUMBRANCES

                  The Manager and the Issuing Trustee shall if required by the
                  Security Trustee forthwith cause:

                  (a)     any Encumbrance (other than the Prior Interest) which
                          has arisen or which arises from time to time by
                          operation of law over the Charged Property in favour
                          of any person including the Issuing Trustee to be at
                          the Security Trustee's option postponed in all
                          respects after and subject to this Deed or to be
                          otherwise discharged released or terminated; and

                  (b)     any borrowing or other obligation secured by any such
                          Encumbrance at the Security Trustee's option to be
                          waived released paid or performed.

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19       PAYMENTS

         19.1     MONEYS REPAYABLE AS AGREED OR ON DEMAND

                  In the absence of any agreement to the contrary, the Secured
                  Moneys shall following the occurrence of an Event of Default
                  be payable by the Issuing Trustee to the Security Trustee in
                  Dollars immediately upon demand by the Security Trustee.

         19.2     NO SET-OFF OR DEDUCTION

                  All payments by the Issuing Trustee of any moneys forming part
                  of the Secured Moneys shall be free of any set-off or
                  counterclaim and without deduction or withholding for any
                  present or future Taxes unless the Issuing Trustee is
                  compelled by law to deduct or withhold the same.

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20       DISCHARGE OF THE CHARGE

         20.1     RELEASE

                  Upon the Manager providing a certificate to the Security
                  Trustee stating that all Secured Moneys have been paid in full
                  and that all the Obligations have been performed, observed and
                  fulfilled, including that all costs, charges, moneys and
                  expenses incurred by or payable to or at the direction of the
                  Security Trustee, the Receiver or any attorney appointed
                  hereunder in respect of the Securitisation Fund have been paid
                  (upon which certificate, the Security Trustee may rely
                  conclusively) and upon adequate provision having been made to
                  the reasonable satisfaction of the Security Trustee of all
                  costs, charges, moneys and expenses reasonably likely
                  thereafter to be incurred by or payable to or at the direction
                  of the Security Trustee, the Receiver or any attorney
                  appointed hereunder in respect of the Securitisation Fund,
                  then the Security Trustee shall, subject to clause 20.2, at
                  the request of the Manager or the Issuing Trustee, and at the
                  cost of the Issuing Trustee, release the Charged Property from
                  the Charge and this Deed.

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                                                             Security Trust Deed

         20.2     CONTINGENT LIABILITIES

                  The Security Trustee shall be under no obligation to grant a
                  release of the Charge or this Deed in respect of the
                  Securitisation Fund unless at the time such release is sought:

                  (a)     none of the Secured Moneys in respect of the
                          Securitisation Fund are contingently or prospectively
                          owing except where there is no reasonable likelihood
                          of the contingent or prospective event occurring; and

                  (b)     the Security Trustee has no contingent or prospective
                          liabilities in respect of the Securitisation Fund
                          whether or not there is any reasonable likelihood of
                          such liabilities becoming actual liabilities in
                          respect of any bills, notes, drafts, cheques,
                          guarantees, letters of credit or other instruments or
                          documents issued, drawn, endorsed or accepted by the
                          Security Trustee for the account or at the request of
                          the Issuing Trustee for the Securitisation Fund.

         20.3     CHARGE REINSTATED

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

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21       AMENDMENT

         21.1     AMENDMENT BY SECURITY TRUSTEE

                  The Security Trustee, the Note Trustee and the Issuing Trustee
                  may, following the giving of at least 5 Banking Days' notice
                  to each Designated Rating Agency, and with the written
                  approval of the Manager and subject to clause 16.3, (and, if
                  the proposed alteration, addition or modification is or is
                  likely to be prejudicial to their interests) the Noteholder
                  Secured Creditors by way of supplemental deed alter, add to or
                  modify this Deed (including this clause 21) so long as such
                  alteration, addition or modification is:

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

                  (b)     in the opinion of the Security Trustee necessary to
                          comply with the provisions of any Statute or
                          regulation or with the requirements of any
                          Governmental Authority;

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

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                                                                         PAGE 53

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                                                             Security Trust Deed

                          Trustee appropriate or expedient as a consequence of
                          the enactment of a Statute or regulation or an
                          amendment to any Statute or regulation or ruling by
                          the Commissioner or Deputy Commissioner of Taxation or
                          any governmental announcement or statement, in any
                          case which has or may have the effect of altering the
                          manner or basis of taxation of trusts generally or of
                          trusts similar to the Securitisation Fund);

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

                  (e)     such that it does not adversely affect the rating of
                          the Notes by each Designated Rating Agency in respect
                          of the Securitisation Fund and the Notes.

         21.2     AMENDMENT WITH CONSENT

                  Where in the opinion of the Security Trustee a proposed
                  alteration, addition or modification to this Deed, save and
                  except an alteration, addition or modification referred to in
                  clause 21.1, is prejudicial or likely to be prejudicial to the
                  interests of Secured Creditors as a whole or any class of
                  Secured Creditors, the Security Trustee and the Trustee may
                  make such alteration, addition or modification if sanctioned
                  by an Extraordinary Resolution of the Voting Secured Creditors
                  or relevant class of Secured Creditors (as the case requires).

         21.3     DISTRIBUTION OF AMENDMENTS

                  The Manager shall distribute to all Secured Creditors and each
                  Designated Rating Agency a copy of any amendment made pursuant
                  to clause 21.1 or 21.2 as soon as reasonably practicable after
                  the amendment has been made.

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22       EXPENSES, STAMP DUTIES AND REGISTRATION

         22.1     EXPENSES

                  The Issuing Trustee shall on demand reimburse the Security
                  Trustee and the Note Trustee for and keep the Security Trustee
                  and the Note Trustee indemnified against all expenses
                  including legal costs and disbursements (on a solicitor/own
                  client basis) incurred by the Security Trustee and the Note
                  Trustee in connection with:

                  (a)     the preparation and execution of this Deed and any
                          subsequent consent, agreement, approval or waiver
                          hereunder or amendment hereto;

                  (b)     the exercise, enforcement, preservation or attempted
                          exercise enforcement or preservation of any rights
                          under this Deed including without limitation any
                          expenses incurred in the evaluation of any matter of
                          material concern to the Security Trustee; and

                  (c)     any enquiry by a Government Agency concerning the
                          Issuing Trustee or the Charged Property or a
                          transaction or activity the subject of the Secured
                          Documents.

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                                                             Security Trust Deed

         22.2     STAMP DUTIES

                  (a)     Except to the extent contemplated by clause 3.4 of the
                          Note Trust Deed, the Issuing Trustee shall pay (and
                          reimburse each Secured Creditor for any such amounts
                          paid by it) all stamp, loan, transaction, registration
                          and similar Taxes including fines and penalties,
                          financial institutions duty and federal debits tax
                          which may be payable to or required to be paid by any
                          appropriate authority or determined to be payable in
                          connection with the execution, delivery, performance
                          or enforcement of this Deed or any payment, receipt or
                          other transaction contemplated herein.

                  (b)     The Issuing Trustee shall indemnify the Security
                          Trustee and the Note Trustee against any loss or
                          liability incurred or suffered by it as a result of
                          the delay or failure by the Issuing Trustee to pay
                          such Taxes.

         22.3     REGISTRATION

                  The Issuing Trustee shall at its own expense ensure that this
                  Deed is registered to the extent and within such time limits
                  as may be prescribed by law so as to ensure the full efficacy
                  of this Deed as a security to the Security Trustee in all
                  jurisdictions in which any part of the Charged Property may
                  now or at any time during the continuance of this Deed be
                  located, in which the Issuing Trustee may carry on any
                  business or in which the Issuing Trustee is or may become
                  resident or registered.

         22.4     GOODS AND SERVICES TAX IN RELATION TO THE SECURITY TRUSTEE

                  (a)     The fees payable to the Security Trustee referred to
                          in clause 13.1 are exclusive of GST.

                  (b)     In relation to any supply by the Security Trustee
                          under this deed, the fee payable will be adjusted:

                          (1)      by the net increase or decrease in the costs
                                   to the Security Trustee of making the supply
                                   arising from the New Tax System Changes
                                   (including any GST payable on the supply);
                                   and

                          (2)      to take into account any changes in the rate
                                   of GST payable pursuant to the A New Tax
                                   System (Goods and Services Tax Imposition -
                                   General) Act 1999.

                          The Security Trustee may not exercise its rights under
                          this clause 22.4(b) unless it has received a
                          confirmation from each Designated Rating Agency (if
                          any) confirming the rating given by it in respect of
                          the Notes. Such confirmation may be given prior to the
                          issue of the Notes but no subsequent adjustment may be
                          made until a further confirmation has been obtained.

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

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                                                             Security Trust Deed

                  (d)     For the purposes of this clause New Tax System Changes
                          means:

                          (1)      the amendment of the Sales Tax (Exemption and
                                   Classifications) Act 1992 made by the A New
                                   Tax System (Goods and Services Tax
                                   Transition) Act 1999;

                          (2)      the ending of sales tax, as provided for in
                                   the A New Tax System (End of Sales Tax) Act
                                   1999;

                          (3)      the imposition of the GST; and

                          (4)      any other changes (including changes to
                                   Commonwealth, State or Territory laws)
                                   prescribed by the Trade Practices Regulations
                                   for the purposes of the definition of New Tax
                                   System Changes in Trade Practices Act 1974.

         22.5     INDEMNITY

                  Subject to this Deed and without prejudice to any right of
                  indemnity given by law, the Security Trustee, the Manager, the
                  Note Trustee, the Receiver or attorney or other person
                  appointed under this Deed (including, without limitation, any
                  person appointed by the Security Trustee, the Manager, the
                  Note Trustee or the Receiver or any person to whom any duties,
                  powers, trusts, authorities or discretions may be delegated by
                  the Security Trustee, the Manager, the Note Trustee or the
                  Receiver) ('APPOINTEE') will be indemnified by the Issuing
                  Trustee against all loss, liabilities and expenses reasonably
                  and properly incurred by the Security Trustee, the Manager,
                  the Note Trustee, the Receiver, attorney or appointee (as the
                  case may be) in the execution or purported execution of any
                  duties, powers, trusts, authorities or discretions vested in
                  such persons pursuant to this Deed, including, without
                  limitation, all liabilities and expenses consequent upon any
                  mistake or oversight, error of judgment or want of prudence on
                  the part of such persons and against all actions, proceedings,
                  costs, claims and demands in respect of any matter or thing
                  properly done or omitted in any way relating to this Deed,
                  unless any of the foregoing is due to actual fraud, negligence
                  or wilful default on the part of the Security Trustee, the
                  Manager, the Note Trustee, the Receiver, attorney or appointee
                  (as the case may be). The Security Trustee may in priority to
                  any payment to the Secured Creditors retain and pay out of any
                  moneys in its hands upon the trusts of this Deed all sums
                  necessary to effect such indemnity including, without
                  limitation, the amount of any such liabilities and expenses,
                  and also any remuneration outstanding to the Security Trustee
                  under clause 13.1.

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

23       GOVERNING LAW AND JURISDICTION

         23.1     GOVERNING LAW

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

         23.2     JURISDICTION

                  (a)     The Issuing Trustee, the Security Trustee, the Manager
                          and the Secured Creditors each irrevocably submits to
                          and accepts generally and

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                                                             Security Trust Deed

                          unconditionally the non-exclusive jurisdiction of the
                          Courts and appellate Courts of the State of New South
                          Wales with respect to any legal action or proceedings
                          which may be brought at any time relating in any way
                          to this Deed.

                  (b)     The Issuing Trustee, the Security Trustee, the Manager
                          and the Secured Creditors each irrevocably waives any
                          objection it may now or in the future have to the
                          venue of any such action or proceedings and any claim
                          it may now or in the future have that any such action
                          or proceedings have been brought in an inconvenient
                          forum.

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

24       NOTICES

         24.1     SERVICE OF NOTICES

                  Every notice or other communication of any nature whatsoever
                  required to be served given or made under or arising from this
                  Deed:

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

                  (b)     shall be deemed to have been duly served, given or
                          made to a person if it is:

                          (1)      in the case of a party to this Deed:

                                   (A)      delivered to the address of that
                                            party;

                                   (B)      posted by prepaid post to such
                                            address; or

                                   (C)      sent by facsimile to the facsimile
                                            number of that party; or

                          (2)      in the case of a Bondholder: delivered or
                                   posted by pre-paid mail to the address of
                                   such Bondholder then appearing on the
                                   Register;

                  (c)     shall be sufficient if executed by the party giving
                          serving or making the same or on its behalf by any
                          attorney, director, secretary other duly authorised
                          officer or solicitor of such party; and

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

                          (1)      (in the case of prepaid registered post
                                   within Australia) within 3 Banking Days of
                                   posting;

                          (2)      (in the case of prepaid international
                                   registered post) within 7 Banking Days of
                                   posting;

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

                          (4)      (in the case of delivery by hand) on
                                   delivery.

         24.2     ADDRESSES

                  The address and facsimile number of each of the Security
                  Trustee, the Note Trustee, the Issuing Trustee and the Manager
                  for the purposes of clause 24.1 shall

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<PAGE>

                                                             Security Trust Deed

                  be as follows until the party concerned notifies in writing
                  all other parties hereto of any variation thereto:

                  ISSUING TRUSTEE

                  Address: Perpetual Trustees Australia Limited
                           Level 7, 9 Castlereagh Street, Sydney, NSW 2000

                  Facsimile No: (02) 9221 7870
                  Attention:    Manager - Securitisation

                  MANAGER

                  Address:    ME Portfolio Management Limited
                              Level 23, 360 Collins Street, Melbourne, VIC, 3000

                  Facsimile No: (03) 9605 6200
                  Attention:    Funding Manager

                  SECURITY TRUSTEE

                  Address:      Perpetual Trustee Company Limited
                                Level 7, 9 Castlereagh Street, Sydney, NSW 2000

                  Facsimile No: (02) 9221 7870
                  Attention:    Manager - Securitisation

                  NOTE TRUSTEE

                  Address:      The Bank of New York

                                101 Barclay Street,

                                Floor 21 West, New York, NY

                  Facsimile No: (0011) 1 212 815 3522
                  Attention:    Global Structured Finance

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

25       MISCELLANEOUS

         25.1     ASSIGNMENTS

                  Subject to clause 15, neither the Issuing Trustee nor the
                  Security Trustee shall assign any of its rights or obligations
                  hereunder without the prior written consent of the Manager,
                  the Note Trustee and each Designated Rating Agency.

         25.2     CERTIFICATE OF SECURITY TRUSTEE

                  A certificate in writing signed by an officer of the Security
                  Trustee certifying the amount payable by the Issuing Trustee
                  to the Security Trustee or to the Secured Creditors or stating
                  any other act, matter or thing relating to this Deed shall be
                  conclusive and binding on the Issuing Trustee in the absence
                  of manifest error on the face of the certificate.

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                                                             Security Trust Deed

         25.3     CONTINUING OBLIGATION

                  This Deed shall be a continuing obligation notwithstanding any
                  settlement of account intervening payment express or implied
                  revocation or any other matter or thing whatsoever until a
                  final discharge thereof has been given to the Issuing Trustee.

         25.4     SETTLEMENT CONDITIONAL

                  Any settlement or discharge between the Issuing Trustee and
                  the Security Trustee shall be conditional upon any security or
                  payment given or made to the Security Trustee by the Issuing
                  Trustee or any other person in relation to the Secured
                  Documents or the Secured Moneys not being avoided repaid or
                  reduced by virtue of any provision or enactment relating to
                  bankruptcy insolvency or liquidation for the time being in
                  force and, in the event of any such security or payment being
                  so avoided repaid or reduced the Security Trustee shall be
                  entitled to recover the value or amount of such security or
                  payment avoided, repaid or reduced from the Issuing Trustee
                  subsequently as if such settlement or discharge had not
                  occurred.

         25.5     NO MERGER

                  Neither this Deed nor any of the Security Trustee's or the
                  Receiver's powers shall merge or prejudicially affect nor be
                  merged in or prejudicially affected by and the Issuing
                  Trustee's obligations hereunder shall not in any way be
                  abrogated or released by any other security any judgment or
                  order any contract any cause of action or remedy or any other
                  matter or thing now or hereafter existing in respect of the
                  Secured Moneys.

         25.6     INTEREST ON JUDGMENT

                  If a liability under this Deed (other than a liability for
                  negligence, fraud or wilful default of the Issuing Trustee
                  under the Secured Documents) becomes merged in a judgment or
                  order then the Issuing Trustee as an independent obligation
                  shall pay interest to the Security Trustee on the amount of
                  that liability at a rate being the higher of the rate payable
                  pursuant to the judgment or order and the highest rate payable
                  on the Secured Moneys from the date it becomes payable until
                  it is paid.

         25.7     NO POSTPONEMENT

                  The Security Trustee's rights under this Deed shall not be
                  discharged, postponed or in any way prejudiced by any
                  subsequent Encumbrance nor by the operation of the rules known
                  as the rule in Hopkinson v Rolt or the rule in Claytons Case.

         25.8     SEVERABILITY OF PROVISIONS

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

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                                                             Security Trust Deed

         25.9     REMEDIES CUMULATIVE

                  The rights and remedies conferred by this Deed upon the
                  Security Trustee and the Receiver are cumulative and in
                  addition to all other rights or remedies available to the
                  Security Trustee or the Receiver by Statute or by general law.

         25.10    WAIVER

                  A failure to exercise or enforce or a delay in exercising or
                  enforcing or the partial exercise or enforcement of any right
                  remedy power or privilege hereunder by the Security Trustee
                  shall not in any way preclude or operate as a waiver of any
                  further exercise or enforcement thereof or the exercise or
                  enforcement of any other right remedy power or privilege
                  hereunder or provided by law.

         25.11    CONSENTS AND APPROVALS

                  Where any act matter or thing hereunder depends on the consent
                  or approval of the Security Trustee then unless expressly
                  provided otherwise herein such consent or approval may be
                  given or withheld in the absolute and unfettered discretion of
                  the Security Trustee and may be given subject to such
                  conditions as the Security Trustee thinks fit in its absolute
                  and unfettered discretion.

         25.12    WRITTEN WAIVER, CONSENT AND APPROVAL

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

         25.13    TIME OF ESSENCE

                  Time is of the essence in respect of the Issuing Trustee's
                  obligations hereunder.

         25.14    MORATORIUM LEGISLATION

                  To the fullest extent permitted by law, the provisions of all
                  Statutes operating directly or indirectly:

                  (a)     to lessen or otherwise to vary or affect in favour of
                          the Issuing Trustee any obligation under this Deed; or

                  (b)     to delay or otherwise prevent or prejudicially affect
                          the exercise of any powers conferred on the Security
                          Trustee or the Receiver under this Deed,

                  are hereby expressly waived negatived and excluded.

         25.15    DEBIT ACCOUNTS

                  The Issuing Trustee authorises the Security Trustee at any
                  time after the Charge becomes enforceable pursuant to the
                  provisions of this Deed, to apply without prior notice any
                  credit balance whether or not then due to which the Issuing
                  Trustee is at any time entitled on any account at any office
                  of the Security Trustee in or towards satisfaction of any sum
                  then due and unpaid from the Issuing Trustee to the Security
                  Trustee under this Deed or on any other account whatsoever and

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                                                             Security Trust Deed

                  the Issuing Trustee further authorises the Security Trustee
                  without prior notice to set-off any amount owing whether
                  present or future actual contingent or prospective and on any
                  account whatsoever by the Security Trustee to the Issuing
                  Trustee against any of the Secured Moneys. The Security
                  Trustee shall not be obliged to exercise any of its rights
                  under this clause, which shall be without prejudice and in
                  addition to any right of set-off combination of accounts lien
                  or other right to which it is at any time otherwise entitled
                  whether by operation of law contract or otherwise.

         25.16    BINDING ON EACH SIGNATORY

                  This Deed shall bind each of the signatories hereto
                  notwithstanding that any one or more of the named parties
                  hereto does not execute this Deed, that there is any
                  invalidity forgery or irregularity touching any execution
                  hereof or that this Deed is or becomes unenforceable void or
                  voidable against any such named party.

         25.17    COUNTERPARTS

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

         25.18    CERTIFICATE OF AMOUNT OF SECURED MONEYS ETC

                  A certificate signed by a director, secretary or manager of
                  the Security Trustee will be sufficient evidence against the
                  Issuing Trustee and the Secured Creditors, in the absence of
                  manifest error or proof to the contrary:

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

                  (b)     that a person specified in that certificate is a
                          Secured Creditor;

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

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

         25.19    ATTORNEYS

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

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26       TRUSTEES' LIABILITY

         26.1     LIMITATION ON ISSUING TRUSTEE'S LIABILITY

                  (a)     The Issuing Trustee enters into the Transaction
                          Documents and issues the Notes only in its capacity as
                          trustee of the Securitisation Fund and in no other
                          capacity (except where the Transaction Documents
                          provide otherwise). A liability arising under or in
                          connection with the Notes, the Transaction Documents
                          or the Securitisation Fund is limited to and can be
                          enforced against the Issuing Trustee only to the
                          extent to which it can be satisfied out of property of
                          the Securitisation Fund out of which the Issuing
                          Trustee is actually indemnified for the liability.
                          This limitation of the Issuing Trustee's liability
                          applies despite any other provision of the

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                                                             Security Trust Deed

                          Transaction Documents (other than clause 12.1 of the
                          Note Trust Deed) and extends to all liabilities and
                          obligations of the Issuing Trustee in any way
                          connected with any representation, warranty, conduct,
                          omission, agreement or transaction related to the
                          Notes, the Transaction Documents or the Securitisation
                          Fund.

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

                  (c)     The provisions of this clause 26.1 shall not apply to
                          any obligation or liability of the Issuing Trustee to
                          the extent that it is not satisfied because under the
                          Transaction Documents or by operation of law there is
                          a reduction in the extent of the Issuing Trustee's
                          indemnification out of the assets of the
                          Securitisation Fund, as a result of the Issuing
                          Trustee's fraud, negligence or wilful default and will
                          not apply to any obligation or liability of the
                          Issuing Trustee to pay amounts from its personal funds
                          pursuant to clause 12.1 of the Note Trust Deed.

                  (d)     It is acknowledged that the Relevant Parties are
                          responsible under the Transaction Documents for
                          performing a variety of obligations relating to the
                          Securitisation Fund, including under this Deed. No act
                          or omission of the Issuing Trustee (including any
                          related failure to satisfy its obligations or breach
                          of representation or warranty under this Deed) will be
                          considered fraud, negligence or wilful default of the
                          Issuing Trustee for the purpose of paragraph (c) of
                          this clause 26.1 to the extent to which the act or
                          omission was caused or contributed to by any failure
                          by any Relevant Party or any other person to fulfil
                          its obligations relating to the Securitisation Fund or
                          by any other act or omission of a Relevant Party or
                          any other person.

                  (e)     No attorney, agent, delegate, receiver or receiver and
                          manager appointed in accordance with this deed or any
                          other Transaction Documents has authority to act on
                          behalf of the Issuing Trustee in a way which exposes
                          the Issuing Trustee to any personal liability and no
                          act or omission of any such person will be considered
                          fraud, negligence or wilful default of the Issuing
                          Trustee for the purpose of paragraph (c) of this
                          clause 26.1.

                  (f)     The Issuing Trustee is not obliged to do or refrain
                          from doing anything under this Deed (including incur
                          any liability) unless the Issuing Trustee's liability
                          is limited in the same manner as set out in paragraphs
                          (a) to (c) of this clause 26.1.

                  (g)     For the purposes of this clause 26.1, "Relevant
                          Parties" means each party to a Transaction Document
                          other that the Issuer Trustee.

         26.2     LIMITATION ON SECURITY TRUSTEE'S LIABILITY

                  Notwithstanding any other provision of this Deed, the Security
                  Trustee will have no liability under or in connection with
                  this Deed or any other Secured Document other than to the
                  extent to which the liability is able to be satisfied out of
                  the

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                                                                         PAGE 62

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                                                             Security Trust Deed

                  property 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 as a result of the Security
                  Trustee's fraud, negligence or wilful default. Nothing in this
                  clause or any similar provision in any other Secured Document
                  limits or adversely affects the powers of the Security
                  Trustee, any Receiver or attorney in respect of the Charge or
                  the Charged Property.

         26.3     RIGHTS AGAINST CHARGED PROPERTY PRESERVED

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

         26.4     WAIVER OF PERSONAL LIABILITY

                  Except in the case of fraud, negligence or wilful default on
                  the part of the Issuing Trustee in its capacity as Issuing
                  Trustee each of the Manager and Security Trustee severally
                  waives its rights and releases the Issuing Trustee from any
                  personal liability whatsoever, for any loss or damage
                  whatsoever in any way arising in respect of:

                  (a)     the Secured Moneys; or

                  (b)     this Deed

                  which cannot be paid or satisfied out of the Charged Property.

         26.5     RESTRICTED REMEDIES

                  Except as provided in clauses 26.1(c) and 26.2, the Security
                  Trustee shall not, in respect of this Deed:

                  (a)     (judgment) obtain a judgment for the payment of money
                          or damages by the Issuing Trustee;

                  (b)     (statutory demand) issue any demand under s459E(1) of
                          the Corporations Act (or any analogous provision under
                          any other law) against the Issuing Trustee;

                  (c)     (winding up) apply for the winding up or dissolution
                          of the Issuing Trustee;

                  (d)     (execution) levy or enforce any distress or other
                          execution to, on, or against any assets of the Issuing
                          Trustee;

                  (e)     (court appointed receiver) apply for the appointment
                          by a court of a receiver to any of the assets of the
                          Issuing Trustee;

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                                                             Security Trust Deed

                  (f)     (set-off or counterclaim) exercise or seek to exercise
                          any set-off or counterclaim against the Issuing
                          Trustee; or

                  (g)     (administrator) appoint, or agree to the appointment,
                          of any administrator to the Issuing Trustee,

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

                  A reference to the Issuing Trustee in this clause 26.5 is to
                  the Issuing Trustee in its personal capacity and not as
                  trustee of the Securitisation Fund.

         26.6     WILFUL DEFAULT OF THE ISSUING TRUSTEE

                  For the purposes of this Deed the expression "wilful default":

                  (a)     in relation to the Issuing Trustee, means a wilful
                          default of this Deed by the Issuing Trustee

                          (1)      other than a default which:

                                   (A)      arises out of a breach of a
                                            Transaction Document by a person
                                            other than the Issuing Trustee or
                                            any person referred to in paragraph
                                            (b) in relation to the Issuing
                                            Trustee;

                                   (B)      arises because some other act or
                                            omission is a precondition to the
                                            relevant act or omission of the
                                            Issuing Trustee, and that other act
                                            or omission does not occur;

                                   (C)      is in accordance with a lawful court
                                            order or direction or is required by
                                            law; or

                                   (D)      is in accordance with an instruction
                                            or direction given to it by any
                                            person in circumstances where that
                                            person is authorised to do so by any
                                            Transaction Document; and

                          (2)      in circumstances where had it not committed
                                   that default it would have been entitled to
                                   recoupment, reimbursement or a right of
                                   indemnity for its costs and expenses (if any)
                                   in complying with this Deed from the Fund.

                  (b)     A reference to the "fraud", "negligence" or "wilful
                          default" of the Issuing Trustee means the fraud,
                          negligence or wilful default of the Issuing Trustee
                          and of its officers or employees, but not of its
                          agents or delegates, unless the Issuing Trustee is
                          liable for the acts or omissions of such other person
                          under the terms of this Deed.

         26.7     WILFUL DEFAULT OF THE SECURITY TRUSTEE

                  For the purposes of this Deed the expression "wilful default":

                  (a)     in relation to the Security Trustee, means a wilful
                          default of this Deed by the Security Trustee

                          (1)      other than a default which:

                                   (A)      arises out of a breach of a
                                            Transaction Document by a person
                                            other than the Security Trustee or
                                            any person

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<PAGE>

                                                             Security Trust Deed

                                            referred to in paragraph (b) in
                                            relation to the Security Trustee;

                                   (B)      arises because some other act or
                                            omission is a precondition to the
                                            relevant act or omission of the
                                            Security Trustee, and that other act
                                            or omission does not occur;

                                   (C)      is in accordance with a lawful court
                                            order or direction or is required by
                                            law; or

                                   (D)      is in accordance with an instruction
                                            or direction given to it by any
                                            person in circumstances where that
                                            person is authorised to do so by any
                                            Transaction Document; and

                          (2)      in circumstances where had it not committed
                                   that default it would have been entitled to
                                   recoupment, reimbursement or a right of
                                   indemnity for its costs and expenses (if any)
                                   in complying with this Deed from the Fund.

                  (b)     A reference to the "fraud", "negligence" or "wilful
                          default" of the Security Trustee means the fraud,
                          negligence or wilful default of the Security Trustee
                          and of its officers or employees, but not of its
                          agents or delegates, unless the Security Trustee is
                          liable for the acts or omissions of such other person
                          under the terms of this Deed.

         26.8     WILFUL DEFAULT OF THE NOTE TRUSTEE

                  For the purposes of this Deed the expression "wilful default":

                  (a)     in relation to the Note Trustee, means a wilful
                          default of this Deed by the Note Trustee

                          (1)      other than a default which:

                                   (A)      arises out of a breach of a
                                            Transaction Document by a person
                                            other than the Note Trustee or any
                                            person referred to in paragraph (b)
                                            in relation to the Note Trustee;

                                   (B)      arises because some other act or
                                            omission is a precondition to the
                                            relevant act or omission of the Note
                                            Trustee, and that other act or
                                            omission does not occur;

                                   (C)      is in accordance with a lawful court
                                            order or direction or is required by
                                            law; or

                                   (D)      is in accordance with an instruction
                                            or direction given to it by any
                                            person in circumstances where that
                                            person is authorised to do so by any
                                            Transaction Document; and

                          (2)      in circumstances where had it not committed
                                   that default it would have been entitled to
                                   recoupment, reimbursement or a right of
                                   indemnity for its costs and expenses (if any)
                                   in complying with this Deed from the Fund.

                  (b)     A reference to the "fraud", "negligence" or "wilful
                          default" of the Note Trustee means the fraud,
                          negligence or wilful default of the Note Trustee and
                          of its officers or employees, but not of its agents or
                          delegates, unless

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                                                             Security Trust Deed

                          the Note Trustee is liable for the acts or omissions
                          of such other person under the terms of this Deed.

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

27       PRIVACY

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

                  (b)     If Personal Information is exchanged between the
                          parties, the party which provides the Personal
                          Information must ensure that it obtains such consents,
                          if any, as are required by the Privacy Act 1988 (as
                          amended by the Privacy Amendment (Private Sector Act)
                          2000 to be obtained by that party in relation to the
                          collection, use or disclosure of the Personal
                          Information.

                  (c)     Each party to this Deed undertakes to use its best
                          endeavours to ensure that at all times during the term
                          of this Deed:

                          (1)      Personal Information provided to it (the
                                   receiving party) by another party (the
                                   providing party):

                                   (A)      unless otherwise required by law,
                                            will be used only for the purpose of
                                            fulfilling the receiving party's
                                            obligations under the Transaction
                                            Documents; and

                                   (B)      except as expressly provided
                                            pursuant to the Transaction
                                            Documents, will not be disclosed to
                                            any third party unless express
                                            consent in writing is obtained from
                                            the providing party; and

                          (2)      in addition to the obligation under clause
                                   27(b) above, it will comply with the Privacy
                                   Act 1988 (as amended by the Privacy Amendment
                                   (Private Sector Act) 2000 and all applicable
                                   regulations, principles, standards, codes of
                                   conduct or guidelines concerning the handling
                                   of Personal Information under that Act or
                                   with any request or direction arising
                                   directly from or in connection with the
                                   proper exercise of the functions of the
                                   Privacy Commissioner.

                  (d)     In this clause 27 "Personal Information" has the same
                          meaning as in the Privacy Act 1988.

                  (e)     Notwithstanding anything else contained in this clause
                          27, paragraphs (a) to (c) above do not apply to the
                          Note Trustee, the Principal Paying Agent, the
                          Calculation Agent or the Note Registrar. Each of the
                          Note Trustee, the Principal Paying Agent, the
                          Calculation Agent and the Note Registrar agrees to
                          comply with all privacy legislation applicable to it.

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<PAGE>

                                                             Security Trust Deed

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SCHEDULE 1 - MEETINGS PROCEDURES

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1        DEFINITIONS AND INCORPORATION OF TERMS

                  (a)     In this Schedule, unless the context indicates a
                          contrary intention:

                          (1)      words and expressions which are defined in
                                   clause 1.1 of the above mentioned Security
                                   Trust Deed (the "SECURITY TRUST DEED") or
                                   which are defined by virtue of clause 1.2 of
                                   the Security Trust Deed have the same
                                   meanings in this Schedule; and

                          (2)      a "holder" in relation to Secured Moneys
                                   shall be construed as meaning a Bondholder
                                   (as defined in the Master Trust Deed) in
                                   relation to any outstanding Notes.

                  (b)     The provisions of this Schedule regarding a meeting of
                          the Voting Secured Creditors shall apply, mutatis
                          mutandis, to a meeting of any class of Voting Secured
                          Creditors.

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2        CONVENING OF MEETINGS

                  (a)     GENERALLY

                          (1)      Subject to clause 16.3 of the Security Trust
                                   Deed the Security Trustee or the Manager at
                                   any time may convene a meeting of the Voting
                                   Secured Creditors.

                          (2)      Subject to clause 16.3 of the Security Trust
                                   Deed and subject to the Security Trustee
                                   being indemnified to its reasonable
                                   satisfaction against all costs and expenses
                                   occasioned thereby, the Security Trustee
                                   shall convene a meeting of the Voting Secured
                                   Creditors if requested to do so:

                                   (A)      by the Issuing Trustee;

                                   (B)      in the case of a meeting to consider
                                            the initial enforcement of this Deed
                                            following the occurrence of an Event
                                            of Default where a meeting has not
                                            been convened by the Security
                                            Trustee in accordance with clause
                                            8.5 of the Security Trust Deed, by
                                            Voting Secured Creditors being
                                            holders of not less than 10% of the
                                            then Secured Moneys; and

                                   (C)      in the case of a meeting following
                                            the enforcement of this Deed or a
                                            meeting to consider any matter which
                                            does not relate to the actual
                                            enforcement of this Deed, by Voting
                                            Secured Creditors being holders of
                                            not less than 10% of the then
                                            Secured Moneys.

                  (b)     TIME AND PLACE

                          (1)      Every meeting of Voting Secured Creditors
                                   shall be held at such time and place as the
                                   Security Trustee approves, provided (subject

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                                                                         PAGE 67

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                                                             Security Trust Deed

                                   to sub-paragraph (2)) that any such meeting
                                   shall not be held until the Class A
                                   Noteholders have determined how to direct the
                                   Note Trustee to vote (as the case may be) in
                                   the meeting of Voting Secured Creditors.

                          (2)      The proviso in sub-paragraph (1) shall not
                                   apply if:

                                   (A)      the meeting of Class A Noteholders
                                            called in accordance with the Note
                                            Trust Deed for the purposes of
                                            sub-paragraph(1) is adjourned more
                                            than once; and

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

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

3        NOTICE OF MEETINGS

                  (a)     Subject to clause 2(b), at least 7 days' notice
                          (inclusive of the day on which the notice is given and
                          of the day on which the meeting is held) shall be
                          given to the Voting Secured Creditors, the Beneficiary
                          and all the Designated Rating Agencies.

                  (b)     Notwithstanding that a meeting is convened upon
                          shorter notice than as specified in clause 3(a), or a
                          meeting or details of that meeting are not notified,
                          advised or approved in accordance with this Schedule,
                          it shall be deemed to be duly convened if it is so
                          agreed by the Voting Secured Creditors representing a
                          quorum (which quorum must include the Note Trustee or
                          the Class A Noteholders, as the case maybe).

                  (c)     A copy of the notice shall in all cases be given by
                          the party to the Security Trust Deed convening the
                          meeting to the other parties to the Security Trust
                          Deed.

                  (d)     Notice of a meeting shall be given in the manner
                          provided in the Security Trust Deed.

                  (e)     Notice of a meeting of Voting Secured Creditors must
                          specify, unless in any particular case the Security
                          Trustee otherwise agrees:

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

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

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

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

4        CHAIRMAN

                  A person (who need not be a Voting Secured Creditor and who
                  may be a representative of the Security Trustee) nominated in
                  writing by the Security Trustee shall be entitled to take the
                  chair at every such meeting but if no such nomination is made
                  or if at any meeting the person nominated shall not be present

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                                                             Security Trust Deed

                  within 15 minutes after the time appointed for the holding of
                  such meeting the Secured Creditors present shall choose one of
                  their number to be chairman.

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

5        QUORUM

                  At any such meeting any two or more persons present in person
                  holding, or being Representatives holding or representing, in
                  the aggregate not less than 51% of the then Secured Moneys
                  shall (except for the purpose of passing an Extraordinary
                  Resolution) form a quorum for the transaction of business and
                  no business (other than the choosing of a chairman) shall be
                  transacted at any meeting unless the requisite quorum is
                  present at the commencement of business. The quorum at any
                  such meeting for passing an Extraordinary Resolution shall be
                  persons present holding, or being Representatives holding or
                  representing, in aggregate 67% or more of the then Secured
                  Moneys.

--------------------------------------------------------------------------------
6        ADJOURNMENT

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

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

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

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                                                             Security Trust Deed

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7        VOTING PROCEDURE

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

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

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

                  (d)     Any poll demanded at any meeting on the election of a
                          chairman or on any question of adjournment shall be
                          taken at the meeting without adjournment.

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

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

                          (2)      on a poll, every person who is present shall
                                   have one vote for each US$100 (but not part
                                   thereof) of the Secured Moneys that he holds
                                   or in respect of which he is a
                                   Representative.

                          Any person entitled to more than one vote need not use
                          or cast all of the votes to which he is entitled in
                          the same way.

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

                  For the purpose of determining the amount of Secured Moneys at
                  any time, the Security Trustee may rely on the Accounts of the
                  Issuing Trustee and any information provided by the Auditor of
                  the Issuing Trustee. Clause 25.18 of the Security Trust Deed
                  will apply to any determination of Secured Moneys for the
                  definition of Voting Secured Creditors and this Schedule 1.

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                                                             Security Trust Deed

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8        RIGHT TO ATTEND AND SPEAK

                  The Issuing Trustee, the Manager and the Security Trustee
                  (through their respective representatives) and their
                  respective financial and legal advisers shall be entitled to
                  attend and speak at any meeting of Voting Secured Creditors.
                  No person shall otherwise be entitled to attend or vote at any
                  meeting of the Voting Secured Creditors or to join with others
                  in requesting the convening of such a meeting unless he is a
                  Voting Secured Creditor or is a Representative.

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

9        APPOINTMENT OF PROXIES

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

                  (b)     Any vote given in accordance with the terms of an
                          appointment of proxy conforming with clause 9(a) shall
                          be valid notwithstanding the previous revocation or
                          amendment of the appointment of proxy or of any of the
                          Voting Secured Creditor's instructions pursuant to
                          which it was executed, provided that no intimation in
                          writing of such revocation or amendment shall have
                          been received by the Security Trustee at its
                          registered office or by the chairman of the meeting in
                          each case not less than 24 hours before the
                          commencement of the meeting or adjourned meeting at
                          which the appointment of proxy is used.

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

10       CORPORATE REPRESENTATIVES

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

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                                                                         PAGE 71

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                                                             Security Trust Deed

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11       RIGHTS OF REPRESENTATIVES

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

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

12       EXTRAORDINARY RESOLUTIONS

                  (a)     A meeting of Voting Secured Creditors shall, without
                          prejudice to any rights or powers conferred on other
                          persons by the Security Trust Deed, have power
                          exercisable by Extraordinary Resolution:

                          (1)      to direct the Security Trustee in the action
                                   that should be taken by it following the
                                   occurrence of an Event of Default or the
                                   charge or the Security Trust Deed becoming
                                   enforceable;

                          (2)      to sanction any action that the Security
                                   Trustee or a Receiver proposes to take to
                                   enforce the provisions of the Security Trust
                                   Deed;

                          (3)      to sanction any proposal by the Manager, the
                                   Issuing Trustee or the Security Trustee for
                                   any modification, abrogation, variation or
                                   compromise of, or arrangement in respect of,
                                   the rights of the Secured Creditors against
                                   the Issuing Trustee or the Manager whether
                                   such rights shall arise under the Security
                                   Trust Deed, the Secured Documents or
                                   otherwise;

                          (4)      subject to clause 12(b)(2), to postpone the
                                   day when the Secured Moneys or any part
                                   thereof become payable and to suspend or
                                   postpone for a time the payment of the
                                   Secured Moneys or any part thereof;

                          (5)      to sanction the exchange or substitution of
                                   the Secured Moneys for, or the conversion of
                                   the Secured Moneys into, Notes or other
                                   obligations or securities of the Issuing
                                   Trustee or any other body corporate formed or
                                   to be formed;

                          (6)      to assent to any modification of the
                                   provisions contained in the Security Trust
                                   Deed or Notes which shall be proposed by the
                                   Issuing Trustee, the Manager or the Security
                                   Trustee;

                          (7)      to assent to any alteration, addition or
                                   modification of the Master Trust Deed or the
                                   Supplementary Bond Terms Notice which shall
                                   be proposed by the Issuing Trustee or the
                                   Manager;

                          (8)      to give any authority, direction, guidance or
                                   sanction sought by the Security Trustee from
                                   the Voting Secured Creditors;

                          (9)      to appoint any persons (whether Voting
                                   Secured Creditors or not) as a committee or
                                   committees to represent the interests of the
                                   Voting Secured Creditors and to confer upon
                                   such committee or

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                                                                         PAGE 72

<PAGE>

                                                             Security Trust Deed

                                   committees any powers or discretions which
                                   the Voting Secured Creditors could themselves
                                   exercise by Extraordinary Resolution;

                          (10)     to approve a person proposed to be appointed
                                   as a new Security Trustee under the Security
                                   Trust Deed and power to remove any Security
                                   Trustee for the time being thereof;

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

                          (12)     to do any other thing which under the
                                   Security Trust Deed is required to be given
                                   by an Extraordinary Resolution of the Secured
                                   Creditors;

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

                          (14)     to determine whether the Security Trustee
                                   should or should not perform any act and any
                                   such Extraordinary Resolution will (where
                                   relevant and in accordance with clause 16.3
                                   of the Security Trust Deed) override any
                                   decision by the Note Trustee.

                  (b)     A meeting of Voting Secured Creditors shall not have
                          power in relation to any Secured Creditor (without the
                          consent of each such Secured Creditor) to:

                          (1)      release any obligation to pay any of the
                                   Secured Moneys to that Secured Creditor;

                          (2)      alter any date upon which any of the Secured
                                   Moneys is payable or otherwise do any thing
                                   referred to in clause 12(a)(4);

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

                          (4)      alter clause 12.1 of the Security Trust Deed
                                   in relation to that Secured Creditor without
                                   the consent of that Secured Creditor.

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

13       RESOLUTION BINDING ON VOTING SECURED CREDITORS

                  Subject to clause 12(b), a resolution passed at a meeting of
                  the Voting Secured Creditors duly convened and held in
                  accordance with this Schedule 1 shall be binding upon all
                  Voting Secured Creditors whether or not present at such
                  meeting and each of the Voting Secured Creditors and the
                  Issuing Trustee, the Manager and the Security Trustee shall be
                  bound to give effect thereto accordingly.

--------------------------------------------------------------------------------
14       MINUTES AND RECORDS

                  Minutes of all resolutions and proceedings at every such
                  meeting as aforesaid shall be made and duly entered in the
                  books to be from time to time provided for that purpose by the
                  Security Trustee and any such minutes as aforesaid if
                  purporting to

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                                                                         PAGE 73

<PAGE>

                                                             Security Trust Deed

                  be signed by the chairman of the meeting at which such
                  resolutions were passed or proceedings transacted or by the
                  chairman of the next succeeding meeting of the Voting Secured
                  Creditors shall be conclusive evidence of the matters therein
                  contained and until the contrary is proved provided every such
                  meeting in respect of the proceedings of which minutes have
                  been made and signed as aforesaid shall be deemed to have been
                  duly convened and held and all resolutions passed or
                  proceedings transacted thereat to have been duly passed and
                  transacted.

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

15       WRITTEN RESOLUTIONS

                  Notwithstanding the preceding provisions of this Schedule 1, a
                  resolution of all the 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 have:

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

                  (b)     any such instrument shall be effective upon
                          presentation to the Voting Security Trustee for entry
                          in the records referred to in clause 14.

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

16       FURTHER PROCEDURES FOR MEETINGS

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

                  (a)     so as to satisfy itself that persons are in fact
                          Voting Secured Creditors who purport to requisition a
                          meeting or who purport to make any requisition to the
                          Security Trustee in accordance with the Security Trust
                          Deed;

                  (b)     so as to satisfy itself that persons who purport to
                          attend or vote at any meeting of Voting Secured
                          Creditors are entitled to do so in accordance with
                          this Schedule 1 and the Security Trust Deed; and

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

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                                                                         PAGE 74

<PAGE>

                                                             Security Trust Deed

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

EXECUTED AS A DEED IN CANBERRA:

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the
presence of:

-------------------------------------         ----------------------------------
Witness                                       Attorney

-------------------------------------         ----------------------------------
Name (please print)                           Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the
presence of:

-------------------------------------         ----------------------------------
Witness                                       Attorney

-------------------------------------         ----------------------------------
Name (please print)                           Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEE COMPANY LIMITED
by its attorney in the
presence of:

-------------------------------------         ----------------------------------
Witness                                       Attorney

-------------------------------------         ----------------------------------
Name (please print)                           Name (please print)

--------------------------------------------------------------------------------
                                                                         PAGE 75

<PAGE>

                                                             Security Trust Deed

SIGNED SEALED AND DELIVERED for
and on behalf of THE BANK OF NEW YORK
by its Authorised Officer in the
presence of:

-------------------------------------         ----------------------------------
Witness                                       Authorised Officer

-------------------------------------         ----------------------------------
Name (please print)                           Name (please print)

--------------------------------------------------------------------------------
                                                                         PAGE 76<PAGE>

                  NOTE TRUST DEED

                  PERPETUAL TRUSTEES AUSTRALIA LIMITED
                  (AS ISSUER)
                  ABN 86 000 431 827

                  ME PORTFOLIO MANAGEMENT LIMITED
                  (AS MANAGER)
                  ABN 79 005 964 134

                  THE BANK OF NEW YORK
                  (AS NOTE TRUSTEE, PRINCIPAL PAYING AGENT, CALCULATION AGENT
                  AND NOTE REGISTRAR)

                  and

                  PERPETUAL TRUSTEE COMPANY LIMITED
                  (AS SECURITY TRUSTEE)
                  ABN 42 000 001 007

                  [FREEHILLS LOGO]

                  MLC Centre Martin Place Sydney New South Wales 2000 Australia
                  Telephone 61 2 9225 5000    Facsimile 61 2 9322 4000
                  www.freehills.com.au   DX 361 Sydney

                  SYDNEY MELBOURNE PERTH CANBERRA BRISBANE HANOI HO CHI MINH
                  CITY SINGAPORE
                  Correspondent Offices JAKARTA KUALA LUMPUR

                  Liability limited by the Solicitors' Limitation of Liability
                  Scheme, approved under the Professional Standards Act
                  1994 (NSW)

                  Reference PJSR:TEL:25E

<PAGE>

                                                                 Note Trust Deed

CROSS REFERENCE TABLE(1)

-----------------------------------------------------------------------------
TRUST INDENTURE ACT SECTION                         CLAUSE
-----------------------------------------------------------------------------
310      (a)(1)                         39.6
         (a)(2)                         39.1(d)
         (a)(3)                         39.6
         (a)(4)                         38.2(b)
         (a)(5)                         NA(2)
         (b)                            39.6
         (c)                            39.6, 39.1
-----------------------------------------------------------------------------
311      (a)                            13.1
         (b)                            13.1
         (c)                            NA
-----------------------------------------------------------------------------
312      (a)                            51.1, 51.2(a)
         (b)                            51.2(b)
         (c)                            51.2(c)
-----------------------------------------------------------------------------
313      (a)                            51.3
         (b)(1)                         51.3
         (b)(1)                         NA
         (c)                            51.4
         (d)                            51.3
-----------------------------------------------------------------------------
314      (a)(1)                         51.6
         (a)(2)                         51.6
         (a)(3)                         51.6
         (a)(4)                         11.1(j)
         (b)                            11.1(k)
         (c)                            52.1(a)
         (d)                            52.1(b)
         (e)                            52.1(c)
         (f)                            52.1(a)
-----------------------------------------------------------------------------
315      (a)                            13.2(b)
         (b)                            13.4
         (c)                            13.2(a)
         (d)                            13.2(c), (d)
-----------------------------------------------------------------------------
         (e)                            52.2
-----------------------------------------------------------------------------
316      (a)(1)                         52.3
         (a)(2)                         NA
         (b)                            52.4
-----------------------------------------------------------------------------
317      (a)(1)                         6.1
         (a)(2)                         NA
         (b)                            2.6
318      (a)                            52.19
--------------------------------------- -------------------------------------

Notes:

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

2 NA means not applicable.

-------------------------------------------------------------------------------
                                                                          PAGE 1

<PAGE>

                                                                 Note Trust Deed

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
TABLE OF CONTENTS
Clause                                                                      Page
<S>      <C>                                                                <C>
1        DEFINITIONS AND INTERPRETATION                                       10

         1.1      Definitions and Interpretation                              10
         1.2      Definitions in Master Trust Deed, Supplementary Bond
                  Terms Notice and Conditions                                 13
         1.3      Incorporation by reference                                  13
         1.4      Interpretation                                              13
         1.5      Determination, statement and certificate sufficient
                  evidence                                                    14
         1.6      Document or agreement                                       14
         1.7      Transaction Document                                        14
         1.8      Issuer as trustee                                           14
         1.9      Knowledge of Issuer and Security Trustee                    14
         1.10     Knowledge of the Note Trustee, Calculation Agent, Note
                  Registrar or Principal Paying Agent                         15
         1.11     Appointment of the Note Trustee                             15
         1.12     Duration of Trust                                           15
         1.13     Obligations of the Issuer                                   15
         1.14     Limitation of liability of Security Trustee                 16
         1.15     Opinion of counsel                                          16

2        PAYMENTS ON NOTES                                                    16

         2.1      Principal amount                                            16
         2.2      Covenant to repay                                           16
         2.3      Deemed payment                                              17
         2.4      Issuer's covenant to Class A Noteholders and the Note
                  Trustee                                                     17
         2.5      Following Event of Default                                  17
         2.6      Requirements of Paying Agent                                19
         2.7      Certification                                               19
         2.8      Determinations                                              19

3        FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES                     20

         3.1      Issue of Book-Entry Notes                                   20
         3.2      Form of Book-Entry Notes                                    20
         3.3      Definitive Notes                                            21
         3.4      Stamp and Other Taxes                                       22
         3.5      Indemnity for non-issue                                     22
         3.6      Note Register and Note Registrar                            23

4        COVENANT OF COMPLIANCE                                               24

5        CANCELLATION OF CLASS A NOTES                                        24

         5.1      Cancellation                                                24
         5.2      Records                                                     25

--------------------------------------------------------------------------------
                                                                          PAGE 2

<PAGE>

                                                                 Note Trust Deed

6        ENFORCEMENT                                                          25

         6.1      Actions following Event of Default                          25
         6.2      Evidence of default                                         25
         6.3      Note Trustee must receive indemnity                         25
         6.4      Restrictions on enforcement                                 26
         6.5      Action by Noteholders                                       26

7        PROCEEDINGS                                                          26

         7.1      Acting only on direction                                    26
         7.2      Security Trustee acting                                     27
         7.3      Note Trustee alone entitled to act                          27
         7.4      Available amounts                                           27
         7.5      No obligation to ensure compliance                          28
         7.6      Conflict of interests                                       28
         7.7      Note Trustee may enforce                                    28

8        NOTICE OF PAYMENT                                                    29

9        INVESTMENT BY NOTE TRUSTEE                                           29

10       PARTIAL PAYMENTS                                                     29

11       COVENANTS BY THE ISSUER AND MANAGER                                  30

         11.1     Undertakings                                                30
         11.2     Representations and warranties                              33

12       REMUNERATION OF NOTE TRUSTEE, PRINCIPAL PAYING AGENT, CALCULATION
         AGENT AND NOTE REGISTRAR                                             33

         12.1     Fee                                                         33
         12.2     Additional Remuneration                                     33
         12.3     Costs, expenses                                             34
         12.4     Overdue rate                                                34
         12.5     Continuing obligation                                       34
         12.6     Goods and services tax (GST)                                34
         12.7     Currency and VAT                                            35

13       NOTE TRUSTEE                                                         35

         13.1     Preferential collection of claims against Trustee           35
         13.2     Duties of Note Trustee                                      35
         13.3     Obligations of Note Trustee                                 36
         13.4     Notice of Defaults                                          36
         13.5     Rights of Note Trustee                                      37
         13.6     Limitation on Note Trustee's' liability                     45
         13.7     Wilful default of the Note Trustee                          45

--------------------------------------------------------------------------------
                                                                          PAGE 3

<PAGE>

                                                                 Note Trust Deed

14       NOTE TRUSTEE'S LIABILITY                                             46

15       DELEGATION BY NOTE TRUSTEE                                           46

16       EMPLOYMENT OF AGENT BY NOTE TRUSTEE                                  47

17       NOTE TRUSTEE CONTRACTING WITH ISSUER                                 48

18       APPOINTMENT OF PAYING AGENTS                                         48

19       PAYMENT                                                              49

         19.1     Payment by Issuer                                           49
         19.2     Confirmation                                                49
         19.3     Payments by Paying Agents                                   49
         19.4     Method of Payment - Book-Entry Notes                        49
         19.5     Method of payment - Definitive Notes                        50
         19.6     Late payment                                                50
         19.7     Notice of non-receipt                                       50
         19.8     Reimbursement                                               50
         19.9     Method of payment                                           51
         19.10    No fee                                                      51
         19.11    Securitisation Fund                                         51

20       REPAYMENT                                                            51

21       APPOINTMENT OF THE CALCULATION AGENT                                 52

22       DUTIES OF THE CALCULATION AGENT                                      52

23       NOTICE OF ANY WITHHOLDING OR DEDUCTION                               53

24       EARLY REDEMPTION OF NOTES                                            53

25       PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES             54

26       NOTICES TO NOTEHOLDERS                                               55

27       DOCUMENTS AND FORMS                                                  55

28       AUTHENTICATION                                                       55

29       INDEMNITY                                                            55

30       THE NOTE REGISTER                                                    56

         30.1     Appointment of Note Registrar                               56
         30.2     Details to be kept on the Note Register                     56

--------------------------------------------------------------------------------
                                                                          PAGE 4

<PAGE>

                                                                 Note Trust Deed

         30.3     Payments of Principal and Interest                          57
         30.4     Place of keeping Register, copies and access                57
         30.5     Details on Note Register conclusive                         58
         30.6     Alteration of details on Note Register                      58
         30.7     Rectification of Note Register                              58
         30.8     Correctness of Note Register                                58

31       CHANGES OF NOTE REGISTRAR                                            58

         31.1     Removal                                                     58
         31.2     Resignation                                                 59
         31.3     Limitation                                                  59
         31.4     Appointment of new Note Registrar                           59

32       GENERAL                                                              59

         32.1     Communications to Class A Noteholders                       59
         32.2     Intentionally deleted                                       60
         32.3     Identity                                                    60
         32.4     No set-off                                                  60
         32.5     Reliance                                                    60
         32.6     Entitled to deal                                            61
         32.7     Consultation                                                61
         32.8     Duties                                                      61
         32.9     Income Tax Returns                                          61

33       CHANGES IN PAYING AGENTS AND CALCULATION AGENT                       61

         33.1     Removal                                                     61
         33.2     Resignation                                                 62
         33.3     Limitation                                                  62
         33.4     Delivery of amounts                                         63
         33.5     Successor to Principal Paying Agent                         63
         33.6     Successor to Calculation Agent                              64
         33.7     Notice to Noteholders                                       65
         33.8     Change in Paying Office or Specified Office                 65

34       WAIVER                                                               66

35       AMENDMENT                                                            66

         35.1     Approval                                                    66
         35.2     Resolution of Class A Noteholders                           67
         35.3     Distribution of amendments                                  67
         35.4     Amendments binding                                          67
         35.5     No Rating Agency downgrade                                  67
         35.6     Conformity with TIA                                         68

36       CLASS A NOTEHOLDERS                                                  68

         36.1     Absolute owner                                              68
         36.2     Clearing Agency Certificate                                 69

--------------------------------------------------------------------------------
                                                                          PAGE 5

<PAGE>

                                                                 Note Trust Deed

37       CURRENCY INDEMNITY                                                   69

38       NEW NOTE TRUSTEES                                                    70

         38.1     Appointment by Issuer                                       70
         38.2     Appointment by Note Trustee                                 71
         38.3     Notice                                                      71

39       NOTE TRUSTEE'S RETIREMENT AND REMOVAL                                72

         39.1     Removal by Issuer                                           72
         39.2     Removal by Class A Noteholders                              72
         39.3     Resignation                                                 72
         39.4     Rating Agencies approval                                    72
         39.5     Trust Corporation                                           73
         39.6     Successor to Note Trustee                                   73
         39.7     Notice                                                      74
         39.8     Retention of Lien                                           74
         39.9     Eligibility; Disqualification                               74

40       NOTE TRUSTEE'S POWERS ADDITIONAL                                     74

41       SEVERABILITY OF PROVISIONS                                           74

42       NOTICES                                                              75

         42.1     General                                                     75
         42.2     Details                                                     75
         42.3     Communication through Principal Paying Agent                76

43       GOVERNING LAW AND JURISDICTION                                       77

         43.1     Governing law                                               77
         43.2     Jurisdiction                                                77
         43.3     Agent                                                       77

44       COUNTERPARTS                                                         78

45       LIMITED RECOURSE                                                     78

         45.1     General                                                     78
         45.2     Liability of Issuer limited to its right to indemnity       78
         45.3     Unrestricted remedies                                       79
         45.4     Restricted remedies                                         79
         45.5     Wilful Default of the Issuer                                80

--------------------------------------------------------------------------------
                                                                          PAGE 6

<PAGE>

                                                                 Note Trust Deed

46       SUCCESSOR TRUSTEE                                                    80

47       REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE                     81

48       NO LIABILITY                                                         81

49       PROSPECTUS                                                           81

50       NOTE TRUSTEE'S LIMITED LIABILITY                                     82

         50.1     Reliance on certificate                                     82
         50.2     Note Trustee's reliance on Manager, Security Trustee,
                  Issuer or Mortgage Manager                                  82
         50.3     Compliance with laws                                        82
         50.4     Reliance on experts                                         83
         50.5     Oversights of others                                        83
         50.6     Powers, authorities and discretions                         83
         50.7     Impossibility or impracticability                           83
         50.8     Legal and other proceedings                                 83
         50.9     No liability except for negligence etc.                     84
         50.10    Further limitations on Note Trustee's liability             85
         50.11    Conflicts                                                   86
         50.12    Information                                                 86
         50.13    Investigation by Note Trustee                               86

51       NOTEHOLDERS' LISTS AND REPORTS, CONTINUING SECURITY, RELEASES
         AND WAIVERS                                                          87

         51.1     Provision of information                                    87
         51.2     Preservation of Information; Communications to Noteholders  87
         51.3     Reports by Note Trustee                                     87
         51.4     Notices to Class A Noteholders; Waiver                      88
         51.5     Trustee's Liability not Affected                            88
         51.6     Reports by Issuer                                           88

52       TRUST INDENTURE ACT - MISCELLANEOUS                                  89

         52.1     Compliance Certificates and Opinions, etc                   89
         52.2     Undertaking for Costs                                       91
         52.3     Exclusions of Section 316                                   91
         52.4     Unconditional Rights of Class A Noteholders to Receive
                  Principal and Interest                                      91
         52.5     Continuing Obligation                                       92
         52.6     No Merger                                                   92
         52.7     Waiver                                                      92
         52.8     Consents and Approvals                                      92
         52.9     Written Waiver, Consent and Approval                        92
         52.10    Time of Essence                                             92
         52.11    Moratorium Legislation                                      92
         52.12    Binding on Each Signatory                                   93
         52.13    Counterparts                                                93
         52.14    Assignment                                                  93
         52.15    Power of Attorney                                           93

--------------------------------------------------------------------------------
                                                                          PAGE 7

<PAGE>

                                                                 Note Trust Deed

         52.16    Certificate of Note Trustee                                 93
         52.17    Remedies cumulative                                         93
         52.18    Interest on Judgment                                        93
         52.19    Conflict with Trust Indenture Act                           93

53       CONSENT OF CLASS A NOTEHOLDERS                                       94

         53.1     General                                                     94
         53.2     Special Written Approvals                                   94
         53.3     Requirement for writing                                     95
         53.4     Meetings of Class A Noteholders                             95
         53.5     Entire Agreement                                            95

SCHEDULE 1                                                                    99

SCHEDULE 2                                                                   104

SCHEDULE 3 - MEETING PROCEDURES                                              106

SCHEDULE 4 - CONDITIONS OF ALL CLASS A NOTES                                 110

--------------------------------------------------------------------------------
                                                                          PAGE 8
</TABLE>

<PAGE>

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

THIS NOTE TRUST DEED

            is made on       [##] 2002 between the following parties:

            1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                    ABN 86 000 431 827
                    in its capacity as trustee of the Securitisation Fund
                    of Level 7, 39 Hunter Street,
                    Sydney, New South Wales
                    (ISSUER)

            2.      ME PORTFOLIO MANAGEMENT LIMITED
                    ABN 79 005 964 134
                    of Level 17, 360 Collins Street,
                    Melbourne, Victoria
                    (MANAGER)

            3.      THE BANK OF NEW YORK
                    of 101 Barclay Street
                    Floor 21 West
                    New York,  NY  10286
                    (NOTE TRUSTEE)

            4.      THE BANK OF NEW YORK
                    of 101 Barclay Street
                    Floor 21 West
                    New York,  NY  10286
                    (PRINCIPAL PAYING AGENT)

            5.      THE BANK OF NEW YORK
                    of 101 Barclay Street
                    Floor 21 West
                    New York,  NY  10286
                    (CALCULATION AGENT)

            6.      THE BANK OF NEW YORK
                    of 101 Barclay Street
                    Floor 21 West
                    New York,  NY  10286
                    (NOTE REGISTRAR)

            7.      PERPETUAL TRUSTEE COMPANY LIMITED
                    ABN 42 000 001 007
                    in its capacity as security trustee under the Security Trust
                    Deed of Level 7, 39 Hunter Street,
                    Sydney, New South Wales
                    (SECURITY TRUSTEE)

RECITALS

            A.      The Manager has directed the Issuer in accordance with the
                    Master Trust Deed to issue mortgage backed pass through
                    floating rate notes comprising US$[##] Class A Notes (being
                    [US$[##] Class A-1 Notes due [##] and US$[##] Class A-2
                    Notes due [##]) (collectively, the Class A Notes ) and the
                    A$ [##] Class B Notes due [##]. The Class A Notes are to be

--------------------------------------------------------------------------------
                                                                          PAGE 9

<PAGE>

                                                                 Note Trust Deed

               constituted and secured in the manner provided in this deed and
               the other Transaction Documents.

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

          C.   The Issuer proposes, at the direction of Manager, to appoint the
               Principal Paying Agent as principal paying agent, the Calculation
               Agent as its reference agent and the Note Registrar as registrar
               in each case in respect of the Class A Notes upon the terms
               contained in this deed.

          D.   Each of the Note Trustee, the Principal Paying Agent, the
               Calculation Agent and the Note Registrar has agreed to act in
               those respective capacities upon the terms of this deed.

THIS DEED WITNESSES

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

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

1   DEFINITIONS AND INTERPRETATION

    1.1   DEFINITIONS AND INTERPRETATION

          The following definitions apply unless the context requires otherwise.

          ASSOCIATE has the meaning ascribed to the expression "associate" in
          the Corporations Act;

          AUTHORISATION means any consent, licence, approval or other authority
          or deemed consent, licence approval or other authority;

          CHARGE has the same meaning as in the Security Trust Deed;

          CHARGED PROPERTY has the same meaning as in the Security Trust Deed.

          CLASS A NOTEOWNER means, with respect to a Book-Entry Note, the person
          who is the beneficial owner of such Book-Entry Note, as reflected in
          the books of the Clearing Agency, or in the books of the person
          maintaining an account with the Clearing Agency or as an indirect
          participant, in each case in accordance with the rules of the Clearing
          Agency.

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

          CORPORATE TRUST OFFICE means the principal office of the Note Trustee
          at which at any particular time its corporate trust business is
          administered, which at the date of the execution of this deed is 101
          Barclay Street, Floor 21 West, New York, NY 10286, Global Structured
          Products Unit or at such other address as the Note Trustee may
          designate by notice to the Manager, Noteholders and the Issuer or the
          principal corporate trust office of any successor Note Trustee.

          DEFINITIVE NOTE means a Note issued pursuant to clause 3.3 of this
          deed.

          DETERMINATION DATE means with respect to a payment due on a Payment
          Date, the day being two Banking Days prior to that Payment Date.

--------------------------------------------------------------------------------
                                                                         PAGE 10

<PAGE>

                                                                 Note Trust Deed

          EVENT OF DEFAULT means, in respect of a Class A Note, any of the
          events described in Condition 9.

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

          FITCH RATINGS means Fitch, Inc.

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

          (a)  is independent of the Issuer, the Manager, the Mortgage Manager
               and any of their Associates;

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

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

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

          MASTER TRUST DEED means the Master Trust Deed for the Superannuation
          Members' Home Loans Trust dated 4 July 1994 between the Issuer as
          Trustee and the Manager, as amended from time to time.

          MATERIAL ADVERSE EFFECT means a material adverse effect on the ability
          of the Issuer to perform its payment obligations under this deed and
          other Transaction Documents or, as the context may require, a material
          adverse effect on the ability of the Note Trustee to perform its
          obligations under this deed.

          NOTE DEPOSITORY AGREEMENT means the agreement entitled "Letter of
          Representations" among the Issuer, Note Trustee (as Agent) and The
          Depository Trust Company, as the initial Clearing Agency, dated as of
          the Closing Date, relating to the Notes, as the same may be amended or
          supplemented from time to time.

          NOTEHOLDERS REPORT means the report to be delivered by the Manager, on
          behalf of the Issuer, in accordance with clause 11.1(n) containing the
          information set out in Schedule 2.

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

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

          PAYING AGENT means any institution including, where the context
          permits, the Principal Paying Agent:

--------------------------------------------------------------------------------
                                                                         PAGE 11

<PAGE>

                                                                 Note Trust Deed

          (a)  initially appointed as Principal Paying Agent by the Issuer under
               this deed; or

          (b)  as may, with the prior written approval of, and on terms
               previously approved in writing by, the Note Trustee (that
               approval not to be unreasonably withheld or delayed) from time to
               time be appointed by the Issuer in relation to the Notes, in each
               case (except in the case of the initial Principal Paying Agent)
               where notice of the appointment has been given to the Noteholders
               under this deed and in accordance with Condition 12.

          PAYING OFFICE means, in relation to a Paying Agent, the office of the
          Paying Agent specified in the Class A Notes or this deed as the office
          at which payments in respect of the Class A Notes will be made as
          changed from time to time in accordance with this deed.

          PERSON means any individual, corporation, limited liability company,
          estate, partnership, joint venture, association, joint stock company,
          trust (including any beneficiary thereof), unincorporated organisation
          or government or any agency or political subdivision thereof.

          RECORD DATE means:

          (a)  with respect to the Payment Date of any Book-Entry Note, the
               close of business on the Banking Day immediately preceding that
               Payment Date; and

          (b)  with respect to the Payment Date for any Definitive Note, the
               last day of the calendar month before that Payment Date.

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

          SECURITIES ACT means the Securities Act of 1933, as amended.

          SECURITISATION FUND means the Securitisation Fund established under
          the Master Trust Deed known as SMHL Global Fund No. 3.

          SPECIFIED OFFICE means, in relation to the Calculation Agent, the
          office of the Calculation Agent specified under this deed as the
          office at which the Calculation Agent will carry out its duties under
          this deed.

          SUPPLEMENTARY BOND TERMS NOTICE means the Supplementary Bond Terms
          Notice dated on or about the date of this deed between the Issuer, the
          Manager, the Note Trustee and the Security Trustee in respect of the
          Securitisation Fund.

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

          TRUST ACCOUNT means the US$ Account or any other account maintained by
          or on behalf of the Issuer in relation to the Securitisation Fund.

          TRUST CORPORATION means any person eligible for appointment as a
          trustee under an indenture to be qualified pursuant to the TIA, as set
          forth in Section 310(a) of the TIA, which shall include The Bank of
          New York for so long as it complies with such section.

--------------------------------------------------------------------------------
                                                                         PAGE 12

<PAGE>

                                                                 Note Trust Deed

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

          (a)  Subject to clause 1.1 and the Recitals terms and expressions
               which are defined in the Master Trust Deed (as amended by the
               Supplementary Bond Terms Notice), the Supplementary Bond Terms
               Notice and the Conditions (including in each case by reference to
               another agreement) have the same meanings when used in this deed
               unless the context otherwise requires or unless otherwise defined
               in this deed.

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

1.3       INCORPORATION BY REFERENCE

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

          COMMISSION means the Securities and Exchange Commission of the United
          States of America.

          INDENTURE SECURITIES means the Class A Notes.

          INDENTURE SECURITY HOLDER means a Class A Noteholder.

          INDENTURE TO BE QUALIFIED means the Note Trust Deed.

          INDENTURE TRUSTEE OR INSTITUTIONAL TRUSTEE means the Note Trustee.

          OBLIGOR on the indenture securities means the Issuer with respect to
          the Class A Notes.

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

1.4       INTERPRETATION

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

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

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

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

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                                                                         PAGE 13

<PAGE>

                                                                 Note Trust Deed

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

1.5       DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

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

1.6       DOCUMENT OR AGREEMENT

          A reference to:

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

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

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

1.7       TRANSACTION DOCUMENT

          This deed is a Transaction Document for the purposes of the Master
          Trust Deed.

1.8       ISSUER AS TRUSTEE

          (a)  In this deed, except where provided to the contrary:

               (1)  a reference to the Issuer is a reference to the Issuer in
                    its capacity as trustee of the Securitisation Fund only, and
                    in no other capacity; and

               (2)  a reference to the Security Trustee is a reference to the
                    Security Trustee in its capacity as security trustee under
                    the Security Trust Deed only, and in no other capacity; and

               (3)  a reference to the assets, business, property or undertaking
                    of the Issuer or the Security Trustee is a reference to the
                    assets, business, property or undertaking of the Issuer or
                    the Security Trustee respectively only in the capacity
                    described in paragraphs (1) and (2) above.

          (b)  The rights and obligations of the parties under this deed relate
               only to the Securitisation Fund and do not relate to any other
               Fund (as defined in the Master Trust Deed).

1.9       KNOWLEDGE OF ISSUER AND SECURITY TRUSTEE

          In relation to the Securitisation Fund, the Issuer and the Security
          Trustee will only be considered to have knowledge, actual knowledge or
          notice of or be aware of any matter or thing if the Issuer or the
          Security Trustee (as the case may be) has

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                                                                 Note Trust Deed

          knowledge, notice or awareness of that matter or thing by virtue of
          the actual notice or awareness of the officers or employees of the
          Issuer or the Security Trustee (as the case may be) who have day to
          day responsibility for the administration of the Securitisation Fund.

1.10      KNOWLEDGE OF THE NOTE TRUSTEE, CALCULATION AGENT, NOTE REGISTRAR OR
          PRINCIPAL PAYING AGENT

          In relation to the Securitisation Fund, the Note Trustee, the
          Calculation Agent, the Note Registrar and the Principal Paying Agent
          will only be considered to have knowledge or notice of or be aware of
          any matter or thing if the Note Trustee, Calculation Agent, Note
          Registrar or Principal Paying Agent (as the case may be) has
          knowledge, notice or awareness of that matter or thing by virtue of
          the actual notice or awareness of the officers or employees of the
          Note Trustee, Calculation Agent, Note Registrar or Principal Paying
          Agent (as the case may be) who have day to day responsibility for the
          administration of the trust, or other duties of the relevant party
          constituted by this deed.

1.11      APPOINTMENT OF THE NOTE TRUSTEE

          The Note Trustee:

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

          (b)  acknowledges and declares that it:

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

               (2)  will hold the benefit of the obligations of the Issuer under
                    this deed,

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

1.12      DURATION OF TRUST

          The trust established pursuant to this deed shall commence on the date
          hereof and shall terminate on the first to occur of:

          (a)  the date on which the Issuer has satisfied in full its
               obligations to the Class A Noteholders and all Class A Notes have
               been cancelled or redeemed; and

          (b)  the 80th anniversary of the date of this deed.

1.13      OBLIGATIONS OF THE ISSUER

          (a)  The Issuer shall not be liable for any act or omission by the
               Manager where it is acting or fails to act (as the case may be)
               on behalf of the Issuer under this deed.

          (b)  Where the Manager is empowered to act on behalf of the Issuer,
               the Manager undertakes to the Issuer that it will duly and
               punctually perform, on behalf of the Issuer, those obligations,
               imposed on the Issuer in accordance with the terms of the
               relevant clause.

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1.14      LIMITATION OF LIABILITY OF SECURITY TRUSTEE

          Notwithstanding any other provision of this deed, the Security Trustee
          will have no liability under or in connection with this deed or any
          other Transaction Document other than to the extent to which the
          liability is able to be satisfied out of the property 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, any
          other Transaction Document or by operation of laws, there is a
          reduction in the extent of the Security Trustee's indemnification as a
          result of the Security Trustee's fraud, negligence or wilful default.
          Nothing in this clause 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 the Charge as
          defined in the Security Trust Deed or the Charged Property (as defined
          in the Security Trust Deed).

1.15      OPINION OF COUNSEL

          For the purposes of this deed, the Issuer may where necessary seek,
          and rely conclusively on, any Opinion of Counsel on any matters
          relating to or connected with the TIA. Where the Issuer elects to seek
          and has sought the Opinion of Counsel it shall not be required to take
          any action under this deed unless and until it has received such an
          Opinion of Counsel. The cost of any such Opinion of Counsel will be an
          Expense of the Issuer in relation to the Securitisation Fund.

--------------------------------------------------------------------------------
2         PAYMENTS ON NOTES

          2.1  PRINCIPAL AMOUNT

               The aggregate principal amount of the Class A Notes is limited to
               US$[##]:

               (a)  US$[##] in respect of the Class A-1 Notes;

               (b)  US$[##] in respect of the Class A-2 Notes.

          2.2  COVENANT TO REPAY

               (a)  The Issuer covenants that the Issuer will, in accordance
                    with the terms of any Class A Notes (including the
                    Conditions) and the Transaction Documents (and subject to
                    the terms of the Transaction Documents and the Conditions,
                    including, without limitation, clauses 19 and 45 of this
                    deed and Condition 5) at the direction of the Manager on:

                    (1)  the Maturity Date of the Class A Notes; or

                    (2)  each earlier date as those Class A Notes, or any of
                         them, may become repayable (whether in full or in
                         part),

                    pay or procure to be paid unconditionally in accordance with
                    this deed to or to the order of the Note Trustee in US$ in
                    New York for immediate value the principal amount of those
                    Class A Notes repayable, or in the case of a partial payment
                    of those Class A Notes, the principal amount payable,
                    subject to and in accordance with the terms of those Class A
                    Notes (including the Conditions).

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                                                                 Note Trust Deed

          (b)  Subject to clause 2.3 and to the terms of the Class A Notes
               (including the Conditions and in particular Condition 6 of the
               Notes) and the Transaction Documents (including clauses 19 and 45
               of this deed and Condition 5), until any payment as well after as
               before any judgment or other order of a court of competent
               jurisdiction the Issuer shall, at the direction of the Manager,
               duly and punctually pay or procure to be paid unconditionally in
               accordance with this deed to or to the order of the Note Trustee
               any interest, at the respective rates and calculated in
               accordance with and payable on the dates provided for in the
               Conditions.

          (c)  The Note Trustee shall hold the benefit of the covenant in this
               clause 2.2, and all other rights of the Class A Noteholders under
               the Class A Notes, on trust for the benefit of the Class A
               Noteholders.

2.3       DEEMED PAYMENT

          Any payment of principal or interest in respect of any Class A Notes
          to or to the account of the Principal Paying Agent in the manner
          provided in clause 19 shall satisfy the covenant in relation to those
          Class A Notes by the Issuer in this clause 2 to the extent of that
          payment, except to the extent that the Principal Paying Agent
          subsequently fails to pay that amount under those Class A Notes in
          accordance with the terms of those Class A Notes (including the
          Conditions).

2.4       ISSUER'S COVENANT TO CLASS A NOTEHOLDERS AND THE NOTE TRUSTEE

          Subject to the terms of the Master Trust Deed and the Supplementary
          Bond Terms Notice, the Issuer:

          (a)  acknowledges its indebtedness in respect of the Invested Amount
               of each Class A Note and interest thereon;

          (b)  covenants for the benefit of each Class A Noteholder and the Note
               Trustee that it will (subject to receiving any directions
               required under and given in accordance with the Transaction
               Documents):

               (1)  make all payments on or in respect of the Class A Notes held
                    by that Class A Noteholder on the applicable Payment Date;

               (2)  comply with the terms of the Supplementary Bond Terms Notice
                    and the Transaction Documents in which it is a party; and

               (3)  pay the Outstanding Principal Balance in relation to the
                    Class A Notes held by that Class A Noteholder on the Final
                    Maturity Date and accrued and unpaid interest on the
                    Invested Amount.

2.5       FOLLOWING EVENT OF DEFAULT

          (a)  At any time when an Event of Default in respect of the Class A
               Notes is subsisting, or at any time after Definitive Notes have
               not been issued when so required in accordance with the
               Conditions, the Note Trustee may:

               (1)  by notice in writing to the Issuer, the Manager, the
                    Principal Paying Agent, the other Paying Agents and the
                    Calculation Agent and until such notice is withdrawn,
                    require the Principal Paying Agent, the other Paying Agents
                    and the Calculation Agent either:

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                                                                         PAGE 17

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                                                                 Note Trust Deed

           (A)  (i) to act as Principal Paying Agent and Paying Agents and
                    Calculation Agent respectively of the Note Trustee in
                    relation to payments to be made by or on behalf of the Note
                    Trustee under the provisions of this deed on the terms of
                    this deed except that the Note Trustee's liability for the
                    indemnification of the Paying Agents and Calculation Agent
                    shall be limited to any amount for the time being held by
                    the Note Trustee on the trusts of this deed and which is
                    available to be applied by the Note Trustee under this deed;
                    and

               (ii) to hold all Definitive Notes and all amounts, documents and
                    records held by them in respect of the Class A Notes on
                    behalf of the Note Trustee; or

           (B) to deliver up all Definitive Notes and all amounts, documents and
               records held by them in respect of the Class A Notes to the Note
               Trustee or as the Note Trustee shall direct in that notice, other
               than any documents or records which the relevant Paying Agent or
               Calculation Agent is obliged not to release by any law or
               regulation; or

     (2)  by notice in writing to the Issuer require it to make all subsequent
          payments in respect of the Class A Notes to the order of the Note
          Trustee and not to the Principal Paying Agent and, with effect from
          the issue of that notice to the Issuer and until that notice is
          withdrawn, clause 2.3 shall not apply.

(b)  The payment by the Issuer of its payment obligations on each Payment Date
     under the Supplementary Bond Terms Notice and the Conditions to the Note
     Trust Deed in accordance with paragraph (a) shall be a good discharge to
     the Issuer and the Issuer shall not be liable for any act or omission or
     default of the Note Trustee during the period it is required to make
     payment to the Note Trustee under paragraph (a).

(c)  The Issuer shall not be liable for any act or omission or default of the
     Note Trustee during the period it is required to make payments in respect
     of the Class A Notes to the Note Trustee under paragraph (a).

(d)  At any time whilst an Event of Default is subsisting which has not been
     waived, if the Calculation Agent for any reason does not determine the
     Interest Rate or calculate the Interest for a Class A Note, the Note
     Trustee shall do so and each such determination or calculation shall be
     deemed to have been made by the Calculation Agent. In doing so, the Note
     Trustee shall apply the provisions of clause 22, with any necessary
     consequential amendments, to the extent that, in its opinion, it can do so,
     and, in all other respects it shall do so in such a manner as it shall deem
     fair and reasonable in all the circumstances.

(e)  The Issuer, the Manager, the Note Trustee, the Security Trustee and the
     Paying Agents may treat a Class A Noteholder as the absolute owner of a
     Class A Note (whether or not that Class A Note is overdue and despite any
     notation or notice to the contrary or writing on it or any notice of
     previous

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                                                                 Note Trust Deed

          loss or theft of it or of trust or other interest in it) for the
          purpose of making payment and for all other purposes.

2.6       REQUIREMENTS OF PAYING AGENT

          The Principal Paying Agent agrees with the Note Trustee, subject to
          the provisions of this clause, that it shall:

          (a)  hold in trust for the Note Trustee and the Class A Noteholders
               all sums held by the Principal Paying Agent for the payment of
               principal and interest with respect to the Class A Notes until
               all relevant sums are paid to the Note Trustee or the Class A
               Noteholders or otherwise disposed of as provided in this deed;
               and

          (b)  immediately notify in writing the Note Trustee, the Issuer, the
               Security Trustee and the Manager if the full amount of any
               payment of principal or interest required to be made by the
               Supplementary Bond Terms Notice and the relevant Conditions in
               respect of the Class A Notes is not unconditionally received by
               it or to its order in accordance with this deed.

2.7       CERTIFICATION

          For the purposes of any redemption of Class A Notes under Condition 5
          the Note Trustee may rely upon an Officer's Certificate from the
          Manager certifying or stating the opinion of each person signing that
          Officer's Certificate as to the following matters:

          (a)  the fair value (within 90 days of such release) of the property
               or securities to be released from the Security Trust Deed;

          (b)  that the proposed release will not impair the security under the
               Security Trust Deed in contravention of the provisions of the
               Security Trust Deed or this deed; and

          (c)  that the Issuer will be in a position to discharge all its
               liabilities in respect of the relevant Class A Notes and any
               amounts required under the Security Trust Deed to be paid in
               priority to or pari passu with those Class A Notes,

          and that Officer's Certificate shall be conclusive and binding on the
          Issuer, the Note Trustee and the holders of those Class A Notes.

2.8       DETERMINATIONS

          If the Manager does not at any time for any reason determine a
          Principal Entitlement or the Outstanding Principal Balance or the
          Invested Amount applicable to any Class A Notes in accordance with
          Condition 5(g), the Principal Entitlement, the Outstanding Principal
          Balance and the Invested Amount (as the case may be) may be determined
          by the Calculation Agent (or, failing the Calculation Agent, the Note
          Trustee) in accordance with Condition 5(g) (but based on the
          information in its possession) and each such determination or
          calculation shall be deemed to have been made by the Manager, and
          neither the Calculation Agent nor the Note Trustee shall have any
          liability in respect thereof other than as a result of the fraud,
          negligence or wilful default of the Calculation Agent or the Note
          Trustee as the case may be.

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                                                                 Note Trust Deed

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3        FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES

         3.1   ISSUE OF BOOK-ENTRY NOTES

               (a)   Each Class of Class A Notes shall, on issue be represented
                     by one or more Book-Entry Notes.

               (b)   Each Book-Entry Note must be signed manually or by
                     facsimile by an Authorised Signatory or attorney of the
                     Issuer on behalf of the Issuer and must be manually
                     authenticated by the Principal Paying Agent.

         3.2   FORM OF BOOK-ENTRY NOTES

               (a)   The Book-Entry Notes shall be typed in the form or
                     substantially in the form set out in schedule 1.

               (b)   The procedures relating to the exchange, authentication,
                     delivery, surrender, cancellation, presentation, marking up
                     or down of any Book-Entry Note (or part of any Book-Entry
                     Note and any other matters to be carried out by the
                     relevant parties upon exchange (in whole or part) of any
                     Book Entry Note shall be made in accordance with the
                     provisions of the relevant terms of the Book-Entry Notes
                     and the normal practice of the Common Depository, the Note
                     Registrar and the rules and procedures of the Clearing
                     Agency from time to time.

               (c)   The Book-Entry Notes shall be in an aggregate principal
                     amount of:

                     (1)  US$[##] for the Class A-1 Notes; and

                     (2)  US$[##] for the Class A-2 Notes.

               (d)   The Manager shall procure that, prior to the issue and
                     delivery of any Book-Entry Note, that Book-Entry Note will
                     be authenticated manually by an Authorised Signatory of the
                     Principal Paying Agent and no Book-Entry Note shall be
                     valid for any purpose unless and until so authenticated. A
                     Book-Entry Note so executed and authenticated shall be a
                     binding and valid obligation of the Issuer. Until a
                     Book-Entry Note (or part of a Book-Entry Note) has been
                     exchanged pursuant to this deed, it (or that part) shall in
                     all respects be entitled to the same benefits as a
                     Definitive Note. Each Book-Entry Note shall be subject to
                     this deed except that the registered owner of a Book-Entry
                     Note shall be the only person entitled to receive payments
                     from the Principal Paying Agent of principal or interest in
                     relation to it.

               (e)   The Class A Notes upon original issue will be issued in the
                     form of typewritten Notes representing the Book-Entry
                     Notes. The Manager shall, on the date of this deed, deliver
                     or arrange the delivery on its behalf to the Principal
                     Paying Agent, as agent for the Clearing Agency, of the
                     Book-Entry Notes. The Book-Entry Notes shall initially be
                     registered on the Note Register in the name of the Common
                     Depository as nominee of the Clearing Agency, and no Class
                     A Noteowner will receive a Definitive Note representing
                     such Class A Noteowner's interest in such Note, except as
                     provided in clause 3.3.

               (f)   Whenever a notice or other communication to the Class A
                     Noteholders is required under this deed, unless and until
                     Definitive Notes shall have been

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                                                                 Note Trust Deed

                     issued to a Class A Noteowner pursuant to clause 3.3, the
                     Note Trustee shall give all such notices and communications
                     specified herein to be given to Class A Noteowners to the
                     Common Depository, and shall have no obligation to the
                     Class A Noteowners.

               (g)   Unless and until the Definitive Notes have been issued to a
                     Class A Noteowner pursuant to clause 3.3:

                     (1)  the provisions of this clause shall be in full force
                          and effect;

                     (2)  the Note Registrar, the Issuer, the Manager, the
                          Security Trustee, each Paying Agent and the Note
                          Trustee shall be entitled to deal with the Clearing
                          Agency for all purposes of this deed (including the
                          payment of principal of and interest on the Class A
                          Notes and the giving of instructions, notices or
                          directions hereunder) as the sole holder of the Class
                          A Notes, and shall have no obligation to any Class A
                          Noteowners and none of the Note Registrar, the Issuer,
                          the Manager, each Paying Agent, and the Note Trustee
                          or the Security Trustee will be affected by notice to
                          the contrary;

                     (3)  to the extent that the provisions of this clause
                          conflict with any other provisions of this deed, the
                          provisions of this clause shall prevail;

                     (4)  the rights of Class A Noteowners shall be exercised
                          only through the Clearing Agency and shall be limited
                          to those established by law and agreements between
                          such Class A Noteowners and the Clearing Agency and/or
                          the Clearing Agency Participants. Pursuant to the Note
                          Depository Agreement, unless and until Definitive
                          Notes are issued pursuant to clause 3.3, the initial
                          Clearing Agency will make book-entry transfers among
                          the Clearing Agency Participants and receive and
                          transmit payments of principal and interest on the
                          Class A Notes to such Clearing Agency Participants;
                          and

                     (5)  whenever this deed requires or permits actions to be
                          taken based upon instructions or directions of Class A
                          Noteowner evidencing a specific percentage of all
                          Invested Amounts of all Class A Notes, the Clearing
                          Agency shall be deemed to represent such percentage
                          only to the extent that it has received instructions
                          to such effect from Class A Noteowners and/or Clearing
                          Agency Participants owning or representing,
                          respectively, such required percentage of the
                          beneficial interest in the Class A Notes and has
                          delivered such instructions to the Principal Paying
                          Agent.

3.3      DEFINITIVE NOTES

         If:

         (a)   the Principal Paying Agent advises the Manager in writing that
               the Clearing Agency is no longer willing or able to discharge
               properly its responsibilities as depository for the Class A Notes
               and the Manager is not able to locate a qualified successor;

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                                                                 Note Trust Deed

          (b)  the Issuer, at the direction of the Manager (at the Manager's
               option) advises the Principal Paying Agent in writing that it
               elects to terminate the book-entry system through the Clearing
               Agency; or

          (c)  after the occurrence of an Event of Default, the Note Trustee, at
               the written direction of Class A Noteholders holding a majority
               of the aggregate Outstanding Principal Balance of the Class A
               Notes advises the Issuer and the Principal Paying Agent that the
               continuation of a book entry system is no longer in the best
               interests of the Class A Noteowners,

          then the Principal Paying Agent must within 30 days of such event
          instruct the Clearing Agency to notify all of the appropriate Class A
          Noteowners of the occurrence of any such event and of the availability
          of Definitive Notes. Upon the surrender of the Book-Entry Notes to the
          Issuer by the Clearing Agency, and the delivery by the Clearing Agency
          of the relevant registration instructions to the Issuer, the Issuer
          (with the assistance of the Manager) shall execute and procure the
          Principal Paying Agent to authenticate the Definitive Notes in
          accordance with the instructions of the Clearing Agency. The
          Definitive Notes will be serially numbered and shall be typewritten,
          printed, lithographed or engraved or produced by any combination of
          these methods (with or without steel engraved borders).

          None of the Note Registrar, the Paying Agents, the Note Trustee or the
          Issuer shall be liable for any delay in delivery of such instructions
          and may conclusively rely on, and shall be protected in relying on,
          such instructions.

3.4       STAMP AND OTHER TAXES

          The Manager will pay any stamp and other duties and Taxes (other than
          income tax or any similar tax on net income) payable in Australia or
          the United States on or in connection with:

          (a)  the execution, delivery and performance of the Transaction
               Documents or any other payment, receipt or other transaction
               contemplated by the Transaction Documents;

          (b)  the constitution and original issue and delivery of the Class A
               Notes; and

          (c)  any action taken by the Note Trustee or where permitted under
               this deed so to do, the Clearing Agency or any Class A Noteowner
               to enforce or to resolve any doubts concerning, or for any other
               purpose in relation to, the provisions of the Class A Notes or
               the Transaction Documents.

          The Manager must indemnify and keep indemnified the Note Trustee, the
          Paying Agent, the Calculation Agent, the Note Registrar, the Issuer
          and the Security Trustee against any loss or liability incurred or
          suffered by those parties as a result of any delay or failure by the
          Manager to pay any such stamp and other duties and Taxes.

3.5       INDEMNITY FOR NON-ISSUE

          If the Issuer is required to issue, or procure the issue of,
          Definitive Notes following an event specified in clause 3.3(a), (and
          all conditions precedent to such issue have been satisfied) but fails
          to do so within 30 days of delivery to the Issuer of the Book-Entry
          Notes in accordance with clause 3.3 then the Issuer shall (subject to
          clause 45) indemnify the Note Trustee and the Class A Noteholders and
          keep them indemnified, against any loss or damage incurred by any of
          them if

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                                                                         PAGE 22

<PAGE>

                                                                 Note Trust Deed

          the amount received by the Note Trustee and the Class A Noteholders is
          less than the amount that would have been received had Definitive
          Notes been issued within the 30 days referred to in this clause 3.5.
          If the Issuer breaches its obligations under clause 3.3, it is
          acknowledged and agreed that damages alone will not be an adequate
          remedy for such a breach and that, in addition to any other rights
          they may have, the Note Trustee and the Class A Noteholders are
          entitled to sue the Issuer for specific performance, injunctive relief
          or other equitable relief to enforce the Issuer's obligations under
          clause 3.3. The Manager must promptly advise the Issuer if it becomes
          actually aware of the occurrence of the relevant event and the Issuer
          shall promptly notify the Note Trustee of the relevant event.

3.6       NOTE REGISTER AND NOTE REGISTRAR

          (a)  The Note Registrar, on behalf of the Issuer, shall keep or cause
               to be kept the Note Register and the Note Registrar will be
               responsible for registering Notes and transfers of Class A Notes
               as herein provided. The Issuer may, with the consent of the Note
               Trustee, appoint another person as Note Registrar. Upon any
               resignation or removal of any Note Registrar under this deed, the
               Issuer with the assistance of and at the direction of, the
               Manager shall promptly appoint a successor or, if it elects not
               to make such an appointment, assume the duties of the Note
               Registrar.

          (b)  Upon surrender for registration of transfer of any Class A Note
               to the Note Registrar, if the requirements of Section 8-401(a) of
               the Uniform Commercial Code of New York (the UCC) are met, the
               Issuer shall, at the direction of the Manager, execute and upon
               its written request the Principal Paying Agent shall authenticate
               and the Class A Noteholder shall obtain from the Note Trustee, in
               the name of the designated transferee or transferees, one or more
               new Class A Notes, in any authorised denominations, of the same
               class and a like aggregate principal amount. The Issuer shall be
               entitled to rely on any direction given by the Manager under this
               clause and shall not be under any obligation to investigate or
               query any such direction.

          (c)  At the option of the Class A Noteholder, Class A Notes may be
               exchanged for other Class A Notes in any authorised denominations
               and a like aggregate principal amount, upon surrender of the
               Class A Notes to be exchanged at such office or agency. Whenever
               any Class A Notes are so surrendered for exchange, if the
               requirements of Section 8-401(a) of the UCC are met the Issuer
               shall, at the direction of the Manager, execute and upon its
               written request the Principal Paying Agent shall authenticate and
               the Class A Noteholder shall obtain from the Note Trustee, the
               Class A Notes which the Class A Noteholder making the exchange is
               entitled to receive. The Issuer shall be entitled to rely on any
               direction given by the Manager under this clause and shall not be
               under any obligation to investigate or query any such direction.

          (d)  Every Class A Note presented or surrendered for registration of
               transfer or exchange shall be (i) duly endorsed by, or be
               accompanied by a written instrument of transfer in a form
               satisfactory to the Note Registrar duly executed by, the Class A
               Noteholder thereof or such Class A Noteholder's attorney duly
               authorised in writing, with such signature guaranteed by an
               "eligible guarantor institution" meeting the requirements of the
               Note

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                                                                         PAGE 23

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                                                                 Note Trust Deed

               Registrar which requirements include membership or participation
               of Securities Transfer Agents SMHL Global Program (Stamp) or such
               other "signature guarantee program" as may be determined by the
               Note Registrar in addition to, or in substitution for Stamp, all
               in accordance with the Exchange Act, and (ii) accompanied by such
               other documents as the Note Registrar may require.

          (e)  No service charge shall be made to a Class A Noteholder for any
               registration of transfer or exchange of Class A Notes, but the
               Note Registrar may require payment of a sum sufficient to cover
               any Tax or other governmental charge that may be imposed in
               connection with any registration of transfer or exchange of Class
               A Notes.

          (f)  The preceding provisions of this section notwithstanding, the
               Issuer shall not be required to make and the Note Registrar need
               not register transfers or exchanges of Class A Notes, nor the
               Principal Paying Agent be required to authenticate any Class A
               Notes selected for redemption for a period of 30 days preceding
               the due date for any payment with respect to the Class A Note.

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4    COVENANT OF COMPLIANCE

     The Issuer and the Manager covenant with the Note Trustee that they will
     comply with and perform and observe all material provisions of the Class A
     Notes and Transaction Documents which are expressed to be binding on them
     respectively for the benefit of the Note Trustee or any Class A Noteholder.
     The Transaction Documents and the Conditions shall be binding on the
     Issuer, the Note Trustee and the Class A Noteholders. The Note Trustee (or
     the Class A Noteholders, under clause 6.5, as the case may be) is entitled
     to enforce the obligations of the Issuer under the Class A Notes and the
     Conditions as if the same were set out and contained in this deed (which
     shall be read and construed as one document with the Notes). The Note
     Trustee shall hold the benefit of this covenant upon trust for itself and
     the Class A Noteowners according to its and their respective interests.

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5    CANCELLATION OF CLASS A NOTES

     5.1   CANCELLATION

           The Note Registrar shall ensure that all Class A Notes:

           (a)   which have been surrendered for payment, registration of
                 transfer, exchange or redemption; or

           (b)   in the case of any Definitive Note, which, being mutilated
                 or defaced, have been surrendered and replaced under
                 Condition 11,

           shall be cancelled by or on behalf of the Issuer and will execute a
           certificate and deliver same to the Note Trustee stating:

           (a)  the aggregate Outstanding Principal Balance of Notes which have
                been redeemed; and

           (c)  the serial numbers of such Notes in definitive form (where
                applicable).

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                                                                 Note Trust Deed

     5.2  RECORDS

          The Note Registrar shall procure:

          (a)  the keeping of a full and complete record of all Class A Notes
               and of their redemption, payment, exchange or cancellation (as
               the case may be) and of all replacement Class A Notes issued in
               substitution for lost, stolen, mutilated, defaced or destroyed
               Definitive Notes;

          (b)  the making available at its Specified Office of such records to
               the Issuer and the Note Trustee and the Note Registrar on
               reasonable notice and during business hours promptly following
               the Note Trustee's request or the Issuer's request for the same.

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6   ENFORCEMENT

    6.1   ACTIONS FOLLOWING EVENT OF DEFAULT

          At any time while an Event of Default is subsisting the Note Trustee
          may (subject to the Security Trust Deed, to clauses 6.4 and 7, and to
          Conditions 9 and 10) at its discretion and without further notice take
          any action available to it to direct the Security Trustee to:

          (a)  institute any proceedings against the Issuer which are
               permitted under the Transaction Documents;

          (b)  enforce the security created under the Security Trust Deed
               (including anything set out in clause 7.2 of the Security Trust
               Deed); and

          (c)  enforce repayment of the Class A Notes together with accrued
               interest and any other moneys payable to the Note Trustee or the
               Class A Noteholders under the Transaction Documents.

    6.2   EVIDENCE OF DEFAULT

          If the Security Trustee or the Note Trustee takes any action against
          the Issuer to enforce any of the provisions of any Class A Note or
          this deed, proof that as regards any Class A Note, the Issuer has not
          paid any principal or interest due in respect of that Class A Note
          shall (unless the contrary is proved) be sufficient evidence that the
          Issuer has not paid that principal or interest on all other Class A
          Notes in respect of which the relevant payment is then due.

    6.3   NOTE TRUSTEE MUST RECEIVE INDEMNITY

          If:

          (a)  the Note Trustee convenes a meeting of the Class A Noteholders,
               or is required by the Class A Noteholders to take any action
               under this Deed, and advises them that the Note Trustee will not
               act in relation to any matter contemplated by this deed unless it
               is personally indemnified by the Class A Noteholders (other than
               the Note Trustee) to its reasonable satisfaction against all
               actions, proceedings, claims and demands to which it may render
               itself liable, and all costs, charges, damages and expenses which
               it may incur, in relation to any matter contemplated by this deed
               and

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                                                                 Note Trust Deed

               put in funds to the extent to which it may become liable
               (including costs and expenses); and

          (b)  the Class A Noteholders refuse to grant the requested indemnity
               and put the Note Trustee in funds;

          then the Note Trustee will not be obliged to act in relation to such
          matter.

          In those circumstances, the Class A Noteholders may exercise such
          powers as they determine by Extraordinary Resolution.

    6.4   RESTRICTIONS ON ENFORCEMENT

          If any of the Class A Notes remain outstanding and are due and payable
          otherwise than by reason of a default in payment of any amount due on
          any Class A Notes, the Note Trustee must not vote under the Security
          Trust Deed to, or otherwise direct the Security Trustee to, enforce
          the Security Trust Deed or dispose of the Charged Property unless:

          (a)  a sufficient amount would be realised to discharge in full all
               amounts owing to the Class A Noteholders and any other amounts
               payable by the Issuer ranking in priority to or pari passu with
               the Class A Notes;

          (b)  the Note Trustee is of the opinion, reached after considering at
               any time and from time to time the advice of a merchant bank or
               other financial adviser selected by the Note Trustee (the cost of
               which advice shall be an Expense incurred by the Note Trustee
               under the Transaction Documents), that the cash flow receivable
               by the Issuer (or the Security Trustee under the Security Trust
               Deed) will not (or that there is a significant risk that it will
               not) be sufficient, having regard to any other relevant actual,
               contingent or prospective liabilities of the Issuer, to discharge
               in full in due course all the amounts referred to in paragraph
               (a) relating to the Securitisation Fund; or

          (c)  the Note Trustee is so directed by the holders of at least 75% of
               the aggregate Invested Amount of the Class A Notes.

    6.5   ACTION BY NOTEHOLDERS

          Notwithstanding any other provision of this deed, if the Note Trustee,
          having become bound to take steps and/or proceed under clause 6.1
          and/or the Security Trust Deed, fails to do so within 14 days and such
          failure is continuing any of the Class A Noteholders may do so but
          then only if and to the extent the Class A Noteholders are able to do
          so under the Transaction Documents.

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7   PROCEEDINGS

    7.1   ACTING ONLY ON DIRECTION

          (a)  The Note Trustee may, but shall not be bound to, vote under the
               Security Trust Deed, or otherwise direct the Security Trustee
               under the Security Trust Deed, to take any proceedings, actions
               or steps under, or any other proceedings pursuant to or in
               connection with, the Security Trust Deed, this deed or any Class
               A Notes and shall be bound to so vote or direct the

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<PAGE>

                                                                 Note Trust Deed

               Security Trustee if directed or requested to do so in writing by
               the holders of at least 75% of the aggregate Invested Amount of
               the Class A Notes and then only if the Note Trustee is
               indemnified to its satisfaction against all actions, proceedings,
               claims and demands to which it may render itself liable and all
               costs, charges, damages and expenses which it may incur by so
               doing.

          (b)  The Note Trustee shall be protected with respect to any action
               taken or omitted to be taken by it in good faith in accordance
               with the direction of the holders of the required aggregate
               Invested Amount of the Class A Notes in accordance with this deed
               relating to the time, method and place of conducting any
               proceeding for any remedy available to, or exercising any trust
               or power conferred upon it, under this deed.

    7.2   SECURITY TRUSTEE ACTING

          Only the Security Trustee may enforce the provisions of the Security
          Trust Deed and neither the Note Trustee nor any holder of a Class A
          Note is entitled to proceed directly against the Issuer to enforce the
          performance of any of the provisions of the Security Trust Deed or of
          the Class A Notes (including the Conditions), provided that if the
          Security Trustee having become bound to take steps and/or to proceed
          under the Security Trust Deed, fails to do so within a reasonable time
          and such failure is continuing, the Note Trustee and/or Class A
          Noteholders (if entitled under clause 6.5 to act in place of the Note
          Trustee) may proceed directly against the Issuer to the extent
          permitted under the Transaction Documents. The Security Trustee shall
          comply with all directions given to it by the Note Trustee pursuant to
          any power to give directions granted to the Note Trustee pursuant to
          this deed or pursuant to the Security Trust Deed provided that the
          Security Trustee has the power under the Security Trust Deed to take
          the action contemplated by the direction and would not incur any
          personal liability in doing so, and the Security Trustee shall not be
          liable for all direct and indirect costs, expenses, losses, damages,
          liabilities or actions arising or resulting from any action or conduct
          undertaken or not taken by the Security Trustee or its officers,
          employees or agents as a consequence of following those directions.

    7.3   NOTE TRUSTEE ALONE ENTITLED TO ACT

          Subject to clauses 6.5 and 7.2, only the Note Trustee may:

          (a)  direct the Security Trustee to enforce or not to enforce; or

          (b)  enforce the provisions of,

          this deed or of the Class A Notes (including the Conditions) and no
          Class A Noteholder is entitled to take any of the above actions or to
          proceed directly against the Issuer to enforce the performance of any
          of the provisions of this deed or the Class A Notes (including the
          Conditions).

    7.4   AVAILABLE AMOUNTS

          For the purpose of Conditions 5(g) and 5(h) the Note Trustee shall not
          be satisfied that the Issuer will be in a position to discharge the
          liabilities referred to in those Conditions unless, either:

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                                                                         PAGE 27

<PAGE>

                                                                 Note Trust Deed

          (a)  the Issuer will have available to it sufficient cash in the
               Collection Account and sufficient Authorised Investments which
               will mature on or before the relevant Payment Date after making
               any other payments or provisions having priority in order of
               application under the applicable provisions of the Supplementary
               Bond Terms Notice; or

          (b)  the Issuer has entered into a legally binding contract with an
               entity either whose long term unsecured and unguaranteed debt is
               rated AA- by S&P or AA- by Fitch Ratings or whose short term
               unsecured and unguaranteed debt securities are rated A-1+ by S&P
               or F1+ by Fitch Ratings, provided that in both cases its short
               term unsecured and unguaranteed debt securities are ranked P-1 by
               Moody's, to provide sufficient cash on or before the relevant
               Payment Date to enable the Issuer to discharge the relevant
               liabilities,

          and in each circumstance the Manager has certified to the Note Trustee
          that the requirements of clause 7.4(a) or (b) have been met and the
          Note Trustee shall be entitled to rely on such certification.

    7.5   NO OBLIGATION TO ENSURE COMPLIANCE

          In giving any direction to the Security Trustee under this deed or the
          Security Trust Deed, the Note Trustee shall not be obliged to ensure
          that the Security Trustee complies with such direction and will not be
          liable for failure by the Security Trustee to so comply.

    7.6   CONFLICT OF INTERESTS

          The Note Trustee shall, with respect to all the powers, trusts,
          authorities, duties and discretions vested in it by the Transaction
          Documents, except where expressly provided otherwise, have regard to
          the interests of the Class A Noteholders.

    7.7   NOTE TRUSTEE MAY ENFORCE

          The Note Trustee has the power, subject to clause 45:

          (a)  ENFORCE FOLLOWING DEFAULT: in the event of a default in repayment
               of the principal or payment of interest by the Issuer in respect
               of any Class A Note when and as the same shall become due and
               payable, which default has continued for a period of 10 days, to
               recover judgement, in its own name and as trustee for the Class A
               Noteholders, against the Issuer for the whole amount of such
               principal and interest remaining unpaid; and

          (b)  FILE PROOFS: to file such proofs of claim and other payments or
               documents as may be necessary or advisable in order to have the
               claims of the Note Trustee and the Class A Noteholders allowed in
               any judicial proceedings in relation to the Issuer; and

          (c)  ENFORCE RIGHTS: if an Event of Default occurs and is subsisting,
               to proceed, to protect and enforce its right and the rights of
               the Class A Noteholders by such appropriate judicial proceedings
               as the Note Trustee deems most effectual to protect and enforce
               any such rights, whether for the performance of any provision of
               this deed or in aid of the exercise of any power under this deed
               or to enforce any other proper remedy;

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                                                                         PAGE 28

<PAGE>

                                                                 Note Trust Deed

          but nothing in this clause 7.7 is to be construed as requiring the
          Note Trustee to take any such action unless it has been directed to do
          so by the holders of at least 75% of the aggregate Invested Amount of
          the Class A Notes and has been indemnified or put in funds to its
          satisfaction by the Class A Noteholders against any liability that it
          may incur as a result of taking such action. If the Note Trustee takes
          any action to enforce any of the provisions of the Class A Notes,
          proof that as regards any Class A Note the Issuer has not paid any
          principal or interest due in respect of that Class A Note will (unless
          the contrary is proved) be sufficient evidence that the Issuer has not
          paid that principal or interest on all other Class A Notes in respect
          of which the relevant payment is then due.

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8    NOTICE OF PAYMENT

          The Principal Paying Agent shall give notice to the Class A
          Noteholders in accordance with Condition 12 of the day fixed for any
          payment to them of amounts received by the Note Trustee under clause
          12 of the Security Trust Deed. Those payments may be made in
          accordance with Condition 6 and payment of those amounts by the Note
          Trustee to the Principal Paying Agent for that purpose shall be a good
          discharge to the Note Trustee.

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9    INVESTMENT BY NOTE TRUSTEE

          Any amount which, under the trusts of this deed ought to or may be
          invested by the Note Trustee, may be invested in the name or under the
          control of the Note Trustee at the written direction of the Manager in
          any Authorised Investments. The Note Trustee shall not be liable for
          the selection of investments or for investment losses incurred thereon
          in the absence of fraud, negligence or wilful default on its part.

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10   PARTIAL PAYMENTS

          In the case of Definitive Notes, on any payment of amounts received by
          the Note Trustee under clause 12 of the Security Trust Deed (other
          than the payment in full against surrender of a Definitive Note) the
          Definitive Note in respect of which such payment is made shall be
          produced to the Note Trustee or the Paying Agent by or through whom
          such payment is made and the Note Trustee shall, or shall cause the
          Paying Agent to, enface on the Definitive Note a memorandum of the
          amount and the date of payment, but the Note Trustee may in any
          particular case dispense with that production and enfacement upon the
          Issuer certifying to the Note Trustee that an indemnity has been given
          to the Issuer by the recipient of the payment as the Issuer considers
          sufficient and the Note Trustee shall be entitled to rely on such
          certification.

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                                                                 Note Trust Deed

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11  COVENANTS BY THE ISSUER AND MANAGER

    11.1  UNDERTAKINGS

          Each of the Issuer and the Manager undertakes to the Note Trustee, on
          behalf of the Class A Noteholders, as follows in relation to the
          Securitisation Fund for so long as any of the Class A Notes remain
          outstanding (except to the extent that the Note Trustee otherwise
          consents in accordance with this deed).

          (a)  (Master Trust Deed covenants) It will comply with its covenants
               in the Master Trust Deed.

          (b)  (Transaction Documents)

               (1)  It will comply with its material obligations under the
                    Transaction Documents.

               (2)  It will use reasonable endeavours (to the extent that it is
                    able to do so under the Master Trust Deed) to procure that
                    each other party to a Transaction Document complies with and
                    performs its material obligations under that Transaction
                    Document.

               (3)  It shall not amend any Transaction Document in so far as any
                    such amendment affects or relates to the Securitisation Fund
                    without the prior consent of the Note Trustee, other than in
                    the circumstances contemplated in clause 35.1.

          (c)  (Assistance) It will provide to the Note 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 or the
               Manager, as the case may be in relation to the Fund, as the Note
               Trustee may reasonably require to enable the Note Trustee to
               perform its duties and functions under this deed.

          (d)  (Notify Events of Default)

               (1)  It will promptly notify the Note Trustee in writing if it
                    has knowledge or notice of or is aware of the occurrence of
                    an Event of Default, Trustee's Default or Manager's Default
                    including full details (to the extent known, without making
                    any enquiry) of that Event of Default, Trustee's Default or
                    Manager's Default (as the case may be).

               (2)  In addition to its obligations under sub-clause item (d)(1)
                    of this clause 11.1, the Manager will confirm to the Note
                    Trustee in an Officer's Certificate, to be provided on each
                    anniversary of this deed:

                    (A)  whether or not the Manager is aware that any Event of
                         Default, Trustee's Default or Manager's Default has
                         occurred and give reasonable details of that event; and

                    (B)  any other matter which is required to be notified to
                         the Note Trustee under the Transaction Documents and
                         which has not previously been so notified.

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                                                                 Note Trust Deed

          (e)  (Maintenance of Office or Agency) The Manager on behalf of the
               Issuer will maintain in the Borough of Manhattan, The City of New
               York an office or agency where Class A Notes which are Definitive
               Notes may be surrendered for registration of transfer or
               exchange. The Issuer hereby initially appoints the Principal
               Paying Agent to serve as its agent for the foregoing purposes.
               The Principal Paying Agent shall act solely for, and as agent of,
               the Issuer and shall not have any obligations towards or
               relationship or agency or trust with any other person in respect
               of its appointment under this sub-paragraph (e). The Manager will
               give prompt written notice to the Note Trustee of the location,
               and of any change in the location, of any such office or agency.
               If at any time the Issuer shall fail to maintain any such office
               or agency or shall fail to furnish the Note Trustee with the
               address thereof, such surrenders, notices and demands may be made
               or served at the Corporate Trust Office, and the Issuer hereby
               appoints the Note Trustee as its agent to receive all such
               surrenders.

          (f)  (Calculation Agent) It will procure that, so long as any of the
               Class A Notes remain outstanding, there will at all times be a
               Calculation Agent.

          (g)  (Change to Paying Agents or Calculation Agent) It will give
               notice to the Noteholders in accordance with this deed and
               Condition 12 of:

               (1)  any appointment, resignation or removal of any Paying Agent
                    (other than the appointment of the initial Principal Paying
                    Agent) or Calculation Agent;

               (2)  any change to any Paying Agent's Paying Office; or

               (3)  any change to the Calculation Agent's Specified Office.

          (h)  (Annual Financial Statements) In the case of the Manager only, it
               will deliver to the Note Trustee, within 180 days after the end
               of each fiscal year of the Securitisation Fund (the first such
               fiscal year commencing on 1 July 2003 and within 180 days after
               the end of each half year, the financial statements of the
               Securitisation Fund. Such statements shall be audited by the
               Issuer's Auditors and shall be prepared in such form as will
               comply with all relevant legal and accounting requirements.

          (i)  (Notices) It will promptly give to the Note Trustee, or ensure
               that the Note Trustee receives for approval by the Note Trustee,
               two copies of the form of every notice prior to the notice being
               given to the Class A Noteholders in accordance with Condition 12.

          (j)  (Annual Statement as to Compliance) The Issuer (or the Manager on
               its behalf) will deliver to the Note Trustee, within 120 days
               after the end of each fiscal year of the Trust (commencing on 30
               September 2002), and otherwise in compliance with the
               requirements of section 314(a)(4) of the TIA, an Officer's
               Certificate stating that:

               (1)  a review of the activities of the Issuer in respect of the
                    Trust during such year and of performance under the
                    Transaction Documents has been made under supervision of the
                    person signing the Officer's Certificate (the "Signatory");
                    and

               (2)  to the best of the knowledge of the Signatory, based on the
                    review referred to in paragraph (1), the Issuer has complied
                    with all conditions and covenants under the Transaction
                    Documents

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                                                                         PAGE 31

<PAGE>

                                                                 Note Trust Deed

                    throughout the relevant year, or, if there has been a
                    default in the compliance of any such condition or covenant,
                    specifying each such default known to the Signatory of the
                    nature and status of the default.

               For the purposes of this clause 11.1(j) compliance shall be
               determined without regard to any period of grace or requirement
               of notice under the Transaction Documents.

          (k)  (Opinions as to Trust Estate) On the Closing Date, the Manager
               shall furnish to the Note Trustee an Opinion of Counsel (who may
               be counsel for the Manager) either stating that in the opinion of
               such counsel the Security Trust Deed and any other requisite
               documents has been properly recorded and filed so as to make
               effective the Security Interest intended to be created by the
               Security Trust Deed, and reciting the details of such action, or
               stating that in the opinion of such counsel no such action is
               necessary to make such Security Interest effective.

               Within 120 days after the end of each fiscal year commencing on
               30 September 2002, the Issuer (or the Manager on its behalf)
               shall furnish to the Note Trustee an Opinion of Counsel (who may
               be counsel for the Issuer) either stating that in the opinion of
               such counsel such action has been taken with respect to the
               recording, filing, re-recording, and refiling of the Security
               Trust Deed and any other requisite documents as is necessary to
               maintain the Security Interest created by the Security Trust
               Deed, and reciting the details of such action, or stating that in
               the opinion of such counsel no such action is necessary to
               maintain such Security Interest.

          (l)  In addition, the Issuer shall procure that an Opinion of Counsel
               is provided by its counsel as to the due validity and
               enforceability of the Transaction Documents against the Issuer
               and the Security Trustee.

          (m)  (Noteholder Report)

               (1)  The Manager shall deliver to the Issuer, the Note Trustee
                    and the Principal Paying Agent on each Determination Date
                    the Noteholders Report for the related Calculation Period,
                    with written instructions for the Note Trustee and the
                    Principal Paying Agent to forward the Noteholders Report to
                    each Class A Noteholder.

               (2)  Each Noteholder Report shall contain the information set out
                    in Schedule 2.

          (n)  (Change of Manager) It will, in the case of the Issuer only,
               promptly notify the Note Trustee of any retirement or replacement
               of the Manager pursuant to clause 14 of the Master Trust Deed and
               of the appointment of a replacement Manager.

          (o)  (Transaction Documents) It will, in the case of the Manager only,
               provide to the Note Trustee, on or prior to the issue of any of
               the Class A Notes (Issue Date), one copy of each Transaction
               Document as at that Issue Date and provide to the Note Trustee a
               copy of each Transaction Document which is material to the
               interests of the Note Trustee and the Noteholders executed after
               that Issue Date promptly after its execution.

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                                                                         PAGE 32

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                                                                 Note Trust Deed

          (p)  (Paying Agents Trust) The Manager will ensure that each Paying
               Agent agrees, as a term of its appointment, to hold in trust for
               the benefit of the Class A Noteholders or the Note Trustee all
               sums held by such Paying Agent for the payment of the principal
               of or interest on the Class A Notes and to promptly give to the
               Note Trustee notice of any default by the Issuer (without regard
               to any grace period) in the making of any such payment.

   11.2   REPRESENTATIONS AND WARRANTIES

          The Issuer and the Manager hereby confirm for the benefit of the Note
          Trustee and the Class A Noteholders the representations and warranties
          provided by each of them under clause 5.1 and 5.2 respectively of the
          Security Trust Deed. For the purposes of this warranty all references
          in clauses 5.1 and 5.2 of the Security Trust Deed to "this deed" shall
          refer to the Note Trust Deed.

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12  REMUNERATION OF NOTE TRUSTEE, PRINCIPAL PAYING AGENT, CALCULATION
    AGENT AND NOTE REGISTRAR

    12.1  FEE

          The Issuer, in its personal capacity and not as trustee of the
          Securitisation Fund, shall pay to the Note Trustee, the Principal
          Paying Agent, the Calculation Agent and the Note Registrar the
          respective fees agreed between them.

    12.2  ADDITIONAL REMUNERATION

          If the Note Trustee gives direction under Condition 10 or it
          undertakes duties which it considers expedient or necessary under this
          deed, or which the Issuer requests it to undertake and which duties
          the Note Trustee, the Issuer and, the Manager agree to be of an
          exceptional nature or otherwise outside the scope of the normal duties
          of the Note Trustee under this deed, the Issuer shall pay to the Note
          Trustee any additional remuneration as the Note Trustee, the Issuer
          and the Manager agree.

          In the event of the Note Trustee, the Issuer and the Manager failing
          to agree on such additional remuneration, such remuneration shall be
          determined by a merchant or investment bank (acting as an expert and
          not as an arbitrator) selected by the Note Trustee and approved by the
          Manager or, failing such approval, nominated (on the application of
          the Note Trustee or the Manager) by the President for the time being
          of the Law Society of New South Wales the expenses involved in such
          nomination and the fees of such merchant or investment bank being paid
          by the Issuer (which payments are an Expense for the purposes of the
          Master Trust Deed) and the determination of any such merchant or
          investment bank shall be final and binding upon the Note Trustee, the
          Manager and the Issuer and shall be payable by the Issuer to the Note
          Trustee.

          Any fee payable under this clause 12.2 and the Issuer's share of any
          costs payable to any expert in accordance with this clause shall be an
          Expense as defined in the Master Trust Deed.

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                                                                         PAGE 33

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                                                                 Note Trust Deed

    12.3  COSTS, EXPENSES

          (a)  Subject to clause 50.8, the Issuer shall also reimburse, pay or
               discharge all reasonable costs, charges, liabilities and expenses
               and any stamp and other Taxes (other than income tax) or duties
               incurred by the Note Trustee (or the Class A Noteholders acting
               under clause 6.5 (as the case may be)) in connection with
               properly undertaking its duties under the Transaction Documents
               and in connection with any legal proceedings brought by the Note
               Trustee (or the Class A Noteholders acting under clause 6.5 (as
               the case may be)) to enforce any obligation under this deed or
               the Class A Notes or any other Transaction Documents. Without
               limiting any right of indemnity available by law to the Note
               Trustee, the Note Trustee is entitled to be indemnified from the
               Securitisation Fund for and against all such costs, charges,
               liabilities and expenses and any stamp and other taxes (other
               than income tax) or duties. The Note Trustee shall not be
               reimbursed for any overhead or general operating expenses which
               it incurs.

          (b)  Without prejudice to the right of indemnity by law given to
               trustees, to the extent the Issuer is itself entitled to be
               indemnified, and subject to clause 45, the Issuer indemnifies the
               Note Trustee (or the Class A Noteholders acting under clause 6.5
               (as the case may be)) and every other person properly appointed
               by it or any of them under this deed from and against all
               liabilities, losses, damages, costs, expenses, actions,
               proceedings, claims and demands incurred by or made against it or
               him in the execution of the trusts of this deed or of their
               powers or in respect of any matter or thing done or omitted in
               any way relating to this deed (other than arising from any fraud,
               negligence or wilful default by the Note Trustee or that person).

    12.4  OVERDUE RATE

          All sums payable by the Issuer under clauses 12, 29, 47 and 50.8 shall
          be payable by the Issuer on the next Payment Date in the order set out
          in the Supplementary Bond Terms Notice or (if applicable) the Security
          Trust Deed and shall carry interest at the rate of LIBOR plus 2% from
          the due date. Any amount payable shall carry interest at that rate
          from the due date to the date of actual payment.

    12.5  CONTINUING OBLIGATION

          Unless otherwise specifically stated in any discharge relating to this
          deed the provisions of this clause shall continue in full force and
          effect notwithstanding such discharge and even if the Note Trustee has
          ceased to be the Note Trustee for any reason including but not limited
          to those contemplated in clause 39.

    12.6  GOODS AND SERVICES TAX (GST)

          (a)  Subject to paragraph (b), all amounts referred to in this deed
               which are relevant in determining a payment to be made by one
               party to another are exclusive of GST unless specifically
               indicated otherwise.

          (b)  If a party to this agreement is entitled to be indemnified or
               reimbursed for any cost or expense incurred by that party, then
               the indemnity or reimbursement will be calculated by reference to
               the GST-exclusive

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               amount of that cost or expense, increased by an amount equal to
               that part of the cost or expense for which the party is not
               entitled to an input tax credit but would be if it were entitled
               to a full input tax credit. For the avoidance of doubt, the
               amount calculated under this paragraph (b) is a GST-exclusive
               amount.

          (c)  If GST is levied or imposed on a supplier in respect of any
               supply made under or in connection with this deed for which the
               consideration is a monetary payment, then the consideration
               provided for that supply is increased by an amount equal to the
               consideration multiplied by the rate at which that GST is levied
               or imposed. This additional amount is payable to the party with
               the liability to remit GST in the manner and at the time when the
               consideration to which it relates is payable. For the avoidance
               of doubt, if GST is levied or imposed on the recipient of a
               supply under or in connection with this deed, then no additional
               amount is payable under this paragraph (c).

               If an amount of consideration for a supply is denominated in a
               currency other than Australian dollars, then the increase in the
               consideration calculated under paragraph (c) will be payable in
               the same currency as the consideration to which it relates.

          (d)  The recipient of any consideration for a supply (whether in money
               or otherwise) must provide to the other part a GST tax invoice
               (or any other thing required under any legislation) in the form
               required by the A New Tax System (Goods and Services Tax) Act
               1999.

          (e)  Where an "adjustment event", as defined in the A New Tax System
               (Goods and Services Tax) Act 1999 occurs under this agreement,
               the parties shall do all things necessary to ensure that the
               adjustment event may be appropriately recognised, including the
               issue of an "adjustment note", as that term is defined in that
               Act.

    12.7  CURRENCY AND VAT

          The above fees and expenses will be paid in US dollars. The Issuer
          will in addition pay any value added tax which may be applicable.

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

13  NOTE TRUSTEE

    13.1  PREFERENTIAL COLLECTION OF CLAIMS AGAINST TRUSTEE

          The Note Trustee shall comply with Section 311(a) of the TIA,
          excluding any creditor relationship listed in Section 311(b) of the
          TIA. A Note Trustee who has resigned or been removed shall be subject
          to Section 311(a) of TIA only to the extent required by the TIA.

    13.2  DUTIES OF NOTE TRUSTEE

          (a)  If an Event of Default has occurred and is subsisting, of which a
               Responsible Officer of the Note Trustee has actual knowledge, the
               Note Trustee shall exercise the rights and powers vested in it by
               this deed and use the same degree of care and skill in their
               exercise as a prudent person

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               would exercise or use under the circumstances in the conduct of
               such person's own affairs.

          (b)  Except while an Event of Default subsists:

               (1)  the Note Trustee undertakes to perform such duties and only
                    such duties as are specifically set forth in this deed and
                    no implied covenants or obligations shall be read into this
                    deed against the Note Trustee; and

               (2)  in the absence of bad faith on its part, the Note Trustee
                    may conclusively rely, as to the truth of the statements and
                    the correctness of the opinions expressed therein, upon
                    certificates or opinions furnished to the Note Trustee and
                    conforming to the requirements of this deed; however, the
                    Note Trustee shall examine the certificates and opinions to
                    determine whether or not they conform to the requirements of
                    this deed.

          (c)  The Note Trustee may not be relieved from liability for its own
               negligent action, its own negligent failure to act or its own
               wilful misconduct, except that:

               (1)  this paragraph does not limit the effect of paragraph (a) of
                    this clause; and

               (2)  the Note Trustee shall not be liable for any error of
                    judgment made in good faith by a Responsible Officer unless
                    it is proved that the Note Trustee was negligent in
                    ascertaining the pertinent facts.

          (d)  Section 315(d)(3) of the TIA is expressly excluded by this deed.

    13.3  OBLIGATIONS OF NOTE TRUSTEE

          (a)  The Note Trustee represents and warrants that it is duly
               qualified to assume its obligations under this deed and has
               obtained all necessary approvals required to perform its
               obligations under this deed.

          (b)  If the Note Trustee is entitled under the Master Trust Deed or
               the Security Trust Deed to vote at any meeting on behalf of Class
               A Noteholders, the Note Trustee must vote in accordance, where
               applicable, with the directions of the Class A Noteholders
               (whether or not solicited and whether or not all Class A
               Noteholders have provided such directions) and otherwise in its
               absolute discretion.

    13.4  NOTICE OF DEFAULTS

          (a)  If an Event of Default occurs and is subsisting and the Note
               Trustee is actually aware of that Event of Default, the Note
               Trustee shall mail to each Class A Noteholder notice of the Event
               of Default within 90 days after becoming so aware.

          (b)  Except in the case of a default in payment of principal of or
               interest on any Class A Note (including payments pursuant to the
               mandatory redemption provisions of that Class A Note), the Note
               Trustee may withhold the notice referred to in paragraph (a) if
               and so long as the board of directors, the executive committee or
               a trust committee of its directors in good faith

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                                                                 Note Trust Deed

               determines that withholding the notice is in the interest of
               Class A Noteholders.

    13.5  RIGHTS OF NOTE TRUSTEE

          (a)  The Note Trustee may conclusively rely on any document believed
               by it to be genuine and to have been signed or presented by the
               proper person. The Note Trustee need not investigate any fact or
               matter stated in the document. The Note Trustee is not 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 or
               persons whose signature it purports to be or on whose behalf it
               purports to be made unless the Note Trustee has actual notice of
               such matters.

          (b)  Before the Note Trustee acts or refrains from acting, it may
               require an Officer's Certificate or an Opinion of Counsel. The
               Note Trustee shall not be liable for any action it takes, suffers
               or omits to take in good faith in reliance on the Officer's
               Certificate or opinion of Counsel.

          (c)  No provision of this deed or any other Transaction Document shall
               require the Note Trustee to expend or risk its own funds or
               otherwise incur financial liability in the performance of any of
               its duties hereunder or in the exercise of any of its rights or
               powers, if it shall have reasonable grounds to believe that
               repayment of such funds or indemnity satisfactory to it against
               such risk or liability is not assured to it. Except for the
               obligations imposed on it under this deed, the Class A Notes or
               any other Transaction Document, the Note Trustee is not obliged
               to do or omit to do any thing, including entering into any
               transaction or incurring any liability unless the Note Trustee's
               liability, is limited in a manner satisfactory to the Note
               Trustee in its absolute discretion

          (d)  The Note Trustee shall not be responsible for and makes no
               representation as to the validity or adequacy of this deed or the
               Class A Notes or any Transaction Document, shall not be
               accountable for the Issuer's use of the proceeds from the Class A
               Notes. and shall not be responsible for any statement of the
               Issuer in this deed or in any document issued in connection with
               the sale of the Class A Notes or in the Class A Notes and is not
               liable for any failure to obtain any licence, consent or other
               authority for the execution, delivery, legality, effectiveness,
               adequacy, genuineness, validity, performance, enforceability or
               admissibility in evidence of this deed or any other Transaction
               Document except in each case with respect to itself or to the
               extent specifically provided in this deed or such Transaction
               Document. The Note Trustee is not responsible for recitals,
               statements, warranties or representations of any party (other
               than itself) contained in any Transaction Document (and is
               entitled to assume the accuracy and correctness thereof).

          (e)  The Note Trustee may in relation to this deed act on the advice
               or opinion of or any information obtained from any lawyer,
               valuer, accountant, banker, broker, credit-rating agency, lead
               manager or other expert whether obtained by the Issuer, the Note
               Trustee, the Manager, the Mortgage Manager or otherwise. The Note
               Trustee will not be responsible for any loss occasioned by so
               acting and in reliance on such advice.

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                                                                 Note Trust Deed

          (f)  Any advice, opinion or information may be sent or obtained by
               letter, telex, telegram, facsimile transmission or cable and the
               Note Trustee shall not be liable for acting on any such advice,
               opinion or information purporting to be conveyed by any such
               letter or facsimile transmission although the same shall contain
               some error or shall not be authentic.

          (g)  The Note Trustee may call for and shall be at liberty to accept
               as sufficient evidence of any fact or matter or the expediency of
               any transaction or thing a certificate signed by two Authorised
               Signatories of the Issuer and the Note Trustee shall not be bound
               in any such case to call for further evidence or be responsible
               for any loss that may be occasioned by the Note Trustee acting on
               that certificate.

          (h)  The Note Trustee is at liberty to hold or to place this deed and
               any other documents relating to this deed in any part of the
               world (other than Australia) with any banker or banking company
               or company whose business includes undertaking the safe custody
               of documents or lawyer or firm of lawyers reasonably considered
               by the Note Trustee to be of good repute and except in the case
               of fraud, negligence or wilful default (in the case of the
               Security Trustee) or fraud, negligence, default or wilful default
               (in the case of the Note Trustee) of that party, neither the Note
               Trustee nor the Security Trustee shall be responsible for any
               loss, expense or liability which may be suffered as a result of
               any such holding or placement or of any assets secured by the
               Security Trust Deed, Charged Property or any deed or documents of
               title thereto, being uninsured or inadequately insured or being
               held by or to the order of the Mortgage Manager or any of its
               affiliates or by clearing organisations or their operators or by
               any person on behalf of the Note Trustee if chosen in accordance
               with the Transaction Documents.

          (i)  The Note Trustee shall not be responsible for the receipt or
               application of the proceeds of the issue of any of the Class A
               Notes (except to the extent specifically provided in this deed)
               or any moneys borrowed by the Issuer under any Transaction
               Document or the transfer or cancellation of any Class A Note or
               exchange of any Book-Entry Note for any other Book-Entry Note or
               Definitive Note, as the case may be.

          (j)  Except as otherwise provided in this deed or any other
               Transaction Documents to which it is a party, the Note Trustee
               shall not be bound to give notice to any person of the execution
               of this deed or any of the Transaction Documents or any
               transaction contemplated hereby or thereby or to take any steps
               to ascertain whether any Event of Default has happened and, until
               it has actual knowledge or express notice to the contrary, the
               Note Trustee is entitled to assume that no Event of Default has
               happened and that the Issuer and each other party to any
               Transaction Document is observing and performing all the
               obligations on its part contained in the Class A Notes and under
               this deed or, as the case may be, the Security Trust Deed or any
               other Transaction Document to which it is a party and need not
               inquire whether that is, in fact, the case (but nothing in this
               clause 13.5(j) is to be construed as limiting the Note Trustee's
               right to make such inquiries in its discretion, and to exercise
               its power under this deed to do so).

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<PAGE>

                                                                 Note Trust Deed

          (k)  Save as expressly otherwise provided in this deed or the
               Transaction Documents, the Note Trustee shall have absolute and
               uncontrolled discretion as to the exercise of the discretions,
               powers, authorities and trusts vested in the Note Trustee by this
               deed and the Transaction Documents (the exercise of which as
               between the Note Trustee and the Class A Noteholders shall be
               conclusive and binding on the Class A Noteholders) but whenever
               the Note Trustee is under the provisions of this deed or the
               Transaction Documents bound to act at the request or direction of
               the Class A Noteholders, or any of them, the Note Trustee shall
               nevertheless not be so bound unless first indemnified to its
               satisfaction against all actions, proceedings, claims and demands
               to which it may render itself liable and all costs, charges,
               damages, expenses and liabilities which it may incur by so doing.

          (l)  Any consent or approval given by the Note Trustee for the purpose
               of this deed, the Conditions and any Transaction Document may be
               given on any terms and subject to any conditions as the Note
               Trustee thinks fit and despite anything to the contrary contained
               in this deed, any Transaction Document or the Conditions may be
               given retrospectively.

          (m)  The Note Trustee shall not (unless and to the extent ordered so
               to do by a court of competent jurisdiction) be required to
               consider or disclose to any Class A Noteholder or any Secured
               Creditor, any information made available to the Note Trustee by
               the Issuer or any other person in connection with the trusts of
               this deed and no Class A Noteholder shall be entitled to take any
               action to obtain from the Note Trustee any such information.

          (n)  Where it is necessary or desirable for any purpose in connection
               with this deed or any Transaction Document to convert any sum
               from one currency to another it shall (unless otherwise provided
               by this deed, any other Transaction Document or required by law)
               be converted at the rate or rates, in accordance with the method
               and as at the date for the determination of the rate of exchange,
               as may be agreed by the Note Trustee in consultation with the
               Manager and any rate, method and date so agreed shall be binding
               on the Issuer and the Class A Noteholders.

          (o)  Subject to clauses 6.4 and 7.4, the Note Trustee may certify in
               good faith whether or not any of the events set out in paragraphs
               (b) to (d) of Condition 9 or any breach under clause 7 of the
               Security Trust Deed is in its opinion materially prejudicial to
               the interests of the relevant Class A Noteholders and may
               certify, in relation to the event set out in paragraph (a) of
               Condition 9 in relation to any payment of interest on the Class A
               Notes that the Issuer had, on the due date for payment of the
               amount of interest in question, sufficient cash to pay, in
               accordance with the provisions of the Supplementary Bond Terms
               Notice or the Security Trust Deed, all interest (after payment of
               all sums which are permitted under the Supplementary Bond Terms
               Notice or the Security Trust Deed to be paid in priority to or
               pari passu with them) and that certificate shall be conclusive
               and binding upon the Issuer and the Class A Noteholders. The Note
               Trustee shall have no liability to the Issuer, any Class A
               Noteholder or any other person in relation to any such
               certificate or in relation to any delay or omission in providing
               such certificate. In giving any certificate

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<PAGE>

                                                                 Note Trust Deed

               relating to paragraph (a) of Condition 9, the Note Trustee may
               rely on any determination made by any Independent accountants of
               recognised standing in Australia and any such determination shall
               be conclusive and binding on the Issuer and the Class A
               Noteholders. The Issuer shall pay the Note Trustee's reasonable
               costs and expenses of providing the certificate at the times
               specified in the Supplementary Bond Terms Notice.

          (p)  The Note Trustee shall not be bound to take any steps to
               ascertain whether any event, condition or act, the happening of
               which would cause a right or remedy to become exercisable by the
               Note Trustee under this deed or by the Issuer under any of the
               Transaction Documents, has happened or to monitor or supervise
               the observance and performance by the Issuer or any of the other
               parties thereto of their respective obligations thereunder and,
               until it shall have actual knowledge or express notice to the
               contrary, the Note Trustee shall be entitled to assume that no
               such event, condition or act has happened and that the Issuer and
               each of the other parties thereto are observing and performing
               all their respective obligations thereunder.

          (q)  The Note Trustee shall not be bound or concerned to examine or
               enquire into nor is it liable for any failure, omission or defect
               in or filing or procuring registration or filing of or otherwise
               protecting or perfecting the Security Trust Deed or the Charged
               Property or any other security or failure to call for delivery of
               documents of title to the Charged Property or any other security
               or to require any further assurances in relation to any property
               or assets comprised in the Charged Property or any other
               security. The Note Trustee may accept without enquiry,
               requisition or objection such title as the Issuer may have to the
               Charged Property or any part thereof from time to time and shall
               not be bound to investigate or make any enquiry into the title of
               the Issuer to the Charged Property or any part thereof from time
               to time.

          (r)  Without prejudice to the provisions of any Transaction Document,
               the Note Trustee shall not be under any obligation to insure any
               of the Charged Property (or any other property) or any deeds or
               documents of title or other evidence relating to that property
               and shall not be responsible for any loss, expense or liability
               which may be suffered as a result of the lack of or inadequacy of
               any insurance.

          (s)  The Note Trustee shall not be responsible for any loss, expense
               or liability occasioned to the Charged Property or any other
               property or in respect of all or any of the moneys which may
               stand to the credit of the Collection Account, from time to time
               however caused (including any bank, broker, depository,
               warehouseman or other intermediary or any clearing system or its
               operator acting in accordance with or contrary to the terms of
               any of the Transaction Documents or otherwise), unless that loss
               is occasioned by the fraud, negligence, default or wilful default
               of the Note Trustee.

          (t)  The Note Trustee has no responsibility whatsoever to the Issuer
               or any Class A Noteholder as regards any deficiency or additional
               payment, as the case may be, which might arise because the Note
               Trustee or the Issuer is subject to any Tax in respect of that
               payment, the Charged Property, the Security Trust Deed, this
               deed, or any other security or any income or any proceeds from
               them.

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<PAGE>

                                                                 Note Trust Deed

          (u)  No provision of this deed requires the Note Trustee to do
               anything which may be illegal or contrary to applicable law or
               regulation or expend or risk its own funds or otherwise incur any
               financial liability in the performance of any of its duties, or
               in the exercise of any of its rights or powers, if it has grounds
               to believe that repayment of those funds or adequate indemnity
               against that risk or liability is not assured to it. Without
               limitation nothing contained in this deed imposes any obligation
               on the Note Trustee to make any further advance to an obligor or
               to borrow any moneys under a Transaction Document.

          (v)  The Note Trustee is not responsible (except as to itself) for the
               genuineness, validity, effectiveness or suitability of any of the
               Transaction Documents or any of the Mortgages, Security Interests
               or other documents entered into in connection with them or any
               Mortgage Insurance Policy or any other document or any obligation
               or rights created or purported to be created by them or under
               them or any Security Interest or the priority constituted by or
               purported to be constituted by or pursuant to that Security
               Interest, nor shall it (except as to itself) be responsible or
               liable to any person because of any invalidity of any provision
               of those documents or the unenforceability of those documents,
               whether arising from statute, law or decision of any court and
               (without limitation) the Note Trustee shall not be responsible
               for or have any duty to make any investigation in respect of or
               in any way be liable whatsoever for:

               (1)  the nature, status, creditworthiness or solvency of any
                    Mortgagor or any other person or entity who has at any time
                    provided any security or support whether by way of
                    guarantee, Security Interest or otherwise in respect of any
                    advance made to any Mortgagor;

               (2)  the execution, legality, validity, adequacy, admissibility
                    in evidence or enforceability of any Mortgage or Loan or any
                    other document entered into in connection with them;

               (3)  the title, ownership, value, sufficiency or existence of any
                    Land, mortgaged property or any Mortgage Insurance Policy;

               (4)  the registration, filing, protection or perfection of any
                    Mortgage or the priority of the security created under a
                    Mortgage whether in respect of any initial advance or any
                    subsequent advance or any other sums or liabilities;

               (5)  the scope or accuracy of any representations, warranties or
                    statements made by or on behalf of any Mortgagor in any
                    application for any advance or in any Mortgage or Loan or in
                    any document entered into in connection with them;

               (6)  the performance or observance by any Mortgagor or any other
                    person of any provisions of any Mortgage or Loan or in any
                    document entered into in connection with them or the
                    fulfilment or satisfaction of any conditions contained in
                    them or relating to them or as to the existence or
                    occurrence at any time of any default, event of default or
                    similar event contained in them or any waiver or consent
                    which has at any time been granted in relation to any of the
                    above;

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                                                                         PAGE 41

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                                                                 Note Trust Deed

               (7)  the existence, accuracy or sufficiency of any legal or other
                    opinions, searches, reports, certificates, valuations or
                    investigations delivered or obtained or required to be
                    delivered or obtained at any time in connection with any
                    Mortgage or Loan;

               (8)  the title of the Issuer to any Mortgage, Loan or other
                    Charged Property;

               (9)  the suitability, adequacy or sufficiency of any guidelines
                    under which Loans are entered into or compliance with those
                    guidelines or compliance with any applicable criteria for
                    any further advances or the legality or ability or
                    enforceability of the advances or the priority of the
                    Mortgages in relation to the advances;

               (10) the compliance of the provisions and contents of and the
                    manner and formalities applicable to the execution of the
                    Mortgages and Loans and any documents connected with them or
                    the making of any advance intended to be secured by them or
                    with any applicable laws or regulations (including consumer
                    credit legislation);

               (11) the failure by the Issuer, any Mortgage Manager or the
                    Manager to obtain or comply with any Authorisation in
                    connection with the origination, sale, purchase or
                    administration of any of the Mortgages or Loans or the
                    making of any advances in connection with them or the
                    failure to effect or procure registration of or to give
                    notice to any person in relation to or otherwise protect the
                    security created or purported to be created by or pursuant
                    to any of the Mortgages or Loans or other documents entered
                    into in connection with them;

               (12) the failure to call for delivery of documents of title to or
                    require any transfers, legal mortgages, charges or other
                    further assurances in relation to any of the assets the
                    subject matter of any of the Transaction Documents or any
                    other document;

               (13) any accounts, books, records or files maintained by any
                    Mortgage Manager, the Issuer, the Manager or any other
                    person in respect of any of the Mortgages or Loans; or

               (14) any other matter or thing relating to or in any way
                    connected with any Mortgage or Loans or any document entered
                    into in connection with them whether or not similar to the
                    above.

          (w)  The Note Trustee is not liable or responsible for any loss, cost,
               damages, expenses, liabilities or inconvenience which may result
               from anything done or omitted to be done by it in accordance with
               the provisions of this deed, any other Transaction Document or
               any other document or as a consequence of or in connection with
               it being held or treated as, or being deemed to be, a creditor,
               for the purposes of the consumer credit legislation, in respect
               of any of the Mortgages.

          (x)  The Note Trustee shall be entitled to call for and rely on a
               certificate or any letter of confirmation or explanation
               reasonably believed by it to be genuine, of the Issuer, the
               Manager, any Paying Agent, the Calculation Agent, any Designated
               Rating Agency or any other credit rating agency in respect of
               every manner and circumstance for which a certificate is

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                                                                         PAGE 42

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                                                                 Note Trust Deed

               expressly provided for under this deed or in respect of the
               rating of the Class A Notes or the Conditions and the Note
               Trustee is not bound in any such case to call for further
               evidence or be responsible for any loss, liability, costs,
               damages, expenses or inconvenience that may be occasioned by its
               failing so to do.

          (y)  In connection with the exercise by it of any trusts, powers,
               authorities and discretions under this deed or any other
               Transaction Documents (including, without limitation, any
               modification, waiver, authorisation or determination), the Note
               Trustee must where it is required to have regard to the interests
               of the Class A Noteholders, have regard to the general interests
               of the Class A Noteholders as a class. The Note Trustee will not
               incur any liability to any Class A Noteholder as a result of the
               Note Trustee giving effect to this clause 13.5(y).

          (z)  Except as otherwise provided in this deed or any other
               Transaction Document, the Note Trustee shall have no
               responsibility for the maintenance of any rating of the Class A
               Notes by a Designated Rating Agency or any other credit-rating
               agency or any other person.

         (aa)  The Note Trustee shall be under no obligation to monitor or
               supervise the functions of the Mortgage Manager from time to time
               under the terms of any Mortgage Origination and Management
               Agreement or any other person under any other Transaction
               Document, and is entitled, in the absence of actual knowledge of
               a breach of duty or obligation, to assume that the Mortgage
               Manager is properly performing its obligations in accordance with
               the provisions of the Mortgage Origination and Management
               Agreement or that any other person is properly performing its
               obligations in accordance with each other Transaction Document,
               as the case may be.

         (bb)  The Note Trustee acknowledges that the Manager is responsible,
               under the Supplementary Bond Terms Notice, for calculating all
               amounts referred to in clause 6 of the Supplementary Bond Terms
               Notice and the Note Trustee has no liability in respect of these
               calculations.

         (cc)  The Note Trustee shall not be liable to the Issuer or any
               Noteholder by reason of having accepted as valid or not having
               rejected any Definitive Note purporting to be such and
               subsequently found to be forged or not authentic and the Note
               Trustee may call for and shall be at liberty to accept and place
               full reliance on, as sufficient evidence of the facts stated
               therein, a certificate or letter of confirmation certified as
               true and accurate and signed on behalf of the Clearing Agency or
               any Common Depository for it or any person as the Note Trustee
               reasonably considers appropriate, or any form of record made by
               any of them to the effect that at any particular time or through
               any particular period any particular person is, was or will be
               shown in its records as entitled to a particular number of Class
               A Notes.

         (dd)  The Note Trustee is under no obligation to account to any person
               for any moneys received pursuant to this deed or any other
               Transaction Document other than those received by the Note
               Trustee from the Issuer or received or recovered by the Note
               Trustee under this deed or any other Transaction Document,
               subject always to such deductions and withholdings by the Note
               Trustee as are authorised by this deed. Obligations of the Note

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                                                                 Note Trust Deed

               Trustee to any person under or in connection with this deed can
               only be enforced against the Note Trustee to the extent to which
               they can be satisfied out of such moneys in accordance with this
               deed.

         (ee)  The Note Trustee will not be responsible for having acted in good
               faith upon a direction purporting to have been given by the
               holders of at least 75% of the aggregate Invested Amount of the
               Class A Notes even though it may subsequently be found that for
               any reason such direction was not valid or binding upon the Note
               Trustee, other than as a result of fraud, negligence or wilful
               default.

         (ff)  The Note 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:

               (1)  any information, report, balance sheet, profit and loss
                    account, certificate or statement suppled by the Issuer, the
                    Security Trustee or the Manager or by any officer, auditor
                    or solicitor of the Issuer, the Security Trustee or the
                    Manager;

               (2)  any information or statement provided to it in relation to
                    the Class A Notes. the Class A Noteholders or the Class A
                    Noteowners by the Clearing Agency or its nominee;

               (3)  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, the Security
                    Trust Deed, the Master Trust Deed or the Supplementary Bond
                    Terms Notice;

               (4)  all accounts supplied to the Note Trustee pursuant to this
                    deed and all reports of the Auditor supplied to the Note
                    Trustee pursuant to this deed; and

               (5)  notices and other information supplied to the Note Trustee
                    under this deed;

               save, in each case, when it is actually aware that the
               information supplied pursuant to subclauses (1) to (5) is
               actually incorrect or incomplete.

         (gg)  The Note Trustee may, whenever it thinks it expedient in the
               interests of the Class A Noteholders, apply to any court for
               directions in relation to any question of law or fact arising
               either before or after an Event of Default and assent to or
               approve any applications of any Class A Noteholder, the Issuer or
               the Manager.

         (hh)  Subject to this deed, any applicable laws and any duty of
               confidentiality owed to any other person, the Note Trustee may,
               for the purpose of meeting its obligations under this Deed,
               disclose to any Class A Noteholder any confidential, financial or
               other information made available to the Note Trustee by any
               person in connection with this deed.

         (ii)  The Note Trustee, as between itself and the Class A Noteholders,
               has full power to determine (acting reasonably and in good faith)
               all questions and

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               doubts arising in relation to any of the provisions of this deed
               and every such determination, whether made upon such a question
               actually raised or implied in the acts or proceedings of the Note
               Trustee, will be conclusive and will bind the Note Trustee and
               the Class A Noteholders.

         (jj)  The Note Trustee is entitled to assume for the purposes of
               exercising any power, trust, authority, duty or discretion under
               or in relation to the Class A Notes. this deed or any other
               Transaction Document, that such exercise will not be materially
               prejudicial to the interests of the Class A Noteholders if each
               of the Designated Rating Agencies has confirmed in writing that
               such exercise will not result in the reduction, qualification or
               withdrawal of the credit rating then assigned by it to the Class
               A Notes (but nothing in this clause is to be construed as
               requiring the Note Trustee to obtain such confirmation).

         (kk)  Each Class A Noteholder is solely responsible for making its own
               independent appraisal of and investigation into the financial
               condition, creditworthiness, condition, affairs, status and,
               nature of the Issuer and the Securitisation Fund and the Note
               Trustee does not at any time have any responsibility for the same
               and no Class A Noteholder may rely on the Note Trustee in respect
               of such appraisal and investigation.

         (ll)  In the event of any dispute or ambiguity as to the construction
               or enforceability of this deed or any other Transaction Document,
               or the Note 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 Class A
               Noteholders, provided the Note Trustee is using reasonable
               endeavours to resolve such ambiguity or dispute, the Note
               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.

    13.6  LIMITATION ON NOTE TRUSTEE'S' LIABILITY

          (a)  Notwithstanding any other provision of this deed, the Note
               Trustee will have no liability under or in connection with this
               deed or any other Secured Document other than to the extent to
               which the liability is able to be satisfied out of the property
               from which the Note Trustee is actually indemnified for the
               liability. This limitation will not apply to a liability of the
               Note Trustee to the extent that it is not satisfied because,
               under this deed or by operation of law, there is a reduction in
               the extent of the Note Trustee's indemnification as a result of
               the Note Trustee's fraud, negligence or wilful default.

          (b)  The Note Trustee is not to be under any liability whatsoever for
               a failure to take any action in respect of any breach by the
               Issuer of its duties as trustee of the Securitisation Fund of
               which the Note Trustee is not aware or in respect of any Event of
               Default of which the Note Trustee is not aware.

    13.7  WILFUL DEFAULT OF THE NOTE TRUSTEE

          For the purposes of this deed the expression "wilful default":

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          (a)  in relation to the Note Trustee, means a wilful default of this
               deed by the Note Trustee;

               (1)  other than a default which:

                    (A)  arises out of a breach of a Transaction Document by a
                         person other than the Note Trustee or any person
                         referred to in paragraph (b) in relation to the Note
                         Trustee;

                    (B)  arises because some other act or omission is a
                         precondition to the relevant act or omission of the
                         Note Trustee, and that other act or omission does not
                         occur;

                    (C)  is in accordance with a lawful court order or direction
                         or is required by law; or

                    (D)  is in accordance with an instruction or direction given
                         to it by any person in circumstances where that person
                         is authorised to do so by any Transaction Document; and

               (2)  in circumstances where had it not committed that default it
                    would have been entitled to recoupment, reimbursement or a
                    right of indemnity for its costs and expenses (if any) in
                    complying with this deed from the trust constituted under
                    this deed.

          (b)  A reference to the "fraud", "negligence" or "wilful default" of
               the Note Trustee means the fraud, negligence or wilful default of
               the Note Trustee and of its officers or employees, but not of its
               agents or delegates, unless the Note Trustee is liable for the
               acts or omissions of such other person under the terms of this
               deed.

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14  NOTE TRUSTEE'S LIABILITY

    Nothing in this deed shall exempt the Note Trustee from or indemnify it
    against any liability in any case in which the Note Trustee has failed to
    show the degree of care and diligence required of it as trustee having
    regard to the provisions of this deed or any liability in respect of any
    fraud, negligence or wilful default of which it may be guilty in relation
    to its duties under this deed.

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15  DELEGATION BY NOTE TRUSTEE

          (a)  The Note Trustee may whenever it thinks fit delegate by power of
               attorney or otherwise to any person or persons for any period
               (whether exceeding one year or not) or indefinitely all or any of
               the duties, discretions, trusts, powers and authorities vested in
               the Note Trustee by this deed and that delegation may be made
               upon any terms and subject to any conditions (including power to
               sub-delegate) and subject to any regulations as the Note Trustee
               may in the interests of the Class A Noteholders think fit.

          (b)  If the Note Trustee exercises reasonable care in the selection of
               a delegate under paragraph (a), providing the Note Trustee and
               the delegate are not related bodies corporate or affiliates, the
               Note Trustee shall not be under any obligation to supervise the
               proceedings or be in any way responsible for any loss incurred by
               reason of any misconduct or default on the part of

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               any delegate or sub-delegate. The Note Trustee must within a
               reasonable time prior to any delegation or any renewal, extension
               or termination of any delegation give notice of it to the Issuer
               and the Designated Rating Agencies.

          (c)  Notwithstanding any other provision in this clause 15, where the
               Note Trustee delegates any power to a related body corporate or
               affiliate, the Note Trustee shall be liable for all acts or
               omissions of the delegate done or omitted whilst acting in its
               capacity as such.

          (d)  For the purpose of this clause 15 the following expressions have
               the following meaning:

               "related body corporate" has the meaning ascribed thereto in the
               Corporations Act of Australia;

               "affiliate" means with respect to any specified person, any other
               person controlling or controlled by or under common control with
               such specified person. For the purposes of this definition,
               "control" when used with respect to any specified person means
               the power to direct the management and policies of such person,
               directly or indirectly, whether through the ownership of voting
               securities, by contract or otherwise, and the terms "controlling"
               and "controlled" have meanings correlative to the foregoing.

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16  EMPLOYMENT OF AGENT BY NOTE TRUSTEE

           (a) The Note Trustee may in the conduct of the trusts of this deed
               instead of acting personally employ and pay an agent, whether
               being a lawyer or other professional person, to transact or
               conduct or concur in transacting or conducting any business and
               to do or concur in doing all acts required to be done in
               connection with the trusts of this deed provided that the use of
               such an agent does not have an adverse effect on the ratings of
               the Class A Notes. If the Note Trustee exercises reasonable care
               in the selection of that agent and providing the Note Trustee and
               the agent are not related bodies corporate (as defined in the
               Corporations Act) or affiliates as defined in clause 15(d), the
               Note Trustee shall not in any way be responsible for any loss
               incurred by reason of any misconduct or default on the part of
               that agent or be bound to supervise the proceedings or acts of
               such person.

          (b)  Notwithstanding any other provision in this clause 16, where the
               Note Trustee employs, under this clause 16, a related body
               corporate (as defined in the Corporations Act) or an affiliate as
               defined in clause 15(d), as agent, the Note Trustee shall be
               liable for all acts or omissions of the agent done or omitted
               whilst acting in its capacity as such.

          (c)  Any such agent which is a lawyer, accountant, broker or other
               person engaged in any profession or business is entitled to
               charge and be paid all usual professional and other charges for
               business transacted and acts done by him or his firm in
               connection with this deed and also his reasonable charges in
               addition to disbursements for all other work and business done
               and all time spent by him or his firm in connection with matters
               arising in connection with this deed. Those charges will be for
               the account of the Note Trustee unless agreed otherwise, who
               shall be reimbursed by the Issuer under clause 12.

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17  NOTE TRUSTEE CONTRACTING WITH ISSUER

          Neither the Note Trustee in its personal or any other capacity, its
          directors or officers or any related body corporate or affiliate (as
          defined in clause 15(d)) or shareholder of the Note Trustee nor any
          director or officer of a corporation acting as a trustee under this
          deed is by reason of its or their fiduciary position only in any way
          precluded from:

          (a)  entering into or being interested in any contract or financial or
               other transaction or arrangement with the Issuer or any other
               party to any of the Transaction Documents or any person or body
               corporate associated with the Issuer including any contract,
               transaction or arrangement of a banking or insurance nature or
               any contract, transaction or arrangement in relation to the
               making of loans or the provision of financial facilities to or
               the purchase, placing or underwriting of or subscribing or
               procuring subscriptions for or otherwise acquiring holding or
               dealing with the Class A Notes or any of them, or any other
               bonds, stocks, shares, debenture stock, debentures, notes or
               other securities of the Issuer or any other party to any of the
               Transaction Documents or any related person or body corporate; or

          (b)  accepting or holding the trusteeship of any other trust deed
               constituting or securing any other securities issued by or
               relating to the Issuer or any other party to any of the
               Transaction Documents or any related person or body corporate or
               any other office of profit under the Issuer or any other party to
               any of the Transaction Documents or any related person or body
               corporate and shall be entitled to retain and shall not be in any
               way liable to account for any profit made or share of brokerage
               or commission or remuneration or other benefit received by them
               or in connection with any of those arrangements.

          Where any holding company, subsidiary or associated company of the
          Issuer or any director or officer of the Issuer acting other than in
          his capacity as such a director or officer has any information, the
          Issuer shall not thereby be deemed also to have knowledge of such
          information and, unless it shall have actual knowledge of such
          information, shall not be responsible for any loss suffered by
          Noteholders resulting from the Issuer's failing to take such
          information into account in acting or refraining from acting under or
          in relation to this deed.

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18  APPOINTMENT OF PAYING AGENTS

          (a)  Subject to the terms of this deed, the Issuer (acting on the
               direction of the Manager) appoints the Principal Paying Agent as
               its principal paying agent, and each other Paying Agent as its
               paying agent, for making payments in respect of the Class A Notes
               in accordance with this deed and the Conditions at their
               respective Paying Offices. The Principal Paying Agent, and each
               other Paying Agent appointed under this deed accepts that
               appointment.

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          (b)  Except in clause 33 and as the context otherwise requires,
               references to the Principal Paying Agent are to it acting solely
               through its Paying Office.

          (c)  If at any time there is more than one Paying Agent, the
               obligations of the Paying Agents under this deed shall be several
               and not joint.

          (d)  It is acknowledged and agreed that:

               (1)  each of the Principal Paying Agent and the other Paying
                    Agents is the agent of the Issuer in its capacity as trustee
                    of the Securitisation Fund only; and

               (2)  despite anything else in this deed, any other Transaction
                    Document or at law, the Issuer in its personal capacity is
                    not responsible for any act or omission of the Principal
                    Paying Agent or any other Paying Agent.

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19  PAYMENT

    19.1  PAYMENT BY ISSUER

          The Issuer shall, with the assistance of and, at the direction of the
          Manager, not later than 10.00 am (New York time) on each Payment Date,
          pay to or to the order of, or procure the transfer to a non interest
          bearing trust account in the name of the Issuer as notified by the
          Principal Paying Agent to the Issuer and the Note Trustee in same day
          funds the amount in US$ as may be required (after taking account of
          any cash then held by the Principal Paying Agent and available for the
          purpose) to be made on each Class of Class A Notes on that Payment
          Date under the Supplementary Bond Terms Notice and the Conditions.

    19.2  CONFIRMATION

          Not later than 4.00 pm (Sydney time) on each Determination Date, the
          Manager shall notify, or procure notification to, the Principal Paying
          Agent and the Note Trustee of the amount of interest or principal
          payable in respect of each Class of Class A Notes on the Payment Date
          following that Determination Date.

    19.3  PAYMENTS BY PAYING AGENTS

          Subject to payment being duly made as provided in clause 19.1 (or to
          the Principal Paying Agent otherwise being satisfied that the payment
          will be duly made on the due date), and subject to clause 23, the
          Paying Agents shall pay or cause to be paid on behalf of the Issuer on
          each Payment Date the relevant amounts of principal and interest due
          in respect of each Class of the Class A Notes in accordance with the
          Supplementary Bond Terms Notice and the Conditions.

    19.4  METHOD OF PAYMENT - BOOK-ENTRY NOTES

          The Principal Paying Agent shall cause all payments of principal or
          interest (as the case may be) due in respect of Class A Notes
          represented by a Book-Entry Note to be made to the Common Depository.

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    19.5  METHOD OF PAYMENT - DEFINITIVE NOTES

          Payments of principal and interest on the Definitive Notes, if any,
          shall be made in accordance with the Conditions and the Supplementary
          Bond Terms Notice.

    19.6  LATE PAYMENT

          (a)  If any payment under clause 19.1 is made late but otherwise in
               accordance with the provisions of this deed, each Paying Agent
               shall make payments required to be made by it in respect of the
               Class A Notes as provided in this clause 19. However, unless and
               until the full amount of any payment in respect of the Class A
               Notes required to be made under the Transaction Documents has
               been made under clause 19.1 in accordance with this deed, no
               Paying Agent shall be bound to make a payment under this clause
               19 (but may, in its discretion, make such payment) except to the
               extent that non-payment is caused by fraud, wilful misconduct,
               negligence or bad faith on the part of that Paying Agent or of
               any of its directors, officers, employees or servants.

          (b)  If the Principal Paying Agent has not received on a Payment Date
               the full amount of principal and interest then payable on any
               Class A Note in accordance with the Supplementary Bond Terms
               Notice and the Conditions, but receives the full amount later, it
               shall:

               (1)  forthwith upon full receipt notify the other Paying Agents
                    (if any), the Note Registrar, the Calculation Agent, the
                    Issuer, the Note Trustee, the Security Trustee and the
                    Manager; and

               (2)  as soon as practicable after such full receipt give due
                    notice, in accordance with Condition 12 (unless the Note
                    Trustee agrees otherwise), to the Common Depository that it
                    has received the full amount.

    19.7  NOTICE OF NON-RECEIPT

          The Principal Paying Agent shall as soon as practicable notify by
          facsimile the other Paying Agents (if any), the Note Registrar, the
          Calculation Agent, the Note Trustee, the Issuer, the Security Trustee
          and the Manager if the full amount of any payment of principal or
          interest required to be made by the Supplementary Bond Terms Notice
          and Conditions in respect of the Class A Notes is not unconditionally
          received by it or to its order in accordance with this deed.

    19.8  REIMBURSEMENT

          The Principal Paying Agent shall (provided that it has been placed in
          funds by the Issuer) on demand promptly reimburse the other Paying
          Agents (if any) for payments of principal and interest properly made
          by that Paying Agent in accordance with the Supplementary Bond Terms
          Notice, the Conditions and this deed. The Issuer shall not be
          concerned with the apportionment of any moneys between the Principal
          Paying Agent, the other Paying Agents (if any) and payment to the
          Principal Paying Agent of any moneys due to the Paying Agents shall
          operate as a good discharge to the Issuer in respect of such moneys.

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    19.9  METHOD OF PAYMENT

          (a)  All sums payable by the Issuer to the Principal Paying Agent
               under this deed shall be paid by the Currency Swap Provider on
               behalf of the Issuer in US$ to the account specified in clause
               19.1. Those sums shall be held in an account for payment to the
               Class A Noteholders and, failing that payment within the
               designated periods of prescription specified in Condition 6, or
               upon the bankruptcy, insolvency, winding up or liquidation of the
               Principal Paying Agent or default being made by the Principal
               Paying Agent in the payment of any amounts in respect of
               principal or interest in accordance with this deed, on trust for
               repayment to the Issuer (subject to clause 20). On repayment in
               accordance with clause 20 to the Issuer that trust shall
               terminate and all liabilities of the Principal Paying Agent with
               respect to those moneys shall cease.

          (b)  Subject to the terms of this deed, the Principal Paying Agent
               shall be entitled to deal with moneys paid to it under this deed
               in the same manner as other moneys paid to it as a banker by its
               customers. The Principal Paying Agent shall be entitled to retain
               for its own account any interest earned on the sums from time to
               time credited to the separate account referred to in paragraph
               (a) and it need not segregate such sums from other amounts held
               by it.

          (c)  No Paying Agent may exercise any right of set-off or combination
               of accounts in respect of any money payable to or by it under the
               terms of this deed.

    19.10 NO FEE

          No Paying Agent will charge any commission or fee in relation to any
          payment under this deed.

    19.11 SECURITISATION FUND

          Subject to clause 19.9(a), the Principal Paying Agent shall hold in
          trust for the Note Trustee and the Class A Noteholders all sums held
          by it for the payment of principal and interest with respect to the
          Notes until all relevant sums are paid to the Note Trustee or the
          Class A Noteholders or otherwise disposed of in accordance with this
          deed.

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20  REPAYMENT

          (a)  Immediately on any entitlement to receive principal or interest
               under any Class A Note becoming void under the Conditions, the
               Principal Paying Agent shall repay to the Issuer the amount which
               would have been due in respect of that principal or interest if
               it had been paid before the entitlement became void, together
               with any fees applicable to that payment or entitlement (pro
               rated as to the amount and time) to the extent already paid under
               clause 12.

          (b)  Despite paragraph (a) the Principal Paying Agent shall not be
               obliged to make any repayment to the Issuer so long as any
               amounts which should

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                                                                 Note Trust Deed

               have been paid to or to the order of the Principal Paying Agent
               or, if applicable, the Note Trustee, by the Issuer remain unpaid.

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21  APPOINTMENT OF THE CALCULATION AGENT

         (a)   The Issuer (acting on the direction of the Manager) appoints the
               Calculation Agent as its reference agent in respect of the Class
               A Notes upon the terms and conditions set forth in this deed and
               the Calculation Agent accepts that appointment.

         (b)   It is acknowledged and agreed that:

               (1)  the Calculation Agent is the agent of the Issuer in its
                    capacity as trustee of the Securitisation Fund only; and

               (2)  despite anything else in this deed, any other Transaction
                    Document or at law, the Issuer in its personal capacity is
                    not responsible for any act or omission of the Calculation
                    Agent.

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22  DUTIES OF THE CALCULATION AGENT

          (a)  The Calculation Agent shall in relation to each Class of Class A
               Notes until the Final Maturity Date or such earlier date on which
               the Class A Notes are due and payable in full and in either case
               until the Issuer has paid all amounts in relation to the Class A
               Notes to the Principal Paying Agent or, if applicable, the Note
               Trustee:

               (1)  perform such duties at its Specified Office as are set forth
                    in this deed and in the Conditions and any other duties
                    which are reasonably incidental at the request of the
                    Issuer, the Manager, the Note Trustee or the Principal
                    Paying Agent;

               (2)  determine LIBOR for each Interest Period, and calculate the
                    relevant Interest and Interest Rate on Notes, in the manner
                    set out in Condition 4; and

               (3)  notify the Issuer, the Manager, the Note Trustee and the
                    Paying Agents in writing on or as soon as possible after the
                    first day of that Interest Period, of the Interest Rate and
                    the Interest so determined by it in relation to that
                    Interest Period, specifying to the Issuer and the Manager
                    the rates upon which they are based and (where relevant) the
                    names of the banks quoting those rates.

          (b)  The Interest, Interest Rate and relevant Payment Date made
               available under Condition 4(d) may subsequently be amended (or
               appropriate alternative arrangements made by way of adjustment)
               without notice to Class A Noteholders in the event of a
               shortening of the Interest Period.

          (c)  If the Calculation Agent at any time for any reason does not
               determine the Interest Rate or calculate the Interest for a Class
               A Note, the Manager shall do so and each such determination or
               calculation shall be deemed to have been made by the Calculation
               Agent. In doing so, the Manager shall apply the provisions of
               this clause 22, with any necessary consequential amendments, to
               the extent that, in its opinion, it can do so, and, in all other

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                                                                 Note Trust Deed

               respects it shall do so in such a manner as it shall deem fair
               and reasonable in all the circumstances.

          (d)  If the Manager does not at any time for any reason determine a
               Principal Payment, the Outstanding Principal Balance or the
               Invested Amount applicable to Class A Notes in accordance with
               the Transaction Documents, the Principal Payment, the Outstanding
               Principal Balance and the Invested Amount shall be determined by
               the Calculation Agent in accordance with the Transaction
               Documents (but based on the information in its possession) and
               each such determination or calculation shall be deemed to have
               been made by the Manager. The Calculation Agent may appoint any
               person as its agent for the purpose of making any such
               calculation or determination.

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23  NOTICE OF ANY WITHHOLDING OR DEDUCTION

          If the Issuer or any Paying Agent is, in respect of any payment in
          respect of the Class A Notes. compelled to withhold or deduct any
          amount for or on account of any taxes, duties or charges as
          contemplated by Condition 7, the Issuer must give notice to the
          Principal Paying Agent, the Note Trustee and the Class A Noteholders
          in accordance with Condition 12 immediately after becoming aware of
          the requirement to make the withholding or deduction and must give to
          the Principal Paying Agent and the Note Trustee such information as
          they reasonably require to enable each of them to comply with the
          requirement.

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24  EARLY REDEMPTION OF NOTES

          (a)  If the Issuer intends to redeem all (but not some only) of a
               Class of Class A Notes prior to its Final Maturity Date pursuant
               to Condition 5(g) or (h) (which it may only do at the direction
               of the Manager), the Manager shall give not less than 5 days'
               prior notice to the Principal Paying Agent and the Note Trustee
               before giving the requisite period of notice to the relevant
               Class A Noteholders in accordance with Condition 5(g) or (h) and
               stating the date on which such Class A Notes are to be redeemed.

          (b)  The Principal Paying Agent shall, on receipt of a notice under
               paragraph (a):

               (1)  notify the Clearing Agency of the proposed redemption,
                    specifying:

                    (A)  the aggregate Outstanding Principal Balance and
                         Invested Amount (as the case may be) of each Class of
                         Class A Notes to be redeemed;

                    (B)  the amount of principal to be repaid in relation to
                         each Class of Class A Notes; and

                    (C)  the date on which each Class of Class A Notes are to be
                         redeemed; and

               (2)  promptly and in accordance with the relevant Conditions on
                    behalf of and at the expense of the Issuer publish the
                    notices required in connection with that redemption.

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25  PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES

          (a)  If the Issuer is required to redeem some (but not all) of a Class
               of Class A Notes prior to its Final Maturity Date pursuant to
               Condition 5(a) the Manager shall on each Determination Date give
               prior notice to the Calculation Agent, the Principal Paying Agent
               and the Note Trustee, as provided in Condition 5.

          (b)  On receipt of a notice under paragraph (a), the Principal Paying
               Agent shall notify the Common Depository of the proposed
               redemption, specifying in each case the aggregate principal
               amount of the Class A Notes to be redeemed, the Class of Class A
               Notes to be redeemed and the date on which such Class A Notes are
               to be redeemed.

          (c)  The Manager shall, on each Determination Date in respect of each
               Class of the Class A Notes calculate:

               (1)  the amount of principal to be repaid in respect of each
                    Class of Class A Notes due on the next Payment Date
                    following that Determination Date; and

               (2)  the Outstanding Principal Balance and Invested Amount of
                    each Class A Note on the first day of the next following
                    Interest Period (after deducting any principal due to be
                    made on the next Payment Date),

               and shall forthwith on that Determination Date notify or cause to
               be notified to the Issuer, the Calculation Agent the Note
               Trustee, the Principal Paying Agent of each of those
               determinations in accordance with the Supplementary Bond Terms
               Notice and Conditions. On receipt of that notice, the Principal
               Paying Agent shall give a copy of that notice to the Clearing
               Agency or any Common Depository for them in accordance with the
               requirements of the Note Depository Agreement.

          (d)  The Manager will immediately cause details of each determination
               under paragraph (d) to be made available in accordance with
               Condition 12 by one Banking Day before the relevant Payment Date.

          (e)  If no principal is due to be repaid on the Class A Notes on any
               Payment Date, the Manager shall give notice or shall cause a
               notice to this effect to be given to the Class A Noteholders in
               accordance with Condition 12.

          (f)  If any Class of Class A Notes is redeemed in whole or in part in
               accordance with the Conditions and the Transaction Documents, the
               Principal Paying Agent will, if any Book-Entry Notes are still
               outstanding in relation to that Class, cause the Note Registrar
               to record all relevant details in the Note Register. The
               Principal Paying Agent shall as soon as possible, and in any
               event within three months after the date of any redemption or
               purchase, furnish to each of the Issuer and the Note Trustee a
               certificate setting out the aggregate Invested Amount or
               Outstanding Principal Balance of Class A Notes which have been
               redeemed or the aggregate Invested Amount or Outstanding
               Principal Balance of Class A Notes which have been purchased. If
               the Invested Amount of a Book-Entry Note is reduced to nil, the
               Principal Paying Agent shall destroy the relevant Book-Entry Note
               and issue a destruction certificate forthwith to

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                                                                 Note Trust Deed

               the Note Trustee and shall send a copy of that certificate to the
               Issuer, the Manager and the Note Trustee.

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26  NOTICES TO NOTEHOLDERS

          (a)  At the expense of the Issuer, the Principal Paying Agent shall
               make available at its offices in New York City on a Banking Day,
               all notices to Class A Noteholders.

          (b)  The Principal Paying Agent shall promptly send to each of the
               Note Trustee and the Issuer one copy of the form of every notice
               given to Class A Noteholders in accordance with the Conditions.

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27  DOCUMENTS AND FORMS

          (a)  The Manager shall provide to the Principal Paying Agent for
               distribution to each Paying Agent sufficient copies of all
               documents required by the Conditions or the Note Trust Deed to be
               available to the Class A Noteholders for issue or inspection
               (including the Note Trust Deed, the Master Trust Deed and the
               Supplementary Bond Terms Notice).

          (b)  The Manager shall provide to the Calculation Agent such documents
               as the Calculation Agent may reasonably require from the Manager
               or the Issuer (and in the case of the Issuer only those documents
               that are in the Issuer's possession or power) in order for the
               Calculation Agent properly to fulfil its duties in respect of the
               Class A Notes.

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28  AUTHENTICATION

          The Principal Paying Agent shall authenticate or cause to be
          authenticated the Book-Entry Notes and (if required) the Definitive
          Notes (whether on initial issue or on replacement).

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29  INDEMNITY

          (a)  Subject to paragraph (b) and clause 45, the Issuer shall
               indemnify each Paying Agent, the Note Registrar and the
               Calculation Agent and their respective directors, officers and
               employees against any loss, damages, proceeding, liability, cost,
               claim, action, demand or expense (in this clause 29, each, an
               Expense) which the Paying Agent, the Note Registrar or the
               Calculation Agent and their respective directors, officers and
               employees, as the case may be, may incur or which may be made
               against the Paying Agent, the Note Registrar's or the Calculation
               Agent (as the case may be), as a result of or in connection with
               the Paying Agent's, the Note Registrar's or the Calculation
               Agent's, as the case may be, appointment or the proper exercise
               and/or enforcement of the Paying Agent's or the Note Registrar's
               or the Calculation Agent's, as the case may be, duties under this
               deed, notwithstanding the resignation or removal of that Paying
               Agent, Note Registrar or the Calculation Agent in accordance

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               with clause 33 (including any liability in respect of payment of
               a cheque drawn by that Paying Agent where the cheque is collected
               or sued upon or an attempt at collection is made after the amount
               in respect of which it is paid has been returned to the Issuer
               under clause 20).

          (b)  The indemnity in paragraph (a) applies to any Expense of a Paying
               Agent, the Note Registrar or the Calculation Agent (as the case
               may be) only to the extent the Expense does not result from the
               breach by the Paying Agent, the Note Registrar or the Calculation
               Agent (as the case may be) of the terms of this deed or from the
               Paying Agent's, the Note Registrar's or the Calculation Agent's
               (as the case may be) own fraud, wilful default or negligence or
               that of its directors, officers or employees or servants.

          (c)  Each of the Calculation Agent, the Paying Agents and the Note
               Registrar severally indemnifies the Issuer and the Manager and
               its respective directors, officers and employees against any
               Expense which the Issuer or the Manager or their respective
               directors, officers or employees (as the case may be) may incur
               or which may be made against it (but in no event punitive,
               indirect or special damages or loss of profits) as a result of a
               breach by the Calculation Agent, the Paying Agent or the Note
               Registrar (as the case may be) of the terms of this deed or its
               own fraud, wilful default or negligence or that of its directors,
               officers or employees or servants, including any failure to
               obtain and maintain in existence any Authorisation required by it
               for the assumption, exercise and performance of its powers and
               duties under this deed.

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30  THE NOTE REGISTER

    30.1  APPOINTMENT OF NOTE REGISTRAR

          The Issuer, at the direction of the Manager, appoints the Note
          Registrar to be the initial Note Registrar upon the terms and
          conditions of this deed. The Note Registrar accepts that appointment.

    30.2  DETAILS TO BE KEPT ON THE NOTE REGISTER

          The Note Registrar shall keep the Note Register with respect to the
          Class A Notes in accordance with this deed, on which shall be entered
          the following information relating to the Securitisation Fund:

          (a)  (name) the name of the Securitisation Fund;

          (b)  (creation) the date of the creation of the Securitisation Fund;

          (c)  (Issue Dates) the Issue Dates for Class A Notes issued in
               relation to the Securitisation Fund;

          (d)  (Initial Principal Amount) the total Initial Principal Amount of
               Class A Notes issued on each such Issue Date;

          (e)  (Outstanding Principal Balance) the Outstanding Principal Balance
               of each Class A Note or Class of Class A Notes from time to time;

          (f)  (Invested Amount) the Invested Amount of each Class A Note or
               Class of Class A Notes from time to time;

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          (g)  (Series) details of relevant Classes of Class A Notes;

          (h)  (details of Noteholders) the name and address of each Class A
               Noteholder;

          (i)  (number of Notes) the number of Class A Notes held by each Class
               A Noteholder;

          (j)  (date of entry) the date on which a person was entered as the
               holder of Class A Notes;

          (k)  (date of cessation) the date on which a person ceased to be a
               Class A Noteholder;

          (l)  (account) the account to which any payments due to a Class A
               Noteholder are to be made (if applicable);

          (m)  (payments) a record of each payment in respect of the Class A
               Notes; and

          (n)  (additional information) such other information as:

               (1)  is required by the Supplementary Bond Terms Notice;

               (2)  the Note Registrar considers necessary or desirable; or

               (3)  the Manager or the Issuer reasonably requires.

    30.3  PAYMENTS OF PRINCIPAL AND INTEREST

          (a)  Any payment of principal or interest on any Class A Note shall be
               endorsed by the Note Registrar on the Note Register. In the case
               of payments of principal, the Outstanding Principal Balance and
               Invested Amount of the Class A Notes shall be reduced for all
               purposes by the amount so paid and endorsed on the Note Register.
               Any such record shall be prima facie evidence that the payment in
               question has been made.

          (b)  If the amount of principal or interest (as the case may be) due
               for payment on any Class A Note is not paid in full (including
               Carry Over Class A Charge Offs and by reason of a deduction or
               withholding) the Note Registrar shall endorse a record of that
               shortfall on the Note Register.

    30.4  PLACE OF KEEPING REGISTER, COPIES AND ACCESS

          The Note Register shall be:

          (a)  (place kept) kept at the principal office of the Note Registrar
               or at such place as the Issuer, the Manager and the Note
               Registrar may agree;

          (b)  (access to Issuer and Manager) open to the Issuer and the Manager
               to inspect at the Note Registrar's Specified Office during normal
               business hours;

          (c)  (inspection by Class A Noteholders) open for inspection by a
               Class A Noteholder during normal business hours but only in
               respect of information relating to that Class A Noteholder; and

          (d)  (not for copying) not available to be copied by any person (other
               than the Issuer or the Manager or the Note Trustee or Paying
               Agent) except in compliance with such terms and conditions (if
               any) as the Manager, the Issuer and the Note Registrar or the
               Note Trustee or Paying Agent in their absolute discretion
               nominate from time to time.

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    30.5  DETAILS ON NOTE REGISTER CONCLUSIVE

          (a)  (Reliance on Register) The Issuer, the Note Trustee and the
               Paying Agents shall be entitled to rely on the Note Register as
               being a correct, complete and conclusive record of the matters
               set out in it at any time and whether or not the information
               shown in the Note Register is inconsistent with any other
               document, matter or thing. The Issuer, the Note Trustee, and the
               Paying Agents and the Note Registrar are not liable to any person
               in any circumstances whatsoever for any inaccuracy in, or
               omission from, the Note Register.

          (b)  (No trusts etc) The Note Registrar shall not be obliged to enter
               on the Note Register notice of any trust, Security Interest or
               other interest whatsoever in respect of any Class A Notes and the
               Issuer, the Note Trustee, and the Paying Agents and the Note
               Registrar shall be entitled to recognise a Class A Noteholder as
               the absolute owner of Class A Notes and the Issuer, the Note
               Trustee, and the Paying Agents and the Note Registrar shall not
               be bound or affected by any trust affecting the ownership of any
               Class A Notes unless ordered by a court or required by statute.

    30.6  ALTERATION OF DETAILS ON NOTE REGISTER

          On the Note Registrar being notified of any change of name or address
          or payment or other details of a Class A Noteholder by the Class A
          Noteholder, the Note Registrar shall alter the Note Register
          accordingly.

    30.7  RECTIFICATION OF NOTE REGISTER

          If:

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

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

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

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

          (e)  default is made or unnecessary delay takes place in entering in
               the Note Register that any person has ceased to be the holder of
               Class A Notes.

          the Note Registrar shall rectify the same.

    30.8  CORRECTNESS OF NOTE REGISTER

          The Note Registrar shall not be liable for any mistake on the Note
          Register or in any purported copy except to the extent that the
          mistake is attributable to its fraud, negligence or wilful default.

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31  CHANGES OF NOTE REGISTRAR

    31.1  REMOVAL

          The Issuer (on the direction of the Manager) may terminate the
          appointment of the Note Registrar with the prior written approval of
          the Note Trustee (which

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          approval must not be unreasonably withheld or delayed), with effect
          not less than 60 days from that notice.

    31.2  RESIGNATION

          Subject to this clause 31, the Note Registrar may resign its
          appointment at any time by giving to the Issuer, the Manager and the
          Note Trustee not less than 60 days written notice to that effect.

    31.3  LIMITATION

          Despite clauses 31.1 and 31.2:

          (a)  no resignation by or termination of the appointment of the Note
               Registrar shall take effect until a new Note Registrar approved
               in writing by the Note Trustee has been appointed on terms
               previously approved in writing by the Note Trustee (in each case,
               that approval not to be unreasonably withheld or delayed); and

          (b)  the appointment of a new Note Registrar shall be on terms and
               subject to the conditions of this deed and the outgoing Note
               Registrar shall co-operate fully to do all further acts and
               things and execute any further documents as may be necessary or
               desirable to give effect to the appointment of the new Note
               Registrar.

    31.4  APPOINTMENT OF NEW NOTE REGISTRAR

          The Issuer shall forthwith appoint, as soon as reasonably practical, a
          replacement Note Registrar in the event of the resignation or removal
          of the Note Registrar under this clause 31. The retirement or
          resignation of the Note Registrar shall not become effective until the
          successor Note Registrar is appointed. The Manager must assist the
          Issuer to appoint a new Note Registrar on this date or if the Issuer
          fails to appoint a new Note Registrar by the date which is one month
          prior to the Note Registrar's retirement or removal, the Note
          Registrar may petition any court of competent jurisdiction at the
          expense of the Issuer (which expense is an Expense for the purposes of
          the Master Trust Deed) for the appointment of a new Note Registrar
          acceptable to the Issuer.

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32  GENERAL

    32.1  COMMUNICATIONS TO CLASS A NOTEHOLDERS

          The Principal Paying Agent shall, upon receipt from the Issuer,
          Manager, Security Trustee, the Calculation Agent, the Note Registrar
          or Note Trustee of any communication to be delivered to Class A
          Noteholders, including any communications pursuant to this deed or any
          other solicitation of notice from or consent of the Class A
          Noteholders pursuant to or relating to this deed, forward such
          communications to the Class A Noteholders, along with instructions
          that the responses relating to such communications be returned to the
          Principal Paying Agent. Such communication shall include the date upon
          which the response to such solicitation shall be delivered (the
          Response Date). The Principal Paying Agent shall treat any Class A
          Noteholder who has not delivered its response as of the Response Date
          as having withheld its consent to the proposed action. The

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          Principal Paying Agent shall notify the Issuer, Manager and Note
          Trustee of the results of any such solicitations of consent.

          The Principal Paying Agent will not be responsible for, or liable to
          any person in respect of the contents of any communications delivered
          to or from the Class A Noteholders.

    32.2  INTENTIONALLY DELETED

    32.3  IDENTITY

          Each Paying Agent shall (except as ordered by a court of competent
          jurisdiction or as required by law) be entitled to treat the person:

          (a)  who is, while a Book-Entry Note remains outstanding, the
               registered owner of that Book-Entry Note as the person entitled
               to receive payments of principal or interest (as applicable) and
               each person shown in the records of the Common Depository as the
               holder of any Class A Note represented by a Book-Entry Note shall
               be entitled to receive from the registered owner of that
               Book-Entry Note any payment so made in accordance with the
               respective rules and procedures of the Common Depository and on
               the terms and subject to the conditions of that Book-Entry Note;

          (b)  who is the registered owner of any relevant Definitive Note, as
               the absolute owner or owners of that Definitive Note, (whether or
               not that Definitive Note, is overdue and despite any notice of
               ownership or writing on it or any notice of previous loss or
               theft or of any trust or other interest in it); or

          (c)  who, when a Book-Entry Note in respect of any Class of Notes is
               no longer outstanding but Definitive Notes in respect of that
               Class of Notes have not been issued, is for the time being the
               Note Trustee, as the person entrusted with the receipt of
               principal or interest, as applicable, on behalf of the relevant
               Noteholders,

          and in all cases and for all purposes despite any notice to the
          contrary and shall not be liable for so doing.

    32.4  NO SET-OFF

          No Paying Agent shall exercise any right of set-off, withholding,
          counterclaim or lien against, or make any deduction in any payment to,
          any person entitled to receive amounts of principal or interest on the
          Class A Notes in respect of moneys payable by it under this deed.

    32.5  RELIANCE

          Each of the Calculation Agent, the Note Registrar and the Paying
          Agent(s) shall be protected and shall incur no liability for or in
          respect of any action taken, omitted or suffered by it in reliance
          upon any instruction, request or order from the Issuer or the Manager
          or in reliance upon any Class A Note or upon any notice, resolution,
          direction, consent, certificate, affidavit, statement or other paper
          or document reasonably believed by it to be genuine and to have been
          delivered, signed or sent by the proper party or parties.

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    32.6  ENTITLED TO DEAL

          The Note Trustee, the Calculation Agent, the Note Registrar and the
          Principal Paying Agent shall not be precluded from acquiring, holding
          or dealing in any Class A Notes or from engaging or being interested
          in any contract or other financial or other transaction with the
          Issuer, the Manager or the Mortgage Manager and in no event whatsoever
          (other than fraud, negligence or wilful default) shall any Note
          Trustee, Calculation Agent, Note Registrar or Principal Paying Agent
          be liable to account to the Issuer or any person entitled to receive
          amounts of principal or interest on the Class A Notes for any profit
          made or fees or commissions received in connection with this deed or
          any Class A Notes.

    32.7  CONSULTATION

          Each of the Note Trustee, the Calculation Agent, the Note Registrar
          and the Principal Paying Agent may consult as to legal matters with
          lawyers selected by it, who may be employees of or lawyers to any
          party to this deed.

    32.8  DUTIES

          The Note Trustee, the Calculation Agent, the Note Registrar and the
          Principal Paying Agent shall perform the duties, and only the duties,
          contained in or reasonably incidental to this deed and the Conditions
          and in the Class A Notes. and no implied duties or obligations (other
          than general laws as to agency) shall be read into this deed or the
          Class A Notes against the Note Trustee, the Calculation Agent, the
          Note Registrar or the Principal Paying Agent. None of the Note
          Trustee, the Calculation Agent, the Note Registrar or the Principal
          Paying Agent shall be required to take any action under this deed
          which would require it to incur any expense or liability, for which
          (in its reasonable opinion) either it would not be reimbursed within a
          reasonable time or in respect of which it has not been indemnified to
          its satisfaction.

    32.9  INCOME TAX RETURNS

          The Principal Paying Agent shall deliver to each Class A Noteholder
          such information as may be reasonably required to enable such Class A
          Noteholder to prepare its income tax returns.

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33  CHANGES IN PAYING AGENTS AND CALCULATION AGENT

    33.1  REMOVAL

          The Issuer (on the direction of the Manager) may at any time:

          (a)  with the prior written approval of the Note Trustee appoint:

               (1)  additional or alternative Paying Agents; or

               (2)  an alternative Calculation Agent;

          (b)  subject to this clause 33, terminate the appointment of any
               Paying Agent or the Calculation Agent by giving written notice to
               that effect to each Designated Rating Agency, the Calculation
               Agent (if its appointment is to

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               be terminated), the Principal Paying Agent and the Note Trustee
               and (if different) the Paying Agent whose appointment is to be
               terminated:

               (1)  with effect immediately on that notice, if any of the
                    following occurs in relation to the Paying Agent or
                    Calculation Agent (as the case may be):

                    (A)  an Insolvency Event has occurred in relation to the
                         Paying Agent or Calculation Agent;

                    (B)  the Paying Agent or Calculation Agent has ceased its
                         business;

                    (C)  the Paying Agent or  Calculation  Agent fails to comply
                         with any of its obligations under this deed and, if
                         capable of remedy, such failure is not remedied within
                         five Banking Days after the earlier of the Paying Agent
                         or the Calculation Agent, as the case may be, having
                         become aware of that failure and the receipt by the
                         Paying Agent or the Calculation Agent, as the case may
                         be, of written notice with respect thereto from the
                         Issuer or Manager; or

               (2)  otherwise, with the prior written approval of the Note
                    Trustee (which approval must not be unreasonably withheld or
                    delayed) with effect from the next succeeding Payment Date,
                    if such date falls more than 30 days after the notice, or
                    otherwise from the following Payment Date.

    33.2  RESIGNATION

          Subject to this clause 33, a Paying Agent or the Calculation Agent may
          resign its appointment under this deed at any time by giving to the
          Issuer, the Manager, each Designated Rating Agency and (where a Paying
          Agent is resigning and the Paying Agent is not the Principal Paying
          Agent) the Principal Paying Agent not less than 60 days' written
          notice to that effect, which notice shall expire not less than 30 days
          before any due date for payment of any Class A Notes.

    33.3  LIMITATION

          Despite clauses 33.1 and 33.2:

          (a)  no resignation by or termination of the appointment of the
               Principal Paying Agent shall take effect until a new Principal
               Paying Agent approved in writing by the Note Trustee has been
               appointed on terms previously approved in writing by the Note
               Trustee (in each case, that approval not to be unreasonably
               withheld or delayed);

          (b)  subject to clause 33.3(a), if the Principal Paying Agent or the
               Calculation Agent gives a notice of resignation in accordance
               with clause 33.2 and if by the date which is one (1) month prior
               to the date of the Principal Paying Agent's or the Calculation
               Agent's (as the case may be) proposed retirement or removal, the
               Issuer or the Manager has not appointed a new Principal Paying
               Agent or Calculation Agent, then the Principal Paying Agent or
               Calculation Agent (as the case may be) may petition any court of
               competent jurisdiction at the expense of the Issuer (which
               expense is an Expense for the purposes of the Master Trust Deed)
               for the appointment of

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               a new Principal Paying Agent or Calculation Agent (as the case
               may be) acceptable to the Issuer and the Note Trustee;

          (c)  no resignation by or termination of the appointment of any Paying
               Agent shall take effect if as a result of that resignation or
               termination there would cease to be a Paying Agent which has a
               Paying Office in the City of New York;

          (d)  no appointment or termination of the appointment of any Paying
               Agent or the Calculation Agent (as the case may be) shall take
               effect unless and until notice has been given to the Class A
               Noteholders in accordance with the Conditions; and

          (e)  no resignation by or termination of the appointment of the
               Calculation Agent shall take effect until a new Calculation Agent
               has been appointed; and

          (f)  the appointment of any additional Paying Agent shall be on the
               terms and subject to the conditions of this deed and each of the
               parties to this deed shall co-operate fully to do all further
               acts and things and execute any further documents as may be
               necessary or desirable to give effect to the appointment of the
               Paying Agent (which shall be, in the case of an appointment under
               clause 33.1(a) or a termination under clause 33.1(b)(2), at the
               cost of the relevant Paying Agent).

          In addition, the Issuer shall forthwith appoint a Paying Agent in New
          York City (if there is no such Paying Agent at the time) and while
          such circumstances subsist maintain such a Paying Agent. Notice of any
          such termination or appointment and of any change in the office
          through which any Paying Agent will act will be given in accordance
          with Condition 12.

    33.4  DELIVERY OF AMOUNTS

          If the appointment of the Principal Paying Agent terminates, the
          Principal Paying Agent shall, on the date on which that termination
          takes effect, pay to the successor Principal Paying Agent any amount
          held by it for payment of principal or interest in respect of any
          Class A Note and shall deliver to the successor Principal Paying Agent
          all records maintained by it pursuant to this deed and all documents
          (including any Definitive Notes) held by it.

    33.5  SUCCESSOR TO PRINCIPAL PAYING AGENT

          (a)  On the execution by the Issuer, the Manager and any successor
               Principal Paying Agent of an instrument effecting the appointment
               of that successor Principal Paying Agent and a deed whereby the
               successor agrees to be bound by the terms of this deed, that
               successor Principal Paying Agent shall, without any further act,
               deed or conveyance, become vested with all the authority, rights,
               powers, trusts, immunities, duties and obligations of its
               predecessor with effect as if originally named as Principal
               Paying Agent in this deed and that predecessor, on payment to it
               of the pro rata proportion of its administration fee and
               disbursements then unpaid (if any), shall have no further
               liabilities under this deed, except for any accrued liabilities
               arising from or relating to any act or omission occurring prior
               to the date on which the successor Principal Paying Agent is
               appointed.

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          (b)  Any corporation:

               (1)  into which the Principal Paying Agent is merged;

               (2)  with which the Principal Paying Agent is consolidated;

               (3)  resulting from any merger or consolidation to which the
                    Principal Paying Agent is a party;

               (4)  to which the Principal Paying Agent sells or otherwise
                    transfers all or substantially all the assets of its
                    corporate trust business,

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective (and upon execution by the
               Issuer, the Manager and any such merged or consolidated entity of
               a deed whereby that entity agrees to be bound by the terms of
               this deed) and to the extent permitted by applicable law, become
               the successor Principal Paying Agent under this deed without the
               execution or filing of any agreement or document or any further
               act on the part of the parties to this deed, unless otherwise
               required by the Issuer or the Manager, and after that effective
               date all references in this deed to the Principal Paying Agent
               shall be references to that corporation.

          (c)  The Manager undertakes to use its best endeavours to procure
               execution by the relevant parties of the deeds referred to in
               clauses 33.5(a) and (b).

    33.6  SUCCESSOR TO CALCULATION AGENT

          (a)  On the execution by the Issuer, the Manager and any successor
               Calculation Agent of an instrument effecting the appointment of
               that successor Calculation Agent and a deed whereby the successor
               agrees to be bound by the terms of this deed, that successor
               Calculation Agent shall, without any further act, deed or
               conveyance, become vested with all the authority, rights, powers,
               trusts, immunities, duties and obligations of its predecessor
               with effect as if originally named as Calculation Agent in this
               deed and that predecessor, on payment to it of the pro rata
               proportion of its administration fee and disbursements then
               unpaid (if any), shall have no further liabilities under this
               deed, except for any accrued liabilities arising from or relating
               to any act or omission occurring prior to the date on which the
               successor Calculation Agent is appointed.

          (b)  Any corporation:

               (1)  into which the Calculation Agent is merged;

               (2)  with which the Calculation Agent is consolidated;

               (3)  resulting from any merger or consolidation to which the
                    Calculation Agent is a party;

               (4)  to which the Calculation Agent sells or otherwise transfers
                    all or substantially all the assets of its corporate trust
                    business,

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective (and upon execution by the
               Issuer, the Manager and any such merged or consolidated entity of
               a deed whereby that entity agrees to be bound by the terms of
               this deed) and to the extent permitted by applicable law, become
               the successor Calculation Agent under this

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               deed without the execution or filing of any agreement or document
               or any further act on the part of the parties to this deed,
               unless otherwise required by the Issuer or the Manager, and after
               that effective date all references in this deed to the
               Calculation Agent shall be references to that corporation.

          (c)  The Manager undertakes to use its best endeavours to procure
               execution by the relevant parties of the deeds referred to in
               clauses 33.6(a) and (b).

    33.7  NOTICE TO NOTEHOLDERS

          The Manager on behalf of the Issuer shall, within 14 days of:

          (a)  the termination of the appointment of any Paying Agent or the
               Calculation Agent;

          (b)  the appointment of a new Paying Agent or Calculation Agent; or

          (c)  the resignation of any Paying Agent or Calculation Agent,

          give to the Class A Noteholders notice of the termination, appointment
          or resignation in accordance with Condition 12 (in the case of a
          termination under clause 33.1(b)(1) or 33.2 at the cost of the
          outgoing Paying Agent or the Calculation Agent, as the case may be).

    33.8  CHANGE IN PAYING OFFICE OR SPECIFIED OFFICE

          (a)  If any Paying Agent proposes to change its Paying Office or to
               nominate a further Paying Office (which must be within the same
               city as its previous Paying Office), it must give to the Issuer,
               the Manager, the Note Trustee and, in the case of a change in the
               Paying Office of a Paying Agent other than the Principal Paying
               Agent, the Principal Paying Agent, not less than 30 days' prior
               written notice of that change, giving the address of the new
               Paying Office and stating the date on which the change is to take
               effect. No change of Paying Office may occur within the period of
               30 days before any due date for payment of any Notes.

          (b)  If the Calculation Agent proposes to change its Specified Office
               (which must be in New York), or to nominate a further Specified
               Office, it must give to the Issuer, the Manager and the Note
               Trustee, not less than 30 days' prior written notice of that
               change, giving the address of the new Specified Office and
               stating the date on which the change is to take effect. No change
               of specified office may occur within the period of 30 days before
               any due date for payment of any Class A Notes.

          (c)  The Manager on behalf of the Issuer must, within 14 days of
               receipt of a notice under paragraph (a) (unless the appointment
               is to terminate pursuant to clause 33.1 or 33.2 on or prior to
               the date of that change) give to the Class A Noteholders notice
               in accordance with the Conditions of that change and of the
               address of the new Paying Office or Specified Office (as the case
               may be) but the costs of giving that notice shall be borne by the
               Paying Agent or the Calculation Agent (as the case may be) which
               is changing its Paying Office or Specified Office and not by the
               Issuer or the Manager.

          (d)  Despite any other provision of this deed, no Paying Office may be
               located in Australia.

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34  WAIVER

          (a)  The Note Trustee may, without the consent of any of the Class A
               Noteholders, and if directed to do so by the holders of at least
               75% of the aggregate Invested Amount of the Class A Notes must,
               and without prejudice to its rights in respect of any subsequent
               breach, condition, event or act from time to time and at any time
               (but only if, and in so far as, in its opinion the interests of
               any of the Class A Noteholders are not materially prejudiced
               unless the Note Trustee is acting at the direction of the holders
               of at least 75% of the aggregate Invested Amount of the Class A
               Notes), waive or authorise on any terms and subject to any
               conditions as it sees fit and proper:

               (1)  any breach or proposed breach by the Issuer of any of the
                    covenants or provisions contained in this deed or in the
                    Class A Notes (including the Conditions) or any other
                    Transaction Document (as to which evidence of a breach of
                    one Class A Note shall be deemed evidence of a breach of all
                    Class A Notes); or

               (2)  determine that any condition, event or act which
                    constitutes, or which with the giving of notice, the lapse
                    of time or the issue of a certificate would constitute, but
                    for that determination, an Event of Default shall not, or
                    shall not subject to specified conditions, be so treated for
                    the purposes of this deed,

               but the Note Trustee shall not exercise any powers conferred on
               it by this clause in contravention of any express direction given
               in writing by holders of Class A Notes representing at least 75%
               of the aggregate Invested Amount of the Class A Notes or the
               affected class of Class A Notes as applicable. No direction or
               request shall affect any waiver, authorisation or determination
               previously given or made.

          (b)  Any waiver, authorisation or determination under this clause is
               binding on the Class A Noteholders and if, but only if, the Note
               Trustee so requires, shall be notified by the Issuer to the Class
               A Noteholders in accordance with Condition 12 as soon as
               practicable.

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35  AMENDMENT

    35.1  APPROVAL

          The Note Trustee, the Manager and the Issuer may, following the giving
          of not less than ten Banking Days' prior notice to each Designated
          Rating Agency, by way of supplemental deed alter, add to or modify
          this deed (including this clause 35), the Conditions and this clause
          or any Transaction Document (in so far as any such amendment affects
          or relates to the Securitisation Fund), so long as that alteration,
          addition or modification is:

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

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

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

          (d)  in the reasonable opinion of the Note Trustee neither prejudicial
               nor likely to be prejudicial to the interests of the Class A
               Noteholders as a whole, and in the manner, and to the extent,
               permitted by the Transaction Documents.

    35.2  RESOLUTION OF CLASS A NOTEHOLDERS

          Where in the opinion of the Note Trustee a proposed alteration,
          addition or modification to this deed, other than an alteration,
          addition or modification referred to in clause 35.1, is prejudicial or
          likely to be prejudicial to the interest of Class A Noteholders as a
          whole or any class of Class A Noteholders, the Note Trustee, the
          Manager and the Issuer may make that alteration, addition or
          modification only if sanctioned in writing by holders of at least 75%
          of the aggregate Invested Amount of the Class A Notes.

    35.3  DISTRIBUTION OF AMENDMENTS

          The Manager shall distribute to all Class A Noteholders and each
          Designated Rating Agency a copy of any amendments made under clause
          35.1 or 35.2 in accordance with Condition 12 as soon as reasonably
          practicable after the amendment has been made.

    35.4  AMENDMENTS BINDING

          Any amendment under this clause is binding on the Noteholders.

    35.5  NO RATING AGENCY DOWNGRADE

          The Note Trustee will be entitled to assume that any proposed
          alteration, addition or revocation will not be prejudicial or likely
          to be prejudicial to the interests of Class A Noteholders or a
          sub-class thereof if each of the Designated 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 to the Class A Notes. or the relevant sub-class of
          the Class A Notes by the Designated Rating Agency.

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    35.6  CONFORMITY WITH TIA

          Every amendment of this deed executed pursuant to this clause 35 shall
          conform to the requirements of the TIA as then in effect so long as
          this deed shall then be qualified under the TIA.

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36  CLASS A NOTEHOLDERS

    36.1  ABSOLUTE OWNER

          (a)  The Issuer, the Manager, the Security Trustee, the Note Trustee
               and any Paying Agent may treat the registered holders of any
               Definitive Note as the absolute owner of that Definitive Note
               (whether or not that Definitive Note is overdue and despite any
               notation or notice of ownership or writing on it or any notice of
               previous loss or theft of it or trust or other interest in it)
               for the purpose of making payment and for all purposes and none
               of the Issuer, the Manager, the Security Trustee, the Note
               Trustee or the Paying Agent is affected by any notice to the
               contrary.

          (b)  So long as the Class A Notes, or any of them, are represented by
               a Book-Entry Note, the Issuer, the Manager, the Note Trustee and
               any Paying Agent may treat the person for the time being shown in
               the records of the Clearing Agency as the holder of any Class A
               Note as the absolute owner of that Class A Note and the Issuer,
               the Manager, the Note Trustee and the Paying Agent are not
               affected by any notice to the contrary, but without prejudice to
               the entitlement of the registered holder of the Book-Entry Note
               to be paid principal and interest on the Book-Entry Note in
               accordance with its terms. Such person shall have no claim
               directly against the Issuer in respect of payment due on the
               Class A Notes for so long as the Class A Notes are represented by
               a Book-Entry Note and the relevant obligations of the Issuer will
               be discharged by payment to the registered holder of the
               Book-Entry Note in respect of each amount so paid.

          (c)  All payments made to the owner of a Class A Note under this
               clause (or, in the case of a Book-Entry Note, to or to the order
               of the registered holder of that Book-Entry Note) shall be valid
               and, to the extent of the sums so paid, effective to satisfy and
               discharge the liability for the moneys payable upon those Class A
               Notes.

          (d)  Any instalment of interest or principal, payable on any Class A
               Note which is punctually paid or duly provided for by the Issuer
               to the Paying Agent on the applicable Payment Date or Maturity
               Date shall be paid to the person in whose name such Class A Note
               is registered on the Record Date, by cheque mailed first-class,
               postage prepaid, to such person's address as it appears on the
               Note Register on such Record Date, except that, unless Definitive
               Notes have been issued pursuant to clause 3.3, with respect to
               Class A Notes registered on the Record Date in the name of the
               nominee of the Clearing Agency (initially, such nominee to be the
               Common Depository), payment will be made by wire transfer in
               immediately available funds to the account designated by such
               nominee and except for the final instalment of principal payable
               with respect to

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               such Class A Note on a Payment Date or Maturity Date (and except
               for the redemption of any Class A Note called for redemption
               pursuant to Condition 5 which shall be payable as provided below.

          (e)  The principal of each Class A Note shall be payable on each
               Payment Date and the Maturity Date as set forth in the
               Conditions. The Principal Paying Agent shall notify the person in
               whose name a Class A Note is registered at the close of business
               on the Record Date preceding the Payment Date on which the Issuer
               expects that the final instalment of principal of and interest on
               such Class A Note will be paid. Such notice shall be mailed or
               transmitted by facsimile prior to such final Maturity Date and
               shall specify that such final instalment will be payable only
               upon presentation and surrender of such Class A Note and shall
               specify the place where such Class A Note may be presented and
               surrendered for payment of such instalment. Notices in connection
               with redemptions of Class A Notes shall be mailed to Class A
               Noteholders as provided in Condition 12.

    36.2  CLEARING AGENCY CERTIFICATE

          The Issuer, the Manager and the Note Trustee may call for and shall be
          at liberty to accept and place full reliance on as sufficient evidence
          a certificate or letter or confirmation signed on behalf of any
          Clearing Agency or any form of record made by either of them to the
          effect that at any particular time or throughout any particular period
          any particular person is, was or will be shown in its records as
          entitled to a particular interest in a Book-Entry Note.

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37  CURRENCY INDEMNITY

          Subject to this deed including, without limitation, clause 45, the
          Issuer indemnifies the Note Trustee and the Class A Noteholders and
          keeps them indemnified against:

          (a)  any loss or damage incurred by any of them arising from the
               non-payment by the Issuer of any US$ due to the Note Trustee or
               the relevant Class A Noteholders under this deed or the relevant
               Class A Notes by reason of any variation in the rates of exchange
               between those used for the purposes of calculating the amount due
               under a judgment or order in respect of that payment, which
               amount is expressed in a currency other than US$, and under which
               the Note Trustee and the Class A Noteholders do not have an
               option to have that judgment or order expressed in US$, and those
               prevailing at the date of actual payment by the Issuer; and

          (b)  any deficiency arising or resulting from any variation in rates
               of exchange between:

               (1)  the date (if any) as of which the non-US$ currency
                    equivalent of the US$ amounts due or contingently due under
                    this deed (other than this clause) or in respect of the
                    relevant Class A Notes is calculated for the purposes of any
                    bankruptcy, insolvency or liquidation of the Issuer; and

               (2)  the final date for ascertaining the amount of claims in that
                    bankruptcy, insolvency or liquidation provided that in that

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                    bankruptcy, insolvency or liquidation claims are required to
                    be made in a currency other than US$.

               The amount of that deficiency shall not be reduced by any
               variation in rates of exchange occurring between that final date
               and the date of any distribution of assets in connection with
               that bankruptcy, insolvency or liquidation.

          (c)  If any payment is made by the Issuer under this deed or the Class
               A Notes or if the Note Trustee or any Class Noteholder receives
               or recovers any money under or pursuant to this deed or the Class
               A Notes in a currency ("Receipt Currency") other than the
               currency in which the money was payable pursuant to the terms of
               this deed or the Class A Notes ("Agreed Currency"), the Issuer
               must, as a separate and additional liability, pay to the
               recipient such additional amount so that after conversion from
               the Receipt Currency into the Agreed Currency of such money so
               paid, received or recovered and after the payment of all
               commission and expenses in relation to such conversion the
               recipient will receive net in its hands an amount in the Agreed
               Currency equal to the amount of the money payable under this deed
               or the Class A Notes in the Agreed Currency.

          (d)  Any payment purportedly pursuant to the terms of this deed or a
               Class A Note in a currency other than the currency in which it is
               required to be paid will not discharge or satisfy the relevant
               obligation of the payer to make the payment except to the extent
               that, and insofar as, the currency in which the payment is
               required to be made is acquired by sale of the currency in which
               the payment was actually made.

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

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38  NEW NOTE TRUSTEES

    38.1  APPOINTMENT BY ISSUER

          The Issuer may, at the direction of the Manager, at any time appoint a
          new note trustee of this deed who has previously been approved in
          writing by holders of at least 75% of the aggregate Invested Amount of
          the Class A Notes. One or more persons may hold office as note trustee
          or note trustees of this deed but that note trustee or note trustees
          must be or include a Trust Corporation. Whenever there are more than
          two note trustees of this deed the majority of those note trustees are
          competent to execute and exercise all the duties, powers, trusts,
          authorities and

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          discretions vested in the Note Trustee by this deed if a Trust
          Corporation is included in that majority.

    38.2  APPOINTMENT BY NOTE TRUSTEE

          (a)  The Note Trustee may, on not less than 14 days prior written
               notice to the Issuer and Manager, appoint any person established
               or resident in any jurisdiction (whether a Trust Corporation or
               not) to act either as a separate note trustee or as a co-note
               trustee jointly with the Note Trustee:

               (1)  if the Note Trustee considers that appointment to be in the
                    interests of the Class A Noteholders;

               (2)  for the purposes of conforming to any legal requirements,
                    restrictions or conditions in any jurisdiction in which any
                    particular act or acts is or are to be performed; or

               (3)  for the purposes of obtaining a judgment in any jurisdiction
                    or the enforcement in any jurisdiction of either a judgment
                    already obtained or any of the provisions of this deed
                    against the Issuer.

          (b)  Subject to the provisions of this deed, a person appointed under
               paragraph (a) has all trusts, powers, authorities and discretions
               (not exceeding those conferred on the Note Trustee by this deed)
               and all duties and obligations conferred or imposed by the
               instrument of appointment. All rights, powers, duties and
               obligations conferred or imposed upon the Note Trustee shall be
               conferred or imposed upon and exercised or performed by the Note
               Trustee and such separate note trustee or co-trustee jointly (it
               being understood that such separate trustee or co-trustee is not
               authorised to act separately without the Note Trustee joining in
               such act), except to the extent that under any law of any
               jurisdiction in which any particular act or acts are to be
               performed the Note Trustee shall be incompetent or unqualified to
               perform such act or acts, in which event such rights, powers,
               duties and obligations shall be exercised and performed singly by
               such separate trustee or co-trustee, but solely at the direction
               of the Note Trustee.

          (c)  The Note Trustee may remove any person appointed under this
               clause. The reasonable remuneration of any person appointed under
               this clause together with any costs, charges and expenses
               properly incurred by it in performing its function as note
               trustee or co-note trustee will be costs, charges and expenses
               incurred by the Note Trustee under this deed.

    38.3  NOTICE

          (a)  The Issuer shall notify the Principal Paying Agent and the Class
               A Noteholders of any appointment of a new note trustee or any
               retirement or removal of an existing note trustee of this deed as
               soon as practicable after becoming aware of that appointment,
               retirement or removal in accordance with Condition 12.

          (b)  The Note Trustee shall notify each Designated Rating Agency of
               any appointment of a new note trustee or its retirement or
               removal as soon as practicable.

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39  NOTE TRUSTEE'S RETIREMENT AND REMOVAL

    39.1  REMOVAL BY ISSUER

          The Issuer (or the Manager after informing the Issuer of its intention
          to do so) may at any time terminate the appointment of the Note
          Trustee by giving written notice to that effect to each Designated
          Rating Agency and the Note Trustee with effect immediately on that
          notice, if any of the following occurs in relation to the Note
          Trustee:

          (a)  an Insolvency Event has occurred in relation to the Note Trustee
               in its personal capacity or in respect of its personal assets
               (and not in its capacity as trustee of any trust or in respect of
               any assets it holds as trustee);

          (b)  the Note Trustee has ceased its business;

          (c)  the Note Trustee fails to comply with any of its obligations
               under any Transaction Document and such failure has had or, if
               continued, will have, a Material Adverse Effect (as determined by
               the Issuer), and, if capable of remedy, the Note Trustee does not
               remedy that failure within 14 days after the earlier of:

               (1)  the Note Trustee becoming aware of that failure; and

               (2)  receipt by the Note Trustee of a written notice with respect
                    thereto from either the Issuer or the Manager; or

          (d)  the Note Trustee fails to satisfy any obligation imposed on it
               under the TIA with respect to the Securitisation Fund or this
               deed or comply with clause 39.9.

    39.2  REMOVAL BY CLASS A NOTEHOLDERS

          The Class A Noteholders may resolve by written consent of the holders
          of at least 75% of the aggregate Invested Amount of the Class A Notes
          to require the Issuer to remove the Note Trustee or note trustees for
          the time being of this deed.

   39.3   RESIGNATION

          Subject to this clause 39, the Note Trustee may resign its appointment
          under this deed at any time by giving to the Issuer, the Manager, the
          Security Trustee and each Designated Rating Agency not less than 3
          months' written notice to that effect which notice shall expire not
          less than 30 days (or such lesser time as the Manager, the Issuer and
          the Note Trustee may agree) before any due date for payment of the
          Class A Notes.

    39.4  RATING AGENCIES APPROVAL

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

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    39.5  TRUST CORPORATION

          The Issuer undertakes that if the only Note Trustee which is a Trust
          Corporation retires or is removed it will use its best endeavours to
          appoint a new note trustee of this deed which is a Trust Corporation
          as soon as reasonably practicable. The retirement or removal of any
          Note Trustee shall not become effective until a successor Note Trustee
          which is a Trust Corporation is appointed. The Manager must assist the
          Issuer to appoint a new note trustee of this deed. If the Issuer fails
          to appoint a new Note Trustee by the date which is one (1) month prior
          to the date of the Note Trustee's proposed retirement or removal, the
          Note Trustee shall be entitled to appoint a new Note Trustee which is
          a Trust Corporation and such appointment shall be deemed to have been
          made under clause 38.2 of this deed.

    39.6  SUCCESSOR TO NOTE TRUSTEE

          (a)  On the execution by the Issuer, the Manager and any successor
               Note Trustee of an instrument effecting the appointment of that
               successor Note Trustee and a deed whereby the successor agrees to
               be bound by this deed, that successor Note Trustee shall, without
               any further act, deed or conveyance, become vested with all the
               authority, rights, powers, trusts, immunities, duties and
               obligations of the predecessor Note Trustee with effect as if
               originally named as Note Trustee in this deed and the Transaction
               Documents and that predecessor Note Trustee, on payment to it of
               the pro rata proportion of its fee and disbursements then unpaid
               (if any), shall have no further liabilities under this deed,
               except for any accrued liabilities arising from or relating to
               any act or omission occurring prior to the date on which the
               successor Note Trustee is appointed.

          (b)  Any corporation:

               (1)  into which the Note Trustee is merged;

               (2)  with which the Note Trustee is consolidated;

               (3)  resulting from any merger or consolidation to which the Note
                    Trustee is a party;

               (4)  to which the Note Trustee sells or otherwise transfers all
                    or substantially all the assets of its corporate trust
                    business,

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective (and upon execution by the
               Issuer, the Manager and any such merged or consolidated entity of
               a deed whereby that entity agrees to be bound by the terms of
               this deed) and to the extent permitted by applicable law, become
               the successor Note Trustee under this deed without the execution
               or filing of any agreement or document or any further act on the
               part of the parties to this deed, unless otherwise required by
               the Issuer or the Manager, and after that effective date all
               references in this deed to the Note Trustee shall be references
               to that corporation.

          (c)  If no other person can be found to act as Note Trustee, the
               Noteholders may appoint a Note Trustee from among the holders of
               the Class A Notes.

          (d)  The Manager undertakes to use its best endeavours to procure
               execution by the relevant parties of the deeds referred to in
               clauses 39.6(a) and (b).

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    39.7  NOTICE

          (a)  The Issuer shall notify the Principal Paying Agent and the Class
               A Noteholders of any appointment of a new note trustee or any
               retirement or removal of the existing note trustee of this deed
               as soon as practicable after becoming aware of that appointment,
               retirement or removal in accordance with condition 12.

          (b)  The Note Trustee shall notify each Designated Rating Agency of
               its retirement as soon as practical.

    39.8  RETENTION OF LIEN

          (a)  Nothing in this clause 39 shall release the Note Trustee from any
               liability incurred by it prior to its retirement.

          (b)  The outgoing Note Trustee will remain entitled to the benefit of
               the indemnities granted by this deed to the outgoing Note Trustee
               in respect of any liability, cost or other obligation incurred by
               it while acting as Note Trustee, as if it were still the Note
               Trustee under this deed.

    39.9  ELIGIBILITY; DISQUALIFICATION

          (a)  The Note Trustee shall at all times satisfy the requirements of
               Section 310(a) of the TIA.

          (b)  The Note Trustee shall have a combined capital and surplus (as
               those terms are used in the TIA) of at least US$50,000,000 as set
               forth in its most recent published annual report of condition.

          (c)  The Note Trustee shall comply with Section 310(b) of the TIA,
               provided that any indenture or indentures under which other
               securities of the Trustee are outstanding shall be excluded from
               the operation of Section 310(b)(1) of the TIA for the purposes of
               paragraph (b) if the requirements for such exclusion set out in
               Section 310(b)(1) of the TIA are met.

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40  NOTE TRUSTEE'S POWERS ADDITIONAL

          The powers conferred upon the Note Trustee by this deed shall be in
          addition to any powers which may from time to time be vested in the
          Note Trustee by the general law or as a holder of any of the Class A
          Notes.

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41  SEVERABILITY OF PROVISIONS

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

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42  NOTICES

    42.1  GENERAL

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

          (a)  must be in writing;

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

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

               (1)  (in the case of delivery in person or by post) when
                    delivered, received or left at the address of the person
                    shown in clause 42.2 or to any other address of which the
                    sender may have been notified by the recipient; and

               (2)  (in the case of facsimile transmission) on receipt of a
                    transmission report confirming successful transmission to
                    the number shown in clause 42.2 or any other number notified
                    by the recipient to the sender in accordance with this
                    clause 42;

               but if delivery or receipt is on a day on which business is not
               generally carried on in the place to which the communication is
               sent or is later than 5.00 pm (local time), it will be taken to
               have been duly given or made at the commencement of business on
               the next day on which business is generally carried on in that
               place. Any party may by notice to each party change its address
               and facsimile under this clause 42.1.

    42.2  DETAILS

          The address and facsimile of each person to whom notices may be sent
          at the date of this deed are as follows:

          The Issuer

               Perpetual Trustees Australia Limited
               Level 7
               9 Castlereagh Street
               Sydney  NSW  2000

               Fax:        (02) 9221 7870

               Attention:  Manager, Securitisation

          The Manager

               ME Portfolio Management Limited
               Level 23
               360 Collins Street
               Melbourne  Vic  3000

               Fax:        (03) 9605 6200

               Attention:  Funding Manager

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<PAGE>

                                                                 Note Trust Deed

          The Note Trustee

               The Bank of New York
               101 Barclay Street
               Floor 21 West
               New York,  NY  10286

               Fax:        1 212 815 3522
               Attention:  Global Structured Products Unit

          The Calculation Agent

               The Bank of New York
               101 Barclay Street
               Floor 21 West
               New York,  NY  10286

               Fax:        1 212 815 3522
               Attention:  Global Structured Products Unit

          The Security Trustee

               Perpetual Trustee Company Limited
               Level 7
               9 Castlereagh Street
               Sydney  NSW  2000

               Fax:        (02) 9221 7870
               Attention:  Manager - Securitisation

          The Note Registrar

               The Bank of New York
               101 Barclay Street
               Floor 21 West
               New York,  NY  10286

               Fax:        1 212 815 3522
               Attention:  Global Structured Products Unit

          The Principal Paying Agent

               The Bank of New York
               101 Barclay Street
               Floor 21 West
               New York,  NY  10286

               Fax:        1 212 815 3522
               Attention:  Global Structured Products Unit

    42.3  COMMUNICATION THROUGH PRINCIPAL PAYING AGENT

          All communications relating to this agreement between the Issuer and
          the Manager and the Calculation Agent and any of the Paying Agents or
          between the Paying Agents themselves shall save as otherwise provided
          in this agreement, be made through the Principal Paying Agent.

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43  GOVERNING LAW AND JURISDICTION

    43.1  GOVERNING LAW

          (a)  Subject to clause 43.1(b), this deed and the trust constituted
               under this deed are governed by the law of New South Wales,
               Australia. The parties submit to the non-exclusive jurisdiction
               of courts exercising jurisdiction there.

          (b)  The administration of the Trust created under this deed,
               including the exercise of the Note Trustee's powers under clause
               13 of this deed, is governed by the law of New York. In the event
               of any inconsistency between the operation of the law of New
               South Wales, Australia and the law of New York in respect of the
               application of those powers, the law of New York will prevail to
               the extent of the inconsistency.

    43.2  JURISDICTION

          Each of the parties hereto irrevocably agrees for the benefit of each
          other and the Noteholders that the courts of New South Wales,
          Australia are to have jurisdiction to settle any disputes which may
          arise out of or in connection with this deed and that accordingly any
          notices, demands, suit, action or proceedings arising out of or in
          connection with this deed (together referred to as "Proceedings") may
          be brought in the courts of New South Wales, Australia. Each of the
          parties hereto irrevocably and unconditionally waives and agrees not
          to raise any objection which it may have now or subsequently to the
          laying of the venue of any Proceedings in the courts of New South
          Wales, Australia and any claim that any Proceedings have been brought
          in an inconvenient forum and further irrevocably and unconditionally
          agrees that a judgment in any Proceedings brought in the courts of New
          South Wales, Australia shall be conclusive and binding upon it and may
          be enforced in the courts of any other jurisdiction. Nothing in this
          Clause shall limit any right to take Proceedings in any other court of
          competent jurisdiction, nor shall the taking of Proceedings in one or
          more jurisdictions preclude the taking of Proceedings in any other
          jurisdiction, whether concurrently or not.

    43.3  AGENT

          The Issuer irrevocably and unconditionally appoints CT Corporation
          System, 111 Eighth Avenue, 13th floor, New York, New York, 10011 and
          in the event of its ceasing so to act will appoint such other person
          as the Note Trustee may approve and as the Issuer may nominate in
          writing to the Note Trustee for the purpose to accept service of
          process on its behalf in respect of any Proceedings. The Issuer:

          (a)  agrees to procure that, so long as any of the Notes remains
               outstanding, there shall be in force an appointment of such a
               person approved by the Note Trustee with an office with authority
               to accept service as aforesaid;

          (b)  agrees that failure by any such person to give notice of such
               service of process to the Issuer shall not impair the validity of
               such service or of any judgment based thereon;

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          (c)  consents to the service of process in respect of any Proceedings
               by airmailing of copies, postage prepaid, to the Issuer in
               accordance with Clause 26; and

          (d)  agrees that nothing in this deed shall affect the right to serve
               process in any other manner permitted by law.

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44  COUNTERPARTS

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

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45  LIMITED RECOURSE

    45.1  GENERAL

          Clause 26 of the Master Trust Deed applies to the obligations and
          liabilities of the Issuer and the Manager under this deed.

    45.2  LIABILITY OF ISSUER LIMITED TO ITS RIGHT TO INDEMNITY

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

          (b)  Subject to paragraph (c) below, no person (including any Relevant
               Party) may take action against the Issuer in any capacity other
               than as trustee of the Securitisation Fund or seek the
               appointment of a receiver (except under the Security Trust Deed),
               or a liquidator, an administrator or any similar person to the
               Issuer or prove in any liquidation, administration or
               arrangements of or affecting the Issuer except in relation to the
               Assets of the Securitisation Fund.

          (c)  The provisions of this clause 45.2 shall not apply to any
               obligation or liability of the Issuer to the extent that it is
               not satisfied because under a Transaction Document or by
               operation of law there is a reduction in the extent of the
               Issuer's indemnification or exoneration out of the Assets of the
               Securitisation Fund as a result of the Issuer's fraud, negligence
               or wilful default and will not apply to any obligation or
               liability of the Issuer to pay amounts from its personal funds
               pursuant to clause 12.1.

          (d)  It is acknowledged that the Relevant Parties are responsible
               under this deed or the other Transaction Documents for performing
               a variety of

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               obligations relating to the Securitisation Fund. No act or
               omission of the Issuer (including any related failure to satisfy
               its obligations under this deed) will be considered fraud,
               negligence or wilful default of the Issuer for the purpose of
               paragraph (c) above to the extent to which the act or omission
               was caused or contributed to by any failure by any Relevant Party
               or any person who has been delegated or appointed by the Issuer
               in accordance with the Transaction Documents to fulfil its
               obligations relating to the Securitisation Fund or by any other
               act or omission of a Relevant Party or any such person.

          (e)  No attorney, agent, delegate, receiver or receiver and manager
               appointed in accordance with this deed or any other Transaction
               Document has authority to act on behalf of the Issuer in a way
               which exposes the Issuer to any personal liability and no act or
               omission of any such person will be considered fraud, negligence
               or wilful default of the Issuer for the purpose of paragraph (c)
               above.

          (f)  In this clause, Relevant Parties means any party to a Transaction
               Document other than the Issuer.

          (g)  Nothing in this clause limits the obligations expressly imposed
               on the Issuer under the Transaction Documents.

          (h)  The Issuer is not obliged to do or refrain from doing anything
               under this deed (including incurring liability) unless the
               Issuer's liability is limited in the same manner as set out in
               paragraphs (a) to (c) of this clause.

    45.3  UNRESTRICTED REMEDIES

          Nothing in clause 45.2 limits any party in:

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

          (b)  obtaining declaratory relief;

          (c)  relation to its rights under the Security Trust Deed; or

          (d)  taking any legal action against the Issuer in its personal
               capacity under clause 45.2(c).

    45.4  RESTRICTED REMEDIES

          Except as provided in clauses 45.2(c) and 45.3, none of the Note
          Trustee, each Paying Agent or the Calculation Agent shall, in respect
          of this Deed:

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

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

          (c)  (winding up) apply for the winding up or dissolution of the
               Issuer;

          (d)  (execution) levy or enforce any distress or other execution to,
               on or against any assets of the Issuer;

          (e)  (court appointed receiver) apply for the appointment by a court
               of a receiver to any of the assets of the Issuer;

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          (f)  (set-off or counterclaim) exercise or seek to exercise any
               set-off or counterclaim against the Issuer; or

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

          or take proceedings for any of the above and the Note Trustee, each
          Paying Agent and the Calculation Agent waives their rights to make
          those applications and take those proceedings.

          A reference to the Issuer in this clause 45.4 is to the Issuer in its
          personal capacity and not as trustee of the Securitisation Fund

    45.5  WILFUL DEFAULT OF THE ISSUER

          For the purposes of this deed the expression "wilful default":

          (a)  in relation to the Issuer, means a wilful default of this deed by
               the Issuer:

               (1)  other than a default which:

                    (A)  arises out of a breach of a Transaction Document by
                         a person other than the Issuer or any person
                         referred to in paragraph (b) in relation to the
                         Issuer;

                    (B)  arises because some other act or omission is a
                         precondition to the relevant act or omission of the
                         Issuer and that other act or omission does not
                         occur;

                    (C)  is in accordance with a lawful court order or
                         direction or is required by law; or

                    (D)  is in accordance with an instruction or direction
                         given to it by any person in circumstances where
                         that person is authorised to do so by any
                         Transaction Document; and

               (2)  in circumstances where had it not committed that default it
                    would have been entitled to recoupment, reimbursement or a
                    right of indemnity for its costs and expenses (if any) in
                    complying with this deed from the Securitisation Fund;

          (b)  a reference to the "fraud", "negligence" or "wilful default" of
               the Issuer means the fraud, negligence or wilful default of the
               Issuer and of its officers or employees, but not of its agents or
               delegates, unless the Issuer is liable for the acts or omissions
               of such other person under the terms of this deed.

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46  SUCCESSOR TRUSTEE

          The Note Trustee, each Paying Agent and the Calculation Agent shall do
          all things reasonably necessary to enable any successor Issuer
          appointed under clause 18 of the Master Trust Deed to become the
          Issuer under this deed.

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47  REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE

          Where the Note Trustee is required to express an opinion or make a
          determination or calculation under this deed or the other Transaction
          Documents, the Note Trustee may appoint or engage such independent
          advisers as the Note Trustee reasonably requires to assist in the
          giving of that opinion or the making of that determination or
          calculation and any reasonable costs and expenses payable to those
          advisers will be reimbursed to the Note Trustee by the Issuer or if
          another person is expressly stated in the relevant provision in a
          Transaction Document, that person.

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48  NO LIABILITY

          Without limitation the Note Trustee shall not be liable (subject to
          the mandatory requirements of the TIA) for:

          (a)  any decline in the value or loss realised upon any sale or other
               disposition made under the Security Trust Deed of any Charged
               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 or the Secured Moneys (as
               defined in the Security Trust Deed) or relating in any way to the
               Charged Property;

          (b)  any decline or loss directly or indirectly arising from the Note
               Trustee acting or failing to act as a consequence of an opinion
               reached by it or failing to act as a consequence of it not being
               indemnified for any action it might otherwise have taken as
               contemplated by clause 6.3; and

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

          except for the fraud, negligence or wilful default of the Note
          Trustee.

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49  PROSPECTUS

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

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50  NOTE TRUSTEE'S LIMITED LIABILITY

    50.1  RELIANCE ON CERTIFICATE

          The Note Trustee shall not incur any liability as a result of relying
          upon the authority, validity, due authorisation of, or the accuracy of
          any information contained in any notice, resolution, direction,
          consent, certificate, receipt, affidavit, statement, valuation report
          or other document or communication (including any of the above
          submitted or provided by the Manager, by the Issuer or by a Class A
          Noteholder) if the Note Trustee is entitled, under clause 50.2 to
          assume such authenticity, validity, due authorisation or accuracy.

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

    50.2  NOTE TRUSTEE'S RELIANCE ON MANAGER, SECURITY TRUSTEE, ISSUER OR
          MORTGAGE MANAGER

          (a)  (Authorised Signatories are sufficient evidence) Whenever any
               certificate, notice, proposal, direction, instruction, document
               or other communication is to be given to the Note Trustee, the
               Note Trustee may assume:

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

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

               in either case unless the officers of the Note Trustee
               responsible for the administration of the trust constituted under
               this deed (the Note Trust) are actually aware to the contrary.

          (b)  (Note Trustee not liable for loss) The Note Trustee shall not be
               responsible for any loss arising from any forgery or lack of
               authenticity or any act, neglect, mistake or discrepancy of the
               Manager, the Security Trustee, Issuer or the Mortgage Manager or
               any officer, employee, agent or delegate of the Manager, the
               Security Trustee, the Issuer or the Mortgage Manager in preparing
               any such document or in compiling, verifying or calculating any
               matter or information contained in any such document, if the
               officers of the Note Trustee responsible for the administration
               of the trust constituted by this deed are not actually aware of
               such forgery, lack of authenticity or validity, act, neglect,
               mistake or discrepancy.

    50.3  COMPLIANCE WITH LAWS

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

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    50.4  RELIANCE ON EXPERTS

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

    50.5  OVERSIGHTS OF OTHERS

          Having regard to the limitations on the Note Trustee's duties, powers,
          authorities and discretions under this deed, the Note Trustee shall
          not be responsible for any act, omission, misconduct, mistake,
          oversight, error of judgment, forgetfulness or want of prudence on the
          part of any person or agent appointed by the Note Trustee or on whom
          the Note Trustee is entitled to rely under this deed (other than a
          related body corporate (as defined in section 9 of the Corporations
          Act)), attorney, banker, receiver, barrister, solicitor, agent or
          other person acting as agent or adviser to the Note Trustee except to
          the extent of losses, costs, claims or damages caused by the Note
          Trustee's fraud, negligence or wilful default, provided that nothing
          in this deed or any other Transaction Document imposes any obligations
          on the Note Trustee to review or supervise the performance by any
          other party of its obligations.

    50.6  POWERS, AUTHORITIES AND DISCRETIONS

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

    50.7  IMPOSSIBILITY OR IMPRACTICABILITY

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

    50.8  LEGAL AND OTHER PROCEEDINGS

          (a)  (Indemnity for legal costs) The Note Trustee or the Class A
               Noteholders acting under clause 6.5 (as the case may be) (each an
               Indemnified Party) shall be indemnified by the Issuer (subject to
               clause 45) for all legal costs and disbursements on a full
               indemnity basis and all other cost, disbursements, outgoings and
               expenses incurred by the Indemnified Party in connection with:

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                                                                 Note Trust Deed

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

               (2)  without limiting the generality of paragraph (1) above, the
                    initiation, defence, carriage and settlement of any action,
                    suit, proceeding or dispute in respect of; and

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

               this deed or any other Transaction Document or otherwise under or
               in respect of this deed provided that the enforcement,
               contemplated enforcement or preservation by the Note Trustee (as
               the case may be) of the rights referred to in paragraph (1) or
               the court proceedings referred to in paragraph (2) (including in
               each case the defence of any action, suit, proceeding or dispute
               brought against the Indemnified Party), and the basis of
               incurring any of those costs, disbursements, outgoings and
               expenses by the Indemnified Party:

               (4)  has been approved in advance by the written consent of the
                    holders of at least 75% of the aggregate Invested Amount of
                    the Class A Notes; or

               (5)  the Indemnified Party reasonably considers the incurring of
                    those costs, disbursements, outgoings and expenses to be
                    necessary.

          (b)  (Defence of proceedings alleging negligence etc.) The Indemnified
               Party shall be entitled to claim in respect of the above
               indemnity from the Issuer for its expenses and liabilities
               incurred in defending any action, suit, proceeding or dispute in
               which fraud, negligence or wilful default is alleged or claimed
               against it, but on the same being proved, accepted or admitted by
               it, it shall immediately repay to the Issuer the amount
               previously paid by the Issuer to it in respect of that indemnity.

          (c)  (Expenses) Subject to clause 45, the Issuer will on demand
               reimburse the Note Trustee for and keep the Note Trustee
               indemnified against all expenses including legal costs and
               disbursements (on a full indemnity basis) reasonably incurred by
               the Note Trustee in connection with:

               (1)  the preparation and execution of this deed and any
                    subsequent consent, agreement, approval or waiver under this
                    deed or amendment to this deed;

               (2)  the exercise, enforcement, preservation or attempted
                    exercise enforcement or preservation of any rights under
                    this deed including without limitation any expenses incurred
                    in the evaluation of any matter of material concern to the
                    Note Trustee; and

               (3)  any enquiry by a Government Agency concerning the Issuer or
                    the Assets of the Securitisation Fund or a transaction or
                    activity the subject of the Transaction Documents.

    50.9  NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

          Except to the extent caused by the fraud, negligence or wilful default
          on the Note Trustee's part or on the part of any of its officers or
          employees, or any agents or delegate, sub-agent, sub-delegate employed
          by the Note Trustee in accordance

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          with this deed (and where this deed provides that the Note Trustee is
          liable for the acts or omissions of any such person) to carry out any
          transactions contemplated by this deed, the Note Trustee shall not be
          liable for any losses, costs, liabilities or claims arising from the
          failure to pay moneys on the due date for payment to any Class A
          Noteholder or any other person or for any loss howsoever caused in
          respect of any of the Securitisation Fund or to any Class A Noteholder
          or other person. The Note Trustee is not obliged to take any action
          under this deed unless it is indemnified to its reasonable
          satisfaction against all actions, proceedings, claims and demands to
          which it may render itself liable and all costs, charges, damages and
          expenses which it may incur by so doing.

    50.10 FURTHER LIMITATIONS ON NOTE TRUSTEE'S LIABILITY

          Subject to clause 50.2, the Note Trustee shall not be liable:

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

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

               (1)  any Class A Noteholder under this deed, any other
                    Transaction Document or any other document;

               (2)  any person under an Enhancement or Mortgage,

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

          (c)  for any Manager's Default;

          (d)  without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of any
               Mortgage Manager in relation to its servicing duties or its
               obligations under any Mortgage Origination and Management
               Agreement;

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

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

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                                                                 Note Trust Deed

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

          (h)  for the failure of a person to carry out an agreement with the
               Note Trustee in connection with the Securitisation Fund; or for
               any losses, costs, liabilities or expenses caused by the Note
               Trustee's failure to check any calculation, information,
               document, form or list supplied or purported to be supplied to it
               by the Manager, the Issuer or Security Trustee,

          except, in the case of paragraphs (c) to (h) (inclusive), to the
          extent that it is caused by the fraud, negligence or wilful default of
          the Note Trustee.

          Nothing in this clause 50.10 alone (but without limiting the operation
          of any other clause of this deed) shall imply a duty on the Note
          Trustee to supervise the Manager or the Security Trustee in the
          performance of the Manager's or the Security Trustee's functions and
          duties, and the exercise by the Manager or the Security Trustee of its
          discretions.

    50.11 CONFLICTS

          (a)  (Not liable to account) the Note Trustee shall not be in any way
               liable to account to any Class A Noteholder or any other person
               for any profits or benefits (including any profit, bank charges,
               commission, exchange, brokerage and fees) made or derived under
               or in connection with any transaction or contract specified in
               paragraph (b) below.

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

    50.12 INFORMATION

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

    50.13 INVESTIGATION BY NOTE TRUSTEE

          Each Noteholder acknowledges that the Note Trustee has no duty, and is
          under no obligation, to investigate whether a Manager's Default or
          Trustee's Default has occurred in relation to the Securitisation Fund
          other than where it has actual notice.

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51  NOTEHOLDERS' LISTS AND REPORTS, CONTINUING SECURITY, RELEASES AND WAIVERS

    51.1  PROVISION OF INFORMATION

          The Manager will cause to be furnished to the Note Trustee:

          (a)  every six months (with the first six month period commencing on
               the Closing Date) (each such date being a Notice Date), a list,
               in such form as the Note Trustee may reasonably require, of the
               names and addresses of the Class A Noteholders as of the Record
               Date immediately preceding that Notice Date; and

          (b)  at such other times as the Note Trustee may request in writing,
               within 30 days after receipt by the Manager with a copy provided
               to the Issuer of any such request, a list of similar form and
               content as of a date not more than 10 days prior to the time such
               list is furnished,

          provided that so long as:

          (c)  the Note Trustee is the Note Registrar; or

          (d)  the Class A Notes are Book-Entry Notes

          no such list shall be required to be furnished.

    51.2  PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS

          (a)  The Note Trustee shall preserve, in as current a form as is
               reasonably practicable, the names and addresses of the Class A
               Noteholders contained in the most recent list (if any) furnished
               to the Note Trustee as provided in clause 51.1 and if it acts as
               Note Registrar, the names and addresses of Class A Noteholders
               received by the Note Trustee in its capacity as Note Registrar.
               The Note Trustee may destroy any list furnished to it as provided
               in such clause 51.1 upon receipt of a new list so furnished.

          (b)  Class A Noteholders may communicate pursuant to Section 312(b) of
               the TIA with other Class A Noteholders with respect to their
               rights under this deed or under the Class A Notes.

          (c)  The Issuer, Note Trustee and Note Registrar shall have the
               protection of Section 312(c) of the TIA.

    51.3  REPORTS BY NOTE TRUSTEE

          If required by Section 313(a) of the TIA, within 60 days after each 30
          June, beginning with 30 June 2003, the Note Trustee shall mail to each
          Class A Noteholder, the Issuer and the Manager as required by Section
          313(c) of the TIA a brief report dated as of such date that complies
          with Section 313(a) of the TIA. The Note Trustee also shall comply
          with Section 313(b) of the TIA. A copy of each report at the time of
          its mailing to Class A Noteholders shall be filed by the Note Trustee
          with the Commission and each stock exchange, if any, on which the
          Class A Notes are listed. The Manager on behalf of the Issuer shall
          notify the Note Trustee if and when the Class A Notes are listed on
          any stock exchange.

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    51.4  NOTICES TO CLASS A NOTEHOLDERS; WAIVER

          Where this deed provides for notice to Class A Noteholders of any
          event, such notice shall be sufficiently given (unless otherwise
          herein expressly provided) if in writing and mailed, first-class,
          postage prepaid to each Noteholder affected by such event, at his or
          her address as it appears on the Note Register, not later than the
          latest date, and not earlier than the earliest date, prescribed for
          the giving of such notice. In any case where notice to Class A
          Noteholders is given by mail, neither the failure to mail such notice
          nor any defect in any notice so mailed to any particular Class A
          Noteholder shall affect the sufficiency of such notice with respect to
          other Class A Noteholders, and any notice that is mailed in the manner
          herein provided shall conclusively be presumed to have been duly
          given. Where this deed provides for notice in any manner, such notice
          may be waived in writing by any person entitled to receive such
          notice, either before or after the event, and such waiver shall be the
          equivalent of such notice. Waivers of notice by Class A Noteholders
          shall be filed with the Note Trustee but such filing shall not be a
          condition precedent to the validity of any action taken in reliance
          upon such a waiver.

          In case, by reason of the suspension of regular mail services as a
          result of a strike, work stoppage or similar activity, it shall be
          impractical to mail notice of any event to Class A Noteholders when
          such notice is required to be given pursuant to any provision of this
          deed, then any manner of giving such notice as the Manager on behalf
          of the Issuer shall direct the Note Trustee shall be deemed to be a
          sufficient giving of such notice.

    51.5  TRUSTEE'S LIABILITY NOT AFFECTED

          This deed and the liability of the Issuer under this deed will not be
          affected or discharged by any of the following:

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

          (b)  (Delay in recovery): subject to Condition 8 of the Conditions,
               the Note Trustee failing or neglecting to recover any amounts
               owing in respect of the Class A Notes;

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

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

    51.6  REPORTS BY ISSUER

          The Issuer or the Manager on its behalf shall:

          (a)  file with the Note Trustee, within 15 days after the Issuer or
               the Manager is required to file the same with the Commission,
               copies of the annual reports and of the information, documents
               and other reports (or copies of such portions of any of the
               foregoing as the Commission may from time to time by rules and
               regulations prescribe) which the Issuer or the Manager

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                                                                 Note Trust Deed

               may be required to file with the Commission pursuant to section
               13 or 15(d) of the Securities Exchange Act of 1934, as amended;

          (b)  file with the Note Trustee and the Commission in accordance with
               rules and regulations prescribed from time to time by the
               Commission such additional information, documents and reports
               with respect to compliance by the Issuer or the Manager on its
               behalf with the conditions and covenants of this deed as may be
               required from time to time by such rules and regulations; and

          (c)  supply to the Note Trustee (and the Note Trustee shall transmit
               by mail to all Class A Noteholders described in Section 313(c) of
               the TIA) such summaries of any information, documents and reports
               required to be filed by the Issuer or the Manager on its behalf
               pursuant to clauses (a) and (b) of this clause 51.6 as may be
               required by rules and regulations prescribed from time to time by
               the Commission.

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

52  TRUST INDENTURE ACT - MISCELLANEOUS

    52.1  COMPLIANCE CERTIFICATES AND OPINIONS, ETC

          (a)  Upon any application or request by the Issuer or the Manager to
               the Note Trustee to take any action under any provision of this
               deed, the Issuer (or the Manager on its behalf) shall furnish to
               the Note Trustee:

               (1)  an Officer's Certificate stating that all conditions
                    precedent, if any, provided for in this deed relating to the
                    proposed action have been complied with;

               (2)  an Opinion of Counsel stating that in the opinion of such
                    counsel all such conditions precedent, if any, have been
                    complied with; and

               (3)  (if required by the TIA) an Independent Certificate from a
                    firm of certified public accountants meeting the applicable
                    requirements of Section 314(c)(3) of the TIA, except that,
                    in the case of any such application or request as to which
                    the furnishing of such documents is specifically required by
                    any provision of this deed, no additional certificate or
                    opinion need be furnished.

               (1)  Prior to the deposit of any property or securities with the
                    Issuer that is to be made the basis for the release of any
                    property or securities subject to the Security Interest
                    created by the Security Trust Deed, the Issuer (or the
                    Manager on its behalf) shall, in addition to any obligation
                    imposed in clause 52.1(a) or elsewhere in this deed, furnish
                    to the Note Trustee an Officer's Certificate certifying or
                    stating the opinion of each person signing such certificate
                    as to the fair value (within 90 days of such deposit) of the
                    property or securities to be so deposited.

               (2)  Whenever any property or securities are to be released from
                    the Security Interest created by the Security Trust Deed,
                    the Issuer (or the Manager on its behalf) shall also furnish
                    to the Note Trustee an Officer's Certificate certifying or
                    stating the opinion of each person signing such certificate
                    as to the fair value (within 90 days of such

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                                                                 Note Trust Deed

                    release) of the property or securities proposed to be
                    released and stating that in the opinion of such person the
                    proposed release will not impair the security under the
                    Security Trust Deed in contravention of the provisions of
                    the Security Trust Deed or this deed.

               (3)  Whenever the Issuer (or the Manager on its behalf) is
                    required to furnish to the Note Trustee an Officer's
                    Certificate certifying or stating the opinion of any signer
                    thereof as to the matters described in paragraphs (1) and
                    (2), the Issuer (or the Manager on its behalf) shall also
                    furnish to the Note Trustee an Independent Certificate as to
                    the same matters if the fair value of the property or
                    securities and of all other property or securities deposited
                    or released from the Security Interest created by the
                    Security Trust Deed since the commencement of the then
                    current calendar year, as set forth in the certificate
                    required by clause (2) and this clause (3), equals 10% or
                    more of the Outstanding Principal Balance of the Notes, but
                    such certificate need not be furnished in the case of any
                    release of property or securities if the fair value thereof
                    as set forth in the related Officer's Certificate is less
                    than US$25,000 or less than one percent of the then
                    Outstanding Principal Balance of the Notes. Notwithstanding
                    any other provision of this clause, the Issuer may:

                    (A)  collect, liquidate, sell or otherwise dispose of
                         receivables or other Assets of the Securitisation Fund
                         as and to the extent permitted or required by the
                         Transaction Documents; and

                    (B)  make or permit to be made cash payments out of the
                         Collection Account or the US$ Account as and to the
                         extent permitted or required by the Transaction
                         Documents.

          (c)  Every Officer's Certificate or opinion with respect to compliance
               with a condition or covenant provided for in this deed shall
               include:

               (1)  a statement that each signatory of such certificate or
                    opinion has read or has caused to be read such covenant or
                    condition and the definitions herein relating thereto;

               (2)  a brief statement as to the nature and scope of the
                    examination or investigation upon which the statements or
                    opinions contained in such certificate or opinion are based;

               (3)  a statement that, in the opinion of each such signatory,
                    such signatory has made such examination or investigation as
                    is necessary to enable such signatory to express an informed
                    opinion as to whether or not such covenant or condition has
                    been complied with; and

               (4)  a statement as to whether, in the opinion of each such
                    signatory such condition or covenant has been complied with.

    52.2  UNDERTAKING FOR COSTS

          (a)  Subject to paragraph (b), all parties to this deed agree, and
               each Class A Noteholder by such Class A Noteholder's acceptance
               thereof shall be deemed to have agreed, that any court may in its
               discretion require, in any

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                                                                 Note Trust Deed

               suit for the enforcement of any right or remedy under this deed,
               or in any suit against the Note Trustee for any action taken,
               suffered or omitted by it as the Note Trustee, the filing by any
               party litigant in such suit of an undertaking to pay the costs of
               such suit, and that such court may in its discretion assess
               reasonable costs, including reasonable attorneys' fees, against
               any party litigant in such suit, having due regard to the merits
               and good faith of the claims or defences made by such party
               litigant.

          (b)  The provisions of this clause shall not apply to:

               (1)  any suit instituted by the Note Trustee;

               (2)  any suit instituted by any Class A Noteholder, or group of
                    Class A Noteholders in each case holding in the aggregate
                    more than 10% of the aggregate Invested Amount of the Class
                    A Notes; or

               (3)  any suit instituted by any Class A Noteholder for the
                    enforcement of the payment of principal or interest on any
                    Class A Note on or after the respective due dates expressed
                    in such Class A Note and in this deed (or, in the case of
                    final redemption of a Class A Note, on or after the Final
                    Maturity Date).

    52.3  EXCLUSIONS OF SECTION 316

          (a)  Section 316(a)(1) of the TIA is expressly excluded by this deed.

          (b)  For the purposes of Section 316(a)(2) of the TIA in determining
               whether any Class A Noteholders have concurred in any relevant
               direction or consent, Notes owned by the Issuer or by any
               Associate of the Issuer, shall be disregarded, except that for
               the purposes of determining whether the Note Trustee shall be
               protected in relying on any such direction or consent, only Class
               A Notes which the Note Trustee knows are so owned shall be so
               disregarded.

    52.4  UNCONDITIONAL RIGHTS OF CLASS A NOTEHOLDERS TO RECEIVE PRINCIPAL AND
          INTEREST

          Notwithstanding any other provisions in this deed but subject to
          clause 45, any Class A Noteholder shall have the right, which is
          absolute and unconditional, to receive payment of the principal of and
          interest, if any, on such Class A Note on or after the respective due
          dates thereof expressed in such Class A Note or in this deed (or, in
          the case of final redemption of a Note, on or after the Final Maturity
          Date) and to institute suit for the enforcement of any such payment,
          and such right shall not be impaired without the consent of such Class
          A Noteholder, except to the extent that the institution or prosecution
          thereof or the entry of judgment therein would, under applicable law,
          result in the surrender, impairment, waiver or loss of the Security
          Interest created by the Security Trust Deed upon any property subject
          to such Security Interest.

    52.5  CONTINUING OBLIGATION

          This deed shall be a continuing obligation notwithstanding any
          settlement of account intervening payment express or implied
          revocation or any other matter or thing whatsoever until a final
          discharge thereof has been given to the Issuer.

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                                                                 Note Trust Deed

    52.6  NO MERGER

          Neither this deed nor any of the Note Trustee's powers shall merge or
          prejudicially affect or be merged in or prejudicially affected by and
          the Issuer's obligations hereunder shall not in any way be abrogated
          or released by any other security, any judgment or order, any
          contract, any cause of action or remedy or any other matter or thing
          now or hereafter existing in respect of the Secured Moneys.

    52.7  WAIVER

          A failure to exercise or enforce or a delay in exercising or enforcing
          or the partial exercise or enforcement of any right, remedy, power or
          privilege hereunder by a party shall not in any way preclude or
          operate as a waiver of any further exercise or enforcement thereof or
          the exercise or enforcement of any other right remedy power or
          privilege hereunder or provided by law.

    52.8  CONSENTS AND APPROVALS

          Where any act, matter or thing hereunder depends on the consent or
          approval of the Note Trustee then unless expressly provided otherwise
          herein such consent or approval may be given or withheld in the
          absolute and unfettered discretion of the Note Trustee and may be
          given subject to such conditions as the Note Trustee thinks fit in its
          absolute and unfettered discretion and notwithstanding anything to the
          contrary in this deed, may be given retrospectively.

    52.9  WRITTEN WAIVER, CONSENT AND APPROVAL

          Any waiver, consent or approval given by a party under this deed shall
          only be effective and shall only bind that party if it is given in
          writing or given verbally and subsequently confirmed in writing and
          executed by that party or on its behalf by an officer for the time
          being of that party.

    52.10 TIME OF ESSENCE

          Time is of the essence in respect of the Issuer's obligations
          hereunder.

    52.11 MORATORIUM LEGISLATION

          To the fullest extent permitted by law, the provisions of all Statutes
          operating directly or indirectly:

          (a)  to lessen or otherwise to vary or affect in favour of the Issuer
               any obligation under this deed; or

          (b)  to delay or otherwise prevent or prejudicially affect the
               exercise of any powers conferred on the Note Trustee, the
               Principal Paying Agent, the Calculation Agent or the Note
               Registrar under this deed;

          are hereby expressly waived, negatived and excluded.

    52.12 BINDING ON EACH SIGNATORY

          This deed shall bind each of the signatories hereto notwithstanding
          that any one or more of the named parties hereto does not execute this
          deed, that there is any

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                                                                 Note Trust Deed

          invalidity forgery or irregularity touching any execution hereof or
          that this deed is or becomes unenforceable, void or voidable against
          any such named party.

    52.13 COUNTERPARTS

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

    52.14 ASSIGNMENT

          No party may assign or transfer any of its rights or obligations under
          this deed without the prior written consent of the other parties and
          in accordance with the provisions of this deed with respect to
          retirement of each of such parties from their respective roles under
          this deed.

    52.15 POWER OF ATTORNEY

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

    52.16 CERTIFICATE OF NOTE TRUSTEE

          A certificate in writing signed by a Responsible Officer of the Note
          Trustee certifying any act, matter or thing relating to this deed is
          conclusive and binding on the Issuer in the absence of manifest error
          on the face of the certificate.

    52.17 REMEDIES CUMULATIVE

          The rights and remedies conferred by this deed upon the Note Trustee
          are cumulative and in addition to all other rights or remedies
          available to the Note Trustee by Statute or by general law.

    52.18 INTEREST ON JUDGMENT

          If a liability under this deed (other than a liability for negligence,
          fraud or wilful default of the Issuer under the Transaction Documents)
          becomes merged in a judgment or order then the Issuer as an
          independent obligation will pay interest to the Note Trustee on the
          amount of that liability at a rate being the higher of the rate
          payable pursuant to the judgment or order and the highest rate payable
          on the Class A Notes from the date it becomes payable until it is
          paid.

    52.19 CONFLICT WITH TRUST INDENTURE ACT

          If any provision hereof limits, qualifies or conflicts with another
          provision hereof that is required to be included in this indenture by
          any of the provisions of the TIA, such required provision shall
          prevail.

          The provisions of Sections 310 to 317 (inclusive) of the TIA that
          impose duties on any person (including the provisions automatically
          deemed included herein unless expressly excluded by this deed) are a
          part of and govern this deed, whether or not contained herein.

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                                                                 Note Trust Deed

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

53  CONSENT OF CLASS A NOTEHOLDERS

    53.1  GENERAL

          Except as expressly provided elsewhere in this deed or in clause 53.2
          below, any action that may be taken by the Class A Noteholders under
          this deed may be taken by registered holders of not less than a
          majority of the aggregate Invested Amount of Class A Notes.

    53.2  SPECIAL WRITTEN APPROVALS

          (a)  The following matters are only capable of being effected by the
               approval in writing of holders of at least 75% of the aggregate
               Invested Amount of the Class A Notes, namely:

               (1)  modification of the date fixed for final maturity of the
                    Class A Notes;

               (2)  reduction or cancellation of the principal payable on the
                    Class A Notes or any alteration of the date or priority of
                    redemption of the Class A Notes;

               (3)  alteration of the amount of interest payable on any class of
                    the Class A Notes or modification of the method of
                    calculating the amount of interest payable on the Class A
                    Notes or modification of the date of payment of or interest
                    payable on the Class A Notes;

               (4)  alteration of the currency in which payments under the Class
                    A Notes are to be made;

               (5)  altering the required percentage of aggregate Invested
                    Amount of the Class A Notes required to consent or take any
                    action;

               (6)  alteration of this sub-paragraph.

          (b)  The Class A Noteholders shall in addition to the powers given
               under this deed have the following powers if approval is given by
               holders of at least 75% of the aggregate Invested Amount of the
               Class A Notes as appropriate,

               (1)  power to sanction any compromise or arrangement proposed to
                    be made between the Issuer and the Class A Noteholders;

               (2)  power to sanction any abrogation, modification, compromise
                    or arrangement in respect of the rights of the Class A
                    Noteholders against the Issuer or against any of its
                    property or against any other person whether such rights
                    shall arise under these presents, any of the Notes or
                    otherwise;

               (3)  power to assent to any modification of the provisions
                    contained in this deed, the Class A Notes (including the
                    Conditions) or the provisions of any of the Transaction
                    Documents which shall be proposed by the Issuer or the Note
                    Trustee;

               (4)  power to give any authority or sanction which under the
                    provisions of this deed or the Class A Notes (including the
                    Conditions) is

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                                                                 Note Trust Deed

                    required to be given in writing by holders of at least 75%
                    of the aggregate Invested Amount of the Class A Notes;

               (5)  power to approve of a person to be appointed a trustee and
                    power to remove any trustee or trustees for the time being
                    under this deed;

               (6)  power to discharge or exonerate the Note Trustee from all
                    liability in respect of any act or omission for which the
                    Note Trustee may have become responsible under this deed or
                    under the Class A Notes;

               (7)  power to authorise the Note Trustee to concur in and execute
                    and do all such deeds, instruments, acts and things as may
                    be necessary to carry out and give effect to the approval in
                    writing by holders of at least 75% of the aggregate Invested
                    Amount of the Class A Notes;

               (8)  override any waiver by the Note Trustee of a breach of any
                    provisions of Transaction Documents or an Event of Default
                    under the Security Trust Deed;

               (9)  power to sanction any scheme or proposal for the exchange or
                    sale of the Class A Notes, as the case may be, or for the
                    conversion of the Class A Notes, or for the cancellation of
                    the Class A Notes, in consideration of shares, stock, notes,
                    bonds, debentures, debenture stock and/or other obligations
                    and/or securities of the Issuer or of any other company
                    formed or to be formed, or for or into or in consideration
                    of cash, or partly for or into or in consideration of such
                    shares, stock, notes, bonds, debenture stock and/or other
                    obligations and/or securities as aforesaid and partly for or
                    into or in consideration of cash.

    53.3  REQUIREMENT FOR WRITING

          Except as expressly provided elsewhere in this deed, all notices and
          consents from Class A Noteholders shall be delivered in writing. Any
          solicitation of such notices or consent shall be in writing and be
          delivered by the Issuer, Manager or Note Trustee, as applicable,
          seeking such notice or consent from the Class A Noteholders to the
          Principal Paying Agent, who shall deliver the foregoing to the
          appropriate Class A Noteholders. With respect to any solicitation of
          approval of Class A Noteholders, the Record Date for determining Class
          A Noteholders with respect to such solicitation shall be the date upon
          which the Principal Paying Agent distributes such notices or
          solicitation to the Class A Noteholders.

    53.4  MEETINGS OF CLASS A NOTEHOLDERS

          Meetings of Class A Noteholders may be convened in the manner set out
          in the Meeting Procedures set out in Schedule 3 in any circumstance
          where a matter arises for determination by the Class A Noteholders
          pursuant to this deed.

    53.5  ENTIRE AGREEMENT

          This deed together with such of the Transaction Documents to which
          each of the parties hereto is a party, constitutes the entire
          agreement between the parties to it as to the subject matter with
          which it deals.

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                                                                 Note Trust Deed

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<PAGE>

                                                                 Note Trust Deed

EXECUTED AS A DEED:

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

ISSUER

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the presence of:

-----------------------------------------     ---------------------------------
Witness                                       Attorney

-----------------------------------------     ---------------------------------
Name (please print)                           Name (please print)

MANAGER

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the presence of:

-----------------------------------------     ---------------------------------
Witness                                       Attorney

-----------------------------------------     ---------------------------------
Name (please print)                           Name (please print)

NOTE TRUSTEE / PRINCIPAL PAYING AGENT/

CALCULATION AGENT / NOTE REGISTRAR

SIGNED SEALED AND DELIVERED for
THE BANK OF NEW YORK
by its Authorised Signatory in the
presence of:

-----------------------------------------     ---------------------------------
Witness                                       Authorised Signatory

-----------------------------------------     ---------------------------------
Name (please print)                           Name (please print)

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<PAGE>

                                                                 Note Trust Deed

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEE COMPANY LIMITED
by its attorney in the
presence of:

-----------------------------------------     ---------------------------------
Witness                                       Attorney

-----------------------------------------     ---------------------------------
Name (please print)                           Name (please print)

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<PAGE>

                                                                 Note Trust Deed

SCHEDULE 1

FORM BOOK-ENTRY NOTE

REGISTERED                                 CUSIP No.............................

                                           ISIN No..............................

                                           Common Code..........................

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

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                      Perpetual Trustees Australia Limited

                              (ABN 86 000 431 827)

           (a limited liability company incorporated under the law of

                           New South Wales, Australia)

                        in its capacity as trustee of the

                             SMHL Global Fund No. 3

                                 BOOK-ENTRY NOTE

                                  representing

                                  US$[##]/[##]

           Class [A-1/A-2] Mortgage Backed Floating Rate Notes Due on

                          the Payment Date falling in /

                                        /

This Note is a Class [A-1/A-2] Book-Entry Note in respect of a duly authorised
issue of Notes of Perpetual Trustees Australia Limited in its capacity as
trustee of the SMHL Global Fund No. 3 (the "Securitisation Fund") (the
"Issuer"), designated as specified in the title above (the "Notes"), in an
initial aggregate principal amount of

                               ** (US$[##]/[##])**

and (a) constituted by a Master Trust Deed (the "Master Trust Deed") dated 4
July 1994 between the Issuer as trustee, and ME Portfolio Management Limited
(the "Manager"), by a Supplementary Bond Terms Notice (the "Supplementary Bond
Terms Notice") dated [##] 2002 executed by the Issuer, the Security Trustee (as
defined herein), The Bank of New York (the note trustee for the time being
referred to as the "Note Trustee") as trustee for the holders for the time

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<PAGE>

                                                                 Note Trust Deed

being of the Class [A-1/A-2] Notes (the "Class [A-1/A-2] Noteholders") and the
Manager, and by the Conditions; (b) issued subject to a Note Trust Deed dated
[##] 2002 (the "Note Trust Deed") between (among others) the Issuer, the Manager
and the Note Trustee; and (c) secured by a Security Trust Deed (the "Security
Trust Deed") dated [##] 2002 between the Issuer, the Manager, the Note Trustee
and Perpetual Trustee Company Limited (ABN 42 000 001 007) (the "Security
Trustee", which expression shall include its successor for the time being as
security trustee under the Security Trust Deed). References to the Conditions
(or to any particular numbered Condition) shall be to the Terms and Conditions
of the Class A Notes set out in Schedule 3 to the Note Trust Deed but with the
deletion of those provisions which are applicable only to Class A Notes in
definitive form. Terms and expressions defined in the Note Trust Deed and the
Conditions shall, save as expressly stated otherwise, bear the same meanings
when used herein.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed this Class [A-1/A-2] Book-Entry Note will be exchangeable in whole at
the offices of the Principal Paying Agent at [*] (or such other place outside
Australia and any of its respective territories and possessions and other areas
subject to jurisdictions as the Note Trustee may agree) for Class [A-1/A-2]
Definitive Notes and the Issuer shall execute and procure that the Principal
Paying Agent authenticates and delivers in full exchange for this Class
[A-1/A-2] Book-Entry Note, Class [A-1/A-2] Definitive Notes in aggregate
principal amount equal to the Amount of all Class [A-1/A-2] Notes represented by
this Class [A-1/A-2] Book-Entry Note. The Issuer is not obliged to issue
Definitive Notes until 30 days after the occurrence of an event set out in
clause 3.3 of the Note Trust Deed.

The Issuer, in its capacity as trustee of the Securitisation Fund, subject to
this Class [A-1/A-2] Book-Entry Note and subject to and in accordance with the
Conditions and the Note Trust Deed promises to pay to Cede & Co., or registered
assigns of this Class [A-1/A-2] Book-Entry Note the principal sum of
(US$[number]) or such lesser amount as may from time to time be represented by
this Class [A-1/A-2] Book-Entry Note (or such part of that amount as may become
repayable under the Conditions, the Supplementary Bond Terms Notice and the Note
Trust Deed) on such date(s) that principal sum (or any part of it) becomes
repayable in accordance with the Conditions, the Supplementary Bond Terms Notice
and the Note Trust Deed and to pay interest in arrears on each Payment Date (as
defined in Condition 4) on the Invested Amount (as defined in Condition 5(a)) of
this Class [A-1/A-2] Book-Entry Note at rates determined in accordance with
Class [A-1/A-2] Condition 4 and all subject to and in accordance with the
certification requirements described in this Class [A-1/A-2] Book-Entry Note,
the Conditions, the Supplementary Bond Terms Notice and the Note Trust Deed,
which shall be binding on the registered holder of this Class [A-1/A-2]
Book-Entry Note (as if references in the Conditions to the Notes and the
Noteholders were references to this Class [A-1/A-2] Book-Entry Note and the
registered holder of this Class [A-1/A-2] Book-Entry Note respectively and as if
the same had been set out in this Class [A-1/A-2] Book-Entry Note in full with
all necessary changes, except as otherwise provided in this Class [A-1/A-2]
Book-Entry Note).

Payments of interest on this Class [A-1/A-2] Note due and payable on each
Quarterly Payment Date, together with the instalment of principal, if any, shall
be payable to the nominee of the Common Depositary (initially, such nominee to
be Cede & Co.). No payment of interest or principal may be made by the Issuer or
any Paying Agent in the Commonwealth of Australia or its possessions or into a
bank account or to an address in the Commonwealth of Australia. Each of the
persons appearing from time to time in the records of DTC, as the holder of a
beneficial interest in a Class [A-1/A-2] Note will be entitled to receive any
payment so made in respect of that Class [A-1/A-2] Note in accordance with the
respective rules and procedures of DTC. Such persons will have no claim directly
against the Issuer in respect of payments due on the Class [A-1/A-2] Notes which
must be made by the holder of this Class [A-1/A-2] Book-Entry Note, for so long
as this Class [A-1/A-2] Book-Entry Note is outstanding.

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                                                                        PAGE 100

<PAGE>

                                                                 Note Trust Deed

On any payment of principal and/or interest on the Class [A-1/A-2] Notes as set
out above details of that payment shall be endorsed by the Note Registrar in the
Note Register and, in the case of payments of principal, the Outstanding
Principal Balance and Invested Amount of the Class [A-1/A-2] Notes shall be
reduced for all purposes by the amount so paid and endorsed in the Note
Register. Any such record shall be prima facie evidence that the payment in
question has been made.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed, the Book-Entry Notes will be surrendered to the Issuer by a Clearing
Agency and a Clearing Agency will deliver the relevant registration instructions
to the Issuer. Definitive Notes shall be executed by the Issuer and
authenticated by the Principal Paying Agent and delivered as per the
instructions of the Clearing Agency.

The Class A Definitive Notes to be issued on that exchange will be in registered
form each in the denomination of US$100,000 or integral multiples thereof. If
the Issuer fails to meet its obligations to issue Class A Definitive Notes, this
shall be without prejudice to the Issuer's obligations with respect to the Notes
under the Note Trust Deed, the Master Trust Deed, the Supplementary Bond Terms
Notice and this Class A Book-Entry Note.

On an exchange of this Class [A-1/A-2] Book-Entry Note, this Class [A-1/A-2]
Book-Entry Note shall be surrendered to the Principal Paying Agent.

This Class [A-1/A-2] Book-Entry Note shall not become valid for any purpose
unless and until the Certificate of Authentication attached has been signed by
an Authorised Signatory of the Principal Paying Agent (as defined in the
Supplementary Bond Terms Notice).

This Class [A-1/A-2] Book-Entry Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Class [A-1/A-2] Book-Entry Note to be
signed [manually/in facsimile] by a person duly authorised on its behalf

PERPETUAL TRUSTEES AUSTRALIA LIMITED in its capacity as trustee of the SMHL
Global Fund No. 3 Trust of 2002

By:       --------------------------------------

         Authorised Signatory

Date:    --------------------------------------

IMPORTANT NOTICE:

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

(a)      The Notes do not represent deposits or other liabilities of Perpetual
         Trustee Australia Limited, ABN 86 000 431 827, or associates of
         Perpetual Trustees Australia Limited.

(b)      The holding of Notes is subject to investment risk, including possible
         delays in repayment and loss of income and principal invested.

(c)      None of Perpetual Trustees Australia Limited, any associate of
         Perpetual Trustees Australia Limited, the Security Trustee or the Note
         Trustee in any way stands behind the capital value and/or performance
         of the Notes or the assets of the Securitisation Fund

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                                                                        PAGE 101

<PAGE>

                                                                 Note Trust Deed

         except to the limited extent provided in the Transaction Documents for
         the Securitisation Fund.

(d)      None of Perpetual Trustee Australia Limited, the Manager, the Security
         Trustee, the Note Trustee or, the Currency Swap Provider (as defined in
         the Supplementary Bond Terms Notice) guarantees the payment of interest
         or the repayment of principal due on the Notes.

(e)      None of the  obligations  of the Issuer or the Manager are  guaranteed
         in any way by any associate  either of them.

(f)      Without limiting the Conditions, the Issuer's liability to make
         payments in respect of the Notes is limited to its right of indemnity
         from the assets of the Securitisation Fund from time to time available
         to make such payments under the Master Trust Deed and Supplementary
         Bond Terms Notice. All claims against the Issuer in relation to the
         Notes can be enforced against the Issuer only to the extent to which it
         can be satisfied out of the assets of the Securitisation Fund out of
         which the Issuer is actually indemnified for the liability except in
         the case of (and to the extent of) any fraud, negligence or wilful
         default (as defined in the Master Trust Deed) on the part of the
         Issuer.

(g)      The Noteholder is required to accept any distribution of moneys under
         the Security Trust Deed in full and final satisfaction of all moneys
         owing to it, and any debt represented by any shortfall that exists
         after any such final distribution is extinguished.

                          CERTIFICATE OF AUTHENTICATION

This Class [A-1/A-2]  Book-Entry Note is authenticated  by  [_________________]
and until so authenticated  shall not be valid for any purpose. [______________]
as Principal Paying Agent

Assignment

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

Social Security or taxpayer I.D. or other identifying number of assignee

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

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

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

attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
      -------------------------------      -------------------------------------
                                           Signature
                                           Guaranteed:
Dated:
      -------------------------------      -------------------------------------

                                           Signatures must be guaranteed by an
                                           "eligible guarantor institution"
                                           meeting the requirements of the Note
                                           Registrar, which requirements include
                                           membership or participation in STAMP
                                           or such other "signature guarantee
                                           program" as may be determined by the

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                                                                        PAGE 102

<PAGE>

                                                                 Note Trust Deed

                                           Note Registrar in addition to, or in
                                           substitution for, STAMP, all in
                                           accordance with the Securities
                                           Exchange Act of 1934, as amended.

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

*   NOTE: The signature to this assignment must correspond with the name of
    the registered owner as it appears on the face of the within Note in
    every particular without alteration, enlargement or any change
    whatsoever.

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                                                                        PAGE 103

<PAGE>

                                                                 Note Trust Deed

SCHEDULE 2

INFORMATION TO BE CONTAINED IN NOTEHOLDER'S REPORT

o  the Outstanding Principal Balance of each class of notes, including the
   Class B notes;

o  the Invested Amount of each class of notes, including the Class B notes;

o  the interest payments and principal distributions on each class of notes;

o  the Collections;

o  the Interest Collections;

o  the Principal Collections;

o  the aggregate of all redraws made during the relevant Calculation Period;

o  the amount of funds withdrawn from the cash collateral account, if any, for
   the relevant Calculation Period;

o  the balance of the cash collateral account after giving effect to all
   deposits and withdrawals from that account on the next Payment Date;

o  the aggregate amount of Realised Losses realised during the relevant
   Calculation Period, if any;

o  the amount of Realised Losses, if any, during the relevant Calculation Period
   allocated to each class of notes and to any Redraw Funding Facility;

o  the bond factor for each class of notes, which with respect to a class
   of notes, means the aggregate of the Invested Amount of the class of
   notes less all principal payments on that class of notes to be made on
   the next Payment Date, divided by the aggregate initial Invested Amount
   of that class of notes;

o  if required, the threshold rate as of that Payment Date;

o  the interest rates on the notes for the related Interest Period;

o  scheduled and unscheduled payments of principal on the housing loans;

o  aggregate Outstanding Principal Balance of the fixed rate housing loans
   and the aggregate Outstanding Principal Balance of the variable rate
   housing loans;

o  delinquency and loss statistics with respect to the housing loans;

o  LIBOR for the related Interest Period;

o  the Class A Carry Over Charge Offs;

o  the Class A Charge Offs;

o  the Class B Carry Over Charge Offs;

o  the Class B Charge Offs;

o  Redraw Charge Offs

o  Carry Over Redraw Charge Offs

o  the Required Cash Collateral; and

o  the current cash collateral balance.

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                                                                        PAGE 104

<PAGE>

                                                                 Note Trust Deed

Unless and until definitive Class A Notes are issued, beneficial owners of the
Class A Notes will receive reports and other information provided for under the
Transaction Documents only if, when and to the extent provided by DTC and its
participating organisation.

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                                                                        PAGE 105

<PAGE>

                                                                 Note Trust Deed

SCHEDULE 3 - MEETING PROCEDURES

1. CONVENING OF MEETINGS

   1.1   A meeting of Class A Noteholders must be convened by the Note Registrar
         if required to do so in writing:

         (a) by the Issuer:

         (b)  by the Note Trustee; or

         (c)  by Class A Noteholders representing not less than 25% of the
              Class A Notes.

   1.2    Each meeting of Class A Noteholders will be held at the time and place
          designated by the Note Registrar.

2. NOTICE OF MEETINGS

   2.1    The Note Registrar shall give notice of a proposed meeting of
          Class A Noteholders to each Class A Noteholder, the Issuer and
          the Note Trustee as follows:

          (a)  the notice must specify the date, time and place of the meeting
               and the nature of each specific resolution (if any) to be
               proposed at that meeting;

          (b)  the notice must be given 5 Business Days in advance of the
               meeting (inclusive of the day on which the notice is given and of
               the day on which the meeting is held), unless the matter
               requires, in the opinion of the Note Trustee, urgent attention;
               and

          (c)  the notice may be given to each recipient in any manner provided
               in relation to that recipient under this deed.

   2.2    An accidental omission to give notice to, or the non-receipt
          of notice by, any person entitled to such notice, does not
          invalidate the proceedings at any meeting.

3. CHAIRMAN

          A representative of the Note Trustee, nominated in writing, is
          entitled to take the chair at every meeting of Class A Noteholders. If
          no such nomination is made or the person nominated is not present at
          the meeting within 15 minutes after the time appointed for the meeting
          to be held, the Class A Noteholders present may choose one of their
          number to be chairman.

4. QUORUM

          At any meeting of Class A Noteholders any 2 or more persons present in
          person, by telephone, by video conference, or by Representative, being
          Class A Noteholders who represent in excess of 50% of the aggregate
          Invested Amount of the Class A Notes. will form a quorum for the
          transaction of business and no business (other than the choosing of a
          chairman) may be transacted at any meeting unless the requisite quorum
          is present at the commencement of business.

5. ADJOURNMENT

   5.1    If within 15 minutes from the time appointed for any meeting of
          Noteholders a quorum is not present then:

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                                                                        PAGE 106

<PAGE>

                                                                 Note Trust Deed

         (a)   If convened on the requisition of Class A Noteholders, the
               meeting will be dissolved; and

         (b)   in any other case, the meeting will stand adjourned (unless the
               Note Trustee agrees that it be dissolved) for the period, not
               less than 7 days or more than 42 days determined by the chairman.

          In any adjourned meeting two or more Class A Noteholders present in
          person or by Representative representing in excess of 25% of the
          aggregate Invested Amount of the Class A Notes will form a quorum and
          will have the power to pass any resolution and to decide all matters
          which could properly have been dealt with at the meeting from which
          the adjournment took place had a quorum been present.

   5.2    The chairman may with the consent of (and must if directed by) any
          meeting adjourn it from time to time and from place to place. No
          business may be transacted at any adjourned meeting except business
          which might lawfully have been transacted at the meeting from which
          the adjournment took place.

   5.3    Notice of any meeting adjourned through want of a quorum must be given
          in accordance with clause 2.1 of the Meetings Procedures and must
          state the quorum required at that adjourned meeting. That notice need
          not contain any further information regarding the adjourned meeting.

6. VOTING PROCEDURE

   6.1    Every question submitted to a meeting will be decided in the first
          instance by a show of hands.

   6.2    Unless a poll is (before or on the declaration of the result of the
          show of hands) demanded by the chairman, the Issuer, the Note Trustee
          or by one or more Class A Noteholders or Representatives of Class A
          Noteholders whose aggregate Invested Amount exceeds 5% of the full
          Invested Amount, a declaration by the chairman that a resolution has
          been carried by a particular majority or lost or not carried by any
          particular majority is conclusive.

   6.3      If a poll is so demanded, it must be taken in such manner and
            (subject to clause 6.5) either at once or after such
            adjournment as the chairman directs and the result of such
            poll is taken to be the resolution of the meeting at which the
            poll was demanded. The demand for a poll will not prevent the
            continuance of the meeting for the transaction of any business
            other than the question on which the poll has been demanded.

   6.4      Any poll demanded at any meeting on the election of a chairman
            or on any question of adjournment will be taken at the meeting
            without adjournment.

   6.5

            (a)  On a show of hands every person present being a Class
                 A Noteholder holding, or a Representative holding or
                 representing, one or more Class A Notes has one vote.

            (b)  On a poll every Class A Noteholder (or its
                 Representative) present has one vote for each Class A
                 Note held and registered in the Class A Noteholder's
                 name.

            (c)  Any person entitled to more than one vote need not:

                 (1)  use all their votes; or

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                                                                        PAGE 107

<PAGE>

                                                                 Note Trust Deed

                 (2)  cast all their votes in the same way.

7. RIGHT TO ATTEND AND SPEAK

          The Manager, the Issuer and the Note Trustee (through their respective
          representatives) and their respective financial and legal advisers is
          entitled to attend and speak at any meeting of the Class A
          Noteholders. No other person is entitled to attend or vote at any
          meeting of the Class A Noteholders or to join with others in
          requesting the convening of such a meeting unless they are a Class A
          Noteholder or a Representative of a Class A Noteholder.

8. APPOINTMENT OF PROXIES

   8.1    Each appointment of a proxy:

          (a)  must be in writing;

          (b)  if so required by the Issuer,  must be accompanied by proof
               satisfactory to the Issuer of its due execution; and

          (c)  must be deposited with the Note Registrar at its address for
               service of notices under this deed or at such other place as the
               Note Registrar designated or approves not less than 24 hours
               before the time appointed for holding the meeting or adjourned
               meeting at which the named proxy proposes to vote.

          In default, the appointment of proxy is not valid unless the chairman
          of the meeting decided otherwise before such meeting or adjourned
          meeting proceeds to business.

   8.2    The proxy named in any appointment of proxy need not be a Class A
          Noteholder.

   8.3    The issuer is not obliged to investigate or be concerned with the
          validity of, or the authority of, the proxy named in any appointment
          of proxy.

   8.4    Any vote cast in accordance with the terms of an appointment of proxy
          conforming with clause 8.1 is valid despite the previous revocation or
          amendment of the appointment of proxy or of any of the Class A
          Noteholder's instructions under which it was executed, unless written
          notice of that revocation or amendment is received by the Note
          Registrar at its address for service of notices under this deed or by
          the chairman of the meeting not less than 24 hours before the
          commencement of the meeting or adjourned meeting at which the
          appointment of proxy is used.

9. APPOINTMENT OF CORPORATE REPRESENTATIVES

A person authorised in a manner similar to sections 249(3)-(6) of the
Corporations Act (as if that section applied to meetings of Class A Noteholders)
by a Class A Noteholder being a body corporate to act for it at any meeting
shall, in accordance with the person's authority (until the Note Registrar
receives notice of revocation of the person's authority) be entitled to exercise
the same powers on behalf of that body corporate as that body corporate could
exercise if it were an individual Class A Noteholder and must, if requested to
do so by the chairman of any meeting or adjourned meeting, produce evidence of
authority so to act at or before the meeting.

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                                                                        PAGE 108

<PAGE>

                                                                 Note Trust Deed

10. RIGHTS OF REPRESENTATIVES

A Representative of a Class A Noteholder may demand or join in demanding a poll
and (except to the extent the Representative is specifically directed to vote
for or against any proposal) has power generally to act at a meeting for the
Class A Noteholder.

11. MINUTES AND RECORDS

    11.1    The Note Registrar shall make and enter in its books minutes
            of all resolutions and proceedings at every meeting of Class A
            Noteholders promptly following the conclusion of the relevant
            meeting.

    11.2    Minutes of meetings of Class A Noteholders are conclusive evidence
            if signed (or purportedly signed) by the chairman of that meeting or
            the chairman of the next succeeding meeting. Until the contrary is
            proved every meeting of which minutes have been made and signed is
            taken to have been duly convened and held and all resolutions passed
            or proceedings transacted at that meeting are taken to have been
            duly passed and transacted.

    11.3    The Note Registrar shall provide a Class A Noteholder with a copy of
            the minutes of each meeting of Class A Noteholders promptly after
            request.

12. WRITTEN RESOLUTIONS

Despite the above provisions of these Meeting Procedures, a resolution of all
the Class A Noteholders (including a Special Resolution) may be passed and
adopted without any meeting being required, by an instrument in writing signed
(including by counterparts):

            (a)     in the case of a Class A Noteholders' Resolution by Class A
                    Noteholders holding those aggregate Invested Amount is not
                    less than 50% of the aggregate Invested Amount of all Class
                    A Notes unless the relevant resolution concerns action to be
                    taken under Condition 8 following the occurrence of an Event
                    of Default, in which case the required percentage is 67%;
                    and

            (b)     in the case of a Special Resolution, by Class A Noteholders
                    whose aggregate Invested Amount is not less than 75% of the
                    aggregate Invested Amount of all Class A Notes.

Any such instrument is effective on presentation to the Note Registrar and Note
Trustee for entry in the records of the trust constituted under this deed. The
Note Registrar shall give to each Class A Noteholder, the Note Trustee and the
Issuer at least 5 Business Days' notice of the proposed resolution.

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                                                                        PAGE 109

<PAGE>

                                                                 Note Trust Deed

SCHEDULE 4 - CONDITIONS OF ALL CLASS A NOTES

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                                                                        PAGE 110

<PAGE>

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

SCHEDULE 4 - TERMS AND CONDITIONS OF THE CLASS A NOTES

The issue of US$[##], Class A Note Mortgage Backed Pass Through Floating Rate
Notes (comprising US$[##] Class A-1 Notes due [##] (the "CLASS A-1 NOTES") and
US$[##] Class A-2 Notes due [##] (the "CLASS A-2 NOTES") (each a "Class" and
together, the "CLASS A NOTES"), and A$[##] Class B Mortgage Backed Pass Through
Floating Rate Notes due [##] (the "CLASS B NOTES" and together with the Class A
Notes, the "NOTES") by Perpetual Trustees Australia Limited, in its capacity as
trustee of the SMHL Global Fund No. 3 (the "SECURITISATION FUND") (in such
capacity, the "ISSUER"). These Notes are (a) issued subject to a Master Trust
Deed (the "MASTER TRUST DEED") dated 4 July 1994 between the Issuer and ME
Portfolio Management Limited (formerly called Superannuation Members' Home Loans
Limited) (in such capacity, the "MANAGER") (as amended), a Supplementary Bond
Terms Notice (the "SUPPLEMENTARY BOND TERMS NOTICE") dated on or about [##] 2002
executed by (among others) the Issuer, Perpetual Trustee Company Limited (ABN 42
000 001 007) (as the security trustee for the time being referred to as the
"SECURITY TRUSTEE"), The Bank of New York (the note trustee for the time being
referred to as the "NOTE TRUSTEE") and the Manager, and in respect of the Class
A Notes these terms and conditions (the "CONDITIONS"); (b) in respect of the
Class A Notes only, constituted by a note trust deed dated on or about [##] 2002
(the "NOTE TRUST DEED") between the Issuer, the Manager, The Bank of New York as
trustee for the holders for the time being of the Class A Notes (the "CLASS A
NOTEHOLDERS" and together with the holders for the time being of the Class B
Notes (the "CLASS B NOTEHOLDERS"), the "NOTEHOLDERS"), The Bank of New York as
Principal Paying Agent (the "PRINCIPAL PAYING AGENT", which expression includes
its successors as Principal Paying Agent under the Note Trust Deed) and The Bank
of New York, as calculation agent (the "CALCULATION AGENT", which expression
includes its successors as Calculation Agent under the Note Trust Deed) and The
Bank of New York as note registrar (the "NOTE REGISTRAR"); and (c) secured by a
Security Trust Deed (the "SECURITY TRUST DEED") dated on or about [##] 2002
between the Issuer, the Manager, the Note Trustee and the Security Trustee.

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Supplementary Bond Terms
Notice, the Security Trust Deed and the Note Trust Deed. Certain words and
expressions used herein have the meanings defined in those documents. In
accordance with the Note Trust Deed, under which further paying agents may be
appointed (together with the Principal Paying Agent, the "PAYING Agents", which
expression includes the successors of each paying agent under the Note Trust
Deed and any additional paying agents appointed), payments in respect of the
Class A Notes will be made by the Paying Agents and the Calculation Agent will
make the determinations specified in the Note Trust Deed. The Class A
Noteholders will be entitled (directly or indirectly) to the benefit of, will be
bound by, and will be deemed to have notice of, all the provisions of the Master
Trust Deed, the Supplementary Bond Terms Notice, the Security Trust Deed, the
Note Trust Deed, the Mortgage Origination and Management Agreement dated 4 July
1994 and novated by the Deed of Novation dated 28 September 1995 (as amended)
(the "MORTGAGE ORIGINATION AND MANAGEMENT AGREEMENT") between Members' Equity
Pty Limited (formerly known as NMFM Lending Pty Limited) as mortgage manager
(together with any substitute or successor, the "MORTGAGE MANAGER"), the Manager
and the Issuer, (together with the agreements with respect to the Fixed Floating
Rate Swaps and the Currency Swap (as each such term is defined below), (those
documents the "RELEVANT DOCUMENTS") and certain other transaction documents
defined as such in the Master Trust Deed, collectively the "TRANSACTION
DOCUMENTS"). Copies of the Transaction Documents are available for inspection at
the office of the Principal Paying Agent, being at the date hereof The Bank of
New York.

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                                                                         PAGE  1

<PAGE>

                                                                      Schedule 4

Perpetual Trustees Australia Limited as trustee of trusts established under the
Master Trust Deed (including the Securitisation Fund) has entered into a
separate ISDA Master Agreement dated 20 June 2000 with Credit Suisse First
Boston International ("CSFBI") (as amended by the Amending Deed to ISDA Master
Agreement dated 07 June 2001 and [ # # ] 2002), dated 3 November 1998 with UBS
Australia Limited (as amended by the Amending Deed to ISDA Master Agreement
dated [##] 2002), dated 10 October 2000 with Deutsche Bank AG (Sydney Branch)
(as amended by the Amending Deed to ISDA Master Agreement dated [##] 2002), and
dated 21 December 2000 with National Australia Bank Limited ("NATIONAL") (as
amended by the Amending Deed to ISDA Master Agreement dated [##] 2002) (each a
"FIXED-FLOATING RATE SWAP PROVIDER") together with a novation in respect of the
Securitisation Fund relating thereto as at the Closing Date (the "FIXED-FLOATING
RATE SWAPS"). The Issuer has also entered into an ISDA Master Agreement dated
[##] 2002 with Deutsche Bank AG (New York Branch) (the "CURRENCY SWAP PROVIDER"
and, together with the Fixed-Floating Rate Swap Providers, the "SWAP PROVIDERS")
together with the confirmations relating thereto which have an effective date of
the Closing Date in respect of two distinct swap transactions relating to each
of the Class A-1 Notes and the Class A-2 Notes (each a "CURRENCY SWAP" and
together the "CURRENCY SWAPS").

Perpetual Trustees Australia Limited as trustee of the Securitisation Fund, at
the direction of the Manager, may in the future enter into Fixed-Floating Rate
Swaps with new fixed-floating rate swap providers provided that each new
fixed-floating rate swap provider has at least the minimum credit rating
specified by each rating agency, if any, in order to provide such fixed-floating
rate swaps to the Securitisation Fund.

Class A Note Book-Entry Notes will also bear the following legend: "This
book-entry note is a global note for the purposes of section 128F(10) of the
Income Tax Assessment Act 1936 of the Commonwealth of Australia".

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

1        FORM, DENOMINATION AND TITLE

The Class A Notes will be issued in registered form without interest coupons in
minimum denominations of US$100,000 and integral multiples thereof.

Each Class of Class A Notes will be represented by one or more typewritten fully
registered book-entry notes (each, a "BOOK-ENTRY NOTE" and collectively, the
"BOOK-ENTRY NOTES") registered in the name of Cede & Co ("CEDE") as nominee of
The Depository Trust Company ("DTC"). Beneficial interests in the Book-Entry
Notes will be shown on, and transfers thereof will be effected only through,
records maintained by DTC and its participants. Euroclear Bank S.A./N.V, as
operator of the Euroclear System ("EUROCLEAR") and Clearstream Banking, Societe
Anonyme ("CLEARSTREAM"), may hold interests in the Book-Entry Notes on behalf of
persons who have accounts with Euroclear and Clearstream through accounts
maintained in the names of Euroclear or Clearstream, or in the names of their
respective depositories, with DTC.

If the Issuer is obliged to issue Definitive Notes under clause 3.3 of Note
Trust Deed, interests in the applicable Book-Entry Note will be transferred to
the beneficial owners thereof in the form of Definitive Notes, without interest
coupons, in the denominations set forth above. A Definitive Note will be issued
to each Class A Noteholder in respect of its registered holding or holdings of
Class A Notes against delivery by such Class A Noteholders of a written order
containing instructions and such other information as the Issuer and The Bank of
New York, acting as a note registrar (the "NOTE REGISTRAR") may require to
complete, execute and deliver such Definitive Notes. In such circumstances, the
Issuer will cause sufficient Definitive Notes to be executed and delivered to
the Note Registrar for completion, authentication (by the Principal Paying
Agent) and dispatch to the relevant Class A Noteholders.

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                                                                         PAGE  2

<PAGE>

                                                                      Schedule 4

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2    STATUS, SECURITY AND RELATIONSHIP BETWEEN THE CLASS A NOTES AND THE CLASS
     B NOTES

The Class A Notes are secured by a first ranking floating charge over all of the
assets of the Trust (which include, among other things, the Loans (as defined
below) and the Mortgages (as defined below) and related securities) (as more
particularly described in the Security Trust Deed) and will rank pari passu and
rateably without any preference or priority among themselves.

The Class A Notes are issued subject to the Master Trust Deed and the
Supplementary Bond Terms Notice and are secured by the same security as the
Class B Notes but the Class A Notes will rank in priority to the Class B Notes
both before and after enforcement of the security and in respect of both
principal and interest (as set out in Conditions 4 and 5).

The proceeds of the issue of the Class A Notes and the Class B Notes are to be
used by the Issuer to purchase an interest in certain housing loans (the
"LOANS") and certain related mortgages (the "MORTGAGES").

In the event that the security for the Class A Notes is enforced and the
proceeds of such enforcement are insufficient, after payment of all other claims
ranking in priority to or pari passu with the Class A Notes under the Security
Trust Deed, to pay in full all principal and interest and other amounts due in
respect of the Class A Notes, then the Class A Noteholders shall have no further
claim against the Issuer in respect of any such unpaid amounts.

The net proceeds of realisation of the assets of the Securitisation Fund
(including following enforcement of the Security Trust Deed) may be insufficient
to pay all amounts due to the Noteholders. Save in certain limited circumstances
the other assets of the Issuer will not be available for payment of any
shortfall and all claims in respect of such shortfall shall be extinguished (see
further Condition 15). None of the Mortgage Manager, the Manager, the Note
Trustee, the Calculation Agent, the Principal Paying Agent, the Note Registrar,
the Security Trustee or the Swap Providers (as defined in the Supplementary Bond
Terms Notice) has any obligation to any Noteholder for payment of any amount by
the Issuer in respect of the Notes.

The Note Trust Deed contains provisions requiring the Note Trustee to have
regard to the interests of Class A Noteholders as regards all the powers,
trusts, authorities, duties and discretions of the Note Trustee (except where
expressly provided otherwise).

The Security Trust Deed contains provisions requiring the Security Trustee,
subject to the other provisions of the Security Trust Deed, to give priority to
the interests of the Class A Noteholders, if there is a conflict between the
interest of such Noteholders and any other Voting Secured Creditor (as defined
below).

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3        COVENANTS OF THE ISSUER

So long as any of the Class A Notes remain outstanding, the Issuer has made
certain covenants for the benefit of the Class A Noteholders which are set out
in the Master Trust Deed.

These covenants include the following.

(a)      The Issuer shall act continuously as trustee of the Trust until the
         Trust is terminated as provided by the Master Trust Deed or the Issuer
         has retired or been removed from office in the manner provided under
         the Master Trust Deed.

(b)      The Issuer shall:

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                                                                         PAGE  3

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                                                                      Schedule 4

      (1) act honestly and in good faith and comply with all relevant material
          laws in the performance of its duties and in the exercise of its
          discretions under the Master Trust Deed;

      (2) exercise such diligence and prudence as a prudent person of business
          would exercise in performing its express functions and in exercising
          its discretions under the Master Trust Deed, having regard to the
          interests of the Class A Noteholders, the Class B Noteholders, the
          Beneficiary and other Noteholders of the Securitisation Fund in
          accordance with its obligations under the relevant Transaction
          Documents;

      (3) use its best endeavours to carry on and conduct its business in so far
          as it relates to the Master Trust Deed in a proper and efficient
          manner;

      (4) do everything and take all such actions which are necessary (including
          obtaining all such authorisations and approvals as are appropriate) to
          ensure that it is able to exercise all its powers and remedies and
          perform all its obligations under the Master Trust Deed, the
          Transaction Documents and all other deeds, agreements and other
          arrangements entered into by the Issuer pursuant to the Master Trust
          Deed;

      (5) not, as Issuer, engage in any business or activity in respect of the
          Securitisation Fund except as contemplated or required by the
          Transaction Documents;

      (6) except as contemplated or required by the Transaction Documents, not,
          in respect of the Securitisation Fund, guarantee or become obligated
          for the debts of any other entity or hold out its credit as being
          available to settle the obligations of others;

      (7) within 45 days of notice from the Manager to do so, remove any of its
          agents or delegates that breaches any obligation imposed on the Issuer
          under the Master Trust Deed or any other Transaction Document where
          the Manager reasonably believes it will materially adversely affect
          the rating of either or both of the Class A Notes and Class B Notes;
          and

      (8) not agree to any amendment to Agreed Procedures (as defined in the
          Mortgage Origination and Management Agreement) unless each Designated
          Rating Agency confirms that it will not withdraw or downgrade the
          rating of the Notes as a result of such amendment.

(c)  Except as provided in any Transaction Document (and other than the charge
     given to the Security Trustee and the Issuer's lien over the assets of the
     Securitisation Fund), the Issuer shall not nor permit any of its officers
     to sell, mortgage, charge or otherwise encumber or part with possession of
     any assets of the Securitisation Fund (the "FUND ASSETS").

(d)  The Issuer shall duly observe and perform the covenants and obligations of
     the Master Trust Deed and will be personally liable to the Noteholders, the
     Beneficiary, or any other creditors for its negligence, fraud or wilful
     default (as defined in Condition 15).

(e)  The Issuer will open and operate certain bank accounts in accordance with
     the Master Trust Deed and any Transaction Document.

(f)  Subject to the Master Trust Deed and any Transaction Document to which it
     is a party, the Issuer must act on all directions given to it by the
     Manager in accordance with the terms of the Master Trust Deed.

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                                                                      Schedule 4

(g)  The Issuer must properly perform the functions which are necessary for it
     to perform under all Transaction Documents in respect of the Securitisation
     Fund.

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4    INTEREST

(a)  PAYMENT DATES

     Each Class A Note bears interest on the Invested Amount (as defined in the
     Supplementary Bond Terms Notice) of that Class A Note from and including
     [##] 2002 or such later date as may be agreed between the Manager and the
     Issuer for the issue of the Class A Notes (the "CLOSING DATE"). Interest in
     respect of the Class A Notes will be payable in arrears on [##] in respect
     of the period from (and including) the Closing Date and ending on (but
     excluding) [##] (the "FIRST PAYMENT DATE") and thereafter on each [##]
     (each such date a "PAYMENT DATE"). If any Payment Date would otherwise fall
     on a day which is not a Banking Day (as defined below), it shall be
     postponed to the next day which is a Banking Day. The final Payment Date
     for a Class of Notes will be the earlier of the Final Maturity Date for
     that Class of Notes and the Payment Date on which the Notes are redeemed in
     full.

     "BANKING DAY" in this Condition 4 and in Conditions 5 and 9 below means any
     day (other than a Saturday, Sunday or public holiday) on which banks are
     open for business in London, New York, Sydney and Melbourne.

     The period beginning on (and including) the Closing Date and ending on (but
     excluding) the first Payment Date, and each successive period beginning on
     (and including) a Payment Date and ending on (but excluding) the next
     Payment Date is called an "INTEREST PERIOD". Interest payable on a Class A
     Note in respect of any Interest Period or any other period will be
     calculated on the basis of the actual number of days in that Interest
     Period and a 360 day year.

     A Class A Note will stop earning interest on any date on which the
     Outstanding Principal Balance of the Class A Note is zero (provided that
     interest shall thereafter begin to accrue from (and including) any date on
     which the Outstanding Principal Balance of the Class A Note becomes greater
     than zero) or if the Outstanding Principal Balance of the Class A Note is
     not zero on the due date for redemption in full of the Class A Note, unless
     payment of principal is improperly withheld or refused, following which the
     Class A Note will continue to earn interest on the Invested Amount of the
     Class A Note at the rate from time to time applicable to the Class A Note
     until the later of the date on which the Class A Note Trustee or Principal
     Paying Agent receives the moneys in respect of the Class A Notes and
     notifies the holders of that receipt or the date on which the Outstanding
     Principal Balance of the Class A Note has been reduced to zero but interest
     will begin to accrue from and including any date on which the Outstanding
     Principal Balance of the Class A Note becomes greater than zero.

     If interest is not paid on a Class A Note on the date when it is due and
     payable (other than because the due date is not a Banking Day) that unpaid
     interest will itself bear interest at the Interest Rate applicable to that
     Class A Note until the unpaid interest and the amount of interest on it is
     available for payment by the Issuer.

(b)  INTEREST RATE

     The rate of interest applicable from time to time to a Class of Class A
     Notes (the "INTEREST RATE") will be determined by the Calculation Agent on
     the basis of the following paragraphs.

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                                                                      Schedule 4

         The second Banking Day in London and New York before the beginning of
         each Interest Period (each an "INTEREST DETERMINATION DATE"), the
         Calculation Agent will determine the rate "USD-LIBOR-BBA" as the
         applicable Floating Rate Option under the Definitions of the
         International Swaps and Derivatives Association, Inc. ("ISDA") (the
         "ISDA DEFINITIONS") being the rate applicable to any Interest Period
         for three-month (or in the case of the first Interest Period, [ ] days)
         deposits in US dollars which appears on the Telerate Page 3750 as of
         11.00 am, London time, on the Interest Determination Date. If such rate
         does not appear on the Telerate Page 3750, the rate for that Interest
         Period will be determined as if the Issuer and Calculation Agent had
         specified "USD-LIBOR-REFERENCE BANKS" as the applicable Floating Rate
         Option under the ISDA Definitions. "USD-LIBOR-REFERENCE BANKS" means
         that the rate for an Interest Period will be determined on the basis of
         the rates at which deposits in US dollars are offered by the Reference
         Banks (being four major banks in the London interbank market agreed to
         by the Calculation Agent and the Currency Swap Provider) at
         approximately 11.00 am, London time, on the Interest Determination Date
         to prime banks in the London interbank market for a period of three
         months (or in the case of the first Interest Period, [ ] days)
         commencing on the first day of the Interest Period and in a
         Representative Amount (as defined in the ISDA Definitions). The
         Calculation Agent will request the principal London office of each of
         the Reference Banks to provide a quotation of its rate. If at least two
         such quotations are provided, the rate for that Interest Period will be
         the arithmetic mean of the quotations. If fewer than two quotations are
         provided as requested, the rate for that Interest Period will be the
         arithmetic mean of the rates quoted by not less than two major banks in
         New York City, selected by the Calculation Agent and the Currency Swap
         Provider, at approximately 11.00 am, New York City time, on that
         Interest Determination Date for loans in US dollars to leading European
         banks for a period of three months (or in the case of the first
         Interest Period, [ ] days) commencing on the first day of the Interest
         Period and in a Representative Amount. If no such rates are available
         in New York City, then the rate for such Interest Period shall be the
         most recently determined rate in accordance with this paragraph.

         The Interest Rate applicable to the Class A Notes for such Interest
         Period will be the aggregate of (i) the interest rate or arithmetic
         mean as determined by the Calculation Agent under the previous
         paragraph; and (ii) the margin of [##]% (the "CLASS A-1 MARGIN") in
         relation to the Class A-1 Notes and [##]% (the "CLASS A-2 MARGIN") in
         relation to the Class A-2 Notes.

         If the Issuer has not redeemed all of:

         (1)      the Class A-1 Notes on or before the Payment Date falling in
                  [##], the Class A-1 Margin will increase to [##]% for the
                  period from (and including) that date until (but excluding)
                  the date on which the Class A-1 Notes are redeemed in full in
                  accordance with these Conditions; or

         (2)      the Class A-2 Notes on or before the Payment Date falling in
                  [##], the Class A-2 Margin will increase to [##]% for the
                  period from (and including) that date until (but excluding)
                  the date on which the Class A-2 Notes are redeemed in full in
                  accordance with these Conditions.

         There is no maximum or minimum Interest Rate.

(c)      DETERMINATION OF INTEREST RATE AND CALCULATION OF INTEREST

         The Calculation Agent will, as soon as practicable after 11.00 am
         (London time) on each Interest Determination Date, determine the
         Interest Rate applicable to, and calculate the amount of interest
         payable (the "Interest") for, the immediately succeeding Interest

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                                                                      Schedule 4

         Period. The Interest is calculated by applying the Interest Rate for
         the relevant Class of Class A Notes to the Invested Amount (as defined
         in the Supplementary Bond Terms Notice) of that Class A Note on the
         first day of the next Interest Period after giving effect to any
         payments of principal made with respect for such class on such day,
         multiplying such product by a fraction, the numerator of which is the
         actual number of days in the relevant Interest Period and the
         denominator of which is 360 days and rounding the resultant figure down
         to the nearest cent (half a cent being rounded upwards). The
         determination of the Interest Rate and the Interest by the Calculation
         Agent shall (in the absence of manifest error) be final and binding
         upon all parties.

(d)      NOTIFICATION OF INTEREST RATE AND INTEREST

         The Calculation Agent will cause the Interest Rate and the Interest
         applicable to each Class A Note for each Interest Period and the
         relevant Payment Date to be notified to the Issuer, the Manager, the
         Note Trustee and the Paying Agents. The Interest, Interest Rate and the
         relevant Payment Date so made available may subsequently be amended (or
         appropriate alternative arrangements made by way of ' adjustment)
         without notice in the event of a shortening of the Interest Period.

(e)      DETERMINATION OR CALCULATION BY THE MANAGER

         If the Calculation Agent at any time for any reason does not determine
         the relevant Interest Rate or calculate the Interest for a Class A
         Note, the Manager shall do so and each such determination or
         calculation shall be deemed to have been made by the Calculation Agent.
         In doing so, the Manager shall apply the foregoing provisions of this
         Condition, with any necessary consequential amendments, to the extent
         that in its opinion, it can do so, and, in all other respects it shall
         do so in such a manner as it reasonably considers to be fair and
         reasonable in all the circumstances.

(f)      CALCULATION AGENT

         The Issuer will procure that, so long as any of the Class A Notes
         remains outstanding, there will, at all times, be a Calculation Agent.
         The Issuer, or the Manager with the consent of the Issuer (such consent
         not to be unreasonably withheld), reserves the right at any time to
         terminate the appointment of the Calculation Agent subject to the terms
         of the Note Trust Deed. Notice of that termination will be given to the
         Class A Noteholders. If any person is unable or unwilling to continue
         to act as the Calculation Agent, or if the appointment of the
         Calculation Agent is terminated, the Issuer will, with the approval of
         the Note Trustee, appoint a successor Calculation Agent to act as such
         in its place, provided that neither the resignation nor removal of the
         Calculation Agent shall take effect until a successor approved by the
         Note Trustee has been appointed.

(g)      INCOME DISTRIBUTION

         On each Payment Date, and based on the calculations, instructions and
         directions provided to it by the Manager, and subject to the terms of
         the Security Trust Deed and the Supplementary Bond Terms Notice, (to
         the extent it has not already done so) the Issuer must apply the
         Interest Collections for the relevant Calculation Period as follows:

         (1)      first, in or toward payment of or allowance for Taxes in
                  respect of the Securitisation Fund;

         (2)      secondly, pari passu and rateably in or toward payment of or
                  allowance for the Issuer's Fee, the Manager's Fee and any
                  Expenses (other than the Expenses referred to in clause (8)
                  below) in respect of the Securitisation Fund;

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                                                                         PAGE  7

<PAGE>

                                                                      Schedule 4

         (3)      thirdly, without duplication, in or toward any amounts payable
                  under clause (4) below on any previous Payment Date, if there
                  had been sufficient Interest Collections, which have not been
                  paid by the Issuer together with accrued interest thereon
                  which in the case of a Note must be at the Interest Rate
                  applicable to the relevant Note;

         (4)      fourthly, pari passu and rateably in or toward payment of any
                  interest due under any Redraw Funding Facility and in and
                  toward payment to the Currency Swap Provider, in or toward
                  payment of the A$ Class A Interest Amount payable under that
                  Confirmation at that Payment Date, which is thereafter to be
                  applied to payment of interest on the Class A Notes;

         (5)      fifthly, without duplication, in or toward any amounts payable
                  under clause (6) below on any previous Payment Date, if there
                  had been sufficient Interest Collections, which have not been
                  paid by the Issuer together with accrued interest thereon at
                  the Interest Rate applicable to the relevant Note;

         (6)      sixthly, in or toward payment to Class B Noteholders of the
                  Class B Interest due on the Class B Notes on that Payment
                  Date;

         (7)      seventhly, in crediting to the Cash Collateral Account the
                  amount (if any) by which the Required Cash Collateral exceeds
                  the Cash Collateral;

         (8)      eighthly, in or toward payment towards any break costs payable
                  on cancellation of any Fixed-Floating Rate Swap to the extent
                  that those amounts are not recovered under the relevant Loan
                  secured by Mortgages comprised in the Assets of the
                  Securitisation Fund in the form of any applicable prepayment
                  fees or a drawing has not been made under a Payment Funding
                  Facility;

         (9)      ninthly, pari passu and rateably in or towards payment to the
                  Liquidity Noteholder of interest payable in respect of the
                  Liquidity Notes and in or towards payment of any interest in
                  respect of any Payment Funding Facility;

         (10)     tenthly, in reinstating pari passu and rateably to Class A
                  Charge Offs and Redraw Charge Offs for that Calculation
                  Period;

         (11)     eleventhly, in reinstatement of, pari passu and rateably
                  (based on the Carry Over Redraw Charge Offs and the A$
                  Equivalent of the Carry Over Class A Charge Offs allocated to
                  each class of Class A Notes as the case may be):

                  (A)   the A$ Equivalent of any Carry Over Class A Charge Offs;
                        and

                  (B)   any Carry Over Redraw Charge Offs;

         (12)     twelfthly, in reinstatement of and in the following order:

                  (A)    any Class B Charge Offs for that Calculation Period;
                         and

                  (B)     pari passu and rateably the Invested Amount of the
                          Class B Notes to the extent of any Carry Over Class B
                          Charge Offs;

         (13)     thirteenthly, (to the extent not paid under clause 5(b)) pari
                  passu and rateably, in or toward repayment of any principal
                  due and payable under any Redraw Funding Facility, and in or
                  toward repayment of any principal due and payable under any
                  Payment Funding Facility;

         (14)     fourteenthly, in payment of or provision for amounts payable
                  to the Beneficiary of the Securitisation Fund in accordance
                  with clauses 22.1(g) and 22.3(g) of the Master Trust Deed.

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                                                                      Schedule 4

         Capitalised terms in this paragraph (g) have the same meaning given in
         the Supplementary Bond Terms Notice unless otherwise defined in this
         document.

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5        REDEMPTION AND PURCHASE

Capitalised terms in this Condition 5 have the same meaning given in the
Supplementary Bond Terms Notice unless otherwise defined in this document.

(a)      MANDATORY  REDEMPTION  IN PART FROM  PRINCIPAL  COLLECTIONS  AND
         APPORTIONMENT  OF PRINCIPAL  COLLECTIONS BETWEEN THE CLASS A NOTES AND
         THE CLASS B NOTES

         The Class A Notes shall be subject to mandatory redemption in part on
         any Payment Date if on that date there are any Principal Collections
         available to be distributed in relation to such Class A Notes. The
         principal amount so redeemable in respect of each Class A Note prior to
         enforcement of the Security Trust Deed (each a "PRINCIPAL PAYMENT") on
         any Payment Date shall be the amount available for payment as set out
         in Condition 5(b) on the day which is seven Banking Days prior to the
         Payment Date (the "CUT Off") divided by the aggregate Invested Amount
         of all Class A Notes, multiplied by the Invested Amount of that Note,
         provided always that no Principal Payment on a Class A Note on any date
         may exceed the amount equal to the Invested Amount of that Class A Note
         at that date.

         Notice of amounts to be redeemed will be provided by the Manager to the
         Issuer, the Calculation Agent, the Principal Paying Agent and the Note
         Trustee.

(b)      PRINCIPAL DISTRIBUTIONS ON NOTES

         On each Payment Date, and in accordance with the calculations,
         instructions and directions provided to it by the Manager and subject
         to the terms of the Security Trust Deed and the Supplementary Bond
         Terms Notice (to the extent it has not already done so), the Issuer
         must apply the Principal Collections together with any amounts to be
         applied under this clause 5(b) pursuant to clause 5(d) for the relevant
         Calculation Period towards the following payments in the following
         order of priority:

         (1)      first, in or toward payment of or allowance for Taxes in
                  respect of the Securitisation Fund (to the extent not paid
                  or provided for as described in Condition 4);

         (2)      secondly, pari passu and rateably in or toward payment of or
                  allowance for the Issuer's Fee, the Manager's Fee and any
                  Expenses (other than the Expenses referred to in this
                  Condition 5(b) below) in respect of the Securitisation Fund
                  (to the extent not paid or provided for as described in
                  Condition 4(g));

         (3)      thirdly, in or toward payment of the amounts payable and the
                  priority under Condition 4(g)(4) above on the Class A Notes on
                  that Payment Date (to the extent not paid or provided for as
                  described in Condition 4(g)()));

         (4)      fourthly, in or toward payment of the amounts payable and the
                  priority under Condition 4(g)() above on Class B Notes on that
                  Payment Date (to the extent not paid under Condition 4(g)());

         (5)      fifthly, in or toward repayment of any Redraw Principal
                  Outstanding under a Redraw Funding Facility;

         (6)      sixthly, in or toward payments approved by the Manager under
                  any Loan Redraw Facility;

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                                                                      Schedule 4

         (7)      seventhly, in or toward payment to the Currency Swap Provider
                  under a Confirmation relating to the Class A-1 Notes until the
                  Outstanding Principal Balance of the Class A-1 Notes is
                  reduced to zero, of an amount equal to the lesser of:

                  (A)     the amount available for distribution under this
                          sub-paragraph (7) after all payments which have
                          priority under this paragraph (b); and

                  (B)     the A$ Equivalent of the Outstanding Principal Balance
                          for all Class A-1 Notes;

         (8)      eighthly, in or toward payment to the Currency Swap Provider
                  under Confirmation relating to the Class A-2 Notes until the
                  Outstanding Principal Balance of the Class A-2 Notes is
                  reduced to zero, of an amount equal to the lesser of:

                  (A)     the amount available for distribution under this
                          sub-paragraph (8) after all payments which have
                          priority under this paragraph (b); and

                  (B)     the A$ Equivalent of the Outstanding Principal Balance
                          for all Class A-2 Notes;

         (9)      ninthly, in or toward payment to the Class B Noteholders pari
                  passu and rateably, until the Outstanding Principal Balance of
                  the Class B Notes is reduced to zero of an amount equal to the
                  lesser of:

                  (A)     the amount available for distribution under this
                          paragraph (9) after all payments which have priority
                          under this paragraph (b); and

                  (B)     the Outstanding Principal Balance for all Class B
                          Notes;

         (10)     tenthly, pari passu and rateably (based on the Carry Over
                  Redraw Charge Offs and A$ Equivalent of the Carry Over Class A
                  Charge Offs allocated to each class of Class A Notes, as the
                  case may be):

                  (A)     in or toward payment to the Currency Swap Provider
                          under a Confirmation relating to the Class A Notes, of
                          the A$ Equivalent of any Carry Over Class A Charge
                          Offs; and

                  (B)     in or towards repaying the Redraw Principal
                          Outstanding of each Redraw Funding Facility to the
                          extent of any Carry Over Redraw Charge Offs;

         (11)     eleventhly, in or towards repaying the Invested Amount of
                  the Class B Notes to the extent of any Carry Over Class B
                  Charge Offs;

         (12)     twelfthly, in or towards payment towards any break costs
                  payable on cancellation of any Fixed-Floating Rate Swap to the
                  extent that those amounts are not recovered under the relevant
                  Loan secured by Mortgages comprised in Assets of the
                  Securitisation Fund in the form of any applicable prepayment
                  fees or a drawing has not been made under a Payment Funding
                  Facility (to the extent not paid as described under Condition
                  4(g)); and

         (13)     thirteenthly, subject to paragraph (c) below, pari passu and
                  rateably in or towards payment to the Liquidity Noteholder of
                  the principal amount outstanding in respect of the Liquidity
                  Notes and in or towards repayment of any principal in respect
                  of any Payment Funding Facility.

(c)      RIGHTS OF LIQUIDITY NOTEHOLDER

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                                                                         PAGE 10

<PAGE>

                                                                      Schedule 4

         On any Payment Date, the Issuer must not make any payments out of
         Principal Collections to the Liquidity Noteholder under paragraph (b)
         above unless the Invested Amount of all the Notes is zero, or will be
         zero following any payments made on the relevant Payment Date.

(d)      PAYMENT OF CHARGE OFFS

         The amount of any reinstatementunder Conditions 4(g)(10), (11) and (12)
         must be applied on the Payment Date of the reimbursement in accordance
         with clause 5(b) as if the amount reimbursed formed part of Principal
         Collections.

(e)      GENERAL

         No amount of principal will be paid to a Noteholder in excess of the
         Invested Amount applicable to the Notes held by that Noteholder.

(f)      US$ ACCOUNT

         The Issuer must direct the Currency Swap Provider to pay all amounts
         denominated in US$ payable to the Issuer by the Currency Swap Provider
         under the Currency Swap into the US$ Account or to the Principal Paying
         Agent on behalf of the Issuer.

         On each Payment Date, the Issuer must, on the direction of the Manager,
         or must require that the Principal Paying Agent on its behalf,
         distribute from the US$ Account the relevant amounts of interest and
         principal due in respect of each Class A Note in accordance with the
         Note Trust Deed and in order of priority in Conditions 4(g) and 5(b).

(g)      CALCULATION OF PRINCIPAL PAYMENTS, OUTSTANDING PRINCIPAL BALANCE AND
         INVESTED AMOUNT

         The Manager must, not later than two Banking Days before each Payment
         Date advise the Issuer in respect of the Class A Notes only and the
         Currency Swap Provider in writing of:

         (1)      all amounts payable or to be provided for under clause 6 of
                  the Supplementary Bond Terms Notice (which includes the
                  amounts payable to be provided under Condition 4(g) and 5(b));

         (2)      reasonable details of the calculation of all such amounts; and

         (3)      the Outstanding Principal Balance and Invested Amount of each
                  Class A Note and Class B Note following the making of all
                  payments to be made on that Payment Date in accordance with
                  the Supplementary Bond Terms Notice.

         The Manager must also notify the Issuer of all details of payments
         which are to be made by or on behalf of the Issuer on or by each
         Payment Date. The Manager must, not later than two Banking Days before
         each Payment Date, also notify the Currency Swap Provider of all
         payments which are to be made by or on behalf of the Issuer under
         Conditions 4(g) and 5(b) in respect of the Class A Notes.

         The Manager will notify the Issuer, the Note Trustee, the Principal
         Paying Agent and the Calculation Agent by not later than two Banking
         Days prior to the relevant Payment Date (the "DETERMINATION DATE") of
         each such determination and will immediately cause details, of each of
         those determinations to be made available in accordance with Condition
         12 one Banking Day before the relevant Payment Date. If no repayment of
         principal is due to be made on the Class A Notes on any Payment Date a
         notice to this effect will be given to the Class A Noteholders in
         accordance with Condition 12.

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                                                                         PAGE  2

<PAGE>

                                                                      Schedule 4

         If the Manager does not at any time for any reason determine a
         repayment of principal or the Outstanding Principal Balance and the
         Invested Amount applicable to Class A Notes in accordance with this
         paragraph, the repayment of principal and Outstanding Principal Balance
         and the Invested Amount may be determined by the Calculation Agent (or,
         failing the Calculation Agent, the Note Trustee) in accordance with
         this paragraph (but based on the information in its possession) and
         each such determination or calculation shall be deemed to have been
         made by the Manager.

(h)      CALL

         The Issuer must, when so directed by the Manager (at the Manager's
         option), having given not more than 60 nor less than 45 days' notice to
         the Class A Noteholders, in case of Class A Notes, in accordance with
         Condition 12 purchase or redeem all, but not some only, of the Notes by
         repaying the Outstanding Principal Balance of those Notes together with
         accrued interest to (but excluding) the date of repurchase or
         redemption, on any Payment Date falling on or after the earlier of:

         (1)   the Payment Date on which the Outstanding Principal Balance of
               all Notes is equal to or less than 10% of the total initial
               Outstanding Principal Balance of all Notes; and

         (2)   in the case of:

               (A)  Class A-1 Notes, the Payment Date falling in 15 December
                    2009; or

               (B)  Class A-2 Notes, the Payment Date falling in 15 December
                    2009,

         provided that:

         (3)   if the aggregate Outstanding Principal Balance for all Class A
               Notes on such date of redemption or repurchase has been reduced
               by Class A Charge Offs which have not been repaid under
               Conditions 4(g)(9) and (10), the Noteholders owning at least 75%
               of the aggregate Invested Amount of the Class A Notes must
               consent to such repurchase or redemption; and

         (4)   the Issuer will be in a position on such Payment Date to
               discharge (and the Manager so certifies to the Issuer and the
               Note Trustee upon which certification the Issuer and the Note
               Trustee will rely conclusively) all its liabilities in respect of
               the Class A Notes (at their Outstanding Principal Balance) and
               any amounts which would be required under the Security Trust Deed
               to be paid in priority or pari passu with the Class A Notes if
               the security for the Notes were being enforced.

(i)      REDEMPTION FOR TAXATION OR OTHER REASONS

         If the Manager satisfies the Issuer and the Note Trustee immediately
         prior to giving the notice referred to below that either:

         (1)      on the next Payment Date the Issuer would be required to
                  deduct or withhold from any payment of principal or interest
                  in respect of the Class A Notes, the Currency Swap or the
                  Redraw Funding Facility any amount for or on account of any
                  present or future taxes, duties, assessments or governmental
                  charges of whatever nature imposed, levied, collected,
                  withheld or assessed by the Commonwealth of Australia or any
                  of its political sub-divisions or any of its authorities; or

         (2)      the total amount payable in respect of interest in relation to
                  any of the Loans secured by Mortgages comprised in the Assets
                  of the Securitisation Fund for a

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                                                                         PAGE 12

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                                                                      Schedule 4

                  Calculation Period ceases to be receivable (whether or not
                  actually received) by the Issuer during such Calculation
                  Period,

         the Issuer must, when so directed by the Manager, at the Manager's
         option (provided that the Issuer will be in a position on such Payment
         Date to discharge (and the Manager will so certify to the Issuer and
         the Note Trustee) all its liabilities in respect of the Class A Notes
         (at their Invested Amount) and any amounts which would be required
         under the Security Trust Deed to be paid in priority or pari passu with
         the Class A Notes if the security for the Class A Notes were being
         enforced), having given not more than 60 nor less than 45 days' notice
         to the Class A Noteholders in accordance with Condition 12, redeem all,
         but not some only, of the Class A Notes at their then Invested Amount
         together with accrued interest to (but excluding) the date of
         redemption on any subsequent Payment Date, provided that the Class A
         Noteholders may by Extraordinary Resolution elect, and shall notify the
         Issuer and the Manager not less than 21 days before the next Payment
         Date following the receipt of notice of such proposed redemption that
         they do not require the Issuer to redeem the Class A Notes.

(j)      REDEMPTION ON FINAL MATURITY

         If not otherwise redeemed, the Class A-1 Notes must be repaid in full
         on 15 December 2009 and the Class A-2 Notes must be repaid in full on
         15 December 2009.

(k)      CANCELLATION

         All Class A Notes redeemed in full pursuant to the above provisions
         will be cancelled.

(l)      CERTIFICATION

         For the purposes of any redemption made pursuant to this Condition 5,
         the Note Trustee may rely upon an Officer's Certificate under the Note
         Trust Deed from the Manager certifying or stating the opinion of each
         person signing such certificate as:

         (1)   to the fair value (within 90 days of such release) of the
               property or securities proposed to be released from the Security
               Trust Deed;

         (2)   that in the opinion of such person the proposed release will not
               impair the security under the Security Trust Deed in
               contravention of the provisions of the Security Trust Deed or the
               Note Trust Deed; and

         (3)   that the Issuer will be in a position to discharge all its
               liabilities in respect of the relevant Class A Notes and any
               amounts required under the Security Trust Deed to be paid in
               priority to or pari passu with those Class A Notes,

         and such Officer's Certificate shall be conclusive and binding on the
         Issuer, the Note Trustee and the holders of those Class A Notes.

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6        PAYMENTS

(a)      METHOD OF PAYMENT

         Any instalment of interest or principal, payable on any Class A Note
         which is punctually paid or duly provided for by the Issuer to the
         Principal Paying Agent on the applicable Payment Date or Final Maturity
         Date shall be paid to the person in whose name such Class A Note is
         registered on the Record Date, by cheque mailed first-class, postage
         prepaid, to such person's address as it appears on the Note Register on
         such Record Date, except that, unless Definitive Notes have been issued
         pursuant to clause 3.3 of the Note Trust Deed, with respect to Class A
         Notes registered on the Record Date in the name of

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         the nominee of the Clearing Agency (initially such Clearing Agency to
         be DTC and such nominee to be Cede & Co.), payment will be made by
         wire transfer in immediately available funds to the account designated
         by such nominee and except for the final instalment of principal
         payable with respect to such Class A Note on a Payment Date or
         Maturity Date.

(b)      INITIAL PRINCIPAL PAYING AGENT

         The initial Principal Paying Agent is The Bank of New York at its
         offices in New York City.

(c)      PAYING AGENTS

         The Issuer may (at the direction of the Manager) at any time (with the
         previous written approval of the Note Trustee) terminate the
         appointment of any Paying Agent and appoint additional or other Paying
         Agents, provided that it will at all times maintain a Paying Agent
         having a specified office New York City. Notice of any such termination
         or appointment and of any change in the office through which any Paying
         Agent will act will be given in accordance with Condition 12.

(d)      PAYMENT ON BANKING DAYS

         If the due date for payment of any amount of principal or interest in
         respect of any Class A Note is not a Banking Day then payment will not
         be made until the next succeeding Banking Day and the holder of that
         Class A Note shall not be entitled to any further interest or other
         payment in respect of that delay. In this Condition 6 the expression
         "Banking Day" means any day (other than a Saturday, Sunday or a public
         holiday) on which banks are open for business in the place where the
         specified office of the Paying Agent at which the Class A Note is
         presented for payment is situated and, in the case of payment by
         transfer to a US dollar account, in New York City and prior to the
         exchange of a Book-Entry Note (in respect of the Class A Notes) for any
         definitive Class A Notes, on which DTC is open for business.

(e)      INTEREST

         If interest is not paid in respect of a Class A Note on the date when
         due and payable (other than because the due date is not a Banking Day),
         that unpaid interest shall itself bear interest at the Interest Rate
         applicable from time to time to the Class A Notes until the unpaid
         interest, and interest on it, is available for payment and notice of
         that availability has been duly given in accordance with Condition 12.

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7        TAXATION

All payments in respect of the Class A Notes will be made without withholding or
deduction for, or on account of, any present or future taxes, duties or charges
of whatsoever nature unless the Issuer or any Paying Agent is required by
applicable law to make any such payment in respect of the Class A Notes subject
to any withholding or deduction for, or on account of, any present or future
taxes, duties or charges of whatever nature. In that event the Issuer or that
Paying Agent (as the case may be) shall make such payment after such withholding
or deduction has been made and shall account to the relevant authorities for the
amount so required to be withheld or deducted. Neither the Issuer nor any Paying
Agent nor the Note Trustee will be obliged to make any additional payments to
Class A Noteholders in respect of that withholding or deduction.

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                                                                      Schedule 4

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8        PRESCRIPTION

A Class A Note shall become void in its entirety unless surrendered for payment
within ten years of the Relevant Date (as such term is defined below) in respect
of any payment on it the effect of which would be to reduce the Outstanding
Principal Balance of that Class A Note to zero. After the date on which a Class
A Note becomes void in its entirety, no claim may be made in respect of it.

As used in these Conditions, the "RELEVANT DATE" means the date on which a
payment first becomes due but, if the full amount of the money payable has not
been received by the Principal Paying Agent or the Note Trustee on or prior to
that date, it means the date on which the full amount of such money having been
so received, notice to that effect is duly given by the Principal Paying Agent
in accordance with Condition 12.

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9        EVENTS OF DEFAULT

Subject to the Supplementary Bond Terms Notice each of the following events is
an Event of Default whether or not caused by any reason whatsoever outside the
control of an Interested Person (as defined in the Security Trust Deed) or any
other person:

(a)      the Issuer does not within 10 Banking Days of the due date, and in the
         specified manner, pay in full any Secured Moneys (except in respect of
         any moneys payable under any Payment Funding Facility and Redraw
         Funding Facility which fall due for payment prior to the Repayment Date
         or payment of interest on Class B Notes unless all Class A Notes have
         been repaid);

(b)      the Issuer or the Manager defaults in fully performing observing and
         fulfilling any material obligation in relation to the Securitisation
         Fund under the Security Trust Deed or any Secured Document (other than
         a provision requiring the payment of money as contemplated by paragraph
         (a) of this clause or, prior to the Repayment Date, in respect of any
         such default under a Payment Funding Facility and Redraw Funding
         Facility) and such default has not been remedied within 10 Banking Days
         of the Issuer or the Manager (as the case requires) receiving notice
         from the Security Trustee specifying the breach and requiring the same
         to be rectified;

(c)      any representation, warranty or statement in relation to the
         Securitisation Fund made, repeated or deemed to be made or repeated in
         the Security Trust Deed or in any Secured Document by the Issuer or the
         Manager (as the case requires) is proved to be untrue in any material
         respect when made, repeated or deemed to be made or repeated (as the
         case may be) (except, prior to the Repayment Date, in respect of any
         representation, warranty or statement made, repeated or deemed to be
         made or repeated under the Payment Funding Facility and Redraw Funding
         Facility);

(d)      the Issuer or the Manager (as the case requires) breaches any material
         undertaking given at any time to the Security Trustee in relation to
         the Securitisation Fund or fails to comply with any material condition
         imposed by the Security Trustee in relation to the Securitisation Fund
         in agreeing to any matter (including any waiver) (except, prior to the
         Repayment Date, in respect of any breach of any material undertaking or
         failure to comply with any material condition under the Payment Funding
         Facility and Redraw Funding Facility);

(e)      any Insolvency Event occurs in relation to the Issuer other than for
         the reconstruction of the Issuer or the Securitisation Fund with the
         prior written approval of the Manager and

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                                                                         PAGE 15

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                                                                      Schedule 4

         the Security Trustee and provided that each Designated Rating Agency
         has confirmed in writing that such reconstruction will not have an
         adverse effect on the rating of the Notes;

(f)      any Encumbrance over any Charged Property becomes enforceable or any
         Encumbrance that is a floating security over any Charged Property
         crystallises or otherwise becomes a fixed or specific security;

(g)      any investigation into the affairs, or into particular affairs, of the
         Issuer in relation to the Securitisation Fund is directed or commenced
         under any Statute;

(h)      any Secured Document is, becomes or is claimed by the Issuer or the
         Manager to be void, voidable or unenforceable in whole or in any
         material part;

(i)      the Issuer or the Manager disaffirms, disclaims, repudiates or rejects
         any Secured Document in whole or in any material part;

(j)      there occurs without the prior written approval of the Security
         Trustee, any vesting or distribution of any assets of the
         Securitisation Fund other than in accordance with the relevant
         Supplementary Bond Terms Notices;

(k)      any material breach of trust in relation to the Securitisation Fund by
         the Issuer or the Issuer for any reason loses or ceases to be entitled
         to a material extent to its right of indemnity against the assets of
         the Securitisation Fund;

(l)      as a result of the act or omission of the Issuer the assets of the
         Securitisation Fund are materially diminished or made materially less
         accessible to the Security Trustee;

(m)      without the prior consent of the Security Trustee, the Securitisation
         Fund is wound-up, or the Issuer is required to wind up the
         Securitisation Fund under the Master Trust Deed or the applicable law,
         or the winding up of the Securitisation Fund commences; and

(n)      the Charge ceases to rank as contemplated by clause 4.2 of the
         Security Trust Deed.

Capitalised terms in this Condition 9 have the same meaning given in the
Security Trust Deed unless defined in this document.

In the event that the security constituted by the Security Trust Deed becomes
enforceable following an event of default under the Notes, any funds resulting
from the realisation of such security shall be applied in accordance with the
order of priority of payments as stated in the Security Trust Deed.

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10       ENFORCEMENT

At any time after an Event of Default occurs, the Security Trustee may (subject
to the Security Trust Deed), if so directed by (a) the Noteholder Secured
Creditors (as defined in the Security Trust Deed) alone, where the Noteholder
Secured Creditors are the only Voting Secured Creditors, or otherwise (b) an
"Extraordinary Resolution" of the Voting Secured Creditors (being 75% of votes
capable of being cast by Voting Secured Creditors present in person or by proxy
at the relevant meeting or a written resolution signed by all Voting Secured
Creditors, which includes the Note Trustee on behalf of Class A Noteholders, but
not, unless the Note Trustee has become bound to take steps and/or proceed under
the Security Trust Deed and fails to do so within a reasonable period of time
and such failure is continuing, the Class A Noteholders themselves), declare the
Class A Notes immediately due and payable and declare the security to be
enforceable. If an Extraordinary Resolution of the Voting Secured Creditors
referred to above elects not to direct the Security Trustee to enforce the
Security Trust Deed, in the circumstances where the Security Trustee could
enforce, the Noteholder Secured Creditor may nevertheless,

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                                                                         PAGE 16

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                                                                      Schedule 4

and the Note Trustee as Noteholder Secured Creditor shall subject to the terms
of the Note Trust Deed, at the direction of the Class A Noteholders, direct the
Security Trustee to enforce the Security Trust Deed on behalf of the Class A
Noteholders.

"VOTING SECURED CREDITOR" means:

(a)      with respect only to the enforcement of the security under the Security
         Trust Deed, for so long as the Secured Moneys of the Class A
         Noteholders and the Class B Noteholders are 75% or more of total
         Secured Moneys, the Noteholder Secured Creditors alone; and

(b)      at any other time (subject to clause 16.3 of the Security Trust Deed):

         (1)      the Note Trustee, acting on behalf of the Class A Noteholders
                  under the Note Trust Deed and clause 3 of the Security Trust
                  Deed or, if the Note Trustee has become bound to take steps
                  and/or to proceed under the Security Trust Deed and fails to
                  do so within a reasonable time and such failure is continuing,
                  the Class A Noteholders and then only to the extent permitted
                  by the Australian Law; and

         (2)      each other Secured Creditor (other than a Class A Noteholder).

Any reference to the Noteholder Secured Creditors while they are the only Voting
Secured Creditors, or where their consent is required under the Security Trust
Deed in relation to a direction or act of the Security Trustee, means the
Noteholder Secured Creditors representing more than 50% of the aggregate
Invested Amount of the Class A Notes and the Class B Notes.

Subject to the Security Trust Deed, the Security Trustee shall take all action
necessary to give effect to any direction by the Noteholder Secured Creditors
where they are the only Voting Secured Creditors or to any Extraordinary
Resolution of the Voting Secured Creditors and shall comply with all directions
given by the Note Trustee where it is the only Voting Secured Creditor or
contained in or given pursuant to any Extraordinary Resolution of the Voting
Secured Creditors in accordance with the Security Trust Deed.

No Class A Noteholder is entitled to enforce the Security Trust Deed or to
appoint or cause to be appointed a receiver to any of the assets secured by the
Security Trust Deed or otherwise to exercise any power conferred by the terms of
any applicable law on chargees except as provided in the Security Trust Deed.

If any of the Class A Notes remain outstanding and are due and payable otherwise
than by reason of a default in payment of any amount due on the Class A Notes,
the Note Trustee must not vote under the Security Trust Deed to, or otherwise
direct the Security Trustee to, dispose of the Charged Property unless either:

(a)      a sufficient amount would be realised to discharge in full all amounts
         owing to the Class A Noteholders and any other amounts payable by the
         Issuer ranking in priority to or pari passu with the Class A Notes;

(b)      the Note Trustee is of the opinion, reached after considering at any
         time and from time to time the advice of a merchant bank or other
         financial adviser selected by the Note Trustee, that the cash flow
         receivable by the Issuer (or the Security Trustee under the Security
         Trust Deed) will not (or that there is a significant risk that it will
         not) be sufficient, having regard to any other relevant actual,
         contingent or prospective liabilities of the Issuer, to discharge in
         full in due course all the amounts referred to in paragraph (a);

(c)      the Note Trustee is directed by the Holders of at least 75% of the
         aggregate Invested Amount of Class A Notes.

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                                                                         PAGE 17

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                                                                      Schedule 4

Neither the Note Trustee nor the Security Trustee will be liable for any decline
in the value, nor any loss realised upon any sale or other dispositions made
under the Security Trust Deed, of any Charged Property or any other property
which is charged to the Security Trustee by any other person in respect of or
relating to the obligations of the Issuer or any third party in respect of the
Issuer or the Secured Moneys or the Class A Notes or relating in any way to the
Charged Property. Without limitation, neither the Note Trustee nor the Security
Trustee shall be liable for any such decline or loss directly or indirectly
arising from its acting, or failing to act, as a consequence of an opinion
reached by it.

The Note Trustee shall not be bound to vote under the Security Trust Deed, or
otherwise direct the Security Trustee under the Security Trust Deed or to take
any proceedings, actions or steps under, or any other proceedings pursuant to or
in connection with the Security Trust Deed, the Note Trust Deed, any Class A
Notes, unless directed or requested to do so in writing by Noteholders holding
at least 75% of the aggregate Invested Amount of Class A Notes at the time; and
then only if the Note Trustee is indemnified to its satisfaction against all
action, proceedings, claims and demands to which it may render itself liable and
all costs, charges, damages and expenses which it may incur by so doing.

Only the Security Trustee may enforce the provisions of the Security Trust Deed
and neither the Note Trustee nor any Class A Noteholder is entitled to proceed
directly against the Issuer to enforce the performance of any of the provisions
of the Security Trust Deed and the Class A Notes (including these Class A Note
Conditions) unless otherwise as set out in a Transaction Document.

The rights, remedies and discretions of the Class A Noteholders under the
Security Trust Deed including all rights to vote or give instructions or consent
can only be exercised by the Note Trustee on behalf of the Class A Noteholders
in accordance with the Security Trust Deed. The Security Trustee may rely on any
instructions or directions given to it by the Note Trustee as being given on
behalf of the Class A Noteholders from time to time and need not enquire whether
the Note Trustee or the Class A Noteholders from time to time have complied with
any requirements under the Note Trust Deed or as to the reasonableness or
otherwise of the Note Trustee. The Security Trustee is not obliged to take any
action, give any consent or waiver or make any determination under the Security
Trust Deed without being directed to do so by the Note Trustee or the Voting
Secured Creditors in accordance with the Security Trust Deed.

Upon enforcement of the security created by the Security Trust Deed, the net
proceeds of enforcement may be insufficient to pay all amounts due on redemption
to the Noteholders. The proceeds from enforcement (which will not include
amounts required by law to be paid to the holder of any prior ranking security
interest, and the proceeds of cash collateral lodged with and payable to a Swap
Provider or other provider of an Enhancement (as defined in the Master Trust
Deed)) will be applied in the order of priority as set out in the Security Trust
Deed. Any claims of the Noteholders remaining after realisation of the security
and application of the proceeds as aforesaid shall, except in certain limited
circumstances, be extinguished.

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11       REPLACEMENT OF CLASS A NOTES

If any Class A Note is lost, stolen, mutilated, defaced or destroyed, it may be
replaced at the specified office of the Principal Paying Agent upon payment by
the claimant of the expenses incurred in connection with that replacement and on
such terms as to evidence and indemnity as the Manager may reasonably require.
Mutilated or defaced Class A Notes must be surrendered before replacements will
be issued.

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                                                                      Schedule 4

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12     NOTICES

All notices, other than notices given in accordance with the following
paragraphs, to Class A Noteholders shall be deemed to be given if in writing and
mailed, first-class, postage prepaid to each Class A Noteholder, at his or her
address as it appears on the Note Register, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such notice. In
any case where notice to Class A Noteholders is given by mail, neither the
failure to mail such notice nor any defect in any notice so mailed to any
particular Class A Noteholder shall affect the sufficiency of such notice with
respect to other Class A Noteholders, and any notice that is mailed in the
manner herein provided shall conclusively be presumed to have been duly given.

A notice may be waived in writing by the relevant Class A Noteholder, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by the Class A Noteholders shall be filed with the
Note Trustee but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such a waiver.

In case, by reason of the suspension of regular mail services as a result of a
strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to the Class A Noteholders when such notice is required to
be given, then any manner of giving such notice as the Issuer shall direct the
Note Trustee shall be deemed to be a sufficient giving of such notice.

The Manager shall deliver a quarterly servicing report for each Calculation
Period to each Class A Noteholder on the notice date relating to such
Calculation Period in the method provided in the first paragraph of this
Condition 12.

All consents and approvals in these Conditions are to be given in writing.

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13     MEETINGS OF VOTING SECURED CREDITORS AND MEETINGS OF CLASS A NOTEHOLDERS;
       MODIFICATIONS; CONSENTS; WAIVER

The Security Trust Deed contains provisions for convening meetings of the Voting
Secured Creditors to, among other things, enable the Voting Secured Creditors to
direct or consent to the Security Trustee taking or not taking certain actions
under the Security Trust Deed, for example to enable the Voting Secured
Creditors to direct the Security Trustee to enforce the Security Trust Deed.

The Note Trust Deed contains provisions for convening meetings of Class A
Noteholders to consider any matter affecting their interests, including the
directing of the Note Trustee to direct the Security Trustee to enforce the
security under the Security Trust Deed, or the sanctioning by the Extraordinary
Resolution of the Class A Noteholders of a modification of the Class A Notes
(including these Class A Note Conditions) or the provisions of any of the
Transaction Documents, provided that no modification of certain terms including,
among other things, the date of maturity of the Class A Notes, or a modification
which would have the effect of altering the amount of interest payable in
respect of a Class A Note or modification of the method of calculation of the
interest payable or of the date for payment of interest in respect of any Class
A Notes, reducing or cancelling the amount of principal payable in respect of
any Class A Notes or altering the majority required to pass an Extraordinary
Resolution or altering the currency of payment of any Class A Notes or an
alteration of the date or priority of payment of interest on, or redemption of,
the Class A Notes in the event of a call under Condition 5(g) or 5(h) (any such
modification being referred to below as a "BASIC TERMS MODIFICATION") shall be
effective except that, if the Note Trustee is of the opinion that such a Basic
Terms Modification is being proposed by the Issuer as a result of, or in order
to avoid, an Event of Default, such Basic Terms Modification may be sanctioned
by Extraordinary Resolution of the Class A Noteholders as

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                                                                      Schedule 4

described below. An Extraordinary Resolution passed by the Class A Noteholders
shall be binding on all Class A Noteholders. The vote required for an
Extraordinary Resolution shall be a majority consisting of not less than 75% of
the votes capable of being cast by Voting Secured Creditors present in person or
by proxy at a duly convened meeting or a written resolution signed by all of the
Voting Secured Creditors.

The Note Trust Deed permits the Note Trustee, the Manager and the Issuer to,
following the giving of not less than 10 Banking Days' notice to each Designated
Rating Agency, alter, add to or modify, by way of supplementary deed, the Note
Trust Deed (including the meeting and amendment provisions), the Conditions
(subject to the proviso more fully described in clause 35.2 of the Note Trust
Deed or any other terms of that deed or the Conditions to which it refers) or
any Transaction Document so long as that alteration, addition or modification
is:

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

o        in the opinion of the Note Trustee necessary to comply with the
         provisions of any law or regulation or with the requirements of any
         Government Agency;

o        in the opinion of the Note Trustee appropriate or expedient as a
         consequence of a change to any law or regulation or a change in the
         requirements of any Government Agency (including, but not limited to,
         an alteration, addition or modification which is in the opinion of the
         Note Trustee appropriate or expedient as a consequence of the enactment
         of a law or regulation or an amendment to any law or regulation or
         ruling by the Commissioner or Deputy Commissioner of Taxation or any
         governmental announcement or statement, in any case which has or may
         have the effect of altering the manner or basis of taxation of trusts
         generally or of trusts similar to the Securitisation Fund); or

o        in the reasonable opinion of the Note Trustee neither prejudicial nor
         likely to be prejudicial to the interests of the Class A Noteholders
         as a whole,

and is undertaken in a manner and to the extent, permitted by the Transaction
Documents.

Where, in the opinion of the Note Trustee, a proposed alteration, addition or
modification to the Note Trust Deed, other than an alteration, addition or
modification referred to above, is prejudicial or likely to be prejudicial to
the interests of Class A Noteholders as a whole or any Class of Class A
Noteholders, the Note Trustee, the Manager and the Issuer may make that
alteration, addition or modification only if sanctioned in writing by holders of
at least 75% of the aggregate Invested Amount of the Class A Notes.

The Note Trustee may also, in accordance with the Note Trust Deed and without
the consent of the Class A Noteholders (but not in contravention of an
Extraordinary Resolution), waive or authorise any breach or proposed breach of
the Class A Notes (including these Class A Note Conditions) or any Transaction
Document or determine that any Event of Default or any condition, event or act
which with the giving of notice and/or lapse of time and/or the issue of a
certificate would constitute an Event of Default shall not, or shall not subject
to specified conditions, be treated as such. Any such modification, waiver,
authorisation or determination shall be binding on the Class A Noteholders and,
if, but only if, the Note Trustee so requires, any such modification shall be
notified to the Class A Noteholders in accordance with Condition 12 as soon as
practicable.

Every amendment to the Note Trust Deed must conform to the requirements of the
TIA as then in effect so long as the Note Trust Deed shall be qualified under
the TIA.

The Manager shall distribute to all Class A Noteholders and the Designated
Rating Agencies a copy of any amendments made under clause 35.1 or 35.2 of the
Note Trust Deed in accordance with Condition 12 as soon as reasonably
practicable after the amendment has been made.

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14       INDEMNIFICATION AND EXONERATION OF THE NOTE TRUSTEE AND THE SECURITY
         TRUSTEE

(a)      The Note Trust Deed and the Security Trust Deed contain provisions for
         the indemnification of the Note Trustee and the Security Trustee
         (respectively) and for their relief from responsibility, including
         provisions relieving them from taking proceedings to realise the
         security and to obtain repayment of the Class A Notes unless
         indemnified to their satisfaction. Each of the Note Trustee and the
         Security Trustee is entitled to enter into business transactions with
         the Issuer and/or any other party to the Transaction Documents without
         accounting for any profit resulting from such transactions. Except in
         the case of negligence, fraud or wilful default (in the case of the
         Security Trustee) or negligence, fraud, or wilful default (in the case
         of the Note Trustee), neither the Security Trustee nor the Note
         Trustee will be responsible for any loss, expense or liability which
         may be suffered as a result of any assets secured by the Security
         Trust Deed, Charged Property or any deeds or documents of title
         thereto, being uninsured or inadequately insured or being held by or
         to the order of the Mortgage Manager or any of its affiliates or by
         clearing organisations or their operators or by any person on behalf
         of the Note Trustee if prudently chosen in accordance with the
         Transaction Documents.

(b)      Where the Note Trustee is required to express an opinion or make a
         determination or calculation under the Transaction Documents, the Note
         Trustee may appoint or engage such independent advisers as the Note
         Trustee reasonably requires to assist in the giving of that opinion or
         the making of that determination or calculation and any reasonable
         costs and expenses payable to those advisers will be reimbursed to the
         Note Trustee by the Issuer or if another person is expressly stated in
         the relevant provision in a Transaction Document, that person.

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15       LIMITATION OF LIABILITY OF THE ISSUER

(a)      GENERAL

         Clause 26 of the Master Trust Deed applies to the obligations and
         liabilities of the Issuer in relation to the Class A Notes.

(b)      LIABILITY OF ISSUER LIMITED TO ITS RIGHT OF INDEMNITY

         (1)   The Issuer enters into the Transaction Documents and issues the
               Notes only in its capacity as trustee of the Securitisation Fund
               and in no other capacity (except where the Transaction Documents
               provide otherwise). Subject to paragraph (3) below, a liability
               arising under or in connection with the Transaction Documents,
               the Notes or the Securitisation Fund is limited to and can be
               enforced against the Issuer only to the extent to which it can be
               satisfied out of the assets and property of the Securitisation
               Fund and which are available to satisfy the right of the Issuer
               to be exonerated or indemnified for the liability. This
               limitation of the Issuer's liability applies despite any other
               provision of the Transaction Documents and extends to all
               liabilities and obligations of the Issuer in any way connected
               with any representation, warranty, conduct, omission, agreement
               or transaction related to the Transaction Documents, the Notes or
               the Securitisation Fund.

          (2)  Subject to paragraph (3) below, no person (including any Relevant
               Party) may take action against the Issuer in any capacity other
               than as trustee of the Securitisation Fund or seek the
               appointment of a receiver (except under the Security Trust Deed),
               or a liquidator, an administrator or any similar person to the

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                                                                      Schedule 4

               Issuer or prove in any liquidation, administration or
               arrangements of or affecting the Issuer except in relation to the
               Assets of the Securitisation Fund.

          (3)  The provisions of this Condition 15 shall not apply to any
               obligation or liability of the Issuer to the extent that it is
               not satisfied because under a Transaction Document or by
               operation of law there is a reduction in the extent of the
               Issuer's indemnification or exoneration out of the assets of the
               Securitisation Fund as a result of the Issuer's fraud, negligence
               or wilful default and will not apply to any obligation or
               liability of the Issuer to pay amounts from its personal funds
               pursuant to clause 12.1 of the Note Trust Deed.

          (4)  It is acknowledged that the Relevant Parties are responsible
               under the Transaction Documents for performing a variety of
               obligations relating to the Securitisation Fund. No act or
               omission of the Issuer (including any related failure to satisfy
               its obligations under the Transaction Documents or the Notes)
               will be considered fraud, negligence or wilful default of the
               Issuer for the purpose of paragraph (3) of this Condition 15 to
               the extent to which the act or omission was caused or contributed
               to by any failure by any Relevant Party or any person who has
               been delegated or appointed by the Issuer in accordance with the
               Transaction Documents to fulfil its obligations relating to the
               Securitisation Fund or by any other act or omission of a Relevant
               Party or any such person.

          (5)  No attorney, agent, delegate, receiver or receiver and manager
               appointed in accordance with this deed or any other Transaction
               Documents has authority to act on behalf of the Issuer in a way
               which exposes the Issuer to any personal liability and no act or
               omission of any such person will be considered fraud, negligence
               or wilful default of the Issuer for the purpose of paragraph (3).

          (6)  The Issuer is not obliged to do or refrain from doing anything
               under the Transaction Documents (including incur any liability)
               unless the Issuer's liability is limited in the same manner as
               set out in paragraphs (1) to (3).

          (7)  In this Condition 15 "RELEVANT PARTIES" means each party to a
               Transaction Document other than the Issuer.

          (8)  The expression "WILFUL DEFAULT" as used in this Condition 15 is
               defined in clause 26.5 of the Security Trust Deed.

          (9)  Nothing in this Condition 15 limits the obligations expressly
               imposed on the Issuer under the Transaction Documents.

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16       GOVERNING LAW

The Class A Notes and the Relevant Documents are governed by, and shall be
construed in accordance with, the laws of New South Wales, Australia. The
administration of the Trust created under the Note Trust Deed, including the
exercise of the Note Trustee's powers under clause 13 of the Note Trust Deed, is
governed by the law of New York. In the event of any inconsistency between the
operation of the law of New South Wales, Australia and the law of New York in
respect of the application of those powers, the law of New York will prevail to
the extent of the inconsistency.

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                                                                      Schedule 4

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17       SUMMARY OF PROVISIONS RELATING TO THE CLASS A NOTES WHILE IN BOOK ENTRY
         FORM

Each Class of the Class A Notes will initially be represented by typewritten
book-entry notes (the "BOOK-ENTRY CLASS A NOTES"), without coupons, in the
principal amount of US$[##] (comprising US$[##] in the case of Class A-1 Notes
and US$[##] in the case of Class A-2 Notes). The Book-Entry Class A Notes will
be deposited with the Common Depositary for DTC on or about the Closing Date.
Upon deposit of the Book-Entry Class A Notes with the Common Depositary, DTC
will credit each investor in the Class A Notes with a principal amount of Class
A Notes for which it has subscribed and paid.

The Book-Entry Class A Notes will be exchangeable for definitive Class A Notes
in certain circumstances described below.

Each person who is shown in the Note Register as the holder of a particular
principal amount of Class A Notes will be entitled to be treated by the Issuer
and the Note Trustee as a holder of such principal amount of Class A Notes and
the expression "CLASS A NOTEHOLDER" shall be construed accordingly, but without
prejudice to the entitlement of the holder of the Book-Entry Class A Note to be
paid principal and interest thereon in accordance with its terms. Such persons
shall have no claim directly against the Issuer in respect of payment due on the
Class A Notes for so long as the Class A Notes are represented by a Book-Entry
Class A Note and the relevant obligations of the Issuer will be discharged by
payment to the registered holder of the Book-Entry Class A Note in respect of
each amount so paid.

(a)      PAYMENTS

         Interest and principal on each Book-Entry Class A Note will be payable
         by the Principal Paying Agent to the Common Depositary provided that no
         payment of interest may be made by the Issuer or any Paying Agent in
         the Commonwealth of Australia or its possessions or into a bank account
         or to an address in the Commonwealth of Australia or its possessions.

         Each of the persons appearing from time to time as the beneficial owner
         of a Class A Note will be entitled to receive any payment so made in
         respect of that Class A Note in accordance with the respective rules
         and procedures of DTC. Such persons will have no claim directly against
         the Issuer in respect of payments due on the Class A Notes which must
         be made by the holder of the relevant Book-Entry Class A Note, for so
         long as such Book-Entry Class A Note is outstanding.

         A record of each payment made on a Book-Entry Class A Note,
         distinguishing between any payment of principal and any payment of
         interest, will be recorded in the Note Register by the Note Registrar
         and such record shall be prima facie evidence that the payment in
         question has been made.

(b)      EXCHANGE

         The Book-Entry Class A Notes will be exchangeable for definitive Class
         A Notes only if:

         (1)      the Principal Paying Agent advises the Manager in writing that
                  the Clearing Agency is no longer willing or able to discharge
                  properly its responsibilities as depository of the Class A
                  Notes and the Manager is not able to locate a qualified
                  successor;

         (2)      the Issuer, at the direction of the Manager (at the Manager's
                  option), advises the Principal Paying Agent in writing that it
                  elects to terminate the book entry system through the Clearing
                  Agency; or

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                                                                         PAGE 23

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                                                                      Schedule 4

         (3)      after the occurrence of an Event of Default, the Note Trustee
                  at the written direction of the Class A Noteholders holding a
                  majority of the aggregate Outstanding Principal Balance of the
                  Class A Notes, advises both the Principal Paying Agent and
                  Issuer that the continuation of a book entry system is no
                  longer in the best interest of the Class A Noteowners,

         then the Principal Paying Agent must within 30 days of such event
         instruct the Clearing Agency to notify all Class A Noteowners of the
         occurrence of any such event and of the availability of Definitive
         Notes. Upon the surrender of the Book-Entry Notes to the Issuer by the
         Clearing Agency, and the delivery by the Clearing Agency of the
         relevant registration instructions to the Issuer, the Issuer shall
         execute and procure the Principal Paying Agent to authenticate the
         Definitive Notes in accordance with the instructions of the Clearing
         Agency.

         Class A Noteowner has the meaning given to it in the Note Trust Deed.

(c)      NOTICES

         So long as the Notes are represented by the Book-Entry Class A Note and
         the same is/are held on behalf of the Clearing Agency, notices to Class
         A Noteholders may be given by delivery of the relevant notice to the
         Clearing Agency for communication by them to entitled account holders
         in substitution for delivery to each Class A Noteholder as required by
         the Class A Note Conditions.

(d)      CANCELLATION

         The Note Registrar shall ensure that all Class A Notes:

         (1)   which have been surrendered for payment, registration of
               transfer, exchange or redemption; or

         (2)   in the case of any Definitive Note, which, being mutilated or
               defaced, have been surrendered and replaced under Condition 11,

         shall be cancelled by or on behalf of the Issuer and will execute a
         certificate and deliver same to the Note Trustee stating:

         (3)   the aggregate Outstanding Principal Balance of Notes which have
               been redeemed; and

         (4)   the serial numbers of such Notes in definitive form (where
               applicable).
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                                                                         PAGE 24

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