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Exhibit 4.5  

 
 

Bond Trust Deed    
    

        Permanent
Custodians Limited

Australian Securitisation Management Pty Limited

Australian Mortgage Securities Ltd

The Bank of New York

Permanent Registry Limited 

        ARMS
II Global Fund I 

        The
Chifley Tower

2 Chifley Square

Sydney NSW 2000

Australia

Tel 61 2 9230 4000

Fax 61 2 9230 5333

www.aar.com.au 

        ©
Copyright Allens Arthur Robinson 2003 

  

Bond Trust Deed  

 
  Table of Contents    
    

	1.	 	Definitions and interpretation	 	1
	 	 	1.1 Definitions	 	1
	 	 	1.2 Master Trust Deed definitions	 	8
	 	 	1.3 Interpretation	 	8
	 	 	1.4 Status of this Deed	 	9
	 	 	1.5 Liability of Issuer	 	9
	 	 	1.6 Opinion of Counsel	 	10
	 	 	1.7 Knowledge of Class A Bond Trustee	 	10
	

2.	
 	
Appointment of Class A Bond Trustee	
 	
10
	 	 	2.1 The Class A Bond Trustee	 	10
	 	 	2.2 Benefit of Trusts	 	11
	 	 	2.3 Duration of Trust	 	11
	 	 	2.4 Responsibility of Class A Bond Trustee	 	11
	

3.	
 	
Covenant to pay	
 	
11
	 	 	3.1 Covenant to pay	 	11
	 	 	3.2 Discharge by payment	 	11
	 	 	3.3 Class A Bond Trustee's requirements following an Event of Default	 	11
	 	 	3.4 Discharge	 	12
	

4.	
 	
The Bonds	
 	
12
	 	 	4.1 Designation of Bonds	 	12
	 	 	4.2 Classes of Bonds	 	12
	 	 	4.3 Amount of the Bonds	 	12
	

5.	
 	
Form and issue of Class A Bonds	
 	
12
	 	 	5.1 Form and Denomination	 	12
	 	 	5.2 Issue of Global Bond	 	12
	 	 	5.3 Effect of registration	 	13
	 	 	5.4 Form of Global Bond	 	13
	 	 	5.5 Procedures for exchange	 	13
	 	 	5.6 Dealings with Class A Bondholders	 	13
	 	 	5.7 Preparation and Delivery of Definitive Bonds	 	14
	 	 	5.8 Notification of issue of Definitive Bonds	 	14
	 	 	5.9 Issue of Definitive Bonds	 	14
	 	 	5.10 Registration of Definitive Bonds	 	15
	 	 	5.11 Form of the Definitive Bonds	 	15
	 	 	5.12 Failure by the Issuer to issue Definitive Bonds	 	15
	 	 	5.13 US Tax Treatment	 	15
	 	 	5.14 Covenant of Compliance	 	15
	

6.	
 	
Cancellation of Class A Bonds	
 	
16
	 	 	6.1 Cancellation	 	16
	 	 	6.2 Records	 	16
	 	 	6.3 US$ Register and US$ Registrar	 	16
	

7.	
 	
Currency indemnity and payment of duties and Taxes on the Bonds	
 	
17
	 	 	7.1 Currency Indemnity	 	17
	 	 	7.2 Payment of duties and Taxes on the Bonds	 	17
	 	 	 	 	 

i

 

	

8.	
 	
Form and issue of A$ Bonds	
 	
18
	 	 	8.1 Form and denomination	 	18
	 	 	8.2 Action following Issue	 	18
	 	 	8.3 Effect of registration	 	18
	 	 	8.4 Location of A$ Bonds	 	19
	 	 	8.5 Restriction on Issues	 	19
	

9.	
 	
Transfers of A$ Bonds	
 	
19
	 	 	9.1 No Restrictions on Transfer of A$ Bonds	 	19
	 	 	9.2 Selling restriction	 	19
	 	 	9.3 Form of Transfer	 	19
	 	 	9.4 Registration of Transferee as Bondholder	 	19
	 	 	9.5 A$ Registrar entitled to refuse to register Transfer and Acceptance Form	 	19
	 	 	9.6 Notice of refusal to Register	 	20
	 	 	9.7 No fee for Registration of a Bond Transfer	 	20
	 	 	9.8 Taking Effect of Bond Transfers	 	20
	 	 	9.9 Transmission of entitlements	 	20
	 	 	9.10 Marking of Transfers	 	20
	 	 	9.11 Specimen signatures	 	21
	

10.	
 	
Registration Confirmations	
 	
21
	 	 	10.1 Issue of Registration Confirmation	 	21
	 	 	10.2 No Certificate of Title	 	21
	 	 	10.3 Joint holdings	 	21
	

11.	
 	
The Register	
 	
21
	 	 	11.1 Details to be kept on the Register	 	21
	 	 	11.2 Place of keeping Registers, copies and access	 	22
	 	 	11.3 A$ Branch Registers	 	22
	 	 	11.4 Details on Registers Conclusive	 	23
	 	 	11.5 Closing of Registers	 	23
	 	 	11.6 Alteration of details on Registers	 	23
	 	 	11.7 Rectification of Registers	 	23
	 	 	11.8 Issuer may appoint Registrars	 	24
	

12.	
 	
Covenants by the Issuer and Trust Manager	
 	
24
	 	 	12.1 Covenants by the Issuer and Trust Manager	 	24
	 	 	12.2 Covenant by the Trust Manager	 	26
	

13.	
 	
Remuneration and expenses	
 	
26
	

14.	
 	
Removal and retirement of Class A Bond Trustee	
 	
26
	 	 	14.1 Removal	 	26
	 	 	14.2 Retirement of Class A Bond Trustee	 	27
	 	 	14.3 Removal or retirement not effective	 	27
	 	 	14.4 Appointment of new Class A Bond Trustee	 	27
	 	 	14.5 Bond Trust Fund to be vested in new Class A Bond Trustee	 	28
	 	 	14.6 Release of outgoing Class A Bond Trustee	 	28
	 	 	14.7 Incoming Class A Bond Trustee to execute documents	 	28
	 	 	14.8 Settlement amounts payable to outgoing Class A Bond Trustee	 	28
	 	 	14.9 Outgoing Class A Bond Trustee to retain lien	 	29
	 	 	14.10 Delivery of documents	 	29
	 	 	14.11 Notice to Class A Bondholders of new Class A Bond Trustee	 	29
	 	 	14.12 No ratings downgrade	 	29
	 	 	 	 	 

ii

 

	 	 	14.13 Eligibility; Disqualification	 	29
	 	 	14.14 Requirement for Class A Bond Trustee	 	29
	

15.	
 	
Substitution of Issuer	
 	
30
	 	 	15.1 Incoming Trustee to be Issuer	 	30
	 	 	15.2 Effect of Substitution	 	30
	

16.	
 	
Amendment	
 	
30
	

17.	
 	
Bondholders' Lists and Reports	
 	
31
	 	 	17.1 Provision of information	 	31
	 	 	17.2 Preservation of Information; Communications to Class A Bondholders	 	31
	 	 	17.3 Reports by Class A Bond Trustee	 	32
	 	 	17.4 Reports by Issuer	 	32
	

18.	
 	
Trust Indenture Act—Miscellaneous	
 	
32
	 	 	18.1 Compliance Certificates and Opinions, etc	 	32
	 	 	18.2 Exclusion of section 316	 	34
	 	 	18.3 Unconditional Rights of Class A Bondholders to Receive Principal and Interest	 	34
	 	 	18.4 Conflict with Trust Indenture Act	 	34
	

19.	
 	
Meetings	
 	
34
	

20.	
 	
Limited Responsibilities of Class A Bond Trustee	
 	
35
	 	 	20.1 Limited Responsibilities	 	35
	 	 	20.2 Examination of Documents	 	41
	

21.	
 	
Limitation of Class A Bond Trustee's Liability	
 	
41
	 	 	21.1 Limitation of liability	 	41
	 	 	21.2 Conflicts	 	41
	 	 	21.3 Reliance on Certificates	 	42
	 	 	21.4 No Liability	 	42
	 	 	21.5 No notice or enforcement	 	43
	 	 	21.6 No liability for loss	 	43
	 	 	21.7 Indemnity regarding exercise of Powers	 	43
	 	 	21.8 Confidential information	 	43
	 	 	21.9 Agents and Delegates	 	44
	 	 	21.10 Liability for Agents and Delegates	 	44
	 	 	21.11 No inquiry	 	44
	 	 	21.12 Exercise of rights	 	44
	 	 	21.13 Performance of duties	 	44
	

22.	
 	
Notices	
 	
44
	 	 	22.1 Notices generally	 	44
	 	 	22.2 Notices to Class A Bondholders	 	46
	

23.	
 	
Governing law and jurisdiction	
 	
46
	

24.	
 	
General	
 	
46
	 	 	24.1 Remedies Cumulative	 	46
	 	 	24.2 Severability of provisions	 	46
	 	 	24.3 Counterparts	 	47
	

Schedule 1	
 	
49
	 	 	Form of Global Bond	 	49
	 	 	 	 	 

iii

 

	

Schedule 2	
 	
52
	 	 	Form of Definitive Bond	 	52
	

Schedule 3	
 	
54
	 	 	Terms and Conditions of the Bonds	 	54
	

Schedule 4	
 	
91
	 	 	Form of Bond Application	 	91
	

Schedule 5	
 	
93
	 	 	Form of Registration Confirmation	 	93
	

Schedule 6	
 	
95
	 	 	Form of Transfer and Acceptance	 	95
	

Schedule 7	
 	
99
	 	 	Meetings Procedures	 	99
	

1.	
 	
Definitions and Interpretation	
 	
99
	 	 	1.1 Incorporated Definitions and Interpretation	 	99
	 	 	1.2 Definitions	 	99
	

2.	
 	
Convening of meetings	
 	
102
	

3.	
 	
Notice of meetings	
 	
102
	

4.	
 	
Chairman	
 	
103
	

5.	
 	
Quorum	
 	
103
	

6.	
 	
Adjournment	
 	
104
	

7.	
 	
Notice of adjourned meeting	
 	
104
	

8.	
 	
Chairman's casting vote	
 	
104
	

9.	
 	
Right to demand a poll	
 	
104
	

10.	
 	
Voting on a poll	
 	
105
	

11.	
 	
Business at adjourned meetings	
 	
105
	

12.	
 	
No adjournment of polls	
 	
105
	

13.	
 	
Right to attend and speak	
 	
105
	

14.	
 	
Voting entitlements	
 	
105
	

15.	
 	
Proxies and block voting instructions	
 	
106
	

16.	
 	
Block voting instructions, proxies and voting certificates	
 	
106
	

17.	
 	
Extraordinary resolutions	
 	
107
	

18.	
 	
Resolutions binding	
 	
109
	

19.	
 	
Minutes of resolutions	
 	
109
	

20.	
 	
Written resolutions	
 	
109
	

Schedule 8	
 	
111
	 	 	Information to be contained in Bondholders Report	 	111

iv

   Bond Trust Deed  

	Date
	 	                        2003
	
Parties
	
 	

 
	

1.	
 	
Permanent Custodians Limited (ACN 001 426 384) of 35 Clarence Street, Sydney, NSW 2000, Australia (included in the expression the Issuer);
	

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

3.	
 	
Australian Mortgage Securities Ltd (ABN 89 003 072 446) of Level 6, 12 Castlereagh Street, Sydney, NSW 2000, Australia (the Master Servicer);
	

4.	
 	
The Bank of New York, a New York banking corporation, of 101 Barclay Street, 21W, New York, New York, 10286 (included in the expression the Class A Bond
Trustee, the Calculation Agent, the US$Registrar and the Principal Paying
Agent); and
	

5.	
 	
Permanent Registry Limited (ACN 000 334 636) of 35 Clarence Street, Sydney, NSW 2000, Australia (included in the expression the Security Trustee).

It is agreed as follows. 

1.    Definitions and interpretation  

1.1    Definitions  

In
this Deed: 

Approval means any licence, permit, consent, approval, registration or authority. 

A$ and Australian Dollar means the lawful currency of Australia. 

A$ Bond means each Class B Bond and each Fast Prepayment Bond. 

A$ Bondholder means each Bondholder of an A$ Bond. 

A$ Register means the register maintained in relation to the A$ Bonds by or on behalf of the Issuer pursuant to clause 11. 

A$ Registrar means the Issuer or each person (if any) from time to time appointed by the Issuer to maintain the A$ Register under clause 11.8. 

Bond means each bond referred to in clause 4 issued by the Issuer in accordance with the Master Trust Deed, this Deed, the Security Trust Deed
and the relevant Subscription Agreement and designated ARMS II Global Fund I Bond. 

Bond Application means an application for an A$ Bond in the form of Schedule 4 or such other form as may from time to time be agreed between the
Issuer and the Trust Manager. 

Bond Depository Agreement means the agreement, so entitled, dated on or about the date of this Deed between the Issuer, the Class A Bond Trustee
and DTC. 

Bondholder means, in relation to a Bond and at any time, the person inscribed in a Register as the holder of that Bond at that time. 

Bondholders Report means the report to be delivered by the Trust Manager in accordance with clause 12(f) containing the information set out in
Schedule 8. 

1

 

Bondholders' Secured Moneys has the meaning given in the Security Trust Deed. 

Bond Trust means the trust created by this Deed. 

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

Business Day means a day, other than a Saturday, Sunday or a public holiday on which banks are open for business: 

	(a)
	in
relation to any Payment Date, in Sydney, Melbourne, London and New York; and

	(b)
	in
relation to any Determination Date, in London and New York. 

Calculation Agent means, initially, The Bank of New York and subsequently any successor appointed under a Paying Agency Agreement to make calculations
in relation to the Class A Bonds. 

Charge has the meaning given in the Security Trust Deed. 

Charged Property has the meaning given in the Security Trust Deed. 

Class means, as the context requires: 

	(a)
	all
Class A Bonds;

	(b)
	all
Class B Bonds; or

	(c)
	all
Fast Prepayment Bonds. 

Class A Bond means each Bond designated in the US$ Register as a Class A Bond. 

Class A Bondholder means a Bondholder of a Class A Bond. 

Class A Bond Owner means each person who is the beneficial owner of all or part of the Global Bond, as reflected on the books of the Clearing
Agency or on the books of the person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant) in each case in accordance with the
rules of such Clearing Agency. 

Class A Bond Trustee means the person who from time to time holds the office of trustee of the Bond Trust (in its capacity as trustee of the Bond
Trust only) which person is, at the date of this Deed, The Bank of New York. 

Class A Currency Swap means each Currency Swap which the Issuer, the Trust Manager and the relevant Currency Swap Counterparty agree between
them, at the time of entering into that Currency Swap, is to be a Class A Currency Swap for the purposes of the Conditions. 

Class A Currency Swap Counterparty means, in relation to a Class A Currency Swap, the person who has entered into or agreed to make that
Class A Currency Swap available to the Issuer. 

Class B Bond means each Bond designated in the A$ Register as a Class B Bond. 

Class B Bondholder means a Bondholder of a Class B Bond. 

Clearing Agency means an organisation registered as a clearing agency pursuant to section 17A of
the Exchange Act and appointed by the Issuer (at the direction of the Trust Manager) to hold Bonds and, initially, means DTC. 

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 the Clearing Agency. 

2

 

Common Depository means Cede & Co, as depository for DTC or any Clearing Agency appointed from time to time to hold the Global Bond. 

Conditions means the terms and conditions applicable to the Bonds as set out in Schedule 3, and references to a specified Condition are to the
relevant Condition of Schedule 3 (in each case, as varied or modified from time to time in accordance with this Deed). 

Corporations Act means the Corporations Act, 2001 (Commonwealth of Australia). 

Corporate Trust Office means the principal office of the Class A Bond 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 USA (Attention: Global Structured Finance Unit) or at such other address as the
Class A Bond Trustee may designate by notice to the Trust Manager, the Class A Bondholders and the Issuer or the principal corporate trust office of any successor Class A Bond
Trustee. 

Crown means the Crown in respect of the Commonwealth of Australia and the various states of Australia. 

Currency Swap means: 

	(a)
	each
interest rate and currency swap Transaction made or to be made between the Issuer and a Currency Swap Counterparty pursuant to an ISDA Master Agreement for the purposes of
hedging the mismatches between:

	(i)
	the
currency and basis of calculation of interest of the payment obligations of the Issuer under the Bonds; and

	(ii)
	the
currency in which the Issuer is entitled to receive payments in respect of the Assets and the basis of calculation of the underlying rate of interest payable in respect of Loans
comprised in the Assets (having regard to the effect on such underlying rate of any relevant Interest Rate Swap); and

	(b)
	each
other Transaction made between the Issuer and an Eligible Financial Institution entered into in replacement or substitution for any such Transaction, 

in
each case on such terms that will not cause the credit rating assigned by each Designated Rating Agency to the Bonds to be less than the Designated Rating, qualified or withdrawn. 

Currency Swap Counterparty means, in relation to a Currency Swap, the person who has entered into or agreed to make that Currency Swap available to the
Issuer. 

Definitive Bond means each Class A Bond in definitive form issued or to be issued in the circumstances specified in clause 5.7 and
includes any replacement issued under the Conditions. 

DTC means The Depository Trust Company. 

Eligible Financial Institution means: 

	(a)
	in
relation to a Currency Swap or an Interest Rate Swap, a bank or financial institution whose rating by each Designated Rating Agency is such that it being a party to a Currency Swap
or an Interest Rate Swap will not cause any credit rating assigned to the Bonds to be less than the Designated Rating, qualified or withdrawn; and

	(b)
	for
all other purposes of the Transaction Documents relating to the Fund, and at any time, any bank or financial institution carrying on business in Australia whose short term debt
obligations have at that time a rating of at least "A-1+" (S&P), "P1" (Moody's) and "F1+" (Fitch Ratings) and whose long term debt obligations have at that time a rating of at least "AAA"
(S&P and Fitch Ratings) and "Aa" (Moody's). 

3

 

Event of Default means each of the events specified in Condition 11.1. 

Exchange Act means the United States Securities Exchange Act of 1934 (as amended from time to time). 

Expiration Date has the meaning given in the Security Trust Deed. 

Extraordinary Resolution has the meaning given in Condition 1.2. 

Fast Prepayment Bond means each Bond which the Issuer issues or is required to issue following the giving of an Issue Notice in accordance with
Condition 3.1 and which is inscribed in the A$ Register as a Fast Prepayment Bond. 

Fast Prepayment Bondholder means a Bondholder of a Fast Prepayment Bond. 

Fund means the Issuing Fund constituted under the Master Trust Deed known as ARMS II Global Fund I. 

Global Bond means the global bond issued or to be issued by the Issuer under this Deed representing the Class A Bonds. 

Incoming Class A Bond Trustee has the meaning given in clause 14.5. 

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

Independent Certificate means, in relation to a person or a matter in relation to a person (the Relevant
Person), a certificate or opinion issued by a person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers or any member of such firm) who: 

	(a)
	does
not have and is not committed to acquire any material direct or any material indirect financial interest in the Relevant Person or in any Associate of the Relevant Person; and

	(b)
	is
not connected with the Relevant Person as an officer, employee, promoter, underwriter, voting trustee, partner, director or person performing similar functions. 

A
certificate or opinion issued by an accountant, in relation to a Relevant Person or any matter in relation to a Relevant Person, may include an accountant who audits the books of the Relevant Person
if, in addition to satisfying the above criteria, the accountant is independent with respect to a Relevant Person within the meaning of Rule 101 of the Code of Ethics of the American Institute
of Certified Public Accountants. 

If
an Independent Certificate is to be provided to the Class A Bond Trustee, such opinion or certificate must state that the signer of that opinion or certificate has read this definition and
that the opinion or certificate is an Independent Certificate within the meaning of this definition. 

Initial Paying Agency Agreement means the paying agency agreement dated on or about the date of this Deed between the Issuer, the Trust Manager and The
Bank of New York. 

Interest Rate Swap means each futures contract, option agreement, swap, cap, forward rate agreement or other arrangement in relation to interest rates
made or to be made between the Issuer, the Trust Manager and an Eligible Financial Institution for the purposes of hedging mismatches between the rate or basis of calculation of interest payable in
respect of Mortgages in the Portfolio comprised in the Assets of the Fund and the rate or basis of calculation of Interest Entitlements on such terms that will not cause the credit rating assigned by
each Designated Rating Agency to Bonds to be less than the Designated Rating, qualified or withdrawn. 

4

 

Interest Rate Swap Counterparty means, in relation to an Interest Rate Swap, the person who has entered into or agreed to make that Interest Rate Swap
available to the Issuer. 

ISDA Definitions means the defined meanings given to certain words and expressions in the document entitled 2000 ISDA
Definitions, as published by the International Swaps and Derivatives Association, Inc. 

ISDA Master Agreement means: 

	(a)
	initially,
each agreement made between the Issuer, the Trust Manager and an initial Currency Swap Counterparty; and

	(b)
	subsequently,
each other agreement made between the Issuer, the Trust Manager and a Currency Swap Counterparty, 

in
each case, incorporating the standard form of Master Agreement (Multicurrency-Cross Border) (1992 Version) published by the International Swaps and Derivatives Association, Inc. 

Issuer means initially, PCL in its capacity as trustee of the Fund and in no other capacity; and subsequently any substitute issuer appointed in
accordance with clause 15. 

Marked T&A means a Transfer and Acceptance Form marked by the A$ Registrar in accordance with clause 9.10. 

Master Trust Deed means the Master Trust Deed for the ARMS II Funds dated 7 March 1995 made between PCL and Australian Mortgage
Securities Ltd (as amended and restated on or about the date of this Deed by a Deed of Variation made between PCL, Australian Mortgage Securities Ltd and the Trust Manager and as
applicable to the Fund). 

Material Adverse Effect means a material adverse effect on the amount or timing of any payment to a Bondholder. 

Meetings Procedures means the procedures and other provisions contained in Schedule 7. 

Officer's Certificate means a certificate signed by any Authorised Signatory of the Issuer or the Trust Manager 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 Trust Manager, on behalf of the Issuer, and who shall be satisfactory to the Issuer or the Class A Bond Trustee, as applicable, and which opinion or opinions shall
be addressed to the Issuer or the Class A Bond Trustee, as applicable, and shall be in form and substance satisfactory to the Issuer or the Class A Bond Trustee, as applicable. 

Outgoing Class A Bond Trustee has the meaning given in clause 14.5. 

Paying Agency Agreement means each agreement entered into from time to time between (among others) the Issuer and one or more persons acting as Paying
Agents (however described), pursuant to which those persons agree (among other things) to act as the agent of the Issuer for the purposes of receiving and making payments in respect of Bonds and, in
relation to the Class A Bonds, includes the Initial Paying Agency Agreement. 

Paying Agent means each person who is from time to time appointed by the Issuer as its agent for the purposes of issuing and receiving and making
payments in respect of Bonds pursuant to a Paying Agency Agreement. 

Payment Date has the meaning given in Condition 1.2. 

5

 

PCL means Permanent Custodians Limited (ACN 001 426 384). 

Potential Event of Default means an event which with the giving of notice, lapse of time or satisfaction of any other applicable condition would
constitute an Event of Default. 

Principal Paying Agent means, initially, The Bank of New York and subsequently any successor appointed under a Paying Agency Agreement. 

Record Date has the meaning given in Condition 1.2. 

Register means each of the A$ Register and the US$ Register. 

Registrar means each of the A$ Registrar and the US$ Registrar. 

Registration Confirmation means a confirmation as to the registration of a person as the holder of an A$ Bond in the form set out in Schedule 5
or in such other form as may from time to time be agreed between the Issuer and the Trust Manager. 

Secured Creditor has the meaning given in the Security Trust Deed. 

Secured Document has the meaning given in the Security Trust Deed. 

Secured Moneys has the meaning given in the Security Trust Deed. 

Securities Act means the United States Securities Act of 1933 (as amended from time to time). 

Security Trust Deed means the deed, so entitled, dated on or about the date of this Deed between the Issuer, the Trust Manager, the Security Trustee and
the Class A Bond Trustee. 

Statute means any legislation of any jurisdiction in force from time to time, and any rule, regulation, ordinance, by-law, statutory
instrument, order or notice made under any such legislation from time to time. 

Subscription Agreement means: 

	(a)
	each
agreement pursuant to which subscribers agree from time to time to purchase or subscribe for Bonds; and

	(b)
	in
relation to the Class A Bonds, the Underwriting Agreement. 

Subsidiary has the meaning given to it in the Corporations Act. 

Substitution Date has the meaning given in clause 15.1. 

TIA means the United States Trust Indenture Act of 1939 (as amended from time to time). 

Transaction has the same meaning as in the ISDA Definitions. 

Transfer and Acceptance Form means a form of transfer and acceptance of A$ Bonds in the form of Schedule 6, or such other form as may from time
to time be agreed between the Issuer and the Trust Manager. 

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. 

Underwriting Agreement means the agreement, so entitled, dated or about the date of this Deed between the Issuer, the Master Servicer, the Trust
Manager, ABN AMRO Incorporated and Deutsche Bank Securities Inc.. 

US$ and US Dollar means the lawful currency of the United States of America. 

6

 

US$ Register means the register maintained in relation to the Class A Bonds by or on behalf of the Issuer pursuant to clause 11. 

US$ Registrar means the Issuer or each person (if any) from time to time appointed by the Issuer to maintain the US$ Register under clause 11.8. 

1.2    Master Trust Deed definitions  

Words
and expressions which are defined in the Master Trust Deed have the same meanings when used in this Deed, unless otherwise defined in this Deed, or unless the context otherwise requires. 

1.3    Interpretation  

In
this Deed, unless the context indicates a contrary intention: 

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

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

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

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

	(e)
	the
expression certified means:

	(i)
	in
the case of the Class A Bond Trustee, certified in writing by an Authorised Signatory of the Class A Bond Trustee; or

	(ii)
	in
the case of any other corporation or person, certified in writing by 2 Authorised Signatories of the corporation or by that person respectively, 

and
certify and like expressions shall be construed accordingly; 

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

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

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

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

	(j)
	if
the due date for payment of any amount, or the doing of any thing, in respect of this Deed is not a Business Day, then the Modified Following Business Day Convention (as defined in
the ISDA Definitions) shall apply to the making of that payment or the doing of that thing;

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

	(l)
	month means calendar month;

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

	(n)
	a
reference to this Deed includes a reference to a Schedule and an exhibit to this Deed; and 

7

 

	(o)
	where
this Deed refers to a provision of the TIA, that provision is incorporated by reference in and made part of this Deed. The following terms used in the TIA have the following
meanings in this Deed. 

Commission means the Securities and Exchange Commission of the United States of America. 

indenture securities means the Class A Bonds. 

indenture security holder means each Class A Bondholder. 

indenture to be qualified means this Deed. 

indenture trustee or institutional trustee means the Class A Bond Trustee. 

obligor on the indenture securities means the Issuer. 

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, 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 it by such definitions. 

1.4    Status of this Deed  

This
Deed is: 

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

	(b)
	a
Transaction Document. 

1.5    Liability of Issuer  

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

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

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

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

	(e)
	The
previous paragraphs of this clause 1.5 do not apply to the liability of the Issuer in relation to any obligation which in any Transaction Document the Issuer expressly
assumes in its personal capacity.

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

8

 

	(g)
	For
the purposes of this clause 1.5, Final Judgment means a judgment of a court of law in Australia against which there can be
no appeal or in relation to which the time to appeal has expired. 

1.6    Opinion of Counsel  

For
the purposes of this Deed, the Issuer or the Class A Bond Trustee 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 or the Class A Bond Trustee 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 Fund. 

1.7    Knowledge of Class A Bond Trustee  

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

2.    Appointment of Class A Bond Trustee  

2.1    The Class A Bond Trustee  

Upon
execution of this Deed by the Class A Bond Trustee, the Class A Bond Trustee: 

	(a)
	is
appointed to act as trustee on behalf of the Class A Bondholders on the terms and conditions of this Deed; and

	(b)
	acknowledges
and declares that it:

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

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

in
each case, on trust for the Class A Bondholders, on and subject to the terms and conditions of this Deed. 

2.2    Benefit of Trusts  

Each
Class A Bondholder is entitled to the benefit of the Bond Trust. 

2.3    Duration of Trust  

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

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

	(b)
	the
Expiration Date. 

2.4    Responsibility of Class A Bond Trustee  

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

9

 

3.    Covenant to pay  

3.1    Covenant to pay  

The
Issuer covenants with the Class A Bond Trustee for the benefit of the Class A Bondholders to pay or repay unconditionally to or to the order of the Class A Bond Trustee (as
the case requires) in immediately available funds, the Bondholders' Secured Moneys owing to the Class A Bondholders as and when they fall due under the Transaction Documents. 

3.2    Discharge by payment  

Notwithstanding
clause 3.1 and subject to clauses 3.3 and 3.4, every payment on account of Secured Moneys made by the Issuer direct to the corresponding Class A Bondholder or to a Paying
Agent in accordance with the relevant Paying Agency Agreement will satisfy, to that extent, the Issuer's obligations to the Class A Bond Trustee under this Deed in respect of its obligations to
that Class A Bondholder. 

3.3    Class A Bond Trustee's requirements following an Event of Default  

At
any time after an Event of Default or a Potential Event of Default has occurred and is continuing unremedied, the Class A Bond Trustee may, so far as permitted by applicable law: 

	(a)
	by
notice in writing to the Issuer and each Paying Agent require the Paying Agents, until notified by the Class A Bond Trustee to the contrary, to:

	(i)
	act
as agents of the Class A Bond Trustee under this Deed and the Class A Bondholders on the terms of the relevant Paying Agency Agreement; and

	(ii)
	hold
all Class A Bonds and all moneys, documents and records held by them in respect of the Class A Bonds to the order of the Class A Bond Trustee; and

	(b)
	by
notice in writing to the Issuer, require it to make all subsequent payments in respect of the Class A Bonds to or to the order of the Class A Bond Trustee and not to
the Paying Agents. 

3.4    Discharge  

Subject
to clause 3.3, any payment to be made in respect of the Class A Bonds by the Issuer or the Class A Bond Trustee may be made as provided in the Conditions and any payment
so made will to that extent be a good discharge to the Issuer or the Class A Bond Trustee, as the case may be. 

4.    The Bonds  

4.1    Designation of Bonds  

This
Deed relates to and governs the issue by the Issuer, in accordance with the Master Trust Deed, this Deed, the Security Trust Deed and the relevant Subscription Agreement, of bonds designated
collectively as ARMS II Global Fund I Bonds. 

4.2    Classes of Bonds  

The
Bonds will be comprised of 3 Classes designated Class A Bonds, Class B Bonds and  Fast Prepayment
Bonds respectively. 

4.3    Amount of the Bonds  

	(a)
	The
aggregate Face Value of all Class A Bonds will not exceed US$[*].

	(b)
	The
aggregate Face Value of all Class B Bonds will not exceed A$[*]. 

10

   5.    Form and issue of Class A Bonds  

5.1    Form and Denomination  

Each
Class A Bond will be: 

	(a)
	issued
in the form of a registered bond;

	(b)
	denominated
in US Dollars; and

	(c)
	issued
in denominations and multiples of US$100,000. 

5.2    Issue of Global Bond  

	(a)
	On
the Initial Issue Date, the US$ Registrar must procure the registration in the US$ Register of:

	(i)
	Cede &
Co as nominee for the Clearing Agency, as Bondholder of the Global Bond; and

	(ii)
	all
other information required by clause 11.1.

	(b)
	The
Global Bond will have an aggregate initial Face Value of US$[*]. 

5.3    Effect of registration  

Registration
of the details of the Bondholder of each Class A Bond in the US$ Register in accordance with clauses 5.2(a) and 5.10(a) creates an obligation on the Issuer to pay to the person
registered as the Bondholder of each such Bond: 

	(a)
	the
Face Value of each such Bond; and

	(b)
	the
Interest Entitlements relating to each such Bond, 

in
each case in accordance with this Deed, the Master Trust Deed, the Security Trust Deed and the Conditions. 

5.4    Form of Global Bond  

The
Global Bond must be: 

	(a)
	printed
or typed in the form or substantially in the form set out in Schedule 1;

	(b)
	signed
by an Authorised Signatory of the Issuer; and

	(c)
	authenticated
by an Authorised Signatory of the Principal Paying Agent. 

No
Global Bond will be valid for any purpose unless and until so authenticated. 

5.5    Procedures for exchange  

The
procedures for the exchange, authentication, delivery, surrender, cancellation, presentation and marking down of the Global Bond (or part thereof) and any other matters to be carried out by the
relevant parties upon exchange (in whole or part) of the Global Bond will be made in accordance with the provisions of the terms of the Global Bond and the normal practice of the Common Depository,
the Paying Agents and the rules and procedures of the Clearing Agency from time to time. 

11

 

5.6    Dealings with Class A Bondholders  

Unless
and until the Definitive Bonds have been issued to the Class A Bond Owners pursuant to clause 5.7: 

	(a)
	the
US$ Registrar, the Issuer, the Trust Manager, each Paying Agent, the Security Trustee and the Class A Bond Trustee shall be entitled to deal with the Clearing Agency for
all purposes of this Deed (including the payment of principal and interest on the Class A Bonds and the giving of notices to Class A Bondholders) as the sole holder of the Class A
Bonds, and shall have no obligation to any Class A Bond Owners in relation to the same;

	(b)
	the
rights of Class A Bond Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such
Class A Bond Owners and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Bond Depository Agreement, unless and until Definitive Bonds are issued pursuant to
clause 5.7, the 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 Bonds to such Clearing Agency Participants; and

	(c)
	to
the extent that the provisions of this clause conflict with any other provisions of this Deed, the provisions of this clause shall prevail. 

5.7    Preparation and Delivery of Definitive Bonds  

If,
while any Class A Bonds are represented by a Global Bond: 

	(a)
	DTC
is no longer willing or able to discharge its responsibilities as depository for the Class A Bonds and the Trust Manger is unable to locate a qualified successor; or

	(b)
	the
Issuer, at the direction of the Trust Manager, elects to terminate the book-entry system through DTC; or

	(c)
	after
the occurrence of an Event of Default, the Class A Bond Trustee, at the direction of an Extraordinary Resolution of the Class A Bondholders, advises the Issuer
that the continuation of a book-entry system is no longer in the best interests of the Class A Bondholders, 

then
the Trust Manager must instruct the Issuer to, and the Issuer must, subject to clause 5.9, within 30 days after the occurrence of the relevant event, prepare (in accordance with
clause 5.11) and deliver to the Principal Paying Agent the Definitive Bonds. 

5.8    Notification of issue of Definitive Bonds  

The
Trust Manager, on behalf of the Issuer, will notify the Class A Bond Trustee immediately upon the occurrence of any of the events referred to in clause 5.7 and will, unless the
Class A Bond Trustee agrees otherwise, promptly, in accordance with Condition 15, give notice of the same and of the Issuer's obligations to issue Definitive Bonds in accordance with
clause 5.9. 

5.9    Issue of Definitive Bonds  

All
Definitive Bonds delivered to the Principal Paying Agent in accordance with clause 5.7 must be held by it and issued to the relevant Class A Bond Owners upon request by those
Class A Bond Owners. The Principal Paying Agent undertakes to deliver the Definitive Bonds to the relevant Class A Bond Owners as soon as practicable upon request by those Class A
Bond Owners. The Definitive Bonds will be deemed to have been issued by the Issuer in accordance with this clause 5.9 as soon as they have been delivered by the Principal Paying Agent to the
relevant Class A Bond Owners on behalf of the Issuer. The Face Value of the Global Bond will be reduced 

12

 

by
an amount equal to the Face Value of those Definitive Bonds which are so issued. The Issuer will not be liable for any delay in the delivery of Definitive Bonds by the Principal Paying Agent to the
Class A Bond Owners in accordance with this clause 5.9. 

5.10    Registration of Definitive Bonds  

	(a)
	Upon
the issue of each Definitive Bond, the US$ Registrar must procure the registration in the US$ Register of the beneficial owner of that Definitive Bond and all other information
required by clause 11.1.

	(b)
	Title
to the Definitive Bonds will pass by registration in accordance with this Deed. 

5.11    Form of the Definitive Bonds  

Each
Definitive Bond must be: 

	(a)
	printed
or typed in the form or substantially in the form set out in Schedule 2;

	(b)
	signed
by an Authorised Signatory of the Issuer; and

	(c)
	authenticated
by an Authorised Signatory of the Principal Paying Agent. 

None
of the Definitive Bonds will be valid for any purpose unless and until so authenticated and issued in accordance with clause 5.9. 

5.12    Failure by the Issuer to issue Definitive Bonds  

If
the Issuer becomes obliged to issue Definitive Bonds pursuant to clause 5.7(c), but fails to do so within 30 days of the occurrence of the relevant event described in
clause 5.7(c), then the Issuer will indemnify and keep indemnified from the Fund the Class A Bond Trustee, the Class A Bondholders and
the Class A Bond Owners in respect of the relevant Class A Bonds against any loss or damage incurred by any of them if the amount received by the Class A Bond Trustee, the
Class A Bondholders or the relevant Class A Bond Owners in respect of the relevant Class A Bonds is less than the amount that would have been received had Definitive Bonds been
issued in accordance with clause 5.7(c). If, and for so long as, the Issuer discharges its obligations under this indemnity, the breach by the Issuer of the provisions of clause 5.7(c)
will be deemed to be cured. 

5.13    US Tax Treatment  

It
is the intention of the parties to this Deed and, by their holding of the Class A Bonds, the Class A Bondholders, that the Class A Bonds be treated for United States federal
income tax purposes as debt denominated in US Dollars. 

5.14    Covenant of Compliance  

Each
of the Issuer and the Trust Manager covenants with the Class A Bond Trustee that it will comply with and perform and observe all provisions of the Transaction Documents which are expressed
to be binding on it for the benefit of the Class A Bond Trustee or any Class A Bondholder. The Transaction Documents to which the Issuer and the Class A Bond Trustee are a party
shall be binding on the Issuer, the Class A Bond Trustee and the Class A Bondholders. 

13

 

6.    Cancellation of Class A Bonds  

6.1    Cancellation  

The
Issuer must procure that: 

	(a)
	all
Class A Bonds which have been:

	(i)
	redeemed
in full;

	(ii)
	surrendered
and replaced pursuant to Condition 10.9; or

	(iii)
	purchased
by the Issuer and surrendered for cancellation, 

are
immediately cancelled by or on behalf of the Issuer. 

6.2    Records  

The
Trust Manager, on behalf of the Issuer, must procure that: 

	(a)
	the
Principal Paying Agent keeps a full and complete record of all Class A Bonds and of their redemption, purchase, surrender, cancellation and exchange and of all replacement
Class A Bonds issued in substitution for lost, stolen, mutilated, defaced or destroyed Class A Bonds;

	(b)
	each
Paying Agent keeps a full and complete record of all amounts paid in respect of the Class A Bonds; and

	(c)
	such
records shall be made available by the relevant Paying Agent to the Class A Bond Trustee at all reasonable times. 

6.3    US$ Register and US$ Registrar  

	(a)
	Upon
surrender for registration of the transfer of any Class A Bond at the office or agency of the US$ Registrar in relation to the Class A Bonds to be maintained as
provided in clause 12(c), if the requirements of Section 8-401(a) of the Uniform Commercial Code of New York (the UCC) are
met, the Issuer must execute and, upon its written request, the Principal Paying Agent must authenticate in the name of the designated transferee or transferees, one or more new Class A Bonds,
in any authorised denominations and of a like aggregate Face Value.

	(b)
	At
the option of the relevant Class A Bondholder, Class A Bonds may be exchanged for other Class A Bonds in any authorised denominations and a like aggregate Face
Value, upon surrender of the Class A Bonds to be exchanged at any such office or agency referred to in paragraph (a) above. Whenever any Class A Bonds are so surrendered for
exchange, if the requirements of Section 8-401(a) of the UCC are met, the Issuer must execute and upon its written request the Principal Paying Agent must authenticate, the
Class A Bonds which the Class A Bondholder making the exchange is entitled to receive.

	(c)
	Every
Class A Bond 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 US$ Registrar duly executed by the transferring Class A Bondholder or its
attorney duly authorised in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of the US$ Registrar which requirements include membership or
participation of Securities Transfer Agents Medallion Program (Stamp) or such other "signature guarantee program" as may be determined by the US$
Registrar in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act; and 

14

 

	(ii)
	accompanied
by such other documents as the US$ Registrar may require.

	(d)
	No
service charge shall be made to a Class A Bondholder for any registration of transfer or exchange of any Class A Bonds, but the Issuer 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 the Class A Bonds.

	(e)
	Notwithstanding
the preceding provisions of this clause, the Issuer shall not be required to make and the US$ Registrar need not register transfers or exchanges of any Class A
Bonds for a period of 10 days preceding the due date for any payment with respect to those Class A Bonds. 

7.    Currency indemnity and payment of duties and Taxes on the Bonds  

7.1    Currency Indemnity  

The
Issuer must indemnify from the Fund the Class A Bond Trustee and the Class A Bondholders and keep them indemnified against: 

	(a)
	(Non-payment by the Issuer) any loss or damage incurred by any of them arising from the non-payment by the
Issuer of all or any part of the Bondholders' Secured Moneys owing in respect of Class A Bonds by reason of any variation in the rates of exchange between those used for calculating the amount
due under a judgment, order or proof of debt and those prevailing at the date of actual payment by the Issuer; and

	(b)
	(Variation of exchange) any deficiency arising or resulting from any variation in the rates of exchange between:

	(i)
	the
date on which the local currency equivalent of the Bondholders' Secured Moneys owing in respect of Class A Bonds (other than amounts due under this clause) is calculated
for the purposes of any winding up of the Fund; and

	(ii)
	the
final date for determining the amount of claims in such winding up. 

The
amount of such deficiency shall not be reduced by any variation in rates of exchange occurring between the said final date and the date of any distribution of assets in connection with any such
winding up. 

7.2    Payment of duties and Taxes on the Bonds  

The
Issuer must pay any stamp, issue, documentary or other duties and Taxes, payable in respect of: 

	(a)
	the
execution and delivery of this Deed and the creation of the Charge; and

	(b)
	the
creation, issue and delivery of the Bonds. 

The
Issuer must also indemnify the Class A Bond Trustee and the Bondholders from and against all stamp, issue, documentary or other duties and Taxes paid by any of them in any jurisdiction in
connection with any action taken by or on behalf of the Class A Bond Trustee or (where permitted under this Deed) any Bondholder to enforce the provisions of the Bonds or this Deed or to
enforce the Charge. 

15

 

8.    Form and issue of A$ Bonds  

8.1    Form and denomination  

Each
A$ Bond will be: 

	(a)
	in
the form of inscribed stock;

	(b)
	denominated
in Australian Dollars; and

	(c)
	subject
to clause 8.5, issued in denominations of A$100,000. 

8.2    Action following Issue  

As
soon as practicable after an Issue Date for any A$ Bonds, the A$ Registrar must: 

	(a)
	inscribe
in the A$ Register in accordance with clause 11:

	(i)
	the
Conditions for those Bonds, as attached to the corresponding Issue Notice, with any amendments made to them under clause 6.4 of the Master Trust Deed;

	(ii)
	the
details of each Bondholder of those Bonds, as contained in the relevant Bond Application; and

	(iii)
	the
Class in which each such Bond is comprised;

	(b)
	issue
a Registration Confirmation to each Bondholder of those Bonds in respect of the Bonds held by it; and

	(c)
	if
requested by a Bondholder of any those Bonds in its Bond Application, issue a Transfer and Acceptance Form to the Bondholder, marked in accordance with clause 9.10. 

8.3    Effect of registration  

Inscription
of the Conditions and the details of the Bondholder of each A$ Bond in the A$ Register in accordance with clause 8.2(a) creates an obligation on the Issuer to pay to the person
registered as the Bondholder of that A$ Bond: 

	(a)
	the
Face Value of each such A$ Bond; and

	(b)
	the
Interest Entitlements relating to each such A$ Bond, 

in
each case in accordance with this Deed, the Master Trust Deed, the Security Trust Deed and the Conditions. 

8.4    Location of A$ Bonds  

The
property in A$ Bonds shall for all purposes be regarded as situated at the place where the A$ Register for those Bonds is located. 

8.5    Restriction on Issues  

Each
offer for subscription or purchase and each invitation to subscribe for or buy A$ Bonds must be made: 

	(a)
	on
terms that the minimum amount payable for such Bonds on acceptance of any such offer or invitation will be at least A$500,000 (disregarding any amount paid or payable to the extent
to which it was paid or is to be paid out of money lent by the person offering those Bonds or an associate (as defined in the Corporations Act) of that person); or 

16

 

	(b)
	on
such other terms as will result in the offer or invitation not requiring disclosure to investors under Chapter 6D.2 of the Corporations Act. 

9.    Transfers of A$ Bonds  

9.1    No Restrictions on Transfer of A$ Bonds  

Subject
to this Deed and the Conditions, there are no restrictions on the transfer of A$ Bonds. 

9.2    Selling restriction  

A
Bondholder may not transfer any of its A$ Bonds unless the offer or invitation to the transferee by the Bondholder in relation to such Bonds is an offer which does not require disclosure to
investors pursuant to Chapter 6D.2 of the Corporations Act. 

9.3    Form of Transfer  

Every
transfer of A$ Bonds shall be effected by a Transfer and Acceptance Form, duly completed and executed by the transferor and transferee, duly stamped (if applicable), and lodged with the A$
Registrar. 

9.4    Registration of Transferee as Bondholder  

Subject
to the terms of this Deed, the A$ Registrar must promptly following receipt of a Transfer and Acceptance Form enter the transferee in the A$ Register as the holder of the Bonds the subject of
that Transfer and Acceptance Form. 

9.5    A$ Registrar entitled to refuse to register Transfer and Acceptance Form  

The
A$ Registrar may refuse to register any Transfer and Acceptance Form which would result in: 

	(a)
	a
breach of the terms of this Deed, the Master Trust Deed, the Security Trust Deed, the Conditions, or a law of an Australian Jurisdiction; or

	(b)
	the
Issuer being required to take any action upon or following registration to avoid any such breach. 

9.6    Notice of refusal to Register  

If
the A$ Registrar refuses to register a Transfer and Acceptance Form, it must as soon as practicable (and in any event not later than 7 days after the date the Transfer and Acceptance Form
was lodged with it) send to the transferor and the transferee notice of such refusal. 

9.7    No fee for Registration of a Bond Transfer  

No
fee shall be charged for the registration of any Transfer and Acceptance Form. 

9.8    Taking Effect of Bond Transfers  

	(a)
	A
Transfer and Acceptance Form shall not take effect until registered and until the transferee is inscribed in the A$ Register as the holder of the relevant Bonds, the transferor
shall remain the holder of those Bonds.

	(b)
	If
a Transfer and Acceptance Form is received by the A$ Registrar during any period when the A$ Register is closed, the A$ Registrar need not register the Transfer and Acceptance Form
until after the A$ Register is re-opened. 

17

 

9.9    Transmission of entitlements  

	(a)
	(Election) Any person becoming entitled to an A$ Bond as a result of the death, mental incapacity or bankruptcy of a Bondholder may,
upon producing such evidence as the A$ Registrar requires of the person's entitlement, either elect to be registered as the Bondholder or to transfer the relevant Bonds in the manner specified in this
clause 9.9.

	(b)
	(Method of Election) If such an entitled person elects to be registered as the Bondholder, the person shall deliver to the A$ Registrar
a notice in writing to that effect signed by the person. A person who elects to have another person registered shall execute a Transfer and Acceptance Form in relation to the relevant Bonds in favour
of that person. All the provisions of this Deed relating to the transfer of A$ Bonds shall be applicable to any such notice or Transfer and Acceptance Form as if the death, mental incapacity or
bankruptcy of the relevant Bondholder had not occurred and the notice or Transfer and Acceptance Form was executed by the relevant Bondholder.

	(c)
	(Discharge) A person entitled to an A$ Bond under this clause shall be entitled to receive and may give a good discharge for all moneys
payable in respect of that Bond but, except as otherwise provided by this Deed, shall not be entitled to any of the rights or privileges of an A$ Bondholder unless and until the person is entered in
the A$ Register as the holder of that Bond. 

9.10    Marking of Transfers  

	(a)
	The
A$ Registrar must, upon request of an A$ Bondholder, mark a Transfer and Acceptance Form with a certificate to the effect that the Bond referred to in that Transfer and Acceptance
Form is registered in the name of that Bondholder, and that no transfer of that Bond will be registered other than pursuant to such Transfer and Acceptance Form for the period specified in such
certificate.

	(b)
	Where
any Transfer and Acceptance Form is marked pursuant to paragraph (a) above, the A$ Registrar must not, during the specified period, register any transfer of any Bond
referred to in that Transfer and Acceptance Form except as effected by such Marked T&A. 

9.11    Specimen signatures  

The
A$ Registrar may (but need not) require each A$ Bondholder to submit specimen signatures (and in the case of a corporation may require those signatures to be authenticated by the secretary or
director of such Bondholder) of persons authorised to execute Transfer and Acceptance Forms on behalf of such Bondholder and shall be entitled to assume (until notified to the contrary) that such
authority has not been revoked. 

10.    Registration Confirmations  

10.1    Issue of Registration Confirmation  

As
soon as practicable (and in any event no later than 5 Business Days) after a person has been entered and inscribed in the A$ Register as the holder of an A$ Bond, the A$ Registrar must issue a
Registration Confirmation to: 

	(a)
	that
person in respect of that Bond; and

	(b)
	if
the transferor of that Bond continues to hold any A$ Bond, the transferor in respect of the A$ Bond(s) which it continues to hold. 

18

 

10.2    No Certificate of Title  

Neither
a Registration Confirmation, a Transfer and Acceptance Form nor a Marked T&A constitutes a certificate of title as to Bonds. 

10.3    Joint holdings  

If
an A$ Bond is held by more than one person, only the person whose name appears first in the A$ Register in relation to that Bond shall be entitled to: 

	(a)
	be
issued a Registration Confirmation and a Marked T&A; and

	(b)
	be
paid any moneys or exercise any other rights in respect of that Bond. 

11.    The Register  

11.1    Details to be kept on the Register  

The
Issuer must, subject to clause 11.8, keep a register in relation to the A$ Bonds (the A$ Register) and a register in relation to the
Class A Bonds (the US$ Register) in which shall be inscribed the following information in respect of the A$ Bonds or Class A Bonds (as the
case may be): 

	(a)
	the
Issue Dates for such Bonds;

	(b)
	the
number and Face Value of such Bonds issued on each Issue Date;

	(c)
	the
Conditions (and any amendments or variations thereto made pursuant to clause 16) for all such Bonds;

	(d)
	the
name, address and tax file or tax identification number of each holder of such Bonds;

	(e)
	the
number of such Bonds held by each Bondholder;

	(f)
	in
the case of A$ Bonds, details of any Registration Confirmation issued to a Bondholder;

	(g)
	the
date on which a person was entered as the holder of such Bonds;

	(h)
	the
date on which a person ceased to be a Bondholder of such Bonds;

	(i)
	the
account to which any payments due to a Bondholder of such Bonds are to be made (if applicable);

	(j)
	a
record of each payment in respect of such Bonds (including the then Face Value of such Bonds); and

	(k)
	such
other information as the Issuer or the Trust Manager considers necessary or desirable. 

11.2    Place of keeping Registers, copies and access  

Each
Register must be: 

	(a)
	kept
at the relevant Registrar's principal office;

	(b)
	open
for inspection by a Bondholder during normal business hours but only in respect of information relating to that Bondholder; and

	(c)
	not
available to be copied by any person (other than the Trust Manager) except in compliance with such terms and conditions (if any) as the Trust Manager and Issuer in their absolute
discretion may impose. 

19

 

11.3    A$ Branch Registers  

	(a)
	The
A$ Registrar must if requested by the Trust Manager establish and maintain a branch register or registers (each an A$ Branch
Register) on which shall be entered the names of those Bondholders who request that their names, and the A$ Bonds held by them, shall be so recorded, the A$ Bonds in respect of
which the request is made, the date on which the name of any Bondholder was entered on such A$ Branch Register and any other details considered necessary or desirable by the Issuer or the Trust
Manager. The name of such Bondholder and details regarding such A$ Bonds shall be removed from the A$ Register other than such A$ Branch Register.

	(b)
	Every
A$ Branch Register shall be designated as the A$ Branch Register for the place where it is established.

	(c)
	The
Trust Manager may direct the A$ Registrar to discontinue an A$ Branch Register and if it does so, the A$ Registrar must transfer all entries from that A$ Branch Register to some
other A$ Branch Register or to the A$ Register as directed by the Trust Manager.

	(d)
	Except
where otherwise expressly stated in this Deed or where the context otherwise requires, every reference in this Deed to the A$
Register shall include every A$ Branch Register.

	(e)
	Bonds
registered on an A$ Branch Register may, at the request of the relevant Bondholder and with the consent of the A$ Registrar, be transferred to another A$ Branch Register or to
the A$ Register. 

11.4    Details on Registers Conclusive  

A
Registrar is: 

	(a)
	not
obliged to enter on any Register notice of any trust, Security Interest or other interest in respect of any Bonds;

	(b)
	entitled
to recognise the person inscribed as a Bondholder in a Register as the absolute owner of the relevant Bonds; and

	(c)
	not
bound or affected by any trust affecting the ownership of any Bonds, 

in
each case unless ordered by a court or required by Statute. 

11.5    Closing of Registers  

	(a)
	(Determining Entitlements) Each Register shall be closed by the relevant Registrar for the purpose of determining the Interest
Entitlements and entitlements to principal payments of Bondholders during the period commencing from the Record Date prior to, and ending on the commencement of business on the Business Day
immediately after, each Payment Date of the relevant Bonds.

	(b)
	(In Normal Course) A Registrar may with prior notice to the relevant Bondholders close a Register for such other periods as that
Registrar may nominate in the notice, provided that the aggregate period for which a Register may be closed in total (under this paragraph and paragraph (a)) in any calendar year must not
exceed 30 Business Days or such other period as that Registrar and the Trust Manager may agree. 

20

 

11.6    Alteration of details on Registers  

Upon
a Registrar being notified of any change of name or address or payment or other details of a Bondholder by the relevant Bondholder, that Registrar must alter the relevant Register accordingly. 

11.7    Rectification of Registers  

If:

	(a)
	an
entry is omitted from a Register;

	(b)
	an
entry is made in a Register otherwise than in accordance with this Deed;

	(c)
	an
entry wrongly exists in a Register;

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

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

the
relevant Registrar must rectify the same promptly upon becoming aware of its existence. 

11.8    Issuer may appoint Registrars  

The
Issuer may, and must if required to do so by the Trust Manager, appoint another person to be the A$ Registrar and/or the US$ Registrar and to do all of the things which this Deed requires a
Registrar to do or contemplates will be done by it, provided that: 

	(a)
	the
appointment of that person must be by written agreement between the Issuer, the Trust Manager and the relevant Registrar;

	(b)
	the
Issuer or the Trust Manager on behalf of the Issuer must exercise its rights and enforce performance by that person of its obligations under that agreement in accordance with
clause 15.3 of the Master Trust Deed; and

	(c)
	subject
to paragraph (b), neither the Issuer, the Trust Manager nor the Class A Bond Trustee shall have any liability to any Bondholder for the performance by that
person of its obligations. 

21

   12.    Covenants by the Issuer and Trust Manager  

12.1    Covenants by the Issuer and Trust Manager  

Each
of the Issuer and the Trust Manager severally undertakes to the Class A Bond Trustee, on behalf of the Class A Bondholders, that it will, for so long as any of the Class A
Bonds remain outstanding (except to the extent that the Class A Bond Trustee otherwise consents): 

	(a)
	(Security Trust Deed covenants) comply with each covenant and undertaking and repeat (on each date specified for repetition in the
Security Trust Deed) each representation and warranty given by it in the Security Trust Deed;

	(b)
	(Notice of Default) in the case of the Issuer only, provide to the Class A Bond Trustee within 5 Business Days prior to each
anniversary of the date of this Deed and within 5 Business Days of receiving a request from the Class A Bond Trustee to do so, a report which confirms that, to the knowledge of the Issuer, no
Event of Default nor Potential Event of Default is subsisting, or giving details of any Event of Default or Potential Event of Default that is subsisting and any other matter which is expressly
required to be brought to the Class A Bond Trustee's attention under this Deed or the Security Trust Deed;

	(c)
	(Maintenance of Office or Agency) in the case of the Trust Manager only, maintain, on behalf of the Issuer, in the Borough of
Manhattan, The City of New York an office or agency where Class A Bonds may be surrendered for registration of transfer or exchange. The Issuer hereby initially appoints the US$ Registrar to
serve as its agent for the foregoing purposes. The US$ Registrar 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 (c). The Trust Manager will give prompt written notice to the Class A Bond Trustee of the location,
and of any change in the location, of any such office or agency. If at any time the Trust Manager, on behalf of the Issuer, fails to maintain any such office or agency or fails to furnish the
Class A Bond Trustee with the address thereof, such surrenders may be made or served at the Corporate Trust Office and the Issuer hereby appoints the Class A Bond Trustee as its agent to
receive all such surrenders;

	(d)
	(Annual Statement as to Compliance) deliver to the Class A Bond Trustee, within 120 days after the end of each fiscal
year of the Fund (commencing on 29 October 2004), and otherwise in compliance with the requirements of section 314(a)(4) of the TIA, an Officer's Certificate stating that:

	(i)
	a
review of the activities of the Issuer in respect of the Fund during such year and of its performance under the Transaction Documents has been made under supervision of the person
signing the Officer's Certificate (the Signatory); and

	(ii)
	to
the best of the knowledge of the Signatory, based on the review referred to in paragraph (i), the Issuer has complied with all conditions and covenants under the
Transaction Documents 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 and the
nature, date of occurrence and status of the default. 

For
the purposes of this clause 12(d) compliance shall be determined without regard to any period of grace or requirement of notice under the Transaction Documents; 

	(e)
	(Opinions as to Trust Estate) in the case of the Trust Manager only, furnish to the Class A Bond Trustee an Opinion of Counsel
either stating that in the opinion of such counsel the Security Trust Deed 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 

22

 

action,
or stating that in the opinion of such counsel no such action is necessary to make such Security Interest effective (as the case may be). 

Within
120 days after the end of each fiscal year commencing on 29 October 2004 the Trust Manager shall furnish to the Class A Bond Trustee an Opinion of Counsel 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 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 (as the case may be); 

	(f)
	(Bondholders Report) in the case of the Trust Manager only, deliver to the Principal Paying Agent, the Issuer and the Class A
Bond Trustee within 5 Business Days of each Payment Date, the Bondholders Report for the related Calculation Period, with written instructions for the Class A Bond Trustee to forward the
Bondholders Report to each Class A Bondholder. Each Bondholders Report shall contain the information set out in Schedule 8; and

	(g)
	(Notices) provide a copy of each notice required to be given to the Class A Bondholders under the Transaction Documents to the
Class A Bond Trustee prior to such notice being given to the Class A Bondholders. 

12.2    Covenant by the Trust Manager  

	(a)
	Without
limiting any other obligation of the Trust Manager under any Transaction Document, as soon as practicable upon reasonable request by the Issuer, the Trust Manager must:

	(i)
	provide
to the Issuer all information, notices, certificates, consents, approvals and other documents available to the Trust Manager and necessary to enable the Issuer to comply with
its obligations under each of the TIA and the Exchange Act; and

	(ii)
	take
such other actions as the Issuer may reasonably require to assist the Issuer to comply with its obligations under each of the TIA and the Exchange Act. 

and
the Trust Manager agrees that any breach by the Issuer of any obligation under any of the TIA, the Exchange Act or this Deed will not be considered to be neglect, default or breach of duty for the
purposes of clause 1.5 to the extent that it results from a breach by the Trust Manager of this claus 12.2(a). 

	(b)
	Upon
receiving actual notice of any amendment to any provision of the TIA or the Exchange Act which has the effect of changing the obligations of the Issuer referred to in
paragraph (b), the Trust Manager must, as soon as practicable, notify the Issuer of such amendment and consult with the Issuer as to any action the Issuer should take as a result of such
amendment in order to comply with its obligations under the TIA and the Exchange Act (as so amended). 

13.    Remuneration and expenses  

	(a)
	(Fees) The Issuer agrees to pay to the Class A Bond Trustee as its sole remuneration for undertaking its obligations under this
Deed the fees agreed between the Class A Bond Trustee and the Trust Manager, on behalf of the Issuer, on or before the date of this Deed.

	(b)
	(No claim against Issuer) The Class A Bond Trustee agrees that it has no claim against the Issuer for payment of expenses other
than under and in accordance with clause 10.2 of the Security Trust Deed or Condition 4.4. 

23

 

14.    Removal and retirement of Class A Bond Trustee  

14.1    Removal  

If: 

	(a)
	(Ceases business) the Class A Bond Trustee ceases its business;

	(b)
	(Failure to comply) the Class A Bond 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 Trust Manager) and, if capable of remedy, the Class A Bond Trustee does not remedy the failure within
10 Business Days after the earlier of:

	(i)
	the
Class A Bond Trustee becoming aware of the failure; and

	(ii)
	receipt
by the Class A Bond Trustee of a written notice in respect of the failure from either the Trust Manager or the Issuer;

	(c)
	(Insolvent) an Event of Insolvency occurs in relation to the Class A Bond Trustee;

	(d)
	(Extraordinary Resolution) an Extraordinary Resolution of the Class A Bondholders is passed that the Class A Bond Trustee
be removed from office; or

	(e)
	(TIA) the Class A Bond Trustee fails to comply with any obligation imposed on it under the TIA with respect to the Fund or this
Deed or to comply with this clause 14, 

the
Trust Manager may (or in the case of clause 14.1(d), must), subject to the following provisions of this clause 14, by at least 5 Business Days' written notice to the Class A
Bond Trustee, remove the Class A Bond Trustee from office. 

14.2    Retirement of Class A Bond Trustee  

The
Class A Bond Trustee may, subject to the following provisions of this clause 14, retire at any time upon giving not less than 2 months notice in writing (or such shorter
period as the parties may agree) to the Issuer, the Trust Manager and each Class A Bondholder. 

14.3    Removal or retirement not effective  

No
removal or retirement of the Class A Bond Trustee under this clause 14 is effective unless and until: 

	(a)
	a
new Class A Bond Trustee that is a Trust Corporation has accepted the office of Class A Bond Trustee pursuant to clause 14.4; and

	(b)
	the
Trust Manager has received confirmation from Moody's (such confirmation not to be unreasonably withheld or delayed) that the appointment of the new Class A Bond Trustee
will not result in the credit rating of any Bond being less than the Designated Rating, qualified or withdrawn. For the avoidance of doubt, the Trust Manager is responsible for obtaining such
confirmation from Moody's. 

14.4    Appointment of new Class A Bond Trustee  

	(a)
	Subject
to clauses 14.1(d), 14.4(b), 14.12 and paragraph 17(f) of the Meetings Procedures, the power of appointing a new Class A Bond Trustee is vested in the Trust
Manager.

	(b)
	The
Trust Manager agrees that if the Class A Bond Trustee retires or is removed from office in accordance with this Deed, it will use its best endeavours to appoint a new
Class A Bond Trustee as soon as reasonably practicable. 

24

 

	(c)
	If
the Trust Manager fails to appoint a new Class A Bond Trustee by the date that is one month prior to the date of the Class A Bond Trustee's proposed retirement or
removal, the Class A Bond Trustee may itself appoint a successor.

	(d)
	If
the Trust Manager and/or the Class A Bond Trustee do not appoint, or cannot find a person to act as, a new Class A Bond Trustee, the Class A Bondholders may,
subject to this clause 14, appoint a Class A Bondholder as the new Class A Bond Trustee. 

14.5    Bond Trust Fund to be vested in new Class A Bond Trustee  

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

14.6    Release of outgoing Class A Bond Trustee  

Upon
retirement or removal, the Outgoing Class A Bond Trustee shall have no further obligations under any Transaction Document, but retirement or removal will not affect any of the rights,
obligations or liabilities of the Outgoing Class A Bond Trustee accrued or arising before retirement or removal. 

14.7    Incoming Class A Bond Trustee to execute documents  

The
Incoming Class A Bond Trustee must execute all documents as the Issuer requires to: 

	(a)
	assume
with effect from the date its appointment becomes effective, all of the rights, powers, discretions and obligations of the Class A Bond Trustee under each Transaction
Document as if the Incoming Class A Bond Trustee had originally been a party to each Transaction Document as the Class A Bond Trustee; and

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

14.8    Settlement amounts payable to outgoing Class A Bond Trustee  

The
Issuer or the Trust Manager must: 

	(a)
	settle
with the Outgoing Class A Bond Trustee the amount of any sums payable by the Outgoing Class A Bond Trustee to the Issuer, the Trust Manager or the Incoming
Class A Bond Trustee and by the Issuer, the Trust Manager or the Incoming Class A Bond Trustee to the Outgoing Class A Bond Trustee; and

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

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

25

 

14.9    Outgoing Class A Bond Trustee to retain lien  

Notwithstanding
the retirement or removal of the Outgoing Class A Bond Trustee and the indemnity in favour of the Outgoing Class A Bond Trustee by the Incoming Class A Bond
Trustee as contemplated by clause 14.7, the Outgoing Class A Bond Trustee will retain a lien over the Bond Trust to meet claims of any creditors of the Outgoing Class A Bond
Trustee as trustee of the Bond Trust, to the extent that the claims of those creditors are not properly and duly satisfied by the Incoming Class A Bond Trustee. 

14.10    Delivery of documents  

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

14.11    Notice to Class A Bondholders of new Class A Bond Trustee  

The
Incoming Class A Bond Trustee or the Trust Manager must give notice to each Designated Rating Agency and each Class A Bondholder as soon as practicable following the appointment of
the Incoming Class A Bond Trustee. 

14.12    No ratings downgrade  

The
Trust Manager must exercise the power of appointment conferred by clause 14.4 in such a way that the appointment of the Incoming Class A Bond Trustee does not cause the credit rating
assigned by each of the Designated Rating Agencies to the Class A Bonds issued prior to, or to be issued by the Issuer following, such appointment to be less than the relevant Designated
Rating, qualified or withdrawn. 

14.13    Eligibility; Disqualification  

	(a)
	The
Class A Bond Trustee must at all times satisfy the requirements of section 310(a) of the TIA.

	(b)
	The
Class A Bond Trustee must 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 of the Class A Bond Trustee.

	(c)
	The
Class A Bond Trustee must comply with section 310(b) of the TIA, provided that any indenture or indentures under which other securities of the Issuer 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. 

14.14    Requirement for Class A Bond Trustee  

Notwithstanding
anything in this Deed to the contrary, no person shall become a Class A Bond Trustee under this Deed unless it meets the requirements of Section 26(a)(1) of the United
States Investment Company Act of 1940, as amended (the Investment Company Act). 

26

 

15.    Substitution of Issuer  

15.1    Incoming Trustee to be Issuer  

If: 

	(a)
	the
Issuer, as Outgoing Trustee, retires or is removed from office as trustee of the Fund in accordance with clause 17 of the Master Trust Deed;

	(b)
	the
Outgoing Trustee and the Incoming Trustee have executed all documents and done all things necessary to vest all of the Assets of the Fund in the Incoming Trustee (as contemplated
by clause 17.5 of the Master Trust Deed);

	(c)
	the
Incoming Trustee has assumed all of the rights, powers, discretions and obligations of the Outgoing Trustee, including (without limitation) under each Paying Agency Agreement, but
excluding under this Deed and the Bonds (as contemplated by clause 17.7 of the Master Trust Deed);

	(d)
	the
Incoming Trustee has executed all such documents and done all such things as are necessary to ensure that all of the Charged Property continues to be charged to the Security
Trustee for the benefit of the Secured Creditors, upon and subject to the terms and conditions of this Deed; and

	(e)
	all
necessary Approvals of any Government Body have been obtained, 

then
the Outgoing Trustee and the Incoming Trustee may by written notice to all Secured Creditors with effect from the date (the Substitution Date)
specified in the notice (which must be not less than 5 Business Days after the date on which the notice is given) substitute the Incoming Trustee as the obligor in respect of the Bonds in place of the
Outgoing Trustee. 

15.2    Effect of Substitution  

If
the Issuer, as Outgoing Trustee, and the Incoming Trustee give a notice in accordance with clause 15.1 on and with effect from the Substitution Date, and without the need for any person to
do any other act or thing: 

	(a)
	the
Incoming Trustee shall be bound by the terms and conditions of the Security Trust Deed, this Deed and by the Bonds and the Conditions relating to them; and

	(b)
	the
Outgoing Trustee shall cease to have any obligations under the Security Trust Deed, this Deed or the Bonds or the Conditions relating to them. 

16.    Amendment  

	(a)
	Subject
to paragraph (b), this Deed (including this clause 16 and any of the Conditions) may only be amended in accordance with clause 15.1 of the Security Trust
Deed.

	(b)
	No
amendment to this Deed will be effective unless:

	(i)
	such
amendment conforms to the requirements of the TIA; and

	(ii)
	after
such amendment, this Deed (as amended) is qualified under the TIA. 

In
this regard, the Security Trustee and the Class A Bond Trustee are entitled to rely on the advice of the Trust Manager, the Class A Bond Trustee (in the case of the Security Trustee)
and/or their respective US legal counsel. 

27

 

17.    Bondholders' Lists and Reports  

17.1    Provision of information  

The
Trust Manager, on behalf of the Issuer, will furnish or cause to be furnished to the Class A Bond Trustee: 

	(a)
	every
six months (with the first six month period commencing on the Initial Issue Date) (each such date being a Notice Date), a list,
in such form as the Class A Bond Trustee may reasonably require, of the names and addresses of the Class A Bondholders as of the Record Date immediately preceding that Notice Date; and

	(b)
	at
such other times as the Class A Bond Trustee may request in writing, within 30 days after receipt by the Trust 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
Class A Bond Trustee is the US$ Registrar; or

	(d)
	the
Class A Bonds are a Global Bond, 

no
such list shall be required to be furnished. 

17.2    Preservation of Information; Communications to Class A Bondholders  

	(a)
	The
Class A Bond Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Class A Bondholders contained in the most
recent list (if any) furnished to the Class A Bond Trustee as provided in clause 17.1 and if it acts as US$ Registrar, the names and addresses of Class A Bondholders received by
the Class A Bond Trustee in its capacity as US$ Registrar. The Class A Bond Trustee may destroy any list furnished to it as provided in such clause 17.1 upon receipt of a new list
so furnished.

	(b)
	Class A
Bondholders may communicate pursuant to section 312(b) of the TIA with other Class A Bondholders with respect to their rights under this Deed or under the
Class A Bonds.

	(c)
	The
Issuer, the Class A Bond Trustee and the US$ Registrar shall have the protection of section 312(c) of the TIA. 

17.3    Reports by Class A Bond Trustee  

If
required by section 313(a) of the TIA, within 60 days after each 30 June, beginning with 30 June 2003, the Class A Bond Trustee must mail to each Class A
Bondholder, the Issuer and the Trust 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
Class A Bond Trustee must also comply with section 313(b) of the TIA. A copy of each report at the time of its mailing to Class A Bondholders must be filed by the Class A
Bond Trustee with the Commission and each stock exchange, if any, on which the Class A Bonds are listed. The Trust Manager, on behalf of the Issuer, must notify the Class A Bond Trustee
if and when the Class A Bonds are listed on any stock exchange. 

17.4    Reports by Issuer  

The
Issuer (or the Trust Manager on its behalf) must: 

	(a)
	file
with the Class A Bond Trustee, within 15 days after the Issuer 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 

28

 

time
to time by rules and regulations prescribe) which the Issuer is required to file with the Commission pursuant to section 13 or 15(d) of the Exchange Act; 

	(b)
	file
with the Class A Bond Trustee and the Commission in accordance with the rules and regulations prescribed from time to time by the Commission such additional information,
documents and reports with respect to compliance by the Issuer 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 Class A Bond Trustee (and the Class A Bond Trustee must transmit the same by mail to all Class A Bondholders described in section 313(c) of
the TIA) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (a) and (b) of this clause 17.4 as may be required by
rules and regulations prescribed from time to time by the Commission. 

18.    Trust Indenture Act—Miscellaneous  

18.1    Compliance Certificates and Opinions, etc  

	(a)
	Upon
any application or request by the Issuer or the Trust Manager to the Class A Bond Trustee to take any action under any provision of this Deed, the Issuer (or the Trust
Manager on its behalf) must furnish to the Class A Bond Trustee:

	(i)
	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;

	(ii)
	an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with; and

	(iii)
	(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.

	(b)
	
	(i)
	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 Trust Manager on its behalf) must, in addition to any obligation imposed
in clause 18.1(a) or elsewhere in this Deed, furnish to the Class A Bond 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.

	(ii)
	Whenever
any property or securities are to be released from the Security Interest created by the Security Trust Deed, the Issuer must also furnish to the Class A Bond 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 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.

	(iii)
	Whenever
the Issuer is required to furnish to the Class A Bond Trustee an Officer's Certificate certifying or stating the opinion of any signer thereof as to the matters
described in paragraphs (i) and (ii), the Issuer (or the Trust Manager on its behalf) must also furnish to the Class A Bond Trustee an Independent Certificate as to the same matters if
the fair value of the property or securities and of all other property or 

29

 

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 (ii) and this clause (iii), equals 10% or more of the aggregate Face Value of the Class A Bonds at that time, 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 aggregate Face Value of the
Class A Bonds at that time. 

	(iv)
	Notwithstanding
any other provision of this clause, the Issuer may collect, liquidate, sell or otherwise dispose of the Assets of the Fund 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 must include:

	(i)
	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;

	(ii)
	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;

	(iii)
	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

	(iv)
	a
statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

18.2    Exclusion 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 Bondholders have concurred in any relevant direction or consent, Class A
Bonds owned by the Issuer or by any Associate of the Issuer, shall be disregarded, except that for the purposes of determining whether the Class A Bond Trustee shall be protected in relying on
any such direction or consent, only Class A Bonds which the Class A Bond Trustee knows are so owned shall be so disregarded. 

18.3    Unconditional Rights of Class A Bondholders to Receive Principal and Interest  

Notwithstanding
any other provisions in this Deed, each Class A Bondholder shall have a right, which is absolute and unconditional, to receive payment of the principal and interest on each
Class A Bond held by it on or after the respective due dates for payment and to institute suit for the enforcement of any such payments, and such right shall not be impaired, without the
consent of such Class A Bondholder, 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. 

18.4    Conflict with Trust Indenture Act  

	(a)
	If
any provision of this Deed limits, qualifies or conflicts with another provision of this Deed that is required to be included in this indenture by any of the provisions of the TIA,
such required provision shall prevail. 

30

 

	(b)
	The
provisions of section 310 to 317 (inclusive) of the TIA that impose duties on any person (except to the extent expressly excluded in this Deed) form part of this Deed,
whether or not contained expressly in this Deed. 

19.    Meetings  

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

20.    Limited Responsibilities of Class A Bond Trustee  

20.1    Limited Responsibilities  

Subject
to clause 21.1, the parties agree that: 

	(a)
	any
advice, opinion or information obtained by the Class A Bond Trustee from any lawyer, valuer, accountant, banker, broker, credit-rating agency, lead manager or other expert
may be sent or obtained by letter, telex, telegram, facsimile transmission, email or cable and the Class A Bond Trustee shall not be liable for acting on any advice, opinion or information
purporting to be conveyed by any such letter, telex, telegram, facsimile transmission, email or cable although the same shall contain some error or shall not be authentic;

	(b)
	the
Class A Bond 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 or the Trust Manager (as the case may be) and the Class A Bond 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 Class A Bond Trustee acting on that certificate;

	(c)
	the
Class A Bond 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 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 Class A Bond Trustee to be of good repute;

	(d)
	except
in the case of fraud, negligence or wilful default of the Class A Bond Trustee, the Class A Bond Trustee shall not be responsible for any loss, expense or
liability which may be suffered as a result of any Secured Property or any deed or documents of title to the Secured Property being uninsured or inadequately insured or being held by or to the order
of any clearing organisations or their operators or by any person on behalf of the Class A Bond Trustee if prudently chosen by the Class A Bond Trustee in accordance with the Transaction
Documents;

	(e)
	the
Class A Bond Trustee shall not be responsible for the application of the Issue Proceeds of the Class A Bonds by the Issuer or any moneys borrowed by the Issuer under
any Transaction Document or the exchange of any Global Bond for any Definitive Bonds;

	(f)
	except
as otherwise provided in this Deed or any other Transaction Document to which it is a party, the Class A Bond Trustee shall not be bound to give notice to any person of
the execution of this Deed or any other Transaction Document or any transaction contemplated by this Deed or any Transaction Document or to take any steps to ascertain whether any Event of Default has
occurred and, until it has knowledge or notice to the contrary, the Class A Bond Trustee is entitled to assume that no Event of Default has occurred and that the Issuer and each other party to
each Transaction Document are observing and performing their respective obligations; 

31

 

	(g)
	save
as expressly otherwise provided in this Deed or any other Transaction Document:

	(i)
	the
Class A Bond Trustee shall have absolute and uncontrolled discretion as to the exercise of the discretions vested in it by this Deed and each other Transaction Document
(the exercise of which as between the Class A Bond Trustee and the Class A Bondholders shall be conclusive and binding on the Class A Bondholders) but whenever the Class A
Bond Trustee is under the provisions of this Deed or any other Transaction Document bound to act at the request or direction of the Class A Bondholders, or any of them, the Class A Bond
Trustee shall not be so bound unless it is first indemnified or accepts security 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; and

	(ii)
	in
the absence of fraud, negligence or wilful default, the Class A Bond 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;

	(h)
	the
Class A Bond Trustee shall not be liable for acting upon any resolution purporting to have been passed at any meeting of the Class A Bondholders in respect of which
minutes have been made and signed even though subsequently it may be found that there was some defect in the constitution of the meeting or the passing of the resolution or that for any reason the
resolution was not valid or binding upon the Class A Bondholders;

	(i)
	the
Class A Bond Trustee shall not be liable to the Issuer or any Class A Bondholder by reason of having accepted as valid or not having rejected any entry in the US$
Register which is subsequently found to be incorrect and the Class A Bond Trustee shall be at liberty to accept and place full reliance on the US$ Register as complete and accurate evidence 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 Bonds;

	(j)
	any
consent or approval given by the Class A Bond Trustee for the purpose of this Deed or any other Transaction Document may be given on any terms and subject to any conditions
as the Class A Bond Trustee thinks fit and despite anything to the contrary contained in this Deed or any other Transaction Document may be given retrospectively;

	(k)
	save
as otherwise expressly provided in this Deed or any other Transaction Document, the Class A Bond Trustee shall not (unless and to the extent ordered so to do by a court of
competent jurisdiction) be required to disclose to any Class A Bondholder or any Secured Creditor, any information made available to the Class A Bond Trustee by the Issuer, the Trust
Manager or any other person in connection with the Bond Trust and no Class A Bondholder shall be entitled to take any action to obtain from the Class A Bond Trustee any such information;

	(l)
	where
it is necessary or desirable for any purpose in connection with this Deed to convert any sum from one currency to another it shall (unless otherwise provided by this Deed or 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 Class A Bond Trustee in consultation with the Issuer and the Trust Manager as relevant and any rate, method and date so agreed shall be binding on the Issuer and the Class A
Bondholders;

	(m)
	the
Class A Bond 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 Class A Bond Trustee under this Deed or by the Issuer under any of the Transaction 

32

 

Documents
has happened or to monitor or supervise the observance and performance by the Issuer or any other party of their respective obligations under any Transaction Document and, until it has
knowledge or notice to the contrary, the Class A Bond Trustee shall be entitled to assume that no such event, condition or act has happened and that the Issuer and each of other party to the
Transaction Documents are observing and performing all their respective obligations under those Transaction Documents; 

	(n)
	the
Class A Bond Trustee shall not be responsible for recitals, statements, warranties or representations of any party (other than itself) contained in any Transaction Document
or other document entered into in connection with any Transaction Document and shall assume the accuracy and correctness of all such recitals, statements, warranties and representations and (except
with respect to itself) the execution, legality, effectiveness, adequacy, genuineness, validity or enforceability or admissibility in evidence of each such document and any security constituted by
such document. The Class A Bond Trustee may accept without enquiry, requisition or objection all title as the Issuer may have to any of the Secured Property or as any other person may have to
any other security charged from time to time to the Security Trustee and shall not be bound to investigate or make any enquiry in the title of the Issuer to any of the Secured Property or the title of
any other person to any other security charged from time to time to the Security Trustee whether or not any default or failure might be, or might have been, discovered upon examination inquiry or
investigation and whether or not capable of remedy. Notwithstanding the generality of the foregoing, each Class A Bondholder is solely responsible for making its own independent appraisal of
and investigation into the Fund and the Class A Bonds and the Class A Bond Trustee shall not at any time have any responsibility for the same and no Class A Bondholder shall rely
on the Class A Bond Trustee in that respect;

	(o)
	the
Class A Bond Trustee shall not be liable for any failure, omission or defect in filing or procuring registration of, or otherwise protecting or perfecting, the Security
Trust Deed, the Secured Property or any other security or failure to call for or delivery of documents of title to the Secured Property or any other security or to require any further assurances in
relation to any property or assets comprised in the Secured Property or any other security;

	(p)
	the
Class A Bond Trustee shall, as regards all the powers, trusts, authorities, duties and discretions vested in it by this Deed, the Transaction Documents or the
Class A Bonds, except where expressly provided otherwise, have regard to the interests of the Class A Bondholders;

	(q)
	without
prejudice to the provisions of any Transaction Document, the Class A Bond Trustee shall not be under any obligation to insure any of the Secured Property (or any other
property) or any deeds or documents of title or other evidence relating to that property;

	(r)
	the
Class A Bond Trustee shall not be responsible for any loss, expense or liability (including, without limitation, any decline in value or loss realised upon any sale or
disposition made under the Security Trust Deed) occasioned to the Secured Property or any other property 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, or
wilful default of the Class A Bond Trustee;

	(s)
	the
Class A Bond Trustee has no responsibility whatsoever to the Issuer or any Class A Bondholder as regards any deficiency or additional payment, as the case may be,
which might arise because the Class A Bond Trustee or the Issuer is subject to any Tax in respect of the Secured Property, the Security Trust Deed or any other security, income or proceeds from
them; 

33

 

	(t)
	the
Class A Bond Trustee shall not be liable in respect of any failure to perform or do any act or thing which, by reason of any applicable law, ordinance, rule, regulation or
by-law or any decree, order or judgment of any competent court or other tribunal, the Class A Bond Trustee is prevented or forbidden from performing or doing;

	(u)
	the
Class A Bond 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 the priority constituted by or purported to be constituted by or pursuant to
any 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 Class A Bond 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:

	(i)
	the
nature, status, creditworthiness or solvency of any Borrower 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 Borrower;

	(ii)
	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;

	(iii)
	the
title, ownership, value, sufficiency or existence of any Land, Secured Property or any Mortgage Insurance Policy;

	(iv)
	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;

	(v)
	the
scope or accuracy of any representations, warranties or statements made by or on behalf of any Borrower in any application for any advance or in any Mortgage or Loan or in any
document entered into in connection with them;

	(vi)
	the
performance or observance by any Borrower 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;

	(vii)
	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;

	(viii)
	the
title of the Issuer to any Mortgage or Loan or other Secured Property;

	(ix)
	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;

	(x)
	the
compliance of any person with 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 the Consumer Credit Code and the Consumer Credit Regulations); 

34

 

	(xi)
	the
failure of the Master Servicer, the Trust Manager or the Issuer 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;

	(xii)
	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;

	(xiii)
	any
accounts, books, records or files maintained by the Master Servicer, the Issuer, the Trust Manager or any other person in respect of any of the Mortgages or Loans; or

	(xiv)
	any
other matter or thing relating to or in any way connected with any Mortgage or Loan or any document entered into in connection with any Mortgage or Loan whether or not similar
to the above;

	(v)
	the
Class A Bond Trustee is not liable in respect of it being treated as, or being deemed to be, a credit provider, for the purposes of the Consumer Credit Code, in respect of
any of the Mortgages;

	(w)
	in
connection with any proposed modification, waiver, authorisation or determination permitted by this Deed, the Class A Bond Trustee shall not have regard to the consequences
thereof for individual Class A Bondholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to, the jurisdiction of any particular
territory;

	(x)
	except
as otherwise provided in this Deed or any other Transaction Document, the Class A Bond Trustee shall have no responsibility for the maintenance of any rating of any
Class A Bonds by a Designated Rating Agency or any other credit-rating agency or any other person;

	(y)
	the
Class A Bond Trustee shall be under no obligation to monitor or supervise the functions of any person under any Authorised Investment, Mortgage, Loan or Transaction
Document or any other deed, agreement or arrangement incidental to any of the above, and is entitled, in the absence of knowledge of a breach of duty or obligation, to assume that each person is
properly performing its obligations in accordance with each Authorised Investment, Mortgage, Loan and Transaction Document;

	(z)
	subject
to Condition 4.8, the Class A Bond Trustee acknowledges that the Calculation Agent is responsible, under the Paying Agency Agreement, for calculating all amounts
referred to in Condition 4.7 and the Class A Bond Trustee has no liability in respect of these calculations;

	(aa)
	the
Class A Bond Trustee shall comply with section 311(a) of the TIA, excluding any creditor relationship listed in section 311(b) of the TIA. A Class A
Bond Trustee who has resigned or been removed shall be subject to section 311(a) of TIA only to the extent required by the TIA;

	(bb)
	the
Class A Bond Trustee may act on any opinion, statement, certificate, advice or other information obtained from the Security Trustee, an attorney, barrister, solicitor
(whether instructed by the Class A Bond Trustee or not), banker, accountant, broker, valuer or other person believed by it in good faith to be an expert in relation to the matters the subject
of such opinion, statement, certificate, advice or other information and shall not be liable for anything suffered by it in good faith in reliance on such opinion, statement, certificate, advice or
information; and 

35

 

	(cc)
	subject
to this Deed, the Class A Bond Trustee shall not be liable for any act, omission, misconduct, mistake, oversight, error of judgment, forgetfulness or want of prudence
on the part of any attorney, banker, receiver, barrister, solicitor, agent or any other person appointed by the Class A Bond Trustee and on whom the Class A Bond Trustee is entitled to
rely under this Deed (other than a related body corporate (as defined in the Corporations Act) of the Class A Bond Trustee). 

36

  

20.2    Examination of Documents  

The
Class A Bond Trustee shall examine the evidence furnished to it pursuant to section 314 of the TIA to determine whether the opinions, searches, reports, certificates, valuations and
investigations delivered or obtained or required to be delivered or obtained at any time in connection with any Mortgage or Loan in the Portfolio conform to the requirements of this Deed but shall not
be obliged to confirm or verify the mathematical calculations or other facts stated therein. 

21.    Limitation of Class A Bond Trustee's Liability  

21.1    Limitation of liability  

Notwithstanding
any other provision of this Deed, the Class A Bond Trustee will have no liability under or in connection with this Deed or any other Transaction Document (whether to the
Class A Bondholders, the Issuer, the Trust Manager or any other person) other than to the extent to which the liability is able to be satisfied out of the assets of the Bond Trust from which
the Class A Bond Trustee is actually indemnified for the liability. This limitation will not apply to a liability of the Class A Bond Trustee to the extent that it is not satisfied
because, under this Deed or by operation by law, there is a reduction in the extent of the Class A Bond Trustee's indemnification as a result of the Class A Bond Trustee's fraud,
negligence or wilful default. Nothing in this clause 21.1 or any similar provision in any other Transaction Document limits or adversely affects the rights of the Class A Bond Trustee. 

21.2    Conflicts  

Nothing
in this Deed prevents the Class A Bond Trustee or any Associate (as defined in Part 1.2 Division 2 of the Corporations Act) of it (being included in this clause in references to
the Class A Bond Trustee) from: 

	(a)
	subscribing
for, buying or selling Bonds (provided that, to the extent the Class A Bond Trustee acquires any Bonds for its own benefit or interest, such Bonds shall be
disregarded in connection with any Extraordinary Resolution to remove the Class A Bond Trustee from office under clause 14.1(d));

	(b)
	in
the ordinary course of its business contracting or acting in any capacity as representative or agent or otherwise or entering into any financial, banking, development, insurance,
agency, broking or other transaction with the Issuer, the Trust Manager, any Bondholder or any Associate of any of them;

	(c)
	providing
any advice or services to the Issuer, the Trust Manager or any Bondholder; or

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

The
Class A Bond Trustee shall not be in any way liable to account to any Issuer, the Trust Manager, any Bondholder or any other person for any profits or benefits (including any bank charges,
commission, exchange, brokerage and fees) made or derived from or in connection with any such transaction. 

21.3    Reliance on Certificates  

The
Class A Bond Trustee shall not: 

	(a)
	incur
any liability in respect of any action taken or thing suffered by it in reliance upon any document (including, for example, any notice, resolution, direction, consent,
certificate, receipt or statement and whether an original or in facsimile form) given to or served on it by the 

36

 

Trust
Manager, the Issuer or the Security Trustee unless it has reason to believe that such document was not signed by an Authorised Signatory of the Trust Manager, the Issuer or the Security Trustee
(as the case may be); 

	(b)
	be
responsible for any loss arising from any act, neglect, mistake or discrepancy of the Trust Manager, the Issuer or the Security Trustee or any officer, employee, agent or delegate
of the Trust Manager, the Issuer or the Security Trustee in preparing any document or in compiling, verifying or calculating any matter or information contained in any document if the Class A
Bond Trustee is not aware (in the manner provided in clause 1.7) that such document is not genuine and correct, whether or not an error in any such document is reproduced by the Class A
Bond Trustee in any step taken by it; and

	(c)
	except
as otherwise required by this Deed, be obliged to confirm or investigate the accuracy of any mathematical calculations or other facts stated in any such document. 

21.4    No Liability  

If
the Class A Bond Trustee incurs any liability to any person as a consequence of having relied, in accordance with clause 21.3, upon a document which was forged or does not bind the
person on whose behalf it was purportedly given, the Class A Bond Trustee is entitled to reimbursement for the amount of such loss from the Bond Trust pursuant to clause 21.7. 

21.5    No notice or enforcement  

The
Class A Bond Trustee is not required to: 

	(a)
	enforce
payment of any moneys payable by the Issuer or any other right of any Class A Bondholder; or

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

unless,
in any such case, it is expressly required to do so under any Transaction Document. 

21.6    No liability for loss  

The
Class A Bond Trustee is not liable for any omission, delay, mistake or irregularity in or about the exercise, attempted exercise, non-exercise or purported exercise of any power
under this Deed except for fraud, negligence or wilful default on its part. 

21.7    Indemnity regarding exercise of Powers  

	(a)
	(Indemnity) Without prejudice to the right of indemnity given to trustees by law, the Class A Bond Trustee and each agent or
delegate appointed by the Class A Bond Trustee in accordance with clause 21.9 is, except where caused by fraud, negligence or wilful default of the Class A Bond Trustee, such
agent or delegate (as the case may be) entitled to be indemnified out of the assets of the Bond Trust in respect of all costs, disbursements, expenses, liabilities, Taxes and losses incurred by it in
the exercise of any power or obligation under this Deed, and against all actions, proceedings, costs, claims, losses, liabilities and demands in respect of any matter or thing done or omitted relating
to the Bond Trust or any Transaction Document (including, without limitation, any Currency Swap), even if caused by a mistake, oversight, error of judgment or want of prudence by the Class A
Bond Trustee, such agent or delegate (as the case may be).

	(b)
	(Assets of Bond Trust Insufficient) Notwithstanding any other provision of this Deed, if the Class A Bond Trustee considers that
the assets of the Bond Trust will be insufficient to fully reimburse, exonerate or indemnify the Class A Bond Trustee under paragraph (a) in respect 

37

 

of
any amount in respect of which it is entitled to be indemnified under that paragraph, the Class A Bond Trustee shall not be obliged to exercise any power or comply with any obligation under
this Deed unless and until it has received an indemnity in respect of such amounts in form and substance and from a party reasonably satisfactory to it. 

	(c)
	The
provisions of this clause 21.7 shall survive the termination of this Deed and the resignation or removal of the Class A Bond Trustee. 

21.8    Confidential information  

The
Class A Bond Trustee may for the purpose of exercising any power under this Deed, disclose to any person any documents or records of, or information about, the Issuer, the Issuer's property
or the Issuer's business or affairs, whether or not confidential, if it reasonably considers such disclosure necessary for the purposes of exercising any such power. 

21.9    Agents and Delegates  

The
Class A Bond Trustee may: 

	(a)
	delegate
to any person or persons, upon such terms and subject to such conditions as the Class A Bond Trustee, in the interests of the Class A Bondholders, thinks fit;
or

	(b)
	appoint
one or more agents to perform, 

all
or any of the trusts, rights, powers and authorities vested in the Class A Bond Trustee by this Deed provided that the Class A Bond Trustee has given prior written notice of such
appointment or delegation to each Designated Rating Agency. 

21.10    Liability for Agents and Delegates  

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

21.11    No inquiry  

No
person dealing with the Class A Bond Trustee is bound to inquire as to whether any of the Secured Moneys are owing or payable, or as to the propriety or regularity of the exercise or
purported exercise of any power of the Class A Bond Trustee under this Deed or any other matter or thing, or be affected by actual or constructive notice that any such exercise is improper. Any
transaction entered into as a result of any such exercise or purported exercise will be valid and binding notwithstanding any irregularity or impropriety in such exercise. 

21.12    Exercise of rights  

If
an Event of Default is subsisting, the Class A Bond Trustee must 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 would use or exercise under the circumstances in the conduct of his or her own affairs. 

21.13    Performance of duties  

Except
while an Event of Default is subsisting, the Class A Bond Trustee undertakes to perform such duties and only such duties as are specifically set out in the Transaction Documents and no
implied covenants or obligations shall be read into this Deed against the Class A Bond Trustee. 

38

 

22.    Notices  

22.1    Notices generally  

Subject
to clause 22.2, every notice to be served, given or made under the terms of this Deed on or to a party to this Deed: 

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

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

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

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

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

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

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

	(i)
	(in
the case of prepaid registered post) within 5 Business Days after posting;

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

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

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

The Issuer

35 Clarence Street

SYDNEY NSW 2000

AUSTRALIA

By fax: (02) 8295 8675

Attention: Senior Manager, Securitisation Trusts 

The Trust Manager

Level 6

12 Castlereagh Street

SYDNEY NSW 2000

AUSTRALIA

By fax: (02) 9225 0864

Attention: Financial Controller 

The Class A Bond Trustee

101 Barclay Street

Floor 21 West

NEW YORK NY 10286

USA

By fax: (212) 815 5915

Attention: Global Structured Finance Unit 

39

 

The Security Trustee

35 Clarence Street

SYDNEY NSW 2000

AUSTRALIA

By fax: (02) 8295 8659

Attention: Senior Manager, Securitisation 

22.2    Notices to Class A Bondholders  

A
notice, request or other communication by the Class A Bond Trustee to the Class A Bondholders shall be deemed to be duly given or made if given in accordance with the Conditions. 

23.    Governing law and jurisdiction  

	(a)
	This
Deed and the Bond Trust are governed by the laws of New South Wales, Australia. The parties submit to the non-exclusive jurisdiction of Courts exercising jurisdiction
there.

	(b)
	The
administration of the Bond Trust, including the exercise of the Class A Bond Trustee's powers under this Deed and its standard of care, are governed by the laws of the
State of New York, United States of America. To the extent of any inconsistency between the operation of the laws of New South Wales, Australia and the laws of the State of New York, United States of
America in respect of the application of those powers and that standard of care, the laws of the State of New York will prevail. 

24.    General  

24.1    Remedies Cumulative  

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

24.2    Severability of provisions  

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

24.3    Counterparts  

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

40

 

	Executed as a deed.	 	 
	

Each attorney executing this Deed states that he or she has no notice of revocation or suspension of his or her power of attorney.
	
Signed Sealed and Delivered for Permanent Custodians Limited by its attorney under power of attorney in the presence
of:	
 	

 
	

 
 Witness Signature	
 	

 
 Attorney Signature
	

 
 Print Name	
 	

 
 Print Name
	
Signed Sealed and Delivered for Australian Securitisation Management Pty Limited by its attorney under power of attorney in the
presence of:	
 	

 
	

 
 Witness Signature	
 	

 
 Attorney Signature
	

 
 Print Name	
 	

 
 Print Name
	
Signed Sealed and Delivered for Australian Mortgage Securities Limited by its attorney under power of attorney in the presence
of:	
 	

 
	

 
 Witness Signature	
 	

 
 Attorney Signature
	

 
 Print Name	
 	

 
 Print Name
	
Signed Sealed and Delivered for Permanent Registry Limited by its attorney under power of attorney in the presence of:	
 	

 
	

 
 Witness Signature	
 	

 
 Attorney Signature
	

 
 Print Name	
 	

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

 
	

 
 Witness Signature	
 	

 
 Signature
	

 
 Print Name	
 	

 
 Print Name

41

 

Schedule 1  

Form of Global Bond  

UNLESS
THIS CERTIFICATE OR ANY CERTIFICATE EVIDENCING OR ACKNOWLEDGING THIS GLOBAL BOND IS PRESENTED BY AN AUTHORIZED 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 SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF OR THEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 

THIS
GLOBAL BOND IS A GLOBAL NOTE FOR THE PURPOSES OF SECTION 128F(10) OF THE INCOME TAX ASSESSMENT ACT 1936 OF THE COMMONWEALTH OF AUSTRALIA. 

 
 

PERMANENT CUSTODIANS LIMITED    
    

(ACN
001 426 384) 

(a
limited liability company incorporated under the laws of the Commonwealth of Australia) 

in
its capacity as trustee of ARMS II Global Fund I (the Fund) 

GLOBAL
BOND 

representing 

US$1,000,000,000 

Class A
Secured Floating Rate Bonds Due September 2034 

This
Global Bond certifies that Cede & Co is the registered holder of this Global Bond and that this Global Bond is a Global Bond without principal or interest coupons in respect of a duly
authorised issue of Bonds of Permanent Custodians Limited in its capacity as trustee of the Fund (the Issuer), designated, as specified in the title
above (the Bonds), in an initial aggregate Face Value of US$1,000,000,000 (One Billion United States Dollars) and (a) issued pursuant to a Master
Trust Deed (the Master Trust Deed) dated 7 March 1995 between Permanent Custodians Limited and Australian Mortgage Securities Ltd (as
amended and restated) and applying to the Fund by reason of the Fund Creation Notice given by Australian Securitisation Management Pty Limited (the Trust
Manager) to the Issuer on 23 April 2003 and by the Conditions (as defined below); (b) constituted by a Bond Trust Deed dated  [*] 2003 (the Bond Trust Deed) between (among others) the Issuer, the Trust
Manager, The Bank of New York (the Class A Bond Trustee) and Permanent Registry Limited (the Security
Trustee); and (c) secured by a Security Trust Deed (the Security Trust Deed) dated  [*] 2003 between the Issuer, the
Trust Manager, the Class A Bond Trustee and the Security Trustee. References to the
Conditions (or to any particular numbered Condition) shall be to the Terms and Conditions of the Bonds (or that particular one of them) set out in Schedule 3 to the Bond Trust Deed but with the
deletion of those provisions which are applicable only to Class A Bonds in definitive form. Terms and expressions defined in the Bond 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 Bonds under clause 5.7 of the Bond Trust Deed, this Global Bond may be exchanged in whole by registration on the US$ Register for Definitive Bonds
and the 

42

 

Issuer
shall procure that the US$ Registrar delivers by registration in the US$ Register, in full exchange for this Global Bond, Definitive Bonds in an aggregate Face Value equal to the Face Value of
all Class A Bonds represented by this Global Bond. The Issuer is not obliged to issue Definitive Bonds until 30 days after the occurrence of an event set out in clause 5.7 of the
Bond Trust Deed. 

The
Issuer in its capacity as trustee of the Fund, subject to this Global Bond and subject to and in accordance with the Conditions and the Bond Trust Deed, promises to pay to the registered holder of
this Global Bond the principal sum of US$1,000,000,000 (One Billion United States Dollars) or such lesser amount as may from time to time be represented by this Global Bond (or such part of that
amount as may become repayable under the Conditions, the Security Trust Deed and the Bond Trust Deed) on such date(s) that that principal sum (or any part of it) becomes repayable in accordance with
the Conditions, the Security Trust Deed and the Bond Trust Deed and to pay interest in arrears on each Payment Date on the Face Value of this Global Bond at rates determined in accordance with
Condition 4 and all subject to and in accordance with the certification requirements described in this
Global Bond, the Conditions, the Security Trust Deed and the Bond Trust Deed, which shall be binding on the registered holder of this Global Bond (as if references in the Conditions to the Bonds and
the Bondholders were references to this Global Bond and the registered holder of this Global Bond respectively and as if the same had been set out in this Global Bond in full with all necessary
changes, except as otherwise provided in this Global Bond). 

Interest
and principal on this Global Bond will be payable under this Global Bond in accordance with the relevant Conditions. Each of the persons appearing from time to time in the records of DTC as
the holder of a Class A Bond represented by this Global Bond will be entitled to receive any payment so made in respect of that Class A Bond but only 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 Bonds which must be made by the holder of this Global Bond,
for so long as this Global Bond is outstanding. 

On
any payment of principal and/or interest on the Class A Bonds as set out above, details of that payment shall be endorsed by or on behalf of the Issuer on the US$ Register and, in the case
of payments of principal, the Face Value of the Class A Bonds shall be reduced for all purposes by the amount so paid and endorsed. Any such record shall be prima
facie evidence that the payment in question has been made. 

The
Definitive Bonds to be issued on an exchange of this Global Bond will be in registered form each in the denomination of US$100,000. If the Issuer fails to meet its obligations to issue Definitive
Bonds, this shall be without prejudice to the Issuer's obligations with respect to the Bonds under the Bond Trust Deed, the Master Trust Deed, the Security Trust Deed and this Global Bond. 

On
an exchange of this Global Bond, this Global Bond shall be surrendered to the Principal Paying Agent. 

This
Global Bond is governed by, and shall be construed in accordance with, the laws of New South Wales, Australia. 

IN
WITNESS the Issuer has caused this Global Bond to be signed by a person duly authorised on its behalf 

PERMANENT CUSTODIANS LIMITED

in its capacity as trustee of the ARMS II Global Fund I 

	By:	 	 	 	 
	

 
 Authorised Signatory	
 	

 

43

 

IMPORTANT NOTES:  

	(a)
	The
liability of the Issuer under the Class A Bonds is limited (in accordance with and subject to the Master Trust Deed and the Conditions) to and does not extend beyond the
assets of the Fund as they stand at the time at which the obligation is met or satisfied. The Issuer issues the Class A Bonds only in its capacity as trustee of the Fund and in no other
capacity. The Issuer is not liable to meet or satisfy any such obligation from its own assets (except the Issuer's right to be indemnified from the assets of the Fund) and each such obligation must be
met or satisfied from the Fund or the Issuer's right to be indemnified from the assets of the Fund.

	(b)
	Neither
Permanent Custodians Limited (in its capacity as trustee of the Fund, trustee of any other trust or in its personal capacity), the Security Trustee nor the Class A Bond
Trustee stands behind the capital value and/or performance of the Class A Bonds or the assets of the Fund except to the limited extent provided for in the Transaction Documents. 

CERTIFICATE OF AUTHENTICATION  

This
Global Bond is authenticated by The Bank of New York, as Principal Paying Agent and until so authenticated shall not be valid for any purpose. 

	The Bank of New York

as Principal Paying Agent	 	 
	

By:	
 	

 	
 	

 
	

 
 Authorised Signatory	
 	

 
	

For The Bank of New York

(without recourse, warranty or liability)

Issued in New York on [*] 2003	
 	

 

44

 

Schedule 2  

Form of Definitive Bond  

 
 

PERMANENT CUSTODIANS LIMITED    
    

(ACN
001 426 384) 

(a
limited liability company incorporated under the laws of the Commonwealth Australia) 

in
its capacity as trustee of ARMS II GLOBAL FUND I (the Fund) 

US$100,000 

Class A
Secured Floating Rate Bonds Due September 2034 

The
issue of the Class A Bonds was authorised by resolutions of the Board of Directors of Permanent Custodians Limited in its capacity as trustee of the Fund (the  Issuer) passed on [*] 2003.

This
Class A Bond forms one of a series of Bonds which are (a) issued pursuant to a Master Trust Deed (the Master Trust Deed) dated 7
March 1995 between Permanent Custodians Limited and Australian Mortgage Securities Ltd (as amended and restated) and applying to the Fund by reason of the Fund Creation Notice given by
Australian Securitisation Management Pty Limited (the Trust Manager) to the Issuer on 23 April 2003 and by the terms and conditions attached to
this Bond (the Conditions); (b) constituted by a Bond Trust Deed dated  [*] 2003 (the Bond Trust
Deed) between the Issuer, the Trust Manager, Australian
Mortgage Securities Ltd, The Bank of New York (the Class A Bond Trustee) and Permanent Registry Limited (the  Security Trustee); and
(c) secured by a Security Trust Deed (the Security Trust Deed) dated  [*] 2003 between the Issuer, the Trust Manager, the Class A Bond
Trustee and the Security Trustee.
 

The
Issuer, in its capacity as trustee of the Fund, subject to this Class A Bond and subject to and in accordance with the Conditions and the Bond Trust Deed, for value received promises to pay
to the registered holder on the Payment Date (as defined in the Conditions) endorsed on the form of this Class A Bond) falling in September 2034 (or on such earlier date(s) as the Face
Value of this Class A Bond (or part of it) may become repayable in accordance with the Conditions) the principal sum of: 

US$100,000
(One Hundred Thousand United States Dollars) 

or
such part of that amount as may be repayable on such date(s) in accordance with the Conditions, the Security Trust Deed, the Master Trust Deed and the Bond Trust Deed, together with interest on the
Face Value payable in arrears on each Payment Date and such other amounts (if any) as may be
payable, all subject to and in accordance with the Conditions and the provisions of the Security Trust Deed, the Master Trust Deed and the Bond Trust Deed. 

This
Class A Bond shall not become valid for any purpose unless and until the attached Certificate of Authentication has been signed by any authorised signatory of The Bank of New York as
Principal Paying Agent. 

IN
WITNESS this Bond has been executed on behalf of the Issuer. 

	PERMANENT CUSTODIANS LIMITED	 	 
	

By:	
 	

 
	
 	

 
	Authorised Signatory	 	 
	

Dated as of [*],

Issued in [*]	
 	

 

45

 

IMPORTANT NOTES:  

	(a)
	The
liability of the Issuer under the Class A Bonds is limited (in accordance with and subject to the Master Trust Deed and the Conditions) to and does not extend beyond the
assets of the Fund as they stand at the time at which the obligation is met or satisfied. The Issuer issues the Class A Bonds only in its capacity as trustee of the Fund and in no other
capacity. The Issuer is not liable to meet or satisfy any such obligation from its own assets (except the Issuer's right to be indemnified from the assets of the Fund) and each such obligation must be
met or satisfied from the Fund or the Issuer's right to be indemnified from the assets of the Fund.

	(b)
	Neither
Permanent Custodians Limited (in its capacity as trustee of the Fund, trustee of any other trust or in its personal capacity), the Security Trustee nor the Class A Bond
Trustee stands behind the capital value and/or performance of the Class A Bonds or the assets of the Fund except to the limited extent provided for in the Transaction Documents. 

 
 

CERTIFICATE OF AUTHENTICATION    
    

	This Bond is one of the Class A Bonds referred to in the Bond Trust Deed	 	 
	

The Bank of New York

as Principal Paying Agent	
 	

 
	

By:	
 	

 	
 	

 
	

 
 Authorised Signatory	
 	

 
	

For The Bank of New York

(without recourse, warranty or liability)

Issued in [*] on [*]	
 	

 

46

  

Schedule 3  

Terms and Conditions of the Bonds  

 
 

ARMS II GLOBAL FUND I    
    

General  

The
following are the terms and conditions (the Conditions) which will be applicable to: 

	(a)
	each
Class A Bond (whether represented by a Global Bond or a Definitive Bond);

	(b)
	each
Class B Bond and each Fast Prepayment Bond, 

in
each case, issued under the Bond Trust Deed, the Master Trust Deed, the Security Trust Deed and the relevant Subscription Agreement, designated collectively as ARMS II
Global Fund I Bonds. 

These
Conditions are created under the Master Trust Deed and constitute the Supplementary Bond Terms applicable to the Bonds, as defined in and for the purposes of the Master Trust Deed. 

These
Conditions will appear on the reverse side of the Class A Bonds in definitive form. 

Form, Denomination and Title  

The
Bonds will be comprised of 3 Classes designated Class A Bonds, Class B Bonds and  Fast Prepayment
Bonds respectively. 

All
Bonds will be in the form of inscribed stock. They are issued upon inscription in the relevant Register. 

1.    Definitions and interpretation  

1.1    General  

In
these Conditions: 

	(a)
	references
to these Conditions or to a specified Condition are to the Conditions set out in this Schedule 3 or the relevant
Condition (as the case may be) set out in this Schedule 3;

	(b)
	words
and expressions defined in clause 1.1 of the Bond Trust Deed or clause 1.1 of the Master Trust Deed have the same meanings when used in these Conditions, unless
otherwise defined in them. To the extent of any inconsistency between a word or expression defined in the Bond Trust Deed and the Master Trust Deed, the definition in the Bond Trust Deed will prevail.
To the extent of any inconsistency between a word or expression defined in the Bond Trust Deed and these Conditions, the definition in these Conditions will prevail;

	(c)
	a
reference to an amount being paid to a person includes a reference to that amount being paid at the direction of that person; and

	(d)
	clause 1.3
of the Bond Trust Deed is incorporated in these Conditions as if set out in full in these Conditions but as if a reference to this
Deed in clause 1.3 of the Bond Trust Deed were a reference to these Conditions. 

47

 

1.2    Definitions  

In
these Conditions: 

Adjusted LVR means, in relation to a Loan, at any time, the ratio (expressed as a percentage) of: 

	(a)
	the
Face Value plus any undrawn line of credit under the Loan at that time; to

	(b)
	the
Valuation of the Land the subject of the Mortgage securing that Loan. 

Advances Request means each Redraw Request, each Line of Credit Advance Request and each Further Advance Request. 

Advances Reserve means the ledger account established and maintained by the Trust Manager in accordance with Condition 7.1(a), or the balance of that
account from time to time, as the context requires. 

A$ Equivalent of any amount expressed in US Dollars means the Australian Dollar equivalent of that amount calculated at the Exchange Rate. 

Aggregate Loss Amount means, in relation to a Calculation Period, an amount equal to the aggregate of all Loss Amounts for that Calculation Period. 

Available Amortisation Amount means, on any Payment Date: 

	(a)
	the
Principal Collections for the Calculation Period to which that Payment Date relates; minus

	(b)
	the
amount (if any) deducted therefrom or (as the case may be) plus the amount (if any) added thereto in accordance with Conditions 6.4(b), 6.5(b)(iii), 7.2 or 7.3; plus

	(c)
	the
aggregate of all amounts applied on that Payment Date under paragraphs (i) to (l) (inclusive) of Condition 4.4. 

BBSW means: 

	(a)
	in
relation to an Interest Accrual Period and a Currency Swap, the rate determined by the party to that Currency Swap specified as the Calculation Agent (as defined in that Currency
Swap) for the purposes thereof in accordance with the definition "AUD—BBR—BBSW" contained in the ISDA Definitions, on the basis that the Reset Date is the first day of that
Interest Accrual Period, and the Designated Maturity is a period of the same length as that Interest Accrual Period; and

	(b)
	(i)
in relation to an Interest Accrual Period (other than the first Interest Accrual Period) and a Bond, the rate calculated by the Trust Manager taking the rates quoted on the
Reuters Screen BBSW Page at approximately 10.00 am, Sydney time, on the first day of that Interest Accrual Period as being the mean buying and selling rate for a bill of exchange of the type specified
for the purpose of quoting on the Reuters Screen BBSW Page, having a tenor equal or approximately equal to that Interest Accrual Period, eliminating the highest and the lowest mean rates and taking
the average of the remaining mean rates and then (if necessary) rounding the resultant figure to four decimal places in accordance with market practice;

	(ii)
	in
relation to the first Interest Accrual Period and a Bond, the rate determined by the Trust Manager to be an interpolation of two rates, namely the rate which would be applicable
to the first Interest Accrual Period if it were to be a period of 3 months and the rate which would be applicable to it if it were to be a period of 4 months, in each case determined in
accordance with sub-paragraph (i); and

	(iii)
	if
fewer than five banks have quoted rates on the Reuters Screen BBSW Page, the rate shall be calculated as above by taking the rates otherwise quoted by five banks or 

48

 

financial
institutions authorised to quote on the Reuters Screen BBSW Page on application by the Trust Manager for such a bill of the same tenor. If the rate cannot be determined in accordance with
the foregoing procedures then the rate shall mean such rate as is determined by the Trust Manager in good faith having regard to comparable indices then available. 

Bondholders' Cash Reserve means, on any date, an amount of the Cash Reserve equal to: 

	(a)
	the
amount credited to the Cash Reserve Account on the Initial Issue Date in accordance with Condition 6.2; minus

	(b)
	the
aggregate of all amounts applied as part of the Available Amortisation Amount in accordance with Condition 6.5(b)(iii) prior to that date. 

Bond Trust Deed means the Bond Trust Deed of which this Schedule 3 forms part. 

Borrower means a person to whom a Loan secured by a Mortgage has been made. 

Calculation Amount means, in relation to a Class A Currency Swap and at any time, the amount (in US Dollars) equal to the Specified Percentage of
the aggregate Face Value of the Class A Bonds at that time. 

Calculation Period means: 

	(a)
	the
period from the Initial Issue Date until the first Cut-Off; and

	(b)
	subsequently,
each period commencing immediately after one Cut-Off and ending at the next Cut-Off, 

and
in relation to a Payment Date, means the period referred to above ending at the last Cut-Off before that Payment Date. 

Call Option Redemption Date means the Payment Date specified in a direction given by the Trust Manager under Condition 8.2. 

Cash Reserve means, at any time, the balance of the Cash Reserve Account at that time. 

Cash Reserve Account means the ledger account established and maintained by the Trust Manager in accordance with Condition 6.1. 

Cash Reserve Lender means a person who makes a Cash Reserve Top-Up Loan to the Issuer. 

Cash Reserve Top-Up Loan means, at any time, any amount borrowed by the Issuer at the request of the Trust Manager and credited to the Cash
Reserve Account, to the extent not previously repaid in accordance with Condition 6.5. 

Charge-off means, in relation to a Bond and a Payment Date, the amount of any reduction in the Stated Value of that Bond on that Payment
Date made under Condition 4.10. 

Class means, as the context requires: 

	(a)
	all
Class A Bonds;

	(b)
	all
Class B Bonds; or

	(c)
	all
of the Fast Prepayment Bonds comprised in an Issue of Fast Prepayment Bonds. 

Class A A$ Exchange Amount means, in relation to a Payment Date, the A$ Equivalent of the aggregate Calculation Amounts of the Class A
Currency Swaps on that date. 

49

 

Class A Currency Swaps Payment Amount means, in relation to a Payment Date, the aggregate of the Floating Amounts payable by the Issuer on that
Payment Date under the Class A Currency Swaps, being an amount (in Australian Dollars) calculated as follows: 

	ACSA = AFVA x SR x	 	n	 	 
	 	 	
	 	 
	 	 	365	 	 

	 	 	Where:	 	 
	

 	
 	

ACSA	
 	

is the Class A Currency Swaps Payment Amount
	

 	
 	

AFVA	
 	

is the A$ Equivalent of the aggregate Face Value of the Class A Bonds on the immediately preceding Payment Date (after taking account of any payments made in redemption of the Face Value of the Class A Bonds on that date)
	

 	
 	

SR	
 	

is the Swap Rate for the Class A Currency Swaps for the Interest Accrual Period ending on that Payment Date
	

 	
 	

n	
 	

is the number of days in the Interest Accrual Period ending on that Payment Date.

Class A Currency Swap Receipts means, in relation to a Payment Date, the aggregate of the Floating Amounts payable on that Payment Date by the
Class A Currency Swap Counterparties to the Issuer under the Class A Currency Swaps, being an amount (in US Dollars) equal to the lesser of: 

	(a)
	the
amount calculated as follows: 

	ACSR = AFVA x IR x	 	n	 	 
	 	 	
	 	 
	 	 	360	 	 

	 	 	where:	 	 
	

 	
 	

ACSR	
 	

is the Class A Currency Swap Receipts
	

 	
 	

AFVA	
 	

is the aggregate Face Value of the Class A Bonds on the immediately preceding Payment Date (after taking account of any payment made in redemption of the Face Value of the Class A Bonds on that date)
	

 	
 	

IR	
 	

is the Interest Rate applicable to the Class A Bonds for the Interest Accrual Period ending on that Payment Date
	

 	
 	

n	
 	

is the number of days in the Interest Accrual Period ending on that Payment Date; and

	(b)
	if
the aggregate amount payable to the Class A Swap Counterparties under Condition 4.4(e) on that Payment Date is less than the Class A Currency Swaps Payment Amount
because of the operation of the final paragraph of Condition 4.4, an amount equal to the same proportion of the amount referred to in paragraph (a) as the amount so payable under Condition
4.4(e) bears to the Class A Currency Swaps Payment Amount for that Payment Date. 

Class A US$ Exchange Amount means, in relation to a Payment Date, the aggregate of the Exchange Amounts payable by the relevant Currency Swap
Counterparties under the Class A Currency Swaps on that Payment Date, being the US$ Equivalent of the aggregate of the amounts paid by the Issuer on that Payment Date under Condition
5.1(b)(i) in or towards payment of the Class A A$ Exchange Amount. 

50

 

Confirmation has the same meaning as in the ISDA Definitions. 

Contract Amount has the same meaning as in the ISDA Definitions. 

Core Surplus has the meaning given in Condition 6.5(b). 

Cut-Off means 5.00 p.m. on the last Business Day of February, May, August and November in each year, the first such date being 29
August 2003. 

Designated Rating has, in relation to the Bonds, the meaning set out in Condition 14.1. 

Designated Rating Agency has, in relation to the Bonds, the meaning set out in Condition 14.2. 

Determination Date means each date which is two Business Days before a Payment Date and for the purposes of calculating LIBOR in respect of the initial
Interest Accrual Period only, the date which is two Business Days before the Initial Issue Date. 

Exchange Amount means, in relation to a Class A Currency Swap and a Payment Date, the Exchange Amount (as defined in the ISDA Definitions)
payable by the relevant Currency Swap Counterparty to the Issuer on that date, being an amount equal to the US$ Equivalent of the amount paid by the Issuer to that Currency Swap Counterparty on that
Payment Date under Condition 5.1. 

Exchange Rate means, in relation to a Currency Swap, the A$/US$ exchange rate specified as such in the relevant Confirmation. 

Extraordinary Resolution means: 

	(a)
	a
resolution in writing signed by all Bondholders (or the relevant Class of Bondholders) entitled to vote on the resolution; or

	(b)
	a
resolution passed or adopted at a meeting of Bondholders (or the relevant Class of Bondholders, as the case may be) duly convened and held in accordance with the Meetings Procedures
by a majority consisting of not less than 75% of the votes cast in respect of such resolution. 

Fast Prepayment Period means, in relation to a Fast Prepayment Bond, the period of 1 year commencing on the date which is the Payment Date for
the Interest Accrual Period current at the Issue Date of that Bond. 

Final Payment Date means the earlier of: 

	(a)
	the
Payment Date on which the aggregate of the Available Amortisation Amount, the Core Surplus and the balance of the Advances Reserve is equal to or exceeds the aggregate Face Value
of all of the Bonds (in each case calculated prior to the making of any payments or applications under Conditions 4 or 5 on that Payment Date); and

	(b)
	the
Maturity Date. 

Fixed Rate Mortgage means, at any time, a Mortgage which secures a Loan in respect of which the applicable interest rate is not, at that time, variable
at the discretion of the lender. 

Fixed Rate Term means, in relation to a Fixed Rate Mortgage, the period (calculated from the date of commencement) for which the interest rate
applicable to the relevant Loan is not variable at the discretion of the lender. 

Floating Amount has the same meaning as in the ISDA Definitions. 

51

 

Further Advance means, in respect of a Loan, an advance by way of loan to a Borrower where the principal amount of the Loan after the advance exceeds
the scheduled principal balance of the Loan at the time of the advance. 

Further Advance Request means a request by a Borrower for a Further Advance. 

Initial Exchange Amount has the same meaning as in the ISDA Definitions. 

Initial Issue Date means the Issue Date of the Class A Bonds and the Class B Bonds. 

Interest Accrual Period means, in relation to a Bond: 

	(a)
	the
period commencing on (and including) the Issue Date for that Bond, and ending on (but excluding) the first Payment Date for that Bond; and

	(b)
	each
subsequent period commencing on (and including) each Payment Date for that Bond, and ending on (but excluding) the next Payment Date for that Bond except that the last Interest
Accrual Period will end on (but exclude) the Final Payment Date. 

Interest Collections means, in relation to a Calculation Period, the aggregate of: 

	(a)
	all
moneys received by the Issuer during that Calculation Period under, in respect of, or which relate to, each Mortgage comprised in the Assets of the Fund which are determined by
the Trust Manager to be in respect of interest, fees or other amounts of an income nature, including, for the avoidance of doubt, any such amounts received from the Trust Manager in respect of damages
or compensation for any breach by the Trust Manager of any of its obligations, or of any representation or warranty given or made by it in respect of the Fund or any Assets of the Fund, under or in
connection with any Transaction Document relating to the Fund;

	(b)
	subject
to Condition 6.7, all income derived from Authorised Investments standing to the credit of the Cash Reserve Account received by the Issuer during that Calculation Period;

	(c)
	the
Interest Rate Swap Receipts for that Calculation Period; and

	(d)
	all
amounts paid by the Trust Manager under Condition 13.3 during that Calculation Period. 

For
these purposes, moneys received under or in respect of a Mortgage will be deemed to be received when they are treated as received under that Mortgage. 

Interest Entitlement means, in relation to a Bond and an Interest Accrual Period, the amount of interest accrued in respect of that Bond during that
Interest Accrual Period, as determined in accordance with these Conditions. 

Interest Rate means, in relation to each Bond and each Interest Accrual Period relating thereto, the rate per annum equal to the aggregate of the
Reference Rate relating to that Bond for that Interest Accrual Period plus the Margin for that Bond. 

Interest Rate Swap Break Costs means, in relation to a Calculation Period, the aggregate net amount (if any) paid or payable by the Issuer to the
Interest Rate Swap Counterparties during that Calculation Period following the occurrence of an Early Termination Date (as defined in the ISDA Definitions) under any Interest Rate Swap which has
become a Terminated Transaction (as defined in the ISDA Definitions). 

Interest Rate Swap Payments means, in relation to a Calculation Period, the aggregate net amount (if any) paid or payable by the Issuer to the Interest
Rate Swap Counterparties under or in respect of the Interest Rate Swaps during that Calculation Period, but excluding any Interest Rate Swap Break Costs. 

52

 

Interest Rate Swap Receipts means, in relation to a Calculation Period, the aggregate net amount (if any) paid or payable to the Issuer by the Interest
Rate Swap Counterparties under or in respect of the Interest Rate Swaps during that Calculation Period. 

Issuer Call Option Event means each of the events specified as such in Condition 8.1. 

LIBOR means: 

	(a)
	in
relation to an Interest Accrual Period (other than the first Interest Accrual Period), the rate determined by the Calculation Agent on the Determination Date immediately before
that Interest Accrual Period commences as the rate USD-LIBOR-BBA (as defined in the ISDA Definitions) being the rate applicable
for three month deposits in US Dollars which appears on the Telerate Page 3750 as of 11.00 am, London time, on that Determination Date; and

	(b)
	in
relation to the first Interest Accrual Period, the rate determined by the Calculation Agent on the Determination Date immediately before that Interest Accrual Period commences as
the rate USD-LIBOR-BBA (as defined in the ISDA Definitions) being an interpolation (in respect of tenor of the Interest Accrual
Period) of the rates applicable for three and four month deposits in US Dollars which appear on the Telerate Page 3750 as of 11.00am, London time, on that Determination Date. 

If
such rate or rates (as the case may be) do not appear on the Telerate Page 3750, the rate for that Interest Accrual 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, in relation to an Interest Accrual Period, the rate determined by the Calculation Agent on the
Determination Date immediately before that Interest Accrual Period commences 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 relevant Currency Swap Counterparty at approximately 11.00 am, London time, on the relevant Determination Date (each a  Reference Bank)) to prime banks in the London interbank market for a period of three months and, in relation to paragraph (b), four months
commencing on the first day of the Interest Accrual 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 rates for each period. If at least two such quotations are provided, the rate for that period and that Interest Accrual Period will be the
arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that period and that Interest Accrual Period will be the arithmetic mean of the rates quoted by
major banks in New York City, agreed to by the Calculation Agent and the relevant Currency Swap Counterparty, at approximately 11.00 am, New York City time, on the first day of the Interest Accrual
Period for loans in US Dollars to leading European banks for a period of three months and, in relation to paragraph (b), four months commencing on the first day of the Interest Accrual Period
and in a Representative Amount. If no such rates are available in New York City, then the rate for such period and Interest Accrual Period shall be the most recently determined rate in accordance with
this paragraph. 

Line of Credit Advance means, in relation to a Loan, an advance by way of loan to a Borrower of any undrawn portion of the credit limit in respect of
the Loan under and in accordance with a Line of Credit Mortgage and the related Terms of Loan. 

Line of Credit Advance Request means a request by a Borrower for a Line of Credit Advance which is made under and in accordance with a Line of Credit
Mortgage and the related Terms of Loan. 

53

 

Line of Credit Mortgage means a Mortgage which secures a revolving Loan in respect of which the relevant Terms of Loan: 

	(a)
	permit
the Borrower to make multiple borrowings by way of Loan up to a maximum credit limit; and

	(b)
	grant
to the Issuer a right to refuse to lend if at any time the Issuer does not have funding available to enable it to meet a request that it lends an amount to the Borrower. 

Liquidated Mortgage means a Mortgage with respect to which a default has occurred and the Trust Manager has determined that all Liquidation Proceeds
likely to be recoverable have been recovered, having regard to: 

	(a)
	the
enforcement of the Mortgage and any Collateral Security;

	(b)
	any
sale of the Land subject to the Mortgage;

	(c)
	any
proceeds paid on the compulsory acquisition of that Land by any Government Body;

	(d)
	any
payments received from any relevant Borrower on account of any amount outstanding under the relevant Loan;

	(e)
	such
other matters as the Trust Manager reasonably determines to be relevant. 

Liquidation Proceeds means, in relation to a Mortgage, the amount received by or on behalf of the Issuer in connection with the liquidation of such
Mortgage including, without limitation: 

	(a)
	proceeds
arising from the enforcement of the Mortgage and sale of the Land subject to that Mortgage;

	(b)
	proceeds
arising from the enforcement of any Collateral Security;

	(c)
	the
proceeds of any claim under the relevant Mortgage Insurance Policy; and

	(d)
	proceeds
arising from any resumption or compulsory acquisition of the relevant Land by any Government Body. 

Loss Amount means, in relation to a Mortgage which becomes a Liquidated Mortgage during a Calculation Period, the Face Value of that Mortgage after the
application of all Liquidation Proceeds relating to that Mortgage. 

LVR means, in relation to a Loan, at any time. the ratio (expressed as a percentage) of: 

	(a)
	the
Face Value of the Loan at that time; to

	(b)
	the
Valuation of the Land the subject of the Mortgage securing that Loan. 

54

 

Manager's Fee means, in respect of a Payment Date, the amount calculated as follows: 

	MF =	 	n	 	x FV x P
	 	 	
	 	 
	 	 	365	 	 

	 	 	where:	 	 
	

 	
 	

MF	
 	

is the Manager's Fee
	

 	
 	

n	
 	

is the number of days in the Interest Accrual Period ending on that Payment Date
	

 	
 	

FV	
 	

is the Face Value of all Mortgages outstanding which are comprised in the Assets of the Fund on the first day of the Interest Accrual Period ending on that Payment Date
	

 	
 	

P	
 	

is 0.20% or such other percentage as agreed between the Issuer and the Trust Manager from time to time.

Margin means: 

	(a)
	in
relation to each Class A Bond:

	(i)
	before
the Margin Step-Up Date, [*]% per annum; and

	(ii)
	after
the Margin Step-Up Date, [*]% per annum;

	(b)
	in
relation to each Class B Bond:

	(i)
	before
the Margin Step-Up Date, [*]% per annum; and

	(ii)
	after
the Margin Step-Up Date, [*]% per annum;

	(c)
	in
relation to each Fast Prepayment Bond, and at any time, the applicable margin as at that time, as agreed between the Trust Manager, the Issuer and the initial subscribers for those
Bonds. 

Margin Step-Up Date means the first date upon which an Issuer Call Option Event occurs. 

Maturity Date means in relation to each Class A Bond, each Class B Bond and each Fast Prepayment Bond, 10 September 2034. 

Maximum Advances Reserve means, at any time, the greater of: 

	(a)
	A$40,000,000;
and

	(b)
	an
amount equal to 3% of the aggregate of:

	(i)
	the
A$ Equivalent of the aggregate Face Value of all Class A Bonds at that time; and

	(ii)
	the
aggregate Face Value of all Class B Bonds at that time, 

or
such other amount determined by the Trust Manager from time to time in consultation with the Designated Rating Agencies and notified to the Issuer. 

Mortgage means a Mortgage (as defined in the Master Trust Deed) which is comprised in the Portfolio specified in the Issue Notice for the Bonds and
which the Issuer comes to hold on the Initial Issue Date. 

Net Interest Collections means, in relation to a Calculation Period: 

	(a)
	the
Interest Collections for that Calculation Period; minus 

55

 

	(b)
	the
aggregate of the amounts required to be applied under paragraphs (a)-(d) (inclusive) of Condition 4.4 on the next Payment Date to occur after the end of that Calculation Period. 

Notional Amount has the same meaning as in the ISDA Definitions. 

Payment Date means: 

	(a)
	in
relation to each Class A Bond and each Class B Bond, the 10th day of March, June, September and December in each year, the first such date being 10
September 2003;

	(b)
	in
relation to each Fast Prepayment Bond:

	(i)
	during
the Fast Prepayment Period, each date agreed between the Trust Manager, the Issuer and the initial subscribers for those Bonds; and

	(ii)
	after
the Fast Prepayment Period, each Payment Date for the Class A Bonds; and

	(c)
	in
relation to a Calculation Period, the next such date to occur after the end of that Calculation Period. 

Permitted Further Advance means a Further Advance: 

	(a)
	made
or to be made (as the context requires) at any time prior to the second anniversary of the Initial Issue Date; and

	(b)
	in
respect of which, immediately after the making of that Further Advance, the Adjusted LVR of the relevant Loan would not exceed 80%; and

	(c)
	in
respect of which the aggregate principal amount of all Further Advances immediately after the making of that Further Advance would not exceed 10% of the A$ Equivalent of the Face
Value of all Bonds on the Initial Issue Date; and

	(d)
	in
respect of which, immediately after the making of that Further Advance, the weighted average LVR of all Loans forming part of the Assets of the Fund would not exceed the sum of:

	(i)
	the
weighted average LVR of all Loans forming part of the Assets of the Fund as at the Initial Issue Date; and

	(ii)
	1%.

Principal Collections means, in relation to a Calculation Period, the aggregate of all moneys received by the Issuer under, in respect of, or which
relate to, the Assets of the Fund (including, for the avoidance of doubt any amounts received from the Trust Manager in respect of damages or compensation for any breach by the Trust Manager of any of
its obligations, or of any representation or warranty given or made by it in respect of the Fund or any Assets of the Fund under or in connection with any Transaction Document relating to the Fund)
and which are not Interest Collections. 

Principal Paying Agent means, in relation to the Class A Bonds, initially The Bank of New York, and thereafter the person who is from time to
time appointed as the Principal Paying Agent in accordance with these Conditions and the relevant Paying Agency Agreement. 

Record Date means, in relation to a date on which a payment is due by the Issuer under or in respect of a Bond, 5.00pm (Sydney time) on the date that is
5 Business Days before that date. 

Redraw Advance means, in relation to a Loan, an advance by way of loan to a Borrower which is a reborrowing of amounts previously prepaid in respect of
the Loan as unscheduled principal payments. 

56

 

Redraw Mortgage means a Mortgage which secures a Loan in respect of which the relevant Terms of Loan: 

	(a)
	permits
the Borrower to request a reborrowing of amounts previously prepaid in respect of that Loan as unscheduled principal payments; and

	(b)
	either:

	(i)
	grants
to the Issuer a discretion as to the acceptance or rejection of that request; or

	(ii)
	grants
to the Issuer a discretion to reject that request if the Assets of the Fund are not sufficient to enable the request to be accepted. 

Redraw Request means a request by a Borrower for a Redraw Advance which is made under and in accordance with a Redraw Mortgage and the related Terms of
Loan. 

Reference Bank has the meaning given to that term in the definition of LIBOR in this Condition 1.2. 

Reference Rate means: 

	(a)
	in
relation to each Class A Bond, LIBOR; and

	(b)
	in
relation to each A$ Bond, BBSW. 

Required Cash Reserve means: 

	(a)
	at
all times while the aggregate of:

	(i)
	the
A$ Equivalent of the aggregate Face Value of all Class A Bonds; and

	(ii)
	the
aggregate Face Value of all Class B Bonds, 

is
greater than or equal to A$[*], an amount of 0.25% of the Issue Proceeds in relation to the Class A Bonds and the Class B Bonds; and 

	(b)
	at
any time thereafter, an amount equal to 1% of the aggregate of:

	(i)
	the
A$ Equivalent of the aggregate Face Value of all Class A Bonds outstanding at that time; and

	(ii)
	the
aggregate Face Value of all Class B Bonds outstanding at that time, 

or
such other amount determined from time to time by the Trust Manager and notified to the Issuer subject to each Designated Rating Agency confirming that such amount will not cause the rating
assigned by it to Bonds to be downgraded below the Designated Rating, qualified or withdrawn. 

Senior Bonds means the Class A Bonds and the Fast Prepayment Bonds. 

Specified Percentage means, in relation to a Currency Swap, the percentage specified as such in the Confirmation for that Currency Swap. 

Stated Value means, in relation to a Bond, at any time: 

	(a)
	the
Face Value of that Bond at that time; minus

	(b)
	any
Unreimbursed Charge-offs in respect of that Bond at that time. 

Surplus Cash Reserve means, subject to Condition 6.7, on any Payment Date the amount by which the Cash Reserve exceeds the Required Cash Reserve on that
Payment Date (after taking account of any payments to be made on that date to the Cash Reserve under Condition 4.4(g) or from the Cash Reserve under Condition 6.4). 

57

 

Swap Margin means, in relation to each Class A Currency Swap: 

	(a)
	before
the Margin Step-Up Date, [*]% per annum; and

	(b)
	on
or after the Margin Step-Up Date, [*]% per annum. 

Swap Rate means, in relation to a Currency Swap and an Interest Accrual Period, the rate (expressed as a percentage per annum) equal to BBSW for that
Interest Accrual Period plus the relevant Swap Margin. 

Terms of Loan means, in relation to a Loan secured by a Mortgage, the Ancillary Documents for that Loan. 

United States means the United States of America (including the States thereof and the District of Columbia) and its possessions (including Puerto Rico,
the US Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). 

Unreimbursed Advances Reserve Liquidity Draws means, at any time: 

	(a)
	the
aggregate of all amounts previously applied under Condition 7.5; minus

	(b)
	the
aggregate of all amounts previously credited to the Advances Reserve under Condition 4.4(h). 

Unreimbursed Cash Reserve Liquidity Draws means, at any time: 

	(a)
	the
aggregate of all amounts previously applied under Condition 6.4(a); minus

	(b)
	the
aggregate of all amounts previously credited to the Cash Reserve Account under Condition 4.4(g). 

Unreimbursed Charge-off means, in relation to a Bond and a Payment Date, the aggregate amount of all Charge-offs in respect of
that Bond made prior to that Payment Date and which have not been reinstated under Conditions 4.4(j) or (l) (as the case may be). 

US$ Equivalent of any amount expressed in Australian Dollars means the US Dollar equivalent of that amount calculated at the Exchange Rate. 

Valuation means, in relation to Land the subject of a Mortgage: 

	(a)
	where
a new valuation of that Land has been obtained since the date the relevant Loan was settled, that valuation;

	(b)
	where:

	(i)
	a
new valuation of that Land has not been obtained since the date the relevant Loan was settled; and

	(ii)
	the
Face Value of the Loan was not used in whole or part to purchase that Land, 

the
most recent valuation of that Land as at the date the Loan was settled; or 

58

  

	(c)
	where:

	(i)
	a
new valuation of that Land has not been obtained since the date the relevant Loan was settled; and

	(ii)
	the
Face Value of the Loan was used in whole or part to purchase that Land, 

the
lower of: 

	(iii)
	the
most recent valuation of that Land as at the date the Loan was settled; and

	(iv)
	the
purchase price paid by the Borrower to purchase that Land. 

1.3    Payment Dates  

Each
Payment Date is an Interest Payment Date and an Amortisation Date for the purposes of the Master Trust Deed. 

2.    The Bonds  

2.1    Designation of Bonds  

These
Conditions relate to and govern the issue by the Issuer in accordance with and pursuant to the Master Trust Deed, the Bond Trust Deed, the Security Trust Deed and each Subscription Agreement of
the Bonds. 

2.2    Application of Proceeds of Issue—Class A Bonds and Class B Bonds  

On
the Initial Issue Date, the Trust Manager must direct the Issuer to, and the Issuer must: 

	(a)
	apply
the aggregate Subscription Amount received by it in respect of the Class A Bonds in payment to the Class A Currency Swap Counterparties of the Initial Exchange
Amounts payable under the Class A Currency Swaps; and

	(b)
	hold
and apply the aggregate Initial Exchange Amounts received by it under the Class A Currency Swaps and the aggregate Subscription Amount received by it in respect of the
Class B Bonds (being the Issue Proceeds of the Class A Bonds and the Class B Bonds) in accordance with clause 6.8 of the Master Trust Deed. 

3.    Fast Prepayment Bonds  

3.1    Issue notice  

Subject
to Condition 3.4, the Trust Manager may, at any time if it considers that the Advances Reserve is insufficient to enable the Issuer to accept such Advances Requests as the Trust Manager
directs that it should accept, give an Issue Notice to the Issuer in accordance with the Master Trust Deed and the following provisions of this Condition 3, requiring the Issuer to issue Bonds
designated Fast Prepayment Bonds. 

3.2    Terms of Fast Prepayment Bonds  

Fast
Prepayment Bonds: 

	(a)
	shall
be issued on and subject to the terms and conditions set out in the Master Trust Deed, the Bond Trust Deed, the Security Trust Deed and the relevant Subscription Agreement; and

	(b)
	shall
bear interest calculated and payable in accordance with Condition 4.2. 

59

 

3.3    Investment of Issue Proceeds  

Upon
receipt of the Issue Proceeds of any Fast Prepayment Bonds, the Trust Manager must direct the Issuer to, and the Issuer must credit to the Advances Reserve the amount of those Issue Proceeds. 

3.4    Conditions to further issue  

The
Trust Manager must not give an Issue Notice under Condition 3.1: 

	(a)
	if,
upon:

	(i)
	making
the credit in accordance with Condition 3.3; and

	(ii)
	the
Issuer subsequently accepting those Advances Requests referred to in Condition 3.1, 

the
balance of the Advances Reserve would exceed the Maximum Advances Reserve; or 

	(b)
	unless
each Designated Rating Agency has confirmed that any proposed Issue of Fast Prepayment Bonds will not cause the credit rating assigned to any Bonds by that Designated Rating
Agency to be downgraded below the Designated Rating, qualified or withdrawn. 

3.5    Certain provisions of Master Trust Deed not to apply  

	(a)
	Clauses
6.1(d)(vii), 6.1(e)(i) and clause 6.1(f)(ii) of the Master Trust Deed shall not apply to an Issue Notice given in accordance with Condition 3.1.

	(b)
	Each
such Issue Notice must contain a certification by the Trust Manager to the Issuer that the issue of the Bonds specified therein is consistent with all offering circulars,
information memoranda, notices and reports previously given to Bondholders and will not cause any statement made in any such document or statement to be misleading or deceptive or likely to mislead or
deceive.

	(c)
	Upon
receipt by the Issuer of an Issue Notice given in accordance with Condition 3.1, clause 6.7(c)(iii) and clause 6.8 of the Master Trust Deed shall not apply.

	(d)
	Clauses
6.9, 6.12 and 6.13 of the Master Trust Deed shall not apply to an Issue of Fast Prepayment Bonds. 

3.6    Prior approval of Bondholders to issue of Fast Prepayment Bonds  

Each
Bondholder, by subscribing for or purchasing each Bond held by it, approves of, and consents to, the issue by the Issuer at any time and from time to time of Fast Prepayment Bonds, provided that
each such issue complies with and is made in accordance with this Condition 3. 

4.    Interest entitlements  

4.1    Period during which interest accrues  

Each
Bond bears interest calculated and payable in accordance with these Conditions from (and including) the Issue Date to (but excluding) the date on which its Face Value is reduced to zero in
accordance with the Master Trust Deed, the Bond Trust Deed, the Security Trust Deed and these Conditions. 

60

 

4.2    Calculation of interest  

Interest
payable on each Bond in respect of each Interest Accrual Period relating thereto is calculated: 

	(a)
	on
a daily basis at the applicable Interest Rate;

	(b)
	on
the Face Value of that Bond on the commencement of the Interest Accrual Period (after taking into account any repayments of the Face Value of that Bond made on the day on which
that Interest Accrual Period commences); and

	(c)
	on
the basis of the actual number of days in that Interest Accrual Period and:

	(i)
	in
relation to each Class A Bond, a year of 360 days; and

	(ii)
	in
relation to each A$ Bond, a year of 365 days. 

4.3    Payment of interest  

Subject
to these Conditions, the Master Trust Deed, the Bond Trust Deed and the Security Trust Deed, the Issuer must, at the direction of the Trust Manager, on each Payment Date pay or cause to be
paid to each Bondholder the Interest Entitlement for the Interest Accrual Period ending on that Payment Date. 

4.4    Application of interest collections  

Subject
to these Conditions, on each Payment Date, the Trust Manager must direct the Issuer to, and the Issuer must, apply or cause to be applied, the Interest Collections for the relevant Calculation
Period as follows: 

	(a)
	(Taxes) first, in or towards payment or reimbursement of all Taxes in respect of the Fund payable or paid during that Calculation
Period or which the Issuer on the advice of the Trust Manager considers it necessary, on or before the date which is three Business Days before the Payment Date relating to that Calculation Period, to
make provision for;

	(b)
	(Expenses) second, in or towards payment or reimbursement of all Expenses of the Fund (except for the Manager's Fee but including, for
the avoidance of doubt, all costs, charges, fees and expenses properly incurred by the Security Trustee in exercising its rights or performing its obligations under the Security Trust Deed) payable or
paid during that Calculation Period or which the Issuer on the advice of the Trust Manager considers it necessary, on or before the date which is three Business Days before the Payment Date relating
to that Calculation Period, to make provision for;

	(c)
	(Interest Rate Swap Payments) third, in or towards payment or reimbursement of the aggregate Interest Rate Swap Payments for that
Calculation Period;

	(d)
	(Manager's Fee) fourth, in or towards payment of the Manager's Fee (including any Manager's Fee remaining unpaid from previous Payment
Dates);

	(e)
	(Class A Currency Swaps and Fast Prepayment Bonds) fifth, in or towards payment or satisfaction, pari passu and rateably:

	(i)
	to
the Class A Currency Swap Counterparties (pari passu and rateably) of the Class A Currency Swaps Payment Amount for that Payment Date; and

	(ii)
	of
its obligations under Condition 4.3 with respect to payment of Interest Entitlements on the Fast Prepayment Bonds for the Interest Accrual Period ending on that
Payment Date, pari passu and rateably; 

61

 

	(f)
	(Class B Bonds) sixth, in or towards satisfaction, pari passu and rateably, of its obligations under Condition 4.3 with respect
to payment of Interest Entitlements on the Class B Bonds for the Interest Accrual Period ending on that Payment Date;

	(g)
	(Cash Reserve Liquidity Draws) seventh, in crediting to the Cash Reserve Account an amount equal to the Unreimbursed Cash Reserve
Liquidity Draws at that time;

	(h)
	(Advances Reserve Liquidity Draws) eighth, in crediting to the Advances Reserve an amount equal to the Unreimbursed Advances Reserve
Liquidity Draws at that time;

	(i)
	(Avoiding Senior Bond Charge-offs): ninth, in reducing, pari passu and rateably, any Charge-offs that would
otherwise occur on that date in relation to the Senior Bonds;

	(j)
	(Reinstating Senior Bond Unreimbursed Charge-offs) tenth, in reinstating, pari passu and rateably, the Stated Value of the
Senior Bonds to the extent of the Unreimbursed Charge-offs in relation to the Senior Bonds;

	(k)
	(Avoiding Class B Bond Charge-offs) eleventh, in reducing, pari passu and rateably, any Charge-offs that
would otherwise occur on that date in relation to the Class B Bonds;

	(l)
	(Reinstating Class B Bond Unreimbursed Charge-offs) twelfth, in reinstating, pari passu and rateably, the Stated
Value of the Class B Bonds to the extent of the Unreimbursed Charge-offs in relation to the Class B Bonds;

	(m)
	(Interest Rate Swap Break Costs) thirteenth, in or towards payment to the Interest Rate Swap Counterparties, pari passu and rateably,
of all Interest Rate Swap Break Costs paid or payable during that Calculation Period; and

	(n)
	(Beneficiary) fourteenth, in payment of the balance (if any) to the Residual Income Beneficiary of the Fund by way of a distribution of
the income of the Fund. 

The
obligation of the Issuer to make any payment or application under each of the above paragraphs is limited in each case to the Interest Collections or (as the case may be) to the balance of the
Interest Collections after application in accordance with the preceding paragraph or paragraphs (if any), provided that nothing in this Condition 4.4 limits the operation of Condition 11.1(a). 

4.5    Application of Class A Currency Swap Receipts  

	(a)
	On
each Payment Date, the Trust Manager must direct the Issuer to, and the Issuer must, apply or cause to be applied the Class A Currency Swap Receipts in or towards
satisfaction (pari passu and rateably) of its obligations under Condition 4.3 with respect to payment of the Interest Entitlements on the Class A Bonds for the Interest Accrual Period ending on
that Payment Date.

	(b)
	The
obligation of the Issuer to make any payment or application under paragraph (a) is limited to the Class A Currency Swap Receipts, provided that nothing in this
Condition 4.5 limits the operation of Condition 11.1(a).

	(c)
	The
Issuer may comply with its obligations under this Condition by arranging for each relevant Class A Currency Swap Counterparty to pay amounts payable by it under the
relevant Class A Currency Swap direct to the Principal Paying Agent for payment to the Class A Bondholders in accordance with the Paying Agency Agreement. 

62

 

4.6    Calculation Agent  

The
Trust Manager must procure that until the Face Value of all Class A Bonds has been reduced to zero, there will at all times be a Calculation Agent. 

4.7    Calculation of interest  

The
Trust Manager must procure that, as soon as practicable after 11.00 am on each Determination Date, the Calculation Agent: 

	(a)
	determines
the Interest Rate for all Class A Bonds for the Interest Accrual Period commencing on the next Payment Date; and

	(b)
	notifies
the Issuer, the Trust Manager, the Class A Bond Trustee, each of the Class A Bondholders (in accordance with Condition 15) and each of the Paying Agents
of the Interest Rate so determined specifying to the Trust Manager the basis of such determination. 

4.8    Failure by Calculation Agent to make determination  

If
for any reason the Calculation Agent does not make the determination contemplated by Condition 4.7, the Trust Manager must request the Class A Bond Trustee to make, and the Class A
Bond Trustee must make, that determination as if it were the Calculation Agent. Any such determination will be deemed to have been made by the Calculation Agent. 

4.9    Determinations binding  

Any
determination made by the Calculation Agent, the Class A Bond Trustee, or any Reference Bank in accordance with or as contemplated by these Conditions will (in the absence of negligence,
wilful default or bad faith) be binding on the Issuer and the Bondholders and (in the absence of negligence, wilful default or bad faith) the Calculation Agent and the Class A Bond Trustee will
have no liability to the Issuer or Bondholders in connection with the making of, or failure to make, any determination under these Conditions. 

4.10    Charge-offs  

If
on any Payment Date, the Aggregate Loss Amount for the corresponding Calculation Period exceeds the aggregate of the amounts allocated or available for allocation on that Payment Date under
paragraphs (i) and (k) of Condition 4.4, the Trust Manager must direct the Issuer to, and the Issuer must, on and with effect from that Payment Date: 

	(a)
	reduce,
pari passu and rateably, the Stated Value of the Class B Bonds by the amount of that excess until the Stated Value of each Class B Bond is reduced to zero; and

	(b)
	if
the Stated Value of all Class B Bonds is zero and any amount of that excess has not been applied under paragraph (a), reduce, pari passu and rateably, the Stated
Value of the Senior Bonds by the balance of that excess until the Stated Value of each Senior Bond is zero. 

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5.    Repayment of principal of Bonds  

5.1    Currency exchange of Available Amortisation Amount  

On
each Payment Date, the Trust Manager must direct the Issuer to, and the Issuer must, apply or cause to be applied the Available Amortisation Amount: 

	(a)
	first,
in or towards repayment, of the Face Value of all Fast Prepayment Bonds in respect of which the Fast Prepayment Period has not expired, pari passu and rateably among each
tranche of those Fast Prepayment Bonds in order of issue;

	(b)
	second,
in or towards payment or repayment, pari passu and rateably:

	(i)
	to
the Class A Currency Swap Counterparties (pari passu and rateably) of an amount equal to the Class A A$ Exchange Amount on that Payment Date; and

	(ii)
	of
the Face Value of all Fast Prepayment Bonds in respect of which the Fast Prepayment Period has expired, pari passu and rateably; and

	(c)
	third,
in or towards repayment, pari passu and rateably, of the Face Value of all Class B Bonds. 

The
obligation of the Issuer to make any payment or application under each of the above paragraphs is limited in each case to the Available Amortisation Amount or (as the case may be) to the balance
of the Available Amortisation Amount after application in accordance with the preceding paragraph or paragraphs (if any), provided that nothing in this Condition 5.1 limits the operation of Condition
11.1(a). 

5.2    Pass-through of Exchange Amounts  

	(a)
	On
each Payment Date, the Trust Manager must direct the Issuer to, and the Issuer must, apply or cause to be applied the Class A US$ Exchange Amount in or towards repayment,
pari passu and rateably, of the Face Value of the Class A Bonds.

	(b)
	The
obligation of the Issuer to make any payment or application under paragraph (a) is limited to the Class A US$ Exchange Amount on that Payment Date, provided that
nothing in this Condition 5.2 limits the operation of Condition 11.1(a).

	(c)
	The
Issuer may comply with its obligations under this Condition by arranging for each relevant Class A Currency Swap Counterparty to pay amounts payable by it under the
relevant Class A Currency Swap direct to the Principal Paying Agent for payment to the Class A Bondholders in accordance with the Paying Agency Agreement. 

5.3    Rounding of payments  

The
Issuer must, if directed to do so by the Trust Manager, round any amount payable in respect of a Bond under Condition 5.1 or 5.2 downwards to the nearest whole dollar. 

5.4    Maturity Date  

Subject
to the Master Trust Deed, the Bond Trust Deed, the Security Trust Deed and these Conditions, the Issuer must repay the Face Value of each Bond in full on the Maturity Date. 

5.5    Effect of Pass-through  

Any
repayment made in respect of a Bond reduces the Face Value of that Bond to the extent of the amount repaid. 

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6.    Cash reserve  

6.1    Cash Reserve Account  

On
the Initial Issue Date, the Trust Manager must establish and at all times until the Face Value of all Bonds is reduced to zero maintain a ledger account in the accounting records maintained by it
pursuant to the Master Trust Deed designated ARMS II Global Fund I—Cash Reserve Account. 

6.2    Initial Cash Reserve  

On
the Initial Issue Date, the Trust Manager must credit to the Cash Reserve Account an amount not less than an amount equal to 0.25% of the aggregate Issue Proceeds of the Class A Bonds and
the Class B Bonds. This amount will represent part of the Issue Proceeds equal to part of the difference between the aggregate Issue Proceeds of the Class A Bonds and the Class B
Bonds and the aggregate Face Value of the Mortgages. 

6.3    Investment of Cash Reserve  

Amounts
credited to the Cash Reserve Account must be invested in Authorised Investments: 

	(a)
	which
are rated "AAA" or "A-1+" by S&P, "Aaa" or "P1" by Moody's and "AAA" or "F1+" by Fitch Ratings or such other rating determined from time to time by the Trust Manager
(subject to each Designated Rating Agency confirming that such other rating will not cause the rating assigned by it to Bonds to be downgraded below the Designated Rating, qualified or withdrawn);

	(b)
	which
mature not later than the Payment Date immediately after the date on which they are made; and

	(c)
	which
are otherwise made in accordance with the Master Trust Deed. 

6.4    Use of Cash Reserve  

	(a)
	If
on any Payment Date, the Net Interest Collections for the relevant Calculation Period are less than the aggregate of the Class A Currency Swaps Payment Amount due to be paid
on that Payment Date and the Interest Entitlements due to be paid on that Payment Date to A$ Bondholders, the Cash Reserve must, to the extent of funds available, be applied in or towards payment of
the deficiency in the same order and manner as set out in Condition 4.4(e) and (f), as if the Cash Reserve formed part of the Net Interest Collections available for application on the relevant Payment
Date.

	(b)
	On
the Final Payment Date, the Trust Manager must debit the balance of the Cash Reserve (after taking account of all payments to be made on that date to the Cash Reserve under
Condition 4.4(g) or from the Cash Reserve under Condition 6.4(a)) and add that amount to the Available Amortisation Amount. 

6.5    Surplus Cash Reserve  

	(a)
	If
on any Payment Date:

	(i)
	there
is Surplus Cash Reserve; and

	(ii)
	the
Required Cash Reserve is equal to or exceeds the Bondholders' Cash Reserve, 

65

 

the
Issuer may (at the direction of the Trust Manager) on that Payment Date apply the Surplus Cash Reserve (in whole or in part): 

	(iii)
	first,
in or towards payment, pari passu and rateably, to the Cash Reserve Lenders of interest payable in respect of Cash Reserve Top-Up Loans;

	(iv)
	secondly,
in or towards repayment, pari passu and rateably, to the Cash Reserve Lenders of Cash Reserve Top-Up Loans; and

	(v)
	thirdly,
in payment of the Manager's Fee payable on that date.

	(b)
	If
on any Payment Date:

	(i)
	there
is Surplus Cash Reserve; and

	(ii)
	the
Required Cash Reserve is less than the Bondholders' Cash Reserve (the amount of the deficiency being referred to as the Core
Surplus), 

then,
on that Payment Date, the Issuer (at the direction of the Trust Manager): 

	(iii)
	first,
must apply the Surplus Cash Reserve as part of the Available Amortisation Amount in the same order and manner as set out in Condition 5.1 up to an amount equal
to the Core Surplus;

	(iv)
	second,
must apply the balance of the Surplus Cash Reserve (if any) in or towards payment, pari passu and rateably, to the Cash Reserve Lenders of amounts outstanding
under or in respect of Cash Reserve Top-Up Loans; and

	(v)
	third,
must apply the balance of the Surplus Cash Reserve (if any) in making a payment to the Residual Income Beneficiary in accordance with Condition 4.4(n).

	(c)
	The
obligation of the Issuer to make any payment or application under any sub-paragraph of each of paragraphs (a) and (b) is limited in each case to the
Surplus Cash Reserve or (as the case may be) the balance of the Surplus Cash Reserve after application in accordance with the preceding sub-paragraph or sub-paragraphs (if
any). 

6.6    Cash Reserve Top-Up Loans  

The
Trust Manager must not direct the Issuer to borrow and the Issuer must not borrow any loan the proceeds of which are credited to the Cash Reserve Account unless that loan is on terms that: 

	(a)
	the
rights of the lender to receive or demand payment are limited to receiving payments of amounts and at the times as expressly contemplated by and provided for in Condition 6.5;

	(b)
	with
respect to payment of any such amount, the lender may not, except for the purposes of enforcing its rights referred to in paragraph (a):

	(i)
	sue
the Issuer;

	(ii)
	obtain
judgment against the Issuer;

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

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

6.7    Income from Cash Reserve  

After
the date on which the aggregate of the A$ Equivalent of the Face Value of the Class A Bonds and the Face Value of the Class B Bonds is reduced to an amount equal to or less than
10% of the original aggregate of the A$ Equivalent of the Face Value of the Class A Bonds and 

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the
Face Value of the Class B Bonds, all income derived from Authorised Investments standing to the credit of the Cash Reserve Account shall not be included in Interest Collections but shall be
credited to and form part of the Cash Reserve. All amounts so credited shall be disregarded for the purpose of calculating the Surplus Cash Reserve. 

7.    Advances Reserve  

7.1    Advances Reserve  

In
addition to the obligations under Condition 3.3, on the Initial Issue Date, the Trust Manager must: 

	(a)
	establish
and maintain at all times, a ledger account in the accounting records maintained by it pursuant to the Master Trust Deed designated ARMS II Global
Fund I—Advances Reserve; and

	(b)
	credit
to the Advances Reserve an amount equal to the aggregate Issue Proceeds of the Class A Bonds and the Class B Bonds minus the aggregate of:

	(i)
	the
aggregate Face Value of the Mortgages comprised in the Portfolio specified on the Issue Notice for the Class A Bonds and the Class B Bonds; and

	(ii)
	the
amount credited to the initial Cash Reserve in accordance with Condition 6.2. 

7.2    Amount of Advances Reserve  

The
Trust Manager may, if it considers it appropriate to do so on any Payment Date: 

	(a)
	deduct
from the Available Amortisation Amount and credit to the Advances Reserve such amount as the Trust Manager determines up to but not exceeding the amount by which the Maximum
Advances Reserve exceeds the balance of the Advances Reserve; or

	(b)
	debit
from the Advances Reserve and add to the Available Amortisation Amount such amount as the Trust Manager determines. 

The
Trust Manager must exercise its discretion under this Condition 7.2 in good faith, having regard to the actual and anticipated volume of Advances Requests, and the manner in which the Trust
Manager proposes to direct the Issuer with respect to Advances Requests. Without limiting any other provision of these Conditions, the Master Trust Deed, the Bond Trust Deed and the Security Trust
Deed, the Issuer shall be entitled to accept and rely conclusively on the exercise by the Trust Manager of its discretion under this Condition 7.2. 

7.3    Final Payment Date  

On
the Final Payment Date, the Trust Manager must debit the balance of the Advances Reserve (after taking account of all payments to be made to the Advances Reserve under Condition 4.4(h) or from the
Advances Reserve under Condition 7.5) and add that balance to the Available Amortisation Amount. 

7.4    Application of Advances Reserve  

Amounts
standing to the credit of the Advances Reserve may only be applied, subject to Condition 7.5: 

	(a)
	in
making Redraw Advances;

	(b)
	in
making Line of Credit Advances; 

67

 

	(c)
	in
making Permitted Further Advances; or

	(d)
	in
adding to the Available Amortisation Amount in accordance with Condition 7.2(b) or Condition 7.3, for distribution in accordance with Condition 5.1. 

7.5    Use of Advances Reserve  

If
on any Payment Date, the aggregate of the Net Interest Collections for the relevant Calculation Period plus the amount available to be applied under Condition 6.4(a) are less than the aggregate of
the Class A Currency Swaps Payment Amount due to be paid on that Payment Date and the Interest Entitlements due to be paid on that Payment Date to A$ Bondholders, the Advances Reserve must, to
the extent of funds available, be applied in or towards payment of the deficiency in the same order and manner as set out in Condition 4.4(e) and (f), as if the Advances Reserve formed part of the Net
Interest Collections available for application on the relevant Payment Date. 

8.    Issuer's Call Option  

8.1    Issuer Call Option Events  

Each
of the following is an Issuer Call Option Event: 

	(a)
	10
March 2009;

	(b)
	the
aggregate of the A$ Equivalent of the Face Value of the Class A Bonds and the Face Value of the Class B Bonds is reduced to an amount which is less than 10% of the
original aggregate of the A$ Equivalent of the Face Value of the Class A Bonds and the Face Value of the Class B Bonds;

	(c)
	the
Trust Manager has delivered to the Class A Bond Trustee an Opinion of Counsel that either:

	(i)
	on
the next Payment Date the Issuer will be required to deduct or withhold from any payment of principal or interest in respect of any Bonds any amount for or on account
of any present or future Taxes imposed, levied, collected, withheld or assessed by any Government Body of any Australian Jurisdiction; or

	(ii)
	the
total amount payable in respect of interest in relation to the Loans secured by the Mortgages comprised in the Assets of the Fund ceases to be receivable by reason
of any deduction or withholding for or on account of any present or future Taxes imposed, levied, collected, withheld or assessed by any Government Body of any Australian Jurisdiction; or

	(d)
	any
Class A Currency Swap is terminated and is not replaced by a Class A Currency Swap on terms such that the credit rating of the Bonds by any Designated Rating Agency
is downgraded to lower than the Designated Rating, qualified or withdrawn. 

8.2    Exercise of Call Option  

At
any time on or after the occurrence of an Issuer Call Option Event, the Issuer must, subject to Condition 8.3, if directed to do so by the Trust Manager, redeem all (but not some only) of the Bonds
in full on the Payment Date specified in the direction. 

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8.3    Notice of exercise  

The
Trust Manager may only give a direction under Condition 8.2 if: 

	(a)
	it
does so not less than 15 Business Days nor more than 30 Business Days before the Call Option Redemption Date;

	(b)
	it
takes such action as may be required to ensure that the Issuer has available to it on the Call Option Redemption Date sufficient funds to enable it to redeem the Face Value of all
Bonds and pay all accrued Interest Entitlements and other amounts payable in respect of the Bonds in full;

	(c)
	it
is satisfied that having regard to the terms upon which any such funds are made available to the Issuer and all other relevant matters, the Issuer will (subject to
clause 25.9 of the Master Trust Deed) be able to meet its obligations to all of its Creditors in full; and

	(d)
	it
gives or procures the giving of notice to Bondholders of the redemption not less than 15 Business Days nor more than 30 Business Days before the Call Option Redemption Date. 

The
Trust Manager must provide to the Issuer confirmation of the matters referred to in Conditions 8.3(b) and (c) on which the Issuer may conclusively rely. 

9.    Master Servicer's and Trust Manager's obligations  

9.1    Threshold rate  

In
exercising its powers and performing its obligations under the Master Trust Deed and the Master Origination and Servicing Agreement, the Master Servicer must at all times ensure that, to the extent
that the Issuer is entitled to do so under the terms of the Mortgages, the rate of interest payable on or
in respect of Loans secured by Mortgages comprised in the Assets of the Fund is changed from time to time so that that rate of interest is not less than 0.25% higher than the minimum rate required to
ensure that: 

	(a)
	on
the assumption that all parties to all of the Transaction Documents and all issuers of Authorised Investments from time to time comprised in the Assets of the Fund have complied
and will at all times comply in full with their respective obligations under those Transaction Documents and Authorised Investments; and

	(b)
	having
regard to:

	(i)
	the
terms of the Transaction Documents;

	(ii)
	the
terms of the Mortgages comprised in the Assets of the Fund;

	(iii)
	the
anticipated Expenses of the Fund;

	(iv)
	the
amount of the Cash Reserve (including any Cash Reserve Top- Up Loans borrowed by the Issuer);

	(v)
	all
other information available to the Master Servicer;

	(vi)
	the
Reference Rate relating to the Bonds from time to time;

	(vii)
	any
mismatch between the time at which the Reference Rate relating to the Bonds is determined and the time at which the rate of interest payable on or in respect of
Mortgages comprised in the Assets of the Fund may be reset;

	(viii)
	the
amounts payable by the Issuer under the Currency Swaps; and 

69

 

	(ix)
	the
income earned on all Authorised Investments, 

the
Issuer will have available to it at all times sufficient funds to enable it to comply with all of its obligations under the Transaction Documents relating to the Fund as they fall due. 

9.2    Interest rate risk management  

The
Trust Manager undertakes to the Issuer to exercise its rights and powers under the Master Trust Deed and each Interest Rate Swap in such a way so as to ensure that, except to the extent that each
Designated Rating Agency has confirmed in writing that any failure to so exercise those rights and powers will not result in any credit rating assigned by it to any of the Bonds to be downgraded,
qualified or withdrawn: 

	(a)
	any
mismatch between:

	(i)
	the
basis of calculating interest payable (and the principal amount by reference to which such interest is payable) in respect of any Loan comprised in the Assets of the
Fund; and

	(ii)
	the
basis of calculating interest or other amounts payable to the A$ Bondholders and the Class A Currency Swap Counterparties (and the principal amount or other
sum by reference to which such interest or other amount is payable), 

is
fully hedged; 

	(b)
	the
aggregate of the Notional Amounts and Contract Amounts of all Interest Rate Swaps entered into by the Issuer and in force from time to time is not more than 20% of the aggregate
Face Value of all Mortgages comprised in the Assets of the Fund (or such other percentage as the Designated Rating Agencies may from time to time agree with the Trust Manager and the Issuer);

	(c)
	the
aggregate Face Value of all Fixed Rate Mortgages having a Fixed Rate Term of between 3.5 years and 5.5 years is not at any time more than 10% of the aggregate Face
Value of all Mortgages comprised in the Assets of the Fund (or such other term or percentage as the Designated Rating Agencies may from time to time agree with the Trust Manager and notify to the
Issuer); and

	(d)
	to
the extent that the Issuer is entitled to do so under the terms of the relevant Fixed Rate Mortgage, the rate of interest payable on or in respect of a Loan secured by that Fixed
Rate Mortgage is:

	(i)
	not
less than 0.75% higher than the percentage rate per annum at which payments payable to the Issuer under the Interest Rate Swap relating to that Fixed Rate Mortgage
are calculated; and

	(ii)
	such
that the average interest rates payable on or in respect of all Fixed Rate Mortgages comprised in the Assets of the Fund at any time is not less than 1.00% higher
than the average percentage rate per annum at which payments payable to the Issuer under all Interest Rate Swaps relating to all such Fixed Rate Mortgages are calculated. 

70

   9.3    Transfer of Mortgage  

If:

	(a)
	a
Mortgage is to become a Fixed Rate Mortgage; and

	(b)
	on
becoming a Fixed Rate Mortgage, the Trust Manager will be unable to comply with its obligations under Conditions 9.2(b) or 9.2(c); and

	(c)
	each
Designated Rating Agency does not give its prior written confirmation as contemplated by Condition 9.2, 

the
Trust Manager must, subject to Condition 9.6, ensure that the relevant Mortgage and all rights under all Ancillary Documents are sold or transferred by the Issuer prior to that Mortgage becoming a
Fixed Rate Mortgage. 

9.4    Loan portability  

If:

	(a)
	a
Mortgage is discharged; but

	(b)
	the
Loan secured by that Mortgage is not repaid in full, and another mortgage is executed in favour of the Issuer as security for that Loan, 

the
Trust Manager must ensure that prior to or upon any such discharge, that Mortgage and all rights under all relevant Ancillary Documents are, subject to Condition 9.6, sold or transferred by the
Issuer. 

9.5    Redraw Advances, Line of Credit Advances and Permitted Further Advances  

If
the Trust Manager proposes that the Issuer should lend any additional amount by way of Loan to a Borrower after the Initial Issue Date: 

	(a)
	otherwise
than by a Redraw Advance, a Line of Credit Advance or a Permitted Further Advance; or

	(b)
	by
way of a Redraw Advance, a Line of Credit Advance or a Permitted Further Advance; and

	(i)
	the
balance of the Advances Reserve is insufficient to make that Loan; and

	(ii)
	the
Trust Manager, having considered the terms on which the Issuer is able to issue Fast Prepayment Bonds, elects not to give the Issuer a notice in accordance with Condition 3.1, 

the
Trust Manager must ensure that prior to any such additional Loan being made, the relevant Mortgage and all rights under all relevant Ancillary Documents are, subject to Condition 9.6, sold or
transferred by the Issuer. 

9.6    Consideration  

Any
sale or transfer of a Mortgage and the rights under the relevant Ancillary Documents pursuant to Condition 9.3, 9.4 or 9.5 must, without limiting Condition 9.7, be made in consideration of payment
to the Issuer of the Face Value of that Mortgage. 

9.7    Subsequent Adjustment  

	(a)
	(Accrued Interest): The terms of a sale or transfer pursuant to Condition 9.3, 9.4 or 9.5 must provide that, following such sale or
transfer, the Issuer shall be entitled to any interest 

71

 

proceeds
received by the transferee that represents interest accrued on the relevant Loan up to (but not including) the date of such sale or transfer. 

	(b)
	(Other Costs): Subject to paragraph (c) below, the Trust Manager may in its absolute discretion direct PCL in writing on or at
any time after a sale or transfer from the Issuer to PCL, in its capacity as trustee of a Fund (as defined in the Master Trust Deed) other than the Fund (the Acquiring
Fund) to transfer funds between the corresponding Fund or Acquiring Fund with such other amounts as the Trust Manager considers appropriate, so that:

	(i)
	the
Fund has the benefit of any receipts, and bears the cost of any losses or outgoings, in respect of each relevant Mortgage and the rights under the Ancillary Documents up to (but
not including) the date of the sale or transfer of that Mortgage; and

	(ii)
	the
Acquiring Fund has the benefit of such receipts, and bears such costs, from (and including) the date of the sale or transfer of that Mortgage.

	(c)
	(Trust Manager to Certify Adjustments): A written direction by the Trust Manager pursuant to this Condition 9.7 must certify that the
relevant amount is, in the opinion of the Trust Manager, to be properly debited or credited to the Fund or the Acquiring Fund (as the case may be).

	(d)
	(PCL to Act in accordance with Direction): PCL must act in accordance with, and may rely upon, a written direction of the Trust Manager
and any certificate given in accordance with this Condition 9.7. 

10.    Payments  

10.1    Payment generally  

The
Issuer must make or cause to be made all payments in respect of each Bond to the Bondholder on the due date for payment in accordance with this Condition 10. Payments in respect of each
Class A Bond are to be made in US Dollars. Payments in respect of each A$ Bond are to be made in Australian Dollars. 

10.2    No deduction for Taxes and no set-off or counterclaim  

All
payments by the Issuer under or in respect of any Bond, whether of principal, interest or other amounts must be made: 

	(a)
	free
of any set-off or counterclaim; and

	(b)
	without
deduction or withholding for any present or future Taxes, unless the Issuer is compelled by law to deduct or withhold the same. 

10.3    Payment net of Taxes  

If
the Issuer is legally obliged to make any deduction or withholding for or on account of Taxes from any amount payable by it under or in respect of any Bond, the Issuer must: 

	(a)
	pay
to the appropriate Government Body any amount deducted or withheld in respect of Taxes within the time permitted for payment; and

	(b)
	within
30 days after a request by the relevant Bondholder, provide to that Bondholder evidence satisfactory to it of that payment having been made. 

The
Issuer has no obligation to make any additional payment to the Bondholders or any other person in respect of any such deduction or withholding. 

72

 

10.4    Prescription  

Claims
against the Issuer for payment under the Bonds are void unless made within 10 years (in the case of principal) or 5 years (in the case of interest and other amounts) of the due
date for payment. 

10.5    Payments on Business Days  

If
the due date for payment of any amount, or the doing of any thing, in respect of any Bond is not a Business Day, then the Modified Following Business Day Convention (as defined in the ISDA
Definitions) shall apply to the making of that payment or the doing of that thing. 

10.6    Unpaid amounts  

If
any amount is not paid in respect of any Bond on the date when due and payable, that amount shall itself bear interest at the Interest Rate applicable from time to time to that Bond until the
amount, and interest on it, is available for payment and notice of that availability has been duly given in accordance with Condition 15. Interest which has accrued under this Condition 10.6 will not
itself accrue interest pursuant to this Condition. 

10.7    Paying Agents  

The
Issuer may at any time and in accordance with the relevant Paying Agency Agreement vary or terminate the appointment of the Principal Paying Agent and appoint additional or other Paying Agents,
provided that it will at all times maintain a Paying Agent having a specified office in New York City. Notice of any such termination or appointment and of any change in the office through which any
Paying Agent will act must be given in accordance with Condition 15. 

10.8    Payments to Bondholders  

Any
moneys payable to a Bondholder must be paid by: 

	(a)
	a
"not negotiable" cheque:

	(i)
	in
the case of a payment to a Class A Bondholder, drawn on a bank in New York City; and

	(ii)
	in
the case of a payment to an A$ Bondholder, drawn on a bank in Australia, 

in
favour of the relevant Bondholder despatched by post to the address of that Bondholder as it appears on the relevant Register on the relevant Record Date; or 

	(b)
	by
direct transfer to a bank account:

	(i)
	in
the case of a Class A Bondholder, with a bank in New York City; and

	(ii)
	in
the case of an A$ Bondholder, with a bank in Australia, 

designated
by the relevant Bondholder as it appears on the relevant Register on the relevant Record Date. 

10.9    Replacement of Class A Bonds  

If
any Class A Bond is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of any Paying Agent upon payment by the claimant of the costs incurred in
connection with that replacement and on such terms as to evidence and indemnity as the Paying Agent may reasonably require. Mutilated or defaced Class A Bonds must be surrendered before
replacements will be issued. 

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10.10    Final Redemption of Bonds  

Each
Bond will be finally redeemed, and the obligations of the Issuer with respect to the payment of the Face Value of that Bond will be finally discharged, upon the first to occur of: 

	(a)
	the
date on which the Face Value of that Bond is reduced to zero;

	(b)
	the
date on which the relevant Bondholder renounces in writing all of its rights to any amounts payable under or in respect of that Bond;

	(c)
	the
date on which all amounts received by the Security Trustee with respect to the enforcement of the Security Trust Deed are paid to that Bondholder;

	(d)
	the
Payment Date immediately following the date on which the Issuer completes a sale and realisation of all of the assets of the Fund in accordance with the Master Trust Deed. 

11.    Events of Default  

11.1    Events of Default  

Each
of the following events constitutes an Event of Default: 

	(a)
	the
Issuer fails to pay all or any part of the Secured Moneys (other than the Interest Rate Swap Counterparties' Secured Moneys owing in respect of Interest Rate Swap Break Costs, the
Currency Swap Counterparties' Secured Moneys and, for so long as any Bondholders' Secured Moneys are owing to the Class A Bondholders, any Bondholders' Secured Moneys owing to the
Class B Bondholders) within 5 Business Days from the date such Secured Moneys fall due for payment;

	(b)
	the
Issuer fails to comply with any of its obligations (other than an obligation referred to in paragraph (a)) under the Bond Trust Deed or the Security Trust Deed where such
failure will have a Material Adverse Effect and such default, if capable of remedy is not remedied within 15 Business Days after written notice (or such longer period as may be specified in the
notice) from the Security Trustee requiring the same to be remedied;

	(c)
	any
representation or warranty made by the Issuer in the Bond Trust Deed or the Security Trust Deed is untrue or incorrect in any material respect when made or deemed to be repeated;

	(d)
	an
Event of Insolvency:

	(i)
	occurs
in relation to PCL (in its personal capacity) and a new Issuer is not appointed in accordance with clause 17 of the Master Trust Deed within 30 days of the
occurrence of that event; or

	(ii)
	occurs
in relation to the Fund;

	(e)
	any
of the Secured Documents (other than a Mortgage or an Ancillary Document):

	(i)
	is
or becomes illegal, invalid or unenforceable in whole or in any material respect which would have a Material Adverse Effect;

	(ii)
	is
terminated, and in the case of the Master Origination and Servicing Agreement, an Interest Rate Swap or a Currency Swap is not replaced immediately (or within such other period as
the Trust Manager and the Security Trustee may approve, such approval only to be given if each Designated Rating Agency has confirmed that the giving of such approval will not result in the rating
assigned to the Bonds being downgraded below the Designated Rating, qualified or withdrawn) by an agreement or arrangement on terms and with a party such that each Designated Rating Agency confirms
that such 

74

 

replacement
agreement or arrangement will not result in the rating assigned to the Bonds being downgraded below the Designated Rating, qualified or withdrawn; 

	(f)
	the
Charge is not or ceases to be a first ranking charge, ranking over the Charged Property to the extent of the Secured Moneys, in priority to all other claims against the Issuer or
the Charged Property;

	(g)
	the
Issuer becomes entitled to terminate the appointment of the Trust Manager under the Master Trust Deed and does not do so within 20 Business Days of becoming so entitled or such
other period specified in a written notice from the Security Trustee requiring the Issuer to terminate such appointment; and

	(h)
	the
Trust Manager resigns or is removed from office and another person is not appointed in accordance with the Master Trust Deed immediately (in the case of a resignation) or within
3 months (in the case of a removal from office) as a successor trust manager:

	(i)
	who
is approved by the Security Trustee, such approval not to be unreasonably withheld or delayed; and

	(ii)
	whose
appointment will not cause the credit rating of any Bond to be downgraded below its Designated Rating, qualified or withdrawn. 

11.2    Consequences of Default  

At
any time after the occurrence of an Event of Default, the Security Trustee may, upon and subject to the terms of the Security Trust Deed (but without limiting any of those terms), do any one or
more of the following: 

	(a)
	declare
the Charge to be enforceable;

	(b)
	declare
the Secured Moneys to be immediately due and payable on demand, whereupon the same shall become so due and payable; and

	(c)
	exercise
all or any of its Powers which are or are expressed to arise upon the Charge becoming enforceable. 

12.    Limitation on enforcement of Bonds  

Unless
the Security Trustee having become bound to perform its obligations under the Security Trust Deed fails to do so within 7 Business Days of being obliged to do so and such failure is continuing,
the rights of the Class A Bond Trustee and/or each Bondholder to enforce the obligations of the Issuer with respect to payment of amounts due under or in respect of any Bonds are limited to the
exercise of its rights to enforce and seek due administration of the Security Trust Deed. In particular, unless the Security Trustee having become bound to perform its obligations under the Security
Trust Deed fails to do so within 7 Business Days of being obliged to do so and such failure is continuing, neither the Class A Bond Trustee nor any Bondholder may, with respect to payment of
any such amount: 

	(a)
	sue
the Issuer;

	(b)
	obtain
judgment against the Issuer;

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

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

75

 

13.    Manager's Fee  

13.1    Calculation of Fee  

The
Trust Manager shall, subject to Condition 13.2, be entitled to be paid on each Payment Date, in respect of the performance of its duties as Trust Manager in relation to the Fund, the Manager's Fee
in respect of the Interest Accrual Period then ended. The Manager's Fee payable on each Payment Date in respect of the Interest Accrual Period then ended accrues on a daily basis on the actual number
of days in that Interest Accrual Period. 

13.2    Payment of Fee  

The
Trust Manager's entitlement to be paid the Manager's Fee in respect of an Interest Accrual Period on the Payment Date for that Interest Accrual Period is limited to the amount it is entitled to
receive on that Payment Date in accordance with Conditions 4.4(d) and 6.5(a)(v). However, nothing in this Condition 13.2 shall be construed as limiting the entitlement of the Trust Manager to any
unpaid Manager's Fee payable in accordance with Condition 4.4 in respect of prior Payment Dates. 

13.3    Trust Manager's obligations  

Without
limiting the Trustee's Indemnity in relation to the Assets of the Fund, the Trust Manager must, subject to Condition 13.4 pay and be responsible for all Expenses of the Fund (other than the
Manager's Fee but including, for the avoidance of doubt, all costs, charges, fees and expenses properly incurred by each of the Class A Bond Trustee and the Security Trustee in exercising its
rights or performing its obligations under the Bond Trust Deed and the Security Trust Deed) and must indemnify the Issuer on demand for all Expenses of the Fund (other than the Manager's Fee) incurred
or paid by the Issuer. 

13.4    Trust Manager's aggregate liability  

The
Trust Manager's aggregate liability under Condition 13.3 at any time is limited to the aggregate of the Manager's Fee paid to the Trust Manager or to which the Trust Manager is entitled as at that
time. 

14.    Rating requirements  

14.1    Designated Ratings  

The
Designated Ratings for the Bonds are as follows: 

	Class of Bond	 	Designated Rating
	

Class A Bonds	
 	

"AAA" (S&P) "Aaa" (Moody's) "AAA" (Fitch Ratings)
	

Class B Bonds	
 	

"AA-" (S&P) and "AA" (Fitch Ratings)
	

Fast Prepayment Bonds	
 	

As specified in the Conditions relating thereto

14.2    Designated Rating Agency  

The
Designated Rating Agencies as at the Initial Issue Date: 

	(a)
	for
the Class A Bonds are S&P, Moody's and Fitch Ratings; and

	(b)
	for
the Class B Bonds are S&P and Fitch Ratings. 

76

 

14.3    Minimum rating requirements  

Subject
to Condition 6.3, all Authorised Investments of the Fund other than cash and Mortgages must be rated "AAA" or "A-1+" by S&P, "Aaa" or "P1" by Moody's and "AAA" or "F1+" by Fitch
Ratings (or in any such case, such other credit rating as the relevant Designated Rating Agency may from time to time agree) and must mature such that the Issuer is able to meet its obligations under
the Transaction Documents as they fall due. 

14.4    No other requirements  

For
the purposes of clause 6.3(h) of the Master Trust Deed, there are no minimum rating requirements in relation to the Fund, other than those expressly set out in these Conditions or the
Master Trust Deed. 

15.    Notices  

	(a)
	All
notices to Class A Bondholders, including any notices specifying a Payment Date, an Interest Rate, an Interest Entitlement, the amount of any payment of principal (or the
absence of any payment of principal) shall be deemed to be duly given or made if sent by prepaid post to the address of each relevant Class A Bondholder as it appears on the US$ Register. Any
such notice will be deemed to have been given or made on the date that it is sent.

	(b)
	All
notices to A$ Bondholders shall be deemed to be duly given or made by an advertisement placed on a Business Day in the Australian Financial Review (or other newspaper distributed
nationally in Australia). Any such notice will be deemed to have been given or made on the date on which the relevant advertisement is first published.

	(c)
	The
Bondholders will be deemed for all purposes to have notice of the contents of any notice given in accordance with this Condition 15. 

16.    Liability of Issuer  

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

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

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

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

	(e)
	The
previous paragraphs of this Condition 16 do not apply to the liability of the Issuer in relation to any obligation which in any Transaction Document the Issuer expressly assumes
in its personal capacity.

	(f)
	It
is acknowledged by the Issuer that the Assets of the Fund at any time will include the amount of any compensation found by a Final Judgment (or admitted by the Issuer) to be
payable by the Issuer to restore the Fund because of a failure by the Issuer to exercise in 

77

 

relation
to the Fund the degree of care, diligence and prudence required of a trustee or because of some other neglect, default or breach of duty by the Issuer having regard to the powers and duties
conferred on the Issuer by the Master Trust Deed, in either case occurring before the time in question and causing loss to the Fund quantified before the time in question. 

	(g)
	For
the purposes of this Condition 16, Final Judgment means a judgment of a court of law in Australia against which there can be no
appeal or in relation to which the time to appeal has expired. 

17.    Meetings of Bondholders  

17.1    General  

The
Bond Trust Deed contains provisions for convening meetings of Bondholders to consider any matter affecting their interests including, by Extraordinary Resolution, to approve of a person to be
appointed as a successor Class A Bond Trustee or Security Trustee and to remove the Class A Bond Trustee or the Security Trustee. 

17.2    Resolutions binding  

	(a)
	Subject
to the provisions of the Meetings Procedures and to the Bond Trust Deed and the Security Trust Deed, any resolution passed at a meeting of Bondholders duly convened and held
shall be binding upon all the Bondholders, whether or not present, or entitled to be present, at such meeting and whether or not voting, and each of the Issuer and the Bondholders shall be bound to
give effect to such resolution accordingly and the passing of any such resolution shall be conclusive evidence that the circumstances justify the passing thereof.

	(b)
	Subject
to Condition 17.3, an Extraordinary Resolution passed at any meeting of the Class A Bondholders shall be binding on the Class B Bondholders irrespective of the
effect upon them.

	(c)
	An
Extraordinary Resolution of the Bondholders of Class B Bonds shall not be effective for any purpose while any Class A Bonds remain outstanding unless either:

	(i)
	the
Class A Bond Trustee is of the opinion that it would not be materially prejudicial to the interests of the Class A Bondholders; or

	(ii)
	it
is sanctioned by an Extraordinary Resolution of the Class A Bondholders. 

17.3    Basic Terms Modification  

	(a)
	No
Extraordinary Resolution of the Class A Bondholders to sanction any of the following matters (each a Basic Terms
Modification):

	(i)
	modification
of the date upon which all or any part of the Bondholders' Secured Moneys are payable;

	(ii)
	modification
of any amount of the Bondholders' Secured Moneys payable or of the method of calculating any such amount;

	(iii)
	alteration
of the currency in which all or any part of the Bondholders' Secured Moneys is payable; and

	(iv)
	alteration
of the majority required to pass an Extraordinary Resolution; 

78

 

	(v)
	the
sanctioning of any scheme or proposal described in paragraph 17(k) of Schedule 7;

	(vi)
	the
alteration of clause 10.2 of the Security Trust Deed; and

	(vii)
	the
alteration of paragraph 5 or 6 of Schedule 7, 

of
any Class or Classes of Bonds shall be effective for any purpose unless its becoming effective shall have been sanctioned by an Extraordinary Resolution of the Fast Prepayment Bondholders and by an
Extraordinary Resolution of the Class B Bondholders or the Security Trustee is of the opinion that its becoming effective will not be materially prejudicial to the interests of the Fast
Prepayment Bondholders and the Class B Bondholders. 

	(b)
	No
Extraordinary Resolution of the Fast Prepayment Bondholders to sanction a Basic Terms Modification of any Class or Classes of Bonds shall be effective for any purpose unless its
becoming effective shall have been sanctioned by an Extraordinary Resolution of the Class A Bondholders and by an Extraordinary Resolution of the Class B Bondholders or the Security
Trustee is of the opinion that its becoming effective will not be materially prejudicial to the interests of the Class A Bondholders and the Class B Bondholders.

	(c)
	No
Extraordinary Resolution of the Class B Bondholders to sanction a Basic Terms Modification of any Class or Classes of Bonds shall be effective for any purpose unless its
becoming effective shall have been sanctioned by an Extraordinary Resolution of Class A Bondholders and by an Extraordinary Resolution of the Fast Prepayment Bondholders or the Security Trustee
is of the opinion that its becoming effective will not be materially prejudicial to the interests of the Class A Bondholders and the Fast Prepayment Bondholders. 

18.    Law and jurisdiction  

18.1    Governing law  

These
Conditions shall be governed by and construed in accordance with the laws of the State of New South Wales, Australia. The Bond Trust Deed is governed by the laws of the State of New South Wales,
Australia and the administration of the trust constituted under the Bond Trust Deed is governed by the laws of the State of New York, United States of America. 

18.2    Jurisdiction  

Each
Bondholder irrevocably: 

	(a)
	submits
to and accepts, generally and unconditionally, the non-exclusive jurisdiction of the courts and appellate courts of the State of New South Wales with respect to
any legal action or proceedings which may be brought at any time relating in any way to these Conditions; and

	(b)
	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. 

79

  

Schedule 4  

Form of Bond Application  

 
 

ARMS II GLOBAL FUND I    
    

	To:	 	Permanent Custodians Limited [the Issuer]
	

 	
 	

and
	

 	
 	

Australian Securitisation Management Pty Limited [the Trust Manager]
	
From:	
 	

.................................... ACN

[insert name]
	

of:	
 	

.................................... (the Applicant)
	 	 	[insert address]

The
Applicant applies for the following bonds (the Bonds) to be issued by the Issuer, as Trustee of ARMS II Global Fund I (the  Fund) established
pursuant to the Master Trust Deed (the Master Trust Deed) dated 7 March 1995
(as amended and restated) made between the Issuer and Australian Mortgage Securities Ltd relating to the ARMS II Funds. 

Bonds Applied For  

Name/Designation: 

Maturity
Date: 

Number
of Bonds: 

[Series:]

Interest
Payment Dates: 

[Amortisation
Dates:] 

Aggregate
Face Value applied for: 

Acknowledgement and Agreement of Applicant  

The
Applicant acknowledges and agrees that: 

	1.
	the
Bonds will be issued upon and subject to the terms of the Master Trust Deed, the Conditions, the Bond Trust Deed dated [*] executed by the Issuer in its
capacity as trustee of the Fund, the Trust Manager, Permanent Registry Limited as Security Trustee and The Bank of New York as Class A Bond Trustee and the Security Trust Deed dated
[*] between the Issuer in its capacity as trustee of the Fund, the Trust Manager, the Security Trustee and the Class A Bond Trustee;

	2.
	the
Issuer has no personal liability in relation to any of its obligations under or arising out of the Bonds or any other Transaction Document entered into in its capacity as trustee
of the Fund;

	3.
	the
liability of the Issuer under or in respect of the Bonds and the other Transaction Documents entered into in its capacity as trustee of the Fund is limited to and does not extend
beyond the Assets of the Fund as they stand at the time at which such obligations are to be met or satisfied; and

	4.
	the
Issuer is not liable to meet or satisfy any such obligation from its own assets (except the Trustee's Indemnity) and each such obligation must be met or satisfied from the Fund or
the Trustee's Indemnity. 

80

 

Payments  

Payments
due under the Bonds should be made: 

	o
	By
cheque posted to the above address.

	o
	To
the credit of the following account: 

Name
of Bank: 

Address
of Bank: 

Account
No.: 

Name
of Account: 

Applicant's
tax file number: 

Interpretation  

Words
and expressions which are defined in the Bond Trust Deed have the same meanings when used in this Bond Application. 

SIGNED:............................... 

DATED:............................... 

	•
	If
the Applicant is a trustee, this Bond Application must be completed in the name of the Applicant and signed by the Applicant without reference to any trust.

	•
	If
the Applicant is a corporation, it must be executed either under the Applicant's common seal or under Power of Attorney executed under its common seal.

	•
	If
this Bond Application is signed under Power of Attorney, the Attorney certifies that he or she has not received notice of revocation of that Power of Attorney. A
certified copy of the Power of Attorney must be lodged with this Bond Application. 

81

 

Schedule 5  

Form of Registration Confirmation  

 
 

ARMS II GLOBAL FUND I    
    

Name/Designation of Bonds:  

[Series]: 

Face Value (as at the date hereof):  

Interest
Rate: 

Interest
Payment Dates: 

[Amortisation Dates]:  

Maturity
Date: 

This
confirms that: 

Bondholder:  

ACN (if applicable): 

Address:  

appears
in the A$ Register as the holder of the abovementioned Bonds (the Bonds). 

The
Bonds are issued by Permanent Custodians Limited, ACN 001 426 384 in its capacity as trustee (the Issuer) of the abovementioned Fund (the  Fund) established pursuant to a Master Trust Deed (the  Master Trust Deed) dated 7 March 1995 for the ARMS II Funds (as amended and restated and as applicable to
the Fund).
 

The
Bonds are issued subject to the provisions of the Master Trust Deed, the Conditions, the Bond Trust Deed dated [*] executed by the Issuer, Australian Mortgage
Securities Ltd, Australian Securitisation Management Pty Limited as the Trust Manager, Permanent Registry Limited as the Security Trustee and The Bank of New York as the Class A Bond
Trustee and the Security Trust Deed dated [*] between the Issuer, the Trust Manager, the Security Trustee and the Class A Bond Trustee. A copy of the Master Trust Deed,
the Conditions, the Security Trust Deed and the Bond Trust Deed are available for inspection by Bondholders at the offices of the Trust Manager at
[                        ]. 

The
Issuer has no personal liability in relation to any of its obligations under or arising out of the Bonds or any other Transaction Document entered into in its capacity as trustee of the Fund. 

The
liability of the Issuer under or in respect of the Bonds and the other Transaction Documents entered into in its capacity as trustee of the Fund is limited to and does not extend beyond the Assets
of the Fund as they stand at the time at which such obligations are to be met or satisfied. 

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

This
Registration Confirmation is not a certificate of title and the A$ Register is the only conclusive evidence of the abovementioned Bondholder's entitlement to Bonds. 

82

 

Transfers
of Bonds must be effected pursuant to a Transfer and Acceptance Form in the form required by the Bond Trust Deed. Executed Transfer and Acceptance Forms must be submitted to the A$
Registrar. 

Words
and expressions which are defined in the Bond Trust Deed or the Master Trust Deed have the same meanings when used in this Registration Confirmation. 

Dated: 

For
and on behalf of the A$ Registrar 

	
 Authorised Signatory	 	 

83

 

Schedule 6  

Form of Transfer and Acceptance  

 
 

ARMS II GLOBAL FUND I    
    

	 	 	 	 	

	To:	 	Permanent Custodians Limited

ACN 001 426 384 (the A$ Registrar)	 	Registry Use Only	 	Date Lodged

    /    /    
	 	 	 	 	

	 	 	

	TRANSFEROR	 	    

	(Full Name ACN (if applicable)

and Address)	 	    

	(Please Print)	 	    

	

TRANSFERS TO

TRANSFEREE	
 	

    

	(Full Name ACN (if applicable)

and Address)	 	    

	(Please Print)	 	    

The
following Bonds (the Bonds) issued by Permanent Custodians Limited, as trustee (the Issuer) of ARMS
II Global Fund I (the Fund) constituted under the Master Trust Deed (the Master Trust Deed) dated 7
March 1995 made between the Issuer and Australian Mortgage Securities Ltd (as amended and restated and as applicable to the Fund): 

Name/Designation:

Maturity Date:

Number of Bonds:

[Series]:

[Original Face Value as at Issue Date]:

Interest Payment Dates:

[Amortisation Dates]: 

_________________

Settlement Amount

$                              

_________________ 

and
all of the Transferor's right, title, benefit and interest in and to the same (including all Interest Entitlements accrued thereon but unpaid). 

	TRANSFEROR	    

	(Signature: see Notes)	 	 	 
	WITNESS	    
	 	Date    /    /    
	
TRANSFEREE	

    

	(Signature: see Notes)	 	 	 
	WITNESS	    
	 	Date    /    /    

84

 

PAYMENTS

(Tick where appropriate) 

	

	o In accordance with existing instructions (existing Bondholders only)
	

	o By cheque posted to the above address	 	o By credit to the following account in

Australia and the name of the Transferee only
	

 	
 	

	

 	
 	

	

	Tax File Number (if applicable):	 	 
	

Authorised
Signature of Transferee ___________________________________ Date    /    /    

Notes for Completion  

	•
	If
the Transferor/Transferee is a trustee, this Transfer and Acceptance must be completed in the name of the Transferor/Transferee and signed by it without reference to any
trust.

	•
	If
the Transferor/Transferee is a corporation, this Transfer and Acceptance must be executed either under common seal or under Power of Attorney.

	•
	If
this Transfer and Acceptance is signed under Power of Attorney, the Attorney certifies that he or she has not received notice of revocation of that Power of Attorney. A
certified copy of the Power of Attorney must be lodged with this Transfer and Acceptance.

	•
	This
Transfer and Acceptance must be lodged with the A$ Registrar for registration. 

Conditions of Transfer  

	•
	The
Transferor and the Transferee acknowledge that the transfer of the Bonds shall only take effect on the inscription of the Transferee's name in the A$ Register as the
Bondholder of the Bonds.

	•
	The
Transferee accepts the Bonds upon and subject to the provisions of the Master Trust Deed, the Conditions inscribed in the A$ Register, the Security Trust Deed dated
[*] executed by the Issuer, Australian Securitisation Management Pty Limited as Trust Manager, Permanent Registry Limited as Security Trustee and The Bank of New York as
Class A Bond Trustee and the Bond Trust Deed dated [*] between the Issuer, the Trust Manager, Australian Mortgage Securities Ltd, the Security Trustee and the
Class A Bond Trustee.

	•
	The
Transferee acknowledges that it has made its own independent assessment and investigations regarding its investment in the Bonds. It has not relied upon the Issuer,
Australian Mortgage Securities Ltd, or any other person or any materials or other information prepared or distributed by any of them.

	•
	The
A$ Register shall be closed by the A$ Registrar for the purpose of determining the Interest Entitlements and entitlements to principal payments of Bondholders during the
period commencing from the close of business on the day which is 5 Business Days (or such other period agreed between the A$ Registrar and the Trust Manager) prior to, and ending on the commencement
of business on the Business Day immediately after, each Payment Date of the relevant Bonds. The A$ Registrar may with prior notice to the Bondholders close the A$ Register for such other periods as
the A$ Registrar may nominate in the notice, provided that the aggregate period for which the A$ Register may be closed in total (under this paragraph) in any calendar year must not exceed 30 Business
Days or such other period as the A$ Registrar and the Trust Manager may agree. 

85

 
	•
	If
the Transferee is a non-resident for Australian taxation purposes, withholding tax will be deducted from all interest payments unless proof of an exemption is
provided to the Issuer.

	•
	[Insert
any restrictions on the transfer of Bonds.]

	•
	The
Issuer has no personal liability in relation to any of its obligations under or arising out of the Bonds or any other Transaction Documents entered into in its capacity
as trustee of the Fund.

	•
	The
liability of the Issuer under or in respect of the Bonds and the other Transaction Documents entered into in its capacity as trustee of the Fund is limited to and does
not extend beyond the Assets of the Fund as they stand at the time at which such obligations are to be met or satisfied.

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

Marking (if applicable)  

The
A$ Registrar certifies that the Transferor is inscribed in the A$ Register as the holder of the Bonds specified in this Transfer and Acceptance. The A$ Registrar will not register any transfer of
such Bonds other than pursuant to this Transfer and Acceptance before [insert date]. 

Dated:

For
and on behalf of Permanent Custodians Limited

(as A$ Registrar) 

	
 Authorised Signatory	 	 

86

 

Schedule 7  

Meetings Procedures  

1.    Definitions and Interpretation  

1.1    Incorporated Definitions and Interpretation  

	(a)
	Words
and expressions which are defined in clause 1.1 of this Deed have the same meanings when used in this Schedule unless otherwise defined in it.

	(b)
	These
Meetings Procedures apply, mutatis mutandis, to a meeting of any Class of Bondholders. 

1.2    Definitions  

In
this Schedule: 

Block Voting Instruction means an English language document issued by a Paying Agent appointed in respect of the Class A Bonds and dated in
which: 

	(a)
	it
is certified that on the date thereof:

	(i)
	Class A
Bonds (not being Class A Bonds in respect of which a Voting Certificate has been issued and is outstanding in respect of the meeting specified in such document
and any adjourned such meeting) are held (to the satisfaction of such Paying Agent) to its order or under its control or blocked by a depository holding the same in a manner approved by the
Class A Bond Trustee; and

	(ii)
	no
such Class A Bonds will cease to be so held or blocked until the first to occur of:

	A.
	the
conclusion of the meeting specified in such document or, if applicable, any adjourned such meeting; and

	B.
	the
Class A Bond or Class A Bonds ceasing with the agreement of the Paying Agent to be held to its order or under its control or blocked and the giving of notice by that
Paying Agent to the Issuer in accordance with paragraph 15.1 of the necessary amendment to the Block Voting Instruction;

	(b)
	it
is certified that each Class A Bond Owner of such Class A Bonds has instructed such Paying Agent and/or that the Clearing Agency has advised that Paying Agent that
each Class A Bond Owner of such Class A Bonds has given instructions, that the vote(s) attributable to the Class A Bond(s) so held or blocked should be cast in a particular way or
not cast in relation to each resolution to be put to such meeting or any adjourned such meeting and appearing in the notice of such meeting and that all such instructions are, during the period
commencing 48 hours prior to the time for which such meeting or any adjourned such meeting is convened and ending at the conclusion or adjournment thereof, neither revocable nor capable of
amendment;

	(c)
	the
aggregate Face Value of the Class A Bonds so held or blocked is stated distinguishing, with regard to each such resolution, between those in respect of which instructions
have been given, as referred to in paragraph (b), that the votes attributable thereto should be cast in favour of the resolution, those in respect of which instructions have been so given that
the votes attributable thereto should be cast against the resolution and those in respect of which instructions have been so given that the votes attributable thereto should not be cast on such
resolution; and 

87

 

	(d)
	one
or more persons (which need not be a Bondholder) named in such document as a Proxy is or are authorised and instructed by such Paying Agent to cast and/or (as the case may be) to
refrain from casting the votes attributable to the Class A Bonds so listed in accordance with the instructions referred to in paragraph (b) as set out in such document. 

Bond means: 

	(a)
	in
relation to a meeting of Class A Bondholders, a Class A Bond;

	(b)
	in
relation to a meeting of Class B Bondholders, a Class B Bond;

	(c)
	in
relation to a meeting of Fast Prepayment Bondholders, a Fast Prepayment Bond; and

	(d)
	in
relation to a meeting of A$ Bondholders, an A$ Bond, 

and
references to all Bonds shall be construed as references to all Bonds (as defined in clause 1.1 of this Deed) in the relevant Class. 

Bondholder means: 

	(a)
	in
relation to a meeting of Class A Bondholders, a Class A Bondholder;

	(b)
	in
relation to a meeting of Class B Bondholders, a Class B Bondholder;

	(c)
	in
relation to a meeting of Fast Prepayment Bondholders, a Fast Prepayment Bondholder; and

	(d)
	in
relation to a meeting of A$ Bondholders, an A$ Bondholder, 

and
references to all Bondholders shall be construed as references to all Bondholders (as defined in clause 1.1 of this Deed) in the relevant
Class. 

Chairman means the person appointed as chairman in accordance with paragraph 4. 

Entitled Voter means: 

	(a)
	in
relation to a Class A Bond, a person holding a Voting Certificate or a Proxy in relation to that Class A Bond; and

	(b)
	in
relation to an A$ Bond, the Bondholder of that Bond, or a Proxy in relation to that Bond. 

Proxy means: 

	(a)
	in
relation to a Class A Bond, each person named as a proxy in relation to that Class A Bond in a Block Voting Instruction in the manner referred to in
sub-paragraph (d) of the definition of that expression contained in paragraph 1.2; and

	(b)
	in
relation to any Bond, each person appointed as a proxy in accordance with paragraph 15 in relation to that Bond. 

Voting Certificate means an English language certificate issued by a Paying Agent appointed in respect of the Class A Bonds and dated in which it
is stated: 

	(a)
	that
on the date thereof:

	(i)
	Class A
Bonds (not being Class A Bonds in respect of which a Block Voting Instruction has been issued and is outstanding in respect of the meeting specified in such
certificate and any adjourned such meeting) were (to the satisfaction of such Paying Agent) held to its order or under its control or blocked by a depository holding the same in a manner approved by
the Class A Bond Trustee; and 

88

 

	(ii)
	no
such Class A Bonds will cease to be so held or blocked until the first to occur of:

	
A.
	the
 conclusion of the meeting specified in such certificate or, if applicable, any adjourned such meeting; and

	
B.
	the
 surrender of the certificate to the Paying Agent who issued the same; and

	(b)
	that
the bearer of the certificate is entitled to attend and vote at such meeting and any adjourned such meeting in respect of the Class A Bonds represented by such
certificate. 

48 hours means a period of 48 hours including all or part of two days upon which banks are open for business in both the place where the
relevant meeting is to be held and in each of the places where the Paying Agents have their specified offices (disregarding for this purpose the day upon which such meeting is to be held) and such
period shall be extended by one or, to the extent necessary, more periods of 24 hours until there is included as aforesaid all or part of two days upon which banks are open for business as
aforesaid. 

24 hours means a period of 24 hours including all or part of a day upon which banks are open for business in both the place where the
meeting is to be held and in each of the places where the Paying Agents have their specified offices (disregarding for this purpose the day upon which such meeting is to be held) and such period shall
be extended by one or, to the extent necessary, more periods of 24 hours until there is included as aforesaid all or part of a day upon which banks are open for business as aforesaid. 

89

   2.    Convening of meetings  

The
Issuer, the Class A Bond Trustee or the Security Trustee may at any time and must: 

	(a)
	in
the case of the Issuer and the Class A Bond Trustee, upon a requisition in writing signed by the Bondholders of not less than one-tenth of the aggregate Face
Value of all Class A Bonds at that time; and

	(b)
	in
the case of the Issuer and the Security Trustee, upon a requisition in writing signed by Bondholders of not less than one-tenth of the US$ Equivalent of the aggregate
Face Value of:

	(i)
	all
Class B Bonds at that time; or

	(ii)
	all
Fast Prepayment Bonds at that time, 

convene
a meeting of Bondholders and if the Issuer, the Class A Bond Trustee or the Security Trustee (as the case may be) fails to convene such a meeting for a period of seven days the same may
be convened by such Bondholders or (in the case of a failure by the Issuer) the Class A Bond Trustee or the Security Trustee. 

	(c)
	Every
such meeting shall be held at such place as:

	(i)
	in
the case of a meeting of Class A Bondholders, the Class A Bond Trustee; or

	(ii)
	in
the case of a meeting of a Class of A$ Bondholders, the Security Trustee, 

may
appoint or approve. 

3.    Notice of meetings  

	3.1
	At least 21 days' notice (exclusive of the day on which the notice is given and the day on which the meeting is held) specifying
the place, day and hour of meeting shall be given to the Bondholders prior to any meeting of the Bondholders in the manner provided by Condition 15.

	3.2
	Such notice shall:

	(a)
	state
generally the nature of the business to be transacted at the meeting thereby convened but (except for an Extraordinary Resolution) it shall not be necessary to specify in such
notice the terms of any resolution to be proposed;

	(b)
	in
the case of a meeting of Class A Bondholders, include a statement to the effect that Class A Bonds may be held (to their satisfaction) to the order of the relevant
Paying Agent(s) or under their control or blocked by a depository holding the same in a manner approved by the Class A Bond Trustee for the purpose of obtaining Voting Certificates or
appointing Proxies.

 

	3.3
	A copy of the notice of meeting of:

	(a)
	Class A
Bondholders, shall be given to the Class A Bond Trustee (unless the meeting is convened by the Class A Bond Trustee) and to the Issuer (unless the meeting
is convened by the Issuer); and

	(b)
	a
Class of A$ Bondholders, shall be given to the Security Trustee (unless the meeting is convened by the Security Trustee) and to the Issuer (unless the meeting is convened by the
Issuer). 

90

 

4.    Chairman  

Some
person (who may but need not be a Bondholder) nominated in writing by: 

	(a)
	in
the case of a meeting of Class A Bondholders, the Class A Bond Trustee; and

	(b)
	in
the case of a meeting of a Class of A$ Bondholders, the Security Trustee, 

shall
be entitled to take the chair at every meeting of Bondholders but if no such nomination is made by, or if at any meeting the person nominated shall not be present, within fifteen minutes after
the time appointed for holding the meeting, the Bondholders present shall choose one of their number to be Chairman. 

5.    Quorum  

	5.1
	At any meeting of Bondholders two or more Entitled Voters holding or representing in the aggregate not less than 5% of the US$
Equivalent of the aggregate Face Value of all Bonds at that time shall (except for the purpose of passing an Extraordinary Resolution) form a quorum for the transaction of business and no
business (other than choosing a Chairman) shall be transacted at any meeting unless the requisite quorum be present at the commencement of business.

	5.2
	Subject to paragraph 5.3, the quorum at any meeting of Bondholders for passing an Extraordinary Resolution shall be two or more
Entitled Voters holding or representing in the aggregate a clear majority of the aggregate US$ Equivalent of the Face Value of all Bonds at that time.

	5.3
	At any meeting of Bondholders the business of which includes any of the following matters (each a Basic Terms
Modification and each of which shall only be capable of being effected after having been approved by Extraordinary Resolution):

	(a)
	modification
of the date upon which all or any part of the Bondholders' Secured Moneys are payable;

	(b)
	modification
of any amount of the Bondholders' Secured Moneys payable or of the method of calculating any such amount;

	(c)
	alteration
of the currency in which all or any part of the Bondholders' Secured Moneys is payable;

	(d)
	alteration
of the majority required to pass an Extraordinary Resolution;

	(e)
	the
sanctioning of any scheme or proposal described in paragraph 17(i);

	(f)
	alteration
of clause 10.2 of the Security Trust Deed or Conditions 4.4, 4.5, 5.1 or 5.2;

	(g)
	alteration
of paragraph 5 or paragraph 6, 

the
quorum shall be two or more Entitled Voters holding or representing in the aggregate not less than 75% of the US$ Equivalent of the aggregate Face Value of all Bonds at that time. 

6.    Adjournment  

	6.1
	If within 15 minutes after the time appointed for a meeting of Bondholders a quorum is not present, the meeting shall, if convened upon
the requisition of Bondholders, be dissolved. In any other case it shall stand adjourned to the same day in the next week (or if such day is a public holiday the next succeeding Business Day) at the
same time and place (except in the case of a meeting at which an Extraordinary Resolution is to be proposed in which case it shall stand adjourned for such period being not less than 14 days
nor more than 42 days, and at such place as may be appointed by the Chairman and approved by the Class A Bond Trustee (in the case of a meeting of Class A Bondholders) or the
Security Trustee (in the case of a meeting of a Class of 

91

 

A$
Bondholders)) and, subject to paragraph 6.2, at such adjourned meeting two or more Entitled Voters (whatever the US$ Equivalent of the aggregate Face Value of all Bonds at that time) shall
form a quorum to decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took place had the requisite quorum been present. 

	6.2
	If at any adjourned meeting the business of which includes any of the matters specified in paragraph 5.3, the quorum shall be
two or more Entitled Voters holding or representing in the aggregate not less than 33.3% of the US$ Equivalent of the aggregate Face Value of all Bonds at that time. 

7.    Notice of adjourned meeting  

Notice
of any adjourned meeting at which an Extraordinary Resolution is to be submitted shall be given in the same manner as notice of an original meeting but as if 10 were substituted for 21 in
paragraph 3.1 and such notice must state what the quorum for such adjourned meeting shall be (determined in accordance with paragraph 6). 

8.    Chairman's casting vote  

Every
question submitted to a meeting of Bondholders 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 an Entitled Voter. 

9.    Right to demand a poll  

At
any meeting unless a poll is (before or on the declaration of the result of the show of hands) demanded in accordance with paragraph 10, a declaration by the Chairman that a resolution has
been carried or carried by a particular majority or not carried or not carried by a 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. 

10.    Voting on a poll  

Subject
to paragraph 12, if at any meeting of Bondholders a poll is demanded by the Chairman, the Issuer, the Class A Bond Trustee (in the case of a meeting of Class A
Bondholders), the Security Trustee (in the case of a meeting of a Class of A$ Bondholders) or by two or more Entitled Voters holding or representing in the aggregate not less than 2% of the US$
Equivalent of the aggregate Face Value of
all Bonds at that time, it shall be taken in such manner and, subject to these Meetings Procedures, either at once or after 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 motion on which the poll has been demanded. 

11.    Business at adjourned meetings  

The
Chairman may with the consent of (and must if directed by), any meeting of Bondholders 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 (but for lack of required quorum) have been transacted at the meeting from which the adjournment took place. 

92

 

12.    No adjournment of polls  

Any
poll demanded at any meeting of Bondholders on the election of a Chairman or on any question of adjournment shall be taken at the meeting without adjournment. 

13.    Right to attend and speak  

	13.1
	The Class A Bond Trustee, the Security Trustee, the Issuer, any Secured Creditor, their respective lawyers, financial advisers,
directors, officers or employees, and any other person authorised to do so by the Chairman may, but (subject to these Meetings Procedures) are not required to, attend and speak at any meeting of
Bondholders. No other person shall be entitled to attend and speak nor shall any person be entitled to vote at any meeting of Bondholders unless he or she is an Entitled Voter.

	13.2
	Neither the Issuer, any subsidiary or holding company of the Issuer, nor any other subsidiary of such holding company shall be
entitled to vote at any meeting in respect of Bonds held beneficially by it or for its account. Nothing herein contained shall prevent any Proxy from being a director, officer or representative of or
otherwise connected with the Issuer or any of such other companies. 

14.    Voting entitlements  

Subject
to paragraph 13.2, at any meeting of Bondholders: 

	(a)
	on
a show of hands, every Entitled Voter shall have one vote; and

	(b)
	on
a poll, every person who is so present shall have one vote in respect of each US$1 of Bondholders' Secured Moneys in respect of which he or she is an Entitled Voter. 

Without
prejudice to the obligations of the Proxies named in any Block Voting Instruction, any person entitled to more than one vote need not use all his votes or cast all the votes to which he is
entitled in the same way. 

15.    Proxies and block voting instructions  

	15.1
	Each appointment of a Proxy and each Block Voting Instruction:

	(a)
	must
be in writing;

	(b)
	in
the case of a Block Voting Instruction or a Proxy in relation to a Class A Bond, if so required by the Class A Bond Trustee must be accompanied by proof satisfactory
to the Class A Bond Trustee of its due execution;

	(c)
	in
the case of a Proxy in relation to an A$ Bond, if so required by the Security Trustee must be accompanied by proof satisfactory to the Security Trustee of its due execution; and

	(d)
	must
be deposited with the Class A Bond Trustee (in the case of a meeting of Class A Bondholders) or the Security Trustee (in the case of a meeting of a Class of A$
Bondholders) at its address for service of notices under this Deed or at such other place as the Class A Bond Trustee or the Security Trustee (as the case may be) designates 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 decides otherwise before such meeting or adjourned meeting proceeds to business. 

	15.2
	The Proxy named in any appointment of Proxy or Block Voting Instruction need not be a Bondholder. 

93

 
	15.3
	A Bondholder which is a corporation may by a certificate in writing under its common seal appoint any person as its representative to
act as that Bondholder's representative at any meeting of Bondholders and to exercise on the Bondholder's behalf all of the powers which the Bondholder is entitled to exercise under these Meetings
Procedures.

	15.4
	Neither the Class A Bond Trustee nor the Security Trustee is obliged to investigate or be concerned with the validity of, or
the authority of, the Proxy named in any appointment of Proxy or Block Voting Instruction. 

16.    Block voting instructions, proxies and voting certificates  

	16.1
	Any vote given in accordance with the terms of a Block Voting Instruction or a Proxy shall be valid notwithstanding the previous
revocation or amendment of the Block Voting Instruction or Proxy (as the case may be) or of any of the Bondholder's instructions pursuant to which it was executed provided that no intimation in
writing of such revocation or amendment is received from the relevant Paying Agent by the Issuer (in the case of a Block Voting Instruction) or from the relevant Bondholder by the Class A Bond
Trustee or Security Trustee (in the case of any other Proxy) in each case at the relevant address for the giving of notices under this Deed by the time being 24 hours before the time appointed
for holding the meeting or adjourned meeting at which the Block Voting Instruction or Proxy (as the case may be) is to be used.

	16.2
	The holder of any Voting Certificate or the Proxies named in any Block Voting Instruction shall, for all purposes in connection with
the meeting or adjourned meeting of Bondholders, be deemed to be the holder of the Bonds to which such Voting Certificate or Block Voting Instruction relates and the person holding the same to the
order or under the control of any Paying Agent or the person holding the same blocked as aforesaid shall be deemed for such purposes not to be the holder of those Bonds. 

17.    Extraordinary resolutions  

A
meeting of the Bondholders shall, in addition to the powers specified in this Deed and the Security Trust Deed as being exercisable by Extraordinary Resolution, have the following powers exercisable
by Extraordinary Resolution (subject to the provisions relating to quorum contained in paragraphs 5 and 6): 

	(a)
	power
to sanction any compromise or arrangement proposed to be made between the Issuer and the Bondholders (or any of them);

	(b)
	power
to sanction any abrogation, modification, compromise or arrangement in respect of the rights of the Bondholders (or any of them) against the Issuer or against any of the Charged
Property or against any other person;

	(c)
	power
to assent to any modification of this Deed, the Bonds, the Conditions or any other Secured Document;

	(d)
	power
to give any authority or sanction which under the provisions of any Secured Document are required to be given by Extraordinary Resolution;

	(e)
	power
to appoint any persons (whether Bondholders or not) as a committee or committees to represent the interests of the Bondholders and to confer upon such committee or committees
any powers or discretions which the Bondholders could themselves exercise by Extraordinary Resolution;

	(f)
	in
the case of a meeting of Class A Bondholders only, power to approve of a person to be appointed as a successor Class A Bond Trustee and power to remove the
Class A Bond Trustee; 

94

 

	(g)
	power
to approve of a person to be appointed as a successor Security Trustee and power to remove the Security Trustee;

	(h)
	in
the case of a meeting of Class A Bondholders only, power to discharge or exonerate the Class A Bond Trustee from all liability in respect of any act or omission for
which the Class A Bond Trustee may have become responsible under the Class A Bonds or any other Secured Document;

	(i)
	power
to discharge or exonerate the Security Trustee from all liability in respect of any act or omission for which the Security Trustee may have become responsible under the Bonds or
any other Secured Document;

	(j)
	power
to authorise the Security Trustee and/or (in the case of a meeting of Class A Bondholders only) the Class A Bond 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 any Extraordinary Resolution;

	(k)
	power
to sanction any scheme or proposal for the exchange or sale of the Bonds for, or the conversion of the Bonds into, or the cancellation of the Bonds in consideration of, shares,
stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed, or for, or in consideration of, cash, or partly
for, or into, or in consideration of, such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for, or into, or in consideration
of, cash, 

provided
that: 

	(l)
	no
Extraordinary Resolution of the Bondholders of Class A Bonds to sanction a Basic Terms Modification of any Class or Classes of Bonds shall be effective for any purpose
unless its becoming effective shall have been sanctioned by an Extraordinary Resolution of the Bondholders of Fast Prepayment Bonds and by an Extraordinary Resolution of the Bondholders of
Class B Bonds or the Security Trustee is of the opinion that its becoming effective will not be materially prejudicial to the interests of the Bondholders of Fast Prepayment Bonds and the
Bondholders of Class B Bonds;

	(m)
	no
Extraordinary Resolution of the Bondholders of Fast Prepayment Bonds to sanction a Basic Terms Modification of any Class or Classes of Bonds shall be effective for any purpose
unless its becoming effective shall have been sanctioned by an Extraordinary Resolution of the Bondholders of Class A Bonds and by an Extraordinary Resolution of the Bondholders of
Class B Bonds or the Security Trustee is of the opinion that its becoming effective will not be materially prejudicial to the interests of the Bondholders of Class A Bonds and the
Bondholders of Class B Bonds;

	(n)
	no
Extraordinary Resolution of the Bondholders of Class B Bonds to sanction a Basic Terms Modification of any Class or Classes of Bonds shall be effective for any purpose
unless its becoming effective shall have been sanctioned by an Extraordinary Resolution of Bondholders of Class A Bonds and by an Extraordinary Resolution of the Bondholders of Fast Prepayment
Bonds or the Security Trustee is of the opinion that its becoming effective will not be materially prejudicial to the interests of the Bondholders of Class A Bonds and the Bondholders of Fast
Prepayment Bonds. 

18.    Resolutions binding  

	(a)
	Subject
to the provisions of these Meetings Procedures and of the other provisions of this Deed and the Security Trust Deed, any resolution passed at a meeting of the Bondholders 

95

 

duly
convened and held in accordance with this Deed shall be binding upon all the Bondholders, whether or not present, or entitled to be present, at such meeting and whether or not voting, and each of
the Issuer and the Bondholders shall be bound to give effect to such resolution accordingly and the passing of any such resolution shall be conclusive evidence that the circumstances justify the
passing thereof. Notice of the result of the voting on any resolution appearing in the notice of such meeting duly considered by the Bondholders shall be published by the Issuer in accordance with
Condition 15 within 14 days of such result being known provided that the non-publication of such notice shall not invalidate such resolution. 

	(b)
	Subject
to the proviso to paragraph 17, an Extraordinary Resolution passed at any meeting of Class A Bondholders shall be binding on the Class B Bondholders
irrespective of the effect upon them.

	(c)
	An
Extraordinary Resolution of the Class B Bondholders shall not be effective for any purpose while any Class A Bonds remain outstanding unless either:

	(i)
	the
Security Trustee is of the opinion that it would not be materially prejudicial to the interests of the Class A Bondholders; or

	(ii)
	it
is sanctioned by an Extraordinary Resolution of the Class A Bondholders. 

19.    Minutes of resolutions  

Minutes
of all resolutions and proceedings at every meeting of Bondholders shall be made and duly entered in books to be from time to time provided for that purpose by: 

	(a)
	in
the case of a meeting of Class A Noteholders, the Class A Bond Trustee; and

	(b)
	in
the case of a meeting of a Class of A$ Bondholders, the Security Trustee, 

and
any such minutes if purporting to be signed by the Chairman of the meeting at which such resolutions were passed or proceedings had shall be conclusive evidence of the matters set out in them and
until the contrary is proved every such meeting in respect of the proceedings of which minutes have been made shall be deemed to have been duly held and convened and all resolutions passed or
proceedings had at any such meeting to have been duly passed or had. 

20.    Written resolutions  

Notwithstanding
the preceding provisions of these Meetings Procedures, a resolution of all Bondholders (including an Extraordinary Resolution) may be passed, without any meeting or previous notice
being required, by an instrument or instruments in writing which is or are signed by all Bondholders. Any such instrument or instruments are effective upon presentation to: 

	(a)
	the
Class A Bond Trustee; and

	(b)
	in
the case of a meeting of a Class of A$ Bondholders, the Security Trustee, 

for
entry in the records referred to in paragraph 19. 

96

 

Schedule 8  

Information to be contained in Bondholders Report  

The
following information is to be included in the Bondholders Report for each Calculation Period: 

	(a)
	the
aggregate Face Value and the aggregate Stated Value of each Class of Bonds on the first day after the Payment Date in relation to that Calculation Period;

	(b)
	the
aggregate of the Interest Entitlements for each Class of Bonds on the Payment Date in relation to that Calculation Period;

	(c)
	the
aggregate of all principal repayments (if any) to be made in respect of each Class of Bonds on the Payment Date in relation to that Calculation Period;

	(d)
	the
Income Collections for that Calculation Period;

	(e)
	the
Principal Collections for that Calculation Period;

	(f)
	the
Available Amortisation Amount on the Payment Date in relation to that Calculation Period;

	(g)
	the
aggregate of all Redraw Advances, Line of Credit Advances and Permitted Further Advances made during that Calculation Period in relation to Loans forming part of the Assets of the
Fund;

	(h)
	the
Interest Rate for the Class A Bonds for the Interest Accrual Period ending on (but excluding) the Payment Date in relation to that Calculation Period, as calculated by the
Calculation Agent;

	(i)
	the
scheduled and unscheduled payments of principal on the Loans forming part of the Assets of the Fund during that Calculation Period;

	(j)
	the
aggregate Face Value of the Loans forming part of the Assets of the Fund as at the last day of that Calculation Period;

	(k)
	the
Aggregate Loss Amount (if any) for that Calculation Period;

	(l)
	the
Charge-offs and Unreimbursed Charge-offs (if any) in relation to each Class A Bond on the Payment Date in relation to that Calculation Period; and

	(m)
	delinquency
and loss statistics with respect to the Loans forming part of the Assets to the Fund during that Calculation Period. 

97

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Bond Trust Deed

Table of Contents

PERMANENT CUSTODIANS LIMITED

PERMANENT CUSTODIANS LIMITED

CERTIFICATE OF AUTHENTICATION

ARMS II GLOBAL FUND I

ARMS II GLOBAL FUND I

ARMS II GLOBAL FUND I

ARMS II GLOBAL FUND IQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.1  

        

  

Master Origination & Servicing

Agreement  

for the 

ARMS II Program

   

Date:  7 March 1995

 

  

Permanent Custodians Limited  

The Trustee

  

Australian Mortgage Securities Limited  

AMS 

 
 

TABLE OF CONTENTS    
    

	Clause
 
	 
	 	Page

	1.	DEFINITIONS AND INTERPRETATION	 	1
	

1.1	

Definitions	
 	

1
	1.2	Interpretation	 	4
	1.3	Liability of Trustee	 	5
	
2.	

MASTER SERVICER	
 	

5
	

2.1	

General	
 	

5
	2.2	Agreed Procedures	 	6
	
3.	

STATUS OF MASTER SERVICER	
 	

6
	
4.	

ORIGINATION PROCEDURES	
 	

6
	

4.1	

Making of Origination Proposals	
 	

6
	4.2	Form of Origination Proposals	 	6
	4.3	Implementation of Agreed Procedures	 	6
	
5.	

GENERAL MANAGEMENT OF MORTGAGES	
 	

6
	

5.1	

Required Degree of Skill and Care	
 	

6
	5.2	Exercise of Powers	 	6
	
6.	

DELEGATION	
 	

7
	

6.1	

Power to Delegate	
 	

7
	6.2	Terms of Delegation	 	7
	6.3	Termination of Delegation	 	7
	6.4	Liability for Delegates	 	7
	6.5	No Liability for Certain Delegates	 	7
	
7.	

UNDERTAKINGS OF MASTER SERVICER	
 	

7
	

7.1	

Master Servicer will Account to Trustee for Moneys Received	
 	

7
	7.2	Trustee to Receive Mortgage Money	 	7
	7.3	Master Servicer to keep Trust Assets Separate	 	8
	7.4	Maintenance of Records	 	8
	7.5	Records Property of Trustee	 	8
	7.6	Availability of Master Servicer's Records and Other Information	 	8
	7.7	Compliance with Laws	 	8
	7.8	Custody of Documents	 	9
	7.9	Master Servicer's Judgment	 	9
	
8.	

REPORTING	
 	

9
	

8.1	

Periodic Reports	
 	

9
	8.2	Other Information	 	9
	
9.	

DEFAULT PROCEDURES	
 	

9
	

9.1	

Procedures on Default	
 	

9
	9.2	Master Servicer to Comply with Directions	 	10
	9.3	Master Servicer May Incur Costs	 	10
	 	 	 	 

 

	  9.4	Trustee to Facilitate Enforcement	 	10
	  9.5	Legal Proceedings in Name of Trustee	 	10
	  9.6	Mortgage Insurance Claims	 	10
	  9.7	Appointment of Professional Advisers	 	10
	
10.	

PROPERTY INSURANCE	
 	

10
	
11.	

REIMBURSEMENT OF MASTER SERVICER	
 	

11
	

11.1	

Master Servicer to Bear Own Costs	
 	

11
	11.2	Master Servicer to Indemnify Trustee for Costs	 	11
	11.3	Reimbursement of Master Servicer	 	11
	
12.	

REPRESENTATIONS AND WARRANTIES	
 	

11
	

12.1	

Regarding Mortgages	
 	

11
	12.2	Regarding the Master Servicer	 	11
	12.3	Trustee's Reliance on Representations and Warranties	 	13
	
13.	

INDEMNITY	
 	

13
	
14.	

AGREED PROCEDURES	
 	

13
	

14.1	

Acknowledgement	
 	

13
	14.2	Changes to Agreed Procedures	 	13
	14.3	Documenting of Changes	 	14
	14.4	Inconsistency	 	14
	
15.	

MASTER SERVICER'S FEES	
 	

14
	

15.1	

Servicing Fee	
 	

14
	15.2	Other Master Servicer Fees	 	14
	
16.	

TERMINATION	
 	

14
	

16.1	

Termination by Trustee	
 	

14
	16.2	Termination by Master Servicer	 	15
	16.3	No Termination by Master Servicer Unless Successor Appointed	 	15
	16.4	Effect of Termination	 	15
	16.5	Survival of Obligations	 	15
	
17.	

ASSIGNMENTS	
 	

16
	

17.1	

By Master Servicer	
 	

16
	17.2	By Trustee	 	16
	
18.	

NOTICES	
 	

16
	
19.	

MISCELLANEOUS	
 	

17
	

19.1	

Governing Law	
 	

17
	19.2	Jurisdiction	 	17
	19.3	Severability of Provisions	 	17
	19.4	Counterparts	 	19

ii

        [SEAL] 

AGREEMENT made in Sydney on 7 March 1995 

	BETWEEN	 	PERMANENT CUSTODIANS LIMITED, ACN 001 334 636 of 23-25 O'Connell Street, Sydney NSW 2000 (the "Trustee")
	
AND	
 	
AUSTRALIAN MORTGAGE SECURITIES LIMITED, ACN 003 072 446 of Level 15, AMP Centre, 50 Bridge Street, Sydney, NSW, 2000 ("AMS")

RECITAL  

Until
it is terminated, this Agreement is the Master Origination and Servicing Agreement referred to as such in the Master Trust Deed for the ARMS II Funds dated on or about the date of this Agreement
made between the Trustee and Australian Mortgage Securities Limited as Trust Manager. 

IT IS AGREED:  

1.    DEFINITIONS AND INTERPRETATION  

1.1    Definitions  

The
following words and expressions have the following meanings when used in this Agreement: 

"Agreed Procedures" means all procedures, policies, criteria and guidelines relating to the acquisition, origination, management and servicing of the
Mortgages agreed between the Trustee and the Master Servicer from time to time. The initial Agreed Procedures are set out in the document entitled "ARMS II Programme—Agreed Procedures
dated on or about the date of this Agreement, and initialled by the parties for identification purposes. 

"Approved Solicitor" means a solicitor or other person approved in accordance with the Agreed Procedures to act for the Trustee in relation to settling
Mortgages, as contemplated by this Agreement. 

"Approved Valuer" means a person approved in accordance with the Agreed Procedures to act for the Trustee in valuing Properties, as contemplated by this
Agreement. 

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

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

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

"Bond" means, in relation to a Fund, a debt security issued or to be issued by the Trustee as trustee of that Fund under and in accordance with the
Master Trust Deed. 

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

"Defaulting Mortgage" means a Mortgage in respect of which an Event of Default has occurred which has not been remedied to the satisfaction of the
Master Servicer or waived by or on behalf of the Trustee. 

 

"Delegate" means any person from time to time appointed by the Master Servicer as its attorney, agent or contractor to exercise any of the powers or
perform any of the obligations or functions of the Master Servicer under this Agreement. 

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

"Due Date" means, in relation to a Mortgage Instalment, the date upon which the relevant Mortgagor is due to pay that Mortgage Instalment in accordance
with the relevant Mortgage. 

"Enhancement" means any security, support, rights or benefits in support of or substitution for payments due under or in respect of an Asset of a Fund,
or payable by the Trustee under the Bonds. 

"Event of Default" means, in relation to a Mortgage, any event which entitles the Trustee as mortgagee to demand immediate repayment of the money
secured by that Mortgage and to enforce that Mortgage. 

"Event of Insolvency" means, in relation to a person, any of the following events: 

	(a)
	the
relevant person goes into liquidation;

	(b)
	a
receiver, receiver and manager or administrator is appointed in respect of the person or any of its assets thereof (except, in the case of the Trustee, where such an appointment is
made in relation to another trust of which it is the trustee);

	(c)
	the
person ceases to carry on business; or

	(d)
	the
person is unable to pay all of its debts, as and when they fall due, is deemed to be unable to do so under any applicable law, or admits in writing that it is unable to do so. 

"Face Value" means in relation to a Mortgage and at any time, the principal amount of the Loan secured by that Mortgage outstanding at that time. 

"Fund" means each individual trust fund created pursuant to the Master Trust Deed. 

"Government Body" means: 

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

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

"Guarantor" means, in relation to a Mortgage, any person (other than the Mortgagor) who has executed a Collateral Security in favour of the Trustee. 

"Interest Hedge" means any futures contract, option agreement, hedge, swap, cap, forward rate agreement or other arrangement in relation to interest
rates entered into by the Trustee. 

"Issue Notice" means a notice given by the Trust Manager to the Trustee under the Master Trust Deed requiring the Trustee to issue Bonds in accordance
with the Master Trust Deed. 

"Law" means any law, regulation, rule, ordinance, by-law, statutory instrument or order of the Commonwealth of Australia, any State or Territory, or any
local or municipal council or body. 

"Loan" means a loan or other form of financial accommodation secured by a Mortgage. 

"Loan Application" means an application by a prospective Mortgagor for a Loan. 

"Master Servicer" means AMS. 

2

 

"Master Trust Deed" means the Master Trust Deed dated on or about the date of this Agreement made between the Trustee and the Trust Manager pursuant to
which a series of separate trusts are to be established, to be called collectively the ARMS II Funds (or such other name as the Trustee and the Trust Manager may from time to time agree). 

"Mortgage" means a registered (or pending registration, registrable) mortgage over land situated in any Australian Jurisdiction which is: 

	(a)
	originated
and settled by the Master Servicer on behalf of the Trustee in accordance with this Agreement; or

	(b)
	acquired
by the Trustee as an Authorised Investment of a Fund. 

"Mortgage Document" means in relation to a Mortgage: 

	(a)
	that
Mortgage;

	(b)
	each
Secured Agreement relating to that Mortgage;

	(c)
	each
Collateral Security relating to that Mortgage;

	(d)
	each
Property Insurance relating to that Mortgage;

	(e)
	each
Enhancement, to the extent it relates to that Mortgage;

	(f)
	each
Interest Hedge to the extent it relates to that Mortgage;

	(g)
	each
Mortgage Insurance Policy, to the extent it relates to that Mortgage; and

	(h)
	any
other document or agreement which is agreed between the Trustee and the Master Servicer to be a Mortgage Document for the purposes of this Agreement. 

"Mortgage Instalment" means all or any part of any amount of principal or interest payable by a Mortgagor under or secured by a Mortgage on a periodic
basis. It does not include any amount which
becomes due and payable upon or after the acceleration of the repayment of the principal amount of a Loan following the occurrence of an Event of Default under that Mortgage. 

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

"Mortgagor" means the mortgagor under a Mortgage. 

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

"Periodic Reports" means all reports, information and data which the Master Servicer is required by the Agreed Procedures to give to the Trustee on a
regular or periodic basis. 

"Portfolio of Mortgages" has the same meaning as in the Master Trust Deed. 

"Power" means, in relation to a Mortgage Document any right, power or discretion conferred on the Trustee or the Trust Manager by that Mortgage Document
or by any Law. 

"Programme" means the programme for the establishment of the ARMS II Funds under the Master Trust Deed, the issue of Bonds (as defined in and in the
manner contemplated by the Master Trust Deed) and the origination of Loans secured by Mortgages in accordance with the Master Trust Deed. 

"Property" means, in relation to a Mortgage, the property the subject of that Mortgage. 

3

 

"Property Insurances" means, in relation to a Mortgage, all insurance policies which a Mortgagor maintains, or is required to maintain under that
Mortgage. 

"Rating Agency" means Moody's Investors Services Pty Limited, Standard & Poor's Australia Pty Limited (trading as Standard & Poor's
Ratings Group) or any other recognised rating agency designated from time to time in writing by the Trust Manager to the Trustee. 

"Secured Agreement" means, in relation to a Mortgage, any document or agreement under which any money secured by that Mortgage is or may become
outstanding. 

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

"Solicitor's Certificate" means, in relation to a Mortgage, a certificate from an Approved Solicitor addressed to the Trustee and the Master Servicer
relating to the origination of that Mortgage and the Property, such certificate to be in the form required from time to time by the Agreed Procedures. 

"Trust Manager" means AMS or such other person who is from time to time appointed as the Trust Manager in accordance with and for the purposes of the
Master Trust Deed. 

"Uniform Consumer Credit Legislation" means, in relation to any State or Territory of Australia, the legislation proposed to be enacted in that State or
Territory in the manner contemplated by the agreement entitled Australian Uniform Credit Laws Agreement 1993 entered into between the States and Territories of Australia, or (as the case may be) that
legislation as enacted. 

"Valuation" means, in relation to a Mortgage, a valuation of the Property, prepared by an Approved Valuer and in a form which complies with the Agreed
Procedures. 

1.2    Interpretation  

In
this Agreement unless the context indicates a contrary intention: 

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

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

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

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

	(e)
	the
expression "certified" by a corporation or person means certified in writing by 2 Authorised Signatories of the corporation or by
that person respectively and "certify" and like expressions shall be construed accordingly;

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

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

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

4

 

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

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

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

	(l)
	"month" means calendar month;

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

	(n)
	a
reference to "settlement" of a Mortgage includes the acquisition of that Mortgage by the Trustee as an Authorised Investment of a
Fund. 

1.3    Liability of Trustee  

	(a)
	The
Trustee has no personal liability in relation to any of its obligations under or arising out of this Agreement.

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

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

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

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

	(g)
	For
the purposes of this clause 1.4, "Final Judgment" means a judgment of a court of law in Australia against which there can be
no appeal or in relation to which the time to appeal has expired. 

2.    MASTER SERVICER  

2.1    General  

This
Agreement sets out the terms and conditions upon which the Master Servicer agrees to exercise certain powers and discretions and perform certain obligations in relation to the origination and
management of Loans and Mortgages. 

5

   2.2    Agreed Procedures  

In
exercising its powers and performing its obligations under this Agreement, the Master Servicer must comply and act in accordance with the Agreed Procedures in all respects. 

3.    STATUS OF MASTER SERVICER  

The
Master Servicer must indemnify the Trustee for all costs, losses, damages, claims and expenses suffered or incurred by the Trustee as a result of the Master Servicer, or any employee, agent or
other person engaged by the Master Servicer being, or being held to be, the agent, partner or employee of the Trustee. 

4.    ORIGINATION PROCEDURES  

4.1    Making of Origination Proposals  

The
Master Servicer must from time to time give to the Trustee written proposals for the investment of the assets of the Funds in Loans upon the security of Mortgages, and for the sale, transfer or
other realisation of or dealing with any such Loans or Mortgages. 

4.2    Form of Origination Proposals  

A
proposal made by the Master Servicer under clause 4.1 must be in the form, contain the information, be accompanied by the documents, and be made in accordance with: 

	(a)
	the
Agreed Procedures;

	(b)
	any
relevant Mortgage Insurance Policy; and

	(c)
	clause 11
of the Master Trust Deed. 

4.3    Implementation of Agreed Procedures  

If
the Trustee, acting on a recommendation by the Master Servicer in a proposal under clause 4.1, accepts the proposal, the Master Servicer must take all action which it is required to take in
implementing that proposal under the Agreed Procedures and any relevant Enhancement. In doing so, the Master Servicer must use the same degree of skill and care as would be used by a responsible and
prudent mortgagee. 

5.    GENERAL MANAGEMENT OF MORTGAGES  

5.1    Required Degree of Skill and Care  

The
Master Servicer must manage each Mortgage using the same degree of skill and care as would be used by a responsible and prudent mortgagee and in accordance with: 

	(a)
	this
Agreement;

	(b)
	the
requirements of any Enhancement relating to or covering that Mortgage; and

	(c)
	the
Agreed Procedures. 

5.2    Exercise of Powers  

The
Master Servicer must exercise all of the Powers and perform all of the obligations and functions of the Mortgagee under the Mortgages, including corresponding with the Mortgagors, 

6

 

preparing
and sending out statements of account to Mortgagors, and enforcing the Mortgages in accordance with this Agreement. 

6.    DELEGATION  

6.1    Power to Delegate  

The
Master Servicer may, in exercising its powers and performing its functions and obligations under this Agreement, appoint any person as its Delegate from time to time. 

6.2    Terms of Delegation  

Any
appointment of a Delegate may be for such purposes, with such powers (not exceeding those conferred on the Master Servicer by this Agreement) and on such terms as the Master Servicer thinks fit. 

6.3    Termination of Delegation  

The
Master Servicer may suspend, revoke or terminate the appointment of any Delegate (subject to the terms of that appointment). 

6.4    Liability for Delegates  

Subject
to clause 6.5, the Master Servicer shall continue to be liable to the Trustee for the acts or omissions of any Delegate. 

6.5    No Liability for Certain Delegates  

The
Master Servicer shall have no liability for the acts or omissions of any Approved Solicitor, Approved Valuer or other professional adviser appointed by the Master Servicer in accordance with this
Agreement provided that: 

	(a)
	any
such person is appointed in accordance with the Agreed Procedures; and

	(b)
	the
terms of such appointment are such that each such person is appointed to act for the Trustee and is directly liable to the Trustee for its acts or omissions in acting as an
Approved Solicitor or Approved Valuer (as the case may be). 

7.    UNDERTAKINGS OF MASTER SERVICER  

7.1    Master Servicer will Account to Trustee for Moneys Received  

The
Master Servicer must immediately (and in any event within one Business Day of receipt) pay to the Trustee all money which it receives under or in connection with any Mortgage Document or as a
result of or in connection with the exercise of any Power under any Mortgage Document. 

7.2    Trustee to Receive Mortgage Money  

The
Master Servicer must ensure that, except and to the extent expressly provided in this Agreement or the Agreed Procedures, all money: 

	(a)
	paid
or payable under or in connection with any Mortgage Document; or

	(b)
	received,
receivable or realised following the exercise of any Power relating to a Defaulting Mortgage, 

7

 

is
paid to the Trust Account for the Fund to which that money relates or in respect of which that money was paid, received or realised. 

7.3    Master Servicer to keep Trust Assets Separate  

The
Master Servicer must keep any Assets of any Fund which it holds from time to time separate from any other property belonging to or held by the Master Servicer. 

7.4    Maintenance of Records  

The
Master Servicer must keep accounting and other records which correctly record and explain: 

	(a)
	the
origination and settlement of each Mortgage;

	(b)
	the
entering into of all Mortgage Documents entered into in connection with each Mortgage;

	(c)
	all
payments made and received by or on behalf of the Trustee under each Mortgage Document;

	(d)
	all
action taken in the exercise of any Power; and

	(e)
	the
financial position at any time in relation to each Mortgage in a manner which will enable the preparation from time to time of accounts and other financial statements in
accordance with the requirements of all applicable Laws and otherwise in such form as the Trustee from time to time requires. 

These
accounting and other records must be kept in such form and using such data storage, access and retrieval methods as are set out in the Agreed Procedures. 

7.5    Records Property of Trustee  

All
accounting and other records kept by the Master Servicer under clause 7.4 are the property of the Trustee, and the Master Servicer must deliver all such records to the Trustee promptly upon
termination of this Agreement. 

7.6    Availability of Master Servicer's Records and Other Information  

The
Master Servicer must: 

	(a)
	(Produce Books): make available for inspection by the Trustee or any person authorised by it, during normal business hours and upon
reasonable notice all books and records maintained by the Master Servicer under or for the purposes of this Agreement;

	(b)
	(Take Copies): permit the Trustee to take copies of those books and records, using the Master Servicer's copying and other office
equipment and at no cost to the Trustee; and

	(c)
	(Provide Information): give to the Trustee or any person authorised by it such written or oral information as any such person requires
with respect to all matters relating to the performance by the Master Servicer of its obligations under this Agreement. 

7.7    Compliance with Laws  

The
Master Servicer must comply with all Laws in performing its obligations under this Agreement, including (without limitation): 

	(a)
	those
relating to or regulating the engaging in of misleading, deceptive and unconscionable conduct; and

	(b)
	the
Uniform Credit Legislation. 

8

 

7.8    Custody of Documents  

The
Master Servicer must promptly deliver to the Trustee all Mortgage Documents which come into its possession, except to the extent that the Trustee: 

	(a)
	consents
to the Master Servicer holding them; or

	(b)
	delivers
to the Master Servicer any Mortgage Documents, for the purposes of enabling or facilitating the performance by the Master Servicer of its obligations under this Agreement. 

7.9    Master Servicer's Judgment  

The
Master Servicer must (upon and subject to the terms of this Agreement) exercise its own judgment, skill and discretion in performing its obligations under this Agreement. 

8.    REPORTING  

8.1    Periodic Reports  

The
Master Servicer must deliver to the Trustee the Periodic Reports at the times and in the form required from time to time by the Agreed Procedures. 

8.2    Other Information  

The
Master Servicer must deliver to the Trustee such information as the Trustee may from time to time reasonably request, including information relating to: 

	(a)
	the
performance by the Master Servicer of its obligations under this Agreement;

	(b)
	the
Mortgages and any other Mortgage Documents;

	(c)
	the
exercise by the Master Servicer of its rights under this Agreement; and

	(d)
	the
performance by the Master Servicer of its obligations under this Agreement. 

9.    DEFAULT PROCEDURES  

9.1    Procedures on Default  

The
Master Servicer must, subject to clause 9.5, take such action following the occurrence of an Event of Default, and enforce the Powers (including by taking legal proceedings) in respect of any
Defaulting Mortgage in such manner as: 

	(a)
	the
Master Servicer reasonably considers necessary to:

	(i)
	remedy
that Event of Default;

	(ii)
	recover
the money secured by that Defaulting Mortgage; and

	(iii)
	protect
and preserve the rights of the Trustee as mortgagee and the interests of Bondholders under the Master Trust Deed and Security Trust Deed; and

	(b)
	is
required to ensure that any losses suffered in relation to that Mortgage which are, or are required to be insured under a Mortgage Insurance Policy are able to be claimed under
that Mortgage Insurance Policy. 

9

 

9.2    Master Servicer to Comply with Directions  

The
Trustee may (but shall not be obliged to) give directions and instructions to the Master Servicer as to the action to be taken pursuant to clause 9.1. The Master Servicer must comply with
any such directions and instructions. 

9.3    Master Servicer May Incur Costs  

Without
limiting clauses 9.1 and 9.2, the Master Servicer may, subject to clause 9.6 and provided that it obtains any consents required under and complies with the relevant Mortgage Insurance Policy,
take any action which the Trustee as mortgagee is entitled to take under a Defaulting Mortgage and incur such expenses as the Master Servicer reasonably considers necessary for the purposes of doing
so, including retaining solicitors, valuers, builders and other appropriately qualified professionals or experts. 

9.4    Trustee to Facilitate Enforcement  

The
Trustee must do all things which the Master Servicer reasonably requests to enable the Master Servicer to perform its obligations under this clause 9. 

9.5    Legal Proceedings in Name of Trustee  

In
exercising its powers and performing its obligations under this Agreement, the Master Servicer must not commence legal proceedings in the name of the Trustee without the prior written consent of
the Trustee. 

9.6    Mortgage Insurance Claims  

The
Master Servicer must, on behalf of the Trustee, take all action available to it to claim any amount payable under any Mortgage Insurance Policy promptly upon the Trustee becoming entitled to make
such a claim. 

9.7    Appointment of Professional Advisers  

The
Master Servicer may engage, and incur reasonable expenses in relation to, any valuers, solicitors, barristers, accountants, surveyors, property advisers, real estate agents, contractors and such
other appropriately qualified professional advisers as may be necessary, usual or desirable for the purpose of enabling the Master Servicer to be fully and properly advised and informed, in order that
it may properly exercise its powers and perform its obligations under this Agreement. 

10.    PROPERTY INSURANCE  

The
Master Servicer must: 

	(a)
	ensure
that the relevant Mortgagor takes out and uses reasonable endeavours to ensure that the relevant Mortgagor maintains all Property Insurances under the relevant Mortgage;

	(b)
	ensure
that the interest of the Trustee as mortgagee is noted on all Property Insurances;

	(c)
	if
that Mortgagor does not pay any premiums payable in respect of any Property Insurances or for any reason any of the Property Insurances are cancelled, terminated or lapse, promptly
upon becoming aware of the same, exercise the Power under that Mortgage to pay those premiums or (as the case may be) to take out and maintain Property Insurances in respect of that Mortgage and the
Property subject to it; 

10

  

	(d)
	promptly
notify the Trust Manager upon becoming aware that any Property Insurance lapses without renewal or is cancelled or terminated; and

	(e)
	not
settle or compound any claim under any Property Insurance unless it has obtained the prior written approval of the Trustee, and if required under the terms of any Enhancement, the
provider of that Enhancement, and must comply with any instructions given by the Trustee with respect to the settlement or conduct of any such claim. 

11.    REIMBURSEMENT OF MASTER SERVICER  

11.1    Master Servicer to Bear Own Costs  

The
Master Servicer must pay all costs and expenses of performing its obligations under this Agreement, and is not entitled to reimbursement or compensation from the Trustee except to the extent
expressly stated in this Agreement. 

11.2    Master Servicer to Indemnify Trustee for Costs  

The
Master Servicer must indemnify the Trustee on demand for all stamp duty, taxes, registration and similar fees and charges payable on or in connection with any Secured Agreement, which are payable
by the relevant Mortgagor under that Secured Agreement, and which are not paid by that Mortgagor. 

11.3    Reimbursement of Master Servicer  

	(a)
	The
Trustee must reimburse the Master Servicer from money received by the Trustee under clause 7.2 for all costs, expenses and disbursements incurred in the performance of its
obligations under clauses 9, 10, and 11.2, any appointment under clause 9.9, and in the exercise of any Power:

	(i)
	if
such costs, expenses and disbursements are paid by the Mortgagor in accordance with its obligations under a Mortgage, from the proceeds of such payment; and

	(ii)
	otherwise
in accordance with provisions of that Mortgage providing for the order of application of money received as a result of the exercise of a Power under that
Mortgage (as though such costs, expenses or disbursements had been incurred by the Trustee as mortgagee).

	(b)
	The
Trustee must pay to the Master Servicer:

	(i)
	the
amount of any interest which the Trustee receives from the relevant Mortgagor in respect of any amount which is reimburseable to the Master Servicer under paragraph
(a)(i) above; and

	(ii)
	interest
on any amount reimburseable to the Master Servicer under paragraph (a)(ii) above at the rate paid by the relevant Mortgagor under the relevant Mortgage
in accordance with the provisions of that Mortgage providing for the order of application of money received as a result of the exercise of a Power under that Mortgage (as though such interest were an
expense of the Trustee in enforcing that Mortgage). 

12.    REPRESENTATIONS AND WARRANTIES  

12.1    Regarding Mortgages  

The
Master Servicer represents and warrants to the Trustee that except as disclosed to the Trustee in writing, and approved or waived by the Trustee on or prior to the settlement or acquisition of a 

11

 

Mortgage,
the following matters will be true and correct in all material respects in relation to that Mortgage: 

	(a)
	(Approved Solicitor): the Master Servicer instructed an Approved Solicitor, in accordance with clause 4 and the Agreed Procedures to
act for the Trustee in relation to that Mortgage;

	(b)
	(Solicitor's Certificate): before or at the time of settlement of that Mortgage, the Approved Solicitor instructed in relation to that
Mortgage gave a Solicitor's Certificate which complied with the Agreed Procedures;

	(c)
	(Mortgage Documents): each Mortgage Document relating to that Mortgage is and will at all times be, in all material respects, in the
form required by the Agreed Procedures, and the Master Servicer will not agree to any amendment, variation or waiver of any Mortgage Document except as specifically permitted by and in accordance with
this Agreement or the Agreed Procedures;

	(d)
	(Property Insurance): the Property is insured in accordance with the requirements of the Mortgage;

	(e)
	(Mortgage Insurance): the Mortgage is covered by a Mortgage Insurance Policy;

	(f)
	(Loan Application): the Mortgagor's Loan Application is substantially in the form required by the Agreed Procedures, has been fully
investigated by the Master Servicer in accordance with the Agreed Procedures, and the Master Servicer is satisfied that all statements and information contained in it are correct in all material
respects;

	(g)
	(Credit Act): in the case of a Mortgage entered into in any State or Territory of the Commonwealth of Australia before the coming into
force in that State or Territory of the Uniform Consumer Credit Legislation, none of the Mortgage Documents relating to that Mortgage is a Regulated Mortgage, as defined in Section 5 of the Credit Act
1984 (NSW) or the corresponding legislation of any other Australian jurisdiction;

	(h)
	(Adverse Circumstances): the Master Servicer is not aware of any circumstances relating to the Mortgage, the Property, the Mortgagor or
any Guarantor which could reasonably be expected to cause a prudent investor to:

	(i)
	regard
the Mortgage as an unacceptable investment;

	(ii)
	expect
the Mortgagor to default under the Mortgage; or

	(iii)
	diminish
the value or marketability of the Property from that stated in the Valuation;

	(i)
	(Agreed Procedures): the Agreed Procedures have been fully complied with in relation to that Mortgage; and

	(j)
	(Representations and Warranties): to the best of the Master Servicer's knowledge, all representations and warranties made by the
Mortgagor and any Guarantor in the Mortgage Documents relating to that Mortgage are true. 

12.2    Regarding the Master Servicer  

The
Master Servicer represents and warrants to the Trustee that: 

	(a)
	(Legally binding obligation): this Agreement constitutes its valid and legally binding obligations in accordance with its terms;

	(b)
	(No Violation): the execution, delivery and performance of this Agreement does not violate its Memorandum and Articles of Association,
any existing Law, or any document or agreement to which it is a party or which is binding upon it or any of its assets; 

12

 

	(c)
	(Authorisations): all consents, licences, approvals and authorisations of every government authority required to be obtained by it in
connection with the execution, delivery and performance of this Agreement have been obtained and are valid and subsisting;

	(d)
	(Due incorporation): it is duly incorporated and has the corporate power to own its own property and to carry on its own business as it
is now being conducted; and

	(e)
	(Corporate power): it has the power and has taken all corporate and other action required, to enter into this Agreement and to
authorise the execution and delivery of this Agreement and the performance of its obligations under it. 

12.3    Trustee's Reliance on Representations and Warranties  

The
Master Servicer: 

	(a)
	acknowledges
that:

	(i)
	the
Trustee enters into this Agreement; and

	(ii)
	the
Trustee will enter into Mortgages and advance money on the security of Mortgages, 

in
each case in reliance on the representations and warranties set out in clauses 12.1 and 12.2; and 

	(b)
	agrees
to indemnify the Trustee on demand for all damages, claims, losses, costs and expenses which it may suffer or incur as a result of or in connection with any breach of those
representations and warranties. 

13.    INDEMNITY  

The
Master Servicer must indemnify the Trustee on demand for all liabilities, damages, claims, losses, costs and expenses which it may suffer or incur as a result (direct or indirect) of: 

	(a)
	any
negligence, fraud or breach of duty by the Master Servicer; or

	(b)
	any
breach by the Master Servicer of this Agreement; or

	(c)
	any
breach by the Master Servicer of any representation and warranty contained in this Agreement. 

14.    AGREED PROCEDURES  

14.1    Acknowledgment  

The
Agreed Procedures in force at the date of this Agreement have been initialled by the parties for identification purposes, and each party has a copy as so initialled. 

14.2    Changes to Agreed Procedures  

Either
party (the "proposer") may at any time make proposals to the other party (the "recipient") for
changing the Agreed Procedures. The recipient must consult with the proposer in good faith with a view to agreeing to the proposal. If the proposer is the Master Servicer, the Trustee must agree to
the changes proposed unless the Trustee reasonably considers that the changes would: 

	(a)
	adversely
affect the interests of the Bondholders or the Beneficiary of any Fund;

	(b)
	be
inconsistent with the provisions of any Transaction Document;

	(c)
	cause
the credit rating assigned to any Bonds issued by the Trustee to be downgraded by any Designated Rating Agency; 

13

 

	(d)
	increase
the cost to the Trustee of complying with its obligations under the Transaction Documents; or

	(e)
	increase
the nature or extent of the Trustee's obligations under the Transaction Documents. 

14.3    Documenting of Changes  

Upon
a change to the Agreed Procedures being agreed pursuant to clause 14.2, the Master Servicer will prepare a revised form of Agreed Procedures reflecting that change, which will be initialled by
the Master Servicer and the Trustee for identification purposes. If the Agreed Procedures are in the form of a loose-leaf manual, the revised form may be prepared by replacing only the relevant
pages of that manual with revised pages reflecting the agreed changes, each such page being initialled and dated by the Master Servicer and the Trustee. 

14.4    Inconsistency  

If
there is any inconsistency between this Agreement and the Agreed Procedures, the Agreed Procedures prevail to the extent of the inconsistency. 

15.    MASTER SERVICER'S FEES  

15.1    Servicing Fee  

The
Trustee must pay to the Master Servicer such servicing and other fees as are from time to time agreed between them in relation to the performance by the Master Servicer of its obligations under
this Agreement. In the absence of agreement, the Master Servicer shall not be entitled to any such fees under this Agreement. 

15.2    Other Master Servicer Fees  

The
Master Servicer may charge such application and other fees to applicants for a Loan as it thinks fit from time to time. All such fees will belong to the Master Servicer. 

16.    TERMINATION  

16.1    Termination by Trustee  

The
Trustee may, subject to clause 16.5, terminate this Agreement immediately, by notice in writing to the Master Servicer if: 

	(a)
	the
Master Servicer breaches any of its obligations under this Agreement, and does not remedy that breach within 10 Business Days of a notice from the Trustee requiring the same to be
remedied; or

	(b)
	any
representation or warranty made by the Master Servicer in this Agreement is or proves to be untrue in any material respect and the Master Servicer does not indemnify the Trustee
for all damages, claims, losses, costs and expenses which it suffers or incurs as a result of that breach in accordance with clause 13; or

	(c)
	an
Event of Insolvency occurs in relation to the Master Servicer;

	(d)
	the
Trustee requires AMS to retire as Trust Manager in accordance with clause 13.1 of the Master Trust Deed; or

	(e)
	AMS
ceases to be the Trust Manager, and does not either:

	(i)
	terminate
this Agreement in accordance with clause 16.2; or 

14

 

	(ii)
	enter
into such documents amending or supplementing this Agreement as the Trustee may reasonably require, having regard to the fact that the Master Servicer and the
Trust Manager are no longer the same person. 

16.2    Termination by Master Servicer  

The
Master Servicer may, subject to clause 16.3, terminate this Agreement at any time by not less than three months notice in writing to the Trustee. 

16.3    No Termination by Master Servicer Unless Successor Appointed  

The
Master Servicer must not terminate this Agreement under clause 16.2 unless: 

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

	(b)
	the
appointment of the successor Master Servicer under paragraph (a);

	(i)
	is
approved by the Trustee; and

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

16.4    Effect of Termination  

Upon
termination of this Agreement, the Master Servicer must immediately deliver to the Trustee or as the Trustee directs all books, records, accounts, registers, computer files, documents and records
of any kind kept or brought into existence by the Master Servicer under, for the purposes of or in connection with this Agreement. 

16.5    Survival of Obligations  

The
Master Servicer's obligations under clauses 7.3 and 7.5 will survive termination of this Agreement. Upon termination becoming effective, the Master Servicer will have no further obligations under
this Agreement, but retirement or removal will not affect any of the rights, obligations or liabilities of the Master Servicer accrued or arising before termination becomes effective. 

15

   17.    ASSIGNMENTS  

17.1    By Master Servicer  

	(a)
	(To Related Body Corporate): The Master Servicer may assign or transfer its rights and obligations under this Agreement in whole but
not in part to a related body corporate (as that expression is defined in the Corporations Law) of the Master Servicer provided that:

	(i)
	it
first obtains the written consent of the Trustee, such consent not to be unreasonably withheld or delayed;

	(ii)
	it
executes such documents as the Trustee may reasonably require to give effect to or in connection with that transfer; and

	(iii)
	if
required by the Trustee, the Master Servicer notifies all Mortgagors in writing of the assignment or transfer, either as a condition of the Trustee's consent, or within any
period specified by the Trustee when it gives its consent.

	(b)
	(Otherwise): The Master Servicer must not assign, transfer or dispose of all or any part of its rights under this Agreement without the
prior written consent of the Trustee. The Trustee may grant or withhold that consent in its absolute discretion. 

17.2    By Trustee  

The
Trustee may assign and transfer its rights under this Agreement to a person who succeeds it as Trustee under the Master Trust Deed. The Master Servicer must upon request by the Trustee execute
such documents as the Trustee reasonably requires at the cost of the Trustee to transfer to the successor Trustee the rights and obligations of the Trustee under this Agreement upon it ceasing to hold
the office of Trustee under the Master Trust Deed. 

18.    NOTICES  

Every
Notice: 

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

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

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

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

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

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

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

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

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

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

16

 

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

The Trustee

23-25
O'Connell Street

SYDNEY NSW 2000

By
facsimile: (02) 225 8474 

Attention:
General Manager, Securitisation Trusts 

The Manager

Level
15

AMP Centre

50 Bridge Street

SYDNEY NSW 2000 

By
facsimile: (02) 256 0866 

Attention:
Manager, Operations 

19.    MISCELLANEOUS  

19.1    Governing Law  

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

19.2    Jurisdiction  

Each
of the Trustee and the Master Servicer irrevocably submits to and accepts, generally and unconditionally, the non-exclusive jurisdiction of the courts and appellate courts of the State of New
South Wales with respect to any legal action or proceedings which may be brought at any time relating in any way to this Agreement. 

19.3    Severability of Provisions  

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

17

 

19.4    Counterparts  

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

	 	 	 	 	[STAMP]
	
EXECUTED as an Agreement.	
 	

 	
 	

 
	
SIGNED for and on behalf of	
 	

)	
 	

 
	PERMANENT CUSTODIANS LIMITED

by                        its Attorney under a Power of Attorney
dated                        and who declares that he has not received any notice of the revocation of such Power of Attorney in
the presence of:	 	)

)

)

)

)

)	 	
 (Signature)
	    	 	 	 	 
	    	 	 	 	 
	

 (Signature of Witness)	
 	

 	
 	

 
	    	 	 	 	 
	    	 	 	 	 
	

 (Name of Witness in Full)	
 	

 	
 	

 
	    	 	 	 	 
	    	 	 	 	 
	SIGNED for and on behalf of	 	)	 	 
	AUSTRALIAN MORTGAGE

SECURITIES LIMITED by [ILLEGIBLE] and

[ILLEGIBLE] Valentine its Attorney under a

Power of Attorney dated 2/3/95 and who

declares that he has not received any

notice of the revocation of such Power of

Attorney in the presence of:	 	)

)

)

)

)

)	 	/s/ [ILLEGIBLE]
 (Signature)
	    	 	 	 	 
	

/s/ ROSS [ILLEGIBLE] VALENTINE
 (Signature of Witness)	
 	

 	
 	

 
	    	 	 	 	 
	

/s/ ROSS [ILLEGIBLE] Valentine
 (Name of Witness in Full)	
 	

 	
 	

 

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