Document:

<PAGE>

                                                             SECURITY TRUST DEED

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Chargor)

                                                                    P.T. LIMITED
                                                              (Security Trustee)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                                        WILMINGTON TRUST COMPANY
                                                                  (Note Trustee)

                                              Crusade Global Trust No. 2 of 2003

                                                               The Chifley Tower
                                                                2 Chifley Square
                                                                 Sydney NSW 2000
                                                                       Australia
                                                            Tel  61  2 9230 4000
                                                            Fax  61  2 9230 5333

                                       (C) Copyright Allens Arthur Robinson 2003

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

TABLE OF CONTENTS

1.  DEFINITIONS AND INTERPRETATION                                             1
    1.1      Definitions                                                       1
    1.2      Master Trust Deed definitions and Trust Document amendments       5
    1.3      Interpretation                                                    5
    1.4      Determination, statement and certificate sufficient evidence      6
    1.5      Document or agreement                                             6
    1.6      Rights and obligations of Mortgagees                              6
    1.7      Transaction Document                                              6
    1.8      Chargor as trustee                                                6
    1.9      Knowledge of the Chargor                                          7
    1.10     Knowledge of Security Trustee                                     7

2.  APPOINTMENT OF SECURITY TRUSTEE                                            7
    2.1      The Security Trustee                                              7
    2.2      Resolution of Conflicts                                           7
    2.3      Duration of Trust                                                 8
    2.4      Covenant                                                          8

3.  CHARGE                                                                     8
    3.1      Charge                                                            8
    3.2      Security                                                          8
    3.3      Prospective liability                                             9

4.  NATURE OF CHARGE                                                           9
    4.1      Priority                                                          9
    4.2      Nature of Charge                                                  9
    4.3      Dealing with Mortgaged Property                                   9
    4.4      Crystallisation                                                  10
    4.5      De-crystallisation                                               10

5.  COVENANTS AND WARRANTIES                                                  11
    5.1      Covenant                                                         11
    5.2      Negative covenants                                               11
    5.3      Representations and Warranties                                   12
    5.4      Manager's undertakings                                           13

6.  FURTHER ASSURANCES                                                        13
    6.1      Further assurances                                               13

7.  NOTE TRUSTEE                                                              13
    7.1      Capacity                                                         13
    7.2      Exercise of rights                                               13
    7.3      Instructions or directions                                       14
    7.4      Payments                                                         14
    7.5      Notices                                                          14

8.  EVENTS OF DEFAULT                                                         14
    8.1      Events of Default                                                14

--------------------------------------------------------------------------------
                                                                          Page i

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

    8.2      Rights of the Security Trustee upon Event of Default             15
    8.3      Notify Events of Default                                         16

9.  ENFORCEMENT                                                               16
    9.1      Power to enforce                                                 16
    9.2      No obligation to enforce                                         16
    9.3      Obligation to convene meeting                                    16
    9.4      Security Trustee to act in accordance with directions            17
    9.5      Security Trustee must receive indemnity                          18
    9.6      Limitation on rights of Mortgagees                               18
    9.7      Immaterial waivers                                               18
    9.8      Acts pursuant to resolutions                                     19
    9.9      Overriding provision                                             19

10. APPOINTMENT OF RECEIVER                                                   19
    10.1     Appointment                                                      19
    10.2     Agent of Chargor                                                 19
    10.3     Receiver's powers                                                20
    10.4     Receiver appointed after commencement of winding up              22
    10.5     Powers exercisable by the Security Trustee                       22
    10.6     Withdrawal                                                       22

11. REMUNERATION OF SECURITY TRUSTEE                                          23
    11.1     Costs                                                            23
    11.2     Fee                                                              23
    11.3     Cessation of Fee                                                 23

12. POWER OF ATTORNEY                                                         23

13. COMPLETION OF BLANK SECURITIES                                            24

14. PERFORMANCE OF CHARGOR'S OBLIGATIONS                                      24

15. STATUTORY POWERS                                                          24
    15.1     Powers in augmentation                                           24
    15.2     Notice not required                                              24

16. APPLICATION OF MONEYS RECEIVED                                            25
    16.1     Priorities                                                       25
    16.2     Moneys actually received                                         26
    16.3     Amounts contingently due                                         26
    16.4     Notice of subsequent Security Interests                          26
    16.5     Satisfaction of debts                                            27
    16.6     Payments into US$ Account                                        27
    16.7     Payments out of US$ Account                                      27
    16.8     Excluded amounts                                                 27
    16.9     Proportionate Sharing                                            28

17. OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY                          29

18. PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY                           29

19. PROTECTION OF THIRD PARTIES                                               29

--------------------------------------------------------------------------------
                                                                         Page ii

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

    19.1     No enquiry                                                       29
    19.2     Receipt                                                          30

20. EXPENSES, INDEMNITY                                                       30
    20.1     Expenses                                                         30
    20.2     Indemnity                                                        31

21. CURRENCY INDEMNITY                                                        31

22. STAMP DUTIES                                                              31

23. INTEREST ON OVERDUE AMOUNTS                                               32
    23.1     Accrual                                                          32
    23.2     Payment                                                          32
    23.3     Rate                                                             32

24. CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.                          32

25. SURVIVAL OF REPRESENTATIONS                                               32

26. INDEMNITY AND REIMBURSEMENT OBLIGATIONS                                   33

27. CONTINUING SECURITY                                                       33

28. OTHER SECURITIES                                                          33

29. DISCHARGE OF THE CHARGE                                                   33
    29.1     Release                                                          33
    29.2     Contingent liabilities                                           33
    29.3     Charge reinstated                                                34

30. AMENDMENT                                                                 34
    30.1     Approval of Manager                                              34
    30.2     Extraordinary Resolution of Voting Mortgagees                    34
    30.3     Distribution of amendments                                       35

31. LIABILITY                                                                 35
    31.1     Limitation of liability                                          35
    31.2     Rights against Mortgaged Property preserved                      36
    31.3     Obligation Express                                               36
    31.4     Advice from Professional Advisers                                36

32. WAIVERS, REMEDIES CUMULATIVE                                              37

33. CONSENTS AND OPINION                                                      37

34. SEVERABILITY OF PROVISIONS                                                37

35. MORATORIUM LEGISLATION                                                    37

36. ASSIGNMENTS                                                               38

37. NOTICES                                                                   38

38. RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE                            39
    38.1     Instructions; extent of discretion                               39
    38.2     No obligation to investigate authority                           39
    38.3     Delegation                                                       39

--------------------------------------------------------------------------------
                                                                        Page iii

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

    38.4    Reliance on documents and experts                                 40
    38.5    Notice of transfer                                                40
    38.6    Notice of default                                                 40
    38.7    Security Trustee as Mortgagee                                     40
    38.8    Indemnity to Security Trustee                                     40
    38.9    Independent investigation                                         42
    38.10   No monitoring                                                     42
    38.11   Information                                                       42
    38.12   Conflicts                                                         43
    38.13   No Liability                                                      43

39. RETIREMENT AND REMOVAL OF SECURITY TRUSTEE                                44
    39.1    Retirement                                                        44
    39.2    Removal                                                           44
    39.3    Replacement                                                       44
    39.4    Rating Agencies Approval                                          45

40. MEETINGS OF MORTGAGEES                                                    45
    40.1    Limitation on Security Trustee's powers                           45
    40.2    Convening of meetings                                             45
    40.3    Notice of meetings                                                46
    40.4    Chairman                                                          46
    40.5    Quorum                                                            47
    40.6    Adjournment                                                       47
    40.7    Voting procedure                                                  47
    40.8    Right to attend and speak                                         49
    40.9    Appointment of Proxies                                            49
    40.10   Corporate Representatives                                         49
    40.11   Rights of Representatives                                         50
    40.12   Extraordinary Resolutions                                         50
    40.13   Extraordinary Resolution binding on Mortgagees                    51
    40.14   Minutes and records                                               51
    40.15   Written resolutions                                               51
    40.16   Further procedures for meetings                                   52
    40.17   Note Trustee rights                                               52

41. AUTHORISED SIGNATORIES                                                    53

42. GOVERNING LAW AND JURISDICTION                                            53

43. COUNTERPARTS                                                              53

44. SET-OFF                                                                   53

45. ACKNOWLEDGEMENT BY CHARGOR                                                53

46. INFORMATION MEMORANDUM                                                    54

47. SECURITY TRUSTEE'S LIMITED LIABILITY                                      54
    47.1    Reliance on certificate                                           54
    47.2    Security Trustee's reliance on Manager, Note Trustee or Servicer  54
    47.3    Compliance with laws                                              55

--------------------------------------------------------------------------------
                                                                         Page iv

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

    47.4     Reliance on experts                                              55
    47.5     Oversights of others                                             55
    47.6     Powers, authorities and discretions                              55
    47.7     Impossibility or impracticability                                55
    47.8     Legal and other proceedings                                      56
    47.9     No liability except for negligence etc.                          56
    47.10    Further limitations on Security Trustee's liability              57
    47.11    Conflicts                                                        58
    47.12    Information                                                      58
    47.13    Investigation by Security Trustee                                59

48. PRIVACY                                                                   59

--------------------------------------------------------------------------------
                                                                          Page v

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

DATE                                                                        2003
-------------
PARTIES
-------------

1.       PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of Level
         7, 9 Castlereagh Street, Sydney, New South Wales 2000 in its capacity
         as trustee of the Crusade Global Trust No. 2 of 2003 (the CHARGOR);

2.       P.T. LIMITED (ABN 67 004 454 666) of Level 7, 9 Castlereagh Street,
         Sydney, NSW 2000 (the SECURITY TRUSTEE);

3.       CRUSADE MANAGEMENT LIMITED (ABN 90 070 715 916) of 4-16 Montgomery
         Street, Kogarah, New South Wales 2217 (the MANAGER); and

4.       WILMINGTON TRUST COMPANY of Rodney Square North, 1100 North Market
         Street, Wilmington, Delaware, 19890-0001 (the NOTE TRUSTEE, which
         expression shall, wherever the context requires, include any other
         person or company for the time being a note trustee under the Note
         Trust Deed).

RECITALS
-------------

A.       The Chargor is the trustee, and the Manager is the manager, of the
         Trust.

B.       Under the terms of the Master Trust Deed, the Chargor is authorised to
         enter into this deed to charge the Trust Assets to secure the due and
         punctual performance of the obligations of the Chargor under the Trust
         Documents and the payment in full of the Secured Moneys to the
         Mortgagees.

C.       The Security Trustee enters into this deed for itself and as trustee
         for each other Mortgagee.

D.       The Note Trustee enters into this deed for itself and as trustee for
         each Noteholder.

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

IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION
--------------------------------------------------------------------------------
1.1      DEFINITIONS

         The following definitions apply unless the context requires otherwise.

--------------------------------------------------------------------------------
                                                                          Page 1

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         ATTORNEY means any attorney appointed under this deed or any Collateral
         Security.

         CHARGE means the charge created by this deed.

         CHARGOR'S INDEMNITY means:

         (a)    the Chargor's right of indemnity under the Master Trust Deed
                from the Trust Assets in respect of liabilities incurred by the
                Chargor acting in its capacity as trustee of the Trust; and

         (b)    all equitable liens and other Security Interests which the
                Chargor has over the Trust Assets.

         CHARGE RELEASE DATE means, subject to clause 29.3, the date the
         Security Trustee discharges the Charge and this deed under clause 29.1.

         COLLATERAL SECURITY means any Security Interest, Guarantee or other
         document or agreement at any time created or entered into in favour of
         the Security Trustee as security for any Secured Moneys.

         EVENT OF DEFAULT means any of the events specified in clause 8.

         EXTRAORDINARY RESOLUTION means in relation to the Voting Mortgagees:

         (a)      a resolution passed at a meeting of the Voting Mortgagees duly
                  convened and held in accordance with the provisions contained
                  in this deed by a majority consisting of not less than three
                  quarters of the votes capable of being cast at that meeting by
                  Voting Mortgagees present in person or by proxy; or

         (b)      a resolution in writing pursuant to clause 40.15 signed by all
                  the Voting Mortgagees; and

         (c)      otherwise has the meaning given to it in the Master Trust
                  Deed.

         GUARANTEE means any guarantee, indemnity, letter of credit, legally
         binding letter of comfort or suretyship, or any other obligation or
         irrevocable offer (whatever called and of whatever nature):

         (a)      to pay or to purchase;

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

         (c)      to indemnify against the consequences of default in the
                  payment of; or

         (d)      to be responsible otherwise for,

         an obligation or indebtedness of another person, a dividend,
         distribution, capital or premium on shares, stock or other interests,
         or the insolvency or financial condition of another person.

         LIQUIDATION includes receivership, compromise, arrangement,
         amalgamation, administration, reconstruction, winding up, dissolution,
         assignment for the benefit of creditors, bankruptcy or death.

--------------------------------------------------------------------------------
                                                                          Page 2

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         MASTER TRUST DEED means the Master Trust Deed dated 14 March 1998
         between the Chargor as Trustee, the Manager and St.George.

         MORTGAGED PROPERTY means the property and rights mortgaged or charged
         by this deed or any Collateral Security.

         MORTGAGEE means:

         (a)    the Security Trustee in relation to its rights (held in its own
                right or for the benefit of other Mortgagees) under this deed;

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

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

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

         (e)    any Approved Seller in relation to any relevant Accrued Interest
                Adjustment and Redraws;

         (f)    the Manager in relation to its rights as Manager under the Trust
                Documents for the Trust;

         (g)    the Servicer in relation to its rights as Servicer under the
                Trust Documents for the Trust;

         (h)    any Support Facility Provider in relation to its rights under
                each Support Facility for the Trust (other than a Mortgage
                Insurance Policy) to which it is a party;

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

         (j)    each Paying Agent in relation to its rights under the
                Transaction Documents; or

         (k)    each Note Manager in relation to its rights under the Trust
                Documents.

         NOTEHOLDER MORTGAGEES means, together:

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

         (b)      each A$ Noteholder.

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         on or about the date of this deed issued under the Master Trust Deed in
         relation to the Trust.

         PERSONAL INFORMATION has the meaning given in the Privacy Act 1988
         (Cth).

         POWER means a power, right, authority, discretion or remedy which is
         conferred on the Security Trustee, a Mortgagee or a Receiver or
         Attorney:

         (a)    by this deed or any Collateral Security; or

         (b)    by law in relation to this deed or any Collateral Security.

         RECEIVER means a receiver or receiver and manager appointed under this
         deed or any Collateral Security.

--------------------------------------------------------------------------------
                                                                          Page 3

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         REPRESENTATIVE means:

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

         (b)    in the case of any other Mortgagee, a person who is appointed as
                a proxy for that Mortgagee pursuant to clause 40.9; and

         (c)    without limiting the generality of paragraph (a), in the case of
                a Voting Mortgagee which is a body corporate, a person who is
                appointed pursuant to clause 40.10 by that Mortgagee.

         SECURED MONEYS means all money which the Chargor (whether alone or with
         another person) is or at any time may become actually or contingently
         liable to pay to or for the account of any Mortgagee (whether alone or
         with another person) for any reason whatever under or in connection
         with a Trust Document. Additionally:

         (a)    it includes money by way of principal, interest, fees, costs,
                indemnities, Guarantee, charges, duties or expenses, or payment
                of liquidated or unliquidated damages under or in connection
                with a Trust Document, or as a result of any breach of or
                default under or in connection with, a Trust Document; and

         (b)    where the Chargor would have been liable but for its
                Liquidation, it will be taken still to be liable.

         SETTLOR means Andrew Jinks.

         ST.GEORGE means St.George Bank Limited (ABN 92 055 513 070) of 4-16
         Montgomery Street, Kogarah, New South Wales 2000.

         SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice dated
         on or after the date of this deed relating to the Trust.

         TRUST means the Crusade Global Trust No. 2 of 2003 constituted under
         the Master Trust Deed and the Notice of Creation of Trust.

         TRUST ASSETS means the Assets of the Trust from time to time as defined
         in the Master Trust Deed, and includes the rights of the Chargor under
         the Trust Documents in respect of the Trust and under the Collection
         Account, the Liquidity Account and the US$ Account.

         TRUST DOCUMENT means each of:

         (a)    this deed;

         (b)    the Master Trust Deed;

         (c)    the Supplementary Terms Notice;

         (d)    the Notice of Creation of Trust;

         (e)    the Servicing Agreement in respect of the Trust;

         (f)    the Custodian Agreement in respect of the Trust;

         (g)    each Note;

         (h)    each Support Facility for the Trust;

--------------------------------------------------------------------------------
                                                                          Page 4

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (i)    the Agency Agreement;

         (j)    the Note Trust Deed; or

         (k)    the Subscription Agreements.

         VESTING DATE means the day preceding the earliest of:

         (a)    the 80th anniversary of the date of this deed;

         (b)    the 21st anniversary of the date of the death of the last
                survivor of the lineal descendants of King George V living on
                the date of this deed; and

         (c)    the day after the Charge Release Date.

         VOTING MORTGAGEE means:

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

         (b)    at any other time (subject to clause 40.17):

                (i)        the Note Trustee, acting on behalf of the Class A
                           Noteholders under the Note Trust Deed and clause 7
                           and, if the Note Trustee has become bound to take
                           steps and/or to proceed hereunder and fails to do so
                           within a reasonable time and such failure is
                           continuing, the Class A Noteholders, and then only if
                           and to the extent the Class A Noteholders are able to
                           do so under Australian law; and

                (ii)       each other Mortgagee (other than a Class A
                           Noteholder).

1.2      MASTER TRUST DEED DEFINITIONS AND TRUST DOCUMENT AMENDMENTS

         (a)    Words and expressions which are defined in the Master Trust Deed
                (as amended by the Supplementary Terms Notice) and the
                Supplementary Terms Notice (including in each case by reference
                to another agreement) have the same meanings when used in this
                deed unless the context otherwise requires or unless otherwise
                defined in this deed.

         (b)    Subject to Clause 30, no change to the Master Trust Deed or any
                other document (including the order of payment set out in the
                Supplementary Terms Notice) after the date of this deed will
                change the meaning of terms used in this deed or adversely
                affect the rights of the Security Trustee under this deed unless
                the Security Trustee (subject to clause 40.17(d), with the prior
                written consent of the Noteholder Mortgagees) has agreed in
                writing to the changes.

1.3      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this deed as if set out
         in full and:

         (a)    a reference to an ASSET includes any real or personal, present
                or future, tangible or intangible property or asset and any
                right, interest, revenue or benefit in, under or derived from
                the property or asset;

--------------------------------------------------------------------------------
                                                                          Page 5

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (b)    an Event of Default SUBSISTS until it has been waived in writing
                by the Security Trustee provided that no such waiver will be
                capable of taking effect unless the Security Trustee has first,
                subject to clause 40.17(d), obtained the prior written consent
                of the Noteholder Mortgagees; and

         (c)    a reference to an amount for which a person is CONTINGENTLY
                LIABLE includes an amount which that person may become actually
                or contingently liable to pay if a contingency occurs, whether
                or not that liability will actually arise.

1.4      DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

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

         A reference to:

         (a)    an AGREEMENT includes a Security Interest, Guarantee,
                undertaking, deed, agreement or legally enforceable arrangement
                whether or not in writing; and

         (b)    a DOCUMENT includes an agreement (as so defined) in writing or a
                certificate, notice, instrument or document.

         A reference to a specific agreement or document includes it as amended,
         novated, supplemented or replaced from time to time, except to the
         extent prohibited by this deed.

1.6      RIGHTS AND OBLIGATIONS OF MORTGAGEES

         (a)    Each Mortgagee is entitled to the benefit of the obligations
                (including warranties) of each of the Security Trustee, the
                Chargor and any other person under this deed and any Collateral
                Security.

         (b)    Subject to clause 9.5, no Mortgagee is entitled to enforce this
                deed or any Collateral Security other than through the Security
                Trustee.

         (c)    Each Mortgagee is bound by this deed and each Collateral
                Security.

         (d)    No Mortgagee is responsible for the obligations of the Security
                Trustee or any other Mortgagee.

         (e)    The provisions of this deed are binding on the Security Trustee,
                the Chargor and the Mortgagees and all persons claiming through
                them, respectively.

1.7      TRANSACTION DOCUMENT

         This deed is a TRANSACTION DOCUMENT for the purposes of the Master
         Trust Deed.

1.8      CHARGOR AS TRUSTEE

         In this deed, except where provided to the contrary:

         (a)    a reference to the Chargor is a reference to the Chargor in its
                capacity as trustee of the Trust only, and in no other capacity;
                and

--------------------------------------------------------------------------------
                                                                          Page 6

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (b)    a reference to the assets, business, property or undertaking of
                the Chargor is a reference to the assets, business, property or
                undertaking of the Chargor only in the capacity described in
                paragraph (a) above.

1.9      KNOWLEDGE OF THE CHARGOR

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

1.10     KNOWLEDGE OF SECURITY TRUSTEE

         For the purposes of this deed, the Security Trustee will only be
         considered to have knowledge, notice of or to be aware of any thing if
         the Security Trustee has knowledge, notice or awareness of that thing
         by virtue of the actual knowledge, notice or awareness of the officers
         or employees of the Security Trustee who have day to day responsibility
         for the administration of the security trust established by this deed.

2.       APPOINTMENT OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

2.1      THE SECURITY TRUSTEE

         The Security Trustee:

         (a)    is appointed to act as trustee on behalf of the Mortgagees on
                the terms and conditions of this deed; and

         (b)    acknowledges and declares that it:

                (i)      holds the sum of A$10.00 received on the date of this
                         deed from the Settlor; and

                (ii)     will hold the benefit of the Charge, the Mortgaged
                         Property and the benefit of each of the Trust
                         Documents to which the Security Trustee is a party,

         in each case, on trust for each Mortgagee, in accordance with the terms
         and conditions of this deed.

2.2 RESOLUTION OF CONFLICTS

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

         (b)    Subject to the provisions of this deed, if there is at any time,
                with respect to enforcement, a conflict between a duty owed by
                the Security Trustee to any Mortgagee or class of Mortgagees,
                and a duty owed by it to another Mortgagee or class of
                Mortgagees, the Security Trustee must give priority to the
                interests of the Noteholders (which, in the case of Class A
                Noteholders shall be determined by the Note Trustee acting on
                their behalf (as provided in clause 40.17) or the Class A

--------------------------------------------------------------------------------
                                                                          Page 7

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                Noteholders, as provided herein and in the Note Trust Deed and
                which, in the case of:

                (i)      Class B Noteholders shall be determined by the Class B
                         Noteholders; and

                (ii)     Class C Noteholders shall be determined by the Class C
                         Noteholders,

                in each case as provided herein).

         (c)    Subject to the provisions of this deed (other than paragraph
                (b)), the Security Trustee must give priority to the interests
                only of the Class A Noteholders if, in the Security Trustee's
                opinion (in relation to which in determining the interests of
                the Class A Noteholders, the Security Trustee may rely on the
                instructions given in a resolution passed in a meeting held in
                accordance with clause 40, by Class A Noteholders or their
                Representatives holding Class A Notes representing at least 75%
                of the aggregate Invested Amount of all Class A Notes) there is
                a conflict between the interests of the Class A Noteholders and
                the interests of the Class B Noteholders, the Class C
                Noteholders or the other Mortgagees.

         (d)    Provided that the Security Trustee acts in accordance with
                clause 40 and in good faith, it shall not incur any liability to
                any Mortgagee for giving effect to paragraph (b) or (c).

2.3      DURATION OF TRUST

         The Trust established under this deed commences on the date of this
         deed and ends on the Vesting Date unless determined earlier.

2.4      COVENANT

         The Security Trustee covenants for the benefit of the Approved Seller
         that it will comply with clause 12.4(l)(i) of the Master Trust Deed in
         relation to any Receivable Security or Related Security which the
         Chargor or the Approved Seller has notified in writing to the Security
         Trustee is affected by a Trust Back.

3.       CHARGE
--------------------------------------------------------------------------------

3.1      CHARGE

         (a)    Subject to paragraph (b) the Chargor charges to the Security
                Trustee, for the Security Trustee and as trustee for the
                Mortgagees, all of the present and future Trust Assets and
                undertaking of the Trust.

         (b)    The Charge does not charge any Trust Assets as at the date of
                this deed which at the time of execution of this deed are, or
                are taken under the applicable stamp duties legislation of the
                relevant jurisdiction to be, situated in any State or Territory
                of Australia other than the Australian Capital Territory or the
                Northern Territory.

3.2      SECURITY

         (a)    The security created by this deed secures the due and punctual
                payment of the Secured Moneys.

--------------------------------------------------------------------------------
                                                                          Page 8

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (b)    This deed is given in consideration of the Security Trustee and
                the Mortgagees entering the Trust Documents and for other
                valuable consideration received.

3.3      PROSPECTIVE LIABILITY

         (a)    For the purpose of the Corporations Act 2001 (Cth) the maximum
                prospective liability (as defined in the Corporations Act 2001
                (Cth)) secured by this deed at any time is A$5,000,000,000,000
                and the total amount recoverable under this deed is limited to
                A$5,000,000,000,000 or its equivalent in another currency.

         (b)    The nature of that prospective liability is advances, interest,
                fees, costs, indemnities and other amounts included in the
                definition of SECURED MONEYS.

4.       NATURE OF CHARGE
--------------------------------------------------------------------------------

4.1      PRIORITY

         The Charge is a first charge and takes priority over all Security
         Interests that have been granted over the Mortgaged Property.

4.2      NATURE OF CHARGE

         The Charge operates, subject to clause 4.4, as a floating charge only,
         over all the Mortgaged Property.

4.3      DEALING WITH MORTGAGED PROPERTY

         (a)    Except as expressly permitted in any Trust Document, the Chargor
                shall not, and the Manager shall not direct the Chargor to:

                (i)      create or allow to exist any Security Interest (other
                         than the charge created under this deed) over any
                         Mortgaged Property; or

                (ii)     in any other way:

                         (A)      dispose of;

                         (B)      create or allow any interest in; or

                         (C)      part with possession of,

                         any Mortgaged Property, except, subject to the Trust
                         Documents, any disposal of or dealing with any asset
                         for the time being subject to the floating charge
                         created under this deed in the ordinary course of its
                         ordinary business.

         (b)    Where by law a Mortgagee may not restrict the creation of any
                Security Interest over an asset ranking after the Charge,
                paragraph (a) will not restrict that creation. However, the
                Chargor shall ensure that before that Security Interest is
                created the holder of that Security Interest enters into a deed
                of priority in form and substance specified by the Security
                Trustee.

--------------------------------------------------------------------------------
                                                                          Page 9

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

4.4      CRYSTALLISATION

         The floating charge referred to in clause 4.2 will automatically and
         immediately crystallise and operate as a fixed charge:

         (a)    in respect of any asset:

                (i)      upon the occurrence of an Event of Default;

                (ii)     if the Chargor:

                         (A)     creates or allows any Security Interest
                                 (other than the charge created under this
                                 deed) over;

                         (B)     sells, leases or otherwise disposes of;

                         (C)     creates or allows any interest in; or

                         (D)     parts with possession of,

                         that asset in breach of a Trust Document, or agrees
                         or attempts to do so or takes any step towards doing
                         so;

                (iii)    on the Commissioner of Taxation or his delegate or
                         successor signing a notice under:

                         (A)     section 218 or section 255 of the Income Tax
                                 Assessment Act 1936 (Cth) and the Income Tax
                                 Assessment Act 1997 (Cth);

                         (B)     section 74 of the Sales Tax Assessment Act
                                 1992(Cth);

                         (C)     section 260-5 of the Taxation Administration
                                 Act 1953 (Cth); or

                         (D)     any similar legislation,

                         which will affect that asset; or

                (iv)     on a Government Agency taking any step which may
                         result in an amount of Tax or an amount owing to a
                         Government Agency ranking ahead of the floating charge
                         with respect to that asset; or

         (b)    in respect of all the Mortgaged Property:

                (i)      if an Insolvency Event occurs with respect to the
                         Chargor; or

                (ii)     on the security constituted by this deed being enforced
                         in any way.

         Except where expressly stated, no notice or action by any Mortgagee is
         necessary for the charge to crystallise.

4.5      DE-CRYSTALLISATION

         The Security Trustee must, at the direction of the Manager, at any time
         release any asset which has become subject to a fixed charge under
         clause 4.4 from the fixed charge by notice to the Chargor. That asset
         will then again be subject to the floating charge and to the further
         operation of that clause. The Security Trustee must notify each
         Designated Rating Agency for each Class of Notes of any such release.

--------------------------------------------------------------------------------
                                                                         Page 10

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

5.       COVENANTS AND WARRANTIES
--------------------------------------------------------------------------------

5.1      COVENANT

         (a)    The Chargor acknowledges its indebtedness to each Mortgagee in
                respect of the relevant Secured Moneys. The Chargor shall duly
                and punctually pay the Secured Moneys when due in accordance
                with the Transaction Documents, including in accordance with
                clause 8.2.

         (b)    Subject to the limitations on the obligations and liability of
                the Chargor under the Master Trust Deed and the other
                Transaction Documents, the Chargor shall use its reasonable
                endeavours to ensure that no Event of Default occurs.

         (c)    The Chargor will ensure that it complies with its obligations
                under the Trust Documents.

         (d)    The Chargor will give to the Note Trustee a copy of the
                Register, and to the Security Trustee any information in the
                power or possession of the Chargor relating to the Trust that
                the Security Trustee reasonably requests in connection with the
                exercise and performance of its powers and obligations under
                this deed, including without limitation:

                (i)     the identity, and notice details of, each Mortgagee and
                        Beneficiary;

                (ii)    the amount and details of the Secured Moneys owing to
                        each Mortgagee; and

                (iii)   the amount and details of any Excluded Advances owing to
                        any Mortgagee.

         (e)    The Manager shall cause this deed to be duly stamped and lodged
                for registration with the Australian Securities and Investments
                Commission before it issues a Note.

5.2      NEGATIVE COVENANTS

         The Chargor shall not do, nor shall the Manager direct or cause the
         Chargor to do, any of the following without the prior written consent
         of the Security Trustee (and, subject to clause 40.17(d), the
         Noteholder Mortgagees) and without prior written confirmation from the
         Designated Rating Agency for each Class of Notes of the rating assigned
         to the Notes except as permitted by this deed, the Master Trust Deed or
         the Supplementary Terms Notice for the Trust:

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

                (i)     the Notes;

                (ii)    Financial Indebtedness arising under the Trust
                        Documents in relation to the Trust (including under a
                        Support Facility); or

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

--------------------------------------------------------------------------------
                                                                         Page 11

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                (iv)    Financial Indebtedness when the Chargor has received
                        written confirmation from the Designated Rating
                        Agencies for each Class of Notes that it will not
                        result in any reduction or withdrawal of the ratings
                        assigned to the Notes by the Designated Rating
                        Agencies;

         (b)    (NO RELEASE UNDER TRUST DOCUMENTS) give any release or discharge
                (whether full, partial or conditional) to any person in respect
                of their obligations under any of the Trust Documents relating
                to the Trust, except as permitted by the Trust Documents;

         (c)    (BANK ACCOUNTS) not open any bank account not permitted in the
                Trust Documents; and

         (d)    (SECURITY INTEREST) not create or permit or suffer to exist any
                other Security Interest over the Mortgaged Property.

5.3      REPRESENTATIONS AND WARRANTIES

         The Chargor makes the following representations and warranties.

         (a)    (TRUST DOCUMENTS REPRESENTATIONS AND WARRANTIES) All
                representations and warranties of the Chargor in the Trust
                Documents are true or, if not yet made, will be true when made.

         (b)    (GOOD TITLE) The Chargor is the sole equitable owner of the
                Mortgaged Property and has the power under the Master Trust Deed
                to enter into this deed and to charge in the manner provided in
                this deed the Mortgaged Property. Subject only to the Master
                Trust Deed and this deed, the Mortgaged Property is free of all
                other Security Interests as far as the Chargor is aware.

         (c)    (TRUST VALIDLY CREATED) The Trust has been validly created and
                is in existence at the date of this deed.

         (d)    (SOLE TRUSTEE) The Chargor has been validly appointed as trustee
                of the Trust and is presently the sole trustee of the Trust.

         (e)    (MASTER TRUST DEED) The Trust is constituted pursuant to the
                Master Trust Deed, the Notice of Creation of Trust and the
                Supplementary Terms Notice.

         (f)    (RIGHT OF INDEMNITY) As far as the Chargor is aware, except as
                expressly provided in the Master Trust Deed or the Supplementary
                Terms Notice or statute, the Chargor has not limited in any way
                and the Chargor has no liability which may be set off against
                the Chargor's Indemnity.

         (g)    (NO PROCEEDINGS TO REMOVE) No notice has been given to the
                Chargor and, to the Chargor's knowledge, no resolution has been
                passed or direction has been given, removing the Chargor as
                trustee of the Trust.

--------------------------------------------------------------------------------
                                                                         Page 12
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

5.4      MANAGER'S UNDERTAKINGS

         The Manager undertakes to the Security Trustee when requested promptly
         to give to the Security Trustee:

         (a)    a copy of each custody audit relating to the Trust given under
                the Custodian Agreement;

         (b)    a copy of each Manager's Report given in relation to the Trust;

         (c)    each audit report issued by the Auditor in relation to the
                Trust; and

         (d)    a copy of each Trust Document and details and information
                relating to:

                (i)      the identity, and notice details of, each Support
                         Facility Provider; and

                (ii)     the Secured Moneys owing to each Support Facility
                         Provider.

6.       FURTHER ASSURANCES
--------------------------------------------------------------------------------

6.1      FURTHER ASSURANCES

         Whenever the Security Trustee reasonably requests the Chargor to do
         anything:

         (a)    for more satisfactorily mortgaging, assuring or securing the
                Mortgaged Property to the Mortgagees or the Security Trustee's
                nominee in a manner not inconsistent with this deed or any Trust
                Document; or

         (b)    for aiding in the execution or exercise of any Power,

         the Chargor shall do it immediately, subject to any liability it incurs
         other than from its own negligence, fraud or Default being covered by
         the Chargor's Indemnity. It may include registering this deed,
         executing or registering any other document or agreement, delivering
         Trust Documents or evidence of title and executing and delivering blank
         transfers.

7.       NOTE TRUSTEE
--------------------------------------------------------------------------------

7.1      CAPACITY

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

7.2      EXERCISE OF RIGHTS

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

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

--------------------------------------------------------------------------------
                                                                         Page 13

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

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

7.3      INSTRUCTIONS OR DIRECTIONS

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

7.4      PAYMENTS

         Any payment to be made to a Class A Noteholder under this deed may be
         made to the Note Trustee or a Paying Agent on behalf of that Class A
         Noteholder and shall constitute a good discharge.

7.5      NOTICES

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

8.       EVENTS OF DEFAULT

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

8.1      EVENTS OF DEFAULT

         Each of the following is an Event of Default (whether or not it is
         within the control of the Chargor).

         (a)    (FAILURE TO PAY) The Chargor fails to pay:

                (i)       any Interest Entitlement within 10 Business Days of
                          the Quarterly Payment Date on which the Interest
                          Entitlement was due to be paid, together with all
                          interest accrued and payable on that Interest
                          Entitlement; or

                (ii)      any other Secured Moneys, within 10 Business Days of
                          the due date for payment (or within any applicable
                          grace period agreed with the Mortgagees, or where the
                          Mortgagee is a Class A Noteholder, with the Note
                          Trustee, to whom the Secured Moneys relate).

                  Sub-clauses (i) and (ii) above will not constitute Events of
                  Default if the Secured Moneys which the Chargor failed to pay
                  are subordinated to payment of amounts due to Class A
                  Noteholders while any Secured Moneys remain owing:

                          (A)      to Class A Noteholders; or

                          (B)      to any other person, which rank in priority
                                   to amounts due to Class A Noteholders.

         (b)    (BREACH OF OBLIGATION) The Chargor fails to perform or observe
                any other provisions (other than an obligation referred to in
                paragraph (a)) of this deed or a

--------------------------------------------------------------------------------
                                                                         Page 14

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                Trust Document where such failure will have a Material Adverse
                Effect and that default, if in the opinion of the Security
                Trustee is capable of remedy and is not remedied within 30
                days after written notice (or such longer period as may be
                specified in the notice) from the Security Trustee requiring
                the failure to be remedied.

         (c)    (INSOLVENCY) An Insolvency Event occurs in relation to the
                Chargor.

         (d)    (PRIORITY OF CHARGE) The Charge is not or ceases to be a first
                ranking charge over the Trust Assets, or any other obligation of
                the Chargor (other than as mandatorily preferred by law) ranks
                ahead of or pari passu with any of the Secured Moneys.

         (e)    (ENFORCEMENT OF SECURITY) Any Security Interest over the Trust
                Assets is enforced.

         (f)    (VITIATION OF TRUST DOCUMENTS)

                (i)       All or any part of any Trust Document (other than the
                          Basis Swap, the Redraw Facility Agreement or, where
                          the Currency Swap is terminated by the provider of the
                          Currency Swap as a result of a call exercised by the
                          Trustee under Condition 5(j), the Currency Swap) is
                          terminated or is or becomes void, illegal, invalid,
                          unenforceable or of limited force and effect; or

                (ii)      a party becomes entitled to terminate, rescind or
                          avoid all or part of any Trust Document (other than
                          the Basis Swap, the Redraw Facility or, where the
                          Currency Swap is terminated by the provider of the
                          Currency Swap as a result of a call exercised by the
                          Trustee under Condition 5(j), the Currency Swap)

                where that event has or will have a Material Adverse Effect.

         (g)    (TRUST) Without the prior consent of the Security Trustee (such
                consent, subject to clause 40.17(d), having been approved by the
                Noteholder Mortgagees):

                (i)      the Trust is wound up, or the Chargor is required to
                         wind up the Trust under the Master Trust Deed or
                         applicable law, or the winding up of the Trust
                         commences;

                (ii)     the Trust is held or is conceded by the Chargor not
                         to have been constituted or to have been imperfectly
                         constituted; or

                (iii)    unless another trustee is contemporaneously and
                         immediately appointed to the Trust under the Trust
                         Documents, the Chargor ceases to be authorised under
                         the Trust to hold the property of the Trust in its
                         name and to perform its obligations under the Trust
                         Documents.

8.2      RIGHTS OF THE SECURITY TRUSTEE UPON EVENT OF DEFAULT

         At any time after an Event of Default occurs, the Security Trustee must
         (subject to clauses 9.2, 9.3, 9.4 and 9.5) if so directed by an
         Extraordinary Resolution:

         (a)    declare the Charge immediately enforceable;

--------------------------------------------------------------------------------
                                                                         Page 15

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

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

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

         (d)    appoint a Receiver over the Trust Assets, or exercise the powers
                that a Receiver would otherwise have if appointed under this
                deed.

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

8.3      NOTIFY EVENTS OF DEFAULT

         Each of the Chargor and the Manager must promptly notify the Noteholder
         Mortgagees, the Security Trustee, and each of the Designated Rating
         Agencies if, to the knowledge of its officers who are responsible for
         the administration of the Trust, it becomes aware of the occurrence of
         an Event of Default, Trustee's Default, Servicer Transfer Event,
         Custodial Transfer Event (as defined in the Custodian Agreement), Title
         Perfection Event or Manager's Default including full details of that
         Event of Default, Trustee's Default, Servicer Transfer Event, Title
         Perfection Event, Custodial Transfer Event or Manager's Default (as the
         case may be).

9.       ENFORCEMENT

--------------------------------------------------------------------------------
9.1      POWER TO ENFORCE

         At any time after the Charge becomes enforceable, the Security Trustee
         may, at its discretion and without further notice (subject to the terms
         of this deed including, without limitation, clause 8.2) take such
         proceedings as it may think fit to enforce any of the provisions of
         this deed.

9.2      NO OBLIGATION TO ENFORCE

         Subject to clause 9.3, pending the receipt of directions from the
         Voting Mortgagees as contemplated by clauses 9.3 and 9.4, the Security
         Trustee shall not be bound to take any action or give any consent or
         waiver or make any determination under this deed (including, without
         limiting the generality of the above, to appoint any Receiver, to
         declare the Charge enforceable or the Secured Moneys immediately due
         and payable pursuant to clause 8.2 or to take any other proceedings
         referred to in clause 9.1). Nothing in this clause shall affect the
         operation of clause 4.4 or the Charge becoming enforceable prior to the
         Security Trustee receiving directions from the Voting Mortgagees.

9.3      OBLIGATION TO CONVENE MEETING

         (a)    Prior to the Security Trustee becoming actually aware of the
                occurrence of an Event of Default and provided that it has been
                indemnified to its satisfaction in accordance with this deed,
                the Security Trustee may enforce this deed without an
                Extraordinary Resolution of the Voting Mortgagees if it believes
                (in its absolute discretion) that it is necessary to do so to
                protect the interests of the Mortgagees.

--------------------------------------------------------------------------------
                                                                         Page 16

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (b)    Following the Security Trustee becoming actually aware of the
                occurrence of an Event of Default in accordance with clause
                1.10, it shall, subject to clause 9.7, promptly convene a
                meeting of the Voting Mortgagees in accordance with this deed,
                at which it shall seek directions from the Voting Mortgagees by
                way of an Extraordinary Resolution of the Voting Mortgagees
                regarding the action it should take as a result of that Event of
                Default including whether to do any of the things referred to in
                clauses 8.2(a) to (d) inclusive.

9.4      SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

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

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

                (i)      this deed; and

                (ii)     the Security Trustee being adequately indemnified from
                         the property held on trust under clause 2.1(b) or
                         the Security Trustee receiving from the Voting
                         Mortgagees (other than the Note Trustee) an indemnity
                         in a form reasonably satisfactory to the Security
                         Trustee (which may be by way of an Extraordinary
                         Resolution of the Voting Mortgagees) against all
                         actions, proceedings, claims and demands to which it
                         may render itself liable, and all costs, charges,
                         damages and expenses which it may incur, in giving
                         effect to an Extraordinary Resolution of the Voting
                         Mortgagees.

                The Security Trustee shall first claim on its indemnity from
                the property held on trust under clause 2.1(b) before it
                claims on any indemnity from the Mortgagees other than the
                Note Trustee, including any indemnity provided under clause
                9.5. The Note Trustee is in no circumstance required to give
                any indemnity to the Security Trustee.

         (c)    If an Event of Default is a payment default in respect of a
                subordinated Class of Notes, as long as there are Class A Notes
                outstanding that rank prior to those subordinated Notes, the
                Security Trustee shall not take any action without the consent
                of the Note Trustee on behalf of the Class A Noteholders, or the
                Class A Noteholders pursuant to the Note Trust Deed.

         (d)    If the Security Trustee becomes bound to take steps and/or
                proceed under this deed and it fails to do so within a
                reasonable time and such failure is continuing, the Voting
                Mortgagees may exercise such powers as they determine by
                Extraordinary Resolution and then only if and to the extent the
                Voting Mortgagees are able to do so under Australian law.

--------------------------------------------------------------------------------
                                                                         Page 17

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

9.5      SECURITY TRUSTEE MUST RECEIVE INDEMNITY

         If:

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

                (ii)     those Voting Mortgagees refuse to grant the requested
                         indemnity, and put it in funds,

                then the Security Trustee will not be obliged to act in
                relation to that enforcement. In those circumstances, the
                Voting Mortgagees may exercise such Powers as they determine
                by Extraordinary Resolution. The Note Trustee is in no
                circumstance required to give any indemnity to the Security
                Trustee.

9.6      LIMITATION ON RIGHTS OF MORTGAGEES

         Subject to this deed (including, without limitation, clauses 9.4(b) and
         9.5), the powers, rights and remedies conferred on the Security Trustee
         by this deed are exercisable by the Security Trustee only, and no
         Mortgagee is entitled without the written consent of the Security
         Trustee to exercise the same or any of them. Without limiting the
         generality of the foregoing, subject to clause 9.5, no Mortgagee is
         entitled to enforce the Charge or the provisions of this deed or to
         appoint or cause to be appointed a Receiver to any of the Mortgaged
         Property or otherwise to exercise any power conferred by the terms of
         any applicable law on charges except as provided in this deed.

9.7      IMMATERIAL WAIVERS

         (a)    The Security Trustee may (subject to clauses 40.17(d), with the
                prior written consent of the Noteholder Mortgagees) agree, on
                any terms and conditions as it may deem expedient, having first
                given notice to any Designated Rating Agency for each Class of
                Notes, but without the consent of the other Mortgagees and
                without prejudice to its rights in respect of any subsequent
                breach, to any waiver or authorisation of any breach or proposed
                breach of any of the terms and conditions of the Trust Documents
                or any of the provisions of this deed which is not, in the
                reasonable opinion of the Security Trustee, materially
                prejudicial to the interests of the Mortgagees and may determine
                that any event that would otherwise be an Event of Default shall
                not be treated as an Event of Default for the purpose of this
                deed.

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

--------------------------------------------------------------------------------
                                                                         Page 18

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

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

9.8      ACTS PURSUANT TO RESOLUTIONS

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

9.9      OVERRIDING PROVISION

         Notwithstanding any other provision of this deed:

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

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

10.      APPOINTMENT OF RECEIVER
--------------------------------------------------------------------------------

10.1     APPOINTMENT

         To the extent permitted by law and subject to clause 9, at any time
         after the Charge becomes enforceable under this deed the Security
         Trustee or any Authorised Signatory of the Security Trustee may:

         (a)    appoint any person or any 2 or more persons jointly or severally
                or both to be a Receiver of all or any of the Mortgaged
                Property;

         (b)    remove any Receiver;

         (c)    appoint another Receiver in addition to or in place of a
                Receiver; and/or

         (d)    fix or vary the remuneration of a Receiver.

10.2     AGENT OF CHARGOR

         (a)    Subject to clauses 10.2(b) and 10.4, every Receiver is the agent
                of the Chargor. The Chargor alone is responsible for the
                Receiver's acts and defaults.

         (b)    Each Mortgagee acknowledges that:

                (i)      any Receiver will be the agent of the Chargor in its
                         capacity as trustee of the Trust only; and

--------------------------------------------------------------------------------
                                                                         Page 19

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                (ii)     notwithstanding anything else in this deed or at law,
                         the Chargor in its personal capacity is not
                         responsible for any negligent act or negligent omission
                         of the Receiver.

10.3     RECEIVER'S POWERS

         In addition to any powers granted by law, and except to the extent
         specifically excluded by the terms of his appointment and in accordance
         with the interests of the Mortgagees in accordance with this deed,
         every Receiver has power to do anything in respect of the Mortgaged
         Property that the Chargor could do (including, without limitation,
         having regard to its powers under the Master Trust Deed). However,
         every Receiver acknowledges that the Chargor's liability in relation to
         the Receiver's exercise of those powers is limited to the assets of the
         Trust. His powers include the following.

         (a)    (TAKE POSSESSION AND MANAGE) He may take possession of, get in
                and manage the Mortgaged Property.

         (b)    (LEASE) He may lease any of the Mortgaged Property for any term
                (whether or not the Receiver has taken possession).

         (c)    (CARRY ON BUSINESS) He may carry on or concur in carrying on any
                business.

         (d)    (ACQUIRE ANY ASSET) He may acquire in any manner any asset
                (including to take it on lease). After that acquisition it will
                be included in the Mortgaged Property.

         (e)    (MAINTAIN AND IMPROVE THE MORTGAGED PROPERTY) He may do anything
                to maintain, protect or improve any of the Mortgaged Property or
                to obtain income or returns from any of the Mortgaged Property
                (including by development, sub-division, construction,
                alteration, or repair, of any property or by pulling down,
                dismantling or scrapping, any property).

         (f)    (LEND) He may lend money or provide financial accommodation.

         (g)    (SELL)

                (i)      He may sell any of the Mortgaged Property (whether or
                         not the Receiver has taken possession).

                (ii)     Without limitation, any sale may be made:

                         (A)      by public auction, private treaty or tender;

                         (B)      for cash or on credit;

                         (C)      in one lot or in parcels;

                         (D)      either with or without special conditions or
                                  stipulations as to title or time or mode of
                                  payment of purchase money or otherwise;

                         (E)      with power to allow the whole or any part of
                                  the purchase money to be deferred (whether
                                  with or without any security); and

                         (F)      whether or not in conjunction with the sale of
                                  any property by any person.

         (h)    (OPTIONS) He may grant or take put or call options.

--------------------------------------------------------------------------------
                                                                         Page 20

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (i)    (SEVER FIXTURES) He may sever fixtures.

         (j)    (EMPLOY) He may employ or discharge any person as employee,
                contractor, agent, professional adviser, consultant or
                auctioneer for any purpose.

         (k)    (COMPROMISE) He may make or accept any arrangement or
                compromise.

         (l)    (GIVE RECEIPTS) He may give receipts for money and other assets.

         (m)    (PERFORM AND ENFORCE AGREEMENTS) He may:

                (i)      perform or enforce;

                (ii)     exercise or refrain from exercising the Chargor's
                         rights and powers under; or

                (iii)    obtain the benefit in other ways of,

                any documents or agreements or rights which form part of the
                Mortgaged Property and any documents or agreements entered
                into in exercise of any Power.

         (n)    (VARY AND TERMINATE AGREEMENTS) He may vary, rescind or
                terminate any document or agreement (including surrender or
                accept the surrender of leases).

         (o)    (AUTHORISATIONS) He may apply for, take up, transfer or
                surrender any Authorisation or any variation of any
                Authorisation.

         (p)    (TAKE INSOLVENCY PROCEEDINGS) He may make, commence and pursue
                insolvency proceedings against any person and do any thing in
                relation to any actual or contemplated Liquidation (including
                attend and vote at meetings of creditors and appoint proxies).

         (q)    (TAKE PROCEEDINGS) He may commence, defend, conduct, settle,
                discontinue or compromise proceedings in the name of the Chargor
                or otherwise.

         (r)    (EXECUTE DOCUMENTS) He may enter into and execute documents or
                agreements on behalf of himself or the Chargor.

         (s)    (OPERATE BANK ACCOUNTS) He may operate any bank account
                comprising part of the Mortgaged Property and open and operate
                any further bank account.

         (t)    (SURRENDER MORTGAGED PROPERTY) He may surrender, release or
                transfer any of the Mortgaged Property.

         (u)    (EXCHANGE MORTGAGED PROPERTY) He may exchange with any person
                any of the Mortgaged Property for other property.

         (v)    (PROMOTE COMPANIES) He may promote the formation of companies
                with a view to purchasing any of the Mortgaged Property or
                assuming the obligations of the Chargor or otherwise.

         (w)    (DELEGATE) He may delegate to any person approved by the
                Security Trustee any of his Powers (including delegation).

         (x)    (HAVE ACCESS) He may exercise all the rights of the Chargor
                under the Trust Documents with respect to the Trust Assets.

--------------------------------------------------------------------------------
                                                                         Page 21

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (y)    (VOTE) He may exercise any voting or other rights or powers in
                respect of any of the Mortgaged Property and do anything in
                relation to shares or marketable securities.

         (z)    (OTHER OUTGOINGS) He may pay any outgoing or indebtedness of the
                Chargor or any other person.

         (aa)   (SECURITY INTERESTS) He may redeem any Security Interest or
                acquire it and any debt secured by it.

         (bb)   (INSURE) He may take out insurance.

         (cc)   (INSURANCE CLAIMS) He may make, enforce, compromise and settle
                all claims in respect of insurance.

         (dd)   (INCIDENTAL POWER) He may do anything incidental to the exercise
                of any other Power.

         All of the above paragraphs are to be construed independently. None
         limits the generality of any other.

10.4     RECEIVER APPOINTED AFTER COMMENCEMENT OF WINDING UP

         The power to appoint a Receiver may be exercised even though:

         (a)    an order may have been made or a resolution may have been passed
                for the Liquidation of the Chargor; and

         (b)    a receiver appointed in those circumstances may not, or may not
                in some respects specified by the Receiver, act as the agent of
                the Chargor.

10.5     POWERS EXERCISABLE BY THE SECURITY TRUSTEE

         Whether or not a Receiver has been appointed, the Security Trustee may
         exercise any Power of a Receiver at any time after the Charge becomes
         enforceable under this deed in addition to any Power of the Mortgagees
         and without giving notice. It may exercise those Powers and its Powers
         without taking possession or being liable as mortgagee in possession.
         Without limitation, it may exercise those Powers and its Powers
         directly or through one or more agents. In the latter event, anything
         done or incurred by such an agent will be taken to be done or incurred
         by the Security Trustee, provided that, the Security Trustee will have
         no liability in respect of the negligence or default of any agent
         appointed by the Security Trustee with reasonable care for the purpose
         of performing functions of a type which are not reasonably capable of
         supervision by the Security Trustee.

10.6     WITHDRAWAL

         The Security Trustee may at any time (provided it does not have a
         Material Adverse Effect) give up possession of any Mortgaged Property
         and may at any time withdraw any receivership.

--------------------------------------------------------------------------------
                                                                         Page 22

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

11.      REMUNERATION OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

11.1     COSTS

         In accordance with the Supplementary Terms Notice, the Chargor as
         trustee of the Trust shall reimburse the Security Trustee for all costs
         and expenses of the Security Trustee properly incurred in acting as
         Security Trustee.

11.2     FEE

         (a)    The Security Trustee shall be entitled to a fee from the
                proceeds of the Mortgaged Property at the rate agreed from time
                to time by the Chargor, the Security Trustee and the Manager.
                This fee shall accrue from day to day.

         (b)    If the Security Trustee is required at any time to undertake
                duties which relate to the enforcement of the terms of any
                Transaction Document by the Security Trustee upon a default by
                any other party under the terms of that Transaction Document,
                the Security Trustee is entitled to such additional remuneration
                as may be agreed between the Security Trustee and the Manager
                or, failing agreement, such amount as is determined by a
                merchant bank (acting as an expert and not as an arbitrator)
                selected by the Security Trustee. The determination of such
                merchant bank shall be conclusive and binding on the Manager and
                the Security Trustee so far as the law allows.

         (c)    The Security Trustee's fee under sub-clause (a) shall be payable
                in arrears for the relevant period on the same dates as the
                Chargor's fee under the Master Trust Deed for the Trust or as
                agreed from time to time by the Chargor, the Security - Trustee
                and the Manager.

11.3     CESSATION OF FEE

         The Security Trustee shall not be entitled to remuneration under
         clauses 11.1 or 11.2 in respect of any period after the Charge Release
         Date or after it has resigned or been removed as Security Trustee.

12.      POWER OF ATTORNEY
--------------------------------------------------------------------------------

         (a)    For valuable consideration and by way of security the Chargor
                irrevocably appoints each Receiver and Authorised Signatory of
                the Security Trustee severally its attorney to do anything,
                following the occurrence of an Event of Default, which:

                (i)       the Chargor is obliged to do under or in relation to
                          any Trust Document; or

                (ii)      any Mortgagee or any Receiver is authorised or
                          empowered to do under any Trust Document or any law
                          but only at the times that Mortgagee or a Receiver (if
                          a Receiver had been appointed) would have been able to
                          do it.

         (b)    Without limitation, the Attorney may, following the occurrence
                of an Event of Default, at any time:

--------------------------------------------------------------------------------
                                                                         Page 23

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                (i)       do anything which in the opinion of the Security
                          Trustee or Attorney is necessary or expedient to
                          secure, preserve, perfect, or give effect to the
                          security contained in this deed (including anything
                          under clauses 13 or 14). For this purpose, without
                          limitation, he may execute any legal mortgage,
                          transfer, assignment and other assurance of any of
                          the Mortgaged Property in favour of any Mortgagee,
                          any purchaser or any nominee; and

                (ii)     delegate his powers (including delegation).

         (c)    No Attorney appointed under this deed may act inconsistently
                with this deed or any other Trust Document.

13.      COMPLETION OF BLANK SECURITIES
--------------------------------------------------------------------------------

         The Security Trustee, any Authorised Signatory of the Security Trustee,
         any Receiver or any Attorney may complete any document which at any
         time is executed by or on behalf of the Chargor and deposited with the
         Security Trustee. It may complete it in favour of any Mortgagee, any
         purchaser or any nominee. It may not do so inconsistently with this
         deed or any other Trust Document.

14.      PERFORMANCE OF CHARGOR'S OBLIGATIONS
--------------------------------------------------------------------------------

         If at any time the Chargor fails duly to perform any obligation in any
         Trust Document, the Security Trustee or any person it authorises may do
         anything which in its opinion is necessary or expedient to make good or
         to attempt to make good that failure to its satisfaction.

15.      STATUTORY POWERS
--------------------------------------------------------------------------------

15.1     POWERS IN AUGMENTATION

         The powers conferred on a mortgagee by law:

         (a)    are in addition to the Powers conferred by this deed;

         (b)    (to the extent permitted by law and, subject to clause 40.17(d),
                and provided there is sufficient time to do so, with the prior
                written consent of the Noteholder Mortgagees) may be exercised
                by the Security Trustee immediately after the Charge becomes
                enforceable under this deed and at any time subsequently; and

         (c)    are excluded or varied only so far as they are inconsistent with
                the express terms of this deed or any Collateral Security.

15.2     NOTICE NOT REQUIRED

         To the extent permitted by law:

         (a)    the Chargor dispenses with any notice or lapse of time required
                by any law before enforcing this deed or any Collateral Security
                or exercising any Power; and

--------------------------------------------------------------------------------
                                                                         Page 24

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (b)    subject to this deed, no Mortgagee is required to give notice to
                any person before enforcement or exercise; and

         (c)    any law requiring the giving of notice or the compliance with a
                procedure or the lapse of time before enforcement or exercise is
                excluded.

16.      APPLICATION OF MONEYS RECEIVED
--------------------------------------------------------------------------------

16.1     PRIORITIES

         (a)    The proceeds from the enforcement of the Charge over the
                Mortgaged Property (the AVAILABLE FUND POOL) are to be applied
                (notwithstanding any order of payment in the Supplementary Terms
                Notice) in the following order of priority, subject to any other
                priority which may be required by statute or law:

                (i)      first, to pay (pari passu and rateably):

                         (A)     any fees and other expenses due to the Security
                                 Trustee or the Note Trustee;

                         (B)     any fees and other expenses due to the
                                 Principal Paying Agent;

                         (C)     any Expenses then due and unpaid with respect
                                 to the Trust; and

                         (D)     the Receiver's remuneration;

                (ii)     second, to pay all costs, charges, expenses and
                         disbursements properly incurred in the exercise of any
                         Power by the Security Trustee, the Note Trustee, a
                         Receiver or an Attorney or other amounts payable to
                         the Security Trustee or the Note Trustee under this
                         deed;

                (iii)    third, to pay any unpaid Accrued Interest Adjustment
                         due to the Approved Seller;

                (iv)     fourth, to pay to the Swap Provider under the Interest
                         Rate Swap any Break Payments received by or on behalf
                         of the Trustee from a Borrower or any Mortgage Insurer
                         and which have not previously been paid to that Swap
                         Provider.

                (v)      fifth, to pay (pari passu and rateably):

                         (A)     all Secured Moneys owing to the Support
                                 Facility Providers (other than the
                                 Currency Swap Provider);

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

                         (C)     all Secured Moneys owing in relation to any
                                 Redraws made by the Approved Seller for
                                 which it has not been reimbursed under the
                                 Trust Documents; and

                         (D)     all Secured Moneys owing to the Currency Swap
                                 Provider specified in a Confirmation relating
                                 to Class A Notes (but without double counting
                                 with payments under sub-paragraph (ii) or
                                 (v)(B));

--------------------------------------------------------------------------------
                                                                         Page 25

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                (vi)      sixth, all Secured Moneys owing to the Class B
                          Noteholders (as at the date of payment);

                (vii)     seventh, all Secured Moneys owing to the Class
                          C Noteholders (as at the date of payment);

                (viii)    eighth, to pay (pari passu and rateably) any
                          amounts not covered above owing to any Mortgagee under
                          any Trust Document;

                (ix)      ninth, to pay (pari passu and rateably) all monies
                          owing to any Mortgage Insurer;

                (x)       tenth, to pay the holder of any subsequent Security
                          Interest over Trust Assets of which the Security
                          Trustee has notice of the amount properly secured by
                          the Security Interest; and

                (xi)      eleventh, to pay any surplus to the Chargor to be
                          distributed in accordance with the Master Trust Deed
                          and the Supplementary Terms Notice.

         (b)    The surplus will not carry interest. If the Security Trustee or
                a Receiver, Mortgagee or Attorney pays the surplus to the credit
                of an account in the name of the Chargor with any bank carrying
                on business in Australia, the Security Trustee, Receiver,
                Mortgagee or Attorney (as the case may be) will be under no
                further liability in respect of it.

16.2     MONEYS ACTUALLY RECEIVED

         In applying any moneys towards satisfaction of the Secured Moneys, the
         Chargor will be credited only with the money available for that purpose
         which is actually received by the relevant Mortgagee or, where the
         Mortgagee is a Class A Noteholder, the Note Trustee. The credit will
         date from the time of receipt.

16.3     AMOUNTS CONTINGENTLY DUE

         If any of the Secured Moneys is contingently owing to any Mortgagee at
         the time of a distribution of an amount under clause 16.1, the Security
         Trustee may retain any of that amount. If it does, it shall place the
         amount retained on short term interest bearing deposit until the
         relevant Secured Moneys become actually due or cease to be contingently
         owing, or it becomes reasonably apparent that the relevant contingency
         will not occur and the Security Trustee shall then:

         (a)    pay to that Mortgagee, or (where the Mortgagee is a Class A
                Noteholder) to the Note Trustee, the amount which becomes
                actually due to it; and

         (b)    apply the balance of the amount retained (together with interest
                earned on the deposit) in accordance with clause 16.1.

16.4     NOTICE OF SUBSEQUENT SECURITY INTERESTS

         (a)    If any Mortgagee receives actual or constructive notice of a
                subsequent Security Interest affecting any of the Mortgaged
                Property it may open a separate account in the name of the
                Chargor in the books of that Mortgagee.

--------------------------------------------------------------------------------
                                                                         Page 26

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (b)    If that Mortgagee does not open a new account it will be treated
                as if it had done so at the time it received actual or
                constructive notice of the Security Interest.

         (c)    From the time the new account is opened or is taken to be
                opened:

                (i)       all advances and accommodation made available by that
                          Mortgagee to the Chargor;

                (ii)      all payments and repayments made by the Chargor to
                          that Mortgagee; and

                (iii)     moneys to be applied towards the Secured Moneys under
                          clause 16.1, will be or will be taken to be debited
                          or credited, as appropriate, to the new account.
                          Payments, repayments and other moneys will only be
                          applied in reduction of other Secured Moneys owing to
                          that Mortgagee to the extent that there is no debit
                          balance in that account.

16.5     SATISFACTION OF DEBTS

         Without limiting clause 31, each Mortgagee shall accept the
         distribution of moneys under this clause in full and final satisfaction
         of all Secured Moneys owing to it, and any debt represented by any
         shortfall that exists after any final distribution under this clause is
         extinguished.

16.6     PAYMENTS INTO US$ ACCOUNT

         (a)    The Chargor shall direct the Currency Swap Provider to pay all
                amounts denominated in US$ payable to the Chargor by the
                Currency Swap Provider under the Currency Swap into the US$
                Account.

         (b)    If the Chargor receives any amount denominated in US$ from the
                Currency Swap Provider under the Currency Swap it will promptly
                pay that amount to the credit of the US$ Account.

16.7     PAYMENTS OUT OF US$ ACCOUNT

         (a)    The Chargor shall, or shall require that the Paying Agent, on
                its behalf, pay all amounts credited to the US$ Account as
                follows and in accordance with the Supplementary Terms Notice,
                the Note Trust Deed and the Agency Agreement.

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

16.8     EXCLUDED AMOUNTS

         For the avoidance of doubt, the following amounts shall not be treated
         as assets of the Trust available for distribution under clause 16.1.

         (a)    Any amounts required by law to be paid to the holder of any
                prior ranking Security Interest over Trust Assets of which the
                Security Trustee has notice which amounts are properly secured
                by the Security Interest.

         (b)    Any of:

--------------------------------------------------------------------------------
                                                                         Page 27

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

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

                (ii)     the proceeds of any other cash collateral lodged by a
                         Support Facility Provider under a Support Facility,
                         which are payable to the Support Facility Provider.

                This paragraph (b) shall not apply to the extent that the
                relevant moneys are applied in accordance with the relevant
                document to satisfy any obligation owed to the Chargor by the
                relevant Support Facility Provider.

16.9     PROPORTIONATE SHARING

         (a)    SHARING

                Whenever any Mortgagee receives or recovers any money in
                respect of any sum due from the Chargor under a Trust Document
                in any way (including without limitation by set-off) except
                those referred to in clause 16.8 or through distribution by
                the Security Trustee under this deed (the RECEIVED MONEYS):

                (i)      the Mortgagee shall immediately notify the Security
                         Trustee;

                (ii)     the Mortgagee shall immediately pay that money to the
                         Security Trustee (unless the Security Trustee directs
                         otherwise). As between each Class of Class A
                         Noteholders, such payments (if any) are to be made
                         pari passu and rateably;

                (iii)    the Security Trustee shall treat the payment as if it
                         were a payment by the Chargor on account of all sums
                         then payable to the Mortgagees; and

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

                         (B)       (without limiting sub-paragraph (A))
                                   immediately on the Mortgagee making or
                                   becoming liable to make a payment under
                                   paragraph (ii), the Chargor shall indemnify
                                   the Mortgagee against the payment to the
                                   extent that (despite sub-paragraph (A)) its
                                   liability has been discharged by the recovery
                                   or payment.
         (b)    NETTING

                If a Mortgagee receives or recovers any Received Moneys, and
                does not pay that amount to the Security Trustee under paragraph
                (a) above, the Security Trustee may retain out of amounts which
                would otherwise be payable to the Mortgagee under this deed any
                amounts which the Security Trustee considers necessary to put
                all Mortgagees in the same position as if that Mortgagee had
                complied with, or been required to comply with, paragraph (a)
                above and the Security Trustee's obligation

--------------------------------------------------------------------------------
                                                                         Page 28

<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                  to apply monies to such Mortgagee shall be discharged to the
                  extent of such retention.

17.      OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY
--------------------------------------------------------------------------------

         (a)    Any Mortgagee and any Receiver or Attorney may rely on the
                certificate of a holder of another Security Interest affecting
                or purporting to affect the Mortgaged Property as to the amount
                and property secured by the Security Interest.

         (b)    The Security Trustee or any Receiver may at any time pay or
                agree to pay the amount certified by the holder of a Security
                Interest or purported Security Interest to be necessary to
                discharge it or some indebtedness secured by it, or to acquire
                it. From the date of payment that amount will be part of the
                Secured Moneys and the Chargor shall indemnify the Security
                Trustee (and if other Mortgagees indemnify the Security Trustee,
                those other Mortgagees) and the Receiver against that amount.
                This applies whether or not that Security Interest or purported
                Security Interest was valid or prior, equal or subsequent
                ranking, or the property or moneys stated in the certificate
                were secured by it.

18.      PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY
--------------------------------------------------------------------------------

         To the extent permitted by law, neither any Mortgagee nor any Receiver
         or Attorney will be liable:

         (a)    in respect of any conduct, delay, negligence or breach of duty
                in the exercise or non-exercise of any Power; nor

         (b)    for any loss (including consequential loss) which results,

         except where it arises from fraud, negligence or wilful default on the
         part of any Mortgagee, Receiver or Attorney.

19.      PROTECTION OF THIRD PARTIES
--------------------------------------------------------------------------------

         19.1   NO ENQUIRY

         No party to any Dealing (as defined below) and no person asked to
         register a Dealing:

         (a)    is bound to enquire:

                (i)   whether an Event of Default has occurred or whether this
                      deed has become enforceable;

                (ii)  whether a person who is, or purports or is purported to
                      be, a Receiver or Attorney is duly appointed;

                (iii) as to the amount of Secured Moneys or whether Secured
                      Moneys are due and payable; or

                (iv)  in any other way as to the propriety or regularity of the
                      Dealing; or

         (b)    is affected by express notice that the Dealing is unnecessary or
                improper.

--------------------------------------------------------------------------------
                                                                         Page 29
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         For the protection of any party to a Dealing or a person registering a
         Dealing, the Dealing will be taken to be authorised by this deed and
         will be valid accordingly, even if there is any irregularity or
         impropriety in the Dealing.

         In this clause a DEALING is:

         (a)    any payment or any delivery or handing over of an asset to; or

         (b)    any acquisition, incurring of Financial Indebtedness, receipt,
                sale, lease, disposal or other dealing, by,

         any Mortgagee or any Receiver or Attorney, or any person who purports
         or is purported to be a Receiver or Attorney.

19.2     RECEIPT

         The receipt of any Authorised Signatory of any Mortgagee or any
         Receiver or Attorney (or person who purports, or is purported, to be a
         Receiver or Attorney) for any moneys or assets payable to, or
         receivable or received by it, exonerates the person paying those moneys
         or handing over that asset from being concerned as to their
         application, or from being liable or accountable for their loss or
         misapplication.

20.      EXPENSES, INDEMNITY
--------------------------------------------------------------------------------

20.1     EXPENSES

         In accordance with the Supplementary Terms Notice and this deed, the
         Chargor shall reimburse each Mortgagee or (where the Mortgagee is a
         Class A Noteholder who is not a Voting Mortgagee) the Note Trustee,
         Receiver and Attorney for its expenses in relation to:

         (a)    any consent, agreement, approval, waiver or amendment under or
                in relation to the Trust Documents; and

         (b)    (i)  any actual or contemplated enforcement of the Trust
                     Documents or the actual or contemplated exercise,
                     preservation or consideration of any Powers under the Trust
                     Documents or in relation to the Mortgaged Property; and

                (ii) any enquiry by a Government Agency concerning the Chargor
                     or the Mortgaged Property or a transaction or activity the
                     subject of the Trust Documents, or in connection with
                     which, financial accommodation or funds raised under a
                     Trust Document are used or provided.

         This includes legal costs and expenses (including in-house lawyers
         charged at their usual rates) on a full indemnity basis, expenses
         incurred in any review or environmental audit, in reimbursing or
         indemnifying any Receiver or Attorney or in retaining consultants to
         evaluate matters of material concern to that Mortgagee and
         administrative costs including time of its executives (whose time and
         costs are to be charged at reasonable rates). This does not limit the
         generality of clause 20.2.

--------------------------------------------------------------------------------
                                                                         Page 30
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

20.2     INDEMNITY

         Subject to Clause 16.1, on demand the Chargor shall indemnify each
         Mortgagee and each Receiver and Attorney against any loss, cost,
         charge, liability or expense) that Mortgagee (or any officer or
         employee of that Mortgagee) or any Receiver or Attorney may sustain or
         incur as a direct or indirect consequence of:

         (a)    the occurrence of any Event of Default; or

         (b)    any exercise or attempted exercise of any Power or any failure
                to exercise any Power.

21.      CURRENCY INDEMNITY
--------------------------------------------------------------------------------
         The Chargor shall indemnify each Mortgagee against any deficiency which
         arises whenever, for any reason (including as a result of a judgment,
         order or Liquidation):

         (a)    that Mortgagee receives or recovers an amount in one currency
                (the PAYMENT CURRENCY) in respect of an amount denominated under
                a Trust Document in another currency (the DUE CURRENCY); and

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

22.      STAMP DUTIES
--------------------------------------------------------------------------------
         (a)    The Chargor shall pay (and reimburse each Mortgagee for) all
                stamp, transaction, registration and similar Taxes (including
                fines and penalties) in relation to the execution, delivery,
                performance or enforcement of any Trust Document or any payment
                or receipt or any other transaction contemplated by any Trust
                Document.

         (b)    Those Taxes include financial institutions duty, debits tax or
                other Taxes payable by return and Taxes passed on to any
                Mortgagee (other than the Note Trustee and the Class A
                Noteholders) by any bank or financial institution other than
                interest witholding tax.

         (c)    The Chargor shall indemnify each Mortgagee against any liability
                resulting from delay or omission to pay those Taxes except to
                the extent the liability results from failure by the Mortgagee
                to pay any Tax after having been put in funds to do so by the
                Chargor.

--------------------------------------------------------------------------------
                                                                         Page 31
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

23.      INTEREST ON OVERDUE AMOUNTS
--------------------------------------------------------------------------------
23.1     ACCRUAL

         Interest accrues on each unpaid amount which is due and payable by the
         Chargor under or in respect of this deed or any Trust Document
         (including interest payable under this clause):

         (a)    on a daily basis up to the date of actual payment from (and
                including) the due date or, in the case of an amount payable by
                way of reimbursement or indemnity, the date of disbursement or
                loss, if earlier;

         (b)    both before and after judgment (as a separate and independent
                obligation); and

         (c)    at the rate provided in clause 23.3,

         except where the Trust Document provides otherwise.

23.2     PAYMENT

         The Chargor shall pay interest accrued under this clause on demand by
         the Security Trustee and on each Payment Date. That interest is payable
         in the currency of the unpaid amount on which it accrues.

23.3     RATE

         The rate applicable under this clause is the sum of 2% per annum plus
         the higher of the following, each as determined by the Security
         Trustee:

         (a)    the rate (if any) applicable to the amount immediately before
                the due date; and

         (b)    the sum of 2% and the Three Month Bank Bill Rate.

24.      CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.
--------------------------------------------------------------------------------

         A certificate signed by an Authorised Signatory of the Security Trustee
         will be sufficient evidence against the Chargor and the Mortgagees, in
         the absence of manifest error or proof to the contrary:

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

         (b)    that a person specified in that certificate is a Mortgagee;

         (c)    that a document specified in that certificate is a Trust
                Document;

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

         (e)    as to the amount and details of Excluded Advances stated in the
                certificates.

25.      SURVIVAL OF REPRESENTATIONS
--------------------------------------------------------------------------------
         All representations and warranties in a Trust Document survive the
         execution and delivery of the Trust Documents and the provision of
         advances and accommodation.

--------------------------------------------------------------------------------
                                                                         Page 32
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

26.      INDEMNITY AND REIMBURSEMENT OBLIGATIONS
--------------------------------------------------------------------------------
         Each indemnity, reimbursement and similar obligation in a Trust
         Document:

         (a)    is a continuing obligation;

         (b)    is a separate and independent obligation;

         (c)    is payable on demand;

         (d)    survives termination or discharge of the Trust Document; and

         (e)    is subject to the order of payment contained in the
                Supplementary Terms Notice and clause 16 of this deed and the
                restriction on remedies contained in clause 31.

27.      CONTINUING SECURITY
--------------------------------------------------------------------------------
         Each of this deed and each Collateral Security is a continuing security
         despite any settlement of account, intervening payment or anything else
         until a final discharge of this deed and each Collateral Security has
         been given to the Chargor.

28.      OTHER SECURITIES
--------------------------------------------------------------------------------
         No Power and nothing in this deed or any Collateral Security merges in,
         or in any other way prejudicially affects or is prejudicially affected
         by:

         (a)    any other Security Interest; or

         (b)    any judgment, right or remedy against any person,

         which any Mortgagee or any person claiming through any Mortgagee may
         have at any time.

29.      DISCHARGE OF THE CHARGE
--------------------------------------------------------------------------------

29.1     RELEASE

         Upon the Manager providing a certificate to the Security Trustee (upon
         which certificate the Security Trustee may rely conclusively) (with a
         copy of that certificate to the Note Trustee) stating that:

         (a)    all Secured Moneys (actually or contingently owing) have been
                paid in full; and

         (b)    all the obligations of the Chargor under the Trust Documents
                have been performed, observed and fulfilled,

         the Security Trustee shall, subject to clause 29.2, at the request of
         the Manager or the Chargor, and at the cost of the Chargor, release the
         Mortgaged Property from the Charge and this deed.

29.2     CONTINGENT LIABILITIES

         The Security Trustee shall be under no obligation to release the Charge
         in respect of the Trust unless at the time such release is sought the
         Security Trustee has no contingent or prospective liabilities in
         respect of the Trust or otherwise in connection with this deed

--------------------------------------------------------------------------------
                                                                         Page 33
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         whether or not there is any reasonable likelihood of such liabilities,
         becoming actual liabilities, including without limitation, in respect
         of any bills, notes drafts, cheques, guarantees, letters of credit or
         other notes or documents issued, drawn, endorsed or accepted by the
         Security Trustee for the account or at the request of the Chargor for
         the Trust.

29.3     CHARGE REINSTATED

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

30.      AMENDMENT
--------------------------------------------------------------------------------

30.1     APPROVAL OF MANAGER

         The Security Trustee and the Chargor may, following the giving of at
         least 10 Business Days prior written notice to each Designated Rating
         Agency, and with the written approval of the Manager and (subject to
         clause 40.17(d)) the Noteholder Mortgagees and, by way of supplemental
         deed alter, add to or modify this deed (including this clause 30) so
         long as such alteration, addition or modification is:

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

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

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

         (d)    in the opinion of the Security Trustee and in accordance with
                this deed neither prejudicial nor likely to be prejudicial to
                the interest of the Mortgagees as a whole or any class of
                Mortgagees.

30.2     EXTRAORDINARY RESOLUTION OF VOTING MORTGAGEES

         Where in the opinion of the Security Trustee and in accordance with
         this deed, a proposed alteration, addition or

--------------------------------------------------------------------------------
                                                                         Page 34
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         modification to this deed, other than an alteration, addition or
         modification referred to in clause 30.1, is prejudicial or likely to be
         prejudicial to the interest of Mortgagees as a whole or any class of
         Mortgagees, the Security Trustee and the Chargor may make such
         alteration, addition or modification if sanctioned by an Extraordinary
         Resolution of the Voting Mortgagees or that class of Voting Mortgagees.

30.3     DISTRIBUTION OF AMENDMENTS

         The Manager shall distribute to all Mortgagees and each Designated
         Rating Agency, a copy of any amendments made pursuant to clause 30.1 or
         30.2 as soon as reasonably practicable after the amendment has been
         made.

31.      LIABILITY
--------------------------------------------------------------------------------

31.1     LIMITATION OF LIABILITY

         (a)    (GENERAL)

                Clause 30 of the Master Trust Deed applies to the obligations
                and liabilities of the Chargor and the Manager under this deed.

         (b)    (LIMITATION OF CHARGOR'S LIABILITY)

                (i)   The Chargor enters into this deed only in its capacity as
                      trustee of the Trust and in no other capacity (except
                      where the Transaction Documents provide otherwise).
                      Subject to paragraph (iii) below, a liability arising
                      under or in connection with this deed or the Trust can be
                      enforced against the Chargor only to the extent to which
                      it can be satisfied out of the assets and property of the
                      Trust which are available to satisfy the right of the
                      Chargor to be exonerated or indemnified for the liability.
                      This limitation of the Chargor's liability applies despite
                      any other provision of this deed and extends to all
                      liabilities and obligations of the Chargor in any way
                      connected with any representation, warranty, conduct,
                      omission, agreement or transaction related to this deed or
                      the Trust.

                (ii)  Subject to paragraph (iii) below, no person (including any
                      Relevant Party) may take action against the Chargor in any
                      capacity other than as trustee of the Trust or seek the
                      appointment of a receiver (except under this deed), or a
                      liquidator, an administrator or any similar person to the
                      Chargor or prove in any liquidation, administration or
                      arrangements of or affecting the Chargor.

                (iii) The provisions of this clause 31.1(b) shall not apply to
                      any obligation or liability of the Chargor to the extent
                      that it is not satisfied because under a Transaction
                      Document or by operation of law there is a reduction in
                      the extent of the Chargor's indemnification or exoneration
                      out of the Assets of the Trust as a result of the
                      Chargor's fraud, negligence, or Default.

                (iv)  It is acknowledged that the Relevant Parties are
                      responsible under the Transaction Documents for performing
                      a variety of obligations relating to the Trust. No act or
                      omission of the Chargor (including any related failure

--------------------------------------------------------------------------------
                                                                         Page 35
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                      to satisfy its obligations under this deed) will be
                      considered fraud, negligence or Default of the Chargor for
                      the purpose of paragraph (iii) above to the extent to
                      which the act or omission was caused or contributed to by
                      any failure by any Relevant Party or any person who has
                      been delegated or appointed by the Chargor in accordance
                      with this deed or any other Transaction Document to fulfil
                      its obligations relating to the Trust or by any other act
                      or omission of a Relevant Party or any such person.

                (v)   In exercising their powers under the Transaction
                      Documents, each of the Chargor, the Security Trustee and
                      the Noteholders must ensure that no attorney, agent,
                      delegate, receiver or receiver and manager appointed by it
                      in accordance with this deed has authority to act on
                      behalf of the Chargor in a way which exposes the Chargor
                      to any personal liability and no act or omission of any
                      such person will be considered fraud, negligence, or
                      Default of the Chargor for the purpose of paragraph (iii)
                      above.

                (vi)  In this clause, RELEVANT PARTIES means each of the
                      Manager, the Servicer, the Calculation Agent, the Note
                      Registrar, each Paying Agent, the Note Trustee, and each
                      Support Facility Provider.

                (vii) Nothing in this clause limits the obligations expressly
                      imposed on the Chargor under the Transaction Documents.

31.2     RIGHTS AGAINST MORTGAGED PROPERTY PRESERVED

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

31.3     OBLIGATION EXPRESS

         The Chargor is not obliged to enter into any commitment or obligation
         under this deed unless:

         (a)    in the case of commitments or obligations that are expressly
                contemplated by a Transaction Document and are between parties
                to a Transaction Document, the Chargor's liability is limited in
                the same manner as set out in this clause 31; or

         (b)    in the case of any other commitments or obligations, the
                Chargor's liability is limited in a manner satisfactory to the
                Chargor in its absolute discretion.

31.4     ADVICE FROM PROFESSIONAL ADVISERS

         Neither the Security Trustee nor the Chargor will be regarded as
         negligent or in breach of trust to the extent to which the Security
         Trustee or the Chargor (as the case may be) accepts and relies on an
         opinion, advice or letter from a professional adviser (legal,
         financial, audit

--------------------------------------------------------------------------------
                                                                         Page 36
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         or otherwise) which contains a dollar amount limitation on that
         professional adviser's liability.

32.      WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------
         (a)    No failure to exercise and no delay in exercising any Power
                operates as a waiver. No single or partial exercise of any Power
                precludes any other or further exercise of that Power or any
                other Power.

         (b)    The Powers in this deed and each Collateral Security are in
                addition to, and do not exclude or limit, any right, power or
                remedy provided by law.

33.      CONSENTS AND OPINION
--------------------------------------------------------------------------------
         Except where expressly stated any Mortgagee may give or withhold, or
         give conditionally, approvals and consents, may be satisfied or
         unsatisfied, may form opinions, and may exercise its Powers, at its
         absolute discretion.

34.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------
         (a)    Any provision of this deed or any Collateral Security which is
                prohibited or unenforceable in any jurisdiction is ineffective
                as to that jurisdiction to the extent of the prohibition or
                unenforceability. That does not invalidate the remaining
                provisions of this deed or any Collateral Security nor affect
                the validity or enforceability of that provision in any other
                jurisdiction.

         (b)    Without limiting the generality of paragraph (a):

                (i)   the definition of Secured Moneys does not include any
                      liability so long as and to the extent that the inclusion
                      of that liability would avoid, invalidate or render
                      ineffective clause 3 or 4 or the security constituted by
                      this deed; and

                (ii)  the definition of the Mortgaged Property does not include
                      any asset so long as and to the extent that the inclusion
                      of that asset would invalidate, avoid or render
                      ineffective clause 3 or 4 or the security constituted by
                      this deed.

                The Chargor shall use its reasonable endeavours to satisfy any
                condition or obtain any Authorisation which relates to it as
                trustee of the Trust, but not in respect of the Trust generally
                which may be necessary to include that liability or asset
                validly under the Charge or this deed.

35.      MORATORIUM LEGISLATION
--------------------------------------------------------------------------------
         To the full extent permitted by law, all legislation which at any time
         directly or indirectly:

         (a)    lessens, varies or affects in favour of the Chargor any
                obligation under this deed or any Collateral Security; or

--------------------------------------------------------------------------------
                                                                         Page 37
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (b)    delays, prevents or prejudicially affects the exercise by any
                Mortgagee, any Receiver or Attorney, of any Power,

         is excluded from this deed and any Collateral Security.

36.      ASSIGNMENTS
--------------------------------------------------------------------------------

(a)               Subject to the other Trust Documents, a Mortgagee may assign
                  its rights under this deed and each Collateral Security. If
                  this deed or any Mortgagee's interest in it is assigned, the
                  Secured Moneys will include all actual and contingent
                  liability of the Chargor to the assignee, whether or not it
                  was incurred before the assignment or in contemplation of it.

(b)               The Chargor may only assign or transfer any of its rights or
                  obligations under this deed or any Collateral Security in
                  accordance with the Transaction Documents and if prior notice
                  has been given to each Designated Rating Agency and such
                  assignment or transfer has no adverse effect on the ratings of
                  the Notes.

37.      NOTICES
--------------------------------------------------------------------------------
         (a)    All notices, requests, demands, consents, approvals, agreements
                or other communications to or by a party to this deed:

                (i)   must be in writing;

                (ii)  must be signed by an Authorised Signatory of the sender;
                      and

                (iii) will be taken to be duly given or made:

                      (A)  (in the case of delivery in person or by facsimile
                           transmission) when delivered, received or left at the
                           address of the recipient shown in this deed, to any
                           other address it may have notified the sender, or as
                           provided in clause 37(b), but if delivery or receipt
                           is on a day on which business is not generally
                           carried on in the place to which the communication is
                           sent or is later than 4.00 pm (local time), it will
                           be taken to have been duly given or made at the
                           commencement of business on the next day on which
                           business is generally carried on in that place; or

                      (B)  (in the case of delivery by post) 3 days after it is
                           posted to such an address.

         (b)    The Security Trustee may give notice to a Mortgagee at the
                address notified to the Security Trustee by the Chargor or the
                Manager as that Mortgagee's address for notice or, where the
                Mortgagee is a Noteholder, at the address of the Note Trustee.

--------------------------------------------------------------------------------
                                                                         Page 38
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

38.      RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE
--------------------------------------------------------------------------------

38.1     INSTRUCTIONS; EXTENT OF DISCRETION

         (a)    The Security Trustee will have no duties or responsibilities
                except those expressly set out in this deed or any Collateral
                Security.

         (b)    Subject to this deed, in the exercise of all its Powers the
                Security Trustee shall act in accordance with any Extraordinary
                Resolution of the Voting Mortgagees.

         (c)    In the absence of an Extraordinary Resolution of the Voting
                Mortgagees, the Security Trustee need not act but, if it does
                act, it must act (with prior written notice to the Noteholder
                Mortgagees) in the best interests of the Mortgagees in
                accordance with this deed.

         (d)    Any action taken by the Security Trustee under this deed or any
                Collateral Security binds all the Mortgagees.

38.2     NO OBLIGATION TO INVESTIGATE AUTHORITY

         (a)    Neither the Chargor nor the Security Trustee need enquire
                whether any Extraordinary Resolution has been passed or as to
                the terms of any Extraordinary Resolution.

         (b)    As between the Chargor on the one hand and the Security Trustee
                and the Mortgagees on the other, all action taken by the
                Security Trustee under this deed or any Collateral Security will
                be taken to be authorised.

38.3     DELEGATION

         (a)    The Security Trustee may employ agents and attorneys, and,
                provided that the Security Trustee exercises reasonable care in
                selecting them, providing the Security Trustee and the agent or
                attorney, as the case may be, are not related bodies corporate
                (as defined in the Corporations Act 2001 (Cth)) the Security
                Trustee will not be liable for the acts or omissions of any such
                agent or delegate. The Security Trustee may at the expense of
                the Chargor obtain such advice and information from lawyers,
                accountants, bankers and other consultants and experts as it
                considers desirable to allow it to be properly advised and
                informed in relation to its powers and obligations. Before
                obtaining such advice or information (unless the advice or
                information relates to the Manager) before the occurrence of an
                Event of Default, the Security Trustee shall first inform the
                Manager of the need for the advice or information and obtain the
                approval of the Manager, which approval shall not be
                unreasonably withheld or delayed.

         (b)    Notwithstanding other provisions in this clause 38.3, where the
                Security Trustee employs a related body corporate as agent or
                attorney, the Security Trustee shall be liable for all acts or
                omissions of the agent or attorney done or omitted whilst acting
                in its capacity as such.

--------------------------------------------------------------------------------
                                                                         Page 39
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

38.4     RELIANCE ON DOCUMENTS AND EXPERTS

         The Security Trustee may rely on:

         (a)    any document (including any facsimile transmission, telegram or
                telex) it reasonably believes to be genuine and correct
                including any document given by the Chargor under clause 5.1(d)
                or by the Manager under clause 5.4; and

         (b)    advice and statements of lawyers, accountants, bankers and other
                consultants and experts, whether or not retained by it.

38.5     NOTICE OF TRANSFER

         The Security Trustee may treat each Mortgagee as the holder of the
         Mortgagee's rights under the Trust Documents until the Security Trustee
         has received a substitution certificate or an instrument of transfer in
         a form approved by the Security Trustee.

38.6     NOTICE OF DEFAULT

         (a)    The Security Trustee will be taken not to have knowledge of the
                occurrence of an Event of Default unless the Security Trustee
                has received notice from a Mortgagee or the Chargor stating that
                an Event of Default has occurred and describing it.

         (b)    If the Security Trustee receives notice of, or becomes aware of,
                the occurrence of events or circumstances constituting an Event
                of Default and that those events or circumstances do constitute
                an Event of Default, the Security Trustee shall notify the
                Mortgagees.

38.7     SECURITY TRUSTEE AS MORTGAGEE

         (a)    The Security Trustee in its capacity as a Mortgagee has the same
                rights and powers under the Trust Documents as any other
                Mortgagee. It may exercise them as if it were not acting as the
                Security Trustee.

         (b)    The Security Trustee and its Associates may engage in any kind
                of business with the Chargor, Manager and any Mortgagee or other
                person as if it were not the Security Trustee. It may receive
                consideration for services in connection with any Trust Document
                and otherwise without having to account to the Mortgagees.

38.8     INDEMNITY TO SECURITY TRUSTEE

         (a)    Subject to clause 38.8(b) and to the order of payment contained
                in the Supplementary Terms Notice and clause 16 of this deed,
                the Chargor shall indemnify the Security Trustee (to the extent
                not reimbursed by the Chargor) against any loss, cost,
                liability, expense or damage the Security Trustee may sustain or
                incur directly or indirectly under or in relation to the Trust
                Documents. This does not limit the Chargor's liability under any
                other provision.

         (b)    The Chargor is not liable under this sub-clause for any of the
                above to the extent that they arise from the Security Trustee's
                fraud, negligence or breach of trust.

         (c)    (i)   Subject to paragraph (c)(iii) below, a liability arising
                      under or in connection with this deed or the trust
                      constituted under this deed can be

--------------------------------------------------------------------------------
                                                                         Page 40
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                      enforced against the Security Trustee only to the extent
                      to which it can be satisfied out of the assets and
                      property of the trust constituted under this deed which
                      are available to satisfy the right of the Security Trustee
                      to be exonerated or indemnified for the liability. This
                      limitation of the Security Trustee's liability applies
                      despite any other provision of this deed and extends to
                      all liabilities and obligations of the Security Trustee in
                      any way connected with any representation, warranty,
                      conduct, omission, agreement or transaction related to
                      this deed or the trust constituted under this deed.

                (ii)  Subject to paragraph (c)(iii) below, no person (including
                      any Relevant Party) may take action against the Security
                      Trustee in any capacity other than as trustee of the trust
                      constituted under this deed or seek the appointment of a
                      receiver (except under this deed), or a liquidator, an
                      administrator or any similar person to the Security
                      Trustee or prove in any liquidation, administration or
                      arrangements of or affecting the Security Trustee.

                (iii) The provisions of this clause 38.8(c) shall not apply to
                      any obligation or liability of the Security Trustee to the
                      extent that it is not satisfied because under a
                      Transaction Document or by operation of law there is a
                      reduction in the extent of the Security Trustee's
                      indemnification or exoneration out of the assets as a
                      result of the Security Trustee's fraud, negligence or
                      breach of trust.

                (iv)  It is acknowledged that the Relevant Parties are
                      responsible under the Transaction Documents for performing
                      a variety of obligations relating to the Trust and the
                      trust constituted under this deed. No act or omission of
                      the Security Trustee (including any related failure to
                      satisfy its obligations under this deed) will be
                      considered fraud, negligence or breach of trust of the
                      Security Trustee for the purpose of paragraph (c)(iii)
                      above to the extent to which the act or omission was
                      caused or contributed to by any failure by any Relevant
                      Party or any person who has been delegated or appointed by
                      the Security Trustee in accordance with this deed or any
                      other Transaction Document to fulfil its obligations
                      relating to the Trust or the trust constituted under this
                      deed or by any other act or omission of a Relevant Party
                      or any such person.

                (v)   In exercising their powers under the Transaction
                      Documents, each of the Chargor, the Security Trustee and
                      the Noteholders must ensure that no attorney, agent,
                      delegate, receiver or receiver and manager appointed by it
                      in accordance with this deed has authority to act on
                      behalf of the Security Trustee in a way which exposes the
                      Security Trustee to any personal liability and no act or
                      omission of any such person will be considered fraud,
                      negligence or breach of trust of the Security Trustee for
                      the purpose of paragraph (c)(iii) above.

--------------------------------------------------------------------------------
                                                                         Page 41
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                (vi)   The Security Trustee is not obliged to enter into any
                       commitment or obligation under this deed, unless:

                      (A)  in the case of commitments or obligations that are
                           expressly contemplated by a Transaction Document and
                           are between parties to a Transaction Document, the
                           Security Trustee's liability is limited in the same
                           manner as set out in this sub-clause (c); or

                      (B)  in the case of any other commitments or obligations,
                           the Security Trustee's liability is limited in a
                           manner satisfactory to the Security Trustee in its
                           absolute discretion.

                (vii)  A failure by the Security Trustee to act because it has
                       not received instructions (or proper instructions) from
                       the Mortgagees is not fraud, negligence or breach of
                       trust.

                (viii) In this clause, RELEVANT PARTIES means each of the
                       Manager, the Servicer, the Calculation Agent, each Paying
                       Agent, the Note Trustee, the Note Registrar and each
                       Support Facility Provider.

                (ix)   Nothing in this clause limits the obligations expressly
                       imposed on the Security Trustee under the Transaction
                       Documents.

38.9     INDEPENDENT INVESTIGATION

         Each Mortgagee confirms that it has made and will continue to make,
         independently and without reliance on the Security Trustee, the Chargor
         or any other Mortgagee (including the Manager) unless otherwise
         provided in the Transaction Documents and based on the Trust Documents,
         agreements and information which it regards appropriate:

         (a)    its own investigations into the Trust, the Notes and other
                Mortgagees (including the Manager); and

         (b)    its own analyses and decisions whether to take or not take
                action under any Trust Document.

38.10    NO MONITORING

         The Security Trustee is not required to keep itself informed as to the
         compliance by the Chargor or the Manager with any Trust Document or any
         other document or agreement or to inspect any property or book of the
         Chargor or the Manager.

38.11    INFORMATION

         The Chargor authorises:

         (a)    the Security Trustee to provide any Mortgagee; and

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

         with any information concerning the Trust and Notes which may come into
         the possession of the Security Trustee or the Note Trustee (as the case
         may be). Save for the information which is required by any Transaction
         Document to be provided by it to the respective persons referred to in
         paragraph (a) or (b) (as the case may be), none of the Security

--------------------------------------------------------------------------------
                                                                         Page 42
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         Trustee, Note Trustee or any Paying Agent need otherwise provide any
         other person with such information.

38.12    CONFLICTS

         (a)    Subject to clause 2.2, in the event of any dispute, ambiguity or
                doubt as to the construction or enforceability of this deed or
                of any other document or the Security Trustee's powers or
                obligations under or in connection with this deed or the
                determination or calculation of any amount or thing for the
                purpose of this deed or the construction or validity of any
                direction from the Mortgagees, the Security Trustee may:

                (i)   obtain and rely on advice from any person referred to in
                      clause 38.3 and may comply with such direction or order;
                      and/or

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

                and provided the Security Trustee is using reasonable endeavours
                to resolve such ambiguity, dispute or doubt, the Security
                Trustee, in its absolute discretion, may refuse to act or
                refrain from acting in relation to matters affected by such
                dispute, ambiguity or doubt.

         (b)    Neither the Security Trustee nor the Note Trustee has any
                responsibility for the form or contents of this deed or any
                other Trust Document and will have any liability (except, in
                each case, with respect to itself) arising as a result of or in
                connection with any inadequacy, invalidity or unenforceability
                of any provision of this deed or the other Trust Documents.

38.13    NO LIABILITY

         Without limitation the Security Trustee shall not be liable for:

         (a)    any decline in the value or loss realised upon any sale or other
                disposition made under this deed of any Mortgaged Property or
                any other property charged to the Security Trustee by any other
                person in respect of or relating to the obligations of the
                Chargor or any person in respect of the Chargor or the Secured
                Moneys or relating in any way to the Mortgaged Property;

         (b)    any decline or loss directly or indirectly arising from the
                Security Trustee acting or failing to act as a consequence of an
                opinion reached by it; and

         (c)    any loss, expense or liability which may be suffered as a result
                of any assets secured by this deed, Mortgaged Property or any
                deeds or documents of title thereto being uninsured or
                inadequately insured or being held by or to the order of the
                Servicer or any of its affiliates or by clearing organisations
                or their operator or by any person on behalf of the Note
                Trustee,

         except to the extent caused by the fraud, negligence or breach of trust
         of the Security Trustee.

--------------------------------------------------------------------------------
                                                                         Page 43
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

39.      RETIREMENT AND REMOVAL OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

39.1     RETIREMENT

         Subject to any Trust Document to which the Security Trustee is a party,
         and subject also to the appointment of a successor Security Trustee as
         provided in this clause, the Security Trustee may retire at any time
         upon giving not less than three months' notice (or such shorter period
         as the parties may agree) in writing to the Chargor, the Manager, the
         Note Trustee and each Designated Rating Agency without assigning any
         reason and without being responsible for any costs occasioned by such
         retirement.

39.2     REMOVAL

         Subject to any Trust Document to which the Security Trustee is a party,
         the appointment of a successor Security Trustee as provided in this
         clause, and prior notice being given to each Designated Rating Agency,
         the Security Trustee may be removed:

         (a)    by the Manager if any of the following occurs in relation to the
                Security Trustee:

                (i)   an Insolvency Event occurring in relation to the Security
                      Trustee in its personal capacity;

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

                (iii) the Security Trustee fails to comply with any of its
                      obligations under any Transaction Document and such action
                      has had, or, if continued will have, a Material Adverse
                      Effect, and, if capable of remedy, that failure is not
                      remedied within 14 days after the earlier of (i) the
                      Security Trustee having become actually aware of that
                      failure and (ii) the Security Trustee having received
                      written notice with respect thereto from the Manager; or

                (iv)  there is a change in effective control of the Security
                      Trustee from that subsisting as at the date of this deed
                      unless approved by the Manager; or

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

39.3     REPLACEMENT

         (a)    Upon notice of resignation or removal the Manager shall have the
                right to appoint a successor Security Trustee who has been
                previously approved by an Extraordinary Resolution of the Voting
                Mortgagees and who accepts the appointment.

         (b)    If no successor Security Trustee is appointed within 30 days
                after notice, the retiring Security Trustee may on behalf of the
                Mortgagees appoint a successor Security Trustee (other than
                St.George or a Related Body Corporate of St.George) who accepts
                the appointment. If no such person is willing to accept this
                appointment, the Voting Mortgagees may elect a Security Trustee
                from among the Voting Mortgagees.

         (c)    On its appointment the successor Security Trustee will have all
                the rights, powers and obligations of the retiring Security
                Trustee. The retiring Security Trustee will be discharged from
                its rights, powers and obligations, subject to paragraph (e).

--------------------------------------------------------------------------------
                                                                         Page 44
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (d)    The retiring Security Trustee shall execute and deliver all
                documents or agreements which are necessary or desirable in its
                opinion to transfer to the successor Security Trustee this deed
                and each Collateral Security or to effect the appointment of the
                successor Security Trustee.

         (e)    After any retiring Security Trustee's resignation or removal,
                this deed will continue in effect in respect of anything done or
                omitted to be done by it while it was acting as Security
                Trustee.

39.4     RATING AGENCIES APPROVAL

         Any resignation or removal of the Security Trustee and appointment of a
         successor security trustee will not become effective until acceptance
         of the appointment of that successor Security Trustee and confirmation
         by the Designated Rating Agencies that such appointment will not cause
         a downgrading, qualification or withdrawal of the then current ratings
         of the Notes.

40.      MEETINGS OF MORTGAGEES
--------------------------------------------------------------------------------
40.1     LIMITATION ON SECURITY TRUSTEE'S POWERS

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

40.2     CONVENING OF MEETINGS

         (a)    (GENERALLY)

                (i)   Subject to clause 40.17, the Security Trustee or the
                      Manager at any time may convene a meeting of the Voting
                      Mortgagees.

                (ii)  Subject to clause 40.17, and subject to the Security
                      Trustee being adequately indemnified out of the property
                      held on trust under clause 2.1(b) against all costs and
                      expenses occasioned as a result, the Security Trustee
                      shall convene a meeting of the Voting Mortgagees if
                      requested to do so:

                      (A)  by the Chargor; or

                      (B)  by Voting Mortgagees being holders of not less than
                           30% of the then Secured Moneys.

         (b)    (TIME AND PLACE)

                (i)   Every meeting of Voting Mortgagees shall be held at such
                      time and place as the Security Trustee approves, provided
                      (subject to sub-paragraph (ii) and clause 40.3(b)) that
                      any such meeting shall not be held until the Class A
                      Noteholders have held a meeting in accordance with the
                      Note Trust Deed and determined how to vote or how to
                      direct the Note Trustee to vote (as the case may be) in
                      the meeting of Voting Mortgagees.

--------------------------------------------------------------------------------
                                                                         Page 45
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                (ii)  Upon receiving notice of a meeting of the Voting
                      Mortgagees, the Note Trustee shall as soon as practicable
                      call a meeting of the Class A Noteholders in accordance
                      with the terms of the Note Trust Deed.

                (iii) The proviso in sub-paragraph (i) shall not apply if:

                      (A)  the meeting of Class A Noteholders called in
                           accordance with sub-paragraph (ii) is adjourned more
                           than once; and

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

         (c)    (CLASS OF MORTGAGEES) The provisions of this clause 40 regarding
                a meeting of the Voting Mortgagees shall apply, mutatis
                mutandis, to a meeting of any class of Voting Mortgagee.

40.3     NOTICE OF MEETINGS

         (a)    (PERIOD OF NOTICE) Subject to clause 40.3(b), at least 7 days'
                notice (inclusive of the day on which the notice is given and of
                the day on which the meeting is held) shall be given to the
                Voting Mortgagees, the Beneficiary and all the Designated Rating
                Agencies.

         (b)    (SHORT NOTICE) Notwithstanding that a meeting is convened upon
                shorter notice than as specified in clause 40.3(a), or a meeting
                or details of that meeting are not notified, advised or approved
                in accordance with this clause 40, it shall be deemed to be duly
                convened if it is so agreed by the Voting Mortgagees
                representing a quorum (which quorum must include the Note
                Trustee or the Class A Noteholders, as the case maybe).

         (c)    (COPIES) A copy of the notice shall in all cases be given by the
                party to this deed convening the meeting to the other parties to
                this deed.

         (d)    (METHOD OF GIVING NOTICE) Notice of a meeting shall be given in
                the manner provided in this deed.

         (e)    (CONTENTS OF A NOTICE) Notice of a meeting of Voting Mortgagees
                shall specify, unless in any particular case the Security
                Trustee otherwise agrees:

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

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

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

40.4     CHAIRMAN

         A person (who need not be a Voting Mortgagee and who may be a
         Representative of the Security Trustee) nominated in writing by the
         Security Trustee shall be entitled to take the chair at every such
         meeting but if no such nomination is made or if at any meeting the
         person nominated is not present within 15 minutes after the time
         appointed for the holding

--------------------------------------------------------------------------------
                                                                         Page 46
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         of that meeting the Voting Mortgagees present shall choose one of their
         number to be chairman.

40.5     QUORUM

         At any such meeting any two or more persons present in person holding,
         or being Representatives holding or representing, in the aggregate not
         less than 51% of the then Secured Moneys shall form a quorum for the
         transaction of business (other than passing an Extraordinary Resolution
         in which case the quorum shall be any 2 or more persons present in
         person holding or being Representatives holding or representing in
         aggregate not less than 67.5% of the then Secured Moneys) and no
         business (other than the choosing of a chairman) shall be transacted at
         any meeting unless the requisite quorum is present at the commencement
         of business.

40.6     ADJOURNMENT

         (a)    (QUORUM NOT PRESENT) If within 15 minutes from the time
                appointed for any such meeting a quorum is not present the
                meeting shall, if convened on the requisition of the Voting
                Mortgagees, be dissolved. In any other case it shall stand
                adjourned (unless the Security Trustee agrees that it be
                dissolved) for such period, not being less than 7 days nor more
                than 42 days, as may be appointed by the chairman. At the
                adjourned meeting two or more persons present in person holding,
                or being Representatives holding or representing 15% of the then
                Secured Moneys shall (except for the purpose of passing an
                Extraordinary Resolution) form a quorum and shall have the power
                to pass any resolution and to decide upon all matters which
                could properly have been dealt with at the meeting from which
                the adjournment took place had a quorum been present at that
                meeting. The quorum at any such adjourned meeting for passing a
                Extraordinary Resolution shall be any 2 or more persons present
                in person holding or being Representatives holding or
                representing in aggregate not less than 20% of the then Secured
                Moneys.

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

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

40.7     VOTING PROCEDURE

         (a)    (SHOW OF HANDS) Every question submitted to a meeting shall be
                decided in the first instance by a show of hands and in case of
                equality of votes the chairman shall, both on a show of hands
                and on a poll, have a casting vote in addition to the vote or

--------------------------------------------------------------------------------
                                                                         Page 47
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                votes (if any) to which he may be entitled as a Voting Mortgagee
                or as a Representative.

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

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

         (d)    (NO ADJOURNMENT) Any poll demanded at any meeting on the
                election of a chairman or on any question of adjournment shall
                be taken at the meeting without adjournment.

         (e)    (VOTES) Subject to clause 40.7(a), at any meeting:

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

                (ii)  on a poll, every person who is present shall have one vote
                      for each US$100 or, in the case of A$ Noteholders for each
                      A$ Equivalent of US$100 (but, in each case, not part
                      thereof) of the Secured Moneys that he holds or in respect
                      of which he is a Representative. Any person entitled to
                      more than one vote need not use or cast all of the votes
                      to which he is entitled in the same way.

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

         For the purpose of determining the amount of Secured Moneys at any
         time, the Security Trustee may rely on the Accounts of the Chargor and
         any information provided by the Auditor of the Chargor. Clause 24 will
         apply to any determination of Secured Moneys for the definition of
         VOTING MORTGAGEE and this Clause 40.

--------------------------------------------------------------------------------
                                                                         Page 48
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

40.8     RIGHT TO ATTEND AND SPEAK

         The Chargor, the Manager, the Security Trustee and the Beneficiary
         (through their respective Representatives) and their respective
         financial and legal advisers shall be entitled to attend and speak at
         any meeting of Voting Mortgagees (and, to the extent that they are also
         a Voting Mortgagee, to vote at that meeting). No person shall otherwise
         be entitled to attend or vote at any meeting of the Voting Mortgagees
         or to join with others in requesting the convening of such a meeting
         unless he is a Voting Mortgagee or a Representative.

40.9     APPOINTMENT OF PROXIES

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

         (b)    (PROXY REMAINS VALID) Any vote given in accordance with the
                terms of an appointment of proxy set out in clause 40.9(a) shall
                be valid notwithstanding the previous revocation or amendment of
                the appointment of proxy or of any of the Voting Mortgagee's
                instructions pursuant to which it was executed, provided that no
                intimation in writing of such revocation or amendment has been
                received by the Security Trustee at its registered office, or by
                the chairman of the meeting, in each case within the 24 hours
                before the commencement of the meeting or adjourned meeting at
                which the appointment of proxy is used.

40.10    CORPORATE REPRESENTATIVES

         A person authorised pursuant to section 250D of the Corporations Act
         2001 (Cth) by a Voting Mortgagee being a body corporate to act for that
         Voting Mortgagee at any meeting shall, in accordance with his authority
         until his authority is revoked by the body corporate concerned, be
         entitled to exercise the same powers on behalf of that body corporate
         as that body corporate could exercise if it were an individual Voting
         Mortgagee and shall be entitled to produce evidence of his authority
         (together with, if required by the Security Trustee, evidence
         satisfactory to the Security Trustee of the due execution of the
         authority) to act at any time before the time appointed for the holding
         of or at the meeting or adjourned meeting or for the taking of a poll
         at which he proposes to vote.

--------------------------------------------------------------------------------
                                                                         Page 49
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

40.11    RIGHTS OF REPRESENTATIVES

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

40.12    EXTRAORDINARY RESOLUTIONS

         (a)    (POWERS) A meeting of Voting Mortgagees shall, without prejudice
                to any rights or powers conferred on other persons by this deed,
                have power exercisable by Extraordinary Resolution:

                (i)    to direct the Security Trustee in the action that should
                       be taken by it following the occurrence of an Event of
                       Default or the Charge or this deed becoming enforceable;

                (ii)   to sanction any action that the Security Trustee or a
                       Receiver proposes to take to enforce the provisions of
                       this deed;

                (iii)  to sanction any proposal by the Manager, the Chargor or
                       the Security Trustee for any modification, abrogation,
                       variation or compromise of, or arrangement in respect of,
                       the rights of the Mortgagees against the Chargor or the
                       Manager whether such rights shall arise under this deed,
                       the Trust Documents or otherwise;

                (iv)   to sanction the exchange or substitution of the Secured
                       Moneys for, or the conversion of the Secured Moneys into,
                       bonds or other obligations or securities of the Chargor
                       or any body corporate formed or to be formed;

                (v)    to assent to any modification of the provisions contained
                       in this deed which may be proposed by the Chargor, the
                       Note Trustee, the Manager or the Security Trustee;

                (vi)   to give any authority, direction, guidance or sanction
                       sought by the Security Trustee from the Voting
                       Mortgagees;

                (vii)  to appoint any persons (whether Voting Mortgagees or not)
                       as a committee or committees to represent the interests
                       of the Voting Mortgagees and to confer on such committee
                       or committees any powers or discretions which the Voting
                       Mortgagees could themselves exercise by Extraordinary
                       Resolution;

                (viii) to approve a person proposed to be appointed as a new
                       Security Trustee for the time being; (ix) to discharge or
                       exonerate the Security Trustee from any liability in
                       respect of any act or omission for which it may become
                       responsible under this deed;

                (x)    to do any other thing which under this deed is required
                       to be given by an Extraordinary Resolution of the
                       Mortgagees;

--------------------------------------------------------------------------------
                                                                         Page 50
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

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

                (xii)  to determine whether the Security Trustee should or
                       should not perform an act and any such Extraordinary
                       Resolution will (where relevant and in accordance with
                       clause 40.17) override any determination by the Note
                       Trustee.

         (b)    (NO POWER) A meeting of Voting Mortgagees shall not have power
                in relation to any Mortgagee to:

                (i)    release any obligation to pay any of the Secured Moneys
                       to that Mortgagee;

                (ii)   alter any date upon which any of the Secured Moneys is
                       payable;

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

                (iv)   alter clause 16.1 in relation to that Mortgagee,

                without the consent of that Mortgagee.

40.13    EXTRAORDINARY RESOLUTION BINDING ON MORTGAGEES

         Subject to clause 40.12(b), an Extraordinary Resolution passed at a
         meeting of the Voting Mortgagees duly convened and held in accordance
         with this clause 40 shall be binding upon all Mortgagees whether or not
         present at such meeting and each of the Mortgagees and the Chargor, the
         Manager and the Security Trustee shall be bound to give effect to it
         accordingly.

40.14    MINUTES AND RECORDS

         Minutes of all resolutions and proceedings at every meeting of the
         Voting Mortgagees under this clause 40 shall be made and duly entered
         in the books to be from time to time provided for that purpose by the
         Security Trustee and any such minutes purporting to be signed by the
         chairman of the meeting at which those resolutions were passed or
         proceedings transacted or by the chairman of the next succeeding
         meeting of the Voting Mortgagees shall be conclusive evidence of the
         matters contained in those minutes and until the contrary is proved,
         provided every meeting in respect of the proceedings of which minutes
         have been made and signed as provided in this clause 40.14 shall be
         deemed to have been duly convened and held and all resolutions passed
         or proceedings transacted in that meeting to have been duly passed and
         transacted.

40.15    WRITTEN RESOLUTIONS

         Notwithstanding the preceding provisions of this clause 40, a
         resolution of all the Voting Mortgagees (including an Extraordinary
         Resolution) may be passed, without any meeting or previous notice being
         required, by an instrument or notes in writing which have:

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

--------------------------------------------------------------------------------
                                                                         Page 51
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (b)    any such instrument shall be effective upon presentation to the
                Security Trustee for entry in the records referred to in clause
                40.14

40.16    FURTHER PROCEDURES FOR MEETINGS

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

         (a)    (PERSONS ARE VOTING MORTGAGEES) so as to satisfy itself that
                persons are in fact Voting Mortgagees who purport to requisition
                a meeting or who purport to make any requisition to the Security
                Trustee in accordance with this deed;

         (b)    (ENTITLEMENT TO VOTE) so as to satisfy itself that persons who
                purport to attend or vote at any meeting of Voting Mortgagees
                are entitled to do so in accordance with this clause 40 and this
                deed; and

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

40.17    NOTE TRUSTEE RIGHTS

         (a)    Despite any other provision of this deed, for so long as the
                Noteholder Mortgagees are the only Voting Mortgagees they may
                direct the Security Trustee to do any act or thing which the
                Security Trustee is required to do, or may only do, at the
                direction of an Extraordinary Resolution of Voting Mortgagees
                including those acts or things referred to in clause 40.12 and
                the Security Trustee shall, subject to this deed, comply with
                such direction of the Noteholder Mortgagees.

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

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

                (i)    if the Noteholder Mortgagees are not the only Voting
                       Mortgagee; and

                (ii)   if Noteholder Mortgagees direct the Security Trustee to
                       enforce the Charge (whether in the case of the Note
                       Trustee directed to do so by the Class A Noteholders or
                       as it determines on behalf of the Class A Noteholders),

                the Security Trustee shall enforce the Charge under clause 8.2
                as if directed to do so by an Extraordinary Resolution of Voting
                Mortgagees and paragraph (a) shall apply as if the Noteholder
                Mortgagees were the only Voting Mortgagee.

         (d)    The Security Trustee shall not be liable to any Mortgagee for
                acting, or not acting, on the directions of the Noteholder
                Mortgagee except where in so doing the Security Trustee engages
                in any fraud, negligence or breach of trust.

         (e)    Any reference to the Noteholder Mortgagees where:

--------------------------------------------------------------------------------
                                                                         Page 52
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                (i)    they are the only Voting Mortgagees;

                (ii)   where the consent of the Noteholder Mortgagees is
                       required under this deed in relation to a discretion or
                       act of the Security Trustee; or

                (iii)  means so many of the Noteholder Mortgagees who represent
                       more than 50% of the Total Invested Amount.

41.      AUTHORISED SIGNATORIES
--------------------------------------------------------------------------------

         The Chargor irrevocably authorises each Mortgagee to rely on a
         certificate by a person purporting to be its director or secretary as
         to the identity and signatures of its Authorised Signatories. The
         Chargor warrants that those persons have been authorised to give
         notices and communications under or in connection with the Trust
         Documents.

42.      GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------

         This deed is governed by the laws of New South Wales. The Chargor
         submits to the non-exclusive jurisdiction of courts exercising
         jurisdiction there.

43.      COUNTERPARTS
--------------------------------------------------------------------------------

         This deed may be executed in any number of counterparts. All
         counterparts together will be taken to constitute one instrument.

44.      SET-OFF
--------------------------------------------------------------------------------

         No Mortgagee may apply any credit balance in any currency (whether or
         not matured) in any account comprised in the Mortgaged Property towards
         satisfaction of any sum then due and payable to that Mortgagee under or
         in relation to any Trust Document.

45.      ACKNOWLEDGEMENT BY CHARGOR
--------------------------------------------------------------------------------
         The Chargor confirms that:

         (a)    it has not entered into any Trust Document in reliance on, or as
                a result of, any conduct of any kind of or on behalf of any
                Mortgagee (other than the Manager and the Servicer) or any
                Related Body Corporate of any Mortgagee (including any advice,
                warranty, representation or undertaking); and

         (b)    no Mortgagee nor any Related Body Corporate of any Mortgagee is
                obliged to do anything (including disclose anything or give
                advice),

         except as expressly set out in the Trust Documents or in writing duly
         signed by or on behalf of the Mortgagee or Related Body Corporate.

--------------------------------------------------------------------------------
                                                                         Page 53
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

46.      INFORMATION MEMORANDUM
--------------------------------------------------------------------------------
         The Security Trustee has no responsibility for any statement or
         information in or omission from any information memorandum,
         advertisement, circular or other document issued by or on behalf of the
         Chargor or Manager, including in connection with the issue of Notes.
         Neither the Chargor nor the Manager may publish or permit to be
         published any such document in connection with the offer of Notes or an
         invitation for subscriptions for Notes containing any statement which
         makes reference to the Security Trustee without the prior written
         consent of the Security Trustee, which consent must not be unreasonably
         withheld. In considering whether to give its consent, the Security
         Trustee is not required to take into account the interests of the other
         Mortgagees.

47.      SECURITY TRUSTEE'S LIMITED LIABILITY
--------------------------------------------------------------------------------

47.1     RELIANCE ON CERTIFICATE

         The Security Trustee shall not incur any liability as a result of
         relying upon the authority, validity, due authorisation of, or the
         accuracy of any information contained in any notice, resolution,
         direction, consent, certificate, receipt, affidavit, statement,
         valuation report or other document or communication (including any of
         the above submitted or provided by the Manager, by the Trustee or by a
         Mortgagee) if the Security Trustee is entitled, under clause 47.2 to
         assume such authenticity, validity, due authorisation or accuracy.

         In preparing any notice, certificate, advice or proposal the Security
         Trustee shall be entitled to assume, unless it is actually aware to the
         contrary, that each person under any Authorised Investment, Support
         Facility, Receivable, Receivable Security, Related Securities, other
         Transaction Document or any other deed, agreement or arrangement
         incidental to any of the above or to the Trust, will perform their
         obligations under those documents in full by the due date and otherwise
         in accordance with their terms.

47.2     SECURITY TRUSTEE'S RELIANCE ON MANAGER, NOTE TRUSTEE OR SERVICER

         (a)    (AUTHORISED SIGNATORIES ARE SUFFICIENT EVIDENCE) Whenever any
                certificate, notice, proposal, direction, instruction, document
                or other communication is to be given to the Security Trustee,
                the Security Trustee may assume:

                (i)   the authenticity and validity of any signature in any such
                      document and that such document has been duly authorised;
                      and

                (ii)  the accuracy of any information contained in any such
                      documents,

                in either case unless the officers of the Security Trustee
                responsible for the administration of the Trust are not actually
                aware to the contrary.

         (b)    (TRUSTEE NOT LIABLE FOR LOSS) The Security Trustee shall not be
                responsible for any loss arising from any forgery or lack of
                authenticity or any act, neglect, mistake or discrepancy of the
                Manager, the Note Trustee or a Servicer or any officer,
                employee, agent or delegate of the Manager, the Note Trustee or
                the Servicer in preparing any such document or in compiling,
                verifying or calculating any matter or

--------------------------------------------------------------------------------
                                                                         Page 54
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                information contained in any such document, if the officers of
                the Security Trustee responsible for the administration of the
                Trust are not actually aware of such forgery, lack of
                authenticity or validity, act, neglect, mistake or discrepancy.

47.3     COMPLIANCE WITH LAWS

         The Security Trustee shall not incur any liability to anyone in respect
         of any failure to perform or to do any act or thing which by reason of
         any provision of any applicable present or future law of any place or
         any applicable ordinance, rule, regulation or by law or of any
         applicable decree, order or judgment of any competent court or other
         tribunal, the Security Trustee shall be prohibited from doing or
         performing.

47.4     RELIANCE ON EXPERTS

         The Security Trustee may rely on and act on the opinion or statement or
         certificate or advice of or information obtained from the Note Trustee,
         the Servicer, barristers or solicitors (whether instructed by the
         Security Trustee or not), bankers, accountants, brokers, valuers and
         other persons believed by it in good faith to be expert or properly
         informed in relation to the matters on which they are consulted and the
         Security Trustee shall not be liable for anything done or suffered by
         it in good faith in reliance on such opinion, statement, certificate,
         advice or information except to the extent of losses, costs, claims or
         damages caused by the Security Trustee's fraud, negligence or breach of
         trust.

47.5     OVERSIGHTS OF OTHERS

         Having regard to the limitations on the Security Trustee's duties,
         powers, authorities and discretions under this deed, the Security
         Trustee shall not be responsible for any act, omission, misconduct,
         mistake, oversight, error of judgment, forgetfulness or want of
         prudence on the part of any person or agent appointed by the Security
         Trustee or on whom the Security Trustee is entitled to rely under this
         deed (other than a Related Body Corporate), attorney, banker, receiver,
         barrister, solicitor, agent or other person acting as agent or adviser
         to the Security Trustee except to the extent of losses, costs, claims
         or damages caused by the Security Trustee's fraud, negligence or breach
         of trust, provided that nothing in this deed or any other Transaction
         Document imposes any obligations on the Security Trustee to review or
         supervise the performance by any other party of its obligations.

47.6     POWERS, AUTHORITIES AND DISCRETIONS

         Except as otherwise provided in this deed and in the absence of fraud,
         negligence or breach of trust, the Security 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.

47.7     IMPOSSIBILITY OR IMPRACTICABILITY

         If for any other reason it becomes impossible or impracticable for it
         to carry out any or all of the provisions of this deed or any other
         Transaction Document, the Security Trustee shall not be under any
         liability and, except to the extent of its own fraud, negligence or
         breach of trust, nor shall it incur any liability by reason of any
         error of law or any matter or thing

--------------------------------------------------------------------------------
                                                                         Page 55
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         done or suffered or omitted to be done in good faith by it or its
         officers, employees, agents or delegates.

47.8     LEGAL AND OTHER PROCEEDINGS

         (a)    (INDEMNITY FOR LEGAL COSTS) The Security Trustee shall be
                indemnified out of the Trust for all legal costs and
                disbursements on a full indemnity basis and all other costs,
                disbursements, outgoings and expenses incurred by the Security
                Trustee in connection with:

                (i)   the enforcement or contemplated enforcement of, or
                      preservation of rights under;

                (ii)  without limiting the generality of paragraph (i) above,
                      the initiation, defence, carriage and settlement of any
                      action, suit, proceeding or dispute in respect of; and

                (iii) obtaining legal advice or opinions concerning or relating
                      to the interpretation or construction of,

                this deed or any other Transaction Document or otherwise under
                or in respect of the Trust provided that the enforcement,
                contemplated enforcement or preservation by the Security Trustee
                (as the case may be) of the rights referred to in paragraph (i)
                or the court proceedings referred to in paragraph (ii)
                (including in each case the defence of any action, suit,
                proceeding or dispute brought against the Security Trustee), and
                the basis of incurring any of those costs, disbursements,
                outgoings and expenses by the Security Trustee:

                (iv)  has been approved in advance by an Extraordinary
                      Resolution of the Voting Mortgagees; or

                (v)   the Security Trustee reasonably considers the incurring of
                      those costs, disbursements, outgoings and expenses to be
                      necessary to protect the Security Trustee against
                      potential personal liability.

         (b)    (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC.) The Security
                Trustee shall be entitled to claim in respect of the above
                indemnity from the Trust for its expenses and liabilities
                incurred in defending any action, suit, proceeding or dispute in
                which fraud, negligence or breach of trust is alleged or claimed
                against it, but on the same being proved, accepted or admitted
                by it, it shall from its personal assets immediately repay to
                the Trust the amount previously paid by the Trust to it in
                respect of that indemnity.

47.9     NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

         Except to the extent caused by the fraud, negligence or breach of trust
         on the Security Trustee's part or on the part of any of its officers or
         employees, or any agents or delegate, sub-agent, sub-delegate employed
         by the Security Trustee in accordance with this deed (and where this
         deed provides that the Security Trustee is liable for the acts or
         omissions of any such person) to carry out any transactions
         contemplated by this deed, the Security Trustee shall not be liable
         personally for any losses, costs, liabilities or claims arising from
         the

--------------------------------------------------------------------------------
                                                                         Page 56
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         failure to pay moneys on the due date for payment to any Mortgagee or
         any other person or for any loss howsoever caused in respect of any of
         the Trust or to any Mortgagee or other person.

47.10    FURTHER LIMITATIONS ON SECURITY TRUSTEE'S LIABILITY

         Subject to clause 47.2, the Security Trustee shall not be liable:

         (a)    for any losses, costs, liabilities or expenses arising out of
                the exercise or non-exercise of its discretion or for any other
                act or omission on its part under this deed, any other
                Transaction Document or any other document except where the
                exercise or non-exercise of any discretion, or any act or
                omission, by the Security Trustee, or any of its officers or
                employees, or any agent, delegate, sub-agent, sub-delegate
                employed by the Security Trustee in accordance with this deed
                (and where this deed provides that the Security Trustee is
                liable for the acts or omissions of any such person) to carry
                out any transactions contemplated by this deed, constitutes
                fraud, negligence or breach of trust;

         (b)    for any losses, costs, damages or expenses caused by its acting
                (in circumstances where this deed requires it to act or
                contemplates that it may so act) on any instruction or direction
                given to it by:

                (i)   any Mortgagee under this deed, any other Transaction
                      Document or any other document;

                (ii)  by any person under a Support Facility, Receivable or
                      Receivable Security; or

                (iii) an Obligor,

                except to the extent that it is caused by the fraud, negligence
                or breach of trust of the Security Trustee, or any of its
                officers or employees, or an agent or delegate employed by the
                Security Trustee in accordance with this deed to carry out any
                transactions contemplated by this deed;

                (c)   for any Manager's Default, Servicer Transfer Event or
                      Title Perfection Event;

                (d)   without limiting the Security Trustee's obligations under
                      the Transaction Documents, for any act, omission or
                      default of the Servicer in relation to its servicing
                      duties or its obligations under the Servicing Agreement;

                (e)   without limiting the Security Trustee's obligations under
                      the Transaction Documents, for any act, omission or
                      default of the Custodian in relation to its custodial
                      duties or its obligations under the Custodian Agreement;

                (f)   without limiting the Security Trustee's obligations under
                      the Transaction Documents, for any act, omission or
                      default of the Note Trustee in relation to its obligations
                      under the Transaction Documents;

                (g)   without limiting the Security Trustee's obligations under
                      the Transaction Documents, for any act, omission or
                      default of a Paying Agent in relation to its obligations
                      under the Transaction Documents;

--------------------------------------------------------------------------------
                                                                         Page 57
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (h)    without limiting the Security Trustee's obligations under the
                Transaction Documents, for any act, omission or default of the
                Calculation Agent in relation to its obligations under the
                Transaction Documents;

         (i)    for the failure of a person to carry out an agreement with the
                Security Trustee in connection with the Trust; or

         (j)    for any losses, costs, liabilities or expenses caused by the
                Security Trustee's failure to check any calculation,
                information, document, form or list supplied or purported to be
                supplied to it by the Manager, the Note Trustee or the Servicer,

         except, in the case of paragraphs (c) to (j) (inclusive), to the extent
         that it is caused by the fraud, negligence or breach of trust of the
         Security Trustee.

         Nothing in this clause 47.10 alone (but without limiting the operation
         of any other clause of this deed) shall imply a duty on the Security
         Trustee to supervise the Manager or the Note Trustee in the performance
         of the Manager's or the Note Trustee's functions and duties, and the
         exercise by the Manager or the Note Trustee of its discretions.

47.11    CONFLICTS

         (a)    (NOT LIABLE TO ACCOUNT) A Relevant Person shall not be in any
                way liable to account to any Mortgagee or any other person for
                any profits or benefits (including any profit, bank charges,
                commission, exchange, brokerage and fees) made or derived under
                or in connection with any transaction or contract specified in
                paragraph (a) above.

         (b)    (FIDUCIARY RELATIONSHIP) A Relevant Person shall not by reason
                of any fiduciary relationship be in any way precluded from
                making any contracts or entering into any transactions with any
                such person in the ordinary course of its business or from
                undertaking any banking, financial, development, agency or other
                services including any contract or transaction in relation to
                the placing of or dealing with any investment and the acceptance
                of any office or profit or any contract of loan or deposits or
                other contract or transaction which any person or company not
                being a party to this deed could or might have lawfully entered
                into if not a party to this deed. A Relevant Person shall not be
                accountable to any Mortgagee or any other person for any profits
                arising from any such contracts, transactions or offices.

47.12    INFORMATION

         Except for notices and other documents and information (if any)
         expressed to be required to be furnished to any person by the Security
         Trustee under this deed or any other Transaction Document, the Security
         Trustee shall not have any duty or responsibility to provide any person
         (including any Mortgagee) with any credit or other information
         concerning the affairs, financial condition or business of the Trust.

--------------------------------------------------------------------------------
                                                                         Page 58
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

47.13    INVESTIGATION BY SECURITY TRUSTEE

         Each Mortgagee acknowledges that:

         (a)    the Security Trustee has no duty, and is under no obligation, to
                investigate whether a Manager's Default, Servicer Transfer Event
                or Title Perfection Event has occurred in relation to the Trust
                other than where it has actual notice;

         (b)    the Security Trustee is required to provide the notices referred
                to in this deed in respect of a determination of Material
                Adverse Effect only if it is actually aware of the facts giving
                rise to the Material Adverse Effect; and

         (c)    in making any such determination, the Security Trustee will seek
                and rely on advice given to it by its advisors in a manner
                contemplated by this deed.

48.      PRIVACY
--------------------------------------------------------------------------------
         (a)    Each party acknowledges that Personal Information may be
                exchanged between the parties pursuant to the terms of the
                Transaction Documents.

         (b)    If Personal Information is exchanged between the parties, the
                party which provides the Personal Information, except where that
                party is the Note Trustee, must ensure that it obtains such
                consents as are required by the Privacy Act 1988 (Cth) in
                relation to the collection, use or disclosure of the Personal
                Information.

         (c)    Each party undertakes to use its best endeavours to ensure that
                at all times during the terms of the Trust Personal Information
                provided to it (the RECEIVING PARTY) by another party (the
                PROVIDING PARTY):

                (i)   unless otherwise required or permitted by applicable
                      Australian or United States law, judicial or
                      administrative process or regulatory demand or request,
                      will be used only for the purpose of fulfilling the
                      Receiving Party's obligations under the Transaction
                      Documents; and

                (ii)  except as expressly provided in paragraph (a), will not be
                      disclosed to any third party unless express consent in
                      writing is obtained from the Providing Party; and

         (d)    Each party except the Note Trustee undertakes to use its best
                endeavours to ensure that at all times during the terms of the
                Trust in addition to the obligation under paragraph (b) above,
                it will comply with the Privacy Act 1988 (Cth) and all
                applicable regulations, principles, standards, codes of conduct
                or guidelines concerning the handling of Personal Information
                under that Act or with any request or direction arising directly
                from or in connection with the proper exercise of the functions
                of the Federal Privacy Commissioner.

         (e)    A word defined in the Privacy Act 1988 (Cth) has the same
                meaning when used in this clause 48, unless the context requires
                or specifies otherwise.

--------------------------------------------------------------------------------
                                                                         Page 59
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

EXECUTED as a deed in Sydney.

Each attorney executing this deed states that he or she has no notice of
revocation or suspension of his or her power of attorney.

CHARGOR

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

-----------------------------------    -----------------------------------------
Witness Signature                      Attorney Signature

-----------------------------------    -----------------------------------------
Print Name                             Print Name

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for P.T.
LIMITED by its attorney under power of
attorney in the presence of:

-----------------------------------    -----------------------------------------
Witness Signature                      Attorney Signature

-----------------------------------    -----------------------------------------
Print Name                             Print Name

--------------------------------------------------------------------------------
                                                                         Page 60
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

MANAGER

SIGNED SEALED AND DELIVERED for
CRUSADE MANAGEMENT LIMITED by its
attorney under power of attorney in the
presence of:

-----------------------------------   ------------------------------------------
Witness Signature                     Attorney Signature

-----------------------------------   ------------------------------------------
Print Name                            Print Name

NOTE TRUSTEE

SIGNED SEALED AND DELIVERED by
WILMINGTON TRUST COMPANY in the
presence of:

-----------------------------------     ----------------------------------------
Witness Signature                       Signature

-----------------------------------     ----------------------------------------
Print Name                              Print Name

--------------------------------------------------------------------------------
                                                                         Page 61<PAGE>

                                                                 NOTE TRUST DEED

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                                        WILMINGTON TRUST COMPANY
                                                                  (Note Trustee)

                                            DEUTSCHE BANK TRUST COMPANY AMERICAS
                                                        (Principal Paying Agent)

                                            DEUTSCHE BANK TRUST COMPANY AMERICAS
                                                             (Calculation Agent)

                                                                    P.T. LIMITED
                                                              (Security Trustee)

                                                               The Chifley Tower
                                                                2 Chifley Square
                                                                 Sydney NSW 2000
                                                                       Australia
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333

                                       (C) Copyright Allens Arthur Robinson 2003

<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

CROSS REFERENCE TABLE(1)
--------------------------------------------------------------------------------
TRUST INDENTURE ACT SECTION                         CLAUSE
--------------------------------------------------------------------------------
310      (a)(1)                                     23.6
         (a)(2)                                     23.1(d)
         (a)(3)                                     23.6
         (a)(4)                                     22.2(b)
         (a)(5)                                     NA(2)
         (b)                                        23.6
         (c)                                        23.6, 23.1
                                                    NA
--------------------------------------------------------------------------------
311      (a)                                        13.1
         (b)                                        13.1
         (c)                                        NA
--------------------------------------------------------------------------------
312      (a)                                        35.1, 35.2(a)
         (b)                                        35.2(b)
         (c)                                        35.2(c)
--------------------------------------------------------------------------------
313      (a)                                        35.3
         (b)(1)                                     35.3
         (b)(2)                                     NA
         (c)                                        35.4
         (d)                                        35.3
--------------------------------------------------------------------------------
314      (a)(1)                                     35.5
         (a)(2)                                     35.5
         (a)(3)                                     35.5
         (a)(4)                                     11.1(j)
         (b)                                        11.1(k)
         (c)                                        36.1(a)
         (d)                                        36.1(b)
         (e)                                        36.1(c)
         (f)                                        36.1(a)
--------------------------------------------------------------------------------
315      (a)                                        13.2(b)
         (b)                                        13.4
         (c)                                        13.2(a)
         (d)                                        13.2(c), (d)
         (e)                                        36.2
--------------------------------------------------------------------------------
316      (a)(1)                                     36.3
         (a)(2)                                     NA
         (b)                                        36.4
--------------------------------------------------------------------------------
317      (a)(1)                                     6.1
         (a)(2)                                     NA
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                                                        Page (i)
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

--------------------------------------------------------------------------------
         (b)                                        2.5
--------------------------------------------------------------------------------
318      (a)                                        36.5
--------------------------------------------------------------------------------
NOTES:
1.   This Cross Reference Table shall not, for any purpose, be deemed to be part
     of this deed.

2.   NA means not applicable.

--------------------------------------------------------------------------------
                                                                       Page (ii)
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

TABLE OF CONTENTS

<TABLE>
<S>      <C>                                                                                             <C>
1.       DEFINITIONS AND INTERPRETATION                                                                    2
         1.1      Definitions and Interpretation                                                           2
         1.2      Definitions in Master Trust Deed, Supplementary Terms Notice and Conditions              4
         1.3      Incorporation by reference                                                               4
         1.4      Interpretation                                                                           4
         1.5      Determination, statement and certificate sufficient evidence                             5
         1.6      Document or agreement                                                                    5
         1.7      Transaction Document                                                                     5
         1.8      Trustee as trustee                                                                       5
         1.9      Knowledge of Trustee                                                                     5
         1.10     Knowledge of the Note Trustee                                                            5
         1.11     Appointment of the Note Trustee                                                          6
         1.12     Obligations of the Trustee                                                               6
         1.13     Opinion of Counsel                                                                       6

2.       PAYMENTS ON NOTES                                                                                 6
         2.1      Principal amount                                                                         6
         2.2      Covenant to repay                                                                        6
         2.3      Deemed payment                                                                           7
         2.4      Following Event of Default                                                               7
         2.5      Requirements of Paying Agent                                                             8
         2.6      Certification                                                                            9
         2.7      Determinations                                                                           9

3.       FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES                                                  9
         3.1      Issue of Book-Entry Notes                                                                9
         3.2      Form of Book-Entry Notes                                                                 9
         3.3      Definitive Notes                                                                        11
         3.4      Stamp and Other Taxes                                                                   12
         3.5      Indemnity for non-issue                                                                 12
         3.6      Note Register and Note Registrar                                                        12

4.       COVENANT OF COMPLIANCE                                                                           13

5.       CANCELLATION OF CLASS A NOTES                                                                    14
         5.1      Cancellation                                                                            14
         5.2      Records                                                                                 14

6.       ENFORCEMENT                                                                                      14
         6.1      Actions following Event of Default                                                      14
         6.2      Evidence of default                                                                     14
         6.3      Overdue interest                                                                        15
         6.4      Restrictions on enforcement                                                             15
         6.5      Action by Noteholders                                                                   15

7.       PROCEEDINGS                                                                                      15
         7.1      Acting only on direction                                                                15
</TABLE>

--------------------------------------------------------------------------------
                                                                        Page (i)
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

<TABLE>
<S>      <C>                                                                                             <C>
         7.2      Security Trustee acting                                                                 16
         7.3      Note Trustee alone entitled to act                                                      16
         7.4      Available amounts                                                                       17
         7.5      No obligation to ensure compliance                                                      17
         7.6      Conflict of interests                                                                   17

8.       NOTICE OF PAYMENT                                                                                17

9.       INVESTMENT BY NOTE TRUSTEE                                                                       18

10.      PARTIAL PAYMENTS                                                                                 18

11.      COVENANTS BY THE TRUSTEE AND MANAGER                                                             18

12.      REMUNERATION OF NOTE TRUSTEE                                                                     21
         12.1     Fee                                                                                     21
         12.2     Additional Remuneration                                                                 21
         12.3     Costs, expenses                                                                         21
         12.4     Overdue rate                                                                            22
         12.5     Continuing obligation                                                                   22

13.      NOTE TRUSTEE                                                                                     22
         13.1     Preferential Collection of Claims Against Trustee                                       22
         13.2     Duties of Note Trustee                                                                  22
         13.3     Obligations of Note Trustee                                                             23
         13.4     Notice of Defaults                                                                      23
         13.5     Rights of Note Trustee                                                                  23

14.      NOTE TRUSTEE'S LIABILITY                                                                         31

15.      DELEGATION BY NOTE TRUSTEE                                                                       31

16.      EMPLOYMENT OF AGENT BY NOTE TRUSTEE                                                              31

17.      NOTE TRUSTEE CONTRACTING WITH TRUSTEE                                                            32

18.      WAIVER                                                                                           32

19.      AMENDMENT                                                                                        33
         19.1     Approval                                                                                33
         19.2     Resolution of Class A Noteholders                                                       34
         19.3     Distribution of amendments                                                              34
         19.4     Amendments binding                                                                      34
         19.5     Conformity with TIA                                                                     34

20.      CLASS A NOTEHOLDERS                                                                              34
         20.1     Absolute Owner                                                                          34
         20.2     Clearing Agency Certificate                                                             35

21.      CURRENCY INDEMNITY                                                                               36

22.      NEW NOTE TRUSTEES                                                                                36
         22.1     Appointment by Trustee                                                                  36
         22.2     Appointment by Note Trustee                                                             37
         22.3     Notice                                                                                  37
</TABLE>

--------------------------------------------------------------------------------
                                                                       Page (ii)
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

<TABLE>
<S>      <C>                                                                                             <C>
23.      NOTE TRUSTEE'S RETIREMENT AND REMOVAL                                                            38
         23.1     Removal by Trustee                                                                      38
         23.2     Removal by Class A Noteholders                                                          38
         23.3     Resignation                                                                             38
         23.4     Rating Agencies approval                                                                38
         23.5     Trust Corporation                                                                       39
         23.6     Successor to Note Trustee                                                               39
         23.7     Eligibility; Disqualification                                                           39

24.      NOTE TRUSTEE'S POWERS ADDITIONAL                                                                 40

25.      SEVERABILITY OF PROVISIONS                                                                       40

26.      NOTICES                                                                                          40
         26.1     General                                                                                 40
         26.2     Details                                                                                 41

27.      GOVERNING LAW AND JURISDICTION                                                                   42

28.      COUNTERPARTS                                                                                     42

29.      LIMITED RECOURSE                                                                                 42
         29.1     General                                                                                 42
         29.2     Liability of Trustee limited to its right to indemnity                                  43
         29.3     Unrestricted remedies                                                                   44
         29.4     Restricted remedies                                                                     44

30.      SUCCESSOR TRUSTEE                                                                                44

31.      REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE                                                 44

32.      NO LIABILITY                                                                                     45

33.      INFORMATION MEMORANDUM                                                                           45

34.      NOTE TRUSTEE'S LIMITED LIABILITY                                                                 45
         34.1     Reliance on certificate                                                                 45
         34.2     Note Trustee's reliance on Manager, Security Trustee, Trustee or Servicer               46
         34.3     Compliance with laws                                                                    46
         34.4     Reliance on experts                                                                     46
         34.5     Oversights of others                                                                    47
         34.6     Powers, authorities and discretions                                                     47
         34.7     Impossibility or impracticability                                                       47
         34.8     Legal and other proceedings                                                             47
         34.9     No liability except for negligence etc.                                                 48
         34.10    Further limitations on Note Trustee's liability                                         48
         34.11    Conflicts                                                                               50
         34.12    Information                                                                             50
         34.13    Investigation by Note Trustee                                                           50

35.      NOTEHOLDERS' LISTS AND REPORTS                                                                   50
         35.1     Provision of information                                                                50
         35.2     Preservation of Information; Communications to Noteholders                              51
         35.3     Reports by Note Trustee                                                                 51
</TABLE>

--------------------------------------------------------------------------------
                                                                      Page (iii)
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

<TABLE>
<S>      <C>                                                                                             <C>
         35.4     Notices to Class A Noteholders; Waiver                                                  51
         35.5     Reports by Trustee                                                                      52

36.      TRUST INDENTURE ACT - MISCELLANEOUS                                                              52
         36.1     Compliance Certificates and Opinions, etc                                               52
         36.2     Undertaking for Costs                                                                   54
         36.3     Exclusion of section 316                                                                54
         36.4     Unconditional Rights of Class A Noteholders to Receive Principal and Interest           55
         36.5     Conflict with Trust Indenture Act                                                       55

37.      CONSENT OF CLASS A NOTEHOLDERS                                                                   55
         37.1     General                                                                                 55
         37.2     Special Written Approvals                                                               55
         37.3     Requirement for writing                                                                 57

SCHEDULE 1                                                                                                61
         Form Book-Entry Note                                                                             61
         Assignment                                                                                       65

SCHEDULE 2                                                                                                66
         Information to be contained in Noteholder's Report                                               66

SCHEDULE 3                                                                                                67
         Terms and Conditions of the Class A Notes                                                        67
</TABLE>

--------------------------------------------------------------------------------
                                                                       Page (iv)
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

DATE                                                          2003

PARTIES

       1.    PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)
             incorporated in Australia and registered in Victoria of Level 7,
             9 Castlereagh Street, Sydney, New South Wales 2000 in its
             capacity as trustee of the Crusade Global Trust No. 2 of 2003
             (the TRUSTEE);

       2.    CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in
             Australia and registered in New South Wales of 4-16 Montgomery
             Street, Kogarah, New South Wales 2217 as Manager of the Crusade
             Global Trust No. 2 of 2003 (the MANAGER);

       3.    WILMINGTON TRUST COMPANY acting through its office at Rodney
             Square North, 1100 North Market Street, Wilmington, Delaware
             19890-0001, (the NOTE TRUSTEE), which expression shall, wherever
             the context requires, include any other person or company for
             the time being a trustee under this deed or trustees of this
             deed;

       4.    DEUTSCHE BANK TRUST COMPANY AMERICAS acting through its office
             at 1761 East St. Andrew Place, Santa Ana, California 92705-4934
             (the PRINCIPAL PAYING AGENT), which expression shall wherever
             the context requires, include any successor principal paying
             agent from time to time appointed under the Agency Agreement;

       5.    DEUTSCHE BANK TRUST COMPANY AMERICAS acting through its office
             at 1761 East St. Andrew Place, Santa Ana, California 92705-4934
             (the CALCULATION AGENT), which expression shall wherever the
             context requires, include any successor calculation agent from
             time to time appointed under the Agency Agreement;

       6.    P.T. LIMITED (ABN 67 004 454 666) of Level 7, 9 Castlereagh
             Street, Sydney, NSW 2000 (the SECURITY TRUSTEE)

RECITALS

       A     The Trustee has resolved at the direction of the Manager to issue
             US$[*] of mortgage backed pass through floating rate notes
             comprising US$[*] Class A Notes due [*] (the CLASS A NOTES) and
             A$[*] of mortgage backed pass through floating rate notes
             comprising A$[*] Class B Notes due [*] and A$[*] Class C Notes due
             [*] (together the A$ NOTES). The Class A Notes are to be
             constituted and secured in the manner provided in this deed and the
             other Transaction Documents.

       B     The Note Trustee has agreed to act as trustee for the Class A
             Noteholders under this deed.

--------------------------------------------------------------------------------
                                                                          Page 1
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION
--------------------------------------------------------------------------------

1.1      DEFINITIONS AND INTERPRETATION

         The following definitions apply unless the context requires otherwise.

         CLASS A NOTE OWNER means, with respect to a Book-Entry Note, the person
         who is the beneficial owner of such Book-Entry Note, 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 Clearing
         Agency Participant or as an indirect participant) in each case in
         accordance with the rules of such Clearing Agency.

         CLEARING AGENCY PARTICIPANT means a broker, dealer, bank, other
         financial institution or other person for whom from time to time a
         Clearing Agency effects book-entry transfers and pledges of securities
         deposited with the Clearing Agency.

         CORPORATE TRUST OFFICE means the principal office of the Note Trustee
         at which at any particular time its corporate trust business is
         administered, which at the date of the execution of this deed is Rodney
         Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001
         or at such other address as the Note Trustee may designate by notice to
         the Manager, Class A Noteholders and the Trustee or the principal
         corporate trust office of any successor Note Trustee.

         EVENT OF DEFAULT means, in respect of a Class A Note, any of the events
         described in Condition 9.

         EXCHANGE ACT means the United States Securities Exchange Act of 1934 as
         amended.

         INDEPENDENT means, in relation to a person, that the person:

         (a)   is independent of the Trustee, the Manager, the Servicer, any
               Approved Seller and any of their Associates;

         (b)   does not have any direct financial interest or any material
               indirect financial interest (other than less than 5% of the
               outstanding amount of any publicly traded security) in any person
               referred to in paragraph (a); and

         (c)   is not an officer, employee, promoter, underwriter, trustee,
               partner, director or person performing similar functions of any
               person referred to in paragraph (a).

         INDEPENDENT CERTIFICATE means, in relation to any person, a certificate
         or opinion from that person where that person must be Independent,
         which opinion or certificate states that the signer has read the
         definition of INDEPENDENT in this deed and that the signer is
         Independent within the meaning of that definition.

         MASTER TRUST DEED means the Master Trust Deed dated 14 March 1998
         between the Trustee, St.George Bank Limited and the Manager.

         NOTE DEPOSITORY AGREEMENT means the agreement among the Trustee, the
         Principal Paying Agent and The Depository Trust Company, as the initial
         Clearing Agency, dated as of

--------------------------------------------------------------------------------
                                                                          Page 2
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         the Closing Date, relating to the Class A Notes, as the same may be
         amended or supplemented from time to time.

         NOTEHOLDERS REPORT means the report to be delivered by the Manager, on
         behalf of the Trustee, in accordance with clause 11(l)(i) containing
         the information set out in Schedule 2.

         OFFICER'S CERTIFICATE means a certificate signed by any Authorised
         Signatory of the Trustee or the Manager on behalf of the Trustee, 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 Trustee or the Manager on behalf of the
         Trustee and who shall be satisfactory to the Trustee or the Note
         Trustee, as applicable, and which opinion or opinions shall be
         addressed to the Trustee or the Note Trustee, as applicable, and shall
         be in form and substance satisfactory to the Trustee and the Note
         Trustee, as applicable.

         PAYING AGENT means any institution, including where the context permits
         the Principal Paying Agent at its office:

         (a)   initially appointed as Paying Agent by the Trustee under the
               Agency Agreement; or

         (b)   as may, with the prior written approval of, and on terms
               previously approved in writing by, the Note Trustee (that
               approval not to be unreasonably withheld or delayed) from time to
               time be appointed by the Trustee in relation to the Class A
               Notes,

         in each case (except in the case of the initial Principal Paying Agent)
         where notice of the appointment has been given to the Class A
         Noteholders under this deed and in accordance with Condition 12.

         RESPONSIBLE OFFICER means, with respect to the Note Trustee, any of its
         officers, including any Vice President, Assistant Vice President,
         Assistant Treasurer, Assistant Secretary, or any other of its officers
         customarily performing functions similar to those performed by any of
         them and, with respect to a particular matter, any other officer to
         whom such matter is referred because of such officer's knowledge of and
         familiarity with the particular subject.

         SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice dated
         on or about the date of this deed between the Trustee, the Manager, the
         Note Trustee, the Security Trustee, St.George Bank Limited and the
         Custodian.

         TIA means the United States Trust Indenture Act of 1939, as amended.

         TRUST ACCOUNT means the Collection Account, the US$ Account or any
         other account maintained by or on behalf of the Trustee in relation to
         the Trust.

         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 of the TIA, which shall include Wilmington Trust
         Company for so long as it complies with such section.

--------------------------------------------------------------------------------
                                                                          Page 3
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

1.2      DEFINITIONS IN MASTER TRUST DEED, SUPPLEMENTARY TERMS NOTICE AND
         CONDITIONS

         (a)   Words and expressions which are defined in the Master Trust Deed
               (as amended by the Supplementary Terms Notice), the Supplementary
               Terms Notice and the Conditions (including in each case by
               reference to another agreement) have the same meanings when used
               in this deed unless the context otherwise requires or unless
               otherwise defined in this deed.

         (b)   No change to the Master Trust Deed or any other document
               (including the order of payment set out in the Supplementary
               Terms Notice) after the date of this deed will change the meaning
               of terms used in this deed or adversely affect the rights of the
               Note Trustee or any Class A Noteholder under this deed unless the
               Note Trustee (or the Noteholders acting under clause 6.5, as the
               case may be) has agreed in writing to the changes under this
               deed.

1.3      INCORPORATION BY REFERENCE

         Where this deed refers to a provision of the TIA, the provision is
         incorporated by reference in and made part of this deed. The following
         terms used in the TIA have the following meaning in this deed.

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

         INDENTURE SECURITIES means the Class A Notes.

         INDENTURE SECURITY HOLDER means a Class A Noteholder.

         INDENTURE TO BE QUALIFIED means the Note Trust Deed.

         INDENTURE TRUSTEE or INSTITUTIONAL TRUSTEE means the Note Trustee.

         OBLIGOR on the indenture securities means the Trustee.

         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 them by
         such definitions.

1.4      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this deed as if set out
         in full and:

         (a)   a reference to an ASSET includes any real or personal, present or
               future, tangible or intangible property or asset and any right,
               interest, revenue or benefit in, under or derived from the
               property or asset;

         (b)   an Event of Default SUBSISTS until it has been waived in writing
               by the Note Trustee;

         (c)   a reference to an amount for which a person is CONTINGENTLY
               LIABLE includes an amount which that person may become actually
               or contingently liable to pay if a contingency occurs, whether or
               not that liability will actually arise; and

--------------------------------------------------------------------------------
                                                                          Page 4
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (d)   all references to costs or charges or expenses include any value
               added tax or similar tax charged or chargeable in respect of the
               charge or expense.

1.5      DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

         Except where otherwise provided in this deed any determination,
         statement or certificate by the Note Trustee or an Authorised Signatory
         of the Note Trustee provided for in this deed is sufficient evidence of
         each thing determined, stated or certified until proven wrong.

1.6      DOCUMENT OR AGREEMENT

         A reference to:

         (a)   an AGREEMENT includes a Security Interest, guarantee,
               undertaking, deed, agreement or legally enforceable arrangement
               whether or not in writing; and

         (b)   a DOCUMENT includes an agreement (as so defined) in writing or a
               certificate, notice, instrument or document.

         A reference to a specific agreement or document includes it as amended,
         novated, supplemented or replaced from time to time, except to the
         extent prohibited by this deed.

1.7      TRANSACTION DOCUMENT

         This deed is a TRANSACTION DOCUMENT for the purposes of the Master
         Trust Deed.

1.8      TRUSTEE AS TRUSTEE

         In this deed, except where provided to the contrary:

         (a)   a reference to the Trustee is a reference to the Trustee in its
               capacity as trustee of the Trust only, and in no other capacity;
               and

         (b)   a reference to the assets, business, property or undertaking of
               the Trustee is a reference to the assets, business, property or
               undertaking of the Trustee only in the capacity described in
               paragraph (a) above.

1.9      KNOWLEDGE OF TRUSTEE

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

1.10     KNOWLEDGE OF THE NOTE TRUSTEE

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

--------------------------------------------------------------------------------
                                                                          Page 5
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

1.11     APPOINTMENT OF THE NOTE TRUSTEE

         The Note Trustee:

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

         (b)   acknowledges and declares that it:

               (i)   holds the sum of US$10.00 received on the date of this
                     deed; and

               (ii)  will hold the benefit of the obligations of the Trustee
                     under this deed,

         in each case, on trust for each Class A Noteholder, in accordance with
         the terms and conditions of this deed.

1.12     OBLIGATIONS OF THE TRUSTEE

         (a)   Where the Manager may act on behalf of the Trustee, failing
               action by the Manager in accordance with the relevant clause
               (including any requirement to take such action within a specified
               time) the reference to the Manager acting on behalf of the
               Trustee shall be construed as a reference to the Trustee.

         (b)   Without limiting the Trustees obligations under paragraph (a),
               the Trustee shall not be liable for any act or omission by the
               Manager where it is acting or fails to act (as the case may be)
               on behalf of the Trustee under this deed.

         (c)   Where the Manager is empowered to act on behalf of the Trustee,
               the Manager undertakes to the Trustee that it will duly and
               punctually perform, on behalf of the Trustee, those obligations,
               imposed on the Trustee in accordance with the terms of the
               relevant clause.

1.13     OPINION OF COUNSEL

         For the purposes of this deed, the 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 Trustee elects to seek
         and has sought the Opinion of Counsel it shall not be required to take
         any action under this deed unless and until it has received such an
         Opinion of Counsel. The cost of any such Opinion of Counsel will be an
         Expense of the Trustee in relation to the Trust.

2.       PAYMENTS ON NOTES
--------------------------------------------------------------------------------

2.1      PRINCIPAL AMOUNT

         The aggregate principal amount of the Class A Notes is limited to US[*]
         in respect of the Class A Notes.

2.2      COVENANT TO REPAY

         (a)   The Trustee covenants with the Note Trustee that the Trustee
               will, in accordance with the terms of any Class A Notes
               (including the Conditions) and the Transaction Documents (and
               subject to the terms of the Transaction Documents and the

--------------------------------------------------------------------------------
                                                                          Page 6
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               Conditions, including clause 29 and Condition 6) at the direction
               of the Manager on:

               (i)   the Maturity Date of the Class A Notes; or

               (ii)  each earlier date as those Class A Notes, or any of them,
                     may become repayable (whether in full or in part),

               pay or procure to be paid unconditionally in accordance with this
               deed to or to the order of the Note Trustee in US$ for immediate
               value the principal amount of those Class A Notes repayable, or
               in the case of a partial payment of those Class A Notes, the
               principal amount payable, subject to and in accordance with the
               terms of those Class A Notes (including the Conditions).

         (b)   Subject to clause 2.3 and to the terms of the Class A Notes
               (including the Conditions and in particular Condition 6) and the
               Transaction Documents (including clause 29 of this deed), until
               any payment as well after as before any judgment or other order
               of a court of competent jurisdiction the Trustee shall, at the
               direction of the Manager, pay or procure to be paid
               unconditionally in accordance with this deed to or to the order
               of the Note Trustee:

               (i)   any interest, at the respective rates calculated from time
                     to time, in accordance with and on the dates provided for
                     in the Conditions; and

               (ii)  principal payable at the times and in the amounts as may be
                     determined in accordance with Condition 5.

         (c)   The Note Trustee shall hold the benefit of the covenant in this
               clause 2.2, and all other rights of the Class A Noteholders under
               the Class A Notes, on trust for the benefit of the Class A
               Noteholders.

2.3      DEEMED PAYMENT

         Any payment of principal or interest in respect of any Class A Notes to
         or to the account of the Principal Paying Agent in the manner provided
         in clause 3 of the Agency Agreement shall satisfy the covenant in
         relation to those Class A Notes by the Trustee in this clause 2 to the
         extent of that payment, except to the extent that the Principal Paying
         Agent subsequently fails to pay that amount under those Class A Notes
         in accordance with the terms of those Class A Notes (including the
         Conditions).

2.4      FOLLOWING EVENT OF DEFAULT

         (a)   At any time after an Event of Default in respect of the Class A
               Notes has occurred, or at any time after Definitive Notes have
               not been issued when so required in accordance with the
               Conditions, the Note Trustee may:

               (i)   by notice in writing to the Trustee, the Manager, the
                     Principal Paying Agent, the other Paying Agents (if any)
                     and the Calculation Agent and until such notice is
                     withdrawn require the Principal Paying Agent, the other
                     Paying Agents (if any) and the Calculation Agent under the
                     Agency Agreement either:

--------------------------------------------------------------------------------
                                                                          Page 7
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

                     (A)     (1)   to act as Principal Paying Agent and Paying
                                   Agents and Calculation Agent respectively of
                                   the Note Trustee in relation to payments to
                                   be made by or on behalf of the Note Trustee
                                   under the provisions of this deed on the
                                   terms of the Agency Agreement except that the
                                   Note Trustee's liability under any provisions
                                   of the Agency Agreement for the
                                   indemnification of the Paying Agents and
                                   Calculation Agent shall be limited to any
                                   amount for the time being held by the Note
                                   Trustee on the trusts of this deed and which
                                   is available to be applied by the Note
                                   Trustee under this deed; and

                             (2)   hold all Definitive Notes and all amounts,
                                   documents and records held by them in respect
                                   of the Class A Notes on behalf of the Note
                                   Trustee; or

                     (B)     to deliver up all Definitive Notes and all amounts,
                             documents and records held by them in respect of
                             the Class A Notes to the Note Trustee or as the
                             Note Trustee shall direct in that notice, other
                             than any documents or records which the relevant
                             Paying Agent or Calculation Agent is obliged not to
                             release by any law or regulation; or

               (ii)  by notice in writing to the Trustee require it to make all
                     subsequent payments in respect of the Class A Notes to the
                     order of the Note Trustee and not to the Principal Paying
                     Agent and, with effect from the issue of that notice to the
                     Trustee and until that notice is withdrawn, clause 2.3
                     shall not apply.

         (b)   The payment by the Trustee of its payment obligations on each
               Payment Date under the Supplementary Terms Notice and the
               Conditions to the Note Trustee in accordance with paragraph (a)
               shall be a good discharge to the Trustee.

         (c)   The Trustee shall not be liable for any act or omission or
               default of the Note Trustee during the period it is required to
               make payments in respect of the Class A Notes to the Note Trustee
               under paragraph (a).

2.5      REQUIREMENTS OF PAYING AGENT

         The Manager on behalf of the Trustee will cause each Paying Agent to
         execute and deliver to the Note Trustee an instrument in which that
         Paying Agent shall agree with the Note Trustee, subject to the
         provisions of this clause, that such Paying Agent shall:

         (a)   hold in trust for the Note Trustee and the Class A Noteholders
               all sums held by that Paying Agent for the payment of principal
               and interest with respect to the Class A Notes until all relevant
               sums are paid to the Note Trustee or the Class A Noteholders or
               otherwise disposed of as provided in this deed; and

         (b)   immediately notify by facsimile the Note Trustee, the Trustee,
               the Security Trustee and the Manager if the full amount of any
               payment of principal or interest required

--------------------------------------------------------------------------------
                                                                          Page 8
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               to be made by the Supplementary Terms Notice and the relevant
               Conditions in respect of the Class A Notes is not unconditionally
               received by it or to its order in accordance with the Agency
               Agreement.

2.6      CERTIFICATION

         For the purposes of any redemption of Class A Notes under Condition 5
         the Note Trustee may rely upon an Officer's Certificate from the
         Manager on behalf of the Trustee certifying or stating, the opinion of
         each person signing that Officer's Certificate as to the following
         matters:

         (a)   the fair value (within 90 days of such release) of the property
               or securities to be released from the Security Trust Deed;

         (b)   that the proposed release will not impair the security under the
               Security Trust Deed in contravention of the provisions of the
               Security Trust Deed or this deed; and

         (c)   that the Trustee will be in a position to discharge all its
               liabilities in respect of the relevant Class A Notes and any
               amounts required under the Security Trust Deed to be paid in
               priority to or pari passu with those Class A Notes,

         and that Officer's Certificate shall be conclusive and binding on the
         Trustee, the Note Trustee and the holders of those Class A Notes.

2.7      DETERMINATIONS

         If the Manager does not at any time for any reason determine a
         Principal Payment, the Bond Factor, the Invested Amount or the Stated
         Amount applicable to any Class A Notes in accordance with Condition
         5(a) or 5(h), the Principal Payment, the Bond Factor, Invested Amount
         and the Stated Amount may be determined by the Calculation Agent (or,
         failing the Calculation Agent, the Note Trustee) in accordance with
         Condition 5(a) or 5(h) (but based on the information in its possession)
         and each such determination or calculation shall be deemed to have been
         made by the Manager, and the Note Trustee and the Calculation Agent
         shall have no liability in respect thereof other than as a result of
         the fraud, negligence, default or breach of trust of the Note Trustee
         or the Calculation Agent (as the case may be).

3.       FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES
--------------------------------------------------------------------------------

3.1      ISSUE OF BOOK-ENTRY NOTES

         (a)   The Class A Notes shall, on issue be represented by Book-Entry
               Notes.

         (b)   Each Book-Entry Note must be signed manually or by facsimile by
               an Authorised Signatory of the Trustee on behalf of the Trustee
               and must be manually authenticated by the Principal Paying Agent.

3.2      FORM OF BOOK-ENTRY NOTES

         (a)   The Book-Entry Notes shall be typed in the form or substantially
               in the form set out in schedule 1.

--------------------------------------------------------------------------------
                                                                          Page 9
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (b)   The procedures relating to the exchange, authentication,
               delivery, surrender, cancellation, presentation, marking up or
               down of any of the Book-Entry Note (or part of the Book-Entry
               Note) and any other matters to be carried out by the relevant
               parties upon exchange (in whole or part) of any Class A Note
               shall be made in accordance with the provisions of the relevant
               terms of the Book-Entry Notes and the normal practice of the
               Common Depository, the Principal Paying Agent and the rules and
               procedures of the Clearing Agency from time to time.

         (c)   The Book-Entry Notes shall be in an aggregate principal amount of
               US$[*] for the Class A Notes.

         (d)   The Manager on behalf of the Trustee shall procure by written
               direction to the Principal Paying Agent that, prior to the issue
               and delivery of any Book-Entry Note, that Book-Entry Note will be
               authenticated manually by an Authorised Signatory of the
               Principal Paying Agent and no Book-Entry Note shall be valid for
               any purpose unless and until so authenticated. A Book-Entry Note
               so executed and authenticated shall be a binding and valid
               obligation of the Trustee. Until a Book-Entry Note (or part of a
               Book-Entry Note) has been exchanged pursuant to this deed, it (or
               that part) shall in all respects be entitled to the same benefits
               as a Definitive Note. Each Book-Entry Note shall be subject to
               this deed except that the registered owner of a Book-Entry Note
               shall be the only person entitled to receive payments from the
               Principal Paying Agent of principal or interest in relation to
               it.

         (e)   The Class A Notes upon original issue will be issued in the form
               of typewritten Notes representing the Book-Entry Notes. The
               Manager on behalf of the Trustee shall, on the date of this deed,
               deliver or arrange the delivery on its behalf to the Principal
               Paying Agent, as agent for the Clearing Agency, of the Book-Entry
               Notes. The Book-Entry Notes shall initially be registered on the
               Note Register in the name of the Common Depository as nominee of
               the Clearing Agency, and no Class A Note Owner will receive a
               Definitive Note representing such Class A Note Owner's interest
               in such Class A Note, except as provided in clause 3.3.

         (f)   Whenever a notice or other communication to the Class A
               Noteholders is required under this deed, unless and until
               Definitive Notes shall have been issued to Class A Note Owners
               pursuant to clause 3.3, the Note Trustee shall give all such
               notices and communications specified herein to be given to Class
               A Noteholders to the Clearing Agency, and shall have no
               obligation to the Class A Note Owners.

         (g)   Unless and until the Definitive Notes have been issued to a Class
               A Note Owner pursuant to clause 3.3:

               (i)   the provisions of this clause shall be in full force and
                     effect;

               (ii)  the Note Registrar, the Trustee, the Manager, each Paying
                     Agent and the Note Trustee shall be entitled to deal with
                     the Clearing Agency for all purposes of this deed
                     (including the payment of principal of and interest on the
                     Class A Notes and the giving of instructions or directions
                     hereunder) as the sole holder of the Class A Notes, and
                     shall have no obligation to any Class A Note Owners;

--------------------------------------------------------------------------------
                                                                         Page 10
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               (iii) to the extent that the provisions of this clause conflict
                     with any other provisions of this deed, the provisions of
                     this clause shall prevail;

               (iv)  the rights of Class A Note Owners shall be exercised only
                     through the Clearing Agency and shall be limited to those
                     established by law and agreements between such Class A Note
                     Owners and the Clearing Agency and/or the Clearing Agency
                     Participants. Pursuant to the Note Depository Agreement,
                     unless and until Definitive Notes are issued pursuant to
                     clause 3.3, the initial Clearing Agency will make
                     book-entry transfers among the Clearing Agency Participants
                     and receive and transmit payments of principal and interest
                     on the Class A Notes to such Clearing Agency Participants;
                     and

               (v)   whenever this deed requires or permits actions to be taken
                     based upon instructions or directions of Class A Note
                     Owners evidencing a specific percentage of all Invested
                     Amounts of all Class A Notes, the Clearing Agency shall be
                     deemed to represent such percentage only to the extent that
                     it has received instructions to such effect from Class A
                     Note Owners and/or Clearing Agency Participants owning or
                     representing, respectively, such required percentage of the
                     beneficial interest in the Class A Notes and has delivered
                     such instructions to the Principal Paying Agent.

3.3      DEFINITIVE NOTES

         If:

         (a)   the Principal Paying Agent advises the Manager in writing that
               the Clearing Agency is no longer willing or able properly to
               discharge its responsibilities with respect to the Class A Notes
               or the Clearing Agency or its successor and the Manager is unable
               to locate a qualified successor;

         (b)   the Trustee, at the direction of the Manager (at the Manager's
               option) advises the Principal Paying Agent in writing that the
               book-entry system through the Clearing Agency is or is to be
               terminated; or

         (c)   after the occurrence of an Event of Default, the Note Trustee
               shall, at the direction of Class A Note Owners representing
               beneficial interests aggregating to at least a majority of the
               aggregate Invested Amount of the Class A Notes advise both the
               Principal Paying Agent and the Trustee in writing that the
               continuation of a book entry system through the Clearing Agency
               is no longer in the best interests of the Class A Note Owners,

         then the Principal Paying Agent shall notify all of the appropriate
         Class A Note Owners and the Trustee of the occurrence of any such event
         and of the availability of Definitive Notes to such Class A Note Owners
         requesting the same. Upon the surrender of the Book-Entry Notes to the
         Trustee by the Clearing Agency, and the delivery by the Clearing Agency
         of the relevant registration instructions to the Trustee, the Trustee
         (with the assistance of the Manager) shall execute and procure the
         Principal Paying Agent to authenticate the Definitive Notes in
         accordance with the instructions of the Clearing Agency.

--------------------------------------------------------------------------------
                                                                         Page 11
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         The Definitive Notes will be serially numbered and shall be
         typewritten, printed, lithographed or engraved or produced by any
         combination of these methods (with or without steel engraved borders),
         all as determined by the Authorised Signatories executing such
         Definitive Notes, as evidenced by their execution of such Definitive
         Notes.

         Neither the Note Registrar nor the Trustee shall be liable for any
         delay in delivery of such instructions and may conclusively rely on,
         and shall be protected in relying on, such instructions.

3.4      STAMP AND OTHER TAXES

         The Trustee will pay any stamp and other duties and Taxes payable in
         Australia, the United Kingdom, Belgium, Luxembourg or the United States
         on or in connection with:

         (a)   the execution of the Transaction Documents;

         (b)   the constitution and original issue and delivery of the Class A
               Notes;

         (c)   any action taken by the Note Trustee or (where permitted under
               this deed so to do), the Clearing Agency or any Class A Note
               Owner to enforce the provisions of the Class A Notes or the
               Transaction Documents; and

         (d)   the creation of the security constituted under the Security Trust
               Deed.

3.5      INDEMNITY FOR NON-ISSUE

         If the Trustee is required to issue, or procure the issue of,
         Definitive Notes following an event specified in clause 3.3(a) but
         fails to do so within 30 days of delivery to the Trustee of the
         Book-Entry Notes in accordance with clause 3.3 then the Trustee shall
         (subject to clause 29) indemnify the Note Trustee, the Class A
         Noteholders and the Class A Note Owners, and keep them indemnified,
         against any loss or damage incurred by any of them if the amount
         received by the Note Trustee, the Class A Noteholders or the Class A
         Note Owners is less than the amount that would have been received had
         Definitive Notes been issued within the 30 days referred to in this
         clause 3.5. If and for so long as the Trustee discharges its
         obligations under this indemnity, the breach by the Trustee of the
         provisions of clause 3.3 shall be deemed to be cured. The Manager must
         promptly advise the Trustee if it becomes actually aware of the
         occurrence of the relevant event and the Trustee shall promptly notify
         the Note Trustee of the relevant event.

3.6      NOTE REGISTER AND NOTE REGISTRAR

         (a)   The Manager, on behalf of the Trustee, shall keep or cause to be
               kept the Note Register in which, subject to such reasonable
               regulations as it may prescribe, the Manager shall provide for
               the registration of the Class A Notes and the registration of
               transfers of Class A Notes. The NOTE REGISTRAR will be
               responsible for registering Class A Notes and transfers of Class
               A Notes as herein provided. The Trustee may, with the consent of
               the Note Trustee, appoint another person as Note Registrar. Upon
               any resignation or removal of any Note Registrar under the Agency
               Agreement, the Trustee with the assistance of and at the
               direction of, the Manager shall promptly appoint a successor or,
               if it elects not to make such an appointment, assume the duties
               of the Note Registrar.

--------------------------------------------------------------------------------
                                                                         Page 12
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (b)   Upon surrender for registration of transfer of any Class A Note
               at the office or agency of the Trustee to be maintained as
               provided in clause 11(e), if the requirements of Section 8-401(a)
               of the Uniform Commercial Code of New York (the UCC) are met the
               Trustee shall, at the direction of the Manager, execute and upon
               its written request the Principal Paying Agent shall authenticate
               and the Class A Noteholder shall obtain from the Note Trustee, in
               the name of the designated transferee or transferees, one or more
               new Class A Notes, in any authorised denominations, of the same
               class and a like aggregate principal amount.

         (c)   At the option of the Class A Noteholder, Class A Notes may be
               exchanged for other Class A Notes in any authorised denominations
               and a like aggregate principal amount, upon surrender of the
               Class A Notes to be exchanged at such office or agency. Whenever
               any Class A Notes are so surrendered for exchange, if the
               requirements of Section 8-401(a) of the UCC are met the Trustee
               shall, at the direction of the Manager, execute and upon its
               written request the Principal Paying Agent shall authenticate and
               the Class A Noteholder shall obtain from the Note Trustee, the
               Class A Notes which the Class A Noteholder making the exchange is
               entitled to receive.

         (d)   Every Class A Note presented or surrendered for registration of
               transfer or exchange shall be (i) duly endorsed by, or be
               accompanied by a written instrument of transfer in a form
               satisfactory to the Note Registrar duly executed by, the Class A
               Noteholder thereof or such Class A Noteholder's attorney duly
               authorised in writing, with such signature guaranteed by an
               "eligible guarantor institution" meeting the requirements of the
               Note 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 Note Registrar in addition to, or in
               substitution for, Stamp, all in accordance with the Exchange Act,
               and (ii) accompanied by such other documents as the Note
               Registrar may require.

         (e)   No service charge shall be made to a Class A Noteholder for any
               registration of transfer or exchange of Class A Notes, but the
               Trustee may require payment of a sum sufficient to cover any tax
               or other governmental charge that may be imposed in connection
               with any registration of transfer or exchange of Class A Notes.

         (f)   The preceding provisions of this section notwithstanding, the
               Trustee shall not be required to make and the Note Registrar need
               not register transfers or exchanges of Class A Notes selected for
               redemption or of any Class A Note for a period of 30 days
               preceding the due date for any payment with respect to the Class
               A Note.

4.       COVENANT OF COMPLIANCE
--------------------------------------------------------------------------------
         The Trustee covenants with the Note Trustee that it will comply with
         and perform and observe all material provisions of the Transaction
         Documents which are expressed to be binding on it for the benefit of
         the Note Trustee or any Class A Noteholder. The Transaction Documents
         and the Conditions shall be binding on the Trustee, the Note Trustee
         and the

--------------------------------------------------------------------------------
                                                                         Page 13
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         Class A Noteholders. The Note Trustee (or the Class A Noteholders,
         under clause 6.5, as the case may be) is entitled to enforce the
         obligations of the Trustee under the Class A Notes and the Conditions
         as if the same were set out and contained in this deed (which shall be
         read and construed as one document with the Class A Notes).

5.       CANCELLATION OF CLASS A NOTES
--------------------------------------------------------------------------------

5.1      CANCELLATION

         The Trustee shall procure that all Class A Notes:

         (a)   which have been surrendered for payment, registration of
               transfer, exchange or redemption; or

         (b)   in the case of any Definitive Note, which, being mutilated or
               defaced, has been surrendered and replaced under Condition 11,

         shall be cancelled by or on behalf of the Trustee.

5.2      RECORDS

(a)               The Principal Paying Agent agrees to keep a full and complete
                  record of all Class A Notes and of their redemption, payment,
                  exchange or cancellation (as the case may be) and of all
                  replacement Class A Notes issued in substitution for lost,
                  stolen, mutilated, defaced or destroyed Definitive Notes.

(b)               Such records referred to in paragraph (a) above shall be made
                  available to the Note Trustee on reasonable notice and during
                  business hours promptly following the Note Trustee's request
                  for the same.

6.       ENFORCEMENT
--------------------------------------------------------------------------------

6.1      ACTIONS FOLLOWING EVENT OF DEFAULT

         At any time while an Event of Default is subsisting the Note Trustee
         may (subject to the Security Trust Deed, to clauses 6.4 and 7, and to
         Conditions 9 and 10) at its discretion and without further notice take
         any action available to it to direct the Security Trustee to:

         (a)   institute any proceedings against the Trustee which are permitted
               under the Transaction Documents;

         (b)   enforce the security created under the Security Trust Deed
               (including anything set out in clause 8.2 of the Security Trust
               Deed); and

         (c)   enforce repayment of the Class A Notes together with accrued
               interest and any other moneys payable to the Note Trustee, the
               Class A Noteholders under the Transaction Documents.

6.2      EVIDENCE OF DEFAULT

         If the Security Trustee or the Note Trustee takes any action against
         the Trustee to enforce any of the provisions of any Class A Notes or
         this deed, proof that as regards any Class A
--------------------------------------------------------------------------------
                                                                         Page 14
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         Note, the Trustee has not paid any principal or interest due in respect
         of that Class A Note shall (unless the contrary is proved) be
         sufficient evidence that the Trustee has not paid that principal or
         interest on all other Class A Notes in respect of which the relevant
         payment is then due.

6.3      OVERDUE INTEREST

         The rates of interest payable in respect of any Class A Note which has
         become due and repayable in full and which has not been repaid shall be
         calculated at three-monthly intervals, commencing on the expiry of the
         Interest Period for that Class A Note during which the Class A Note
         became due and repayable in accordance with the provisions of Condition
         4 except that no notices need be given to Class A Noteholders, in
         relation to that interest.

6.4      RESTRICTIONS ON ENFORCEMENT

         If any of the Class A Notes remain outstanding and are due and payable
         otherwise than by reason of a default in payment of any amount due on
         any Class A Notes, the Note Trustee must not vote under the Security
         Trust Deed to, or otherwise direct the Security Trustee to, enforce the
         Security Trust Deed or dispose of the Mortgaged Property unless either:

         (a)   a sufficient amount would be realised to discharge in full all
               amounts owing to the Class A Noteholders and any other amounts
               payable by the Trustee ranking in priority to or pari passu with
               the Class A Notes; or

         (b)   the Note Trustee is of the opinion, reached after considering at
               any time and from time to time the advice of a merchant bank or
               other financial adviser selected by the Note Trustee (the cost of
               which advice shall be an expense incurred by the Note Trustee
               under the Transaction Documents), that the cash flow receivable
               by the Trustee (or the Security Trustee under the Security Trust
               Deed) will not (or that there is a significant risk that it will
               not) be sufficient, having regard to any other relevant actual,
               contingent or prospective liabilities of the Trustee, to
               discharge in full in due course all the amounts referred to in
               paragraph (i) relating to the Trust.

6.5      ACTION BY NOTEHOLDERS

         Notwithstanding any other provision of this deed, if the Note Trustee,
         having become bound to take steps and/or proceed under clause 6.1
         and/or the Security Trust Deed, fails to do so within a reasonable time
         and such failure is continuing, the Class A Noteholders may proceed
         directly against the Trustee but then only if and to the extent the
         Class A Noteholders are able to do so under Australian law.

7.       PROCEEDINGS
--------------------------------------------------------------------------------

7.1      ACTING ONLY ON DIRECTION

         (a)   Subject to paragraph (b), the Note Trustee may, but shall not be
               bound to, vote under the Security Trust Deed, or otherwise direct
               the Security Trustee under the Security Trust Deed, or take any
               proceedings, actions or steps under, or any other
--------------------------------------------------------------------------------
                                                                         Page 15
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               proceedings pursuant to or in connection with, the Security Trust
               Deed, this deed or any Class A Notes, unless directed or
               requested to do so in writing by the holders of at least 75% of
               the aggregate Invested Amount of the Class A Notes and then only
               if the Note Trustee is indemnified to its satisfaction against
               all actions, proceedings, claims and demands to which it may
               render itself liable and all costs, charges, damages and expenses
               which it may incur by so doing.

         (b)   If an Extraordinary Resolution (as defined in the Security Trust
               Deed) of Voting Mortgagees (as defined in the Security Trust
               Deed) elects not to direct the Security Trustee to enforce the
               Security Trust Deed, in circumstances where the Security Trustee
               could enforce, the Note Trustee must, at the direction of the
               Class A Noteholders, direct the Security Trustee to enforce the
               Security Trust Deed on behalf of the Class A Noteholders.

         (c)   The Note Trustee shall be protected with respect to any action
               taken or omitted to be taken by it in good faith in accordance
               with the direction of the holders of the required aggregate
               Invested Amount of the Class A Notes in accordance with this deed
               relating to the time, method and place of conducting any
               proceeding for any remedy available to, or exercising any trust
               or power conferred upon it, under this deed.

7.2      SECURITY TRUSTEE ACTING

         Only the Security Trustee may enforce the provisions of the Security
         Trust Deed and neither the Note Trustee nor any holder of a Class A
         Note is entitled to proceed directly against the Trustee to enforce the
         performance of any of the provisions of the Security Trust Deed or of
         the Class A Notes (including the Conditions), provided that if the
         Security Trustee having become bound to take steps and/or to proceed
         under the Security Trust Deed, fails to do so within a reasonable time
         and such failure is continuing, the Note Trustee and/or Class A
         Noteholders (if entitled under the Transaction Documents to act in
         place of the Note Trustee) may proceed directly against the Trustee but
         then only if and to the extent the Class A Noteholders are able to do
         so under Australian law. The Security Trustee shall comply with all
         directions given to it by the Note Trustee pursuant to any power to
         give directions granted to the Note Trustee pursuant to this deed or to
         the Security Trust Deed provided that the Security Trustee has the
         power under the Security Trust Deed to take the action contemplated by
         the direction, and the Security Trustee shall not be liable for all
         direct and indirect costs, expenses, losses, damages, liabilities or
         actions arising or resulting from any action or conduct undertaken or
         not taken by the Security Trustee or its officers, employees or agents
         including as a consequence of following those directions.

7.3      NOTE TRUSTEE ALONE ENTITLED TO ACT

         Subject to clauses 6.5 and 7.2, only the Note Trustee may:

         (a)   direct the Security Trustee to enforce or not to enforce the
               security created pursuant to the Security Trust Deed; or

         (b)   enforce the provisions of this deed or of the Class A Notes
               (including the Conditions),
--------------------------------------------------------------------------------
                                                                         Page 16
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         and no Class A Noteholder is entitled to take any of the above actions
         or to proceed directly against the Trustee to enforce the performance
         of any of the provisions of this deed or the Class A Notes (including
         the Conditions).

7.4      AVAILABLE AMOUNTS

         For the purpose of Conditions 5(i) and 5(j) the Note Trustee shall not
         be satisfied that the Trustee will be in a position to discharge the
         liabilities referred to in those Conditions unless, either:

         (a)   the Trustee will have available to it sufficient cash in the
               Collection Account and sufficient Authorised Investments which
               will mature on or before the relevant Payment Date after making
               any other payments or provisions having priority in order of
               application under the applicable provisions of the Security Trust
               Deed; or

         (b)   the Trustee has entered into a legally binding contract with an
               entity either whose long term unsecured and unguaranteed debt is
               rated AA- by S&P or whose short term unsecured and unguaranteed
               debt securities are rated F1+ by S&P or F1+ by Fitch Ratings,
               provided that in both cases its short term unsecured and
               unguaranteed debt securities are ranked P-1 by Moody's, to
               provide sufficient cash on or before the relevant Payment Date to
               enable the Trustee to discharge the relevant liabilities,

         and in each circumstance the Manager or the Trustee has certified to
         the Note Trustee that the requirements of clause 7.4(a) or (b) have
         been met and the Note Trustee shall be entitled to rely on such
         certification.

7.5      NO OBLIGATION TO ENSURE COMPLIANCE

         In giving any direction to the Security Trustee under this deed or the
         Security Trust Deed, the Note Trustee shall not be obliged to ensure
         that the Security Trustee complies with such direction and will not be
         liable for failure by the Security Trustee so to comply.

7.6      CONFLICT OF INTERESTS

         The Note Trustee shall, with respect to all the powers, trusts,
         authorities, duties and discretions vested in it by the Transaction
         Documents, except where expressly provided otherwise, have regard to
         the interests of the Class A Noteholders.

8.       NOTICE OF PAYMENT
--------------------------------------------------------------------------------
         The Principal Paying Agent shall give notice to the Class A Noteholders
         in accordance with Condition 12 of the day fixed for any payment to
         them of amounts received by the Note Trustee under clause 16 of the
         Security Trust Deed and in any relevant circumstance will certify to
         the Note Trustee that the requirements of Clauses 7.1(a) and (b) of the
         Note Trust Deed have been satisfied (and the Note Trustee shall be
         entitled to rely upon such certification). Those payments may be made
         in accordance with Condition 6 (in the case of Definitive Notes) or in
         the name of the nominee of the Clearing Agency by wire transfer in
         immediately available funds to an account designated by such nominee to
         the order of the
--------------------------------------------------------------------------------
                                                                         Page 17
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         registered holder of the Class A Note (in the case of any Book-Entry
         Note) and payment of those amounts by the Note Trustee to the Principal
         Paying Agent for that purpose shall be a good discharge to the Note
         Trustee.

9.       INVESTMENT BY NOTE TRUSTEE
--------------------------------------------------------------------------------
         Any amount which, under the trusts of this deed ought to or may be
         invested by the Note Trustee as directed in writing by the Manager, may
         be invested in the name or under the control of the Note Trustee in any
         Authorised Investments and the Note Trustee may at any time or times
         vary any Authorised Investments into other Authorised Investments and
         shall not be responsible for any loss due to depreciation in value or
         otherwise resulting from any Authorised Investments made by it in good
         faith. The Note Trustee must not make any investment that could have an
         adverse effect on the 50% risk weighting attributed to the Notes by the
         Bank of England and the Note Trustee need only account for interest
         equal to the highest rate payable by it to an independent depositor in
         respect of comparable deposits.

10.      PARTIAL PAYMENTS
--------------------------------------------------------------------------------
         In the case of Definitive Notes, on any payment of amounts received by
         or on behalf of the Note Trustee under clause 16 of the Security Trust
         Deed (other than the payment in full against surrender of a Definitive
         Note) the Definitive Note in respect of which such payment is made
         shall be produced to the Note Trustee or the Paying Agent by or through
         whom such payment is made and the Note Trustee shall, or shall cause
         the Paying Agent to, enface on the Definitive Note a memorandum of the
         amount and the date of payment, but the Note Trustee may in any
         particular case dispense with that production and enfacement upon the
         Trustee certifying to the Note Trustee that an indemnity has been given
         to the Trustee by the recipient of the payment as the Trustee considers
         sufficient and the Note Trustee shall be entitled to rely on such
         certification.

11.      COVENANTS BY THE TRUSTEE AND MANAGER
--------------------------------------------------------------------------------
         Each of the Trustee and the Manager undertake severally to the Note
         Trustee, for itself and on behalf of the Class A Noteholders, as
         follows in relation to the Trust for so long as any of the Class A
         Notes remain outstanding (except to the extent that the Note Trustee
         otherwise consents in accordance with this deed).

         (a)   (MASTER TRUST DEED COVENANTS) It will comply with its covenants
               in the Master Trust Deed.

         (b)   (TRANSACTION DOCUMENTS)

               (i)   It will comply with its material obligations under the
                     Transaction Documents.

               (ii)  It will use reasonable endeavours (to the extent that it is
                     able to do so under the Master Trust Deed) to procure that
                     each other party to a
--------------------------------------------------------------------------------
                                                                         Page 18
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

                     Transaction Document complies with and performs its
                     obligations under that Transaction Document.

         (c)   (INFORMATION) It will give to the Note Trustee a copy of any
               information in its possession relating to the Trust as soon as
               reasonably practicable in connection with the exercise and
               performance of its powers and obligations under this deed and
               which the Trustee or the Manager (as the case may be) reasonably
               considers has a material bearing on the interest of the Class A
               Noteholders.

         (d)   (NOTIFY EVENTS OF DEFAULT)

               (i)   It will promptly notify the Note Trustee if it has
                     knowledge or notice of or is aware of the occurrence of an
                     Event of Default, Trustee's Default, Servicer Transfer
                     Event, Title Perfection Event or Manager's Default
                     including full details (to the extent known, without making
                     any enquiry) of that Event of Default, Trustee's Default,
                     Servicer Transfer Event, Title Perfection Event or
                     Manager's Default (as the case may be).

               (ii)  In addition to its obligations under sub-clause item (d)(i)
                     of this Clause 11, the Manager, on behalf of the Trustee,
                     will confirm to the Note Trustee, on each anniversary of
                     this deed:

                     (A)   whether or not the Manager or the Trustee is aware
                           that any Event of Default has occurred; and

                     (B)   any other matter which is required to be notified to
                           the Note Trustee under the Transaction Documents and
                           which has not previously been so notified.

         (e)   (MAINTENANCE OF OFFICE OR AGENCY) The Manager on behalf of the
               Trustee will maintain in the Borough of Manhattan, The City of
               New York an office or agency where Class A Notes may be
               surrendered for registration of transfer or exchange, and where
               notices and demands to or upon the Trustee in respect of the
               Class A Notes and this deed may be served. The Trustee hereby
               initially appoints the Principal Paying Agent, acting through its
               agent, DTC Transfer Agent Services, at 55 Water Street, Jeanette
               Park Entrance, New York, New York 10041, to serve as its agent
               for the foregoing purposes. The Principal Paying Agent shall act
               solely for, and as agent of, the Trustee and shall not have any
               obligations towards or relationship or agency or trust with any
               other person in respect of its appointment under this
               sub-paragraph (e). The Manager will give prompt written notice to
               the Note Trustee of the location, and of any change in the
               location, of any such office or agency. If at any time the
               Trustee shall fail to maintain any such office or agency or shall
               fail to furnish the Note Trustee with the address thereof, such
               surrenders, notices and demands may be made or served at the
               Corporate Trust Office, and the Trustee hereby appoints the Note
               Trustee as its agent to receive all such surrenders, notices and
               demands.

         (f)   (CALCULATION AGENT) It will procure that, so long as any of the
               Class A Notes remain outstanding, there will at all times be a
               Calculation Agent.

--------------------------------------------------------------------------------
                                                                         Page 19
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (g)   (CHANGE TO PAYING AGENTS OR CALCULATION AGENT) It will give
               notice to the Noteholders in accordance with the Agency Agreement
               and Condition 12 of:

               (i)   any appointment, resignation or removal of any Paying Agent
                     (other than the appointment of the initial Principal Paying
                     Agent) or Calculation Agent;

               (ii)  any change to any Paying Agent's Paying Office (as defined
                     in the Agency Agreement); or

               (iii) any change to the Calculation Agent's Specified Office (as
                     defined in the Agency Agreement).

         (h)   (NOTICES) It will promptly give to the Note Trustee, or ensure
               that the Note Trustee receives for approval by the Note Trustee,
               two copies of the form of every notice prior to the notice being
               given to the Class A Noteholders in accordance with Condition 12.

         (i)   (ANNUAL STATEMENT AS TO COMPLIANCE) The Trustee (or the Manager
               on its behalf) will deliver to the Note Trustee, within 120 days
               after the end of each fiscal year of the Trust (commencing on 30
               September 2003), 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 Trustee in respect of the
                     Trust during such year and of performance under the Note
                     Trust Deed 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 Trustee has
                     complied with all conditions and covenants under the Note
                     Trust Deed throughout the relevant year, or, if there has
                     been a default in the compliance of any such condition or
                     covenant, specifying each such default known to the
                     Signatory of the nature and status of the default.

               For the purposes of this clause 11(i) compliance shall be
               determined without regard to any period of grace or requirement
               of notice under the Note Trust Deed.

         (j)   (OPINIONS AS TO TRUST ESTATE) On the Closing Date, the Trustee
               (or the Manager on its behalf) shall furnish to the Note Trustee
               an Opinion of Counsel (who may be of counsel for the Trustee)
               either stating that in the opinion of such counsel the Security
               Trust Deed and any other requisite documents has been properly
               recorded and filed so as to make effective the Security Interest
               intended to be created by the Security Trust Deed, and reciting
               the details of such action, or stating that in the opinion of
               such counsel no such action is necessary to make such Security
               Interest effective.

               Within 120 days after the end of each fiscal year commencing on
               30 September 2003 the Trustee (or the Manager on its behalf)
               shall furnish to the Note Trustee an Opinion of Counsel (who may
               be of counsel for the Trustee) either stating that in the opinion
               of such counsel such action has been taken with respect to the

--------------------------------------------------------------------------------
                                                                         Page 20
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               recording, filing, re-recording, and refiling of the Security
               Trust Deed and any other requisite documents as is necessary to
               maintain the Security Interest created by the Security Trust
               Deed, and reciting the details of such action, or stating that in
               the opinion of such counsel no such action is necessary to
               maintain such Security Interest.

         (k)   (NOTEHOLDER REPORT)

               (i)   The Trustee (or the Manager on its behalf) shall deliver to
                     the Principal Paying Agent and the Note Trustee on each
                     Determination Date the Noteholders Report for the related
                     Collection Period, with written instructions for the Note
                     Trustee and the Principal Paying Agent to forward the
                     Noteholders Report to each Class A Noteholder.

               (ii)  Each Noteholder Report shall contain the information set
                     out in Schedule 2.

12.      REMUNERATION OF NOTE TRUSTEE
--------------------------------------------------------------------------------

12.1     FEE

         The Trustee shall pay to the Note Trustee a fee agreed between them and
         at the times specified in the Supplementary Terms Notice.

12.2     ADDITIONAL REMUNERATION

         If the Note Trustee gives a notice under Condition 10 or it undertakes
         duties which it considers expedient or necessary under this deed, or
         which the Trustee requests it to undertake and which duties the Note
         Trustee, the Manager and the Trustee agree to be of an exceptional
         nature or otherwise outside the scope of the normal duties of the Note
         Trustee under this deed, the Trustee shall pay to the Note Trustee any
         additional remuneration as they agree.

         In the event of the Note Trustee, the Manager and the Trustee failing
         to agree on such additional remuneration, such remuneration shall be
         determined by a merchant or investment bank (acting as an expert and
         not as an arbitrator) selected by the Note Trustee and approved by the
         Trustee or, failing such approval, nominated (on the application of the
         Note Trustee or the Trustee) by the President for the time being of The
         Law Society of England and Wales (the expenses involved in such
         nomination and the fees of such merchant or investment bank being
         shared equally by the Trustee and the Note Trustee) and the
         determination of any such merchant or investment bank shall be final
         and binding upon the Note Trustee and the Trustee and shall be payable
         by the Trustee to the Note Trustee.

12.3     COSTS, EXPENSES

         (a)   Subject to clause 34.8, the Trustee shall also reimburse, pay or
               discharge all reasonable costs, charges, liabilities and expenses
               and any stamp and other Taxes or duties paid by the Note Trustee
               (or the Class A Noteholders acting under clause

--------------------------------------------------------------------------------
                                                                         Page 21
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               6.5 (as the case may be)) in connection with properly undertaking
               its duties under the Transaction Documents and in connection with
               any legal proceedings brought by the Note Trustee (or the Class A
               Noteholders acting under clause 6.5 (as the case may be)) to
               enforce any obligation under this deed or the Class A Notes. The
               Note Trustee shall not be reimbursed for any overhead or general
               operating expenses which it incurs.

         (b)   Without prejudice to the right of indemnity by law given to
               trustees, to the extent the Trustee is itself entitled to be
               indemnified, and subject to clause 29, the Trustee indemnifies
               the Note Trustee (or the Class A Noteholders acting under clause
               6.5 (as the case may be)) and every other person properly
               appointed by it or any of them under this deed from and against
               all liabilities, losses, damages, costs, expenses, actions,
               proceedings, claims and demands incurred by or made against it or
               him in the execution of the trusts of this deed or of their
               powers or in respect of any matter or thing done or omitted in
               any way relating to this deed (other than arising from any fraud,
               negligence, default or breach of trust by the Note Trustee or
               that person).

12.4     OVERDUE RATE

         All sums payable by the Trustee under clauses 12 and 34.8 shall be
         payable by the Trustee on the next Payment Date in the order set out in
         the Supplementary Terms Notice or (if applicable) the Security Trust
         Deed and shall carry interest at the rate of LIBOR plus 2% from the due
         date. Any amount payable shall carry interest at that rate from the due
         date to the date of actual payment.

12.5     CONTINUING OBLIGATION

         Unless otherwise specifically stated in any discharge relating to this
         deed the provisions of this clause shall continue in full force and
         effect notwithstanding such discharge and even if the Note Trustee has
         ceased to be the Note Trustee for any reason including but not limited
         to those contemplated in clause 23 it will be entitled to all rights
         arising to it prior to it ceasing to be the Note Trustee.

13.      NOTE TRUSTEE
--------------------------------------------------------------------------------

13.1     PREFERENTIAL COLLECTION OF CLAIMS AGAINST TRUSTEE

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

13.2     DUTIES OF NOTE TRUSTEE

         (a)   If an Event of Default has occurred and is subsisting, of which a
               Responsible Officer of the Note Trustee has actual knowledge, the
               Note Trustee shall exercise the rights and powers vested in it by
               this deed and use the same degree of care and skill in

--------------------------------------------------------------------------------
                                                                         Page 22
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               their exercise as a prudent person would exercise or use under
               the circumstances in the conduct of such person's own affairs.

         (b)   Except while an Event of Default subsists:

               (i)   the Note Trustee undertakes to perform such duties and only
                     such duties as are specifically set forth in this deed and
                     no implied covenants or obligations shall be read into this
                     deed against the Note Trustee; and

               (ii)  in the absence of bad faith on its part, the Note Trustee
                     may conclusively rely, as to the truth of the statements
                     and the correctness of the opinions expressed therein, upon
                     certificates or opinions furnished to the Note Trustee and
                     conforming to the requirements of this deed; however, the
                     Note Trustee shall examine the certificates and opinions to
                     determine whether or not they conform to the requirements
                     of this deed.

         (c)   The Note Trustee may not be relieved from liability for its own
               negligent action, its own negligent failure to act or its own
               wilful misconduct, except that:

               (i)   this paragraph does not limit the effect of paragraph (a)
                     of this clause; and

               (ii)  the Note Trustee shall not be liable for any error of
                     judgment made in good faith by a Responsible Officer unless
                     it is proved that the Note Trustee was negligent in
                     ascertaining the pertinent facts.

         (d)   Section 315(d)(3) of the TIA is expressly excluded by this deed.

13.3     OBLIGATIONS OF NOTE TRUSTEE

         The Note Trustee represents and warrants that it is duly qualified to
         assume its obligations under this deed and has obtained all necessary
         approvals required to perform its obligations under this deed.

13.4     NOTICE OF DEFAULTS

         (a)   If an Event of Default occurs and is subsisting and the Note
               Trustee is actually aware of that Event of Default, the Note
               Trustee shall mail to each Class A Noteholder notice of the Event
               of Default within 90 days after becoming so aware.

         (b)   Except in the case of a default in payment of principal of or
               interest on any Class A Note (including payments pursuant to the
               mandatory redemption provisions of that Class A Note), the Note
               Trustee may withhold the notice referred to in paragraph (a) if
               and so long as the board of directors, the executive committee or
               a trust committee of its directors in good faith determines that
               withholding the notice is in the interest of Class A Noteholders.

13.5     RIGHTS OF NOTE TRUSTEE

         (a)   The Note Trustee may conclusively rely on any document believed
               by it to be genuine and to have been signed or presented by the
               proper person. The Note Trustee need not investigate any fact or
               matter stated in the document.

--------------------------------------------------------------------------------
                                                                         Page 23
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (b)   Before the Note Trustee acts or refrains from acting, it may
               require an Officer's Certificate or an Opinion of Counsel. The
               Note Trustee shall not be liable for any action it takes, suffers
               or omits to take in good faith in reliance on the Officer's
               Certificate or Opinion of Counsel.

         (c)   No provision of this deed shall require the Note Trustee to
               expend or risk its own funds or otherwise incur financial
               liability in the performance of any of its duties hereunder or in
               the exercise of any of its rights or powers, if it shall have
               reasonable grounds to believe that repayment of such funds or
               indemnity satisfactory to it against such risk or liability is
               not assured to it.

         (d)   The Note Trustee shall not be responsible for and makes no
               representation as to the validity or adequacy of this deed or the
               Class A Notes, shall not be accountable for the Trustee's use of
               the proceeds from the Class A Notes, and shall not be responsible
               for any statement of the Trustee in this deed or in any document
               issued in connection with the sale of the Class A Notes or in the
               Class A Notes.

         (e)   The Note Trustee may in relation to this deed act on the advice
               or opinion of or any information obtained from any lawyer,
               valuer, accountant, banker, broker, credit-rating agency, lead
               manager or other expert whether obtained by the Trustee, the Note
               Trustee, the Manager, the Servicer or otherwise.

         (f)   Any advice, opinion or information may be sent or obtained by
               letter, telegram, facsimile transmission or cable and the Note
               Trustee shall not be liable for acting on any such advice,
               opinion or information purporting to be conveyed by any such
               letter, telegram, facsimile transmission or cable although the
               same shall contain some error or shall not be authentic.

         (g)   The Note Trustee may call for and shall be at liberty to accept
               as sufficient evidence of any fact or matter or the expediency of
               any transaction or thing a certificate signed by two Authorised
               Signatories of the Trustee or the Manager (as the case may be)
               and the Note Trustee shall not be bound in any such case to call
               for further evidence or be responsible for any loss that may be
               occasioned by the Note Trustee acting on that certificate.

         (h)   The Note Trustee is at liberty to hold or to place this deed and
               any other documents relating to this deed in any part of the
               world (other than Australia) with any banker or banking company
               or company whose business includes undertaking the safe custody
               of documents or lawyer or firm of lawyers reasonably considered
               by the Note Trustee to be of good repute and except in the case
               of fraud, negligence or breach of trust (in the case of the
               Security Trustee) or fraud, negligence, default or breach of
               trust (in the case of the Note Trustee) of that party, neither
               the Note Trustee nor the Security Trustee shall be responsible
               for any loss, expense or liability which may be suffered as a
               result of any assets secured by the Security Trust Deed,
               Mortgaged Property or any deed or documents of title thereto,
               being uninsured or inadequately insured or being held by or to
               the order of the Servicer or any of its affiliates or by clearing
               organisations or their operators or by any person

--------------------------------------------------------------------------------
                                                                         Page 24
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               on behalf of the Note Trustee if prudently chosen in accordance
               with the Transaction Documents.

         (i)   The Note Trustee shall not be responsible for the application of
               the proceeds of the issue of any of the Class A Notes by the
               Trustee or any moneys borrowed by the Trustee under any
               Transaction Document or the exchange of any Book-Entry Note for
               any other Book-Entry Note or Definitive Note, as the case may be.

         (j)   Except as otherwise provided in this deed or any other
               Transaction Documents to which it is a party, the Note Trustee
               shall not be bound to give notice to any person of the execution
               of this deed or any of the Transaction Documents or any
               transaction contemplated hereby or thereby or to take any steps
               to ascertain whether any Event of Default has happened and, until
               it has actual knowledge or express notice to the contrary, the
               Note Trustee is entitled to assume that no Event of Default has
               happened and that the Trustee and each other party to any
               Relevant Document is observing and performing all the obligations
               on its part contained in the Class A Notes and under this deed
               or, as the case may be, the Security Trust Deed or any other
               Transaction Document to which it is a party.

         (k)   Save as expressly otherwise provided in this deed or the
               Transaction Documents, the Note Trustee shall have absolute and
               uncontrolled discretion as to the exercise of the discretions
               vested in the Note Trustee by this deed and the Transaction
               Documents (the exercise of which as between the Note Trustee and
               the Class A Noteholders) shall be conclusive and binding on the
               Class A Noteholders but whenever the Note Trustee is under the
               provisions of this deed or the Transaction Documents bound to act
               at the request or direction of the Class A Noteholders, or any of
               them, the Note Trustee shall nevertheless not be so bound unless
               first indemnified to its satisfaction against all actions,
               proceedings, claims and demands to which it may render itself
               liable and all costs, charges, damages, expenses and liabilities
               which it may incur by so doing.

         (l)   Any consent or approval given by the Note Trustee for the purpose
               of this deed, the Conditions and any Transaction Document may be
               given on any terms and subject to any conditions as the Note
               Trustee thinks fit and despite anything to the contrary contained
               in this deed, any Transaction Document or the Conditions may be
               given retrospectively.

         (m)   The Note Trustee shall not (unless and to the extent ordered so
               to do by a court of competent jurisdiction) be required to
               disclose to any Class A Noteholder or any Mortgagee, any
               information made available to the Note Trustee by the Trustee or
               any other person in connection with the trusts of this deed and
               no Class A Noteholder shall be entitled to take any action to
               obtain from the Note Trustee any such information.

         (n)   Where it is necessary or desirable for any purpose in connection
               with this deed to convert any sum from one currency to another it
               shall (unless otherwise provided by this deed, any other
               Transaction Document or required by law) be converted at the rate
               or rates, in accordance with the method and as at the date for
               the

--------------------------------------------------------------------------------
                                                                         Page 25
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               determination of the rate of exchange, as may be agreed by the
               Note Trustee in consultation with the Trustee and the Manager as
               relevant and any rate, method and date so agreed shall be binding
               on the Trustee, the Class A Noteholders.

         (o)   Subject to clauses 6.5 and 7.4, the Note Trustee may certify in
               good faith whether or not any of the events set out in Condition
               9 or any breach under clause 8 of the Security Trust Deed is in
               its opinion materially prejudicial to the interests of the
               relevant Class A Noteholders and may certify, in relation to the
               event set out in paragraph (a) of Condition 9 in relation to any
               payment of interest on the Class A Notes that the Trustee had, on
               the due date for payment of the amount of interest in question,
               sufficient cash to pay, in accordance with the provisions of the
               Supplementary Terms Notice or the Security Trust Deed, all
               interest (after payment of all sums which are permitted under the
               Supplementary Terms Notice or the Security Trust Deed to be paid
               in priority to or pari passu with them) and that certificate
               shall be conclusive and binding upon the Trustee and the Class A
               Noteholders. The Note Trustee shall have no liability to the
               Trustee, any Class A Noteholder or any other person in relation
               to any such certificate or in relation to any delay or omission
               in providing such certificate. In giving any certificate relating
               to paragraph (a) of Condition 9, the Note Trustee may rely on any
               determination made by any independent accountants of recognised
               standing in Australia and any such determination shall be
               conclusive and binding on the Trustee and the Class A
               Noteholders. The Trustee shall pay the Note Trustee reasonable
               costs and expenses of providing the certificate at the times
               specified in the Supplementary Terms Notice.

         (p)   The Note Trustee shall not be bound to take any steps to
               ascertain whether any event, condition or act, the happening of
               which would cause a right or remedy to become exercisable by the
               Note Trustee under this deed or by the Trustee under any of the
               Transaction Documents has happened or to monitor or supervise the
               observance and performance by the Trustee or any of the other
               parties thereto of their respective obligations thereunder and,
               until it shall have actual knowledge or express notice to the
               contrary the Note Trustee shall be entitled to assume that no
               such event, condition or act has happened and that the Trustee
               and each of the other parties thereto are observing and
               performing all their respective obligations thereunder.

         (q)   The Note 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 it and shall assume its
               accuracy and correctness and (except with respect to itself) the
               execution, legality, effectiveness, adequacy, genuineness,
               validity or enforceability or admissibility in evidence of that
               agreement or other document or any security constituted by them,
               and the Note Trustee may accept without enquiry, requisition or
               objection all title as the Trustee may have to any of the
               Mortgaged Property or as any other person may have to any other
               security charged from time to time to the Note Trustee and shall
               not be bound to investigate or make any enquiry in the title

--------------------------------------------------------------------------------
                                                                         Page 26
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               of the Trustee to any of the Mortgaged Property or the title of
               any other person to any other security charged from time to time
               to the Note 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
               Noteholder is solely responsible for making its own independent
               appraisal of and investigation into the Trust and the Class A
               Notes and the Note Trustee shall not at any time have any
               responsibility for the same and no Class A Noteholder shall rely
               on the Note Trustee in that respect.

         (r)   The Note Trustee shall not be liable for any failure, omission or
               defect in or filing or procuring registration or filing of or
               otherwise protecting or perfecting the Security Trust Deed or the
               Mortgaged Property or any other security or failure to call for
               delivery of documents of title to the Mortgaged Property or any
               other security or to require any further assurances in relation
               to any property or assets comprised in the Mortgaged Property or
               any other security.

         (s)   The Note Trustee shall not be obliged (whether or not directed to
               do so by the Class A Noteholders) to direct the Security Trustee
               to perfect legal title to any Purchased Receivable Security if,
               in the opinion of the Note Trustee, that perfection would or
               might result in the Note Trustee becoming liable to or incurring
               any obligation to any Obligor under a Purchased Receivable or
               Purchased Receivable Security and, in its opinion, there is or
               would be insufficient cash to discharge, in accordance with the
               provisions of the Security Trust Deed, that liability or
               obligations as and when they arise. Notwithstanding the
               generality of the foregoing, the Note Trustee shall have no
               responsibility or liability for the payment of any fees for the
               registration of a Mortgage in Australia or for any related legal,
               administrative or other fees, costs and expenses (including, but
               not limited to, any proper disbursements and any goods and
               services or value added tax). The Manager will provide to the
               Note Trustee such information and the Trustee will pay to the
               Note Trustee such costs as the Note Trustee reasonably considers
               necessary to make these determinations and, subject to clause 29,
               the Trustee indemnifies the Note Trustee against any loss or
               damage suffered as a result of the Note Trustee incurring such an
               obligation.

         (t)   Without prejudice to the provisions of any Transaction Document,
               the Note Trustee shall not be under any obligation to insure any
               of the Mortgaged Property (or any other property) or any deeds or
               documents of title or other evidence relating to that property
               and shall not be responsible for any loss, expense or liability
               which may be suffered as a result of the lack of or inadequacy of
               any insurance.

         (u)   The Note Trustee shall not be responsible for any loss, expense
               or liability occasioned to the Mortgaged Property or any other
               property or in respect of all or any of the moneys which may
               stand to the credit of the Collection Account, from time to time
               however caused (including any bank, broker, depository,
               warehouseman or other intermediary or any clearing system or its
               operator acting in accordance with or contrary to the terms of
               any of the Transaction Documents or otherwise), unless that loss
               is occasioned by the fraud, negligence, default or breach of
               trust of the Note Trustee.

--------------------------------------------------------------------------------
                                                                         Page 27
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (v)   The Note Trustee has no responsibility whatsoever to the Trustee
               or any Class A Noteholder as regards any deficiency or additional
               payment, as the case may be, which might arise because the Note
               Trustee or the Trustee is subject to any Tax in respect of the
               Mortgaged Property, the Security Trust Deed or any other security
               or any income or any proceeds from them.

         (w)   No provision of this deed requires the Note Trustee to do
               anything which may be illegal or contrary to applicable law or
               regulation or expend or risk its own funds or otherwise incur any
               financial liability in the performance of any of its duties, or
               in the exercise of any of its rights or powers, if it has grounds
               to believe that repayment of those funds or adequate indemnity
               against that risk or liability is not assured to it. Without
               limitation nothing contained in this deed imposes any obligation
               on the Note Trustee to make any further advance to an Obligor or
               to borrow any moneys under a Transaction Document or to maintain,
               protect or preserve any moneys standing to the credit of the
               Collection Account.

         (x)   The Note Trustee is not responsible (except as to itself) for the
               genuineness, validity, effectiveness or suitability of any of the
               Transaction Documents or any of the Mortgages, Security Interests
               or other documents entered into in connection with them or any
               Mortgage Insurance Policy or any other document or any obligation
               or rights created or purported to be created by them or under
               them or any Security Interest or the priority constituted by or
               purported to be constituted by or pursuant to that Security
               Interest, nor shall it (except as to itself) be responsible or
               liable to any person because of any invalidity of any provision
               of those documents or the unenforceability of those documents,
               whether arising from statute, law or decision of any court and
               (without limitation) the Note Trustee shall not be responsible
               for or have any duty to make any investigation in respect of or
               in any way be liable whatsoever for:

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

               (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, Mortgaged 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 Obligor in any
                     application for any advance or in any Mortgage or Loan or
                     in any document entered into in connection with them;

--------------------------------------------------------------------------------
                                                                         Page 28
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               (vi)   the performance or observance by any Obligor 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 Trustee to any Mortgage, Loan or other
                      Mortgaged 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 the provisions and contents of and the
                      manner and formalities applicable to the execution of the
                      Mortgages and Loans and any documents connected with them
                      or the making of any advance intended to be secured by
                      them or with any applicable laws or regulations (including
                      Consumer Credit Legislation);

               (xi)   the failure by any Approved Seller, the Trustee, the
                      Servicer or the Manager to obtain or comply with any
                      Authorisation in connection with the origination, sale,
                      purchase or administration of any of the Mortgages or
                      Loans or the making of any advances in connection with
                      them or the failure to effect or procure registration of
                      or to give notice to any person in relation to or
                      otherwise protect the security created or purported to be
                      created by or pursuant to any of the Mortgages or Loans or
                      other documents entered into in connection with them;

               (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 any
                      Approved Seller, the Servicer, the Trustee, the 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 Loans or any document
                      entered into in connection with them whether or not
                      similar to the above.

--------------------------------------------------------------------------------
                                                                         Page 29
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               (y)    The Note Trustee is not liable or responsible for any
                      loss, cost, damages, expenses, liabilities or
                      inconvenience which may result from anything done or
                      omitted to be done by it in accordance with the provisions
                      of this deed, any other Transaction Document or any other
                      document or as a consequence of or in connection with it
                      being held or treated as, or being deemed to be, a
                      creditor, for the purposes of the Consumer Credit
                      Legislation, in respect of any of the Mortgages.

               (z)    The Note Trustee shall be entitled to call for and rely on
                      a certificate or any letter of confirmation or explanation
                      reasonably believed by it to be genuine, of any Approved
                      Seller, the Servicer, the Trustee, the Manager, any Paying
                      Agent, the Calculation Agent, any Designated Rating Agency
                      or any other credit rating agency in respect of every
                      manner and circumstance for which a certificate is
                      expressly provided for under this deed or in respect of
                      the rating of the Class A Notes or the Conditions and the
                      Note Trustee is not bound in any such case to call for
                      further evidence or be responsible for any loss,
                      liability, costs, damages, expenses or inconvenience that
                      may be occasioned by its failing so to do.

               (aa)   In connection with any proposed modification, waiver,
                      authorisation or determination permitted by this deed, the
                      Note Trustee shall not have regard to the consequences
                      thereof for individual Class A Noteholders resulting from
                      their being for any purpose domiciled or resident in, or
                      otherwise connected with, or subject to, the jurisdiction
                      of any particular territory.

               (bb)   Except as otherwise provided in this deed or any other
                      Transaction Document, the Note Trustee shall have no
                      responsibility for the maintenance of any rating of the
                      Class A Notes by a Designated Rating Agency or any other
                      credit-rating agency or any other person.

               (cc)   The Note Trustee shall be under no obligation to monitor
                      or supervise the functions of the Servicer from time to
                      time under the terms of the Servicing Agreement or any
                      other person under any other Transaction Document, and is
                      entitled, in the absence of actual knowledge of a breach
                      of duty or obligation, to assume that the Servicer is
                      properly performing its obligations in accordance with the
                      provisions of the Servicing Agreement or that any other
                      person is properly performing its obligations in
                      accordance with each other Transaction Document, as the
                      case may be.

               (dd)   The Note Trustee acknowledges that the Manager is
                      responsible, under the Supplementary Terms Notice, for
                      calculating all amounts referred to in clause 5 of the
                      Supplementary Terms Notice (other than calculations
                      required to be made by the Calculation Agent under the
                      Agency Agreement) and the Note Trustee has no liability in
                      respect of these calculations other than as a result of
                      the fraud, negligence, default or breach of trust of the
                      Note Trustee.

               (ee)   The Note Trustee shall not be liable to the Trustee, or
                      any Noteholder by reason of having accepted as valid or
                      not having rejected any Definitive Note purporting to be
                      such and subsequently found to be forged or not authentic
                      and the Note Trustee may call for and shall be at liberty
                      to accept and place full reliance on as sufficient
                      evidence of the facts stated therein a certificate or
                      letter of confirmation certified as

--------------------------------------------------------------------------------
                                                                         Page 30
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               true and accurate and signed on behalf of the Common Depository
               or any common depository for them or any person as the Note
               Trustee reasonably considers appropriate, or any form of record
               made by any of them to the effect that at any particular time or
               through any particular period any particular person is, was, or
               will be, shown in its records as entitled to a particular number
               of Class A Notes.

14.      NOTE TRUSTEE'S LIABILITY
--------------------------------------------------------------------------------
         Nothing in this deed shall exempt the Note Trustee from or indemnify it
         against any liability for breach of trust or any liability in respect
         of any fraud, negligence, default or breach of trust of which it may be
         guilty in relation to its duties under this deed.

15.      DELEGATION BY NOTE TRUSTEE
--------------------------------------------------------------------------------

         (a)   The Note Trustee may whenever it thinks fit delegate by power of
               attorney or otherwise to any person or persons for any period
               (whether exceeding one year or not) or indefinitely all or any of
               the trusts, powers and authorities vested in the Note Trustee by
               this deed and that delegation may be made upon any terms and
               subject to any conditions (including power to sub-delegate) and
               subject to any regulations as the Note Trustee may in the
               interests of the Class A Noteholders think fit, provided that
               appointment does not have an adverse effect on the ratings of the
               Class A Notes.

         (b)   If the Note Trustee exercises reasonable care in the selection of
               a delegate under paragraph (a), providing the Note Trustee and
               the delegate are not related bodies corporate (as defined in the
               Corporations Act 2001 (Cth)), the Note Trustee shall not be in
               any way responsible for any loss incurred by reason of any
               misconduct or default on the part of any delegate or
               sub-delegate. The Note Trustee must within a reasonable time
               prior to any delegation or any renewal, extension or termination
               of any delegation give notice of it to the Trustee and the
               Designated Rating Agencies.

         (c)   Notwithstanding any other provision in this clause 15, where the
               Note Trustee delegates any power to a related body corporate (as
               defined in the Corporations Act 2001 (Cth)), the Note Trustee
               shall be liable for all acts or omissions of the delegate done or
               omitted whilst acting in its capacity as such.

16.      EMPLOYMENT OF AGENT BY NOTE TRUSTEE
--------------------------------------------------------------------------------

         (a)   The Note Trustee may in the conduct of the trusts of this deed
               instead of acting personally employ and pay an agent, whether
               being a lawyer or other professional person, to transact or
               concur in transacting any business and to do or concur in doing
               all acts required to be done in connection with the trusts of
               this deed provided that the use of such an agent does not have an
               adverse effect on the ratings of the Class A Notes. If the Note
               Trustee exercises reasonable care in the selection of that agent
               and providing the Note Trustee and the agent are not related
               bodies corporate (as defined in the Corporations Act 2001 (Cth)),
               the Note Trustee

--------------------------------------------------------------------------------
                                                                         Page 31
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               shall not in any way be responsible for any loss incurred by
               reason of any misconduct or default on the part of that agent.

         (b)   Notwithstanding other provision or provisions in this clause 16,
               where the Note Trustee employs, under this clause 16, a related
               body corporate (as defined in the Corporations Act 2001 (Cth)) as
               agent, the Note Trustee shall be liable for all acts or omissions
               of the agent done or omitted whilst acting in its capacity as
               such.

         (c)   Any trustee of this deed which is a lawyer, accountant, broker,
               investment advisor or other person engaged in any profession or
               business is entitled to charge and be paid all usual professional
               and other charges for business transacted and acts done by him or
               his firm in connection with the trusts of this deed and also his
               reasonable charges in addition to disbursements for all other
               work and business done and all time spent by him or his firm in
               connection with matters arising in connection with this deed.
               Those charges will be for the account of the Note Trustee unless
               agreed otherwise, who shall be reimbursed by the Trustee under
               clause 12.

17.      NOTE TRUSTEE CONTRACTING WITH TRUSTEE
--------------------------------------------------------------------------------
         Neither the Note Trustee nor any director or officer of a corporation
         acting as a trustee under this deed is by reason of its or their
         fiduciary position only in any way precluded from entering into or
         being interested in any contract or financial or other transaction or
         arrangement with the Trustee or any other party to any of the
         Transaction Documents or any person or body corporate associated with
         the Trustee including any contract, transaction or arrangement of a
         banking or insurance nature or any contract, transaction or arrangement
         in relation to the making of loans or the provision of financial
         facilities to or the purchase, placing or underwriting of or
         subscribing or procuring subscriptions for or otherwise acquiring
         holding or dealing with the Class A Notes or any of them, or any other
         bonds, stocks, shares, debenture stock, debentures, notes or other
         securities of the Trustee or any other party to any of the Transaction
         Documents or any related person or body corporate or from accepting or
         holding the trusteeship of any other trust deed constituting or
         securing any other securities issued by or relating to the Trustee or
         any other party to any of the Transaction Documents or any related
         person or body corporate or any other office of profit under the
         Trustee or any other party to any of the Transaction Documents or any
         related person or body corporate and shall be entitled to retain and
         shall not be in any way liable to account for any profit made or share
         of brokerage or commission or remuneration or other benefit received by
         them or in connection with any of those arrangements.

18.      WAIVER
--------------------------------------------------------------------------------

         (a)   The Note Trustee may without prejudice to its rights in respect
               of any subsequent breach, condition, event or act from time to
               time and at any time (but only if, and in so far as, in its
               opinion the interests of any of the Class A Noteholders are not
               materially prejudiced), waive or authorise on any terms and
               subject to any conditions as it sees fit and proper:

--------------------------------------------------------------------------------
                                                                         Page 32
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               (i)   any breach or proposed breach by the Trustee of any of the
                     covenants or provisions contained in this deed or in the
                     Class A Notes (including the Conditions) or any other
                     Transaction Document (as to which evidence of a breach of
                     one Class A Note shall be deemed evidence of a breach of
                     all Class A Notes); or

               (ii)  determine that any condition, event or act which
                     constitutes, or which with the giving of notice, the lapse
                     of time or the issue of a certificate would constitute, but
                     for that determination, an Event of Default shall not, or
                     shall not subject to specified conditions, be so treated
                     for the purposes of this deed,

               but the Note Trustee shall not exercise any powers conferred on
               it by this clause in contravention of any express direction given
               in writing by holders of Class A Notes representing at least 75%
               of the aggregate Invested Amount of the Class A Notes or by
               request under Condition 10(d). No direction or request shall
               affect any waiver, authorisation or determination previously
               given or made.

         (b)   Any waiver, authorisation or determination under this clause is
               binding on the Class A Noteholders and if, but only if, the Note
               Trustee so requires, shall be notified by the Trustee to the
               Class A Noteholders in accordance with Condition 12 as soon as
               practicable.

19.      AMENDMENT
--------------------------------------------------------------------------------

19.1     APPROVAL

         The Note Trustee, the Manager and the Trustee may, following the giving
         of not less than 10 Business Days' prior notice to each Designated
         Rating Agency, by way of supplemental deed alter, add to or modify this
         deed (including this clause 19), the Conditions (other than the proviso
         in clause 37.2 or any provision of this deed or the Conditions referred
         to in that proviso) and this clause or any Transaction Document so long
         as that alteration, addition or modification is:

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

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

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

--------------------------------------------------------------------------------
                                                                         Page 33
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (d)   in the opinion of the Note Trustee not materially prejudicial to
               the interests of the Class A Noteholders as a whole,

         and in the manner, and to the extent, permitted by the Transaction
         Documents.

19.2     RESOLUTION OF CLASS A NOTEHOLDERS

         Where in the opinion of the Note Trustee a proposed alteration,
         addition or modification to this deed, other than an alteration,
         addition or modification referred to in clause 19.1, is materially
         prejudicial or likely to be materially prejudicial to the interest of
         Class A Noteholders as a whole or any class of Class A Noteholders, the
         Note Trustee, the Manager and the Trustee may make that alteration,
         addition or modification only if sanctioned in writing by holders of at
         least 75% of the aggregate Invested Amount of the Class A Notes.

19.3     DISTRIBUTION OF AMENDMENTS

         The Manager shall distribute to all Class A Noteholders and each
         Designated Rating Agency a copy of any amendments made under clause
         19.1 or 19.2 under Condition 12 as soon as reasonably practicable after
         the amendment has been made.

19.4     AMENDMENTS BINDING

         Any amendment under this clause is binding on the Class A Noteholders.

19.5     CONFORMITY WITH TIA

         Every amendment of this deed executed pursuant to this clause 19 shall
         conform to the requirements of the TIA as then in effect so long as
         this deed shall then be qualified under the TIA.

20.      CLASS A NOTEHOLDERS
--------------------------------------------------------------------------------

20.1     ABSOLUTE OWNER

         (a)   The Trustee, the Manager, the Security Trustee, the Note Trustee
               and any Paying Agent may treat the registered holders of any
               Definitive Note as the absolute owner of that Definitive Note
               (whether or not that Definitive Note is overdue and despite any
               notation or notice of ownership or writing on it or any notice of
               previous loss or theft of it or trust or other interest in it)
               for the purpose of making payment and for all purposes and none
               of the Trustee, the Manager, the Security Trustee, the Note
               Trustee or the Paying Agents is affected by any notice to the
               contrary.

         (b)   So long as the Class A Notes, or any of them, are represented by
               a Book-Entry Note, the Trustee, the Manager, the Note Trustee and
               any Paying Agent may treat the person for the time being shown in
               the records of the Clearing Agency as the holder of any Class A
               Note as the absolute owner of that Class A Note and the Trustee,
               the Manager, the Note Trustee and the Paying Agents are not
               affected by any notice to the contrary, but without prejudice to
               the entitlement of the registered holder of the Book-Entry Note
               to be paid principal and interest on the Book-Entry Note in
               accordance with its terms. Such person shall have no claim
               directly against the

--------------------------------------------------------------------------------
                                                                         Page 34
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               Trustee in respect of payment due on the Class A Notes for so
               long as the Class A Notes are represented by a Book-Entry Note
               and the relevant obligations of the Trustee will be discharged by
               payment to the registered holder of the Book-Entry Note in
               respect of each amount so paid.

         (c)   Any payments by the Trustee to the registered holder of a Book
               Entry Note or to an owner of a Class A Note under this clause
               will be a good discharge to the Trustee.

         (d)   All payments made to the owner of a Class A Note under this
               clause (or, in the case of a Book-Entry Note, to or to the order
               of the registered holder of that Book-Entry Note) shall be valid
               and, to the extent of the sums so paid, effective to satisfy and
               discharge the liability for the moneys payable upon those Class A
               Notes.

         (e)   Any instalment of interest or principal, payable on any Class A
               Note which is punctually paid or duly provided for by the Trustee
               to the Paying Agent on the applicable Payment Date or Maturity
               Date shall be paid to the person in whose name such Class A Note
               is registered on the Record Date, by cheque mailed first-class,
               postage prepaid, to such person's address as it appears on the
               Note Register on such Record Date, except that, unless Definitive
               Notes have been issued pursuant to clause 3.3, with respect to
               Class A Notes registered on the Record Date in the name of the
               nominee of the Clearing Agency (initially, such nominee to be
               Cede & Co.), payment will be made by wire transfer in immediately
               available funds to the account designated by such nominee and
               except for the final instalment of principal payable with respect
               to such Class A Note on a Payment Date or Maturity Date (and
               except for the redemption for any Class A Note called for
               redemption pursuant to Condition 5 which shall be payable as
               provided in paragraph (f).

         (f)   The principal of each Class A Note shall be payable on each
               Payment Date and the Maturity Date as set forth in the
               Conditions. The Principal Paying Agent shall notify the person in
               whose name a Class A Note is registered at the close of business
               on the Record Date preceding the Payment Date on which the
               Trustee expects that the final instalment of principal of and
               interest on such Class A Note will be paid. Such notice shall be
               mailed or transmitted by facsimile prior to such Final Maturity
               Date and shall specify that such final instalment will be payable
               only upon presentation and surrender of such Class A Note and
               shall specify the place where such Class A Note may be presented
               and surrendered for payment of such instalment. Notices in
               connection with redemptions of Class A Notes shall be mailed to
               Class A Noteholders as provided in clause 31.4.

20.2     CLEARING AGENCY CERTIFICATE

         The Trustee, the Manager and the Note Trustee may call for and shall be
         at liberty to accept and place full reliance on as sufficient evidence
         a certificate or letter or confirmation signed on behalf of any
         Clearing Agency or any form of record made by either of them to the
         effect that at any particular time or throughout any particular period
         any particular person is, was, or will be, shown in its records as
         entitled to a particular interest in a Book-Entry Note.

--------------------------------------------------------------------------------
                                                                         Page 35
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

21.      CURRENCY INDEMNITY
--------------------------------------------------------------------------------

         Subject to this deed including, without limitation, clause 29, the
         Trustee indemnifies the Note Trustee and the Class A Noteholders and
         keeps them indemnified against:

         (a)   any loss or damage incurred by any of them arising from the
               non-payment by the Trustee of any US$ amount due to the Note
               Trustee or the relevant Class A Noteholders under this deed or
               the relevant Class A Notes by reason of any variation in the
               rates of exchange between those used for the purposes of
               calculating the amount due under a judgment or order in respect
               of that payment, which amount is expressed in a currency other
               than US$, and under which the Note Trustee, the Class A
               Noteholders do not have an option to have that judgment or order
               expressed in US$, and those prevailing at the date of actual
               payment by the Trustee; and

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

               (i)   the date (if any) as of which the non-US$ currency
                     equivalent of the US$ amounts due or contingently due under
                     this deed (other than this clause) or in respect of the
                     relevant Class A Notes is calculated for the purposes of
                     any bankruptcy, insolvency or liquidation of the Trustee;
                     and

               (ii)  the final date for ascertaining the amount of claims in
                     that bankruptcy, insolvency or liquidation provided that in
                     that bankruptcy, insolvency or liquidation claims are
                     required to be made in a currency other than US$.

               The amount of that deficiency shall not be reduced by any
               variation in rates of exchange occurring between that final date
               and the date of any distribution of assets in connection with
               that bankruptcy, insolvency or liquidation.

         (c)   The indemnities in this clause are obligations of the Trustee
               separate and independent from its obligations under the Class A
               Notes and apply irrespective of any time or indulgence granted by
               the Note Trustee or the Class A Noteholders from time to time and
               shall continue in full force and effect despite the judgment or
               filing of any proof or proofs in any bankruptcy, insolvency or
               liquidation of the Trustee for a liquidated sum or sums in
               respect of amounts due under this deed (other than this clause)
               or the Class A Notes. Any deficiency will constitute a loss
               suffered by the Class A Noteholders and no proof or evidence of
               any actual loss shall be required by the Trustee or its
               liquidator.

22.      NEW NOTE TRUSTEES
--------------------------------------------------------------------------------

22.1     APPOINTMENT BY TRUSTEE

         The Trustee may, at the direction of the Manager, at any time appoint a
         new note trustee of this deed who has previously been approved in
         writing by holders of at least 75% of the aggregate Invested Amount of
         the Class A Notes. One or more persons may hold office as note trustee
         or note trustees of this deed but that note trustee or note trustees
         must be or include a Trust Corporation. Whenever there are more than
         two note trustees of this deed

--------------------------------------------------------------------------------
                                                                         Page 36
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         the majority of those note trustees are competent to execute and
         exercise all the duties, powers, trusts, authorities and discretions
         vested in the Note Trustee by this deed if a Trust Corporation is
         included in that majority.

22.2     APPOINTMENT BY NOTE TRUSTEE

         (a)   The Note Trustee may, on 30 days prior written notice to the
               Trustee and Manager, appoint any person established or resident
               in any jurisdiction (whether a Trust Corporation or not) to act
               either as a separate note trustee or as a co-note trustee jointly
               with the Note Trustee:

               (i)   if the Note Trustee considers that appointment to be in the
                     interests of the Class A Noteholders;

               (ii)  for the purposes of conforming to any legal requirements,
                     restrictions or conditions in any jurisdiction in which any
                     particular act or acts is or are to be performed; or

               (iii) for the purposes of obtaining a judgment in any
                     jurisdiction or the enforcement in any jurisdiction of
                     either a judgment already obtained or any of the provisions
                     of this deed against the Trustee.

         (b)   Subject to the provisions of this deed, a person appointed under
               paragraph (a) has all trusts, powers, authorities and discretions
               (not exceeding those conferred on the Note Trustee by this deed)
               and all duties and obligations conferred or imposed by the
               instrument of appointment. All rights, powers, duties and
               obligations conferred or imposed upon the Note Trustee shall be
               conferred or imposed upon and exercised or performed by the Note
               Trustee and such separate note trustee or co-trustee jointly (it
               being understood that such separate trustee or co-trustee is not
               authorised to act separately without the Note Trustee joining in
               such act), except to the extent that under any law of any
               jurisdiction in which any particular act or acts are to be
               performed the Note Trustee shall be incompetent or unqualified to
               perform such act or acts, in which event such rights, powers,
               duties and obligations shall be exercised and performed singly by
               such separate trustee or co-trustee, but solely at the direction
               of the Note Trustee.

         (c)   The Note Trustee may remove any person appointed under this
               clause. The reasonable remuneration of any person appointed under
               this clause together with any costs, charges and expenses
               properly incurred by it in performing its function as note
               trustee or co-note trustee will be costs, charges and expenses
               incurred by the Note Trustee under this deed.

22.3     NOTICE

         (a)   The Trustee shall notify the Principal Paying Agent and the Class
               A Noteholders in writing of any appointment of a new note trustee
               or any retirement or removal of an existing note trustee of this
               deed as soon as practicable after becoming aware of that
               appointment, retirement or removal in accordance with Condition
               12.

--------------------------------------------------------------------------------
                                                                         Page 37
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (b)   The Note Trustee shall notify each Designated Rating Agency of
               any appointment of a new note trustee or its retirement or
               removal as soon as practicable.

23.      NOTE TRUSTEE'S RETIREMENT AND REMOVAL
--------------------------------------------------------------------------------

23.1     REMOVAL BY TRUSTEE

         The Trustee (or the Manager on its behalf after informing the Trustee
         of its intention to do so) may at any time terminate the appointment of
         the Note Trustee by giving written notice to that effect to each
         Designated Rating Agency and the Note Trustee with effect immediately
         on that notice, if any of the following occurs in relation to the Note
         Trustee:

         (a)   an Insolvency Event has occurred in relation to the Note Trustee;

         (b)   the Note Trustee has ceased its business;

         (c)   the Note Trustee fails to comply with any of its obligations
               under any Transaction Document and such failure has had or, if
               continued, will have, a Material Adverse Effect (as determined by
               the Trustee), and, if capable of remedy, the Note Trustee does
               not remedy that failure within 14 days after the earlier of:

               (i)   the Note Trustee becoming aware of that failure; and

               (ii)  receipt by the Note Trustee of a written notice with
                     respect thereto from either the Trustee or the Manager; or

         (d)   the Note Trustee fails to satisfy any obligation imposed on it
               under the TIA with respect to the Trust or this deed or comply
               with clause 23.7.

23.2     REMOVAL BY CLASS A NOTEHOLDERS

         The Class A Noteholders may resolve by written consent of the holders
         of at least 75% of the aggregate Invested Amount of the Class A Notes
         to require the Trustee to remove the Note Trustee or note trustees for
         the time being of this deed.

23.3     RESIGNATION

         Subject to this clause 23, the Note Trustee may resign its appointment
         under this deed at any time by giving to the Trustee, the Manager, the
         Security Trustee and each Designated Rating Agency not less than 3
         months written notice to that effect which notice shall expire not less
         than 30 days before nor 30 days after any due date for payment of the
         Class A Notes.

23.4     RATING AGENCIES APPROVAL

         Any resignation or removal of the Note Trustee and appointment of a
         successor note trustee will not become effective until acceptance of
         the appointment by that successor note trustee and confirmation by the
         Designated Rating Agencies that such appointment will not cause a
         downgrading, qualification or withdrawal of the then current ratings of
         the Class A Notes.

--------------------------------------------------------------------------------
                                                                         Page 38
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

23.5     TRUST CORPORATION

         The Trustee undertakes that if the only Note Trustee which is a Trust
         Corporation retires or is removed it will use its best endeavours to
         appoint a new Note Trustee of this deed which is a Trust Corporation as
         soon as reasonably practicable. The retirement or removal of any Note
         Trustee shall not become effective until a successor Note Trustee which
         is a Trust Corporation is appointed. The Manager must assist the
         Trustee to appoint a new note trustee of this deed. If the Trustee
         fails to appoint a new Note Trustee within three months from such
         retirement or removal, the Note Trustee shall be entitled to appoint a
         new Note Trustee which is a Trust Corporation and such appointment
         shall be deemed to have been made under clause 22.2 of this deed.

23.6     SUCCESSOR TO NOTE TRUSTEE

         (a)   On the execution by the Trustee, the Manager and any successor
               Note Trustee of an instrument effecting the appointment of that
               successor Note Trustee, that successor Note Trustee shall,
               without any further act, deed or conveyance, become vested with
               all the authority, rights, powers, trusts, immunities, duties and
               obligations of the predecessor Note Trustee with effect as if
               originally named as Note Trustee in this deed and the Transaction
               Documents and that predecessor Note Trustee, on payment to it of
               the pro rata proportion of its fee and disbursements then unpaid
               (if any), shall have no further liabilities under this deed,
               except for any accrued liabilities arising from or relating to
               any act or omission occurring prior to the date on which the
               successor Note Trustee is appointed.

         (b)   Any corporation:

               (i)   into which the Note Trustee is merged;

               (ii)  with which the Note Trustee is consolidated;

               (iii) resulting from any merger or consolidation to which the
                     Note Trustee is a party; (iv) to which the Note Trustee
                     sells or otherwise transfers all or substantially all the
                     assets of its corporate trust business,

               shall, on the date when that merger, conversion, consolidation,
               sale or transfer becomes effective and to the extent permitted by
               applicable law, become the successor Note Trustee under this deed
               without the execution or filing of any agreement or document or
               any further act on the part of the parties to this deed, unless
               otherwise required by the Trustee or the Manager, and after that
               effective date all references in this deed to the Note Trustee
               shall be references to that corporation.

         (c)   If no other person can be found to act as Note Trustee, the
               Noteholders may elect a Note Trustee from among the holders of
               the Class A Notes.

23.7     ELIGIBILITY; DISQUALIFICATION

         (a)   The Note Trustee shall at all times satisfy the requirements of
               section 310(a) of the TIA.

--------------------------------------------------------------------------------
                                                                         Page 39
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (b)   The Note Trustee shall have a combined capital and surplus (as
               those terms are used in the TIA) of at least US$50,000,000 as set
               forth in its most recent published annual report of condition.

         (c)   The Note Trustee shall comply with section 310(b) of the TIA,
               provided that any indenture or indentures under which other
               securities of the Trustee are outstanding shall be excluded from
               the operation of section 310(b)(1) of the TIA for the purposes of
               paragraph (b) if the requirements for such exclusion set out in
               section 310(b)(1) of the TIA are met.

24.      NOTE TRUSTEE'S POWERS ADDITIONAL
--------------------------------------------------------------------------------
         The powers conferred upon the Note Trustee by this deed shall be in
         addition to any powers which may from time to time be vested in the
         Note Trustee by the general law or as a holder of any of the Class A
         Notes.

25.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------
         Any provision of this deed which is prohibited or unenforceable in any
         jurisdiction is ineffective as to that jurisdiction to the extent of
         the prohibition or unenforceability. That does not invalidate the
         remaining provisions of this deed nor affect the validity or
         enforceability of that provision in any other jurisdiction.

26.      NOTICES
--------------------------------------------------------------------------------

26.1     GENERAL

         All notices, requests, demands, consents, approvals, agreements or
         other communications to or by a party to this deed:

         (a)   must be in writing;

         (b)   must be signed by an Authorised Signatory of the sender; and

         (c)   will be taken to be duly given or made:

               (i)   (in the case of delivery in person or by post) when
                     delivered, received or left at the address of the person
                     shown in clause 26.2 or to any other address of which the
                     sender may have been notified by the recipient; and

               (ii)  (in the case of facsimile transmission) on receipt of a
                     transmission report confirming successful transmission to
                     the number shown in clause 26.2 or any other number
                     notified by the recipient to the sender in accordance with
                     this clause under this clause 26,

               but if delivery or receipt is on a day on which business is not
               generally carried on in the place to which the communication is
               sent or is later than 5.00 pm (local time), it will be taken to
               have been duly given or made at the commencement of business on

--------------------------------------------------------------------------------
                                                                         Page 40
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               the next day on which business is generally carried on in that
               place. Any party may by notice to each party change its address
               and facsimile under this clause 26.1.

26.2     DETAILS

         The address, facsimile and telex of each person to whom notices may be
         sent at the date of this deed are as follows:

         THE TRUSTEE

         PERPETUAL TRUSTEES CONSOLIDATED LIMITED

         Level 7, 9 Castlereagh Street,
         Sydney, New South Wales 2000

         Tel:              612 9229 9000
         Fax:              612 9221 7870

         Attention:        Manager, Securitisation

         THE MANAGER

         CRUSADE MANAGEMENT LIMITED

         Level 11
         55 Market Street
         SYDNEY NSW 2000
         AUSTRALIA

         Tel:              612 9320 5605
         Fax:              612 9320 5586

         Attention:        Executive Manager, Securitisation

         THE PRINCIPAL PAYING AGENT

         DEUTSCHE BANK TRUST COMPANY AMERICAS

         1761 East St. Andrew Place, Santa Ana, California 92705-4934

         Tel:              714 247 6000
         Fax:              714 247 6478
         Attention:        Trust Administration -STO302

         THE CALCULATION AGENT

         DEUTSCHE BANK TRUST COMPANY AMERICAS

         1761 East St. Andrew Place, Santa Ana, California 92705-4934

         Tel:              714 247 6000
         Fax:              714 247 6478
         Attention:        Trust Administration -STO302

--------------------------------------------------------------------------------
                                                                         Page 41
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         THE NOTE TRUSTEE

         WILMINGTON TRUST COMPANY

         Rodney Square North
         1100 North Market Street
         Wilmington Delaware 19890-0001

         Tel:              302 636 6043
         Fax:              302 636 4143
         Attention:        Rosemary Pantano

         THE SECURITY TRUSTEE

         P.T. LIMITED

         Level 7
         9 Castlereagh Street,
         SYDNEY, NSW 2000

         Tel:              612 9229 9000
         Fax:              612 9221 7870

         Attention:        Manager, Securitisation

27.      GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------
         This deed and the Trust constituted under this deed are governed by the
         law of New South Wales, Australia. The parties submit to the
         non-exclusive jurisdiction of courts exercising jurisdiction there. The
         administration of the Trust, including the exercise of the Note
         Trustee's powers under clause 13 of this deed, is governed by the law
         of New York and in the event of any inconsistency between the operation
         of the law of New South Wales, Australia and the law of New York in
         respect of the application of those powers, the law of New York will
         prevail to the extent of the inconsistency.

28.      COUNTERPARTS
--------------------------------------------------------------------------------
         This deed may be executed in any number of counterparts. All
         counterparts together will be taken to constitute one instrument.

29.      LIMITED RECOURSE
--------------------------------------------------------------------------------

29.1     GENERAL

         Clause 30 of the Master Trust Deed applies to the obligations and
         liabilities of the Trustee and the Manager under this deed.

--------------------------------------------------------------------------------
                                                                         Page 42
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

29.2     LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

         (a)   The Trustee enters into this deed only in its capacity as trustee
               of the Trust and in no other capacity (except where the
               Transaction Documents provide otherwise). Subject to paragraph
               (c) below, a liability arising under or in connection with this
               deed or the Trust can be enforced against the Trustee only to the
               extent to which it can be satisfied out of the assets and
               property of the Trust which are available to satisfy the right of
               the Trustee to be exonerated or indemnified for the liability.
               This limitation of the Trustee's liability applies despite any
               other provision of this deed and extends to all liabilities and
               obligations of the Trustee in any way connected with any
               representation, warranty, conduct, omission, agreement or
               transaction related to this deed or the Trust.

         (b)   Subject to paragraph (c) below, no person (including any Relevant
               Party) may take action against the Trustee in any capacity other
               than as trustee of the Trust or seek the appointment of a
               receiver (except under the Security Trust Deed), or a liquidator,
               an administrator or any similar person to the Trustee or prove in
               any liquidation, administration or arrangements of or affecting
               the Trustee.

         (c)   The provisions of this clause 29.2 shall not apply to any
               obligation or liability of the Trustee to the extent that it is
               not satisfied because under a Transaction Document or by
               operation of law there is a reduction in the extent of the
               Trustee's indemnification or exoneration out of the Assets of the
               Trust as a result of the Trustee's fraud, negligence, or Default.

         (d)   It is acknowledged that the Relevant Parties are responsible
               under this deed or the other Transaction Documents for performing
               a variety of obligations relating to the Trust. No act or
               omission of the Trustee (including any related failure to satisfy
               its obligations under this deed) will be considered fraud,
               negligence or Default of the Trustee for the purpose of paragraph
               (c) above to the extent to which the act or omission was caused
               or contributed to by any failure by any Relevant Party or any
               person who has been delegated or appointed by the Trustee in
               accordance with the Transaction Documents to fulfil its
               obligations relating to the Trust or by any other act or omission
               of a Relevant Party or any such person.

         (e)   In exercising their powers under the Transaction Documents, each
               of the Trustee, the Security Trustee and the Noteholders must
               ensure that no attorney, agent, delegate, receiver or receiver
               and manager appointed by it in accordance with this deed or any
               other Transaction Documents has authority to act on behalf of the
               Trustee in a way which exposes the Trustee to any personal
               liability and no act or omission of any such person will be
               considered fraud, negligence, or Default of the Trustee for the
               purpose of paragraph (c) above.

         (f)   In this clause, RELEVANT PARTIES means each of the Manager, the
               Servicer, the Custodian, the Calculation Agent, each Paying
               Agent, the Note Registrar, the Note Trustee and the provider of
               any Support Facility.

         (g)   Nothing in this clause limits the obligations expressly imposed
               on the Trustee under the Transaction Documents.

--------------------------------------------------------------------------------
                                                                         Page 43
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

29.3     UNRESTRICTED REMEDIES

         Nothing in clause 29.2 limits any party in:

         (a)   obtaining an injunction or other order to restrain any breach of
               this deed by any party;

         (b)   obtaining declaratory relief;

         (c)   in relation to its rights under the Security Trust Deed or this
               deed; or

         (d)   taking any legal action against the Trustee in its personal
               capacity under clause 29.2(c).

29.4     RESTRICTED REMEDIES

         Except as provided in clause 29.3, the Note Trustee shall not:

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

         (b)   (STATUTORY DEMAND) issue any demand under section 459E(1) of the
               Corporations Act 2001 (Cth) (or any analogous provision under any
               other law) against the Trustee;

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

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

         (e)   (COURT APPOINTED RECEIVER) apply for the appointment by a court
               of a receiver to any of the assets of the Trustee;

         (f)   (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any
               set-off or counterclaim against the Trustee; or

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

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

30.      SUCCESSOR TRUSTEE
--------------------------------------------------------------------------------
         The Note Trustee shall do all things reasonably necessary of itself to
         enable any successor Trustee appointed under clause 20 of the Master
         Trust Deed to become the Note Trustee under this deed.

31.      REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE
--------------------------------------------------------------------------------
         Where the Note Trustee is required to express an opinion or make a
         determination or calculation under this deed or the other Transaction
         Documents, the Note Trustee may appoint or engage such independent
         advisors including any of the persons referred to in clause 13(a) as
         the Note Trustee reasonably requires to assist in the giving of that
         opinion or

--------------------------------------------------------------------------------
                                                                         Page 44
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         the making of that determination or calculation and any reasonable
         costs and expenses payable to those advisors will be reimbursed to the
         Note Trustee by the Trustee or if another person is expressly stated in
         the relevant provision in a Transaction Document, that person.

32.      NO LIABILITY
--------------------------------------------------------------------------------

         Without limitation the Note Trustee shall not be liable (subject to the
         mandatory requirements of the TIA) for:

         (a)   any decline in the value or loss realised upon any sale or other
               disposition made under the Security Trust Deed of any Mortgaged
               Property (as defined in the Security Trust Deed) or any other
               property charged to the Security Trustee by any other person in
               respect of or relating to the obligations of any person in
               respect of the Trustee or the Secured Moneys (as defined in the
               Security Trust Deed) or relating in any way to the Mortgaged
               Property;

         (b)   any decline or loss directly or indirectly arising from the Note
               Trustee acting or failing to act as a consequence of an opinion
               reached by it; and

         (c)   any loss, expense or liability which may be suffered as a result
               of any assets secured by the Security Trust Deed, the Mortgaged
               Property or any deeds or documents of title thereto being
               uninsured or inadequately insured or being held by or to the
               order of the Servicer or any of its affiliates or by clearing
               organisations or their operator or by any person on behalf of the
               Security Trustee or the Note Trustee,

         except for the fraud, negligence, default or breach of trust of the
         Note Trustee.

33.      INFORMATION MEMORANDUM
--------------------------------------------------------------------------------
         The Note Trustee has no responsibility for any statement or information
         in or omission from any information memorandum, advertisement, circular
         or other document issued by or on behalf of the Trustee or Manager,
         including in connection with the issue of Class A Notes. Neither the
         Trustee nor the Manager may publish or permit to be published any such
         document in connection with the offer of Class A Notes or an invitation
         for subscriptions for Class A Notes containing any statement which
         makes reference to the Note Trustee without the prior written consent
         of the Note Trustee, which consent must not be unreasonably withheld.
         In considering whether to give its consent, the Note Trustee is not
         required to take into account the interests of the Noteholders.

34.      NOTE TRUSTEE'S LIMITED LIABILITY
--------------------------------------------------------------------------------

34.1     RELIANCE ON CERTIFICATE

         The Note Trustee shall not incur any liability as a result of relying
         upon the authority, validity, due authorisation of, or the accuracy of
         any information contained in any notice, resolution, direction,
         consent, certificate, receipt, affidavit, statement, valuation report
         or

--------------------------------------------------------------------------------
                                                                         Page 45
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         other document or communication (including any of the above submitted
         or provided by the Manager, by the Trustee or by a Class A Noteholder)
         if the Note Trustee is entitled, under clause 34.2 to assume such
         authenticity, validity, due authorisation or accuracy.

         In preparing any notice, certificate, advice or proposal the Note
         Trustee shall be entitled to assume, unless it is actually aware to the
         contrary, that each person under any Authorised Investment, Support
         Facility, Receivable, Receivable Security, Related Securities, other
         Transaction Document or any other deed, agreement or arrangement
         incidental to any of the above or to the Trust, will perform their
         obligations under those documents in full by the due date and otherwise
         in accordance with their terms.

34.2     NOTE TRUSTEE'S RELIANCE ON MANAGER, SECURITY TRUSTEE, TRUSTEE OR
         SERVICER

         (a)   (AUTHORISED SIGNATORIES ARE SUFFICIENT EVIDENCE) Whenever any
               certificate, notice, proposal, direction, instruction, document
               or other communication is to be given to the Note Trustee, the
               Note Trustee may assume:

               (i)   the authenticity and validity of any signature in any such
                     document and that such document has been duly authorised;
                     and

               (ii)  the accuracy of any information contained in any such
                     documents,

               in either case unless the officers of the Note Trustee
               responsible for the administration of the trust constituted under
               this deed (the NOTE TRUST) are actually aware to the contrary.

         (b)   (NOTE TRUSTEE NOT LIABLE FOR LOSS) The Note Trustee shall not be
               responsible for any loss arising from any forgery or lack of
               authenticity or any act, neglect, mistake or discrepancy of the
               Manager, the Security Trustee, Trustee or the Servicer or any
               officer, employee, agent or delegate of the Manager, the Security
               Trustee, the Trustee or the Servicer in preparing any such
               document or in compiling, verifying or calculating any matter or
               information contained in any such document, if the officers of
               the Note Trustee responsible for the administration of the Note
               Trust are not actually aware of such forgery, lack of
               authenticity or validity, act, neglect, mistake or discrepancy.

34.3     COMPLIANCE WITH LAWS

         The Note Trustee shall not incur any liability to anyone in respect of
         any failure to perform or to do any act or thing which by reason of any
         provision of any applicable present or future law of any place or any
         applicable ordinance, rule, regulation or by law or of any applicable
         decree, order or judgment of any competent court or other tribunal, the
         Note Trustee shall be prohibited from doing or performing.

34.4     RELIANCE ON EXPERTS

         The Note Trustee may rely on and act on the opinion or statement or
         certificate or advice of or information obtained from the Security
         Trustee, the Servicer, the Trustee, barristers or solicitors (whether
         instructed by the Note Trustee or not), bankers, accountants, brokers,
         valuers and other persons believed by it in good faith to be expert or
         properly informed in

--------------------------------------------------------------------------------
                                                                         Page 46
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         relation to the matters on which they are consulted and the Note
         Trustee shall not be liable for anything done or suffered by it in good
         faith in reliance on such opinion, statement, certificate, advice or
         information except to the extent of losses, costs, claims or damages
         caused by the Note Trustee's fraud, negligence, default or breach of
         trust.

34.5     OVERSIGHTS OF OTHERS

         Having regard to the limitations on the Note Trustee's duties, powers,
         authorities and discretions under this deed, the Note Trustee shall not
         be responsible for any act, omission, misconduct, mistake, oversight,
         error of judgment, forgetfulness or want of prudence on the part of any
         person or agent appointed by the Note Trustee or on whom the Note
         Trustee is entitled to rely under this deed (other than a Related Body
         Corporate), attorney, banker, receiver, barrister, solicitor, agent or
         other person acting as agent or adviser to the Note Trustee except to
         the extent of losses, costs, claims or damages caused by the Note
         Trustee's fraud, negligence, default or breach of trust, provided that
         nothing in this deed or any other Transaction Document imposes any
         obligations on the Note Trustee to review or supervise the performance
         by any other party of its obligations.

34.6     POWERS, AUTHORITIES AND DISCRETIONS

         Except as otherwise provided in this deed and in the absence of fraud,
         negligence, default or breach of trust, the Note Trustee shall not be
         in any way responsible for any loss (whether consequential or
         otherwise), costs, damages or inconvenience that may result from the
         exercise or non-exercise of any powers, authorities and discretions
         vested in it.

34.7     IMPOSSIBILITY OR IMPRACTICABILITY

         If for any other reason it becomes impossible or impracticable for it
         to carry out any or all of the provisions of this deed or any other
         Transaction Document, the Note Trustee shall not be under any liability
         and, except to the extent of its own fraud, negligence, default or
         breach of trust, nor shall it incur any liability by reason of any
         error of law or any matter or thing done or suffered or omitted to be
         done in good faith by it or its officers, employees, agents or
         delegates.

34.8     LEGAL AND OTHER PROCEEDINGS

         (a)   (INDEMNITY FOR LEGAL COSTS) The Note Trustee or the Class A
               Noteholders acting under Clause 6.5 (as the case may be) (each an
               INDEMNIFIED PARTY) shall be indemnified by the Trustee (subject
               to clause 29) for all legal costs and disbursements on a full
               indemnity basis and all other cost, disbursements, outgoings and
               expenses incurred by the Indemnified Party in connection with:

               (i)   the enforcement or contemplated enforcement of, or
                     preservation of rights under;

               (ii)  without limiting the generality of paragraph (i) above, the
                     initiation, defence, carriage and settlement of any action,
                     suit, proceeding or dispute in respect of; and

--------------------------------------------------------------------------------
                                                                         Page 47
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               (iii) obtaining legal advice or opinions concerning or relating
                     to the interpretation or construction of,

               this deed or any other Transaction Document or otherwise under or
               in respect of the Note Trust Deed provided that the enforcement,
               contemplated enforcement or preservation by the Note Trustee (as
               the case may be) of the rights referred to in paragraph (i) or
               the court proceedings referred to in paragraph (ii) (including in
               each case the defence of any action, suit, proceeding or dispute
               brought against the Indemnified Party), and the basis of
               incurring any of those costs, disbursements, outgoings and
               expenses by the Indemnified Party:

               (iv)  has been approved in advance by the written consent of the
                     holders of at least 75% of the aggregate Invested Amount of
                     the Class A Notes; or

               (v)   the Indemnified Party reasonably considers the incurring of
                     those costs, disbursements, outgoings and expenses to be
                     necessary.

         (b)   (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC.) The Indemnified
               Party shall be entitled to claim in respect of the above
               indemnity from the Trustee for its expenses and liabilities
               incurred in defending any action, suit, proceeding or dispute in
               which fraud, negligence, default or breach of trust is alleged or
               claimed against it, but on the same being proved, accepted or
               admitted by it, it shall immediately repay to the Trust the
               amount previously paid by the Trustee to it in respect of that
               indemnity.

34.9     NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

         Except to the extent caused by the fraud, negligence, default or breach
         of trust on the Note Trustee's part or on the part of any of its
         officers or employees, or any agents or delegate, sub-agent,
         sub-delegate employed by the Note Trustee in accordance with this deed
         (and where this deed provides that the Note Trustee is liable for the
         acts or omissions of any such person) to carry out any transactions
         contemplated by this deed, the Note Trustee shall not be liable for any
         losses, costs, liabilities or claims arising from the failure to pay
         moneys on the due date for payment to any Class A Noteholder or any
         other person or for any loss howsoever caused in respect of any of the
         Trust or to any Class A Noteholder or other person. The Note Trustee is
         not obliged to take any action under this deed unless it is indemnified
         to its reasonable satisfaction against all actions, proceedings, claims
         and demands to which it may render itself liable and all costs,
         charges, damages and expenses which it may incur by so doing.

34.10    FURTHER LIMITATIONS ON NOTE TRUSTEE'S LIABILITY

         Subject to clause 34.2, the Note Trustee shall not be liable:

         (a)   for any losses, costs, liabilities or expenses arising out of the
               exercise or non-exercise of its discretion or for any other act
               or omission on its part under this deed, any other Transaction
               Document or any other document except where the exercise or
               non-exercise of any discretion, or any act or omission, by the
               Note Trustee, or any of its officers or employees, or any agent,
               delegate, sub-agent, sub-delegate

--------------------------------------------------------------------------------
                                                                         Page 48
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               employed by the Note Trustee in accordance with this deed (and
               where this deed provides that the Note Trustee is liable for the
               acts or omissions of any such person) to carry out any
               transactions contemplated by this deed, constitutes fraud,
               negligence, default or breach of trust;

         (b)   for any losses, costs, damages or expenses caused by its acting
               (in circumstances where this deed requires it to act or
               contemplates that it may so act) on any instruction or direction
               given to it by:

               (i)   any Class A Noteholder under this deed, any other
                     Transaction Document or any other document;

               (ii)  by any person under a Support Facility, Receivable or
                     Receivable Security,

               except to the extent that it is caused by the fraud, negligence,
               default or breach of trust of the Note Trustee, or any of its
               officers or employees, or an agent or delegate employed by the
               Note Trustee in accordance with this deed to carry out any
               transactions contemplated by this deed;

         (c)   for any Manager's Default, Servicer Transfer Event or Title
               Perfection Event;

         (d)   without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of the
               Servicer in relation to its servicing duties or its obligations
               under the Servicing Agreement;

         (e)   without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of the
               Custodian in relation to its custodial duties or its obligations
               under the Custodian Agreement;

         (f)   without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of the
               Security Trustee in relation to its obligations under the
               Transaction Documents;

         (g)   without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of a
               Paying Agent in relation to its obligations under the Transaction
               Documents;

         (h)   without limiting the Note Trustee's obligations under the
               Transaction Documents, for any act, omission or default of the
               Calculation Agent in relation to its obligations under the
               Transaction Documents;

         (i)   for the failure of a person to carry out an agreement with the
               Note Trustee in connection with the Trust; or

         (j)   for any losses, costs, liabilities or expenses caused by the Note
               Trustee's failure to check any calculation, information,
               document, form or list supplied or purported to be supplied to it
               by the Manager, the Trustee, Security Trustee or the Servicer,

         except, in the case of paragraphs (c) to (j) (inclusive), to the extent
         that it is caused by the fraud, negligence, default or breach of trust
         of the Note Trustee.

         Nothing in this clause 34.10 alone (but without limiting the operation
         of any other clause of this deed) shall imply a duty on the Note
         Trustee to supervise the Manager or the Security

--------------------------------------------------------------------------------
                                                                         Page 49
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         Trustee in the performance of the Manager's or the Security Trustee's
         functions and duties, and the exercise by the Manager or the Security
         Trustee of its discretions.

34.11    CONFLICTS

         (a)   (NOT LIABLE TO ACCOUNT) Note Trustee shall not be in any way
               liable to account to any Class A Noteholder or any other person
               for any profits or benefits (including any profit, bank charges,
               commission, exchange, brokerage and fees) made or derived under
               or in connection with any transaction or contract specified in
               paragraph (b) below.

         (b)   (FIDUCIARY RELATIONSHIP) Note Trustee shall not by reason of any
               fiduciary relationship be in any way precluded from making any
               contracts or entering into any transactions with any such person
               in the ordinary course of its business or from undertaking any
               banking, financial, development, agency or other services
               including any contract or transaction in relation to the placing
               of or dealing with any investment and the acceptance of any
               office or profit or any contract of loan or deposits or other
               contract or transaction which any person or company not being a
               party to this deed could or might have lawfully entered into if
               not a party to this deed. Note Trustee shall not be accountable
               to any Class A Noteholder or any other person for any profits
               arising from any such contracts, transactions or offices.

34.12    INFORMATION

         Except for notices and other documents and information (if any)
         expressed to be required to be furnished to any person by the Note
         Trustee under this deed or any other Transaction Document, the Note
         Trustee shall not have any duty or responsibility to provide any person
         (including any Class A Noteholder) with any credit or other information
         concerning the affairs, financial condition or business of the Trust.

34.13    INVESTIGATION BY NOTE TRUSTEE

         Each Noteholder acknowledges that the Note Trustee has no duty, and is
         under no obligation, to investigate whether a Manager's Default,
         Servicer Transfer Event or Title Perfection Event has occurred in
         relation to the Trust other than where it has actual notice.

35.      NOTEHOLDERS' LISTS AND REPORTS
--------------------------------------------------------------------------------

35.1     PROVISION OF INFORMATION

         The Trustee (or the Manager on its behalf) will furnish or cause to be
         furnished to the Note Trustee:

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

         (b)   at such other times as the Note Trustee may request in writing,
               within 30 days after receipt by the Manager with a copy provided
               to the Trustee of any such request, a

--------------------------------------------------------------------------------
                                                                         Page 50
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               list of similar form and content as of a date not more than 10
               days prior to the time such list is furnished,

         provided that so long as:

         (c)   the Note Trustee is the Note Registrar; or

         (d)   the Class A Notes are Book-Entry Notes,

         no such list shall be required to be furnished.

35.2     PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS

         (a)   The Note Trustee shall preserve, in as current a form as is
               reasonably practicable, the names and addresses of the Class A
               Noteholders contained in the most recent list (if any) furnished
               to the Note Trustee as provided in clause 35.1 and if it acts as
               Note Registrar, the names and addresses of Class A Noteholders
               received by the Note Trustee in its capacity as Note Registrar.
               The Trustee may destroy any list furnished to it as provided in
               such clause 35.1 upon receipt of a new list so furnished.

         (b)   Class A Noteholders may communicate pursuant to section 312(b) of
               the TIA with other Class A Noteholders with respect to their
               rights under this deed or under the Class A Notes.

         (c)   The Trustee, Note Trustee and Note Registrar shall have the
               protection of section 312(c) of the TIA.

35.3     REPORTS BY NOTE TRUSTEE

         If required by section 313(a) of the TIA, within 60 days after each 30
         June, beginning with 30 June 2004, the Note Trustee shall mail to each
         Class A Noteholder, the Trustee and the Manager as required by section
         313(c) of the TIA a brief report dated as of such date that complies
         with section 313(a) of the TIA. The Note Trustee also shall comply with
         section 313(b) of the TIA. A copy of each report at the time of its
         mailing to Class A Noteholders shall be filed by the Note Trustee with
         the Commission and each stock exchange, if any, on or by which the
         Class A Notes are then listed. The Manager on behalf of the Trustee
         shall notify the Note Trustee in writing if and when the Class A Notes
         are listed on or by any stock exchange.

35.4     NOTICES TO CLASS A NOTEHOLDERS; WAIVER

         Where this deed provides for notice to Class A Noteholders of any
         event, such notice shall be sufficiently given (unless otherwise herein
         expressly provided) if in writing and mailed, first-class, postage
         prepaid to each Class A Noteholder affected by such event, at his or
         her address as it appears on the Note Register, not later than the
         latest date, and not earlier than the earliest date, prescribed for the
         giving of such notice. In any case where notice to Class A Noteholders
         is given by mail, neither the failure to mail such notice nor any
         defect in any notice so mailed to any particular Class A Noteholder
         shall affect the sufficiency of such notice with respect to other Class
         A Noteholders, and any notice that is mailed in the manner herein
         provided shall conclusively be presumed to have been duly given.

--------------------------------------------------------------------------------
                                                                         Page 51
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         Where this deed provides for notice in any manner, such notice may be
         waived in writing by any person entitled to receive such notice, either
         before or after the event, and such waiver shall be the equivalent of
         such notice. Waivers of notice by Class A Noteholders shall be filed
         with the Note Trustee but such filing shall not be a condition
         precedent to the validity of any action taken in reliance upon such a
         waiver.

         In case, by reason of the suspension of regular mail services as a
         result of a strike, work stoppage or similar activity, it shall be
         impractical to mail notice of any event to Class A Noteholders when
         such notice is required to be given pursuant to any provision of this
         deed, then any manner of giving such notice as the Manager on behalf of
         the Trustee shall direct the Note Trustee shall be deemed to be a
         sufficient giving of such notice.

35.5     REPORTS BY TRUSTEE

         The Trustee (or the Manager on its behalf) shall:

         (a)   file with the Note Trustee, within 15 days after the Trustee is
               required to file the same with the Commission, copies of the
               annual reports and of the information, documents and other
               reports (or copies of such portions of any of the foregoing as
               the Commission may from time to time by rules and regulations
               prescribe) which the Trustee may be required to file with the
               Commission pursuant to section 13 or 15(d) of the Securities
               Exchange Act of 1934, as amended;

         (b)   file with the Note Trustee and the Commission in accordance with
               rules and regulations prescribed from time to time by the
               Commission such additional information, documents and reports
               with respect to compliance by the Trustee with the conditions and
               covenants of this deed as may be required from time to time by
               such rules and regulations; and

         (c)   supply to the Note Trustee (and the Note Trustee shall transmit
               by mail to all Class A Noteholders described in section 313(c) of
               the TIA) such summaries of any information, documents and reports
               required to be filed by the Trustee pursuant to clauses (a) and
               (b) of this clause 35.5 as may be required by rules and
               regulations prescribed from time to time by the Commission.

36.      TRUST INDENTURE ACT - MISCELLANEOUS
--------------------------------------------------------------------------------

36.1     COMPLIANCE CERTIFICATES AND OPINIONS, ETC

         (a)   Upon any application or request by the Trustee or the Manager to
               the Note Trustee to take any action under any provision of this
               deed, the Trustee (or the Manager on its behalf) shall furnish to
               the Note 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

--------------------------------------------------------------------------------
                                                                         Page 52
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               (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
                     Trustee 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 Trustee (or the
                     Manager on its behalf) shall, in addition to any obligation
                     imposed in clause 36.1(a) or elsewhere in this deed,
                     furnish to the Note Trustee an Officer's Certificate
                     certifying or stating the opinion of each person signing
                     such certificate as to the fair value (within 90 days of
                     such deposit) of the property or securities to be so
                     deposited.

               (ii)  Whenever any property or securities are to be released from
                     the Security Interest created by the Security Trust Deed,
                     the Trustee shall also furnish to the Note Trustee an
                     Officer's Certificate certifying or stating the opinion of
                     each person signing such certificate as to the fair value
                     (within 90 days of such 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 Trustee is required to furnish to the Note
                     Trustee an Officer's Certificate certifying or stating the
                     opinion of any signer thereof as to the matters described
                     in paragraphs (i) and (ii), the Trustee (or the Manager on
                     its behalf) shall also furnish to the Note Trustee an
                     Independent Certificate as to the same matters if the fair
                     value of the property or securities and of all other
                     property or securities deposited or released from the
                     Security Interest created by the Security Trust Deed since
                     the commencement of the then current calendar year, as set
                     forth in the certificate required by clause (ii) and this
                     clause (iii), equals 10% or more of the Total Invested
                     Amount of the Notes, but such certificate need not be
                     furnished in the case of any release of property or
                     securities if the fair value thereof as set forth in the
                     related Officer's Certificate is less than US$25,000 or
                     less than one percent of the then Total Invested Amount of
                     the Notes.

                     Notwithstanding any other provision of this clause, the
                     Trustee may:

                     (A)   collect, liquidate, sell or otherwise dispose of
                           Receivables or other Assets of the Trust as and to
                           the extent permitted or required by the Transaction
                           Documents; and

                     (B)   make or permit to be made cash payments out of the
                           Collection Account or the US$ Account as and to the
                           extent permitted or required by the Transaction
                           Documents.

--------------------------------------------------------------------------------
                                                                         Page 53
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (c)   Every Officer's Certificate or opinion with respect to compliance
               with a condition or covenant provided for in this deed shall
               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.

36.2     UNDERTAKING FOR COSTS

         (a)   Subject to paragraph (b), all parties to this deed agree, and
               each Class A Noteholder by such Class A Noteholder's acceptance
               thereof shall be deemed to have agreed, that any court may in its
               discretion require, in any suit for the enforcement of any right
               or remedy under this deed, or in any suit against the Note
               Trustee for any action taken, suffered or omitted by it as the
               Note Trustee, the filing by any party litigant in such suit of an
               undertaking to pay the costs of such suit, and that such court
               may in its discretion assess reasonable costs, including
               reasonable attorneys' fees, against any party litigant in such
               suit, having due regard to the merits and good faith of the
               claims or defences made by such party litigant.

         (b)   The provisions of this clause shall not apply to:

               (i)   any suit instituted by the Note Trustee;

               (ii)  any suit instituted by any Class A Noteholder, or group of
                     Class A Noteholders in each case holding in the aggregate
                     more than 10% of the aggregate Invested Amount of the Class
                     A Notes; or

               (iii) any suit instituted by any Class A Noteholder for the
                     enforcement of the payment of principal or interest on any
                     Class A Note on or after the respective due dates expressed
                     in such Class A Note and in this deed (or, in the case of
                     final redemption of a Class A Note, on or after the Final
                     Maturity Date).

36.3     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 Noteholders have concurred in any relevant
               direction or consent, Notes owned by the Trustee or by any
               Associate of the Trustee, shall be disregarded, except that for

--------------------------------------------------------------------------------
                                                                         Page 54
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               the purposes of determining whether the Note Trustee shall be
               protected in relying on any such direction or consent, only Class
               A Notes which the Note Trustee knows are so owned shall be so
               disregarded.

36.4     UNCONDITIONAL RIGHTS OF CLASS A NOTEHOLDERS TO RECEIVE PRINCIPAL AND
         INTEREST

         Notwithstanding any other provisions in this deed, any Class A
         Noteholder shall have the right, which is absolute and unconditional,
         to receive payment of the principal of and interest, if any, on such
         Class A Note on or after the respective due dates thereof expressed in
         such Class A Note or in this deed (or, in the case of final redemption
         of a Class A Note, on or after the Final Maturity Date) and to
         institute suit for the enforcement of any such payment, and such right
         shall not be impaired without the consent of such Class A Noteholder,
         except to the extent that the institution or prosecution thereof or the
         entry of judgment therein would, under applicable law, result in the
         surrender, impairment, waiver, or loss of the Security Interest created
         by the Security Trust Deed upon any property subject to such Security
         Interest.

36.5     CONFLICT WITH TRUST INDENTURE ACT

         If any provision hereof limits, qualifies or conflicts with another
         provision hereof that is required to be included in this indenture by
         any of the provisions of the Trust Indenture Act, such required
         provision shall prevail.

         The provisions of section 310 to 317 (inclusive) of the TIA that impose
         duties on any person (including the provisions automatically deemed
         included herein unless expressly excluded by this deed) are a part of
         and govern this deed, whether or not contained herein.

37.      CONSENT OF CLASS A NOTEHOLDERS
--------------------------------------------------------------------------------

37.1     GENERAL

         Except as expressly provided in elsewhere in this deed or in clause
         37.2 below, any action that may be taken by the Class A Noteholders
         under this deed may be taken by registered holders of not less than a
         majority of the aggregate Invested Amount of Class A Notes.

37.2     SPECIAL WRITTEN APPROVALS

         (a)   The following matters are only capable of being effected by the
               approval in writing of holders of at least 75% of the aggregate
               Invested Amount of the Class A Notes, namely:

               (i)   modification of the date fixed for final maturity of the
                     Class A Notes;

               (ii)  reduction or cancellation of the principal payable on the
                     Class A Notes or any alteration of the date or priority of
                     redemption of the Class A Notes;

               (iii) alteration of the amount of interest payable on any class
                     of the Class A Notes or modification of the method of
                     calculating the amount of interest payable on the Class A
                     Notes or modification of the date of payment of or interest
                     payable on the Class A Notes;

--------------------------------------------------------------------------------
                                                                         Page 55
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               (iv)  alteration of the currency in which payments under the
                     Class A Notes are to be made;

               (v)   altering the required percentage of aggregate Invested
                     Amount required to consent or take any action of the Class
                     A Notes;

               (vi)  alteration of this sub-paragraph.

         (b)   The Class A Noteholders shall, in addition to the powers given
               under this deed, have the following powers if approval is given
               by holders of at least 75% of the aggregate Invested Amount of
               the Class A Notes, as appropriate,

               (i)   power to sanction any compromise or arrangement proposed to
                     be made between the Trustee and the Class A Noteholders;

               (ii)  power to sanction any abrogation, modification, compromise
                     or arrangement in respect of the rights of the Class A
                     Noteholders against the Trustee or against any of its
                     property or against any other person whether such rights
                     shall arise under these presents, any of the Notes or
                     otherwise;

               (iii) power to assent to any modification of the provisions
                     contained in these presents, the Class A Notes (including
                     the Conditions) or the provisions of any of the Relevant
                     Documents which shall be proposed by the Trustee or the
                     Note Trustee;

               (iv)  power to give any authority or sanction which under the
                     provisions of these presents or the Class A Notes
                     (including the Conditions) is required to be given by, in
                     writing by holders of at least 75% of the aggregate
                     Invested Amount of the Class A Notes;

               (v)   power to approve of a person to be appointed a trustee and
                     power to remove any trustee or trustees for the time being
                     under this deed;

               (vi)  power to discharge or exonerate the Note Trustee from all
                     liability in respect of any act or omission for which the
                     Note Trustee may have become responsible under this deed or
                     under the Class A Notes;

               (vii) power to authorise the Note Trustee to concur in and
                     execute and do all such deeds, instruments, acts and things
                     as may be necessary to carry out and give effect to the
                     approval in writing by holders of at least 75% of the
                     aggregate Invested Amount of the Class A Notes;

               (viii) power to sanction any scheme or proposal for the exchange
                     or sale of the Class A Notes, as the case may be, for, or
                     the conversion of the Class A Notes, into, or the
                     cancellation of the Class A Notes, in consideration of
                     shares, stock, notes, bonds' debentures, debenture stock
                     and/or other obligations and/or securities of the Trustee
                     or of any other company formed or to be formed, or for or
                     into or in consideration of cash, or partly for or into or
                     in consideration of such shares, stock, notes, bonds,
                     debenture stock and/or other obligations and/or securities
                     as aforesaid and partly for or into or in consideration of
                     cash.

--------------------------------------------------------------------------------
                                                                         Page 56
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

37.3     REQUIREMENT FOR WRITING

         Except as expressly provided elsewhere in this deed, all notices and
         consents from Class A Noteholders and Class A Note Owners shall be
         delivered in writing. Any solicitation of such notices or consent shall
         be in writing and be delivered by the Trustee, Manager or Note Trustee,
         as applicable, seeking such notice or consent form the Class A
         Noteholders or Class A Note Owners to the Principal Paying Agent, who
         shall deliver the foregoing to the appropriate Class A Noteholders or
         Class A Note Owners. With respect to any solicitation of approval of
         Class A Noteholders, the record date for determining Class A
         Noteholders with respect to such solicitation shall be the date upon
         which the Principal Paying Agent distributes such notices or
         solicitation to the Class A Noteholders.

EXECUTED as a deed in New York.

Each attorney executing this deed states that he or she has no notice of
revocation or suspension of his or her power of attorney.

--------------------------------------------------------------------------------
                                                                         Page 57
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

TRUSTEE

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

--------------------------------------   ---------------------------------------
Witness Signature                        Attorney Signature

--------------------------------------   ---------------------------------------
Print Name                               Print Name

MANAGER

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

--------------------------------------   ---------------------------------------
Witness Signature                        Attorney Signature

--------------------------------------   ---------------------------------------
Print Name                               Print Name

--------------------------------------------------------------------------------
                                                                         Page 58
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

NOTE TRUSTEE

SIGNED SEALED AND DELIVERED by
WILMINGTON TRUST COMPANY in the
presence of:

----------------------------------------   -------------------------------------
Witness Signature                          Signature

----------------------------------------   -------------------------------------
Print Name                                 Print Name

PRINCIPAL PAYING AGENT

SIGNED SEALED AND DELIVERED by
DEUTSCHE BANK TRUST COMPANY
AMERICAS in the presence of:

----------------------------------------   -------------------------------------
Witness Signature                          Signature

----------------------------------------   -------------------------------------
Print Name                                 Print Name

----------------------------------------   -------------------------------------
Witness Signature                          Signature

----------------------------------------   -------------------------------------
Print Name                                 Print Name

--------------------------------------------------------------------------------
                                                                         Page 59
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

CALCULATION AGENT

SIGNED SEALED AND DELIVERED by
DEUTSCHE BANK TRUST COMPANY
AMERICAS in the presence of:

-----------------------------------------  -------------------------------------
Witness Signature                          Signature

-----------------------------------------  -------------------------------------
Print Name                                 Print Name

-----------------------------------------  -------------------------------------
Witness Signature                          Signature

-----------------------------------------  -------------------------------------
Print Name                                 Print Name

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for P.T.
LIMITED by its attorney  in the presence of:

----------------------------------------  --------------------------------------
Witness Signature                         Attorney Signature

----------------------------------------  --------------------------------------
Print Name                                Print Name

--------------------------------------------------------------------------------
                                                                         Page 60
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

SCHEDULE 1

FORM BOOK-ENTRY NOTE
--------------------------------------------------------------------------------

REGISTERED                    CUSIP No
No. R-                        ISIN No.
                              Common Code

Unless this Note is presented by an authorised representative of The Depository
Trust Company, a New York corporation (DTC), to the Issuer or its agent for
registration of transfer, exchange or payment, and any Note issued is registered
in the name of Cede & Co. or in such other name as is requested by an authorised
representative of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorised representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                     PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                              (ABN 81 004 029 841)

             (a limited liability company incorporated in Australia)

      in its capacity as trustee of the Crusade Global Trust No. 2 of 2003

                                 BOOK-ENTRY NOTE

                                  representing

                                     US$[*]

      Class A Mortgage Backed Floating Rate Notes Due on the Final Maturity
                              Date falling in [*].

This Note is a Class A Book-Entry Note without principal or interest in respect
of a duly authorised issue of Notes of Perpetual Trustees Consolidated Limited
in its capacity as trustee of the Crusade Global Trust No. 2 of 2003 (the
"TRUST") (the "ISSUER"), designated as specified in the title above (the
"NOTES"), in an initial aggregate principal amount of
                                  **(US$[*])**

and (a) constituted by a Master Trust Deed (the "MASTER TRUST DEED") dated 14
March 1998 between the Issuer, St.George Bank Limited and Crusade Management
Limited (the "MANAGER"), by a Supplementary Terms Notice (the "SUPPLEMENTARY
TERMS NOTICE") dated on or about [*] 2003 between (among others) the Issuer, the
Security Trustee (as defined herein), St.George Custodial Pty Limited,
Wilmington Trust Company (the note trustee for the time being referred to as the
"NOTE TRUSTEE") as trustee for the holders for the time being of the Class A
Notes (the "Class A Noteholders") and the Manager, and by the Conditions; (b)
issued subject to a Note Trust Deed dated on or about [*] 2003 (the "NOTE TRUST
DEED") between (among others) the Issuer, the

--------------------------------------------------------------------------------
                                                                         Page 61
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

Manager and the Note Trustee; and (c) secured by a Security Trust Deed (the
"SECURITY TRUST DEED") dated on or about [*] 2003 between the Issuer, the
Manager, the Note Trustee and P.T. Limited (ABN 67 004 454 666) (the "SECURITY
TRUSTEE"), which expression shall include its successor for the time being as
security trustee under the Security Trust Deed). References to the Conditions
(or to any particular numbered Condition) shall be to the Terms and Conditions
of the Class A Notes set out in Schedule 3 to the Note Trust Deed but with the
deletion of those provisions which are applicable only to Class A Notes in
definitive form. Terms and expressions defined in the Note Trust Deed and the
Conditions shall, save as expressly stated otherwise, bear the same meanings
when used herein.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed this Class A Book-Entry Note will be exchangeable in whole at the
offices of the agent of the Principal Paying Agent at DTC Transfer Agent
Services, 55 Water Street, Jeanette Park Entrance, New York, New York 10041 (or
such other place outside Australia and any of its respective territories and
possessions and other areas subject to jurisdictions as the Note Trustee may
agree) for Class A Definitive Notes and the Issuer shall execute and procure
that the Principal Paying Agent authenticates and delivers in full exchange for
this Class A Book-Entry Note, Class A Definitive Notes in aggregate principal
amount equal to the Amount of all Class A Notes represented by this Class A
Book-Entry Note. The Issuer is not obliged to issue Definitive Notes until 30
days after the occurrence of an event set out in clause 3.3 of the Note Trust
Deed.

The Issuer, in its capacity as trustee of the Trust, subject to this US$
Book-Entry Note and subject to and in accordance with the Conditions and the
Note Trust Deed promises to pay to Cede & Co. or registered assigns of this
Class A Book-Entry Note the principal sum of [US$WORDS**] (US$NUMBER)** or such
lesser amount as may from time to time be represented by this Class A Book-Entry
Note (or such part of that amount as may become repayable under the Conditions,
the Supplementary Terms Notice and the Note Trust Deed) on such date(s) that
principal sum (or any part of it) becomes repayable in accordance with the
Conditions, the Supplementary Terms Notice and the Note Trust Deed and to pay
interest in arrears on each Quarterly Payment Date (as defined in Condition 4)
on the Invested Amount (as defined in Condition 5(a)) of this Class A Book-Entry
Note at rates determined in accordance with Condition 4 and all subject to and
in accordance with the certification requirements described in this Class A
Book-Entry Note, the Conditions, the Supplementary Terms Notice and the Note
Trust Deed, which shall be binding on the registered holder of this Class A
Book-Entry Note (as if references in the Conditions to the Notes and the
Noteholders were references to this Class A Book-Entry Note and the registered
holder of this Class A Book-Entry Note respectively and as if the same had been
set out in this Class A Book-Entry Note in full with all necessary changes,
except as otherwise provided in this Class A Book-Entry Note).

Payments of interest on this Class A Note due and payable on each Quarterly
Payment Date, together with the instalment of principal, if any, shall be
payable to the nominee of the Common Depository (initially, such nominee to be
Cede & Co.). No payment of interest or principal may be made by the Issuer or
any Paying Agent in the Commonwealth of Australia or its possessions or into a
bank account or to an address in the Commonwealth of Australia. Each of the
persons appearing from time to time in the records of DTC, as the holder of a
beneficial interest in a Class A Note will be entitled to receive any payment so
made in respect of that Class A Note in accordance with the respective rules and
procedures of DTC. Such persons will have no claim directly against the Issuer

--------------------------------------------------------------------------------
                                                                         Page 62
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

in respect of payments due on the Class A Notes which must be made by the holder
of this Class A Book-Entry Note, for so long as this Class A Book-Entry Note is
outstanding.

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

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed, the Book-Entry Notes will be surrendered to the Trustee by the
Clearing Agency and the Clearing Agency will deliver the relevant registration
instructions to the Trustee. Definitive Notes shall be executed by the Trustee
and authenticated by the Principal Paying Agent and delivered as per the
instructions of the Clearing Agency.

The US$ Definitive Notes to be issued on that exchange will be in registered
form each in the denomination of US$100,000 and multiples of US$1 in excess
thereof. If the Issuer fails to meet its obligations to issue US$ Definitive
Notes, this shall be without prejudice to the Issuer's obligations with respect
to the Notes under the Note Trust Deed, the Master Trust Deed, the Supplementary
Terms Notice and this US$ Book-Entry Note.

On an exchange of this Class A Book-Entry Note, this Class A Book-Entry Note
shall be surrendered to the Principal Paying Agent.

This Class A Book-Entry Note shall not become valid for any purpose unless and
until the Certificate of Authentication attached has been signed by an
Authorised Signatory of the Principal Paying Agent (as defined in the
Supplementary Terms Notice).

This Class A Book-Entry Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Class A Book-Entry Note to be signed
manually/in facsimile by a person duly authorised on its behalf

Perpetual Trustees Consolidated Limited in its capacity as trustee of the
Crusade Global Trust No. 2 of 2003

By:  _____________________________________
     Authorised Signatory

IMPORTANT NOTICE:

(a)  The Class A Notes do not represent deposits or other liabilities of
     St.George Bank Limited, ABN 92 055 513 070 ("ST.GEORGE") or associates of
     St.George.

(b)  The holding of Class A Notes is subject to investment risk, including
     possible delays in repayment and loss of income and principal invested.

(c)  Neither St.George, any associate of St.George, Perpetual Trustees
     Consolidated Limited, the Security Trustee, the Note Trustee nor any Note
     Manager in any way stands behind the capital value and/or performance of
     the Class A Notes or the assets of the Trust except to the limited extent
     provided in the Transaction Documents for the Trust.

--------------------------------------------------------------------------------
                                                                         Page 63
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

(d)  None of St.George, Perpetual Trustees Consolidated Limited, the Custodian
     (as defined in the Supplementary Terms Notice), the Servicer (as defined in
     the Supplementary Terms Notice), the Manager, the Security Trustee, the
     Note Trustee, the Currency Swap Provider (as defined in the Supplementary
     Terms Notice) or any of the Note Managers (as defined in the Supplementary
     Terms Notice) guarantees the payment of interest or the repayment of
     principal due on the Class A Notes.

(e)  None of the obligations of the Issuer or the Manager are guaranteed in any
     way by St.George or any associate of St.George or associate of Perpetual
     Trustees Consolidated Limited.

(f)  Without limiting the Conditions, the Issuer's liability to make payments in
     respect of the Class A Notes is limited to its right of indemnity from the
     assets of the Trust from time to time available to make such payments under
     the Master Trust Deed and Supplementary Terms Notice. All claims against
     the Issuer in relation to the Class A Notes can be enforced against the
     Issuer only to the extent to which it can be satisfied out of the assets of
     the Trust out of which the Issuer is actually indemnified for the liability
     except in the case of (and to the extent of) any fraud, negligence or
     Default (as defined in the Master Trust Deed) on the part of the Issuer.

(g)  The Noteholder is required to accept any distribution of moneys under the
     Security Trust Deed in full and final satisfaction of all moneys owing to
     it, and any debt represented by any shortfall that exists after any such
     final distribution is extinguished.

                          CERTIFICATE OF AUTHENTICATION

This Class A Book-Entry Note is to be authenticated by Deutsche Bank Trust
Company Americas and until so authenticated shall not be valid for any purpose.

Deutsche Bank Trust Company Americas as Principal Paying Agent

--------------------------------------------------------------------------------
                                                                         Page 64
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

ASSIGNMENT
--------------------------------------------------------------------------------
Social Security or taxpayer I.D. or other identifying number of assignee

--------------------------------------------------------------------------------
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

--------------------------------------------------------------------------------
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:   ---------------------------------  ------------------------------------
                                                    Signature Guaranteed:

Dated:   ---------------------------------  ------------------------------------
                                            Signatures must be guaranteed by an
                                            "eligible guarantor institution"
                                            meeting the requirements of the Note
                                            Registrar, which requirements
                                            include membership or participation
                                            in STAMP or such other "signature
                                            guarantee program" as may be
                                            determined by the Note Registrar in
                                            addition to, or in substitution for,
                                            STAMP, all in accordance with the
                                            Securities Exchange Act of 1934, as
                                            amended.

-----------------------------------------
* NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular without alteration, enlargement or any change whatsoever.

--------------------------------------------------------------------------------
                                                                         Page 65
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

SCHEDULE 2

INFORMATION TO BE CONTAINED IN NOTEHOLDER'S REPORT
--------------------------------------------------------------------------------

The following information is to be included in each Noteholder's Report

         (a)   the Invested Amount and the Stated Amount of each Class of Notes;

         (b)   the Interest Payments and principal distributions on each Class
               of Notes;

         (c)   the Available Income;

         (d)   the Total Available Funds;

         (e)   the aggregate of all Redraws made during that Collection Period;

         (f)   the Redraw Shortfall;

         (g)   the Payment Shortfall (if any);

         (h)   the Principal Draw (if any) for that Collection Period, together
               with all Principal Draws made before the start of that Collection
               Period and not repaid;

         (i)   the Principal Collections;

         (j)   the Principal Charge Off (if any);

         (k)   the Class A Bond Factor in respect of the Class A Notes, the
               Class B Bond Factor and the Class C Bond Factor;

         (l)   the Class A Charge Offs, the Class B Charge Offs, the Class C
               Charge Offs and the Redraw Charge Offs (if any);

         (m)   all Carryover Charge Offs (if any);

         (n)   if required, the Threshold Rate at that Collection Determination
               Date;

         (o)   the relevant Interest Rate, as at the first day of the related
               Interest Period ending immediately after that Collection
               Determination Date as calculated by the Agent Bank;

         (p)   scheduled and unscheduled payments of principal on the Housing
               Loans;

         (q)   aggregate Balances Outstanding of Fixed Rate Housing Loans and
               aggregate Balances Outstanding of Variable Rate Housing Loans;
               and

         (r)   delinquency and loss statistics with respect to the Housing
               Loans.

--------------------------------------------------------------------------------
                                                                         Page 66
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

SCHEDULE 3

TERMS AND CONDITIONS OF THE CLASS A NOTES
--------------------------------------------------------------------------------

The following, subject to amendments, are the terms and conditions of the Class
A Notes, substantially as they will appear on the reverse of the Class A Notes
in definitive form. Class A Notes in definitive form will only be issued in
certain circumstances. While the Class A Notes remain in book-entry form, the
same terms and conditions govern them, except to the extent that they are
appropriate only to the Class A Notes in definitive form. For a summary of the
provisions relating to the Class A Notes in book-entry form, see the summary at
the end of this section.

                  Paragraphs in italics are included by way of explanation only,
                  and do not constitute part of the terms and conditions of the
                  Class A Notes.

The issue of US$[*] Mortgage Backed Pass Through Floating Rate Class A Notes due
[*] (the CLASS A NOTES) and A$[*] Mortgage Backed Pass Through Floating Rate
Notes due [*] (the CLASS B NOTES) and A$[*] Mortgaged Backed Pass Through
Floating Rate Notes due [*] (the CLASS C NOTES) (the Class B Notes and the Class
C Notes, together, are the A$ NOTES and, $A Notes and the Class A Notes,
together, are the NOTES) by Perpetual Trustees Consolidated Limited, in its
capacity as trustee of the Crusade Global Trust No. 2 of 2003 (the TRUST) (in
such capacity, the ISSUER), was authorised by a resolution of the Board of
Directors of the Issuer passed on or about [*] 2003. These Notes are (a) issued
subject to a Master Trust Deed (the MASTER TRUST DEED) dated 14 March 1998
between the Issuer, Crusade Management Limited (in such capacity, the MANAGER
and, in the capacity of residual income beneficiary under the Trust, the
RESIDUAL INCOME BENEFICIARY) and St.George Bank Limited (ST.GEORGE), a
Supplementary Terms Notice (the SUPPLEMENTARY TERMS NOTICE) dated on or about
[*] 2003 between (among others) the Issuer and Wilmington Trust Company (the
note trustee for the time being referred to as the NOTE TRUSTEE) as trustee for
the holders for the time being of the Class A Notes (the CLASS A NOTEHOLDERS)
(the holders for the time being of the A$ Notes being (the A$ NOTEHOLDERS and,
together with the Class A Noteholders, the NOTEHOLDERS)) and the Manager, and
these terms and conditions (the CONDITIONS); (b) constituted by a Note Trust
Deed dated on or about [*] 2003 (the NOTE TRUST DEED) between the Issuer, the
Manager and the Note Trustee; and (c) secured by a Security Trust Deed (the
SECURITY TRUST DEED dated on or about [*] 2003 between the Issuer, the Manager,
the Note Trustee and P.T. Limited (ABN 67 004 454 666 (the security trustee for
the time being referred to as the SECURITY TRUSTEE).

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Supplementary Terms Notice,
the Security Trust Deed and the Note Trust Deed. Certain words and expressions
used herein have the meanings defined in those documents. In accordance with an
agency agreement (the AGENCY AGREEMENT) dated on or about [*] 2003 between the
Issuer, the Manager, the Note Trustee and Deutsche Bank Trust Company Americas
acting through its office designated from time to time under the Agency
Agreement as Principal Paying Agent (the PRINCIPAL PAYING AGENT, which
expression includes its successors as Principal Paying Agent under the Agency
Agreement) and Deutsche Bank Trust Company Americas,

--------------------------------------------------------------------------------
                                                                         Page 67
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

as calculation agent (the CALCULATION AGENT, which expression includes its
successors as Calculation Agent under the Agency Agreement), and under which
further paying agents may be appointed (together with the Principal Paying
Agent, the PAYING AGENTS, which expression includes the successors of each
paying agent as such under the Agency Agreement and any additional paying agents
appointed), payments in respect of the Class A Notes will be made by the Paying
Agents and the Calculation Agent will make the determinations specified in the
Agency Agreement. The Class A Noteholders will be entitled (directly or
indirectly) to the benefit of, will be bound by, and will be deemed to have
notice of, all the provisions of the Master Trust Deed, the Supplementary Terms
Notice, the Security Trust Deed, the Note Trust Deed, the Agency Agreement, the
Servicing Agreement dated 19 March 1998 and made between the Issuer, the Manager
and St.George as servicer (together with any substitute or successor, the
SERVICER), the Custodian Agreement (the CUSTODIAN AGREEMENT) dated 19 March 1998
and made between the Issuer, the Manager and St.George Custodial Pty Ltd as
custodian (together with any substitute or successor, the CUSTODIAN) and the
Indemnity (the INDEMNITY) dated 19 March 1998 between St.George as indemnifier
(in such capacity, the INDEMNIFIER), the Manager, the Custodian and the Issuer
(together with the agreements with respect to the Basis Swap, the Fixed-Floating
Rate Swap and the Currency Swap (as each such term is defined below), those
documents the RELEVANT DOCUMENTS and certain other transaction documents defined
as such in the Supplementary Terms Notice, the TRANSACTION DOCUMENTS). Copies of
the Transaction Documents are available for inspection at the principal office
of the Note Trustee, being at the date hereof Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890-0001, and at the specified offices for
the time being of the Paying Agents.

In connection with the issue of the Class A Notes, the Issuer has entered into
an ISDA (defined below) master interest rate exchange agreement dated on or
about [*] 2003 with St.George (the BASIS SWAP PROVIDER) together with a
confirmation relating thereto dated on or about [*] 2003 (the BASIS SWAP). The
Issuer has also entered into an ISDA master interest rate exchange agreement
dated on or about [*] 2003 with St.George (the FIXED-FLOATING RATE SWAP
PROVIDER) together with a confirmation relating thereto dated on or about [*]
2003 (the FIXED-FLOATING RATE SWAP). The Issuer has also entered into an ISDA
master currency exchange agreement dated on or about [*] 2003 with JP Morgan
Chase Bank (the CURRENCY SWAP PROVIDER) (The Currency Swap Provider together
with the Basis Swap Provider and the Fixed-Floating Rate Swap Provider, the SWAP
PROVIDERS) together with a confirmation relating thereto dated on or about [*]
2003 in respect of a swap transaction relating to each of the Class A Notes
(each a CURRENCY SWAP and together the CURRENCY SWAPS).

Book-entry Notes will also bear the following legend: "This book-entry note is a
global note for the purposes of section 128F(10) of the Income Tax Assessment
Act 1936 of the Commonwealth of Australia".

1.       FORM, DENOMINATION AND TITLE
--------------------------------------------------------------------------------
         The Class A Notes will be issued in registered form without interest
         coupons in minimum denominations of US$100,000 and multiples of US$1 in
         excess thereof.

--------------------------------------------------------------------------------
                                                                         Page 68
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         Each Class of Notes will be represented by one or more typewritten
         fully registered book-entry notes (each, a BOOK-ENTRY NOTE and
         collectively, the BOOK-ENTRY NOTES) registered in the name of Cede &
         Co. as nominee of The Depository Trust Company (DTC). Beneficial
         interests in the Book-Entry Notes will be shown on, and transfers
         thereof will be effected only through, records maintained by DTC and
         its participants. Morgan Guaranty Trust Company of New York, Brussels
         office, as operator of the Euroclear System (EUROCLEAR) and Clearstream
         Banking, societe anonyme (CLEARSTREAM, LUXEMBOURG), may hold interests
         in the Book-Entry Notes on behalf of persons who have accounts with
         Euroclear and Clearstream, Luxembourg through accounts maintained in
         the names of Euroclear or Clearstream, Luxembourg, or in the names of
         their respective depositories, with DTC.

         If the Issuer is obliged to issue Definitive Notes under clause 3.3 of
         the Note Trust Deed, interests in the applicable Book-Entry Note will
         be transferred to the beneficial owners thereof in the form of
         Definitive Notes, without interest coupons, in the denominations set
         forth above. A Definitive Note will be issued to each Noteholder in
         respect of its registered holding or holdings of Class A Notes against
         delivery by such Noteholders of a written order containing instructions
         and such other information as the Issuer and Deutsche Bank Trust
         Company Americas, acting as note registrar (the NOTE REGISTRAR) may
         require to complete, execute and deliver such Definitive Notes. In such
         circumstances, the Issuer will cause sufficient Definitive Notes to be
         executed and delivered to the Note Registrar for completion,
         authentication and dispatch to the relevant Noteholders.

2.       STATUS, SECURITY AND RELATIONSHIP BETWEEN THE CLASS A NOTES AND THE
         A$ NOTES
         -----------------------------------------------------------------------
         The Class A Notes are secured by a first ranking floating charge over
         all of the assets of the Trust (which include, among other things, the
         Loans (as defined below) and the Mortgages (as defined below) and
         related securities) (as more particularly described in the Security
         Trust Deed) and will rank pari passu and rateably without any
         preference or priority among themselves.

         The Class A Notes are issued subject to the Master Trust Deed and the
         Supplementary Terms Notice and are secured by the same security as
         secures the A$ Notes and they will rank in priority to the Class B
         Notes and Class C Notes in the event of the security being enforced and
         in respect of principal and interest (as set out in Conditions 4 and
         5).

         The proceeds of the issue of the Class A Notes and the A$ Notes are to
         be used by the Issuer to purchase an equitable interest in certain
         housing loans (the LOANS) and certain related mortgages (the MORTGAGES)
         from St.George as an approved seller (the APPROVED SELLER).

         In the event that the security for the Class A Notes is enforced and
         the proceeds of such enforcement are insufficient, after payment of all
         other claims ranking in priority to or pari passu with the Class A
         Notes under the Security Trust Deed, to pay in full all principal and
         interest and other amounts whatsoever due in respect of the Class A
         Notes, then the Class A

--------------------------------------------------------------------------------
                                                                         Page 69
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         Noteholders shall have no further claim against the Issuer in respect
         of any such unpaid amounts.

         The net proceeds of realisation of the assets of the Trust (including
         following enforcement of the Security Trust Deed) may be insufficient
         to pay all amounts due to the Noteholders. Save in certain limited
         circumstances the other assets of the Issuer will not be available for
         payment of any shortfall arising and all claims in respect of such
         shortfall shall be extinguished (see further Condition 15). None of the
         Servicer, the Manager, St.George, the Note Trustee, the Security
         Trustee, the Swap Providers or the Note Managers (as defined in the
         Supplementary Terms Notice) has any obligation to any Noteholder for
         payment of any amount by the Issuer in respect of the Notes.

         The Note Trust Deed contains provisions requiring the Note Trustee to
         have regard to the interests of Class A Noteholders as regards all the
         powers, trusts, authorities, duties and discretions of the Note Trustee
         (except where expressly provided otherwise).

         The Security Trust Deed contains provisions requiring the Security
         Trustee, subject to the other provisions of the Security Trust Deed, to
         give priority to the interests of the Class A Noteholders, if there is
         a conflict between the interest of such Noteholders and any other
         Voting Mortgagee (as defined below).

3.       COVENANTS OF THE ISSUER
--------------------------------------------------------------------------------
         So long as any of the Class A Notes remains outstanding, the Issuer has
         made certain covenants for the benefit of the Class A Noteholders which
         are set out in the Master Trust Deed.

         These covenants include the following.

         (a)   The Issuer shall act continuously as trustee of the Trust until
               the Trust is terminated as provided by the Master Trust Deed or
               the Issuer has retired or been removed from office in the manner
               provided under the Master Trust Deed.

         (b)   The Issuer shall:

               (i)    act honestly and in good faith and comply with all
                      relevant material laws in the performance of its duties
                      and in the exercise of its discretions under the Master
                      Trust Deed;

               (ii)   subject to the Master Trust Deed, exercise such diligence
                      and prudence as a prudent person of business would
                      exercise in performing its express functions and in
                      exercising its discretions under the Master Trust Deed,
                      having regard to the interests of the Class A Noteholders,
                      the A$ Noteholders, the Beneficiaries and the other
                      Creditors of the Trust in accordance with its obligations
                      under the relevant Transaction Documents;

               (iii)  use its best endeavours to carry on and conduct its
                      business in so far as it relates to the Master Trust Deed
                      in a proper and efficient manner;

               (iv)   keep, or ensure that the Manager keeps, accounting records
                      which correctly record and explain all amounts paid and
                      received by the Issuer;

--------------------------------------------------------------------------------
                                                                         Page 70
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               (v)    keep the Trust separate from each other trust which is
                      constituted under the Master Trust Deed and from its own
                      assets and account for assets and liabilities of the Trust
                      separately from those of other trusts constituted under
                      the Master Trust Deed and from its own assets and
                      liabilities;

               (vi)   do everything and take all such actions which are
                      necessary (including obtaining all appropriate
                      Authorisations which relate to it as trustee of the Trust
                      and taking all actions necessary to assist the Manager to
                      obtain all other appropriate Authorisations) to ensure
                      that it is able to exercise all its powers and remedies
                      and perform all its obligations under the Master Trust
                      Deed, the Transaction Documents and all other deeds,
                      agreements and other arrangements entered into by the
                      Issuer under the Master Trust Deed;

               (vii)  not, as Issuer, engage in any business or activity in
                      respect of the Trust except as contemplated or required by
                      the Transaction Documents;

               (viii) except as contemplated or required by the Transaction
                      Documents, maintain an independent and arm's length
                      relationship with its related bodies corporate in relation
                      to dealings affecting the Trust;

               (ix)   except as contemplated or required by the Transaction
                      Documents, not, in respect of the Trust, guarantee or
                      become obligated for the debts of any other entity or hold
                      out its credit as being available to settle the
                      obligations of others;

               (x)    comply with the rules and regulations of any stock
                      exchange on which any Note is listed from time to time
                      (the STOCK EXCHANGE); and

               (xi)   within 45 days of notice from the Manager to do so, remove
                      any of its agents or delegates that breaches any
                      obligation imposed on the Issuer under the Master Trust
                      Deed or any other Transaction Document where the Manager
                      believes it will have a Material Adverse Effect.

         (c)   Except as provided in any Transaction Document (and other than
               the charge given to the Security Trustee), the Issuer shall not,
               nor shall it permit any of its officers to, sell, mortgage,
               charge or otherwise encumber or part with possession of any
               assets of the Trust (the TRUST ASSETS).

         (d)   The Issuer shall duly observe and perform the covenants and
               obligations of the Master Trust Deed and will be personally
               liable to the Servicers, the Noteholders, the Beneficiaries, the
               Note Manager or any other Creditors only if it is guilty of
               negligence, fraud or Default (as defined in Condition 15). The
               Issuer is not responsible for the acts or omissions of its agents
               or delegates (including persons referred to in clause 17.6 of the
               Master Trust Deed) selected by the Issuer in good faith using
               reasonable care except where the Trustee expressly instructs the
               agent or delegate to do or omit to do the relevant act, if the
               Trustee is aware of the default and does not take the action
               available to it under the Transaction Documents to address the
               act or omission or where the Transaction Documents expressly
               provide that the Trustee is so liable.

--------------------------------------------------------------------------------
                                                                         Page 71
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (e)   The Issuer will open and operate certain bank accounts in
               accordance with the Master Trust Deed and the Supplementary Terms
               Notice.

         (f)   Subject to the Master Trust Deed and any Transaction Document to
               which it is a party, the Issuer shall act on all directions given
               to it by the Manager in accordance with the terms of the Master
               Trust Deed.

         (g)   The Issuer shall properly perform the functions which are
               necessary for it to perform under all Transaction Documents in
               respect of the Trust.

4.       INTEREST
--------------------------------------------------------------------------------

         (a)   PAYMENT DATES

               Each Class A Note bears interest on its Invested Amount (as
               defined below) from and including 18 September 2003 or such later
               date as may be agreed between the Issuer and the Managers for the
               issue of the Class A Notes (the CLOSING DATE). Interest in
               respect of the Class A Notes will be payable quarterly in arrear
               on the 18 December 2003 in respect of the period from (and
               including the Closing Date and ending on (but excluding) 18
               December 2003 (the FIRST QUARTERLY PAYMENT DATE) and thereafter
               on each 18 March, 18 June, 18 September and 18 December (each
               such date a QUARTERLY PAYMENT DATE). If any Payment Date would
               otherwise fall on a day which is not a Business Day (as defined
               below), it shall be postponed to the next day which is a Business
               Day, unless it would thereby fall into the next calendar month,
               in which case the due date shall be brought forward to the
               immediately the preceding Business Day. The final Quarterly
               Payment Date will be the earlier of the Final Maturity Date and
               the Payment Date on which the Notes are redeemed in full.

               BUSINESS DAY in this Condition 4 and in Conditions 5 and 9 below
               means any day other than a Saturday, Sunday or public holiday on
               which banks are open for business in London, New York and Sydney.

               The period beginning on (and including) the Closing Date and
               ending on (but excluding) the First Quarterly Payment Date, and
               each successive period beginning on (and including) a Quarterly
               Payment Date and ending on (but excluding) the next Quarterly
               Payment Date is called an INTEREST PERIOD. Interest payable on a
               Class A Note in respect of any Interest Period or any other
               period will be calculated on the basis of the actual number of
               days in that Interest Period and a 360 day year.

               Interest shall cease to accrue on any Class A Note for the period
               from (and including):

               (i)    the date on which the Stated Amount (as defined in
                      Condition 5(a)) of that Class A Note is reduced to zero
                      (provided that interest shall thereafter begin to accrue
                      from (and including) any date on which the Stated Amount
                      of the Class A Note becomes greater than zero); or

               (ii)   if the Stated Amount of the Class A Note on the due date
                      for redemption is not zero, the due date for redemption of
                      the Class A Note, unless, after the

--------------------------------------------------------------------------------
                                                                         Page 72
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

                      due date for redemption payment of principal due is
                      improperly withheld or refused, following which interest
                      shall continue to accrue on the Invested Amount of the
                      Class A Note at the rate from time to time applicable to
                      the Class A Notes until the later of:

                      (A)  the date on which the moneys in respect of that Class
                           A Note have been received by the Note Trustee or the
                           Principal Paying Agent and notice to that effect is
                           given in accordance with Condition 12; and

                      (B)  the Stated Amount of that Class A Note has been
                           reduced to zero, providing that interest shall
                           thereafter begin to accrue from (and including) any
                           date on which the Stated Amount of that Class A Note
                           becomes greater than zero.

         (b)   INTEREST RATE

               The rate of interest applicable from time to time to a Class (the
               INTEREST RATE) will be determined by the Calculation Agent on the
               basis of the following paragraphs.

               On the second Business Day before the beginning of each Interest
               Period (each an INTEREST DETERMINATION DATE), the Calculation
               Agent will determine LIBOR as described in the definition of
               LIBOR set out in clause 2.1 of the Supplementary Terms Notice.

               The Interest Rate applicable to each Class of Class A Notes for
               such Interest Period shall be determined by the Calculation Agent
               in the manner set out in the definition of Interest Rate set out
               in clause 2.1 of the Supplementary Terms Notice.

               The applicable Margin on each Class of Class A Notes is as set
               out in clause 4.2(d) of the Supplementary Terms Notice.

               There is no maximum or minimum Interest Rate.

         (c)   DETERMINATION OF INTEREST RATE AND CALCULATION OF INTEREST

               The Calculation Agent will, as soon as practicable after 11.00 am
               (New York time) on each Interest Determination Date, determine
               the Interest Rate applicable to, and calculate the amount of
               interest payable (the INTEREST) for the immediately succeeding
               Interest Period. The Interest is calculated in accordance with
               clause 4.8 of the Supplementary Terms Notice. The determination
               of the Interest Rate and the Interest by the Calculation Agent
               shall (in the absence of manifest error) be final and binding
               upon all parties.

         (d)   NOTIFICATION AND PUBLICATION OF INTEREST RATE AND INTEREST

               The Calculation Agent will cause the Interest Rate and the
               Interest applicable to each Class A Note for each Interest Period
               and the relevant Quarterly Payment Date to be notified to the
               Issuer, the Manager, the Note Trustee and the Paying Agents.

               The Interest, Interest Rate and the relevant Quarterly Payment
               Date may subsequently be amended (or appropriate alternative
               arrangements made by way of adjustment) without notice in the
               event of a shortening of the Interest Period.

--------------------------------------------------------------------------------
                                                                         Page 73
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (e)   DETERMINATION OR CALCULATION BY THE MANAGER

               If the Calculation Agent at any time for any reason does not
               determine the relevant Interest Rate or calculate the Interest
               for a Class A Note, the Manager shall do so and each such
               determination or calculation shall be deemed to have been made by
               the Calculation Agent. In doing so, the Manager shall apply the
               foregoing provisions of this Condition, with any necessary
               consequential amendments, to the extent that in its opinion, it
               can do so, and, in all other respects it shall do so in such a
               manner as it reasonably considers to be fair and reasonable in
               all the circumstances.

         (f)   CALCULATION AGENT

               The Issuer will procure that, so long as any of the Class A Notes
               remains outstanding, there will, at all times, be a Calculation
               Agent. The Issuer, or the Manager with the consent of the Issuer
               (such consent not to be unreasonably withheld) reserves the right
               at any time to terminate the appointment of the Calculation
               Agent. Notice of that termination will be given to the Class A
               Noteholders. If any person is unable or unwilling to continue to
               act as the Calculation Agent, or if the appointment of the
               Calculation Agent is terminated, the Issuer will, with the
               approval of the Note Trustee, appoint a successor Calculation
               Agent to act as such in its place, provided that neither the
               resignation nor removal of the Calculation Agent shall take
               effect until a successor approved by the Note Trustee has been
               appointed.

         (g)   INCOME DISTRIBUTION

               On each Quarterly Payment Date, and based on the calculations,
               instructions and directions provided to it by the Manager, the
               Issuer must pay or cause to be paid out of Total Available Funds,
               in relation to the Quarterly Collection Period (defined below)
               ending immediately before that Quarterly Payment Date, the
               amounts specified in clause 5.1(c) of the Supplementary Terms
               Notice in the order of priority specified in that clause.

               The Issuer shall only make a payment under any of the
               sub-paragraphs of clause 5.1(c) of the Supplementary Terms Notice
               if it is directed in writing by the Manager to do so and only to
               the extent that any Total Available Funds remain from which to
               make the payment after amounts with priority to that payment have
               been distributed.

               The Issuer is also required to make certain payments out of Total
               Available Funds on each Monthly Payment Date (as defined below)
               as more fully described in the Supplementary Terms Notice.

               Capitalised terms in this paragraph (h) have the same meaning
               given in the Supplementary Terms Notice unless otherwise defined
               in this document.

--------------------------------------------------------------------------------
                                                                         Page 74
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

5.       REDEMPTION AND PURCHASE
--------------------------------------------------------------------------------
         Capitalised terms in this Condition 5 have the same meaning given in
         the Supplementary Terms Notice unless otherwise defined in this
         document.

         (a)   MANDATORY REDEMPTION IN PART FROM PRINCIPAL COLLECTIONS AND
               APPORTIONMENT OF PRINCIPAL COLLECTIONS BETWEEN THE CLASS A NOTES
               AND THE A$ NOTES

               The Class A Notes shall be subject to mandatory redemption in
               part on any Quarterly Payment Date if on that date there are any
               Principal Collections available to be distributed in relation to
               such Class A Notes. The principal amount so redeemable in respect
               of each Class A Note prior to enforcement of the Security Trust
               Deed (each a PRINCIPAL PAYMENT) on any Quarterly Payment Date
               shall be the amount available for payment as set out in Condition
               5(b) on the day which is two Business Days prior to the Quarterly
               Payment Date (the QUARTERLY DETERMINATION DATE) divided by the
               aggregate Invested Amount of all Class A Notes, multiplied by the
               Invested Amount of that Note, provided always that no Principal
               Payment on a Class A Note on any date may exceed the amount equal
               to the Invested Amount of that Class A Note at that date less
               amounts charged off as at that date and not to be reinstated on
               the next Quarterly Payment Date, or to be charged off on the
               Quarterly Payment Date, as described in Condition 5(c) (that
               reduced amount being the STATED AMOUNT of that Class A Note).

               Notice of amounts to be redeemed will be provided by the Manager
               to the Issuer, the Calculation Agent, the Principal Paying Agent
               and the Note Trustee.

               Following notification of the amount to be redeemed for each
               Quarterly Payment Date, the Manager will determine the Bond
               Factors for each Class of the Class A Notes as of such Quarterly
               Payment Date and will notify the Issuer, the Calculation Agent,
               the Principal Paying Agent and the Note Trustee of this amount
               and shall cause the Bond Factor to be published pursuant to
               Condition 12.

         (b)   PRINCIPAL DISTRIBUTIONS ON NOTES

               On each Quarterly Payment Date, and based on the calculations,
               instructions and directions provided to it by the Manager, the
               Issuer must distribute or cause to be distributed out of
               Principal Collections, in relation to the Quarterly Collection
               Period ending immediately before that Quarterly Payment Date, the
               following amounts in the following order of priority:

               (i)   first, in the manner and order of priority set out in
                     clause 5.4(c) of the Supplementary Terms Notice;

               (ii)  then:

                     (A)   prior to the Stepdown Date, or at any time if a
                           Trigger Event is subsisting, in the manner and order
                           of priority set out in clause 5.5 of the
                           Supplementary Terms Notice; and

--------------------------------------------------------------------------------
                                                                         Page 75
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

                     (B)   on and after the Stepdown Date, provided that no
                           Trigger Event is subsisting, in the manner and order
                           of priority set out in clause 5.6 of the
                           Supplementary Terms Notice.

               The Issuer shall only make a payment under any of sub-paragraphs
               of clause 5.4(c), 5.5 and 5.6 (as applicable) if it is directed
               in writing to do so by the Manager and only to the extent that
               any Principal Collections remain from which to make the payment
               after amounts with priority to that payment have been
               distributed.

               The Issuer is also required to make certain payments out of
               Principal Collections (including allocating Principal Draws to
               Total Available Funds) on each Monthly Payment Date in accordance
               with the Supplementary Terms Notice.

         (c)   GENERAL

               No amount of principal will be paid to a Noteholder in excess of
               the Invested Amount applicable to the Notes held by that
               Noteholder.

         (d)   EXCESS AVAILABLE INCOME - REIMBURSEMENT OF CHARGE OFFS AND
               PRINCIPAL DRAW

               (i)   General

                     On each Quarterly Determination Date, the Manager must
                     determine, for a Quarterly Collection Period, the amount
                     (if any) by which the Total Available Funds for the
                     Quarterly Collection Period exceeds the Total Payments for
                     the Quarterly Collection Period (EXCESS AVAILABLE INCOME).

               (ii)  Distribution of Excess Available Income

                     (A)  Subject to clause 5.2(b) of the Supplementary Terms
                          Notice, on each Quarterly Determination Date, the
                          Manager must apply any Excess Available Income for the
                          Quarterly Collection Period relating to that Quarterly
                          Determination Date in the order of priority specified
                          in clause 5.2(a) of the Supplementary Terms Notice.

         (e)   EXCESS DISTRIBUTION

               The Issuer must at the written direction of the Manager pay any
               Excess Distribution for a Quarterly Collection Period to the
               Residual Income Beneficiary on the relevant Quarterly Payment
               Date. Once paid to the Residual Income Beneficiary, the Issuer
               may not recover any Excess Distributions from the Residual Income
               Beneficiary other than in the circumstances specified in clause
               5.3 of the Supplementary Terms Notice.

         (f)   US$ ACCOUNT

               The Issuer shall direct the Currency Swap Provider to pay all
               amounts denominated in US$ payable to the Issuer by the Currency
               Swap Provider under the Currency Swap into the US$ Account or to
               the Principal Paying Agent under the Agency Agreement on behalf
               of the Issuer.

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

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               The Issuer shall, on the direction of the Manager, or shall
               require that the Paying Agent on its behalf, pay all amounts
               credited to the US$ Account by the Currency Swap Provider as
               specified in clause 5.15 of the Supplementary Terms Notice, and
               in accordance with the Note Trust Deed and the Agency Agreement.

         (g)   CHARGE OFFS

               If the Principal Charge Offs for any Quarterly Collection Period
               exceed the Excess Available Income calculated on the Quarterly
               Determination Date for that Quarterly Collection Period, the
               Manager must, on and with effect from the Quarterly Payment Date
               immediately following the end of the Quarterly Collection Period
               comply with clause 5.13 of the Supplementary Terms Notice.

         (h)   CALCULATION OF PRINCIPAL PAYMENTS AND STATED AMOUNT

               On (or as soon as practicable after) each Determination Date, the
               Manager shall calculate the amount of principal to be repaid in
               respect of each Class A Note, as the case may be, due on the
               Payment Date next following that Determination Date; (B) the
               Stated Amount and Invested Amount of each Note on the first day
               of the next following Interest Period (after deducting any
               principal due to be made on the next Payment Date); and (C) the
               Bond Factor for each Class on each Quarterly Determination Date
               in respect of the Collection Period ending before that Quarterly
               Determination Date.

               The Manager will notify the Issuer, the Note Trustee, the
               Principal Paying Agent and the Calculation Agent by not later
               than (or as soon as practicable after) the Quarterly
               Determination Date immediately preceding the relevant Quarterly
               Payment Date of each such determination and will immediately
               cause details of each of those determinations to be published in
               accordance with Condition 12 by one Business Day before the
               relevant Payment Date. If no Principal Payment is due to be made
               on the Class A Notes on any Payment Date a notice to this effect
               will be given to the Class A Noteholders in accordance with
               Condition 12.

               If the Manager does not at any time for any reason determine a
               Principal Payment, the Invested Amount or the Stated Amount
               applicable to Class A Notes in accordance with this paragraph,
               the Principal Payment, Invested Amount and the Stated Amount
               shall be determined by the Calculation Agent in accordance with
               this paragraph and paragraph (i) above (but based on the
               information in its possession) and each such determination or
               calculation shall be deemed to have been made by the Manager.

         (i)   CALL

               The Issuer must, when so directed by the Manager (at the
               Manager's option), purchase or redeem all, but not some only, of
               the Class A Notes in accordance with, and in the circumstances
               specified in clause 7.1 of the Supplementary Terms Notice.

               Section 7.1 of the Supplementary Terms Notice requires the Issuer
               to give not more than 60 nor less than 45 days' notice to the
               Class A Noteholders of a repurchase under that section 7.1.

--------------------------------------------------------------------------------
                                                                         Page 77
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         (j)   REDEMPTION FOR TAXATION OR OTHER REASONS

               If the Manager satisfies the Issuer and the Note Trustee
               immediately prior to giving the notice referred to below that
               either (i) on the next Quarterly Payment Date the Issuer would be
               required to deduct or withhold from any payment of principal or
               interest in respect of the Class A Notes or the Currency Swap any
               amount for or on account of any present or future taxes, duties,
               assessments or governmental charges of whatever nature imposed,
               levied, collected, withheld or assessed by the Commonwealth of
               Australia or any of its political sub-divisions or any of its
               authorities or (ii) the total amount payable in respect of
               interest in relation to any of the Loans for a Collection Period
               ceases to be receivable (whether or not actually received) by the
               Issuer during such Collection Period, the Issuer must, when so
               directed by the Manager, at the Manager's option (subject to the
               provisos specified in clause 7.1 of the Supplementary Terms
               Notice) redeem all, but not some only, of the Class A Notes in
               accordance with clause 7.1 of the Supplementary Terms Notice.

         (k)   REDEMPTION ON FINAL MATURITY

               If not otherwise redeemed, the Class A Notes will be redeemed at
               their Stated Amount on the Quarterly Payment Date falling in
               [January 2034].

         (l)   CANCELLATION

               All Class A Notes redeemed in full pursuant to the above
               provisions will be cancelled forthwith, and may not be resold or
               reissued.

         (m)   CERTIFICATION

               For the purposes of any redemption made pursuant to this
               Condition 5, the Note Trustee may rely upon an Officer's
               Certificate under the Note Trust Deed from the Manager on behalf
               of the Issuer certifying or stating the opinion of each person
               signing such certificate as:

               (i)   to the fair value (within 90 days of such release) of the
                     property or securities proposed to be released from the
                     Security Trust Deed;

               (ii)  that in the opinion of such person the proposed release
                     will not impair the security under the Security Trust Deed
                     in contravention of the provisions of the Security Trust
                     Deed or the Note Trust Deed; and

               (iii) that the Issuer will be in a position to discharge all its
                     liabilities in respect of the relevant Class A Notes and
                     any amounts required under the Security Trust Deed to be
                     paid in priority to or pari passu with those Class A Notes,

               and such officer's certificate shall be conclusive and binding on
               the Trustee, the Note Trustee and the holders of those Class A
               Notes.

6.       PAYMENTS
--------------------------------------------------------------------------------

         (a)   METHOD OF PAYMENT

--------------------------------------------------------------------------------
                                                                         Page 78
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               Any instalment of interest or principal, payable on any Class A
               Note which is punctually paid or duly provided for by the Trustee
               to the Paying Agent on the applicable Payment Date or Maturity
               Date shall be paid to the person in whose name such Class A Note
               is registered on the Record Date, by cheque mailed first-class,
               postage prepaid, to such person's address as it appears on the
               Note Register on such Record Date, except that, unless Definitive
               Notes have been issued pursuant to clause 3.3, with respect to
               Class A Notes registered on the Record Date in the name of the
               nominee of the Clearing Agency (initially such Clearing Agency to
               be DTC and such nominee to be Cede & Co.), payment will be made
               by wire transfer in immediately available funds to the account
               designated by such nominee and except for the final instalment of
               principal payable with respect to such Class A Note on a Payment
               Date or Maturity Date.

         (b)   INITIAL PRINCIPAL PAYING AGENT

               The initial Principal Paying Agent is Deutsche Bank Trust Company
               Americas at its office at 1761 East St. Andrew Place, Santa Ana,
               California 92705-4934 or such other office as designated from
               time to time under the Agency Agreement.

         (c)   PAYING AGENTS

               The Issuer (or the Manager on its behalf with the consent of the
               Issuer, such consent not to be unreasonably withheld), may at any
               time (with the previous written approval of the Note Trustee)
               vary or terminate the appointment of any Paying Agent and appoint
               additional or other Paying Agents, provided that it will at all
               times maintain a Paying Agent having a specified office in New
               York City, California or such other jurisdiction as the Paying
               Agent, the Manager and the Trustee may agree from time to time.
               Notice of any such termination or appointment and of any change
               in the office through which any Paying Agent will act will be
               given in accordance with Condition 12.

         (d)   PAYMENT ON BUSINESS DAYS

               Payments in respect of any amount of principal or Interest in
               respect of any Class A Note shall be made on a Business Day.

         (e)   INTEREST

               If Interest is not paid in respect of a Class A Note on the date
               when due and payable (other than because the due date is not a
               Business Day), that unpaid Interest shall itself bear interest at
               the Interest Rate applicable from time to time to the Class A
               Notes until the unpaid Interest, and interest on it, is available
               for payment and notice of that availability has been duly given
               in accordance with Condition 12.

7.       TAXATION
--------------------------------------------------------------------------------
         All payments in respect of the Class A Notes will be made without
         withholding or deduction for, or on account of, any present or future
         taxes, duties or charges of whatsoever nature unless the Issuer or any
         Paying Agent is required by applicable law to make any such payment in
         respect of the Class A Notes subject to any withholding or deduction
         for, or on

--------------------------------------------------------------------------------
                                                                         Page 79
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         account of, any present or future taxes, duties or charges of whatever
         nature. In that event the Issuer or that Paying Agent (as the case may
         be) shall make such payment after such withholding or deduction has
         been made and shall account to the relevant authorities for the amount
         so required to be withheld or deducted. Neither the Issuer nor any
         Paying Agent will be obliged to make any additional payments to Class A
         Noteholders in respect of that withholding or deduction.

8.       PRESCRIPTION
--------------------------------------------------------------------------------
         A Class A Note shall become void in its entirety unless surrendered for
         payment within ten years of the Relevant Date in respect of any payment
         on it the effect of which would be to reduce the Stated Amount (in the
         case of final maturity, if applicable) or the Invested Amount of that
         Class A Note to zero. After the date on which a Class A Note becomes
         void in its entirety, no claim may be made in respect of it.

         As used in these Conditions, the RELEVANT DATE means the date on which
         a payment first becomes due but, if the full amount of the money
         payable has not been received by the Principal Paying Agent or the Note
         Trustee on or prior to that date, it means the date on which, the full
         amount of such money having been so received, notice to that effect is
         duly given by the Principal Paying Agent in accordance with Condition
         12.

9.       EVENTS OF DEFAULT
--------------------------------------------------------------------------------
         Clause 8.1 of the Security Trust Deed sets out which events constitute
         an Event of Default (whether or not it is within the control of the
         Issuer) for the purpose of these Conditions and the Security Trust
         Deed.

         In the event that the security constituted by the Security Trust Deed
         becomes enforceable following an event of default under the Notes any
         funds resulting from the realisation of such security shall be applied
         in accordance with the order of priority of payments as stated in the
         Security Trust Deed.

10.      ENFORCEMENT
--------------------------------------------------------------------------------
         At any time after an Event of Default occurs, the Security Trustee
         shall (subject to being appropriately indemnified), if so directed by
         (a) the Noteholder Mortgagees (as defined in the Security Trust Deed)
         alone, where the Noteholder Mortgagees are the only Voting Mortgagees,
         or otherwise (b) an "Extraordinary Resolution of the Voting Mortgagees"
         (being 75% of votes capable of being cast by Voting Mortgagees present
         in person or by proxy of the relevant meeting or a written resolution
         signed by all Voting Mortgagees) of the Voting Mortgagees (which
         includes the Note Trustee on behalf of Class A Noteholders, but not,
         unless the Note Trustee has become bound to take steps and/or proceed
         under the Security Trust Deed and fails to do so within a reasonable
         period of time and such failure is continuing, the Class A Noteholders
         themselves), declare the Class A Notes immediately due and payable and
         declare the security to be enforceable. If an Extraordinary Resolution
         of Voting Mortgagees referred to above elects not to direct the
         Security Trustee to enforce

--------------------------------------------------------------------------------
                                                                         Page 80
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         the Security Trust Deed, in circumstances where the Security Trustee
         could enforce, the Note Trustee may nevertheless, at the direction of
         the Class A Noteholders, direct the Security Trustee to enforce the
         Security Trust Deed on behalf of the Noteholders.

         VOTING MORTGAGEE has the meaning given to it in the Security Trust
         Deed.

         Any reference to the Noteholder Mortgagees while they are the only
         Voting Mortgagees or where their consent is required under the Security
         Trust Deed in relation to a direction or act of the Security Trustee,
         means Noteholder Mortgagees representing more than 50% of the aggregate
         Invested Amount of the Class A Notes and the A$ Notes.

         Subject to being indemnified in accordance with the Security Trust
         Deed, the Security Trustee shall take all action necessary to give
         effect to any direction by the Noteholder Mortgagees where they are the
         only Voting Mortgagees or to any Extraordinary Resolution of the Voting
         Mortgagees and shall comply with all directions given by the Note
         Trustee where it is the only Voting Mortgagee or contained in or given
         pursuant to any Extraordinary Resolution of the Voting Mortgagees in
         accordance with the Security Trust Deed.

         No Class A Noteholder is entitled to enforce the Security Trust Deed or
         to appoint or cause to be appointed a receiver to any of the assets
         secured by the Security Trust Deed or otherwise to exercise any power
         conferred by the terms of any applicable law on chargees except as
         provided in the Security Trust Deed.

         If any of the Class A Notes remains outstanding and are due and
         payable otherwise than by reason of a default in payment of any amount
         due on the Class A Notes, the Note Trustee must not vote under the
         Security Trust Deed to, or otherwise direct the Security Trustee to,
         dispose of the Mortgaged Property unless either:

         o     a sufficient amount would be realised to discharge in full all
               amounts owing to the Class A Noteholders and any other amounts
               payable by the Issuer ranking in priority to or pari passu with
               the Class A Notes; or

         o     the Note Trustee is of the opinion, reached after considering at
               any time and from time to time the advice of a merchant bank or
               other financial adviser selected by the Note Trustee, that the
               cash flow receivable by the Issuer (or the Security Trustee under
               the Security Trust Deed) will not (or that there is a significant
               risk that it will not) be sufficient, having regard to any other
               relevant actual, contingent or prospective liabilities of the
               Issuer, to discharge in full in due course all the amounts
               referred to in paragraph (i).

         Neither the Note Trustee nor the Security Trustee will be liable for
         any decline in the value, nor any loss realised upon any sale or other
         dispositions made under the Security Trust Deed, of any Mortgaged
         Property or any other property which is charged to the Security Trustee
         by any other person in respect of or relating to the obligations of the
         Issuer or any third party in respect of the Issuer or the Class A Notes
         or relating in any way to the Mortgaged Property. Without limitation,
         neither the Note Trustee nor the Security Trustee shall be liable for
         any such decline or loss directly or indirectly arising from its
         acting, or failing to act, as a consequence of an opinion reached by
         it.

--------------------------------------------------------------------------------
                                                                         Page 81
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         The Note Trustee shall not be bound to vote under the Security Trust
         Deed, or otherwise direct the Security Trustee under the Security Trust
         Deed or to take any proceedings, actions or steps under, or any other
         proceedings pursuant to or in connection with the Security Trust Deed,
         the Note Trust Deed, any Class A Notes, unless directed or requested to
         do so by Noteholders holding at least 75% of the aggregate Invested
         Amount of Class A Notes at the time; and then only if the Note Trustee
         is indemnified to its satisfaction against all action, proceedings,
         claims and demands to which it may render itself liable and all costs,
         charges, damages and expenses which it may incur by so doing.

         Only the Security Trustee may enforce the provisions of the Security
         Trust Deed and neither the Note Trustee nor any holder of a Class A
         Note is entitled to proceed directly against the Issuer to enforce the
         performance of any of the provisions of the Security Trust Deed, the
         Class A Notes (including these Conditions).

         The rights, remedies and discretions of the Class A Noteholders under
         the Security Trust Deed including all rights to vote or give
         instructions or consent can only be exercised by the Note Trustee on
         behalf of the Class A Noteholders in accordance with the Security Trust
         Deed. The Security Trustee may rely on any instructions or directions
         given to it by the Note Trustee as being given on behalf of the Class A
         Noteholders from time to time and need not enquire whether the Note
         Trustee or the Noteholders from time to time have complied with any
         requirements under the Note Trust Deed or as to the reasonableness or
         otherwise of the Note Trustee. The Security Trustee is not obliged to
         take any action, give any consent or waiver or make any determination
         under the Security Trust Deed without being directed to do so by the
         Note Trustee or the Voting Mortgagees in accordance with the Security
         Trust Deed.

         Upon enforcement of the security created by the Security Trust Deed,
         the net proceeds thereof may be insufficient to pay all amounts due on
         redemption to the Noteholders. The proceeds from enforcement (which
         will not include amounts required by law to be paid to the holder of
         any prior ranking security interest, the proceeds of or amounts
         credited to the collateral account under the Liquidity Facility
         Agreement (as defined in the Master Trust Deed) and payable to the
         Liquidity Facility Provider (as defined in the Master Trust Deed) and
         the proceeds of cash collateral lodged with and payable to a Swap
         Provider or other provider of a Support Facility (as defined in the
         Master Trust Deed)) will be applied in the order of priority as set out
         in the Security Trust Deed. Any claims of Noteholders remaining after
         realization of the security and application of the proceeds as
         aforesaid shall, except in certain limited circumstances, be
         extinguished.

11.      REPLACEMENTS OF CLASS A NOTES
--------------------------------------------------------------------------------
         If any Class A Note is lost, stolen, mutilated, defaced or destroyed,
         it may be replaced at the specified office of the Principal Paying
         Agent located at 1761 East St. Andrew Place, Santa Ana, California
         92705-4934 or such other office as may be designated from time to time
         under the Agency Agreement, upon payment by the claimant of the
         expenses incurred in connection with that replacement and on such terms
         as to evidence and indemnity as the

--------------------------------------------------------------------------------
                                                                         Page 82
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         Issuer may reasonably require. Mutilated or defaced Class A Notes must
         be surrendered before replacements will be issued.

12.      NOTICES
--------------------------------------------------------------------------------
         All notices, other than notices given in accordance with the following
         paragraph, to Class A Noteholders shall be deemed given if in writing
         and mailed, first-class, postage prepaid to each Class A Noteholder, at
         his or her address as it appears on the Note Register, not later than
         the latest date, and not earlier than the earliest date, prescribed for
         the giving of such notice. In any case where notice to Class A
         Noteholders is given by mail, neither the failure to mail such notice
         nor any defect in any notice so mailed to any particular Class A
         Noteholder shall affect the sufficiency of such notice with respect to
         other Class A Noteholders, and any notice that is mailed in the manner
         herein provided shall conclusively be presumed to have been duly given.

         A notice may be waived in writing by the relevant Class A Noteholder,
         either before or after the event, and such waiver shall be the
         equivalent of such notice. Waivers of notice by Class A Noteholders
         shall be filed with the Note Trustee but such filing shall not be a
         condition precedent to the validity of any action taken in reliance
         upon such a waiver.

         Any such notice shall be deemed to have been given on the date such
         notice is deposited in the mail.

         In case, by reason of the suspension of regular mail services as a
         result of a strike, work stoppage or similar activity, it shall be
         impractical to mail notice of any event to Class A Noteholders when
         such notice is required to be given, then any manner of giving such
         notice as the Trustee shall direct the Note Trustee shall be deemed to
         be a sufficient giving of such notice.

         Any notice required to be given by the Principal Paying Agent at any
         time shall be deemed to have been duly given if the information
         contained in such notice appears on the relevant page of the Reuters
         Screen, on the Website (as defined below) or such other similar
         electronic reporting service as may be approved by the Note Trustee and
         notified to Class A Noteholders (the RELEVANT SCREEN). Any such notice
         shall be deemed to have been given on the first date on which such
         information appeared on the Relevant Screen. If it is impossible or
         impracticable to give notice in accordance with this paragraph then
         notice of the matters referred to in this Condition shall be given in
         accordance with the preceding paragraph.

         WEBSITE means the website at the following address:

                     https://www.corporatetrust.db.com/invr

         or such other website as the Principal Paying Agent shall notify the
         Note Trustee, the Trustee, the Manager and the Class A Noteholders, in
         accordance with this Condition, from time to time.

         All consents and approvals in these Conditions are to be given in
         writing.

--------------------------------------------------------------------------------
                                                                         Page 83
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

13.      MEETINGS OF VOTING MORTGAGEES AND MEETINGS OF CLASS A NOTEHOLDERS;
         MODIFICATIONS; CONSENTS; WAIVER
--------------------------------------------------------------------------------
         The Security Trust Deed contains provisions for convening meetings of
         the Voting Mortgagees to, among other things, enable the Voting
         Mortgagees to direct or consent to the Security Trustee taking or not
         taking certain actions under the Security Trust Deed, for example to
         enable the Voting Mortgagees to direct the Security Trustee to enforce
         the Security Trust Deed.

         The Note Trust Deed contains provisions for convening meetings of Class
         A Noteholders to consider any matter affecting their interests,
         including the directing of the Note Trustee to direct the Security
         Trustee to enforce the security under the Security Trust Deed, or the
         sanctioning by Extraordinary Resolution of the Class A Noteholders of a
         modification of the Class A Notes (including these Conditions) or the
         provisions of any of the Transaction Documents, provided that no
         modification of certain terms including, among other things, the date
         of maturity of the Class A Notes, or a modification which would have
         the effect of altering the amount of interest payable in respect of a
         Class A Note or modification of the method of calculation of the
         interest payable or of the date for payment of interest in respect of
         any Class A Notes, reducing or cancelling the amount of principal
         payable in respect of any Class A Notes or altering the majority
         required to pass an Extraordinary Resolution or altering the currency
         of payment of any Class A Notes or the Coupons or an alteration of the
         date or priority of payment of interest on, or redemption of, the Class
         A Notes or an election to receive the Stated Amount of the Notes
         instead of the Invested Amount in the event of a call under Condition
         5(i) or 5(j) (any such modification being referred to below as a BASIC
         TERMS MODIFICATION) shall be effective except that, if the Note Trustee
         is of the opinion that such a Basic Terms Modification is being
         proposed by the Issuer as a result of, or in order to avoid, an Event
         of Default, such Basic Terms Modification may be sanctioned by
         Extraordinary Resolution of the Class A Noteholders as described below.
         The quorum at any meeting of Class A Noteholders for passing an
         Extraordinary Resolution shall be two or more persons holding or
         representing over 50% of the aggregate Invested Amount of the Class A
         Notes then outstanding or, at any adjourned meeting, two or more
         persons being or representing Class A Noteholders whatever the
         aggregate Invested Amount of the Class A Notes so held or represented
         except that, at any meeting the business of which includes the
         sanctioning of a Basic Terms Modification, the necessary quorum for
         passing an Extraordinary Resolution shall be two or more persons
         holding or representing 75% or at any adjourned such meeting 25%, or
         more of the aggregate Invested Amount of the Class A Notes then
         outstanding. The Note Trust Deed contains provisions limiting the
         powers of the Class A Noteholders, among other things, to request or
         direct the Note Trustee to take any action or to pass an effective
         Extraordinary Resolution according to the effect thereof on the
         interests of the Class A Noteholders. Except in certain circumstances,
         the Note Trust Deed imposes no such limitations on the powers of the
         Class A Noteholders, the exercise of which will be binding on the Class
         A Noteholders, irrespective of the effect on their interests. An
         Extraordinary Resolution passed at any meeting of Class A Noteholders
         shall be binding on all Class A Noteholders, whether or not they are
         present at the meeting, and on all Couponholders. The majority

--------------------------------------------------------------------------------
                                                                         Page 84
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         required for an Extraordinary Resolution shall be 75% of the votes cast
         in respect of that Extraordinary Resolution.

         The Note Trust Deed permits the Note Trustee, the Manager and the
         Trustee to, following the giving of not less than 10 Business Days'
         notice to each Designated Rating Agency, alter, add to or modify, by
         way of supplemental deed, the Note Trust Deed (including the meeting
         and amendment provisions), the Conditions (subject to the proviso more
         fully described in clause 37.2 of the Note Trust Deed or any other
         terms of that deed or the Conditions to which it refers) or any
         Transaction Document so long as that alteration, addition or
         modification is:

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

         o     in the opinion of the Note Trustee necessary to comply with the
               provisions of any law or regulation or with the requirements of
               any Government Agency;

         o     in the opinion of the Note Trustee appropriate or expedient as a
               consequence of a change to any law or regulation or a change in
               the requirements of any Government Agency (including, but not
               limited to, an alteration, addition or modification which is in
               the opinion of the Note Trustee appropriate or expedient as a
               consequence of the enactment of a law or regulation or an
               amendment to any law or regulation or ruling by the Commissioner
               or Deputy Commissioner of Taxation or any governmental
               announcement or statement, in any case which has or may have the
               effect of altering the manner or basis of taxation of trusts
               generally or of trusts similar to the Trust); or

         o     in the opinion of the Note Trustee not materially prejudicial to
               the interests of the Class A Noteholders as a whole,

         and is undertaken in a manner and to the extent, permitted by the
         Transaction Documents.

         Where, in the opinion of the Note Trustee, a proposed alteration,
         addition or modification to this deed, other than an alteration,
         addition or modification referred to above, is materially prejudicial
         or likely to be materially prejudicial to the interests of Class A
         Noteholders as a whole or any Class of Class A Noteholders, the Note
         Trustee, the Manager and the Trustee may make that alteration, addition
         or modification only if sanctioned in writing by holders of at least
         75% of the aggregate Invested Amount of the Class A Notes.

         The Note Trustee may also, in accordance with the Note Trust Deed and
         without the consent of the Class A Noteholders or the Couponholders
         (but not in contravention of an Extraordinary Resolution), waive or
         authorise any breach or proposed breach of the Class A Notes (including
         these Conditions) or any Transaction Document or determine that any
         Event of Default or any condition, event or act which with the giving
         of notice and/or lapse of time and/or the issue of a certificate would
         constitute an Event of Default shall not, or shall not subject to
         specified conditions, be treated as such. Any such modification,
         waiver, authorisation or determination shall be binding on the Class A
         Noteholders and the Couponholders and, if, but only if, the Note
         Trustee so requires, any such modification shall

--------------------------------------------------------------------------------
                                                                         Page 85
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

         be notified to the Class A Noteholders in accordance with Condition 12
         as soon as practicable.

         The Manager shall distribute to all Class A Noteholders and the
         Designated Rating Agencies a copy of any amendments made in accordance
         with the procedure described in that clause 19 of the Note Trust Deed
         and under the relevant Condition 12 as soon as reasonably practicable
         after the amendment has been made.

         Any amendment made will be binding on Noteholders and shall conform to
         the requirements of the TIA as then in effect so long as the Note Trust
         Deed shall be qualified under the TIA.

14.      INDEMNIFICATION AND EXONERATION OF THE NOTE TRUSTEE AND THE SECURITY
         TRUSTEE
--------------------------------------------------------------------------------

         (a)   The Note Trust Deed and the Security Trust Deed contain
               provisions for the indemnification of the Note Trustee and the
               Security Trustee (respectively) and for their relief from
               responsibility, including provisions relieving them from taking
               proceedings to realise the security and to obtain repayment of
               the Class A Notes unless indemnified to their satisfaction. Each
               of the Note Trustee and the Security Trustee is entitled to enter
               into business transactions with the Issuer and/or any other party
               to the Transaction Documents without accounting for any profit
               resulting from such transactions. Except in the case of
               negligence, fraud or breach of trust (in the case of the Security
               Trustee) or negligence, fraud, default or breach of trust (in the
               case of the Note Trustee), neither the Security Trustee nor the
               Note Trustee will be responsible for any loss, expense or
               liability which may be suffered as a result of any assets secured
               by the Security Trust Deed, Mortgaged Property or any deeds or
               documents of title thereto, being uninsured or inadequately
               insured or being held by or to the order of the Servicer or any
               of its affiliates or by clearing organisations or their operators
               or by any person on behalf of the Note Trustee if prudently
               chosen in accordance with the Transaction Documents.

         (b)   Where the Note Trustee is required to express an opinion or make
               a determination or calculation under the Transaction Documents,
               the Note Trustee may appoint or engage such independent advisers
               as the Note Trustee reasonably requires to assist in the giving
               of that opinion or the making of that determination or
               calculation and any reasonable costs and expenses payable to
               those advisers will be reimbursed to the Note Trustee by the
               Issuer or if another person is expressly stated in the relevant
               provision in a Transaction Document, that person.

15.      LIMITATION OF LIABILITY OF THE ISSUER
--------------------------------------------------------------------------------

         (a)   GENERAL

               Clause 30 of the Master Trust Deed applies to the obligations and
               liabilities of the Issuer in relation to the Class A Notes.

         (b)   LIABILITY OF ISSUER LIMITED TO ITS RIGHT OF INDEMNITY

--------------------------------------------------------------------------------
                                                                         Page 86
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               (i)    The Issuer enters into the Transaction Documents and
                      issues the Notes only in its capacity as trustee of the
                      Trust and in no other capacity (except where the
                      Transaction Documents provide otherwise). Subject to
                      paragraph (iii) below, a liability arising under or in
                      connection with the Transaction Documents or the Trust can
                      be enforced against the Issuer only to the extent to which
                      it can be satisfied out of the assets and property of the
                      Trust which are available to satisfy the right of the
                      Issuer to be exonerated or indemnified for the liability.
                      This limitation of the Issuer's liability applies despite
                      any other provision of the Transaction Documents and
                      extends to all liabilities and obligations of the Issuer
                      in any way connected with any representation, warranty,
                      conduct, omission, agreement or transaction related to the
                      Transaction Documents or the Trust.

               (ii)   Subject to paragraph (iii) below, no person (including any
                      Relevant Party) may take action against the Issuer in any
                      capacity other than as trustee of the Trust or seek the
                      appointment of a receiver (except under the Security Trust
                      Deed), or a liquidator, an administrator or any similar
                      person to the Issuer or prove in any liquidation,
                      administration or arrangement of or affecting the Issuer.

               (iii)  The provisions of this Condition 15 shall not apply to any
                      obligation or liability of the Issuer to the extent that
                      it is not satisfied because under a Transaction Document
                      or by operation of law there is a reduction in the extent
                      of the Issuer's indemnification or exoneration out of the
                      assets of the Trust as a result of the Issuer's fraud,
                      negligence or Default.

               (iv)   It is acknowledged that the Relevant Parties are
                      responsible under the Transaction Documents for performing
                      a variety of obligations relating to the Trust. No act or
                      omission of the Issuer (including any related failure to
                      satisfy its obligations under the Transaction Documents)
                      will be considered fraud, negligence or Default of the
                      Issuer for the purpose of paragraph (iii) of this
                      Condition 15 to the extent to which the act or omission
                      was caused or contributed to by any failure by any
                      Relevant Party or any person who has been delegated or
                      appointed by the Issuer in accordance with the Transaction
                      Documents to fulfil its obligations relating to the Trust
                      or by any other act or omission of a Relevant Party or any
                      such person.

               (v)    In exercising their powers under the Transaction
                      Documents, each of the Issuer, the Security Trustee and
                      the Noteholders must ensure that no attorney, agent,
                      delegate, receiver or receiver and manager appointed by it
                      in accordance with a Transaction Document has authority to
                      act on behalf of the Issuer in a way which exposes the
                      Issuer to any personal liability and no act or omission of
                      any such person will be considered fraud, negligence or
                      Default of the Issuer for the purpose of paragraph (iii).

               (vi)   In this Condition 15, RELEVANT PARTIES means each of the
                      Manager, the Servicer, the Calculation Agent, each Paying
                      Agent, the Note Registrar, the

--------------------------------------------------------------------------------
                                                                         Page 87
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

                      Note Trustee, the Custodian, the Basis Swap Provider, the
                      Fixed-Floating Rate Swap Provider and the Currency Swap
                      Provider.

               (vii)  In this Condition 15, DEFAULT means a failure by the
                      Issuer to comply with an obligation which is expressly
                      imposed on it by the terms of a Transaction Document or a
                      written direction given by the Manager in accordance with
                      a Transaction Document (and in terms which are consistent
                      with the requirements of the Transaction Documents) in
                      circumstances where the Transaction Documents require or
                      contemplate that the Issuer will comply with that
                      direction; in each case within any period of time
                      specified in, or contemplated by, the relevant Transaction
                      Document for such compliance. However, it will not be the
                      Default of the Issuer if the Issuer does not comply with
                      an obligation or direction where the Note Trustee or the
                      Security Trustee directs the Issuer not to comply with
                      that obligation or direction.

               (viii) Nothing in this clause limits the obligations expressly
                      imposed on the Issuer under the Transaction Documents.

16.      GOVERNING LAW
--------------------------------------------------------------------------------

         Except for:

         (a)   the Currency Swap which is governed by New York law; and

         (b)   the administration of the Trust (as defined in the Note Trust
               Deed), including the exercise of the Note Trustee's powers under
               clause 13 of the Note Trust Deed, which are both governed by the
               law of New York and in the event of any inconsistency between the
               operation of the law of New South Wales, Australia and the law of
               New York in respect of the application of those powers, the law
               of New York will prevail to the extent of the inconsistency,

         the Class A Notes and the Relevant Documents are governed by, and shall
         be construed in accordance with, the laws of New South Wales,
         Australia.

--------------------------------------------------------------------------------
                                                                         Page 88
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

               SUMMARY OF PROVISIONS RELATING TO THE CLASS A NOTES
                            WHILE IN BOOK-ENTRY FORM

Each Class of the Class A Notes will initially be represented by typewritten
book-entry notes (the BOOK-ENTRY NOTES), without coupons, in the principal
amount of US$[*]. The Book-Entry Notes will be deposited with the Common
Depositary for DTC on or about the Closing Date. Upon deposit of the Book-Entry
Notes with the Common Depositary, DTC will credit each investor in the Class A
Notes with a principal amount of Class A Notes for which it has subscribed and
paid.

The Book-Entry Note will be exchangeable for definitive Class A Notes in certain
circumstances described below.

Each person who is shown in the Note Register as the holder of a particular
principal amount of Class A Notes will be entitled to be treated by the Issuer
and the Note Trustee as a holder of such principal amount of Class A Notes and
the expression Class A Noteholder shall be construed accordingly, but without
prejudice to the entitlement of the holder of the Book-Entry Note to be paid
principal and interest thereon in accordance with its terms. Such persons shall
have no claim directly against the Issuer in respect of payment due on the Class
A Notes for so long as the Class A Notes are represented by a Book-Entry Note
and the relevant obligations of the Issuer will be discharged by payment to the
registered holder of the Book-Entry Note in respect of each amount so paid.

(a)      PAYMENTS

Interest and principal on each Book-Entry Note will be payable by the Principal
Paying Agent to the Common Depositary.

Each of the persons appearing from time to time as the beneficial owner of a
Class A Note will be entitled to receive any payment so made in respect of that
Class A Note in accordance with the respective rules and procedures of DTC. Such
persons will have no claim directly against the Issuer in respect of payments
due on the Class A Notes which must be made by the holder of the relevant
Book-Entry Note, for so long as such Book-Entry Note is outstanding.

A record of each payment made on a Book-Entry Note, distinguishing between any
payment of principal and any payment of interest, will be recorded in the Note
Register by the Principal Paying Agent and such record shall be prima facie
evidence that the payment in question has been made.

(b)      EXCHANGE

The Book-Entry Note will be exchangeable for definitive Class A Notes only if:

(i)     the Trust Manager advises the Principal Paying Agent in writing that the
        Clearing Agency is no longer willing or able properly to discharge its
        responsibilities with respect to the Class A Notes or the Clearing
        Agency ceases to carry on business, and the Trust Manager is unable to
        located a qualified successor;

(ii)    the Issuer, at the direction of the Trust Manager (at the Trust
        Manager's option) advises the Principal Paying Agent in writing that the
        book entry system through the Clearing Agency is or is to be terminated;
        or

--------------------------------------------------------------------------------
                                                                         Page 89
<PAGE>

NOTE TRUST DEED                                           Allens Arthur Robinson

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

(iii)   after the occurrence of an Event, of Default the Class A Note Owner's
        representing beneficial interests aggregating to at least a majority of
        the aggregate Invested Amount of the Class A Notes advise the Principal
        Paying Agent and Issuer through the Clearing Agency in writing that the
        continuation of a book entry system through the Clearing Agency is no
        longer in the best interest of the Note Owners,

(iv)    then the Principal Paying Agent shall notify all Class A Note Owners and
        the Issuer of the occurrence of any such event and of the availability
        of Definitive Notes to Class A Note Owners requesting the same. Upon the
        surrender of the Book-Entry Notes to the Issuer by the Clearing Agency,
        and the delivery by the Clearing Agency of the relevant registration
        instructions to the Issuer, the Issuer shall execute and procure the
        Principal Paying Agent to authenticate the Definitive Notes in
        accordance with the instructions of the Clearing Agency.

(c)     NOTICES

So long as the Notes are represented by the Book-Entry Note and the same is/are
held on behalf of the Clearing Agency, notices to Class A Noteholders may be
given by delivery of the relevant notice to the Clearing Agency for
communication by them to entitled account holders in substitution for delivery
to each Class A Noteholder as required by the Conditions.

(d)     CANCELLATION

Cancellation of any Class A Note required by the Conditions will be effected by
reduction in the principal amount of the relevant Book-Entry Note.

--------------------------------------------------------------------------------
                                                                         Page 90

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]