Document:

<PAGE>

                                                           Draft: 23 August 2000
--------------------------------------------------------------------------------

                                                                      EXHIBIT4.4

The Bank of New York, New York Branch
Class A-1 Note Trustee

Securitisation Advisory Services Pty. Limited
ACN 064 133 946
Manager

Perpetual Trustee Company Limited
ACN 000 001 007
Issuer

Series 2000-2G Medallion Trust
Class A-1 Note Trust Deed

       Levels 23-35  No 1 O'Connell Street Sydney  NSW  2000  Australia
           PO Box H3 Australia Square Sydney NSW 1215  DX 370 Sydney
                  Tel + 61 2 9353 4000 Fax  + 61 2 9251 7832
             Our ref - 174/642/1545256  Contact - Edward Nicholas

           Sydney . Melbourne . Brisbane . Perth . Canberra . Darwin

Liability is limited by the Solicitors Scheme under the Professional Standards
                                 Act 1994 NSW
<PAGE>

Table of Contents
<TABLE>
<S>                                                                                             <C>
 1.      Definitions and interpretation......................................................   2
 --      ------------------------------
         1.1  Definitions....................................................................   2
         ---  -----------
         1.2  Series Supplement and Master Trust Deed definitions............................   5
         ---  ---------------------------------------------------
         1.3  Interpretation.................................................................   5
         ---  --------------
         1.4  Issuer's capacity..............................................................   7
         ---  -----------------
         1.5  Benefit of Covenants under this Deed...........................................   8
         ---  ------------------------------------
         1.6  Obligations several............................................................   8
         ---  ------------------------------------
         1.7  Incorporated definitions and other provisions..................................   8
         ---  ---------------------------------------------
         1.8  Interpretation of provisions incorporated from TIA.............................   8
         ---  --------------------------------------------------
 2.      The Class A-1 Trust.................................................................   9
 --      -------------------
         2.1  Appointment of Class A-1 Note Trustee..........................................   9
         ---  -------------------------------------
         2.2  Declaration of Class A-1 Trust.................................................   9
         ---  ------------------------------
         2.3  Duration of Class A-1 Trust....................................................   9
         ---  ---------------------------
         2.4  Benefit of Class A-1 Trust.....................................................   9
         ---  --------------------------
         2.5  Interested persons bound.......................................................   9
         ---  ------------------------
 3.      Amount, form and issue of Class A-1 Notes...........................................   9
 --      -----------------------------------------
         3.1  Aggregate amount and denomination..............................................   9
         ---  ---------------------------------
         3.2  Description and Form of Class A-1 Notes........................................   9
         ---  ---------------------------------------
         3.3  Initial Issue as Book-Entry Notes..............................................  10
         ---  ---------------------------------
         3.4  Issue of Class A-1 Definitive Notes............................................  11
         ---  -----------------------------------
         3.5  Indemnity for non-issue of Class A-1 Definitive Notes..........................  12
         ---  -----------------------------------------------------
 4.      Class A-1 Note Register.............................................................  12
 --      -----------------------
         4.1  Maintenance of Class A-1 Note Registrar........................................  12
         ---  ---------------------------------------
         4.2  Provision of Class A-1 Noteholder Information..................................  12
         ---  ---------------------------------------------
         4.3  Class A-1 Note Register conclusive.............................................  12
         ---  ----------------------------------
 5.      Representations and warranties......................................................  13
 --      ------------------------------
         5.1  By the Issuer..................................................................  13
         ---  -------------
         5.2  By the Manager.................................................................  13
         ---  --------------
         5.3  By the Class A-1 Note Trustee..................................................  14
         ---  -----------------------------
 6.      Covenants by Issuer and Manager.....................................................  15
 --      -------------------------------
         6.1  Covenant to Pay................................................................  15
         ---  ---------------
         6.2  Covenant of Compliance.........................................................  15
         ---  ----------------------
         6.3  Other covenants................................................................  16
         ---  ---------------
         6.4  Covenants between Issuer and Manager...........................................  18
         ---  ------------------------------------
 7.      Enforcement.........................................................................  18
 --      -----------
         7.1  Notice Following an Event of Default or Potential Event of Default.............  18
         ---  ------------------------------------------------------------------
         7.2  Restrictions on enforcement....................................................  19
         ---  ---------------------------
         7.3  Class A-1 Note Trustee may enforce.............................................  19
         ---  ----------------------------------
         7.4  Class A-1 Note Trustee alone may enforce.......................................  20
         ---  ----------------------------------------
 8.      Class A-1 Note Trustee's powers, protections etc....................................  20
 --      ------------------------------------------------
         8.1  Class A-1 Note Trustee's additional powers, protections, etc...................  20
         ---  ------------------------------------------------------------
         8.2  Waivers........................................................................  26
         ---  -------
         8.3  Class A-1 Note Trustee's liability.............................................  26
         ---  ----------------------------------
         8.4  Dealings with Series Trust.....................................................  26
         ---  --------------------------
         8.5  Delegation of duties of Class A-1 Note Trustee.................................  27
         ---  ----------------------------------------------
</TABLE>

                                                                               i
<PAGE>

<TABLE>
<S>                                                                                              <C>
         8.6    Related Body Corporate of the Class A-1 Note Trustee...........................  27
         ---    ----------------------------------------------------
 9.      Duties of the Class A-1 Note Trustee..................................................  27
 --      ------------------------------------
         9.1    Class A-1 Note Trustee's general duties........................................  27
         ---    ---------------------------------------
         9.2    Duties of the Class A-1 Note Trustee prior to Event of Default.................  27
         ---    --------------------------------------------------------------
         9.3    Duties of the Class A-1 Note Trustee following an Event of Default.............  28
         ---    ------------------------------------------------------------------
         9.4    Certain limitations of liability where acting in good faith....................  28
         ---    -----------------------------------------------------------
         9.5    Class A-1 Note Trustee not relieved of liability for negligence etc............  28
         ---    -------------------------------------------------------------------
         9.6    Preferred collection of claims against Issuer..................................  28
         ---    ---------------------------------------------
         9.7    Compliance with Section 310 of TIA.............................................  28
         ---    ----------------------------------
         9.8    Voting at meetings under Master Trust Deed or Security Trust Deed..............  29
         ---    -----------------------------------------------------------------
         9.9    Transaction Documents..........................................................  29
         ---    ---------------------
10.      Application of moneys.................................................................  29
---      ---------------------
         10.1   Moneys received................................................................  29
         ---    ---------------
         10.2   Investment of moneys held......................................................  29
         ----   -------------------------
11.      Continuing security and releases......................................................  29
---      --------------------------------
         11.1   Issuer's liability not affected................................................  29
         ----   -------------------------------
         11.2   Waiver by Issuer...............................................................  30
         ----   ----------------
12.      Remuneration and expenses of Class A-1 Note Trustee...................................  30
---      ---------------------------------------------------
         12.1   Payment of fee.................................................................  30
         ----   --------------
         12.2   Payment of expenses............................................................  30
         ----   -------------------
         12.3   Additional duties..............................................................  31
         ----   -----------------
         12.4   Dispute as to additional duties................................................  31
         ----   -------------------------------
         12.5   Currency and VAT...............................................................  31
         ----   ----------------
         12.6   No other fees or expenses......................................................  31
         ----   ------------------------
         12.7   Issuer personally liable for fees..............................................  31
         ----   ---------------------------------
         12.8   Timing of payments.............................................................  31
         ----   ------------------
         12.9   Non-discharge..................................................................  32
         ----   -------------
13.      Additional Class A-1 Note Trustees....................................................  32
---      ----------------------------------
         13.1   Appointment and removal........................................................  32
         ----   -----------------------
         13.2   Joint exercise of powers.......................................................  32
         ----   ------------------------
         13.3   Notice.........................................................................  33
         ----   ------
14.      Retirement or removal of Class A-1 Note Trustee.......................................  33
---      -----------------------------------------------
         14.1   Retirement of Class A-1 Note Trustee...........................................  33
         ----   ------------------------------------
         14.2   Removal by Manager.............................................................  33
         ----   ------------------
         14.3   Class A-1 Note Trustee may retire..............................................  33
         ----   ---------------------------------
         14.4   Appointment of Substitute Class A-1 Note Trustee by Class A-1 Noteholders......  34
         ----   -------------------------------------------------------------------------
         14.5   Release of Class A-1 Note Trustee..............................................  34
         ----   ---------------------------------
         14.6   Vesting of Class A-1 Trust Fund in Substitute Class A-1 Note Trustee...........  34
         ----   --------------------------------------------------------------------
         14.7   Substitute Class A-1 Note Trustee to Execute Deed..............................  34
         ----   -------------------------------------------------
         14.8   Rating Agencies Advised........................................................  34
         ----   -----------------------
         14.9   Retention of Lien..............................................................  35
         ----   -----------------
         14.10  Issuer and Manager Cannot be Appointed.........................................  35
         -----  --------------------------------------
         14.11  No Limitation of TIA...........................................................  35
         -----  -------------------
</TABLE>

                                                                              ii
<PAGE>

<TABLE>
<S>                                                                                             <C>
15.      Amendment............................................................................  35
---      ---------
         15.1  Amendment by Class A-1 Note Trustee............................................  35
         ----  -----------------------------------
         15.2  Amendments Requiring Consent of all Class A-1 Noteholders......................  36
         ----  ---------------------------------------------------------
         15.3  Compliance with TIA............................................................  36
         ----  -------------------
         15.4  No Rating Agency downgrade.....................................................  36
         ----  --------------------------
         15.5  Distribution of amendments.....................................................  36
         ----  --------------------------
         15.6  Amendments binding on Class A-1 Noteholders....................................  36
         ----  -------------------------------------------
16.      Reports..............................................................................  36
---      -------
         16.1  Reports by Class A-1 Note Trustee..............................................  36
         ----  ---------------------------------
         16.2  Reports by Issuer..............................................................  37
         ----  -----------------
         16.3  Restricted securities..........................................................  37
         ----  ---------------------
17.      Currency indemnity...................................................................  38
---      ------------------
         17.1  Improper currency receipts.....................................................  38
         ----  --------------------------
         17.2  Currency indemnity.............................................................  38
         ----  -----------------
         17.3  Failure to pay proper currency.................................................  38
         ----  -----------------------------
18.      Expenses and stamp duties............................................................  38
---      -------------------------
         18.1  Expenses.......................................................................  38
         ----  --------
         18.2  Stamp duties and other taxes...................................................  39
         ----  ----------------------------
19.      Trust Indenture Act..................................................................  39
---      -------------------
         19.1  Certificates and opinions......................................................  39
         ----  -------------------------
         19.2  Undertaking for costs..........................................................  40
         ----  ---------------------
         19.3  Exclusion of section 316(a)(1).................................................  41
         ----  ------------------------------
         19.4  Unconditional rights of Class A Noteholders to receive principal and interest..  41
         ----  -----------------------------------------------------------------------------
         19.5  Conflict with Trust Indenture Act..............................................  41
         ----  ---------------------------------
20.      Governing law and jurisdiction.......................................................  41
---      ------------------------------
         20.1  Governing law..................................................................  41
         ----  -------------
         20.2  Jurisdiction...................................................................  41
         ----  ------------
21.      Notices..............................................................................  41
---      -------
         21.1  Method of delivery.............................................................  41
         ----  ------------------
         21.2  Deemed receipt.................................................................  42
         ----  --------------
         21.3  Notices to Class A-1 Noteholders...............................................  42
         ----  --------------------------------
         21.4  Notices from Class A-1 Noteholders.............................................  42
         ----  ----------------------------------
         21.5  Issuer and Manager.............................................................  43
         ----  ------------------
22.      Issuer's limited liability...........................................................  43
---      --------------------------
         22.1  Limitation on Issuer's Liability...............................................  43
         ----  --------------------------------
         22.2  Claims against Issuer..........................................................  43
         ----  --------------------
         22.3  Breach of trust................................................................  43
         ----  ---------------
         22.4  Acts or omissions..............................................................  44
         ----  -----------------
         22.5  No authority...................................................................  44
         ----  ------------
         22.6  No obligation..................................................................  44
         ----  -------------
23.      Miscellaneous........................................................................  44
---      -------------
         23.1  Assignment by Issuer...........................................................  44
         ----  --------------------
         23.2  Assignment by Manager..........................................................  44
         ----  ---------------------
         23.3  Assignment by Class A-1 Note Trustee...........................................  44
         ----  ------------------------------------
         23.4  Certificate of Class A-1 Note Trustee..........................................  44
         ----  -------------------------------------
         23.5  Continuing obligation..........................................................  44
         ----  ---------------------
</TABLE>

                                                                             iii
<PAGE>

<TABLE>
<S>                                                                                              <C>
         23.6   Settlement conditional.........................................................  45
         ----   ----------------------
         23.7   Interest on judgment...........................................................  45
         ----   --------------------
         23.8   Severability of provisions.....................................................  45
         ----   --------------------------
         23.9   Remedies cumulative............................................................  45
         ----   -------------------
         23.10  Waiver.........................................................................  45
         -----  ------
         23.11  Written waiver, consent and approval...........................................  45
         -----  ------------------------------------
         23.12  Time of essence................................................................  45
         -----  ---------------
         23.13  Moratorium legislation.........................................................  45
         -----  ----------------------
         23.14  Binding on each signatory......................................................  46
         -----  -------------------------
         23.15  Counterparts...................................................................  46
         -----  ------------
Schedule 1 Form of Class A-1 Note..............................................................  48
---------------------------------
Schedule 2 Form of Class A-1 Note Conditions...................................................  54
--------------------------------------------
</TABLE>

                                                                              iv
<PAGE>

Trust Indenture Act - Cross Reference Table

This Cross Reference Table does not, for any purpose, form part of this Class A-
1 Note Trust Deed.  "N.A." means not applicable.

Trust indenture act section                     Clause Reference
310 (a) (1)                                     5.3(h), 9.7, 14.2, 14.3, 14.4
    (a) (2)                                     9.7
    (a) (3)                                     13.2
    (a) (4)                                     N.A.
    (a) (5)                                     14.10
    (b)                                         9.7(c), 14.11
    (c)                                         N.A.
311 (a)                                         9.6
    (b)                                         9.6
    (c)                                         N.A.
312 (a)                                         4.2(a), 4.2(b)
    (b)                                         4.2(b)
    (c)                                         4.2(c)
313 (a)                                         16.1
    (b)(1)                                      16.1
    (b)(2)                                      16.1, 21.3
    (c)                                         16.1
    (d)                                         16.1
314 (a)(1)                                      16.2(a)
    (a)(2)                                      16.2(b)
    (a)(3)                                      16.2(c)
    (a)(4)                                      6.3(c)
    (b)                                         6.3(i)
    (c)                                         19.1(a)
    (d)                                         19.1(b)
    (e)                                         19.1(c)
    (f)                                         N.A.
315 (a)                                         9.2
    (b)                                         7.1(a)
    (c)                                         9.3
    (d)                                         9.5, 8.1(e)
    (e)                                         19.2
316 (a)(1)                                      19.3(a)
    (a)(2)                                      15.2(b)
    (b)                                         19.4
    (c)                                         21.4
317 (a)(1)                                      7.3
    (a)(2)                                      7.3
    (b)                                         6.3(j)
318 (a)                                         19.5

                                                                               1
<PAGE>

This Class A-1 Note Trust Deed made at         on

Parties      The Bank of New York, New York Branch, a New York banking
             corporation acting through its New York Branch at 101 Barclay
             Street, 21W, New York, New York, 10286 (hereinafter included in the
             expression the "Class A-1 Note Trustee")

             Securitisation Advisory Services Pty. Limited, ACN 064 133 946, a
             company incorporated in the State of New South Wales and having an
             office at Level 8, 48 Martin Place, Sydney, Australia (hereinafter
             included by incorporation in the expression the "Manager")

             Perpetual Trustee Company Limited, ACN 000 001 007, a company
             incorporated in the State of New South Wales and having an office
             at Level 3, 39 Hunter Street, Sydney, Australia in its capacity as
             trustee of the Series Trust (as hereinafter defined) (hereinafter
             included in the expression the "Issuer")

Recitals

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

B.   The Issuer proposes to issue, at the direction of the Manager, securities,
     including the Class A-1 Notes to be constituted, issued and authenticated
     pursuant to this Deed.

C.   The Class A-1 Note Trustee has agreed to act as trustee for the benefit of
     the Class A-1 Noteholders on the terms of this Deed.

D.   This Deed is an indenture qualified under, and subject to the mandatory
     provisions of, the Trust Indenture Act 1939 of the United States of
     America, which are incorporated by reference in and made part of this Deed.

This deed provides

________________________________________________________________________________
1.   Definitions and interpretation

1.1  Definitions

     In this Deed, unless the contrary intention appears:

     "Additional Note Trustee" means each person from time to time appointed
     under clause 13.1 to act as a co-trustee with the Class A-1 Note
     Trustee.

     "Agent" has the same meaning as in the Agency Agreement.

     "Authorised Officer" means:

     in relation to the Class A-1 Note Trustee, a responsible officer of the
             Corporate Trust Administration department of the Class A-1 Note
             Trustee;

     in relation to the Issuer, an Authorised Officer of the Issuer for the
             purposes of the Master Trust Deed; and

     in relation to the Manager, an Authorised Officer of the Manager for the
             purposes of the Master Trust Deed.

     "Charge" has the same meaning as in the Security Trust Deed.

     "Charge Release Date" has the same meaning as in the Security Trust Deed.

     "Charged Property" has the same meaning as in the Security Trust Deed.

                                                                               2
<PAGE>

     "Class A-1 Book-Entry Note" means a Class A-1 Note issued or to be issued,
     as the case may be, by the Issuer in accordance with clause 3.3(a) to
     the Depository or its nominee or subsequently transferred to a replacement
     Depositary or its nominee.

     "Class A-1 Definitive Note" means a Class A-1 Note issued or to be issued,
     as the case may be, by the Issuer in accordance with clause 3.4.

     "Class A-1 Note" means a debt security issued by the Issuer, in its
     capacity as trustee of the Series Trust, pursuant to the provisions of this
     Deed (whether as a Class A-1 Book-Entry Note or a Class A-1 Definitive
     Note).

     "Class A-1 Note Owner" means, with respect to a Class A-1 Book-Entry Note,
     the person who is the beneficial owner of such Class A-1 Book-Entry Note,
     as reflected in the books of the Depository or in the books of a person
     maintaining an account with the Depository (directly as a Clearing Agency
     Participant or as an indirect participant, in each case in accordance with
     the rules of the Depository).

     "Class A-1 Note Register" has the same meaning as in the Agency Agreement.

     "Class A-1 Note Registrar" has the same meaning as in the Agency
     Agreement.

     "Class A-1 Note Trustee" means the Bank of New York, New York Branch or if
     the Bank of New York, New York Branch retires or is removed as Class A-1
     Note Trustee, any then Substitute Class A-1 Note Trustee.

     "Class A-1 Noteholder" in relation to a Class A-1 Note at any given time
     means the person then appearing in the Class A-1 Note Register as the
     holder of the Class A-1 Note.

     "Clearing Agency Participant" means a broker, dealer, bank, other financial
     institution or other person for whom from time to time the Depository
     effects book-entry transfers and pledges of securities deposited with the
     Depository.

     "Class A-1 Trust" means the trust established under clause 2.2 of this
     Deed.

     "Class A-1 Trust Fund" means:

     (a)  the Class A-1 Note Trustee's rights, remedies and powers under this
          Deed, the Security Trust Deed and each other Transaction Document to
          which the Class A-1 Note Trustee is expressed to be a party;

     (b)  the Class A-1 Note Trustee's right, title and interest as beneficiary
          of the Security Trust; and

     (c)  any other property and benefits which the Class A-1 Note Trustee holds
          on trust for the Class A-1 Noteholders under this Deed.

     "Commission" means the Securities and Exchange Commission of the United
     States of America, as from time to time constituted, created under the
     Exchange Act, or if at any time after the execution of this Deed that
     Commission is not existing and performing the duties now assigned to it
     under the TIA, then the body performing those duties.

     "Counsel's Opinion" means one or more written opinions of legal counsel
     (who may, except as otherwise expressly provided in this Deed, be employees
     or counsel of the Issuer or the Manager) acceptable to the Class A-1 Note
     Trustee which:

     (a)  are addressed to the Class A-1 Note Trustee (and which may also be
          addressed to other persons);

                                                                               3
<PAGE>

     (b)  are in a form satisfactory to, and are subject to such qualifications
          and assumptions as are acceptable to, the Class A-1 Note Trustee; and

     (c)  comply, where applicable, with the TIA,

     and which state, in the opinion of the legal counsel, the matter to be
     opined upon.

     "DTC Letter of Representations" means the DTC Letter of Representations
     dated [ ] 2000 between the Issuer, the Principal Paying Agent and The
     Depository Trust Company, as the initial Depository, as amended from time
     to time.

     "Eligible Trust Corporation" means any person eligible for appointment as
     an institutional trustee under an indenture to be qualified pursuant to the
     TIA as prescribed in section 310(a) of the TIA.

     "Event of Default" has the meaning ascribed to that term in the Security
     Trust Deed.

     "Exchange Act" means the Securities Exchange Act of 1934 of the United
     States of America.

     "Interested Persons" means a collective reference to the Issuer, the Class
     A-1 Noteholders, the Class A-1 Note Owners, the Manager and all persons
     claiming through them and "Interested Person" means a several reference to
     all Interested Persons.

     "Issuer" means Perpetual Trustee Company Limited or if Perpetual Trustee
     Company Limited retires or is removed as trustee of the Series Trusts (as
     defined in the Master Trust Deed), any then Substitute Trustee and includes
     the Manager when acting as the Trustee in accordance with the terms of the
     Master Trust Deed.

     "Majority" in relation to the Class A-1 Noteholders means Class A-1
     Noteholders holding Class A-1 Notes with an Invested Amount of greater than
     50% of the aggregate Invested Amount of all the Class A-1 Notes.

     "Master Trust Deed" means the Master Trust Deed dated 8 October 1997 and
     made between the Issuer and the Manager, as amended from time to time.

     "Payment Modification" means any alteration, addition or revocation of any
     provision of this Deed, the Class A-1 Notes (including the Class A-1 Note
     Conditions), the Master Trust Deed to the extent that it applies to the
     Series Trust, the Series Supplement or the Security Trust Deed which
     modifies:

     (a)  the amount, timing, place, currency or manner of payment of principal
          or interest in respect of the Class A-1 Notes including, without
          limitation, any modification to the Stated Amount, Invested Amount,
          interest rate or maturity date of the Class A-1 Notes or to clause 10
          of the Series Supplement, conditions 6.9 and 7.2 of the Class A-1
          Note Conditions or clause 13 of the Security Trust Deed or which would
          impair the rights of Class A-1 Noteholders to institute suit for
          enforcement of such payment on or after the due date for such payment;

     (b)  the definition of the term "Special Majority" in this clause 1.1,
          clause 21.4 of this Deed or the circumstances in which the consent
          or direction of a Special Majority of Class A-1 Noteholders is
          required ;

     (c)  clause 6.1(a) of the Security Trust Deed; or

     (d)  the requirements for altering, adding to or revoking any provision of
          the Class A-1 Note Trust Deed or the Class A-1 Notes (including the
          Class A-1 Note Conditions).

     "Potential Event of Default" means any event which, with the giving of
     notice or the lapse of time or both, would constitute an Event of Default.

                                                                               4
<PAGE>

     "Secured Creditor" has the same meaning as in the Security Trust Deed.

     "Security Trust" has the same meaning as in the Security Trust Deed.

     "Series Supplement" means the Series Supplement dated [31 August] 2000
     between the Commonwealth Bank of Australia ACN 123 123 124, the Manager
     and the Issuer.

     "Series Trust" means the trust known as the Series 2000-2G Medallion Trust
     established pursuant to the Master Trust Deed and the Series Supplement.

     "Special Majority" in relation to the Class A-1 Noteholders means Class A-1
     Noteholders holding Class A-1 Notes with an aggregate Invested Amount of no
     less than 75% of the aggregate Invested Amount of all the Class A-1 Notes.

     "Statute" means any legislation now or hereafter in force of the Parliament
     of the Commonwealth of Australia or of any State or Territory thereof or of
     any legislative body of any other country or political subdivision thereof
     and any rule regulation ordinance by-law statutory instrument order or
     notice now or hereafter made under such legislation.

     "Substitute Class A-1 Note Trustee" means at any given time means the
     entity then appointed as Class A-1 Note Trustee under clause 14.

     "TIA" means the Trust Indenture Act of 1939 of the United States of America
     as in force at the date of this Deed, or, if this Deed is first qualified
     under the Trust Indenture Act after the issue of Class A-1 Notes, as in
     force at the date of such qualification.

     "Voting Secured Creditors" has the same meaning as in the Security Trust
     Deed.

1.2  Series Supplement and Master Trust Deed definitions

     Subject to clause 1.7, unless defined in this Deed, words and phrases
     defined in either or both of the Master Trust Deed and the Series
     Supplement have the same meaning in this Deed. Where there is any
     inconsistency in a definition between this Deed (on the one hand) and the
     Master Trust Deed or the Series Supplement (on the other hand), this Deed
     prevails. Where there is any inconsistency in a definition between the
     Master Trust Deed and the Series Supplement, the Series Supplement prevails
     over the Master Trust Deed in respect of this Deed. Subject to clause
     1.7, where words or phrases used but not defined in this Deed are defined
     in the Master Trust Deed in relation to a Series Trust (as defined in the
     Master Trust Deed) and/or an Other Trust such words or phrases are to be
     construed in this Deed, where necessary, as being used only in relation to
     the Series Trust (as defined in this Deed) and/or the CBA Trust (as defined
     in the Series Supplement), as the context requires.

1.3  Interpretation

     In this Deed unless the contrary intention appears:

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

     (b)  the expression "owing" includes amounts that are owing whether such
          amounts are liquidated or not or are contingent or presently accrued
          due and includes all rights sounding in damages only;

     (c)  the expression "power" in relation to a person includes all powers,
          authorities, rights, remedies, privileges and discretions conferred
          upon that person by the Transaction Documents, by any other deed,
          agreement, document, or instrument, by any Statute or otherwise by
          law;

                                                                               5
<PAGE>

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

(e)  subject to clause 1.7, a reference to this Deed, the Master Trust Deed
     or to any other deed, agreement, document or instrument includes
     respectively this Deed, the Master Trust Deed or such other deed,
     agreement, document or instrument as amended, novated, supplemented, varied
     or replaced from time to time;

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

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

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

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

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

(k)  a reference to a Schedule is a reference to a Schedule to this Deed;

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

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

(n)  a reference to a party is a reference to a party to this Deed;

(o)  a reference to time is a reference to New York time;

(p)  a reference to any thing is a reference to the whole and each part of it
     and a reference to a group of persons is a reference to all of them
     collectively, to any two or more of them collectively and to each of them
     individually;

(q)  if an act prescribed under this Deed to be done by a party on or by a given
     day is done after 5.30 pm on that day, it is to be taken to be done on the
     following day;

(r)  where any day on which a payment is due to be made or a thing is due to be
     done under this Deed is not a Business Day, that payment must be made or
     that thing must be done on the immediately succeeding Business Day;

(s)  a reference to "wilful default" in relation to the Issuer, the Class A-1
     Note Trustee or the Manager means, subject to clause 1.3(t), any wilful
     failure to comply with, or wilful breach by, the Issuer, the Class A-1 Note
     Trustee or the Manager (as the case may be) of any of its obligations under
     any Transaction Document, other than a failure or breach which:

     (i)  A.   arises as a result of a breach of a Transaction Document by a
               person other than:

               1)   the Issuer, the Class A-1 Note Trustee or the Manager (as
                    the case may be); or

                                                                               6
<PAGE>

                      2)   any other person in referred to in clause 1.3(t)
                           in relation to the Issuer, the Class A-1 Note Trustee
                           or the Manager (as the case may be); and

                 B.   the performance of the action (the non-performance of
                      which gave rise to such breach) is a pre-condition to the
                      Issuer, the Class A-1 Note Trustee or the Manager (as the
                      case may be) performing the said obligation;

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

          (iii)  is:

                 A.    in accordance with any proper instruction or direction of
                       the Voting Secured Creditors given at a meeting of Voting
                       Secured Creditors convened pursuant to the Security Trust
                       Deed;

                 B.    in accordance with any proper instruction or direction of
                       a Majority (or a Special Majority) of the Class A-1
                       Noteholders given in accordance with this Deed; or

                 C.    in accordance with any proper instruction or direction of
                       the Investors given at a meeting convened under the
                       Master Trust Deed (as amended by the Series Supplement);

     (t)  a reference to the "fraud", "negligence", "wilful default" or "breach
           of rust" of the Issuer, the Class A-1 Note Trustee or the Manager
           means the fraud, negligence, wilful default or breach of trust of the
           Issuer, the Class A-1 Note Trustee or the Manager (as the case may
           be) and of its officers, employees, agents and any other person where
           the Issuer, the Class A-1 Note Trustee or the Manager (as the case
           may be) is liable for the acts or omissions of such other person
           under the terms of any Transaction Document;

     (u)   subject to the mandatory provisions of the TIA and clause 21.2,
           each party will only be considered to have knowledge or awareness of,
           or notice of, a thing or grounds to believe anything by virtue of the
           officers of that party (or any Related Body Corporate of that party)
           which have the day to day responsibility for the administration or
           management of that party's (or a Related Body Corporate of that
           party's) obligations in relation to the Series Trust, the Class A-1
           Trust or this Deed, having actual knowledge, actual awareness or
           actual notice of that thing, or grounds or reason to believe that
           thing (and similar references will be interpreted in this way). In
           addition, notice, knowledge or awareness of an Event of Default,
           Potential Event of Default, Servicer Default, Perfection of Title
           Event, Trustee Default or Manager Default means notice, knowledge or
           awareness of the occurrence of the events or circumstances
           constituting an Event of Default, Potential Event of Default,
           Servicer Default, Perfection of Title Event, Trustee Default or
           Manager Default, as the case may be; and

     (v)   a reference to prospective liabilities includes, without limitation,
           the liabilities of the Issuer under the Transaction Documents.

1.4  Issuer's capacity

     In this Deed, unless expressly specified otherwise:

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

                                                                               7
<PAGE>

     (b)  (References to Assets of Issuer): a reference to the undertaking,
          assets, business or money of the Issuer is a reference to the
          undertaking, assets, business or money of the Issuer in the capacity
          referred to in paragraph (a).

1.5  Benefit of Covenants under this Deed

     Unless the context indicates a contrary intention, the Class A-1 Note
     Trustee holds the covenants, undertakings and other obligations and
     liabilities of the Issuer and the Manager under this Deed on trust for the
     benefit of the Class A-1 Noteholders on the terms and conditions of this
     Deed.

1.6  Obligations several

     The obligations of the parties under this Deed are several.

1.7  Incorporated definitions and other provisions

     Where in this Deed a word or expression is defined by reference to its
     meaning in another Transaction Document or there is a reference to another
     Transaction Document or to a provision of another Transaction Document, any
     amendment to the meaning of that word or expression, to that Transaction
     Document or to that provision (as the case may be) will be of no effect for
     the purposes of this Deed unless and until the amendment:

     (a)  (No Payment Modification): if it does not effect a Payment
          Modification is either:

          (i)  if the Class A-1 Note Trustee is of the opinion that the
               amendment will not be materially prejudicial to the interests of
               the Class A-1 Noteholders, consented to by the Class A-1 Note
               Trustee; or

          (ii) otherwise, approved by a Special Majority of the Class A-1
               Noteholders; or

     (b)  (Payment Modification): if the amendment does effect a Payment
          Modification, is consented to by each Class A-1 Noteholder.

1.8  Interpretation of provisions incorporated from TIA

     Where a provision of the TIA is incorporated into this Deed in accordance
     with the TIA (as described in clause 19.5) the following terms used in
     that provision have the following meanings in this Deed:

     "Commission" has the meaning given to that term in clause 1.1.

     "default" means an Event of Default.

     "indenture securities" means the Class A-1 Notes.

     "indenture security holder" means a Class A-1 Noteholder.

     "indenture to be qualified" means this Deed.

     "indenture trustee" or "institutional trustee" means the Class A-1 Note
     Trustee.

     "obligor upon the indenture securities" means the Issuer.

     Any other term, expression or provision which is used in this Deed in
     respect of a section or provision of the TIA and which is defined in the
     TIA, defined in the TIA by reference to another Statute or defined by or in
     any rule of or issued by the Commission, will have the meaning assigned to
     it by such definitions. Any term or expression that is used in both:

                                                                               8
<PAGE>

     (a)  (TIA): a mandatory provision of the TIA; and

     (b)  (This Deed): a clause of this Deed that, on its face, appears to
          satisfy or reflect that mandatory provision of the TIA, will be
          construed and interpreted as a Federal court of the United States of
          America would construe and interpret the term or expression.

________________________________________________________________________________
2.   The Class A-1 Trust

2.1  Appointment of Class A-1 Note Trustee

     The Class A-1 Note Trustee is hereby appointed and agrees to act as trustee
     of the Class A-1 Trust (with effect from the constitution of the Class A-1
     Trust) on the terms and conditions in this Deed.

2.2  Declaration of Class A-1 Trust

     The Class A-1 Note Trustee declares that it holds the Class A-1 Trust Fund
     on trust for those persons who are Class A-1 Noteholders from time to time.

2.3  Duration of Class A-1 Trust

     The Class A-1 Trust commences on the date of this Deed and terminates on
     the first to occur of:

     (a)  (Redemption of Class A-1 Notes): the date 6 months after the Class A-1
          Note Trustee has been satisfied that all moneys owing by the Issuer or
          the Manager in respect of or in relation to Class A-1 Notes or this
          Deed have been duly paid;

     (b)  (Charge Release Date): the Charge Release Date; and

     (c)  (80th anniversary): the 80th anniversary of the date of this Deed.

2.4  Benefit of Class A-1 Trust

     Each Class A-1 Noteholder is entitled to the benefit of the Class A-1 Trust
     on the terms and conditions contained in this Deed.

2.5  Interested persons bound

     The provisions of this Deed, the Class A-1 Notes (including the Class A-1
     Note Conditions), the Master Trust Deed, the Series Supplement and the
     Security Trust Deed are binding upon every Interested Person.

________________________________________________________________________________
3.   Amount, form and issue of Class A-1 Notes

3.1  Aggregate amount and denomination

     The Class A-1 Notes will be issued in an aggregate principal amount of
     $US[_] and, in the case of the Class A-1 Definitive Notes, in minimum
     denominations of US$100,000 or integral multiples thereof.

3.2  Description and Form of Class A-1 Notes

     (a)  (Form of Class A-1 Notes): The Class A-1 Notes must be serially
          numbered and typewritten or printed (in the case of Class A-1 Book-
          Entry Notes) or typewritten, printed, lithographed or engraved or
          produced by any combination of these methods

                                                                               9
<PAGE>

          and with or without steel borders (in the case of Class A-1 Definitive
          Notes) in the form or substantially in the form set out in Schedule 1.

     (b)  (Signing of Class A-1 Notes): Each Class A-1 Note must be signed by an
          Authorised Officer or other duly appointed representative of the
          Issuer on behalf of the Issuer.

     (c)  (Authentication of Class A-1 Notes): Each Class A-1 Note must be
          authenticated by an Authorised Officer or other duly appointed
          representative of the Class A-1 Note Trustee on behalf of the Class A-
          1 Note Trustee. No Class A-1 Note will be valid for any purpose unless
          and until so authenticated.

     (d)  (Dating of Class A-1 Notes): The Class A-1 Notes must be dated the
          date of their authentication.

3.3  Initial Issue as Book-Entry Notes

     (a)  (Issue as Book-Entry Notes): The Class A-1 Notes will upon issue be
          represented by one or more book-entry notes and will be initially
          registered in accordance with clause 4 in the name of Cede & Co, as
          nominee of The Depositary Trust Company as the initial Depository.

     (b)  (Delivery of Class A-1 Book-Entry Notes): The Issuer must on the date
          of this Deed deliver or procure the delivery of the Class A-1 Book-
          Entry Notes to the Principal Paying Agent as custodian for the
          Depository.

     (c)  (Rights Attaching to Class A-1 Book-Entry Notes): A Class A-1 Book-
          Entry Note executed and authenticated in accordance with clause 3.2
          will constitute binding and valid obligations of the Issuer. Until a
          Class A-1 Book-Entry Note has been exchanged pursuant to this Deed, it
          will in all respects be entitled to the same benefits as a Class A-1
          Definitive Note except as specifically provided to the contrary in
          this Deed or the provisions of the Class A-1 Book-Entry Note.

     (d)  (Exchange etc.): Subject to this Deed, the procedures relating to the
          exchange, authentication, delivery, surrender, cancellation,
          presentation, marking up or down of any of a Class A-1 Book-Entry Note
          and any other matters to be carried out by the relevant parties upon
          exchange of any Class A-1 Book-Entry Note will be made in accordance
          with the provisions of the Class A-1 Book-Entry Notes and the normal
          practice of the Depositary's nominee, the Class A-1 Note Registrar and
          the rules and procedures of the Depository from time to time.

     (e)  (Dealings with Depository): Unless and until the Class A-1 Definitive
          Notes have been issued to a Class A-1 Note Owner pursuant to clause
          3.4, the following provisions apply:

          (i)  the Issuer, the Manager, each Agent and the Class A-1 Note
               Trustee will be entitled to deal with the Depository for all
               purposes whatsoever (including the payment of principal of and
               interest on the Class A-1 Notes and the giving of instructions or
               directions under this Deed) as the absolute holder of the Class
               A-1 Notes and none of the Issuer, the Manager, any Agent or the
               Class A-1 Note Trustee will be affected by notice to the
               contrary;

          (ii) whenever a notice or other communication to the Class A-1
               Noteholders is required under this Deed or any other Transaction
               Document all such notices and communications must be given to the
               Depository and are not required to be given to the Class A-1 Note
               Owners;

                                                                              10
<PAGE>

          (iii)  the rights of Class A-1 Note Owners may be exercised only
                 through the Depository and are limited to those established by
                 law and agreements between such Class A-1 Note Owners and the
                 Depository and/or the Clearing Agency Participants;

          (iv)   the Issuer, the Manager, each Agent and the Class A-1 Note
                 Trustee may conclusively rely upon any statement from the
                 Depository or any Clearing Agency Participant as to the votes,
                 instructions or directions it has received from Class A-1 Note
                 Owners and/or Clearing Agency Participants.

          To the extent that the provisions of this clause 3.3 conflict with
          any other provisions of this Deed, the provisions of this clause
          3.3 prevail.

3.4  Issue of Class A-1 Definitive Notes

     (a)  (Events Leading to Exchange): If:

          (i)    the Depository advises the Class A-1 Note Trustee in writing
                 that the Depository is no longer willing or able properly to
                 discharge its responsibilities with respect to the Class A-1
                 Notes and the Manager is unable to locate a qualified successor
                 to act as Depository;

          (ii)   the Manager (at its option) advises the Issuer, the Class A-1
                 Note Trustee and the Depository in writing that Class A-1
                 Definitive Notes are to be issued in replacement of the Class
                 A-1 Book Entry Notes; or

          (iii)  an Event of Default has occurred and is subsisting and the
                 Class A-1 Note Owners representing beneficial interests
                 aggregating to at least a majority of the aggregate Invested
                 Amount of the Class A-1 Notes advise the Issuer through the
                 Depository in writing that the continuation of a book entry
                 system through the Depository is no longer in the best
                 interests of the Class A-1 Note Owners,

          then the Issuer, on the direction of the Manager, must within 30 days
          of such event instruct the Depository to notify all of the appropriate
          Class A-1 Note Owners of the occurrence of any such event and of the
          availability of Class A-1 Definitive Notes to such Class A-1 Note
          Owners requesting the same. The Class A-1 Note Trustee must promptly
          advise the Issuer and the Manager upon the occurrence of an event
          referred to in clause 3.4(a)(i) and the Issuer must promptly advise
          the Class A-1 Note Trustee and the Manager upon the occurrence of an
          event referred to in clause 3.4(a)(iii).

     (b)  (Exchange for Class A-1 Definitive Notes): Upon the surrender of Class
          A-1 Book-Entry Notes to the Issuer by the Depository following an
          instruction of the Issuer pursuant to clause 3.4(a), and the delivery
          by the Depository of the relevant registration instructions to the
          Issuer, the Issuer must issue and execute and the Class A-1 Note
          Trustee must authenticate and deliver Class A-1 Definitive Notes of
          the same aggregate Invested Amount as those Class A-1 Book-Entry
          Notes, replacing those Class A-1 Book-Entry Notes, in accordance with
          clause 3.2 and the instructions of the Depository. None of the
          Class A-1 Note Trustee, the Manager, the Issuer or any Agent will be
          liable for any delay in delivery of such instructions and each such
          person may conclusively rely on, and will be protected in relying on,
          such instructions.

     (c)  (No Other Entitlement): No Class A-1 Note Owner will be entitled to
          receive a Class A-1 Definitive Note representing such Class A-1 Note
          Owner's interest in a Class A-1 Note, except as provided in this
          clause 3.4.

                                                                              11
<PAGE>

3.5  Indemnity for non-issue of Class A-1 Definitive Notes

     If the Issuer is required to issue Class A-1 Definitive Notes following an
     event specified in clause 3.4 but fails to do so within 30 days of
     delivery to the Issuer of the Class A-1 Book-Entry Notes in accordance with
     clause 3.4 then the Issuer must, subject to clause 22, indemnify the
     Class A-1 Note Trustee, the Class A-1 Noteholders and Class A-1 Note
     Owners, and keep them indemnified, against any loss or damage incurred by
     any of them if the amount received by the Class A-1 Note Trustee, the Class
     A-1 Noteholders or Class A-1 Note Owners, respectively, is less than the
     amount that would have been received had Class A-1 Definitive Notes been
     issued. If the Issuer breaches its obligations under clause 3.4, it is
     acknowledged and agreed that damages alone will not be an adequate remedy
     for such a breach and that, in addition to any other rights they may have,
     the Class A-1 Note Trustee, the Class A-1 Noteholders and the Class A-1
     Note Owners are entitled to sue the Issuer for specific performance,
     injunctive relief or other equitable relief to enforce the Issuer's
     obligations under clause 3.4.

________________________________________________________________________________
4.   Class A-1 Note Register

4.1  Maintenance of Class A-1 Note Registrar

     The Issuer must procure that the Class A-1 Note Register is maintained, and
     that Class A-1 Notes are transferred, exchanged, replaced, redeemed and
     cancelled, all in accordance with the provisions of the Class A-1 Notes
     (including the Class A-1 Note Conditions) and the Agency Agreement. If at
     any time for any reason there ceases to be a person performing the
     functions of the Class A-1 Note Registrar under the Agency Agreement, the
     Issuer must act as the Class A-1 Note Registrar and perform all of the
     obligations of the Class A-1 Note Registrar contained in the Agency
     Agreement.

4.2  Provision of Class A-1 Noteholder Information

     (a)  (Provision of Information): The Issuer must provide or procure the
          provision to the Class A-1 Note Trustee (if the Class A-1 Note Trustee
          is not the Class A-1 Note Registrar) at intervals of not more than 6
          months (commencing as from the Closing Date), and at such other times
          as the Class A-1 Note Trustee may request in writing, all information
          in the possession or control of the Class A-1 Note Registrar as to the
          names and addresses of the Class A-1 Noteholders, provided that the
          Issuer will not have any obligations pursuant to this clause 4.2(a)
          while the Class A-1 Notes are all Class A-1 Book-Entry Notes.

     (b)  (Class A-1 Note Trustee's Obligations): The Class A-1 Note Trustee
          must preserve, in as current form as is reasonably practicable, the
          names and addresses of the Class A-1 Noteholders provided to it
          pursuant to clause 4.2(a) or otherwise received by it in any
          capacity and must comply with its obligations pursuant to section
          312(b) of the TIA.

     (c)  (Protection): The Issuer, the Class A-1 Note Trustee and the Class A-1
          Note Registrar will have the protection of section 312(c) of the TIA
          in relation to the disclosure of information in accordance with this
          clause 4.2.

4.3  Class A-1 Note Register conclusive

     A Class A-1 Note is not a certificate of title and the Class A-1 Note
     Register is the only conclusive evidence of title to Class A-1 Notes.

                                                                              12
<PAGE>

________________________________________________________________________________
5.   Representations and warranties

5.1  By the Issuer

     The Issuer represents and warrants to the Class A-1 Note Trustee that:

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

     (b)  (Constitution): the execution delivery and performance of this Deed
          does not violate its constitution;

     (c)  (Corporate power): it has the power and has taken all corporate and
          other action required to enter into this Deed and to authorise the
          execution and delivery of this Deed and the performance of its
          obligations under this Deed;

     (d)  (Filings): all corporate notices and all registrations with the
          Australian Securities and Investments Commission, the Commission or
          similar office in its jurisdiction of incorporation and in any other
          jurisdiction required to be filed or effected, as applicable, by it in
          connection with the execution, delivery and performance of this Deed
          have been filed or effected, as applicable, and all such filings and
          registrations are current, complete and accurate;

     (e)  (Legally binding obligation): its obligations under this Deed are
          valid, legally binding and enforceable obligations in accordance with
          the terms of this Deed except as such enforceability may be limited by
          any applicable bankruptcy, insolvency, reorganisation, moratorium or
          trust or general principles of equity or other similar laws affecting
          creditors' rights generally;

     (f)  (Execution, delivery and performance): its execution, delivery and
          performance of this Deed does not violate any existing law or
          regulation in any applicable jurisdiction or any document or agreement
          to which it is a party or which is binding upon it or any of its
          assets;

     (g)  (Authorisation): all consents, licences, approvals and authorisations
          of every Governmental Agency required to be obtained by it in
          connection with the execution, delivery and performance of this Deed
          in its personal capacity have been obtained and are valid and
          subsisting;

     (h)  (Series Trust validly created): the Series Trust has been validly
          created and is in existence at the date of this Deed;

     (i)  (Sole Trustee): it has been validly appointed as trustee of the Series
          Trust and is presently the sole trustee of the Series Trust;

     (j)  (Master Trust Deed and the Series Supplement): the Series Trust is
          solely constituted by the Master Trust Deed and the Series Supplement;

     (k)  (No proceedings to remove): it has received no notice and to its
          knowledge no resolution has been passed or direction or notice has
          been given, removing it as trustee of the Series Trust; and

     (l)  (No breach): it is not in breach of any material provision of the
          Master Trust Deed or the Series Supplement.

5.2  By the Manager

     The Manager represents and warrants to the Class A-1 Note Trustee that:

                                                                              13
<PAGE>

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

     (b)  (Constitution): its execution, delivery and performance of this Deed
          does not violate its constitution;

     (c)  (Corporate power): it has the power and has taken all corporate and
          other action required to enter into this Deed and to authorise the
          execution and delivery of this Deed and the performance of its
          obligations under this Deed;

     (d)  (Filings): it has filed all corporate notices and effected all
          registrations with the Australian Securities and Investments
          Commission, the Commission or similar office in its jurisdiction of
          incorporation and in any other jurisdiction as required by law and all
          such filings and registrations are current, complete and accurate;

     (e)  (Legally binding obligation): its obligations under this Deed are
          valid, legally binding and enforceable obligations in accordance with
          the terms of this Deed except as such enforceability may be limited by
          any applicable bankruptcy, insolvency, re-organisation, moratorium or
          trust or general principles of equity or other similar laws affecting
          creditors' rights generally;

     (f)  (Execution, delivery and performance): its execution, delivery and
          performance of this Deed does not violate any existing law or
          regulation in any applicable jurisdiction or any document or agreement
          to which it is a party or which is binding upon it or any of its
          assets;

     (g)  (Authorisation): all consents, licences, approvals and authorisations
          of every Governmental Agency required to be obtained by the Manager in
          connection with the execution, delivery and performance of this Deed
          have been obtained and are valid and subsisting;

     (h)  (Investment Company): the Series Trust is not, and, if all the parties
          to the Transaction Documents perform their obligations under the
          Transaction Documents, will not become, an "investment company" as
          that term is defined in the Investment Company Act of 1940 of the
          United States of America; and

     (i)  (Compliance with TIA): this Deed has been duly qualified under the
          TIA.

5.3  By the Class A-1 Note Trustee

     The Class A-1 Note Trustee represents and warrants to the Issuer and the
     Manager that:

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

     (b)  (Constitution): its execution, delivery and performance of this Deed
          does not violate its constitution;

     (c)  (Corporate power): it has the power and has taken all corporate and
          other action required to enter into this Deed and to authorise the
          execution and delivery of this Deed and the performance of its
          obligations under this Deed;

     (d)  (Filings): it has filed all corporate notices and effected all
          registrations with the Commission or similar office in its
          jurisdiction of incorporation and in any other jurisdiction as
          required by law and all such filings and registrations are current,
          complete and accurate;

     (e)  (Legally binding obligation): its obligations under this Deed are
          valid, legally binding and enforceable obligations in accordance with
          the terms of this Deed

                                                                              14
<PAGE>

          except as such enforceability may be limited by any applicable
          bankruptcy, insolvency, re-organisation, moratorium or trust or
          general principles of equity or other similar laws affecting
          creditors' rights generally;

     (f)  (Execution, delivery and performance): its execution, delivery and
          performance of this Deed does not violate any existing law or
          regulation in any applicable jurisdiction or any document or agreement
          to which it is a party or which is binding upon it or any of its
          assets;

     (g)  (Authorisation): all consents, licences, approvals, authorisations of
          and filings with every Governmental Agency required to be obtained or
          made by the Class A-1 Note Trustee in connection with the execution,
          delivery and performance of this Deed have been obtained or made and
          are valid and subsisting; and

     (h)  (Eligible Trust Corporation): it is an Eligible Trust Corporation.

________________________________________________________________________________
6.   Covenants by Issuer and Manager

6.1  Covenant to Pay

     (a)  (Covenant to Pay): Subject to and in accordance with the provisions of
          this Deed, the Series Supplement and the Class A-1 Notes (including,
          without limitation, clauses 6.1(b) and 22 and Condition 12 of the
          Class A-1 Note Conditions), the Issuer covenants in favour of the
          Class A-1 Note Trustee that it will duly and punctually repay the
          principal of and pay interest and all other amounts owing in relation
          to the Class A-1 Notes to, or to the order of, the Class A-1 Note
          Trustee in immediately available funds in US Dollars as and when the
          same fall due for repayment or payment.

     (b)  (Satisfaction of Covenant): Subject to clause 6.1(b) of the Agency
          Agreement, every payment by or at the direction of the Issuer to the
          Principal Paying Agent or the Currency Swap Provider made in
          accordance with the Agency Agreement on account of an amount owing in
          relation to the Class A-1 Notes will operate as payment by the Issuer
          to the Class A-1 Note Trustee in satisfaction of the Issuer's
          obligations under clause 6.1(a).

6.2  Covenant of Compliance

     (a)  (Class A-1 Notes): The Issuer and the Manager each severally covenants
          in favour of the Class A-1 Note Trustee that it will comply with all
          of its obligations under the Class A-1 Notes (as if the provisions of
          the Class A-1 Notes, including the Class A-1 Note Conditions, were set
          out in full in this Deed).

     (b)  (Transaction Documents): The Issuer and the Manager each severally
          covenants in favour of the Class A-1 Note Trustee that it will:

          (i)  comply with, perform and observe all of its material obligations
               under all the other Transaction Documents to which it is a party;
               and

          (ii) use reasonable endeavours to procure that each other party to a
               Transaction Document (other than the Class A-1 Note Trustee) to
               which it is a party complies with its material obligations under
               that Transaction Document.

                                                                              15
<PAGE>

6.3  Other covenants

      The Issuer and the Manager each severally covenants in favour of the Class
      A-1 Note Trustee that so long as any Class A-1 Notes remain outstanding,
      and unless the Class A-1 Note Trustee agrees otherwise in accordance with
      this Deed, it will:

     (a)  (Assistance to Class A-1 Note Trustee): provide to the Class A-1 Note
          Trustee, as the Class A-1 Note Trustee may reasonably require to
          enable the Class A-1 Note Trustee to perform its duties and functions
          under this Deed, such information, copies of any accounting records
          and other documents, statements and reports required to be maintained
          by, or that are otherwise in the possession of, the Issuer or the
          Manager, as the case may be, or which it is entitled to obtain from
          any person and execute such documents and do such things, which the
          Issuer has the power to do under the Master Trust Deed and Series
          Supplement, as may be necessary, in the reasonable opinion of the
          Class A-1 Note Trustee, to give effect to this Deed or any other
          Transaction Document to which the Class A-1 Note Trustee is a party;

     (b)  (Notify Events of Default etc.): promptly notify the Class A-1 Note
          Trustee upon becoming aware of the occurrence of an Event of Default,
          Potential Event of Default, Servicer Default, Perfection of Title
          Event, Trustee Default, Manager Default or Potential Termination Event
          and provide the Class A-1 Note Trustee with details of such
          occurrence;

     (c)  (Certificate as to Compliance): provide to the Class A-1 Note Trustee
          within 120 days after the end of each fiscal year of the Series Trust
          (commencing on the fiscal year ending in June 2001):

          (i)  in accordance with section 314(a)(4) of the TIA, a brief
               certificate from its principal executive officer, principal
               financial officer or principal accounting officer as to his or
               her knowledge of the activities of the Issuer and the Manager in
               respect of the Series Trust during that year and of the Issuer's
               or the Manager's, as the case may be, compliance with all
               conditions, covenants and other provisions under this Deed
               (including under clause 6.2(b) and determined without regard to
               any period of grace or requirement of notice under this Deed or
               any other Transaction Document) and giving reasonable details
               about any non-compliance; and

          (ii) a certificate (which may be part of the certificate referred to
               in clause 6.3(c)(i)) from an Authorised Officer of the Issuer
               and from an Authorised Officer of the Manager, as the case may
               be, stating whether to the best of his or her knowledge in the
               period since the date of execution of this Deed (in the case of
               the first such certificate) based on a review of the activities
               referred to in clause 6.3(c)(i) or since the provision of the
               most recent certificate under this clause 6.3(c)(ii) (in the
               case of any other such certificate), an Event of Default,
               Potential Event of Default, Perfection of Title Event, Servicer
               Default, Manager Default or Trustee Default has occurred and, if
               any such event has occurred, giving reasonable details of that
               event;

     (d)  (Listing): in the case of the Manager only, procure that the Class A-1
          Notes are listed on the London Stock Exchange upon issue and use
          reasonable endeavours to maintain that listing (including by using
          reasonable endeavours to ensure compliance by the Issuer with the
          continuing obligations of the Issuer by virtue of the listing of the
          Class A-1 Notes on the London Stock Exchange) provided that if having
          used reasonable endeavours it is unable to maintain such listing, or
          if the maintenance of such listing is unduly onerous, it must:

                                                                              16
<PAGE>

          (i)  use reasonable endeavours to obtain and maintain a quotation or
               listing on another stock exchange or securities market (as
               nominated by the Manager with the prior written approval of the
               Class A-1 Note Trustee, which approval must not be unreasonably
               withheld or delayed, or if the Manager fails to make such a
               nomination, as nominated by the Class A-1 Note Trustee) in lieu
               of the London Stock Exchange; and

          (ii) effect such amendments to this Deed, in accordance with clause
               15, as are necessary, or as the Class A-1 Note Trustee may
               reasonably require, in order to comply with the requirements of
               any such stock exchange or securities market;

     (e)  (Furnish Information to Exchange): in the case of the Manager only,
          without limiting clause 6.3(d), provide or procure that there is
          provided to any stock exchange or securities market upon which the
          Class A-1 Notes are listed or quoted all information required to be so
          provided as a requirement of such listing or quotation;

     (f)  (Copy Notices to Class A-1 Noteholders): provide, or procure that
          there is provided, to the Class A-1 Note Trustee:

          (i)  a copy of each notice given to Class A-1 Noteholders by the
               Issuer (at the same time as such notice is given); and

          (ii) in the case of the Manager only, a copy of each document provided
               to any stock exchange or securities market pursuant to clause
               6.3(e);

     (g)  (Auditor's Report): in the case of the Manager only, provide, or
          procure that there is provided, to the Class A-1 Note Trustee, within
          10 Business Days of the date of its issue, a copy of each report
          issued by the Auditor pursuant to clauses 21.9 and 22.3 of the Master
          Trust Deed;

     (h)  (Access to Records): allow the Class A-1 Note Trustee, and any person
          appointed by the Class A-1 Note Trustee to whom it has no reasonable
          objection, access at all times during normal business hours, upon
          reasonable notice, to the accounting records of the Series Trust held
          by it or in its control;

     (i)  (Opinion as to Filing): procure that there is provided to the Class A-
          1 Note Trustee in accordance with section 314(b) of the TIA:

          (i)  on the Closing Date, Counsel's Opinion either stating that the
               Security Trust Deed has been properly recorded and filed so as to
               make effective the Security Interest intended to be created by
               the Security Trust Deed, and reciting the details of such action,
               or stating that no such action is necessary to make such Security
               Interest effective; and

          (ii) within 120 days after the end of each fiscal year of the Series
               Trust (commencing on the fiscal year ending in June 2001),
               Counsel's Opinion either stating that such action has been taken
               with respect to the recording, filing, re-recording and re-filing
               of the Security Trust Deed as is necessary to maintain the
               Security Interest created by the Security Trust Deed and reciting
               the details of such action or stating that no such action is
               necessary to maintain such Security Interest;

     (j)  (Change of Manager): in the case of the Issuer only, promptly notify
          the Class A-1 Note Trustee of any retirement or replacement of the
          Manager pursuant to clause 20 of the Master Trust Deed and of the
          appointment of a Substitute Manager;

                                                                              17
<PAGE>

     (k)  (Transaction Documents): in the case of the Manager only, provide to
          the Class A-1 Note Trustee, on or prior to the Issue Date in respect
          of the Class A-1 Notes, one copy of each Transaction Document as at
          that Issue Date (other than any Transaction Document to which the
          Class A-1 Note Trustee is a party) and provide to the Class A-1 Note
          Trustee a copy of each Transaction Document executed after the Issue
          Date (other than any Transaction Document to which the Class A-1 Note
          Trustee is a party) promptly after its execution; and

     (l)  (Paying Agents Trust): ensure that each Paying Agent agrees, as a term
          of its appointment, to hold in trust for the benefit of Class A-1
          Noteholders or the Class A-1 Note Trustee all sums held by such Paying
          Agent for the payment of the principal of or interest on the Class A-1
          Notes and to promptly give to the Class A-1 Note Trustee notice of any
          default by the Issuer (without regard to any grace period) in the
          making of any such payment.

6.4  Covenants between Issuer and Manager

     (a)  (Obligations of Manager): Without limiting any other obligations of
          the Manager pursuant to any Transaction Document, the Manager
          covenants in favour of the Issuer to prepare and submit to the Issuer
          all documents required to be filed with or submitted to the Commission
          or the London Stock Exchange by the Issuer in relation to the Class A-
          1 Notes, the Series Trust or this Deed at least, where possible, 5
          Business Days before such filing or submission is required and to take
          such other actions as may reasonably be taken by the Manager to
          perform or ensure the performance by the Issuer of its obligations
          under the TIA, the Exchange Act or the listing rules of the London
          Stock Exchange in relation to the Class A-1 Notes, the Series Trust or
          this Deed. No breach by the Issuer of any obligation under the TIA,
          the Exchange Act, the listing rules of the London Stock Exchange or
          this Deed will be considered to be fraudulent, negligent or wilful
          default for the purposes of clause 22.3 to the extent that it results
          from a breach by the Manager of this clause 6.4(a).

     (b)  (Obligation of Issuer): Subject to compliance by the Manager with
          clause 6.4(a), the Issuer covenants in favour of the Manager to sign
          all documents and do all things reasonably requested by the Manager in
          relation to the compliance by the Issuer or the Manager of its
          obligations under the TIA, the Exchange Act or the listing rules of
          the London Stock Exchange in relation to the Class A-1 Notes, the
          Series Trust or this Deed.

________________________________________________________________________________
7.   Enforcement

7.1  Notice Following an Event of Default or Potential Event of Default

     If an Event of Default or Potential Event of Default has occurred and is
     known to the Class A-1 Note Trustee, the Class A-1 Note Trustee must:

     (a)  (Notify Class A-1 Noteholders): notify each Class A-1 Noteholder and
          such other persons as are specified in Section 313(c) of the TIA of
          the Event of Default or Potential Event of Default, as the case may
          be, within 10 days, or such shorter period as may be required by the
          rules of any stock exchange on which the Class A-1 Notes are listed,
          after becoming aware of the Event of Default, or Potential Event of
          Default provided that except in the case of a default in payment of
          principal or interest on any Class A-1 Note, the Class A-1 Note
          Trustee may withhold such notice if and so long as the board of
          directors, the executive committee or a trust committee of its
          directors and/or Authorised Officers in good faith determine that
          withholding the notice is in the interest of Class A-1 Noteholders;

                                                                              18
<PAGE>

     (b)  (Determine Whether to Seek Directions): if a meeting of Voting Secured
          Creditors is to be held under the Security Trust Deed, determine
          whether it proposes to seek directions from Class A-1 Noteholders as
          to how to vote at that meeting and, if so, whether it proposes to
          instruct the Security Trustee to delay the holding of that meeting
          while it obtains such directions from the Class A-1 Noteholders; and

     (c)  (Vote at Meeting of Secured Creditors): subject to clause 7.2, vote
          at any meeting of Voting Secured Creditors held under the Security
          Trust Deed in accordance with clause 9.8.

7.2  Restrictions on enforcement

     (a)  (Class A-1 Notes Outstanding): If any of the Class A-1 Notes remain
          outstanding and are due and payable otherwise than by reason of a
          default in payment of any amount due on the Class A-1 Notes, the Class
          A-1 Note Trustee must not vote at a meeting of Voting Secured
          Creditors under the Security Trust Deed, or otherwise direct the
          Security Trustee, to dispose of the Charged Property unless:

          (i)    a sufficient amount would be realised to discharge in full all
                 amounts owing to the Class A-1 Noteholders in respect of the
                 Class A-1 Notes and any other amounts owing by the Issuer to
                 any other person ranking in priority to or equally with the
                 Class A-1 Notes;

          (ii)   the Class A-1 Note Trustee is of the opinion, reached after
                 considering at any time and from time to time the advice of an
                 investment bank or other financial adviser selected by the
                 Class A-1 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
                 clause 7.2(a)(i); or

          (iii)  the Class A-1 Note Trustee is so directed by a Special Majority
                 of Class A-1 Noteholders.

     (b)  (Liability for Enforcement): Subject to clauses 8.3, 9.3 and 9.5
          and the mandatory provisions of the TIA, the Class A-1 Note Trustee
          will not be liable for any decline in the value, nor any loss realised
          upon any sale or other dispositions made under the Security Trust
          Deed, of any Charged Property. Without limiting the foregoing, the
          Class A-1 Note Trustee will not 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 in good faith based on
          advice received by it in accordance with clause 7.2(a).

7.3  Class A-1 Note Trustee may enforce

     The Class A-1 Note Trustee has the power, subject to clause 22:

     (a)  (Enforce Following Default): in the event of a default in repayment of
          the principal or payment of interest by the Issuer in respect of any
          Class A-1 Note when and as the same shall become due and payable,
          which default has continued for a period of 10 days, to recover
          judgment, in its own name and as trustee of the Class A-1 Trust,
          against the Issuer upon the Class A-1 Notes for the whole amount of
          such principal and interest remaining unpaid; and

     (b)  (File Proofs): to file such proofs of claim and other payments or
          documents as may be necessary or advisable in order to have the claims
          of the Class A-1 Note Trustee and the Class A-1 Noteholders allowed in
          any judicial proceedings in relation to the

                                                                              19
<PAGE>

          Issuer upon the Class A-1 Notes, the Creditors in relation to the
          Series Trust or the Assets of the Series Trust;

     (c)  (Collect Moneys): to collect and receive any moneys or other property
          payable or deliverable on any of those claims and to distribute those
          moneys; and

     (d)  (Enforce Rights): if an Event of Default occurs and is subsisting, to
          proceed to protect and enforce its rights and the rights of the Class
          A-1 Noteholders by such appropriate judicial proceedings as the Class
          A-1 Note Trustee deems most effectual to protect and enforce any such
          rights, whether for the performance of any provision of this Deed or
          in aid of the exercise of any power under this Deed or to enforce any
          other proper remedy,

     but nothing in this clause 7.3 is to be construed as requiring the Class
 A-1 Note Trustee to take any such action unless it has been directed to do so
     by a Special Majority of the Class A-1 Noteholders and has been indemnified
     or put in funds to its satisfaction by the Class A-1 Noteholders against
     any liability that it may incur as a result of taking such action. If the
     Class A-1 Note Trustee takes any action to enforce any of the provisions of
     the Class A-1 Notes proof that as regards any Class A-1 Note the Issuer has
     not paid any principal or interest due in respect of that Class A-1 Note
     will (unless the contrary is proved) be sufficient evidence that the Issuer
     has not paid that principal or interest on all other Class A-1 Notes in
     respect of which the relevant payment is then due.

7.4  Class A-1 Note Trustee alone may enforce

     Subject to clause 19.4 and the mandatory provisions of the TIA, only the
     Class A-1 Note Trustee may enforce, or direct the Security Trustee to
     enforce, the obligations of the Issuer or the Manager to the Class A-1
     Noteholders under the Class A-1 Notes, this Deed or any other Transaction
     Document. No Class A-1 Noteholder is entitled to proceed directly against
     the Issuer or the Manager in respect of the Class A-1 Notes, this Deed or
     any other Transaction Document.

________________________________________________________________________________
8.   Class A-1 Note Trustee's powers, protections etc.

8.1  Class A-1 Note Trustee's additional powers, protections, etc.

     By way of supplement to any Statute regulating the Class A-1 Trust and in
     addition to the powers, rights and protections which may from time to time
     be vested in or available to the Class A-1 Note Trustee by the general law
     it is expressly declared, notwithstanding anything to the contrary in this
     Deed (subject only to clauses 8.3, 9.3 and 9.5 and the mandatory
     provisions of the TIA) as follows.

     (a)  (Liability to account): The Class A-1 Note Trustee is under no
          obligation to account to any Interested Person for any moneys received
          pursuant to this Deed or any other Transaction Document other than
          those received by the Class A-1 Note Trustee from the Issuer or
          received or recovered by the Class A-1 Note Trustee under this Deed or
          any other Transaction Document, subject always to such deductions and
          withholdings by the Class A-1 Note Trustee as are authorised by this
          Deed. Obligations of the Class A-1 Note Trustee to any Interested
          Person or any other person under or in connection with this Deed can
          only be enforced against the Class A-1 Note Trustee to the extent to
          which they can be satisfied out of such moneys in accordance with this
          Deed.

     (b)  (Class A-1 Notes): The Class A-1 Note Trustee is not responsible for
          the receipt or application of the proceeds of issue of any of the
          Class A-1 Notes or (except when acting as Class A-1 Note Registrar and
          to the extent specifically provided in this Deed or the Agency
          Agreement) for the exchange, transfer or cancellation of any Class A-1
          Note.

                                                                              20
<PAGE>

     (c)  (Act on professional advice): Subject to clause 9.2(b), the Class
          A-1 Note Trustee may act on the opinion or advice of, or information
          obtained from, any lawyer, valuer, banker, broker, accountant or other
          expert appointed by the Class A-1 Note Trustee, or by a person other
          than Class A-1 Note Trustee, where that opinion, advice or information
          is addressed to the Class A-1 Note Trustee or by its terms is
          expressed to be capable of being relied upon by the Class A-1 Note
          Trustee. Subject to clause 9.2(b), the Class A-1 Note Trustee will
          not be responsible to any Interested Person for any loss occasioned by
          so acting and in reliance on such advice. Any such opinion, advice or
          information may be sent or obtained by letter, telex or facsimile
          transmission and the Class A-1 Note Trustee will not be liable to any
          Interested Person for acting on any opinion, advice or information
          conforming with any applicable requirements of this Deed or the TIA
          and purporting to be conveyed by such means even though it contains
          some error which is not a manifest error or is not authentic.

     (d)  (No enquiry): Unless specifically required under this Deed, the Class
          A-1 Note Trustee is not bound to give notice to any person of the
          execution of this Deed or to take any steps to ascertain whether there
          has occurred any Event of Default, Potential Event of Default,
          Perfection of Title Event, Servicer Default, Manager Default or
          Trustee Default or event which, with the giving of notice or the lapse
          of time would constitute a Perfection of Title Event, Servicer
          Default, Manager Default or Trustee Default or to keep itself informed
          about the circumstances of the Issuer or the Manager and, until it has
          actual knowledge or express notice to the contrary, the Class A-1 Note
          Trustee may assume that no Event of Default, Potential Event of
          Default, Perfection of Title Event, Servicer Default, Manager Default
          or Trustee Default has occurred and that the Issuer, the Manager and
          each other party to the Transaction Documents (other than the Class A-
          1 Note Trustee) are observing and performing all the obligations on
          their part contained in the Transaction Documents and need not inquire
          whether that is, in fact, the case (but nothing in this clause
          8.1(d) is to be construed as limiting the Class A-1 Note Trustee's
          right to make such inquiries, in its discretion, and to exercise its
          powers under this Deed so to do).

     (e)  (Acts pursuant to directions): The Class A-1 Note Trustee will not be
          responsible for having acted in good faith upon a direction purporting
          to have been given by a Majority of the Class A-1 Noteholders even
          though it may subsequently be found that for any reason such direction
          was not valid or binding upon the Class A-1 Note Trustee. However, for
          the purposes of determining whether a Majority of Class A-1
          Noteholders have given a direction which the Class A-1 Note Trustee
          may rely upon in accordance with this clause, Class A-1 Notes which
          the Class A-1 Note Trustee knows are owned by the Issuer or the
          Manager or by any person directly or indirectly controlling or
          controlled by or under direct or indirect common control with the
          Issuer or the Manager, shall be disregarded.

     (f)  (Reliance): Subject to clause 9.2(b), the Class A-1 Note Trustee
          is, for any purpose and at any time, entitled to rely on, act upon,
          accept and regard as conclusive and sufficient (without being in any
          way bound to call for further evidence or information or being
          responsible for any loss that may be occasioned by such reliance,
          acceptance or regard) any of the following:

          (i)  any information, report, balance sheet, profit and loss account,
               certificate or statement supplied by the Issuer, the Security
               Trustee or the Manager or by any officer, auditor or solicitor of
               the Issuer, the Security Trustee or the Manager;

          (ii) any information or statement provided to it in relation to the
               Class A-1 Notes, the Class A-1 Noteholders or the Class A-1 Note
               Owners by the Depositary or its nominee;

                                                                              21
<PAGE>

          (iii)  all statements (including statements made or given to the best
                 of the maker's knowledge and belief or similarly qualified)
                 contained in any information, report, balance sheet, profit and
                 loss account, certificate or statement given pursuant to or in
                 relation to this Deed, the Security Trust Deed, the Master
                 Trust Deed or the Series Supplement;

          (iv)   all accounts supplied to the Class A-1 Note Trustee pursuant to
                 this Deed and all reports of the Auditor supplied to the Class
                 A-1 Note Trustee pursuant to this Deed; and

          (v)    notices and other information supplied to the Class A-1 Note
                 Trustee under this Deed,

          save, in each case, when it is actually aware that the information
          supplied pursuant to subclauses (i) to (v) is incorrect or incomplete.

     (g)  (Director's certificates): Subject to clause 9.2(b), the Class A-1
          Note Trustee may call for and may accept as sufficient evidence of any
          fact or matter or of the expediency of any dealing, transaction, step
          or thing a certificate signed by any two directors or Authorised
          Officers of the Issuer or the Manager as to any fact or matter upon
          which the Class A-1 Note Trustee may, in the exercise of any of its
          duties, powers, authorities and discretions under this Deed, require
          to be satisfied or to have information to the effect that in the
          opinion of the person or persons so certifying any particular dealing,
          transaction, step or thing is expedient and the Class A-1 Note Trustee
          will not be bound to call for further evidence and will not be
          responsible for any loss that may be occasioned by acting on any such
          certificate (but nothing in this clause 8.1(g) is to be construed as
          either limiting the Class A-1 Note Trustee's right to call for such
          evidence, in its discretion, and to exercise its powers under this
          Deed so to do or permitting the Class A-1 Note Trustee to rely on
          evidence of compliance with conditions precedent where such reliance
          is not permitted by section 314 of the TIA).

     (h)  (Signatures): The Class A-1 Note Trustee may rely in good faith on the
          validity of any signature on any Class A-1 Note, transfer, form of
          application or other instrument or document unless the Class A-1 Note
          Trustee has reason to believe that the signature is not genuine. The
          Class A-1 Note Trustee is not liable to make good out of its own funds
          any loss incurred by any person if a signature is forged or otherwise
          fails to bind the person whose signature it purports to be or on whose
          behalf it purports to be made.

     (i)  (Custody of documents): The Class A-1 Note Trustee may hold or deposit
          this Deed and any deed or documents relating to this Deed or to the
          Transaction Documents in any part of the world, other than the
          Commonwealth of Australia, and with any banker or banking company or
          entity whose business includes undertaking the safe custody of deeds
          or documents or with any lawyer or firm of lawyers reasonably believed
          by it to be of good repute and the Class A-1 Note Trustee will not be
          responsible for any loss incurred in connection with any such holding
          or deposit and may pay all sums to be paid on account of or in respect
          of any such deposit.

     (j)  (Discretion): The Class A-1 Note Trustee, as regards all the powers,
          trusts, authorities and discretions vested in it pursuant to this
          Deed, any other Transaction Document or otherwise, has, subject to any
          express provision to the contrary contained in this Deed or any other
          Transaction Document to which it is a party, absolute and uncontrolled
          discretion as to the exercise of such powers, authorities, trusts and
          discretions and will be in no way responsible to any Interested Person
          or any other person for any loss, costs, damages, expenses or
          inconvenience which may result from the exercise or non-exercise of
          such powers, authorities, trusts and

                                                                              22
<PAGE>

          discretions. Without limiting the foregoing, any consent or approval
          given by the Class A-1 Note Trustee for the purposes of this Deed or
          any other Transaction Document may be given on such terms and subject
          to such conditions (if any) as the Class A-1 Note Trustee thinks fit
          and, notwithstanding anything to the contrary in this Deed, may be
          given retrospectively.

     (k)  (Employ agents): Wherever it considers it expedient in the interests
          of the Class A-1 Noteholders, the Class A-1 Note Trustee may, instead
          of acting personally, employ and pay an agent selected by it, whether
          or not a lawyer or other professional person, to transact or conduct,
          or concur in transacting or conducting any business and to do or
          concur in doing all acts required to be done by the Class A-1 Note
          Trustee (including the receipt and payment of money under this Deed).
          The Class A-1 Note Trustee will not be responsible to any Interested
          Person for any misconduct, or default on the part of any such person
          appointed by it under this Deed or be bound to supervise the
          proceedings or acts of any such person, provided that the Class A-1
          Note Trustee has exercised good faith and due care in such appointment
          and that any such person will be a person who is in the opinion of the
          Class A-1 Note Trustee appropriately qualified to do any such things.
          Any such agent being a lawyer, banker, broker or other person engaged
          in any profession or business will be entitled to charge and be paid
          all usual professional and other charges for business transacted and
          acts done by him or her or any partner of his or her or by his or her
          firm in connection with this Deed and also his or her reasonable
          charges in addition to disbursements for all other work and business
          done and all time spent by him or her or his or her partners or firm
          on matters arising in connection with this Deed including matters
          which might or should have been attended to in person by a trustee not
          being a lawyer, banker, broker or other professional person.

     (l)  (Delegation): Subject to clause 8.5, the Class A-1 Note Trustee may
          whenever it thinks it expedient in the interests of Class A-1
          Noteholders, delegate to any person or fluctuating body of persons
          selected by it all or any of the duties, powers, authorities, trusts
          and discretions vested in the Class A-1 Note Trustee by this Deed
          provided that, except as provided in any Transaction Documents, the
          Class A-1 Note Trustee may not delegate to such third parties any
          material part of its powers, duties or obligations as Class A-1 Note
          Trustee (provided that following the occurrence of an Event of Default
          the Class A-1 Note Trustee may delegate any of its powers, duties and
          obligations to be exercised or performed in Australia). Any such
          delegation may be by power of attorney or in such other manner as the
          Class A-1 Note Trustee may think fit and may be made upon such terms
          and conditions (including power to sub-delegate) and subject to such
          regulations as the Class A-1 Note Trustee may think fit. Provided that
          the Class A-1 Note Trustee has exercised good faith and due care in
          the selection of such delegate, and subject to clause 8.6, it will
          not be under any obligation to any Interested Person to supervise the
          proceedings or be in any way responsible for any loss incurred by
          reason of any misconduct or default on the part of any such delegate
          or sub-delegate.

     (m)  (Apply to court): The Class A-1 Note Trustee may, whenever it thinks
          it expedient in the interests of the Class A-1 Noteholders, apply to
          any court for directions in relation to any question of law or fact
          arising either before or after an Event of Default and assent to or
          approve any applications of any Class A-1 Noteholder, the Issuer or
          the Manager.

     (n)  (Disclosure): Subject to this Deed, any applicable laws and any duty
          of confidentiality owed by any Interested Person to any other person,
          the Class A-1 Note Trustee may, for the purpose of meeting its
          obligations under this Deed, disclose to any Class A-1 Noteholder any
          confidential, financial or other information made available to the
          Class A-1 Note Trustee by an Interested Person or any other person in
          connection with this Deed.

                                                                              23
<PAGE>

     (o)  (Determination): The Class A-1 Note Trustee, as between itself and the
          Class A-1 Noteholders, has full power to determine (acting reasonably
          and in good faith) all questions and doubts arising in relation to any
          of the provisions of this Deed and every such determination, whether
          made upon such a question actually raised or implied in the acts or
          proceedings of the Class A-1 Note Trustee, will be conclusive and will
          bind the Class A-1 Note Trustee and the Class A-1 Noteholders.

     (p)  (Interests of Class A-1 Noteholders): In connection with the exercise
          by it of any of its trusts, powers, authorities and discretions under
          this Deed or any other Transaction Document (including, without
          limitation, any modification, waiver, authorisation or determination),
          the Class A-1 Note Trustee must where it is required to have regard to
          the interests of the Class A-1 Noteholders, have regard to the general
          interests of the Class A-1 Noteholders as a class. The Class A-1 Note
          Trustee will not incur any liability to any Class A-1 Noteholder as a
          result of the Class A-1 Note Trustee giving effect to this clause
          8.1(p).

     (q)  (Assumption as to Prejudice): The Class A-1 Note Trustee is entitled
          to assume, for the purposes of exercising any power, trust, authority,
          duty or discretion under or in relation to the Class A-1 Notes, this
          Deed or any other Transaction Document, that such exercise will not be
          materially prejudicial to the interests of the Class A-1 Noteholders
          if each of the Rating Agencies has confirmed in writing that such
          exercise will not result in the reduction, qualification or withdrawal
          of the credit rating then assigned by it to the Class A-1 Notes (but
          nothing in this clause is to be construed as requiring the Class A-1
          Note Trustee to obtain such confirmation).

     (r)  (Validity of Transaction Documents): The Class A-1 Note Trustee is not
          responsible for the execution, delivery, legality, effectiveness,
          adequacy, genuineness, validity, performance, enforceability,
          admissibility in evidence, form or content of this Deed or any other
          Transaction Document (other than the execution and delivery by it of
          this Deed and each other Transaction Document to which it is expressed
          to be a party and the performance of those obligations expressed to be
          binding on it under this Deed and such Transaction Documents) and is
          not liable for any failure to obtain any licence, consent or other
          authority for the execution, delivery, legality, effectiveness,
          adequacy, genuineness, validity, performance, enforceability or
          admissibility in evidence of this Deed or any other Transaction
          Document except to the extent specifically provided in this Deed or
          such Transaction Document. The Class A-1 Note Trustee is not
          responsible for recitals, statements, warranties or representations of
          any party (other than itself) contained in any Transaction Document
          (and is entitled to assume the accuracy and correctness thereof).

     (s)  (Defect in Security): The Class A-1 Note Trustee is not bound or
          concerned to examine or enquire into nor is it liable for any defect
          in or failure to perfect any Security Interest created or purported to
          be created by the Security Trust Deed and the Class A-1 Note Trustee
          may accept without enquiry, requisition or objection such title as the
          Issuer may have to the Charged Property or any part thereof from time
          to time and shall not be bound to investigate or make any enquiry into
          the title of the Issuer to the Charged Property or any part thereof
          from time to time.

     (t)  (Class A-1 Noteholders Responsible): Each Class A-1 Noteholder is
          solely responsible for making its own independent appraisal of and
          investigation into the financial condition, creditworthiness,
          condition, affairs, status and, nature of the Issuer and the Series
          Trust and the Class A-1 Note Trustee does not at any time have any
          responsibility for the same and no Class A-1 Noteholder may rely on
          the Class A-1 Note Trustee in respect of such appraisal and
          investigation.

     (u)  (Limit on Obligations): No provision of this Deed or any other
          Transaction Document requires the Class A-1 Note Trustee to do
          anything which may be

                                                                              24
<PAGE>

          contrary to any applicable law or regulation or to 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 shall have reasonable grounds for believing
          that repayment of such funds or full indemnity against such risk or
          liability is not assured to it. Except for the obligations imposed on
          it under this Deed, the Class A-1 Notes or any other Transaction
          Document, the Class A-1 Note Trustee is not obliged to do or omit to
          do any thing, including entering into any transaction or incurring any
          liability unless the Class A-1 Note Trustee's liability, is limited in
          a manner satisfactory to the Class A-1 Note Trustee in its absolute
          discretion.

     (v)  (No duty to provide information): Subject to the express requirements
          of this Deed or otherwise as required by any law, the Class A-1 Note
          Trustee has no duty (either initially, or on a continuing basis) to
          consider or provide any Class A-1 Noteholders with any confidential
          financial, price sensitive or other information made available by the
          Issuer, the Manager or any other person under or in connection with
          this Deed or any Transaction Document (whenever coming into its
          possession) and no Class A-1 Noteholder is entitled to take any action
          to obtain from the Class A-1 Note Trustee any such information.

     (w)  (No liability for breach): The Class A-1 Note Trustee is not to be
          under any liability whatsoever for a failure to take any action in
          respect of any breach by the Issuer of its duties as trustee of the
          Series Trust of which the Class A-1 Note Trustee is not aware or in
          respect of any Event of Default or Potential Event of Default of which
          the Class A-1 Note Trustee is not aware.

     (x)  (Dispute or Ambiguity): In the event of any dispute or ambiguity as to
          the construction or enforceability of this Deed or any other
          Transaction Document, or the Class A-1 Note Trustee's powers or
          obligations under or in connection with this Deed or the determination
          or calculation of any amount or thing for the purpose of this Deed or
          the construction or validity of any direction from Class A-1
          Noteholders, provided the Class A-1 Note Trustee is using reasonable
          endeavours to resolve such ambiguity or dispute, the Class A-1 Note
          Trustee, in its absolute discretion, may (but will have no obligation
          to) refuse to act or refrain from acting in relation to matters
          affected by such dispute or ambiguity.

     (y)  (Loss to Charged Property): The Class A-1 Note Trustee shall not be
          responsible for any loss, expense or liability occasioned to the
          Charged Property or any other property or in respect of all or any of
          the moneys which may stand to the credit of the Collections Account
          from time to time however caused (including, without limitation, where
          caused by an act or omission of the Security Trustee) unless that loss
          is occasioned by the fraud, negligence, wilful default or breach of
          trust of the Class A-1 Note Trustee.

     (z)  (Conversion of Money): Where necessary or expedient in order to fulfil
          its obligations under this Deed or any Transaction Document the Class
          A-1 Note Trustee may convert any moneys forming part of the Class A-1
          Trust Fund from one currency into another at such market exchange rate
          or rates as are reasonably determined by the Class A-1 Note Trustee.

     (aa) (Ratings): Except as otherwise provided in this Deed or any other
          Transaction Document, the Class A-1 Note Trustee has no responsibility
          for the maintenance of any rating of the Class A-1 Notes by any Rating
          Agency or any other person.

     (bb) (No liability for tax on payments): The Class A-1 Note Trustee has no
          responsibility whatsoever to any Class A-1 Noteholder or any other
          person in relation to any deficiency in a payment by the Class A-1
          Note Trustee to any Class A-1 Noteholders if that deficiency arises as
          a result of the Class A-1 Note Trustee

                                                                              25
<PAGE>

          or the Issuer being subject to any Tax in respect of that payment, the
          Charged Property, the Security Trust Deed, this Deed or any income or
          proceeds from them.

8.2  Waivers

     Subject to clause 7.1(a), the Class A-1 Note Trustee may, and if directed
     to do so by a Majority of Class A-1 Noteholders must, on such terms and
     conditions as it may deem reasonable, without the consent of any of the
     Class A-1 Noteholders, and without prejudice to its rights in respect of
     any subsequent breach agree to any waiver or authorisation of any breach or
     proposed breach of any of the terms and conditions of the Transaction
     Documents by the Issuer, the Manager or any other person which, unless the
     Class A-1 Note Trustee is acting on the direction of a Majority of Class A-
     1 Noteholders, is not, in the opinion of the Class A-1 Note Trustee,
     materially prejudicial to the interests of the Class A-1 Noteholders as a
     class. No such waiver, authorisation or determination may be made in
     contravention of any prior direction by a Majority of the Class A-1
     Noteholders. No direction of the Class A-1 Noteholders shall affect any
     such waiver, authorisation or determination previously given or made. Any
     such waiver, authorisation or determination will, if the Class A-1 Note
     Trustee so requires, be notified to the Class A-1 Noteholders by the Issuer
     as soon as practicable after it is made in accordance with this Deed.

8.3  Class A-1 Note Trustee's liability

     Nothing in this Deed or any other Transaction Document will in any case in
     which the Class A-1 Note Trustee has failed to show the degree of care and
     diligence required of it as trustee having regard to the provisions of this
     Deed and the mandatory provisions of the TIA conferring on it any trusts,
     powers, authorities or discretions exempt the Class A-1 Note Trustee from
     or indemnify it against any liability for breach of trust or any liability
     which by virtue of any rule of law would otherwise attach to it in respect
     of fraud or wilful default of which it may be guilty in relation to its
     duties under this Deed.

8.4  Dealings with Series Trust

     Subject to clause 9.7, none of the:

     (a)  (Class A-1 Note Trustee): Class A-1 Note Trustee in its personal or
          any other capacity;

     (b)  (Related Bodies Corporate): Related Bodies Corporate of the Class A-1
          Note Trustee;

     (c)  (Directors etc.): directors or officers of the Class A-1 Note Trustee
          or its Related Bodies Corporate; or

     (d)  (Shareholders): shareholders of the Class A-1 Note Trustee or its
          Related Bodies Corporate,

      is prohibited from:

     (e)  (Subscribing for): subscribing for, purchasing, holding, dealing in or
          disposing of Class A-1 Notes;

     (f)  (Contracting with): at any time:

          (i)    contracting with;

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

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

                                                                              26
<PAGE>

           any other of them, the Issuer, the Manager or any Secured Creditor
           (including any Class A-1 Noteholder); or

      (g)  (Being interested in): being interested in any contract or
           transaction referred to in paragraphs (e) or (f).

      None of the persons mentioned is liable to account to the Class A-1
      Noteholders for any profits or benefits (including, without limitation,
      bank charges, commission, exchange brokerage and fees) derived in
      connection with any contract or transaction referred to in paragraphs (e)
      or (f). The preceding provisions of this clause 8.4 only apply if the
      relevant person, in connection with the action, contract or transaction,
      acts in good faith to all Class A-1 Noteholders and, in the case of the
      Class A-1 Note Trustee, are subject to section 311(a) of the TIA.

8.5   Delegation of duties of Class A-1 Note Trustee

      The Class A-1 Note Trustee must not delegate to any person any of its
      trusts, duties, powers, authorities or discretions under this Deed except:

      (a)  (Related Body Corporate): to a Related Body Corporate of the Class A-
           1 Note Trustee; or

      (b)  (As otherwise permitted): in accordance with the provisions of this
           Deed or otherwise as agreed by the Manager.

8.6   Related Body Corporate of the Class A-1 Note Trustee

      Where the Class A-1 Note Trustee delegates any of its trusts, duties,
      powers, authorities and discretions to any person who is a Related Body
      Corporate of the Class A-1 Note Trustee, the Class A-1 Note Trustee at all
      times remains liable for the acts or omissions of such Related Body
      Corporate and for the payment of fees of that Related Body Corporate when
      acting as delegate.
________________________________________________________________________________
9.    Duties of the Class A-1 Note Trustee

9.1   Class A-1 Note Trustee's general duties

      The Class A-1 Note Trustee must comply with the duties imposed on it by
      this Deed, the Class A-1 Notes (including the Class A-1 Note Conditions)
      and each other Transaction Document to which it is a party and must:

      (a)  (Act continuously): act continuously as trustee of the Class A-1
           Trust until the Class A-1 Trust is terminated in accordance with this
           Deed or until it has retired or been removed in accordance with this
           Deed; and

      (b)  (Have regard to the Interests of Class A-1 Noteholders): in 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 Class A-1 Noteholders as a class.

9.2   Duties of the Class A-1 Note Trustee prior to Event of Default

      Prior to an Event of Default:

      (a)  (Class A-1 Note Trustee Not Liable): the Class A-1 Note Trustee shall
           not be liable except for the performance of such duties as are
           specifically set out in this Deed, the Class A-1 Notes (including the
           Class A-1 Note Conditions) or any other Transaction Document to which
           it is a party and no implied covenants or

                                                                              27
<PAGE>

           obligations on the part of the Class A-1 Note Trustee are to be read
           into this Deed; and

      (b)  (Reliance on Certificates): the Class A-1 Note Trustee may
           conclusively rely, as to the truth of the statements and the
           correctness of the opinions expressed therein, in the absence of bad
           faith on the part of the Class A-1 Note Trustee, upon certificates or
           opinions furnished to the Class A-1 Note Trustee and conforming to
           the requirements of this Deed provided that the Class A-1 Note
           Trustee shall examine, where applicable, the evidence furnished to it
           pursuant to any provision of this Deed to determine whether or not
           such evidence conforms to the requirements of this Deed.

9.3   Duties of the Class A-1 Note Trustee following an Event of Default

      If an Event of Default has occurred and is subsisting the Class A-1 Note
      Trustee shall exercise the rights and powers vested in it by this Deed and
      use the same degree of care and skill in their exercise as a prudent
      person would exercise or use under the circumstances in the conduct of
      such person's own affairs.

9.4   Certain limitations of liability where acting in good faith

      The Class A-1 Note Trustee shall not be liable under this Deed or any
      Transaction Document for any error of judgment made in good faith by an
      Authorised Officer of the Class A-1 Note Trustee unless it is proved that
      the Class A-1 Note Trustee was negligent in ascertaining the pertinent
      facts.

9.5   Class A-1 Note Trustee not relieved of liability for negligence etc.

      Subject to clauses |9.2 and 9.4, nothing in this Deed will relieve the
      Class A-1 Note Trustee from liability for its own negligent action, its
      own negligent failure to act or its own wilful misconduct.  Section
      315(d)(3) of the TIA is expressly excluded by this Deed.

9.6   Preferred collection of claims against Issuer

      The Class A-1 Note Trustee must comply with section 311(a) of the TIA and
      the rules thereunder other than with respect to any creditor relationship
      excluded from the operation of section 311(a) by section 311(b) of the
      TIA.  Following its retirement or removal pursuant to clause |14, the
      Class A-1 Note Trustee will remain subject to section 311(a) of the TIA to
      the extent required by the TIA.

9.7  Compliance with Section 310 of TIA

     (a) (Section 310(a) of TIA): The Class A-1 Note Trustee must ensure that it
         at all times satisfies the requirements of section 310(a) of the TIA.

     (b) (Capital): Without limiting the foregoing, the Class A-1 Note Trustee
         must ensure that it all times has 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) (Section 310(b) of TIA): The Class A-1 Note Trustee must at all times
         comply with section 310(b) of the TIA, provided that any indenture or
         indentures under which other securities of the Issuer are outstanding
         will be excluded from the operation of section 310(b)(1) of the TIA if
         the requirements for such exclusion set out in section 310(b)(1) of the
         TIA are met.

                                                                              28
<PAGE>

9.8    Voting at meetings under Master Trust Deed or Security Trust Deed

       If the Class A-1 Note Trustee is entitled under the Master Trust Deed (as
       varied by clause 1.6 of the Series Supplement) or the Security Trust
       Deed to vote at any meeting on behalf of Class A-1 Noteholders, the Class
       A-1 Note Trustee must vote in accordance, where applicable, with the
       directions of the Class A-1 Noteholders (whether or not solicited and
       whether or not all Class A-1 Noteholders have provided such directions)
       and otherwise in its absolute discretion. In acting in accordance with
       the directions of Class A-1 Noteholders the Class A-1 Note Trustee must
       exercise its votes for or against any proposal to be put to a meeting in
       the same proportion as that of the aggregate Invested Amounts of the
       Class A-1 Notes held by Class A-1 Noteholders who have directed the Class
       A-1 Note Trustee to vote for or against such a proposal.

9.9    Transaction Documents

       The Class A-1 Note Trustee must make available at the Class A-1 Note
       Trustee's registered office for inspection by Class A-1 Noteholders a
       copy of each Transaction Document in accordance with Condition 3 of the
       Class A-1 Note Conditions (provided that the Class A-1 Note Trustee will
       not be in default of its obligations pursuant to this clause |9.9 in
       respect of any Transaction Document, other than a Transaction Document to
       which the Class A-1 Note Trustee is a party, a copy of which has not been
       provided to the Class A-1 Note Trustee).
________________________________________________________________________________
10.    Application of moneys

10.1   Moneys received
       The Class A-1 Note Trustee must hold all moneys received by it under this
       Deed or any other Transaction Document upon trust to apply them:

       (a) (Fees and Expenses): first, towards all amounts owing to the Class A-
            1 Note Trustee under this Deed (other than under clause |6.1); and

       (b) (Class A-1 Noteholders): secondly, pari passu to the Class A-1
           Noteholders towards repayment of principal and payment of interest
           and all other amounts owing to them by the Issuer in respect of the
           Class A-1 Notes.

10.2   Investment of moneys held

       An amount which under this Deed ought to or may be invested by the Class
       A-1 Note Trustee may be invested in the name or control of the Class A-1
       Note Trustee in:

       (a) (Authorised Short-Term Investments): Authorised Short-Term
           Investments; or

       (b) (US$ Investments): any investment denominated in US dollars which has
           assigned to it the highest short-term credit rating from each Rating
           Agency or which is otherwise approved by that Rating Agency,

       and the Class A-1 Note Trustee may at any time vary any such investments
       and is not responsible for any loss resulting from such investments
       whether due to depreciation in value, fluctuations in exchange rates or
       otherwise.
________________________________________________________________________________
11.    Continuing security and releases

11.1   Issuer's liability not affected

       This Deed and the liability of the Issuer under this Deed will not be
       affected or discharged by any of the following:

                                                                              29
<PAGE>

      (a)  (Indulgence): the granting to the Issuer or to any other person of
           any time or other indulgence or consideration;

      (b)  (Delay in recovery): subject to Condition 8.5 of the Class A-1 Note
           Conditions, the Class A-1 Note Trustee failing or neglecting to
           recover any amounts owing in respect of the Class A-1 Notes;

      (c)  (Laches): any other laches, acquiescence, delay, act, omission or
           mistake on the part of the Class A-1 Note Trustee or any other
           person; or

      (d)  (Release): the release, discharge, abandonment or transfer whether
           wholly or partially and with or without consideration of any other
           security judgment or negotiable instrument held from time to time or
           recovered by the Class A-1 Note Trustee from or against the Issuer or
           any other person.

11.2  Waiver by Issuer

      The Issuer waives in favour of the Class A-1 Note Trustee:

      (a)  (All rights necessary to give effect to Deed): all rights whatsoever
           against the Class A-1 Note Trustee and any other person estate or
           assets to the extent necessary to give effect to anything in this
           Deed;

      (b)  (All rights inconsistent with Deed): all rights inconsistent with the
           provisions of this Deed.
_______________________________________________________________________________
12.   Renumeration and expenses of Class A-1 Note Trustee

12.1  Payment of fee

      The Issuer must pay to the Class A-1 Note Trustee during the period that
      any of the Class A-1 Notes remain outstanding the fee separately agreed by
      the Class A-1 Note Trustee and the Issuer (at such times and upon such
      terms as to interest for overdue payments or otherwise as are agreed
      between the Issuer and the Class A-1 Note Trustee). If the Class A-1 Note
      Trustee retires or is removed under this Deed, the Class A-1 Note Trustee
      must refund to the Issuer that proportion of the fee (if any) which
      relates to the period during which the Class A-1 Note Trustee will not be
      the Class A-1 Note Trustee.

12.2  Payment of expenses

      The Issuer must pay or reimburse to the Class A-1 Note Trustee all
      reasonable costs, expenses, charges, stamp duties and other Taxes and
      liabilities properly incurred by the Class A-1 Note Trustee, or its
      properly appointed agents or delegates, in the performance of the
      obligations of the Class A-1 Note Trustee under this Deed or any other
      Transaction Document including, without limitation, all costs and expenses
      (including legal costs and expenses) incurred by the Class A-1 Note
      Trustee in the enforcement of any obligations under this Deed or any other
      Transaction Documents.  Without limiting any right of indemnity available
      by law to the Class A-1 Note Trustee, the Class A-1 Note Trustee is
      entitled to be indemnified from Class A-1 Trust Fund from and against all
      such the costs, expenses, charges, stamp duties and other Taxes and
      liabilities.  Nothing in this clause |12.2 entitles or permits the Class
      A-1 Note Trustee to be reimbursed or indemnified for general overhead
      costs and expenses of the Class A-1 Note Trustee (including, without
      limitation, rents and any amounts payable by the Class A-1 Note Trustee to
      its employees in connection with their employment) incurred directly or
      indirectly in connection with the business activities of the Class A-1
      Note Trustee or in the exercise of its rights, powers and discretions or
      the performance of its duties and obligations under this Deed or any
      Transaction Document.

                                                                              30
<PAGE>

12.3  Additional duties

      In the event of the occurrence of an Event of Default or the Class A Note
      Trustee considering it expedient or necessary or being requested pursuant
      to any Transaction Document to undertake duties which the Class A-1 Note
      Trustee and the Manager agree to be of an exceptional nature or otherwise
      outside the scope of the normal duties of the Class A-1 Note Trustee under
      this Deed or the other Transaction Documents the Issuer must pay to the
      Class A-1 Note Trustee such additional remuneration as is agreed between
      the Manager and the Class A-1 Note Trustee.

12.4  Dispute as to additional duties
      In the event of the Manager and the Class A-1 Note Trustee failing to
      agree:

      (a)  upon the amount of any additional remuneration referred to in clause
           12.3; or

      (b)  upon whether duties of the Class A-1 Note Trustee are of an
           exceptional nature or otherwise outside the scope of the normal
           duties of the Class A-1 Note Trustee for the purposes of clause
           12.3,

      such matters shall be determined by a merchant or investment bank (acting
      as an expert and not as an arbitrator) selected by the Class A-1 Note
      Trustee and approved by the Manager or, failing such approval, nominated
      (on the application of the Class A-1 Note Trustee) by the President for
      the time being of The Law Society of New South Wales (the expenses
      involved in such nomination and the fees of such merchant or investment
      bank being payable by the Issuer as an Expense) and the determination of
      any such merchant or investment bank shall be final and binding upon the
      Class A-1 Note Trustee, the Manager and the Issuer.

12.5  Currency and VAT

      The above fees and expenses will be paid in US Dollars. The Issuer will in
      addition pay any value added tax which may be applicable.

12.6  No other fees or expenses

      Except as provided in clauses 12.1, 12.2, 12.3, 12.4 and 12.5 or as
      expressly provided elsewhere in this Deed or any other Transaction
      Document, neither the Issuer nor the Manager has any liability in respect
      of any fees, commissions or expenses of the Class A-1 Note Trustee in
      connection with this Deed or any Transaction Document.

12.7  Issuer personally liable for fees

      Notwithstanding any other provision of this Deed, the Issuer must pay to
      the Class A-1 Note Trustee the fees referred to in clause 12.1, and any
      value added tax on such fees, from its own personal funds and will not be
      entitled to indemnified from the Assets of the Series Trust with respect
      to such fees or value added taxes provided that if the Bank of New York,
      New York Branch retires or is removed as Class A-1 Note Trustee the Issuer
      will only be liable to pay the fees referred to in clause 12.1, and any
      value added tax on such fees, from its own personal funds, to the extent
      that such fees and value added tax do not exceed the amount that would
      have been payable to The Bank of New York, New York Branch if it had
      remained as Class A-1 Note Trustee.  The balance of such fees and value
      added tax, if any, will be an Expense for which the Issuer is entitled to
      be indemnified from the Assets of the Series Trust in accordance with the
      Series Supplement.

12.8  Timing of payments

      Except as referred to in clause 12.7, all payments by the Issuer to the
      Class A-1 Note Trustee under this clause 12 are payable on the first
      Distribution Date following demand by the Class

                                                                              31
<PAGE>

      A-1 Note Trustee from funds available for this purpose in accordance with
      the Series Supplement.

12.9  Non-discharge

      Unless otherwise specifically stated in any discharge of the Class A-1
      Trust the provisions of this clause 12 will continue in full force and
      effect despite such discharge.
________________________________________________________________________________
13.   Additional Class A-1 Note Trustees

13.1  Appointment and removal

      The Class A-1 Note Trustee may, upon giving prior notice to the Issuer and
      the Manager (but without the consent of the Issuer, the Manager or the
      Class A-1 Noteholders), appoint any person (an "Additional Note Trustee")
      (other than the Issuer or a Related Body Corporate of the Issuer)
      established or resident in any jurisdiction (whether an Eligible Trust
      Corporation or not) to act as a co-trustee jointly with the Class A-1 Note
      Trustee:

      (a) (Interests of Class A-1 Noteholders): if the Class A-1 Note Trustee
          considers such appointment to be in the interests of the Class A
          Noteholders;

      (b) (Legal Requirements): 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

      (c) (Obtaining Judgment): 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 this Deed or any other Transaction
          Document.

      The Issuer, for valuable consideration, irrevocably appoints the Class A-1
      Note Trustee to be its attorney in its name and on its behalf to execute
      an instrument of appointment of any such Additional Note Trustee. Such
      Additional Note Trustee will (subject always to the provisions of this)
      have such trusts, powers, authorities and discretions (not exceeding those
      conferred on the Class A-1 Note Trustee by this Deed or any other
      Transaction Document) and such duties and obligations as are conferred or
      imposed by the instrument of appointment. Such reasonable remuneration as
      the Class A-1 Note Trustee may pay to any Additional Note Trustee,
      together with any costs and expenses properly incurred by any Additional
      Note Trustee in performing its functions as such, are expenses of the
      Class A-1 Note Trustee recoverable by it pursuant to clause 12.2. The
      Class A-1 Note Trustee, upon giving prior notice to the Issuer and the
      Manager, has the power to remove any Additional Trustee. The Issuer, for
      valuable consideration, irrevocably appoints the Class A-1 Note Trustee to
      be its attorney in its name and on its behalf to execute an instrument of
      removal of any such Additional Note Trustee.

13.2  Joint exercise of powers

      All rights, powers, duties and obligations conferred or imposed upon an
      Additional Note Trustee are conferred or imposed upon and exercised or
      performed by the Class A-1 Note Trustee and the Additional Note Trustee
      jointly (it being understood that an Additional Note Trustee is not
      authorised to act separately without the Class A-1 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 Class A-1 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 Additional Note Trustee (but
      subject to the direction of the Class A-1 Note Trustee).

                                                                              32
<PAGE>

13.3  Notice

      The Class A-1 Note Trustee must promptly notify the Principal Paying
      Agent, the Class A-1 Noteholders and the Rating Agencies of each
      appointment or removal of an Additional Note Trustee pursuant to this
      clause 13.
_______________________________________________________________________________
14.   Retirement or removal of Class A-1 Note Trustee

14.1  Retirement of Class A-1 Note Trustee

      The Class A-1 Note Trustee covenants that it will retire as Class A-1 Note
      Trustee if:

      (a)  (Insolvency): an Insolvency Event occurs in relation to the Class A-1
           Note Trustee in its personal capacity or in respect of its personal
           assets (and not in its capacity as trustee of any trust or in respect
           of any assets it holds as trustee);

      (b)  (Ceases to carry on business): it ceases to carry on business;

      (c)  (Ceases to be an Eligible Trust Corporation): it ceases to be an
           Eligible Trust Corporation;

      (d)  (Class A-1 Noteholders require retirement): it is so directed by a
           Special Majority of Class A-1 Noteholders;

      (e)  (Breach of duty): when required to do so by the Manager or the Issuer
           by notice in writing, it fails or neglects within 20 Business Days
           after receipt of such notice to carry out or satisfy any material
           duty imposed on it by this Deed or any Transaction Document; or

      (f)  (Change in ownership): there is a change in ownership of 50% or more
           of the issued equity share capital of the Class A-1 Note Trustee from
           the position as at the date of this Deed or effective control of the
           Class A-1 Note Trustee alters from the position as at the date of
           this Deed unless in either case approved by the Manager (whose
           approval must not be unreasonably withheld).

14.2  Removal by Manager

      If the Class A-1 Note Trustee refuses to retire the Manager is entitled to
      remove the Class A-1 Note Trustee from office immediately by notice in
      writing if an event referred to in clause 14.1 has occurred.  On the
      retirement or removal of the Class A-1 Note Trustee under the provisions
      of clause 14.1 or this clause 14.2:

      (a)  (Notify Rating Agencies): the Manager must promptly notify the Rating
           Agencies of such retirement or removal; and

      (b)  (Appoint Substitute Class A-1 Note Trustee): subject to any approval
           required by law, the Manager is entitled to and must use reasonable
           endeavours to appoint in writing some other Eligible Trust
           Corporation that is approved by the Rating Agencies to be the
           Substitute Class A-1 Note Trustee.

14.3  Class A-1 Note Trustee may retire

      The Class A-1 Note Trustee may retire at any time as trustee under this
      Deed upon giving 3 months (or such lesser time as the Manager, the Issuer
      and the Class A-1 Note Trustee agree) notice in writing to the Issuer, the
      Manager and the Rating Agencies, without giving any reason and without
      being responsible for any liabilities incurred by reason of such
      retirement provided that such retirement is in accordance with this Deed,
      provided that no such period of notice of retirement may expire within the
      period of 30 days preceding each Distribution Date.

                                                                              33
<PAGE>

      Upon such retirement the Class A-1 Note Trustee, subject to any approval
      required by law, may appoint in writing any other Eligible Trust
      Corporation that is approved by the Rating Agencies and the Manager, which
      approval must not be unreasonably withheld by the Manager, as Class A-1
      Note Trustee in its stead. If the Class A-1 Note Trustee does not propose
      a replacement by the date which is 1 month prior to the date of its
      proposed retirement, the Manager is entitled to appoint a Substitute Class
      A-1 Note Trustee, which must be an Eligible Trust Corporation that is
      approved by the Rating Agencies, as of the date of the proposed
      retirement.

14.4  Appointment of Substitute Class A-1 Note Trustee by Class A-1 Noteholders

      Notwithstanding clauses 14.1, 14.2 and 14.3, no retirement or removal of
      the Class A-1 Note Trustee will be effective until a Substitute Class A-1
      Note Trustee has been appointed as in its place. If a Substitute Class A-1
      Note Trustee has not been appointed under clauses 14.1, 14.2 or 14.3 at a
      time when the position of Class A-1 Note Trustee would, but for this
      clause 14.4, become vacant in accordance with those clauses, the Issuer
      must promptly advise the Class A-1 Noteholders a Special Majority of whom
      may appoint an Eligible Trust Corporation nominated by any of them to act
      as Class A-1 Note Trustee.

14.5  Release of Class A-1 Note Trustee

      Upon retirement or removal of the Class A-1 Note Trustee as trustee of the
      Class A-1 Trust, the Class A-1 Note Trustee is released from all
      obligations under this Deed arising after the date of the retirement or
      removal except for its obligation to vest the Class A-1 Trust Fund in the
      Substitute Class A-1 Note Trustee and to deliver all books and records
      relating to the Class A-1 Trust to the Substitute Class A-1 Note Trustee.
      The Manager and the Issuer may settle with the Class A-1 Note Trustee the
      amount of any sums payable by the Class A-1 Note Trustee to the Manager or
      the Issuer or by the Manager or the Issuer to the Class A-1 Note Trustee
      and may give to or accept from the Class A-1 Note Trustee a discharge in
      respect of those sums which will be conclusive and binding as between the
      Manager, the Issuer and the Class A-1 Note Trustee but not as between the
      Class A-1 Note Trustee and the Class A-1 Noteholders.

14.6  Vesting of Class A-1 Trust Fund in Substitute Class A-1 Note Trustee

      The Class A-1 Note Trustee, on its retirement or removal, must vest the
      Class A-1 Trust Fund or cause it to be vested in the Substitute Class A-1
      Note Trustee and must deliver and assign to such Substitute Class A-1 Note
      Trustee as appropriate all books, documents, records and other property
      whatsoever relating to the Class A-1 Trust Fund.

14.7  Substitute Class A-1 Note Trustee to Execute Deed

      Each Substitute Class A-1 Note Trustee must upon its appointment execute a
      deed in such form as the Manager may require whereby such Substitute Class
      A-1 Note Trustee must undertake to the Class A-1 Noteholders to be bound
      by all the covenants on the part of the Class A-1 Note Trustee under this
      Deed from the date of such appointment.

14.8  Rating Agencies Advised

      The Manager must promptly:

      (a)  (Retirement): approach and liaise with each Rating Agency in respect
           of any consents required from it to the replacement of the Class A-1
           Note Trustee pursuant to clauses 14.2 or 14.3;

      (b)  (Change of ownership): notify the Rating Agencies of it becoming
           aware of a change in ownership of 50% or more of the issued equity
           share capital of the Class

                                                                              34
<PAGE>

            A-1 Note Trustee from the position as at the date of this Deed or
            effective control of the Class A-1 Note Trustee altering from the
            date of this Deed; and

       (c)  (Approval for change in ownership): notify the Rating Agencies of
            any approvals given by the Manager pursuant to clause 14.1(f).

14.9   Retention of Lien

       Notwithstanding any release of the outgoing Class A-1 Note Trustee under
       this clause 14, the outgoing Class A-1 Note Trustee will remain entitled
       to the benefit of the indemnities granted by this Deed to the outgoing
       Class A-1 Note Trustee in respect of any liability, cost or other
       obligation incurred by it while acting as Class A-1 Note Trustee, as if
       it were still the Class A-1 Note Trustee under this Deed.

14.10  Issuer and Manager Cannot be Appointed

       Notwithstanding the preceding provisions of this clause 14, none of the
       Manager, the Issuer, any Support Facility Provider nor any of their
       Related Bodies Corporate may be appointed as Class A-1 Note Trustee.

14.11  No Limitation of TIA

       Nothing in this clause 14 is to be construed as limiting any right of a
       Class A-1 Noteholder to take any action to remove the Class A-1 Note
       Trustee in accordance with section 310(b) of the TIA.
________________________________________________________________________________
15.    Amendment

15.1   Amendment by Class A-1 Note Trustee

       Subject to this clause 15 and to any approval required by law, the Class
       A-1 Note Trustee, the Manager and the Issuer may together agree, without
       the consent or sanction of any Class A-1 Noteholder, by way of
       supplemental deed to alter, add to or revoke any provision of this Deed
       or the Class A-1 Notes (including the Class A-1 Note Conditions) so long
       as such alteration, addition or revocation is not a Payment Modification
       and such alteration, addition or revocation in the opinion of the Class
       A-1 Note Trustee:

       (a)  (Necessary or expedient): is necessary or expedient to comply with
            the provisions of any Statute or regulation or with the requirements
            of any Governmental Agency;

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

       (c)  (Amendment to law): is appropriate or expedient as a consequence of
            an amendment to any Statute or regulation or altered requirements of
            any Governmental Agency or any decision of any court (including,
            without limitation, an alteration, addition or modification which is
            in the opinion of the Class A-1 Note Trustee appropriate or
            expedient as a consequence of the enactment of a Statute or
            regulation or an amendment to any Statute or regulation or ruling by
            the Commissioner or Deputy Commissioner of Taxation or any
            governmental announcement or statement or any decision of any court,
            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
            Series Trust or the Class A-1 Trust); or

       (d)  (Otherwise desirable): in the opinion of the Class A-1 Note Trustee
            and the Issuer is otherwise desirable for any reason and:

                                                                              35
<PAGE>

         (i)  is not in the opinion of the Class A-1 Note Trustee likely, upon
              coming into effect, to be materially prejudicial to the interests
              of Class A-1 Noteholders; or

         (ii) if it is in the opinion of the Class A-1 Note Trustee likely, upon
              coming into effect, to be materially prejudicial to Class A-1
              Noteholders, the consent of a Special Majority of Class A-1
              Noteholders to the alteration, addition or resolution has been
              obtained. For the purpose of determining whether a Special
              Majority of Class A-1 Noteholders has consented to an alteration,
              addition or revocation, Class A-1 Notes which are beneficially
              owned by the Issuer or the Manager or by any person directly or
              indirectly controlling or controlled by or under direct or
              indirect common control with the Issuer or the Manager, shall be
              disregarded,

      provided that the Class A-1 Note Trustee, the Manager and the Issuer may
      not alter, add to or revoke any provision of this Deed or the Class A-1
      Notes unless the Manager has notified the Rating Agencies 5 Business Days
      in advance.

15.2  Amendments Requiring Consent of all Class A-1 Noteholders

      The Class A-1 Note Trustee, the Manager and the Issuer may together agree
      by way of supplemental deed to make or effect a Payment Modification to
      this Deed or the Class A-1 Notes (including the Class A-1 Note Conditions)
      if, and only if, the consent has first been obtained of each Class A-1
      Noteholder to such Payment Modification.

15.3  Compliance with TIA

      Any supplemental deed altering, adding to or revoking any provision of
      this Deed or the Class A-1 Notes (including the Class A-1 Note Conditions)
      referred to in this clause |15 must conform, to the extent applicable,
      with the requirements of the TIA.

15.4  No Rating Agency downgrade

      The Class A-1 Note Trustee will be entitled to assume that any proposed
      alteration, addition or revocation, other than a Payment Modification,
      will not be materially prejudicial to the interests of Class A-1
      Noteholders if each of the Rating Agencies confirms in writing that if the
      alteration, addition or revocation is effected this will not lead to a
      reduction, qualification or withdrawal of the then rating given to the
      Class A-1 Notes by the Rating Agency.

15.5  Distribution of amendments

      The Issuer must distribute to all Class A-1 Noteholders a copy of any
      amendment made pursuant to this clause 15 as soon as reasonably
      practicable after the amendment has been made.

15.6  Amendments binding on Class A-1 Noteholders

      Any alteration, addition or revocation of a provision of this Deed or the
      Class A-1 Notes made pursuant to this clause 15 is binding on all Class
      A-1 Noteholders.
________________________________________________________________________________
16.   Reports

16.1  Reports by Class A-1 Note Trustee

      If so required by section 313(a) of the TIA, the Class A-1 Note Trustee
      shall provide to each Class A-1 Noteholder, and such other persons as the
      Class A-1 Note Trustee is required by section 313(c) of the TIA to provide
      reports to, at intervals of not more than 12 months (commencing as from
      the Closing Date) a brief report of the events referred to in section

                                                                              36
<PAGE>

      313(a) of the TIA that have occurred within the preceding 12 months and
      shall provide such additional reports to Class A-1 Noteholders, and such
      other persons as the Class A-1 Note Trustee is required by section 313(c)
      of the TIA to provide reports to, as are required by section 313(b) of the
      TIA at the times specified in that section.  A copy of each such report at
      the time of its provision to Class A-1 Noteholders must be copied to the
      Issuer and the Manager and must be filed by the Class A-1 Note Trustee
      with the Commission and each stock exchange, if any, on which the Class A-
      1 Notes are listed.

16.2  Reports by Issuer

      The Issuer and the Manager each severally covenants that it will:

      (a)   (Copy Securities Exchange Act Reports to Class A-1 Note Trustee):
            file:

            (i)  with the Commission at such times as are required under the
                 Exchange Act; and

            (ii) with the Class A-1 Note Trustee, within 15 days after it 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), if any, which it may be required to file with the
            Commission pursuant to section 13 or 15(d) of the Exchange Act or,
            if it is not required to file information, documents or reports
            pursuant to either of such sections, then to file with the Class A-1
            Note Trustee and the Commission, in accordance with the rules and
            regulations prescribed by the Commission, such of the supplementary
            and periodic information, documents and reports which may be
            required pursuant to section 13 of the Exchange Act, in respect of a
            security listed and registered on a national securities exchange as
            may be prescribed in such rules and regulations;

      (b)   (Other Reports): file with the Class A-1 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 it with the
            conditions and covenants of this Deed as may be required from time
            to time by such rules and regulations ; and

      (c)   (Summaries to Class A-1 Noteholders): transmit to Class A-1
            Noteholders, and such other persons as are required by section
            314(a)(3) of the TIA, such summaries of any information, documents
            and reports required to be filed by the Issuer or the Manager
            pursuant to clauses 16.2(a) and (b) as may be required by rules and
            regulations prescribed from time to time by the Commission.

16.3  Restricted securities

      The Issuer and the Manager each severally covenants that it will forthwith
      notify the Class A-1 Note Trustee, if, at any time, after the Closing
      Date, any Class A-1 Notes become "restricted securities" (as defined in
      Rule 144(a)(3) of Securities Act of 1933 of the United States of America)
      and during any period during which the Issuer or the Manager is neither
      subject to Sections 13 or 15(d) of the Exchange Act nor exempt from
      reporting pursuant to Rule 12g3-2(d) under the Exchange Act, make
      available to each holder of those Class A-1 Notes in connection with any
      resale of those Class A-1 Notes and to any prospective purchaser of the
      Class A-1 Notes from that holder, in each case upon request, the
      information specified in and meeting the requirements of Rule 144(A)(d)(4)
      under the Securities Act.

                                                                              37
<PAGE>

________________________________________________________________________________
17.   Currency indemnity

17.1  Improper currency receipts

      If any payment is made by the Issuer under this Deed or the Class A-1
      Notes or if the Class A-1 Note Trustee or any Class A-1 Noteholder
      receives or recovers any money under or pursuant to this Deed or the Class
      A-1 Notes in a currency ("Receipt Currency") other than the currency in
      which the money was payable pursuant to the terms of this Deed or the
      Class A-1 Notes ("Agreed Currency"), the Issuer must, as a separate and
      additional liability, pay to the recipient such additional amount so that
      after conversion from the Receipt Currency into the Agreed Currency of
      such money so paid, received or recovered and after the payment of all
      commission and expenses in relation to such conversion the recipient will
      receive net in its hands an amount in the Agreed Currency equal to the
      amount of the money payable under this Deed or the Class A-1 Notes in the
      Agreed Currency.

17.2  Currency indemnity

      If a judgment or an order is rendered by any court or tribunal for the
      payment of any amount payable by the Issuer under this Deed or the Class
      A-1 Notes or for the payment of damages in respect of any breach by the
      Issuer of this Deed or the Class A-1 Notes or any Insolvency Event in
      relation to the Issuer occurs resulting in money being payable or
      receivable in respect of any proof or other claim, and such judgment,
      order, proof or claim is expressed in a currency ("Judgment Currency")
      other than the currency in which the money was payable pursuant to the
      terms of this Deed or the Class A-1 Notes ("Agreed Currency"), the Issuer
      must indemnify and hold harmless and keep indemnified the person with the
      benefit of the judgment, order, proof or claim (as the case may be) (the
      "Receiving Party") against any deficiency in the Agreed Currency in the
      amount received by the Receiving Party arising or resulting from any
      variation as between:

      (a)  (Judgment Rate): the rate of exchange at which the Agreed Currency is
           converted to the Judgment Currency for the purposes of such judgment,
           order, proof or claim; and

      (b)  (Actual Rate): the rate of exchange which the Receiving Party is able
           to purchase the Agreed Currency with the amount of the Judgment
           Currency actually received by the Receiving Party,

      and such indemnity will continue in full force and effect notwithstanding
      any such judgment, order, proof or claim.

17.3  Failure to pay proper currency

      Any payment purportedly pursuant to the terms of this Deed or a Class A-1
      Note in a currency other than the currency in which it is required to be
      paid will not discharge or satisfy the relevant obligation of the payer to
      make the payment except to the extent that, and insofar as, the currency
      in which the payment is required to be made is acquired by sale of the
      currency in which the payment was actually made.
________________________________________________________________________________
18.   Expenses and stamp duties

18.1  Expenses

      Subject to clause 22, the Issuer will on demand reimburse the Class A-1
      Note Trustee for and keep the Class A-1 Note Trustee indemnified against
      all expenses including legal costs and disbursements (on a full indemnity
      basis) incurred by the Class A-1 Note Trustee in connection with:

                                                                              38
<PAGE>

      (a)    (Preparation): the preparation and execution of this Deed and any
             subsequent consent, agreement, approval or waiver under this Deed
             or amendment to this Deed;

      (b)    (Enforcement): the exercise, enforcement, preservation or attempted
             exercise enforcement or preservation of any rights under this Deed
             including without limitation any expenses incurred in the
             evaluation of any matter of material concern to the Class A-1 Note
             Trustee; and

      (c)    (Governmental Agency): any enquiry by a Governmental Agency
             concerning the Issuer or the Assets of the Series Trust or a
             transaction or activity the subject of the Transaction Documents.

18.2  Stamp duties and other taxes

      The Issuer must pay any stamp and other duties and Taxes, including fines
      and penalties, payable in Australia, the United Kingdom, Belgium,
      Luxembourg or the United States on or in connection with:

      (a)    (Execution of Deed): the execution, delivery and performance of
             this Deed or any payment, receipt or other transaction contemplated
             by this Deed;

      (b)    (Issue of Class A-1 Notes): the constitution and original issue and
             delivery of the Class A-1 Notes; and

      (c)    (Proceedings): any action taken by the Class A-1 Note Trustee or
             (where in accordance with this Deed or the Security Trust Deed the
             Class A-1 Noteholders are entitled to do so) the Class A-1
             Noteholders to enforce the provisions of the Class A-1 Notes, this
             Deed, the Master Trust Deed, the Series Supplement or the Security
             Trust Deed.

      The Issuer must indemnify and keep indemnified the Class A-1 Note Trustee
      against any loss or liability incurred or suffered by it as a result of
      the delay or failure by the Issuer to pay any such stamp and other duties
      and Taxes.
________________________________________________________________________________
19.   Trust Indenture Act

19.1  Certificates and opinions

      (a)    (Class A-1 Note Conditions Precedent): Upon any application or
             request by the Issuer to the Class A-1 Note Trustee to take any
             action under any provision of this Deed, the Issuer must furnish to
             the Class A-1 Note Trustee:

             (i)   a certificate from two Authorised Officers of the Issuer
                   stating that all conditions precedent, if any, provided for
                   in this Deed relating to the proposed action have been
                   complied with;

             (ii)  Counsel's Opinion stating that all such conditions precedent,
                   if any, have been complied with; and

             (iii) if required by the TIA, a certificate from an accountant
                   meeting the applicable requirements of section 314(c)(3) of
                   the TIA,

             provided that in the case of any such application or request as to
             which the furnishing of such documents is specifically required by
             any other provision of this Deed no additional certificate or
             opinion need be furnished.

      (b)    (Fair Value): The Issuer must furnish to the Class A-1 Note Trustee
             a certificate or opinion of an engineer, appraiser or other expert
             as to the fair value:

                                                                              39
<PAGE>

           (i)       of any property or securities to be released from the
                     Security Interest created by the Security Trust Deed, where
                     this is required by section 314(d)(1) of the TIA;

           (ii)      to the Issuer of any securities the deposit of which with
                     the Issuer 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, where this is required
                     by section 314(d)(2) of the TIA; and

           (iii)     to the Issuer of any property the subjection of which to
                     the Security Interest created by the Security Trust Deed 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, where this is required by section
                     314(d)(3) of the TIA,

           and every such certificate or opinion must comply with the relevant
           provisions of section 314(d) of the TIA (and, except as provided
           otherwise in section 314 of the TIA, may be given by an Authorised
           Officer of the Issuer).

      (c)  (Form of Certificates and Opinions): Every certificate or opinion
           with respect to compliance with a Condition or covenant provided for
           in this Deed (other than the certificate referred to in clause
           6.3(c)(i)) shall include:

           (i)       a statement that each signatory of such certificate or
                     opinion has read such covenant or Condition and the
                     definitions used therein;

           (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.

19.2  Undertaking for costs

      (a)  (Undertaking): Subject to clause 19.2(b), all parties to this deed
           agree, and each Class A-1 Noteholder by such Class A-1 Noteholder's
           acceptance of the Class A-1 Notes are 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
           Class A-1 Note Trustee for any action taken, suffered or omitted by
           it as the Class A-1 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)  (Exceptions): The provisions of clause 19.2(a) shall not apply to:

           (i)       any suit instituted by the Class A-1 Note Trustee;

           (ii)      any suit instituted by any Class A-1 Noteholder, or group
                     of Class A-1 Noteholders, in each case holding in the
                     aggregate Class A-1 Notes with an Invested Amount of more
                     than 10% of the then aggregate Invested Amount of all Class
                     A-1 Notes; or

                                                                              40
<PAGE>

               (iii)  any suit instituted by any Class A-1 Noteholder for the
                      enforcement of the payment of principal or interest on any
                      Class A-1 Note on or after the respective due dates
                      expressed in such Class A-1 Note and in this Deed.

19.3  Exclusion of section 316(a)(1)

      Section 316(a)(1) of the TIA is expressly excluded by this Deed.

19.4  Unconditional rights of Class A Noteholders to receive principal and
      interest

      Notwithstanding any other provisions in this Deed, any Class A-1
      Noteholder shall have the right, which is absolute and unconditional, to
      receive payment of the principal of and interest, if any, on each Class A-
      1 Note held by it on or after the respective due dates thereof expressed
      in such Class A-1 Note or in this Deed or to institute suit for the
      enforcement of any such payment, and such right shall not be impaired
      without the consent of such Class A-1 Noteholder, except to the extent
      that this Deed or the Security Trust Deed contain provisions limiting or
      denying the right of any Class A-1 Noteholder to institute any such suit,
      if and to the extent that the institution or prosecution thereof or the
      entry of judgment therein would, under applicable law, result in the
      surrender, impairment, waiver, or loss of the Security Interest created by
      the Security Trust Deed upon any property subject to such Security
      Interest.

19.5  Conflict with Trust Indenture Act

      The provisions of section 310 to 317 (inclusive) of the TIA are
      incorporated into, are a part of and govern this deed, whether or not
      contained in this Deed, unless expressly excluded by this Deed in
      accordance with the TIA. If any provision of this Deed limits, qualifies
      or conflicts with any provision that is deemed to be included in this Deed
      by virtue of any of the provisions of the TIA, such provision deemed to be
      included in this Deed will prevail.
________________________________________________________________________________
20.  Governing law and jurisdiction

20.1 Governing law

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

20.2 Jurisdiction

     (a)  (Submission to jurisdiction): The Issuer, the Class A-1 Note Trustee,
          the Manager and each of the Class A-1 Noteholders each irrevocably
          submits to and accepts generally and unconditionally the non-exclusive
          jurisdiction of the Courts and appellate Courts of the State of New
          South Wales with respect to any legal action or proceedings which may
          be brought at any time relating in any way to this Deed.

     (b)  (Waiver of inconvenient forum): The Issuer, the Class A-1 Note
          Trustee, the Manager and each of the Class A-1 Noteholders each
          irrevocably waives any objection it may now or in the future have to
          the venue of any such action or proceedings brought in such courts and
          any claim it may now or in the future have that any such action or
          proceedings have been brought in an inconvenient forum.
________________________________________________________________________________
21.  Notices

21.1 Method of delivery

     Any notice, request, certificate, approval, demand, consent or other
     communication to be given under this Deed other than to or by a Class A-1
     Noteholder must:

                                                                              41
<PAGE>

        (a)    (Authorised Officer): be signed by an Authorised Officer of the
               party giving the same;

        (b)    (In writing): be in writing; and

        (c)    (Delivery): be:

               (i)   left at the address of the addressee;

               (ii)  sent by prepaid ordinary post to the address of the
                     addressee; or

               (iii) sent by facsimile to the facsimile number of the addressee,

               notified by that addressee from time to time to the other parties
               to this Deed as its address for service pursuant to this Deed.

21.2    Deemed receipt

        A notice, request, certificate, demand, consent or other communication
        under this Deed other than to or by a Class A-1 Noteholder is deemed to
        have been received:

        (a)    (Delivery): where delivered in person, upon receipt;

        (b)    (Post): where sent by post, on the 3rd (or 7th if posted
               internationally) day after posting; and

        (c)    (Fax): where sent by facsimile, on production by the dispatching
               facsimile machine of a transmission report which indicates that
               the facsimile was sent in its entirety to the facsimile number of
               the recipient.

        However, if the time of deemed receipt of any notice is not before 5.30
        pm on a Business Day at the address of the recipient it is deemed to
        have been received at the commencement of business on the next Business
        Day.

21.3    Notices to Class A-1 Noteholders

        Any notice, request, certificate, approval, demand, consent or other
        communication to be given under this Deed to a Class A-1 Noteholder:

        (a)    (Delivery): will be effectively given if it is given in
               accordance with Condition [_]11; and

        (b)    (Time): is deemed to have been given at the time specified in
               Condition [_]11.

21.4    Notices from Class A-1 Noteholders

        Any notice, request, certificate, approval, document, consent, direction
        or other communication to be given under this Deed by a Class A-1
        Noteholder to any person must:

        (a)    (Signed): be signed by the Class A-1 Noteholder or an attorney of
               the Class A-1 Noteholder;

        (b)    (In writing):  be in writing;

        (c)    (Delivery): be:

               (i)    left at the address of the addressee;

               (ii)   sent by prepaid ordinary post to the address of the
                      addressee; or

                                                                              42
<PAGE>

               (iii)  sent by facsimile to the facsimile number of the
                      addressee,

               as set out in the Class A-1 Note Conditions or otherwise as
               notified by that addressee to the Class A-1 Noteholders from time
               to time;

        (d)    (Evidence): be accompanied by such evidence as to its proper
               execution by the Class A-1 Noteholder as the addressee may
               reasonably require,

        and will only be effective upon actual receipt by the addressee. For the
        purposes of seeking any consent, direction or authorisation from
        Class A-1 Noteholders pursuant to this Deed, the TIA (including section
        316 of the TIA) or any Transaction Document the Class A-1 Note Trustee
        may by notice to the Class A-1 Noteholders specify a date (not earlier
        than the date of the notice) upon which the Class A-1 Noteholders for
        the purposes of that consent, direction or authorisation will be
        determined and, if it does so, the persons who are the Class A-1
        Noteholders and the Invested Amount of the Class A-1 Notes held by them
        will, for the purposes of that consent, direction or authorisation, be
        determined based upon the details recorded in the Class A-1 Note
        Register as at 5.30 pm on that date.

21.5    Issuer and Manager

        Each of the Issuer and the Manager must maintain an office or an agency
        in New York where any legal proceedings in respect of this Deed or the
        Class A-1 Notes may be served on it. The Issuer initially appoints C.T.
        Corporation, 111 8th Avenue, New York, New York 10011, as its agent for
        these purposes. The Manager initially appoints Commonwealth Bank of
        Australia, New York Branch, 599 Lexington Avenue, New York, New York
        10022 as its agent for these purposes.
________________________________________________________________________________
22.     Issuer's limited liability

22.1    Limitation on Issuer's Liability

        The Issuer enters into this Deed only in its capacity as trustee of the
        Series Trust and in no other capacity. A liability incurred by the
        Issuer acting in its capacity as trustee of the Series Trust arising
        under or in connection with this Deed is limited to and can be enforced
        against the Issuer only to the extent to which it can be satisfied out
        of Assets of the Series Trust out of which the Issuer is actually
        indemnified for the liability. This limitation of the Trustee's
        liability applies despite any other provision of this Deed (other than
        clauses [_]12.7 and 22.3) and extends to all liabilities and obligations
        of the Issuer in any way connected with any representation, warranty,
        conduct, omission, agreement or transaction related to this Deed.

22.2    Claims against Issuer

        The parties other than the Issuer may not sue the Issuer in respect of
        liabilities incurred by the Issuer acting in its capacity as trustee of
        the Series Trust in any capacity other than as trustee of the Series
        Trust, including seeking the appointment of a receiver (except in
        relation to Assets of the Series Trust), a liquidator, an administrator,
        or any similar person to the Issuer or prove in any liquidation,
        administration or similar arrangements of or affecting the Issuer
        (except in relation to the Assets of the Series Trust).

22.3    Breach of trust

        The provisions of this clause [_]22 will not apply to any obligation or
        liability of the Issuer to the extent that it is not satisfied because
        under the Master Trust Deed, the Series Supplement or any other
        Transaction Document or by operation of law there is a reduction in the
        extent of the Trustee's indemnification out of the Assets of the Series
        Trust, as a result of the Issuer's fraud, negligence or wilful default
        and will not apply to any obligation or liability of the Issuer to pay
        amounts from its personal funds pursuant to clause [_]12.7.

                                                                              43
<PAGE>

22.4  Acts or omissions

      It is acknowledged that the Relevant Parties are responsible under the
      Transaction Documents for performing a variety of obligations relating to
      the Series Trust. No act or omission of the Issuer (including any related
      failure to satisfy its obligations or any breach of representation or
      warranty under this Deed) will be considered fraudulent, negligent or a
      wilful default for the purpose of clause [_]22.3 to the extent to which
      the act or omission was caused or contributed to by any failure by any
      Relevant Party or any other person appointed by the Issuer under any
      Transaction Document (other than a person whose acts or omissions the
      Issuer is liable for in accordance with any Transaction Document) to
      fulfil its obligations relating to the Series Trust or by any other act or
      omission of a Relevant Party or any other such person.

22.5  No authority

      No attorney or agent appointed in accordance with this Deed has authority
      to act on behalf of the Issuer in a way which exposes the Issuer to any
      personal liability and no act or omission of any such person will be
      considered fraud, negligence or wilful default of the Issuer for the
      purposes of clause [_]22.3.

22.6  No obligation

      The Issuer is not obliged to enter into any commitment or obligation under
      this Deed or any Transaction Document (including incur any further
      liability) unless the Issuer's liability is limited in a manner which is
      consistent with this clause [_]22 or otherwise in a manner satisfactory to
      the Issuer in its absolute discretion.
________________________________________________________________________________
23.   Miscellaneous

23.1  Assignment by Issuer

      The Issuer will not assign or otherwise transfer the benefit of this Deed
      or any of its rights, duties or obligations under this Deed except to a
      Substitute Trustee which is appointed as a successor trustee of the Series
      Trust under and in accordance with the Master Trust Deed.

23.2  Assignment by Manager

      The Manager will not assign or otherwise transfer the benefit of this Deed
      or any of its rights, duties or obligations under this Deed except to a
      Substitute Manager which is appointed as a successor manager of the Series
      Trust under and in accordance with the Master Trust Deed.

23.3  Assignment by Class A-1 Note Trustee

      The Class A-1 Note Trustee will not assign or otherwise transfer all or
      any part of the benefit of this Deed or any of its rights, duties and
      obligations under this Deed except to a Substitute Class A-1 Note Trustee
      which is appointed as a successor trustee under and in accordance with
      this Deed.

23.4  Certificate of Class A-1 Note Trustee

      A certificate in writing signed by an Authorised Officer of the Class A-1
      Note Trustee certifying any act, matter or thing relating to this Deed is
      conclusive and binding on the Issuer in the absence of manifest error on
      the face of the certificate.

23.5  Continuing obligation

      This Deed is a continuing obligation notwithstanding any settlement of
      account intervening payment express or implied revocation or any other
      matter or thing whatsoever until a final discharge of this Deed has been
      given to the Issuer.

                                                                              44
<PAGE>

23.6  Settlement conditional

      Any settlement or discharge between the Issuer and the Class A-1 Note
      Trustee is conditional upon any security or payment given or made to the
      Class A-1 Note Trustee by the Issuer or any other person in relation to
      the Secured Moneys not being avoided repaid or reduced by virtue of any
      provision or enactment relating to bankruptcy insolvency or liquidation
      for the time being in force and, in the event of any such security or
      payment being so avoided repaid or reduced the Class A-1 Note Trustee is
      entitled to recover the value or amount of such security or payment
      avoided, repaid or reduced from the Issuer subsequently as if such
      settlement or discharge had not occurred.

23.7  Interest on judgment

      If a liability under this Deed (other than a liability for negligence,
      fraud or wilful default of the Issuer under the Transaction Documents)
      becomes merged in a judgment or order then the Issuer as an independent
      obligation will pay interest to the Class A-1 Note Trustee on the amount
      of that liability at a rate being the higher of the rate payable pursuant
      to the judgment or order and the highest rate payable on the Class A-1
      Notes from the date it becomes payable until it is paid.

23.8  Severability of provisions

      Any provision of this Deed which is illegal, void or unenforceable in any
      jurisdiction is ineffective in that jurisdiction to the extent only of
      such illegality, voidness or unenforceability without invalidating the
      remaining provisions of this Deed or the enforceability of that provision
      in any other jurisdiction.

23.9  Remedies cumulative

      The rights and remedies conferred by this Deed upon the Class A-1 Note
      Trustee are cumulative and in addition to all other rights or remedies
      available to the Class A-1 Note Trustee by Statute or by general law.

23.10 Waiver

      A failure to exercise or enforce or a delay in exercising or enforcing or
      the partial exercise or enforcement of any right, remedy, power or
      privilege under this Deed by the Class A-1 Note Trustee will not in any
      way preclude or operate as a waiver of any further exercise or enforcement
      of such right, remedy, power or privilege or the exercise or enforcement
      of any other right, remedy, power or privilege under this Deed or provided
      by law.

23.11 Written waiver, consent and approval

      Any waiver, consent or approval given by the Class A-1 Note Trustee under
      this Deed will only be effective and will only be binding on the Class A-1
      Note Trustee if it is given in writing or given verbally and subsequently
      confirmed in writing and executed by the Class A-1 Note Trustee or on its
      behalf by an Authorised Officer for the time being of the Class A-1 Note
      Trustee.

23.12 Time of essence

      Time is of the essence in respect of the Issuer's obligations under this
      Deed.

23.13 Moratorium legislation

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

                                                                              45
<PAGE>

        (a)    (Lessen Obligations): to lessen or otherwise to vary or affect in
               favour of the Issuer any obligation under this Deed; or

        (b)    (Delay Exercise of Powers): to delay or otherwise prevent or
               prejudicially affect the exercise of any powers conferred on the
               Class A-1 Note Trustee under this Deed,

        are expressly waived negatived and excluded.

23.14   Binding on each signatory

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

23.15   Counterparts

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

Executed as a deed.
<TABLE>
<S>                                                 <C>
Executed as a deed by The Bank of New York          |
acting by:                                          |
                                                    |
under the authority of that company in the          |
presence of:                                        |
                                                    |
                                                    |
------------------------------------------
Signature of Witness

------------------------------------------
Name of Witness in full
</TABLE>

                                                                              46
<PAGE>

<TABLE>
<S>                                                       <C>
Signed sealed and delivered for and on behalf       |
of Securitisation Advisory Services Pty.            |
Limited, ACN 064 133 946 by                         |
                                                    |
its Attorney under a Power of Attorney dated        |      -------------------------
              and who declares that he or she       |        Signature of Attorney
has not received any notice of the revocation       |
of such Power of Attorney in the presence of:       |
                                                    |
                                                    |
                                                    |
----------------------------------------------
Signature of Witness

---------------------------------------------
Name of Witness in full

Signed sealed and delivered for and on behalf       |
of Perpetual Trustee Company Limited,               |
ACN 000 001 007, by                                 |
its Attorney under a Power of Attorney dated        |
               and who declares that he or she has  |      -------------------------
not received any notice of the revocation of such   |        Signature of Attorney
Power of Attorney in the presence of:               |
                                                    |
                                                    |
                                                    |
----------------------------------------------
 Signature of Witness

----------------------------------------------
Name of Witness in full
</TABLE>

                                                                              47
<PAGE>

Schedule 1
Form of Class A-1 Note

Registered                            CUSIP No:                      $[     ]
No. R-                                ISIN No:
                                      Common Code:

Unless this Class A-1 Note is presented by an authorised representative of The
Depository Trust Company, a New York corporation, ("DTC") to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Class A-1 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 of the
Class A-1 Note for value or otherwise by or to any person is wrongful inasmuch
as the registered owner hereof, Cede & Co., has an interest in this Class A-1
Note.

Each Class A-1 Noteholder represents, warrants and covenants (and by its
acquisition of a Class A-1 Book-Entry Note, each Class A-1 Noteholder shall be
deemed to represent) that it is either (i) not acquiring such Class A-1 Note
with the assets of an "employee benefit plan" subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"); a "plan" described
by Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
"Code"); any entity deemed to hold "plan assets" of the foregoing under 29
C.F.R. 2510.3-101; or any governmental plan subject to substantially similar
applicable law or (ii) its purchase and holding of such Class A-1 Note will not
result in a non-exempt prohibited transaction under ERISA or Section 4975 of the
Code or any substantially similar applicable law.

[The above paragraphs are to appear in the Class A-1 Book Entry Notes only.]

The principal of this Class A-1 Note is payable in installments and may be
subject to charge- offs or exchange as set forth below, in the Class A-1 Note
Trust Deed and in the Class A-1 Note Conditions.  Accordingly, the outstanding
principal amount of this Class A-1 Note at any time may be less than the amount
shown on the face of this Class A-1 Note.

               PERPETUAL TRUSTEE COMPANY LIMITED, ACN 000 001 007
  (a limited liability company incorporated under the law of New South Wales,
                                   Australia)
 in its capacity as trustee of the Series 2000-2G Medallion Trust (the "Series
                                     Trust")
                                 (the "Issuer")

                                 Class A-1 Note

This Class A-1 Note is issued by the Issuer in an initial aggregate principal
amount of US$ [ ] (the "Class A-1 Notes") and is:

(a)   constituted by a Class A-1 Note Trust Deed (the "Class A-1 Note Trust
      Deed") dated [[_]] 2000 made between the Issuer, Securitisation Advisory
      Services Pty Limited, ACN 064 133 946, (the "Manager") and The Bank of New
      York, New York Branch (the "Class A-1 Note Trustee"); and

(b)   issued subject to, and with the benefit of, amongst other things:

      (i)    a Master Trust Deed (the "Master Trust Deed") dated 8 October 1997
             made between the Manager and Perpetual Trustee Company Limited as
             amended from time to time;

      (ii)   a Series Supplement (the "Series Supplement") dated [[_]] 2000 made
             between

                                                                              48
<PAGE>

             Commonwealth Bank of Australia, ACN 123 123 124, the Manager and
             the Issuer;

      (iii)  a Security Trust Deed (the "Security Trust Deed") dated [_] 2000
             made between the Issuer, the Manager, the Class A-1 Note Trustee
             and P.T. Limited, ACN 004 454 666;

      (iv)   the Agency Agreement (the "Agency Agreement") dated [_] 2000 made
             between the Issuer, the Class A-1 Note Trustee, the Manager, The
             Bank of New York, New York Branch as Principal Paying Agent, Agent
             Bank and Class A-1 Note Registrar and The Bank of New York, London
             Branch as Paying Agent;

      (v)    the Class A-1 Note Trust Deed; and

      (vi)   the Class A-1 Note Conditions as set out in the Annexure to this
             Class A-1 Note (the "Class A-1 Note Conditions").

Unless defined in this Class A-1 Note, words and phrases defined in either or
both of the Class A-1 Note Trust Deed and the Class A-1 Note Conditions have the
same meaning in this Class A-1 Note. Where there is any inconsistency in a
definition between the Class A-1 Note Trust Deed and the Class A-1 Note
Conditions, the Class A-1 Note Trust Deed prevails.

If this Class A-1 Note is a Class A-1 Book-Entry Note and the Issuer is obliged
to issue Class A-1 Definitive Notes under clause [_]3.4(a) of the Class A-1 Note
Trust Deed, this Class A-1 Note will be exchangeable in whole upon its surrender
at the offices of the Class A-1 Note Registrar as specified in the Class A-1
Note Conditions or notified to Class A-1 Noteholders from time to time (or such
other place as the Class A-1 Note Trustee may agree) for Class A-1 Definitive
Notes and the Issuer shall execute and procure that the Class A-1 Note Trustee
authenticates and delivers in full exchange for this Class A-1 Note, Class A-1
Definitive Notes in aggregate principal amount equal to the then Invested Amount
of this Class A-1 Note subject to and in accordance with clause [_]3.4(b) of the
Class A-1 Note Trust Deed. The Issuer is not obliged to issue Class A-1
Definitive Notes until 30 days after the occurrence of an event set out in
clause [_]3.4(a) of the Class A-1 Note Trust Deed.

The Issuer, in its capacity as trustee of the Series Trust, subject to and in
accordance with this Class A-1 Note, the Class A-1 Note Conditions, the Agency
Agreement the Series Supplement and the Class A-1 Note Trust Deed, promises to
pay to [ ] as the registered holder of this Class A-1 Note, or to registered
assigns of this Class A-1 Note, the principal sum of US$ [ ] (or such part of
that amount as may become repayable under the Class A-1 Note Conditions, the
Series Supplement and the Class A-1 Note Trust Deed) on such date(s) as that
principal sum (or any part of it) becomes repayable in accordance with the Class
A-1 Note Conditions, the Series Supplement and the Class A-1 Note Trust Deed and
to pay interest in arrear on each Distribution Date on the Invested Amount of
this Class A-1 Note at rates determined in accordance with Condition 6 of the
Class A-1 Note Conditions. The Class A-1 Definitive Notes to be issued on that
exchange will be in registered form each in the denomination of US$100,000 or
integral multiples thereof. If the Issuer fails to meet its obligations to issue
Class A-1 Definitive Notes, this shall be without prejudice to the Issuer's
obligations with respect to the Class A-1 Notes under the Class A-1 Note Trust
Deed, the Master Trust Deed, the Series Supplement, the Agency Agreement and
this Class A-1 Note.

Payments of interest on this Class A-1 Note due and payable on each Distribution
Date, together with the installment of principal, if any, shall be payable in
accordance with Condition [_]8.1 of the Class A-1 Note Conditions and the Agency
Agreement. If this Class A-1 Note is a Class A-1 Book-Entry Note such payments
will be made to the nominee of the Depository (initially, such nominee to be
Cede & Co.) and each of the persons appearing from time to time in the records
of DTC as the holder of a beneficial interest in a Class A-1 Note will be
entitled to receive any payment so made in respect of that Class A-1 Note only
in accordance with the respective rules and procedures of DTC. Such persons will
have no claim directly against the Issuer in respect of payments due on the
Class A-1 Notes which must be made by the holder of this Class A-1 Note, for so
long as this Class A-1 Note is outstanding.

                                                                              49
<PAGE>

On any payment of principal and/or interest on the Class A-1 Notes details of
that payment shall be endorsed by or on behalf of the Issuer in the Class A-1
Note Register and, in the case of payments of principal, the Invested Amount and
the Stated Amount of the Class A-1 Notes shall be reduced for all purposes by
the amount so paid and endorsed in the Class A-1 Note Register. Any such record
shall be prima facie evidence that the payment in question has been made.

This Class A-1 Note shall not become valid for any purpose unless and until the
Certificate of Authentication attached has been signed by an Authorised Officer
or other duly appointed representatives of the Class A-1 Note Trustee.

This Class A-1 Note is governed by, and shall be construed in accordance with,
the laws of New South Wales, Australia.

If this Class A-1 Note is a Class A-1 Book-Entry Note, this Class A-1 Note is a
global note.

IN WITNESS the Issuer has caused this Class A-1 Note to be signed manually by a
person duly authorised on its behalf

PERPETUAL TRUSTEE COMPANY LIMITED by:

 .................................
Authorised Officer/duly appointed representative

IMPORTANT NOTES:

Neither the Manager nor the Issuer is under any obligation at any time to
repurchase any Class A-1 Notes from Class A-1 Noteholders.

This Class A-1 Note is not a certificate of title and the Class A-1 Note
Register on which these Class A-1 Notes are registered is the only conclusive
evidence of the title of the abovementioned person to the Class A-1 Notes.

The Issuer issues this Class A-1 Note only in its role as trustee of the Series
Trust. Any obligation or liability of the Issuer arising under or in any way
connected with the Series Trust under the Master Trust Deed, the Series
Supplement, the Class A-1 Note Trust Deed this Class A-1 Note or any other
Transaction Document to which the Issuer is a party is limited to the extent to
which it can be satisfied out of the Assets of the Series Trust out of which the
Issuer is actually indemnified for the obligation or liability. This limitation
will not apply to any obligation or liability of the Issuer only to the extent
that it is not so satisfied because of any fraud, negligence or willful default
on the part of the Issuer. The Issuer will have no liability for any act or
omission of the Manager or of any other person (other than a person whose acts
or omissions the Issuer is liable for in accordance with any Transaction
Document).

Transfers of the Class A-1 Notes must be pursuant to the annexed form of
assignment and otherwise in accordance with clause [_]5 of the Agency Agreement.

None of the Manager or the Commonwealth Bank of Australia, ACN 123 123 124 (the
"Bank") as the Seller and Servicer, or any other member of the Commonwealth Bank
group or the Issuer in its personal capacity or as trustee of any other trust
guarantees the payment or repayment of any principal, interest or other amounts
owing in respect of the Class A-1 Notes.

The Class A-1 Notes do not represent deposits or other liabilities of the
Manager, the Seller, the Servicer, the Bank or any other Related Body Corporate
of the Bank. The holding of the Class A-1 Notes is subject to investment risk,
including possible delays in payment and loss of income and principal invested.
None of the Manager, the Seller, the Servicer, the Bank or any other Related
Body Corporate of the Bank stand in any way behind the capital value and/or
performance of the Class A-1 Notes, or the Assets held by the Series Trust.

                                                                              50
<PAGE>

Certificate of Authentication

This Class A-1 Note is authenticated by The Bank of New York, New York Branch as
Class A-1 Note Trustee and until so authenticated shall not be valid for any
purpose.

The Bank of New York, New York Branch by:

 ........................................
Authorised Officer/duly appointed representative

                                                                              51
<PAGE>

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 Class A-1 Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _________________________, attorney, to transfer said
Class A-1 Note on the books kept for registration thereof, with full power of
substitution in the premises.

Dated: ____________________  ___________________________________ *

                           Signature Guaranteed:

                           ____________________________________

                           Signatures must be guaranteed by an "eligible
                           guarantor institution" meeting the requirements of
                           the Class A-1 Note Registrar, which requirements
                           include membership or participation in STAMP or such
                           other "signature guarantee program" as may be
                           determined by the Class A-1 Note Registrar in
                           addition to, or in substitution for, STAMP, all in
                           accordance with the Securities Exchange Act of 1934,
                           as amended.

____________________________

* Note: The signatures to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Class A-1 Note in every
particular without alteration, enlargement or any change whatsoever.

                                                                              52
<PAGE>

Annexure

[Insert completed Class A-1 Note Conditions]

                                                                              53
<PAGE>

Schedule 2
Form of Class A-1 Note Conditions

Terms and Conditions of the Class A-1 Notes

The following, subject to amendments, are the terms and conditions of the Class
A-1 Notes, substantially as they will appear on the reverse of any Class A-1
Notes. Class A-1 Notes will initially be issued in book entry form. Class A-1
Notes in definitive form will only be issued in limited circumstances. While the
Class A-1 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-1 Notes
in definitive form.

1.    General

      The issue of the US$                Class A-1 Mortgage Backed Floating
      Rate Notes due December 2031 (the "Class A-1 Notes"), the A$
      Class A-2 Mortgage Backed Floating Rate Notes due December 2031 (the
      "Class A-2 Notes" and together with the Class A-1 Notes, the "Class A
      Notes") and the A$              Class B Mortgage Backed Floating Rate
      Notes due December 2031 (the "Class B Notes") (together the "Notes") by
      Perpetual Trustee Company Limited, ACN 000 001 007, ("Perpetual") in its
      capacity as trustee of the Series 2000-2G Medallion Trust (the "Series
      Trust") (Perpetual in such capacity, the "Issuer") was authorised by a
      resolution of the board of directors of Perpetual passed on September   ,
      2000.

      The Class A-1 Notes: (a) are constituted by a Class A-1 Note Trust Deed
      (the "Class A-1 Note Trust Deed") dated on or about September 18, 2000
      made between the Issuer, Securitisation Advisory Services Pty Limited, ACN
      064 133 946, (the "Manager") and The Bank of New York, New York Branch
      (the "Class A-1 Note Trustee") as trustee for the several persons who are
      for the time being registered holders of the Class A-1 Notes (each a
      "Class A-1 Noteholder" and together the "Class A-1 Noteholders"); and (b)
      are issued subject to, and with the direct or indirect benefit of, amongst
      other things (i) a Master Trust Deed (the "Master Trust Deed") dated 8
      October 1997 made between the Manager and Perpetual, as amended from time
      to time; (ii) a Series Supplement (the "Series Supplement") dated on or
      about 31 August, 2000 made between Commonwealth Bank of Australia, ACN 123
      123 124 (generally the "Bank" and in its respective capacities under the
      Series Supplement the "Seller" and the initial "Servicer"), the Manager
      and the Issuer; (iii) a Security Trust Deed (the "Security Trust Deed")
      dated on or about 31 August, 2000 made between the Issuer, the Manager,
      the Class A-1 Note Trustee and P.T. Limited, ACN 004 454 666 (the
      "Security Trustee"); (iv) the Class A-1 Note Trust Deed; (v) these terms
      and conditions (the "Conditions"); and (vi) the Agency Agreement (as
      defined below).

      Certain provisions of these Conditions (including the definitions herein)
      are summaries of the Transaction Documents (as defined in Condition 3) and
      are subject to the detailed provisions of the Transaction Documents, a
      copy of which may be inspected as indicated in Condition 3.

      Payments of interest and principal, and the calculation of certain amounts
      and rates, under these Conditions in respect of the Class A-1 Notes will
      be made pursuant to an Agency Agreement (the "Agency Agreement") dated on
      or about September 18, 2000 made between the Issuer, the Class A-1 Note
      Trustee, the Manager, The Bank of New York, New York Branch, as the
      initial principal paying agent (the "Principal Paying Agent") (together
      with any other paying agent appointed from time to time under the Agency
      Agreement, the "Paying Agents"), as the initial agent bank (the "Agent
      Bank") and as the initial Class A-1 note registrar (the "Class A-1 Note
      Registrar") and The Bank of New York, London Branch as an initial paying
      agent.

      The Issuer has entered into ISDA Master Agreements (each a "Currency Swap
      Agreement") with Merrill Lynch International (Australia) Limited, ABN 31
      002 892 846 and Commonwealth Bank of Australia (each a "Currency Swap
      Provider") and the Manager, each together with a schedule and a credit
      support annex and a confirmation relating thereto in respect of the Class
      A-1 Notes (each such confirmation documenting a "Class A-1 Currency
      Swap").

      The Class A-1 Notes will on issue be listed on the Official List of the
      United Kingdom Listing Authority (the "UKLA") and admitted to trading on
      the London Stock Exchange Limited

      "US$" means the lawful currency for the time being of the United States of
      America and "A$" means the lawful currency for the time being of the
      Commonwealth of Australia.

                                                                              54
<PAGE>

2.    Definitions and interpretation

2.1   Incorporated Definitions and other Provisions

      Where in these Conditions a word or expression is defined by reference to
      its meaning in another Transaction Document or there is a reference to
      another Transaction Document or to a provision of another Transaction
      Document, any amendment to the meaning of that word or expression, to that
      other Transaction Document or to that provision (as the case may be) will
      be of no effect for the purposes of these Conditions unless and until the
      amendment: (a) if it does not effect a Payment Modification (as defined in
      Condition 10.3) is either: (i) if the Class A-1 Note Trustee is of the
      opinion that the amendment will not be materially prejudicial to the
      interests of the Class A-1 Noteholders, consented to by the Class A-1 Note
      Trustee; or (ii) otherwise, approved by a Special Majority (as defined in
      Condition 10.3) of the Class A-1 Noteholders under the Class A-1 Note
      Trust Deed; or (b) if the amendment does effect a Payment Modification (as
      defined in Condition 10.3), is consented to by each Class A-1 Noteholder.

2.2   Interpretation

      In these Conditions, unless the context otherwise requires: (a) a
      reference to a party includes that party's executors, administrators,
      successors, substitutes and assigns, including any person replacing that
      party by way of novation; (b) a reference to any regulation or to any
      section or provision thereof includes any statutory modification or re-
      enactment or any statutory provision substituted therefor and all
      ordinances, by-laws, regulations and other statutory instruments issued
      thereunder; (c) subject to Condition 2.1, a reference to any document or
      agreement is a reference to such document or agreement as amended, varied,
      supplemented or replaced from time to time; (d) words importing the
      singular include the plural (and vice versa); (e) words denoting a given
      gender include all other genders; and (f) headings are for convenience
      only and do not affect the interpretation of these Conditions.

2.3   Calculations

      Except as expressly provided otherwise in these Conditions, all
      calculations in a given currency under these Conditions will be rounded
      down to the nearest cent in that currency and all other calculations and
      percentages determined hereunder will be rounded down to the nearest 4
      decimal places.

3.    Class A-1 Noteholders bound

      The Class A-1 Noteholders are bound by, and are deemed to have notice of,
      all the provisions of the Transaction Documents.  A copy of each
      Transaction Document is available for inspection during normal business
      hours on New York business days at the registered office for the time
      being of the Class A-1 Note Trustee (which is, at the date of these
      Conditions, 101 Barclay Street, 21W, New York, New York, 10286).

      "Transaction Documents" means the Master Trust Deed in so far as it
      relates to the Series Trust, the Series Supplement, the Currency Swap
      Agreements, the Interest Rate Swap Agreement, the Liquidity Facility
      Agreement, the Standby Redraw Facility Agreement, the PMI Mortgage
      Insurance Policy, the Security Trust Deed, the Dealer Agreement, the
      Underwriting Agreement, the Class A-1 Note Trust Deed, these Conditions,
      the Agency Agreement and any other document which is agreed by the Manager
      and the Issuer to be a Transaction Document in relation to the Series
      Trust.

      "Dealer Agreement", "PMI Mortgage Insurance Policy", "Interest Rate Swap
      Agreement", "Liquidity Facility Agreement", "Standby Redraw Facility
      Agreement" and "Underwriting Agreement" have the same respective meanings
      as in the Series Supplement.

4.    Form, denomination and title of and to, and the issue of definitive, Class
      A-1 Notes

4.1  Form and Denomination

      The Class A-1 Notes will be issued in registered form, without interest
      coupons, in minimum denominations of US$100,000 or integral multiples
      thereof.  The initial principal amount of each Class A-1 Note (the
      "Initial Invested Amount" in relation to that Class A-1 Note) will be
      stated on its face.

                                                                              55
<PAGE>

4.2   Title

      Title to the Class A-1 Notes will only be shown on, and will only pass by
      registration in, the register (the "Class A-1 Note Register") maintained
      by the Class A-1 Note Registrar in accordance with the Agency Agreement.
      Class A-1 Notes may be transferred, or may be exchanged for other Class A-
      1 Notes in any authorised denominations and a like Invested Amount (as
      defined in Condition 6.4), upon the surrender of the Class A-1 Notes to be
      transferred or exchanged duly endorsed with or accompanied by a written
      instrument of transfer and exchange duly executed (with such execution
      guaranteed by an eligible guarantor institution) and the provision of such
      other documents as the Class A-1 Note Registrar may reasonably require, to
      a specified office of the Class A-1 Note Registrar (as set out at the end
      of these Conditions or otherwise notified to Class A-1 Noteholders)
      subject to and in accordance with the Agency Agreement.  No service charge
      may be made for any transfer or exchange, but the Class A-1 Note Registrar
      may require payment by the Class A-1 Noteholder of a sum sufficient to
      cover any tax or other governmental charge that may be imposed in
      connection with any transfer or exchange of Class A-1 Notes.  The Class A-
      1 Note Registrar need not register transfers or exchanges of Class A-1
      Notes for a period of 30 days preceding the due date for any payment with
      respect to the Class A-1 Notes or for a period, not exceeding 30 days,
      specified by the Class A-1 Note Trustee prior to any meeting, which
      includes Class A-1 Noteholders, under the Master Trust Deed or the
      Security Trust Deed.  The Issuer, the Class A-1 Note Trustee, the Manager,
      the Agent Bank and each Paying Agent may accept the correctness of the
      Class A-1 Note Register and any information provided to it by the Class A-
      1 Note Registrar and is not required to enquire into its authenticity.
      None of the Issuer, the Class A-1 Note Trustee, the Manager, the Agent
      Bank, any Paying Agent or the Class A-1 Note Registrar is liable for any
      mistake in the Class A-1 Note Register or in any purported copy except to
      the extent that the mistake is attributable to its own fraud, negligence
      or wilful default.

5.    Status, security and relationship between the Class A-1 Notes, the Class
      A-2 Notes, the Class B Notes and the Redraw Bonds

5.1   Status of the Securities

      The Notes and the Redraw Bonds (as defined in Condition 5.6) (together the
      "Securities") are direct, secured (as described in Condition 5.2) limited
      recourse (as described in Condition 5.3) obligations of the Issuer.

5.2   Security

      The obligations of the Issuer under the Securities are (amongst the other
      payment obligations of the Issuer comprising the Secured Moneys (as
      defined below)) secured, pursuant to the Security Trust Deed, in favour of
      the Security Trustee as trustee for the Secured Creditors (as defined
      below), by a floating charge (the "Charge") over all of the assets and
      property, real and personal (including choses in action and other rights),
      tangible and intangible, present or future, of the Series Trust (the
      "Charged Property"). The Charged Property includes an equitable interest
      in certain mortgage loans, and related mortgages, acquired by the Issuer
      from the Seller. The Charge is a first ranking security, subject only to
      the Prior Interest in the Charged Property.

      "Class A Noteholders" means the Class A-1 Noteholders and the Class A-2
      Noteholders (as defined in the Series Supplement).

      "Invested Amount" in relation to a Class A-1 Note is defined in Condition
      6.4 and in relation to a Class A-2 Note, Class B Note or Redraw Bond means
      (as defined in the Series Supplement) A$100,000 less the aggregate of all
      amounts previously paid in relation to that Note or Redraw Bond on account
      of principal pursuant to clause 10.3(c) of the Series Supplement.

      "Prior Interest" means the lien over, and right of indemnification from,
      the Charged Property held by the Issuer under, and calculated in
      accordance with, the Master Trust Deed for the fees, costs, charges and
      expenses incurred by or payable to the Issuer (in its capacity as trustee
      of the Series Trust) in accordance with the Master Trust Deed and the
      Series Supplement (other than the Secured Moneys) which are unpaid or paid
      by the Issuer but not reimbursed to the Issuer from the assets and
      property of the Series Trust.

      "Secured Creditors" means the Class A-1 Note Trustee (in its personal
      capacity and as trustee of the Class A-1 Trust established under the Class
      A-1 Note Trust Deed), each Agent, each Securityholder, each Hedge Provider
      (as defined in the Services Supplement), the Liquidity Facility Provider
      (as defined

                                                                              56
<PAGE>

      in the Series Supplement), the Standby Redraw Facility Provider (as
      defined in the Series Supplement), the Servicer, the Seller and the
      Manager (only in respect of the Arranging Fee (as defined in the Series
      Supplement)).

      "Secured Moneys" means, without double counting, the aggregate of all
      moneys owing to the Security Trustee or to a Secured Creditor under any of
      the Transaction Documents, whether such amounts are liquidated or not or
      are contingent or presently accrued due, and includes all rights sounding
      in damages only provided that:

      (a)    the amount owing by the Issuer in relation to the principal
             component of a Security is to be calculated by reference to the
             Invested Amount of that Security;

      (b)    the amount owing by the Issuer in relation to the principal
             component of the Standby Redraw Facility Agreement is to be
             calculated by reference to the aggregate of the Standby Redraw
             Facility Principal and the Unreimbursed Principal Charge-offs in
             relation to the Standby Redraw Facility Principal;

      (c)    the Secured Moneys do not include any fees or value added tax
             payable to the Class A-1 Note Trustee or an Agent referred to in
             clause 12.7 of the Class A-1 Note Trust Deed or Clause 12.6 of the
             Agency Agreement; and

      (d)    the Secured Moneys owing to the Manager are limited only to the
             Arranging Fee (as defined in the Series Supplement).

      "Securityholders" means the Class A Noteholders, the Class B Noteholders
      (as defined in the Series Supplement) and the Redraw Bondholders (as
      defined in the Series Supplement).

5.3   Limited Recourse

      The liability of the Issuer to make interest and principal payments on the
      Class A-1 Securities is limited, except in certain circumstances described
      in Condition 12, to the assets and property of the Series Trust available
      for this purpose in accordance with, and subject to the order of priority
      of payments in, the Series Supplement (prior to enforcement of the Charge)
      or the Security Trust Deed (following enforcement of the Charge).

      The net proceeds of realisation of the assets and property of the Series
      Trust (including following enforcement of the Charge) may be insufficient
      to pay all amounts due to the Class A-1 Noteholders and any other amounts
      ranking in priority to or equally with amounts due to the Class A-1
      Noteholders.  Except in the limited circumstances described in Condition
      12, the assets of Perpetual held in its personal capacity will not be
      available for payment of any shortfall arising and all claims in respect
      of such shortfall will be extinguished.  The assets of Perpetual held in
      its capacity as trustee of any other trust (including any other series
      trust established pursuant to the Master Trust Deed) will not in any
      circumstances be available to pay any amounts due to Class A-1
      Noteholders.

      None of the Bank, the Manager, the Class A-1 Note Trustee, the Security
      Trustee, any Agent, each Currency Swap Provider or the Managers (as
      defined in the Underwriting Agreement), amongst others, has any obligation
      to any Class A-1 Noteholder for payment of any amount owed by the Issuer
      in respect of the Class A-1 Notes.

5.4   No Preference within the Class A-1 Notes

      The Class A-1 Notes rank equally and rateably and without any preference
      or priority among themselves.

5.5   Ranking of Class A-1 and Class A-2 Notes

      Prior to the enforcement of the Charge, under the Series Supplement the
      Class A-1 Notes and Class A-2 Notes will rank equally and rateably in
      relation to the payment of interest and the repayment of principal (the
      amounts payable by the Issuer under the Series Supplement in relation to
      the Class A-1 Notes will be calculated by reference to the applicable
      Australian dollar amounts payable by the Issuer to the Currency Swap
      Providers, which rank equally and rateably with amounts payable in respect
      of the Class A-2 Notes, which in turn will be applied to meet the payment
      of interest and the repayment of principal (as applicable) on the Class A-
      1 Notes as explained, respectively, in Conditions 6.9 and 7.2).

                                                                              57
<PAGE>

      Following enforcement of the Charge, under the Security Trust Deed the
      payment of amounts owing in relation to the Class A-1 Notes and the Class
      A-2 Notes will rank rateably (the amounts owing in respect of the Class A-
      1 Notes will, for the purposes of determining distributions to, and
      allocations between, the Class A-1 Noteholders, the Class A-2 Noteholders
      and the other Secured Creditors, be converted into A$ in accordance with
      the Security Trust Deed).

5.6   Issue of Redraw Bonds

      Under the Series Supplement, the Issuer is entitled to issue debt
      securities ("Redraw Bonds") from time to time at the direction of the
      Manager.  If prior to a Determination Date, the Manager considers that the
      aggregate of:

      (a)    the Principal Collections, the Principal Charge-Off Reimbursements
             (as defined in Condition 7.10) and the Other Principal Amounts for
             the Collection Period ending on the Determination Date; and

      (b)    the Standby Redraw Facility Advance (as hereinafter defined) (if
             any) to be made on the next Distribution Date (as defined in
             Condition 6.2),

      as estimated by the Manager are likely to be insufficient to meet in full
      the aggregate of:

      (c)  the Seller Advances; and

      (d)  the Standby Redraw Facility Principal,

      that the Manager estimates will be outstanding on the Determination Date,
      the Manager may direct the Issuer to issue Redraw Bonds for a principal
      amount specified in the direction.  The maximum Stated Amount (as
      hereinafter defined) of the Redraw Bonds outstanding on any Distribution
      Date (after taking into account any expected repayment of principal on the
      Redraw Bonds on that Distribution Date) must not exceed the Redraw Bond
      Principal Limit.

      "Collection Period", "Determination Date", "Other Principal Amount",
      "Principal Collections", "Redraw Bond Principal Limit", "Seller Advance",
      "Standby Redraw Facility Advance", "Standby Redraw Facility Principal" and
      "Stated Amount" in relation to the Redraw Bonds have the same respective
      meanings as in the Series Supplement.

      Prior to the enforcement of the Charge, under the Series Supplement: (i)
      the payment of interest on the Redraw Bonds will rank equally and rateably
      with the payment of interest on the Class A Notes (or, in the case of the
      Class A-1 Notes, equally and rateably with the payment of the relevant A$
      amount by the Issuer to the Currency Swap Providers which in turn will be
      applied to meet the payment of interest on the Class A-1 Notes as
      explained in Condition 6.9); and (ii) the repayment of principal on the
      Redraw Bonds will rank ahead of the repayment of principal on the Class A
      Notes (or, in the case of the Class A-1 Notes, ahead of the payment of the
      relevant A$ amount by the Issuer to the Currency Swap Providers which in
      turn will be applied to meet the repayment of principal on the Class A-1
      Notes as explained in Condition 7.2).

      Following the enforcement of the Charge, under the Security Trust Deed the
      payment of amounts owing in relation to the Redraw Bonds will rank
      rateably with the payment of amounts owing in relation to the Class A
      Notes (the amounts owing in respect of the Class A-1 Notes will, for the
      purposes of determining distributions to, and allocations between, the
      Class A-1 Noteholders and Redraw Bondholders and other Secured Creditors,
      be converted into A$ in accordance with the Security Trust Deed).

5.7   Subordination of Class B Notes

      Prior to the enforcement of the Charge, the payment of interest in
      relation to the Class B Notes is subordinated to, amongst other things,
      the payment of interest on the Class A Notes and the Redraw Bonds in
      accordance with the Series Supplement; and the repayment of the principal
      on the Class B Notes is, to a certain extent, subordinated to, amongst
      other things, the repayment of the principal on the Class A Notes and the
      Redraw Bonds in accordance with the calculations to be made of the amounts
      to be paid by the Issuer under the Series Supplement (in the case of the
      Class A-1 Notes, the subordination of the Class B Notes is in respect of
      the relevant A$ amounts payable by the Issuer to the Currency Swap
      Providers which in turn will be applied to meet the payment of interest
      and the repayment of

                                                                              58
<PAGE>

      principal on the Class A-1 Notes as explained, respectively, in Conditions
      6.9 and 7.2.).

      Following the enforcement of the Charge, in the distribution of the net
      proceeds (if any) arising from the enforcement of the Charge, any payment
      in relation to the Class B Notes will be subordinated to, amongst other
      things, payment of all amounts due in relation to the Class A Notes and
      the Redraw Bonds (the amounts owing in respect of the Class A-1 Notes
      will, for the purposes of determining distributions to, and allocations
      between, the Class A-1 Noteholders, and Class B Noteholders and other
      Secured Creditors, be converted into A$ in accordance with the Security
      Trust Deed).

      The Security Trust Deed contains provisions requiring the Security
      Trustee, subject to other provisions of the Security Trust Deed, to give
      priority to the interests of the Class A Noteholders and the Redraw
      Bondholders if there is a conflict between the interests of the Class A
      Noteholders and the Redraw Bondholders (on the one hand) and any other
      Secured Creditor, including the Class B Noteholders (on the other hand).
      In determining the interests of the Class A-1 Noteholders, the Security
      Trustee may rely on a determination of the Class A-1 Note Trustee.

5.8   The Securities Rank Equally Except as Provided in the Transaction
      Documents

      The Securities enjoy the same rights, entitlements, benefits and
      restrictions except as expressly provided in the Transaction Documents.

6.    Interest

6.1   Period of Accrual

      Each Class A-1 Note accrues interest from (and including) September 18,
      2000 (the "Closing Date") and ceases to accrue interest on (but excluding)
      the earliest of:

      (a)    the date on which the Stated Amount (as hereinafter defined) of the
             Class A-1 Note is reduced to zero and all accrued but previously
             unpaid interest, is paid in full;

      (b)    the date on which the Class A-1 Note is redeemed or repaid in full
             in accordance with Condition 7 (other than Condition 7.6) unless,
             upon presentation, payment is improperly withheld or refused in
             which case the Class A-1 Note will continue to bear interest in
             accordance with this Condition 6 (both before and after judgment)
             until (but excluding) whichever is the earlier of:

             (i)    the day on which all sums due in respect of the Class A-1
                    Note up to that day are received by or on behalf of the
                    Class A-1 Noteholder; and

             (ii)   the seventh day after notice is given to the Class A-1
                    Noteholder (either in accordance with Condition 11.1 or
                    individually) that, where required by Condition 8.2, upon
                    presentation thereof being duly made, such payment will be
                    made, provided that upon such presentation payment is in
                    fact made; and

      (c)    the date on which the Class A-1 Note is deemed to be redeemed in
             accordance with Condition 7.6.

      "Stated Amount" in relation to:

      (a)    a Class A-1 Note at any given time means the Initial Invested
             Amount of that Class A-1 Note less the sum of:

             (i)    the aggregate of all amounts previously paid in relation to
                    that Class A-1 Note on account of principal pursuant to
                    Condition 7.2(c); and

             (ii)   the aggregate of all then Unreimbursed Principal Charge-offs
                    (as defined in Condition 7.10) in relation to that Class A-1
                    Note; and

      (b)    any other Security at any given time means (as defined in the
             Series Supplement) A$100,000 less the sum of:

             (i)    the aggregate of all amounts previously paid in relation to
                    that A$ Security on

                                                                              59
<PAGE>

                    account of principal pursuant to clause 10.3 of the Series
                    Supplement; and

             (ii)   the aggregate of all then Unreimbursed Principal Charge-Offs
                    (as defined in the Series Supplement) in relation to that
                    A$Security.

6.2   Accrual Periods

      The period that a Class A-1 Note accrues interest in accordance with
      Condition 6.1 is divided into periods (each an "Accrual Period"). The
      first Accrual Period for a Class A-1 Note commences on (and includes) the
      Closing Date and ends on (but does not include) the first Distribution
      Date thereafter. Each succeeding Accrual Period for a Class A-1 Note
      commences on (and includes) a Distribution Date and ends on (but does not
      include) the next Distribution Date. The final Accrual Period for a Class
      A-1 Note ends on (but does not include) the date on which interest ceases
      to accrue on the Class A-1 Note pursuant to Condition 6.1.

      "Distribution Date" means the 18th day of December, March, June and
      September in each year (or, if such a day is not a Business Day, the next
      Business Day). The first Distribution Date is December 18, 2000 (or, if
      that day is not a Business Day, the next Business Day).

      "Business Day" means any day on which banks are open for business in
      Sydney, New York City and London other than a Saturday, a Sunday or a
      public holiday in Sydney, New York City or London.

6.3   Interest Rate for the Class A-1 Notes

      The rate of interest ("Interest Rate") payable from time to time in
      respect of a Class A-1 Note and an Accrual Period is the aggregate of USD-
      LIBOR-BBA (as hereinafter defined) for that Accrual Period and the Issue
      Margin (as hereinafter defined) in relation to the Class A-1 Note.

      "USD-LIBOR-BBA" for an Accrual Period will be calculated by the Agent Bank
      in accordance with paragraph (a) (or, if applicable, paragraph (b)) below
      (subject, in the case of the first Accrual Period, to paragraph (c)
      below):

      (a)    on the second Banking Day before the beginning of the Accrual
             Period (a "Rate Set Date") the Agent Bank will determine the rate
             "USD-LIBOR-BBA" as the applicable Floating Rate Option under the
             Definitions of the International Swaps and Derivatives Association,
             Inc. ("ISDA") (the "ISDA Definitions") being the rate applicable to
             any Accrual Period for three-month deposits in US dollars in the
             London inter-bank market which appears on the Rate Page (as
             hereinafter defined) as of 11.00am, London time, on the Rate Set
             Date;

      (b)    if such rate does not appear on the Rate Page at that time, the
             USD-LIBOR-BBA for that Accrual Period will be determined as if the
             Issuer and the Agent Bank had specified "USD-LIBOR-Reference Banks"
             as the applicable Floating Rate Option under the ISDA Definitions.
             For this purpose "USD-LIBOR-Reference Banks" means that the rate
             for an Accrual Period will be determined on the basis of the rates
             at which deposits in US dollars are offered by the Reference Banks
             (being four major banks in the London interbank market determined
             by the Agent Bank) at approximately 11.00am, London time, on the
             Rate Set Date to prime banks in the London interbank market for a
             period of three months commencing on the first day of the Accrual
             Period and in a Representative Amount (as defined in the ISDA
             Definitions).  The Agent Bank will request the principal London
             office of each of the Reference Banks to provide a quotation of its
             rate.  If at least two such quotations are provided, the USD-LIBOR-
             BBA for that Accrual Period will be the arithmetic mean of the
             quotations.  If fewer than two quotations are provided as
             requested, the USD-LIBOR-BBA for that Accrual Period will be the
             arithmetic mean of the rates quoted by not less than two major
             banks in New York City, selected by the Agent Bank and the Currency
             Swap Providers, at approximately 11.00am, New York City time, on
             that Rate Set Date for loans in US dollars to leading European
             banks for a period of three months commencing on the first day of
             the Accrual Period and in a Representative Amount.  If no such
             rates are available in New York City, then the USD-LIBOR-BBA for
             such Accrual Period will be the most recently determined rate in
             accordance with paragraph (a); and

      (c)    the USD-LIBOR-BBA for the first Accrual Period will be the rate
             determined by linear interpolation calculated in accordance with
             paragraph (a) or, if applicable, paragraph (b) above with reference
             to the duration of the first Accrual Period.

                                                                              60
<PAGE>

      "Banking Day" means any day on which banks are open for business in London
      and New York City, other than a Saturday, a Sunday or a public holiday in
      London or New York City.

      "Rate Page" means Telerate Page 3750 or, if Telerate Page 3750 ceases to
      quote the relevant rate, such other page, section or part of Telerate as
      quotes the relevant rate and is selected by the Agent Bank or, if there is
      no such page, section or part of such other page, section or part of a
      different screen information service as quotes the relevant rate selected
      by the Agent Bank and approved by the Class A-1 Note Trustee.

      "Issue Margin" in relation to a Class A-1 Note means, subject to the
      following:

      (a)    for the period from, and including, the Closing Date to, but
             excluding, the Call Date (as defined in Condition 7.3),  % per
             annum; and

      (b)    for the period from, and including, the Call Date to, but
             excluding, the date on which that Class A-1 Note ceases to accrue
             interest in accordance with Condition 6.1,  % per annum.

      If on or after the Call Date the Issuer, at the direction of the Manager,
      proposes to exercise its option to redeem the Securities at their Stated
      Amount in accordance with Condition 7.3 on a Distribution Date but is
      unable to do so because, following a meeting of Securityholders convened
      under the provisions of the Security Trust Deed by the Manager for this
      purpose, the Securityholders have not approved by an Extraordinary
      Resolution (as defined in Condition 9.1) the redemption of the Securities
      at their Stated Amount, then the Issue Margin in relation to each Class A-
      1 Note from, and including, that Distribution Date to, but excluding, the
      date on which that Class A-1 Note ceases to accrue interest in accordance
      with Condition 6.1, is  % per annum.

      There is no maximum or minimum Interest Rate for the Class A-1 Notes.

6.4   Calculation of Interest on the Class A-1 Notes

      Interest on each Class A-1 Note for an Accrual Period (the "Class A-1
      Interest Amount") is calculated by applying the Interest Rate for that
      Class A-1 Note for that Accrual Period to the Invested Amount of that
      Class A-1 Note on the first day of the Accrual Period (after taking into
      account any reductions in the Invested Amount of that Class A-1 Note on
      that day), by then multiplying such product by the actual number of days
      in the Accrual Period divided by 360 and rounding the resultant figure
      down to the nearest cent.

      "Invested Amount" in relation to a Class A-1 Note means the Initial
      Invested Amount of that Class A-1 Note less the aggregate of all amounts
      previously paid in relation to that Class A-1 Note on account of principal
      pursuant to Condition 7.2(c).

6.5   Determination of Interest Rate and Class A-1 Interest Amount

      The Agent Bank will, as soon as practicable after 11.00am (London time or,
      if applicable, New York City time) on each Rate Set Date, determine the
      Interest Rate in relation to the Class A-1 Notes, and calculate the Class
      A-1 Interest Amount, for the immediately succeeding Accrual Period in
      accordance with, respectively, Conditions 6.3 and 6.4.  The determination
      of the Interest Rate, and the calculation of the Class A-1 Interest
      Amount, by the Agent Bank in accordance with, respectively, Conditions 6.3
      and 6.4 will (in the absence of manifest error, wilful default or bad
      faith) be final and binding upon all parties.

6.6   Notification and Publication of Interest Rate and Class A-1 Interest
      Amount

      The Agent Bank will cause the Interest Rate and the Class A-1 Interest
      Amount for each Accrual Period, and the date of the next Distribution
      Date, to be notified to the Issuer, the Manager, the Class A-1 Note
      Trustee, the Currency Swap Providers, the Paying Agents and the UKLA (for
      so long as the Class A-1 Notes are listed on the Official List of the
      UKLA) on or as soon as practical after the Agent Bank has determined the
      Interest Rate and calculated the Class A-1 Interest Amount or on such
      earlier date as the UKLA may require (for so long as the Class A-1 Notes
      are listed on the Official List of the UKLA) and will cause the same to be
      published in accordance with Condition 11.2 as soon as practical after
      that notification.  The Class A-1 Interest Amount and the Distribution
      Date may subsequently be amended (or appropriate alternative arrangements
      made by way of adjustment) without notice in the event of an extension or
      shortening of the Accrual Period.  If following the occurrence of an Event
      of Default (as

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      defined in Condition 9.1), the Security Trustee declares in accordance
      with the Security Trust Deed that the Class A-1 Notes are immediately due
      and payable, the Class A-1 Interest Amount and the Interest Rate in
      respect of the Class A-1 Notes will nevertheless continue to be calculated
      by the Agent Bank in accordance with this Condition, but no publication of
      the Class A-1 Interest Amount or the Interest Rate so calculated or the
      Distribution Dates needs to be made unless, in the case of the Class A-1
      Interest Amount or the Interest Rate, the Class A-1 Note Trustee otherwise
      requires.

6.7   Determination or Calculation by the Class A-1 Note Trustee

      If the Agent Bank at any time for any reason does not determine the
      Interest Rate in respect of the Class A-1 Notes, or calculate the Class A-
      1 Interest Amount, in accordance with this Condition 6, the Class A-1 Note
      Trustee will do so and each such determination or calculation by the Class
      A-1 Note Trustee will be as if made by the Agent Bank.  In doing so, the
      Class A-1 Note Trustee will apply the foregoing provisions of this
      Condition 6, with any necessary consequential amendments, to the extent
      that it can and in all other respects it will do so in such a manner as it
      considers to be fair and reasonable in all the circumstances.

6.8   Agent Bank

      The Issuer will procure that, for so long as any of the Class A-1 Notes
      remain outstanding, there will at all times be an Agent Bank.  The Issuer,
      at the direction of the Manager, may with the prior written approval of
      the Class A-1 Note Trustee, terminate the appointment of the Agent Bank
      immediately on the occurrence of certain events specified in the Agency
      Agreement in relation thereto or, otherwise, by giving not less than 60
      days' notice in writing to, amongst others, the Agent Bank.  Notice of
      that termination will be given by the Issuer to the Class A-1 Noteholders
      in accordance with Condition 11.1.  If any person is unable or unwilling
      to continue to act as the Agent Bank, or if the appointment of the Agent
      Bank is terminated, the Issuer, at the direction of the Manager, will
      appoint a successor Agent Bank to act as such in its place, provided that
      neither the resignation nor removal of the Agent Bank will take effect
      until a successor approved by the Class A-1 Note Trustee has been
      appointed and notice of the appointment of the successor has been given by
      the Issuer to the Class A-1 Noteholders in accordance with Condition 11.1.
      The initial Agent Bank and its specified office are set out at the end of
      these Conditions.

6.9   Payment of the Class A-1 Interest Amount

      The Class A-1 Interest Amount for each Accrual Period in relation to a
      Class A-1 Note is payable in arrear in US$ on the Distribution Date which
      is the last day of the Accrual Period.  On each Distribution Date prior to
      the enforcement of the Charge, the Issuer must:

      (a)    to the extent that there are funds available for this purpose in
             accordance with the Series Supplement pay, in accordance with the
             directions of the Manager, the A$ Class A-1 Interest Amount and any
             A$ Class A-1 Unpaid Interest Amount in relation to that
             Distribution Date rateably to the Currency Swap Providers in
             accordance with the Class A-1 Currency Swaps;

      (b)    direct each Currency Swap Provider (which direction may be
             contained in the relevant Class A-1 Currency Swap) to pay the Class
             A-1 Interest Payments on each Distribution Date to the Principal
             Paying Agent in accordance with the Agency Agreement; and

      (c)    direct the Principal Paying Agent (which direction may be contained
             in the Agency Agreement) to pay the Class A-1 Interest Payments
             received by it from the Currency Swap Providers on a Distribution
             Date rateably amongst the Class A-1 Notes based on their Stated
             Amounts towards the Class A-1 Interest Amount in relation to each
             Class A-1 Note in relation to the Accrual Period ending on that
             Distribution Date and any then Class A-1 Unpaid Interest Amount (as
             defined in Condition 6.10) in relation to each Class A-1 Note (to
             the extent included in the Class A-1 Interest Payment) in
             accordance with, and subject to, these Conditions and the Agency
             Agreement.

      "A$ Class A-1 Interest Amount" , "A$ Class A-1 Unpaid Interest Amount" and
      "Class A-1 Interest Payment" have the same respective meanings as in the
      Series Supplement.

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6.10  Interest on Unpaid Interest Amounts

      If interest is not paid in respect of a Class A-1 Note on the date when
      due and payable, that unpaid interest will itself bear interest at the
      Interest Rate in relation to the Class A-1 Notes applicable from time to
      time until (but excluding the date of payment) the unpaid interest, and
      interest on it, is paid in accordance with Condition 6.9 (the unpaid
      interest and interest on that unpaid interest, in relation to a Class A-1
      Note, is a "Class A-1 Unpaid Interest Amount").

7.    Redemption of the Class A-1 Notes

7.1   Final redemption of the Class A-1 Notes

      Unless previously redeemed (or deemed to be redeemed) in full, the Issuer
      will redeem the Class A-1 Notes at their then Stated Amount, together with
      all then accrued but unpaid interest, on the Distribution Date occurring
      in December 2031 (the "Scheduled Maturity Date").

7.2  Part Redemption of Class A-1 Notes

      Subject to Conditions 7.3, 7.4 and 7.6, on each Distribution Date prior to
      the enforcement of the Charge until the Stated Amount of the Class A-1
      Notes is reduced to zero the Issuer must :

      (a)    pay, in accordance with the directions of the Manager, the A$ Class
             A-1 Principal Amount (if any) in relation to that Distribution Date
             to the Currency Swap Providers in accordance with the Class A-1
             Currency Swaps;

      (b)    direct each Currency Swap Providers (which instruction may be
             contained in the relevant Class A-1 Currency Swap) to pay on each
             Distribution Date to the Principal Paying Agent in accordance with
             the Agency Agreement the US$ Equivalent of the amount of the A$
             Class A-1 Principal Amount (such US$ Equivalent of the A$ Class A-1
             Principal Amount being the "Class A-1 Principal Amount") received
             by the Currency Swap Provider from the Issuer on that Distribution
             Date; and

      (c)    direct the Principal Paying Agent (which direction may be contained
             in the Agency Agreement) to pay Class A-1 Principal Amount received
             from the Currency Swap Providers equally amongst the Class A-1
             Notes towards the repayment of the Stated Amount on the Class A-1
             Notes in accordance with, and subject to, these Conditions and the
             Agency Agreement.  Such a payment of the Stated Amount on a Class
             A-1 Note will constitute a redemption of the Class A-1 Note in part
             to the extent of such repayment and, upon such repayment, the
             obligation of the Issuer with respect to the Class A-1 Note will be
             discharged to the extent of such repayment.

      "A$ Class A-1 Principal Amount" and "US$ Equivalent" have the same
      respective meanings as in the Series Supplement.

7.3   Call Option

      The Issuer will, subject to the other provisions of this Condition 7 and
      prior to the enforcement of the Charge, when directed by the Manager (at
      the Manager's option), redeem all, but not some only, of the Securities at
      their then Invested Amount, subject to the following, together with all
      accrued but unpaid interest in respect of the Securities to (but
      excluding) the date of redemption, on any Distribution Date falling on or
      after the earlier of:

      (a)    the date on which the aggregate Mortgage Loan Principal (as defined
             in the Series Supplement) expressed as a percentage of the
             aggregate Mortgage Loan Principal at the beginning of business
             (Sydney time) on September 1, 2000 falls below 10%; and

      (b)    the Distribution Date falling in December 2007 (the "Call Date").

      Notwithstanding the foregoing, the Issuer may redeem the Securities at
      their Stated Amount, instead of at their Invested Amount, together with
      accrued but unpaid interest in respect of the Securities to (but
      excluding) the date of redemption, if so approved by an Extraordinary
      Resolution (as defined in Condition 9.1) of the Securityholders together.

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      The Manager will not direct the Issuer to, and the Issuer will not, so
      redeem the Securities on such a Distribution Date unless the Issuer is in
      a position on the Distribution Date to repay in respect of the Securities
      their then Invested Amount or Stated Amount, as required, together with
      all accrued but unpaid interest to (but excluding) the date of redemption
      and to discharge all its liabilities in respect of amounts which are
      required under the Security Trust Deed to be paid in priority to or
      equally with the Securities of all classes if the Charge were enforced.

      The Issuer will give not more than 60 nor less than 45 days' notice (which
      will be irrevocable) of the Distribution Date on which a proposed
      redemption under this Condition 7.3 will occur to the Seller, the Class A-
      1 Note Trustee, the Principal Paying Agent, the Agent Bank and to the
      Class A-1 Noteholders in accordance with Condition 11.1.

7.4   Redemption for Taxation or Other Reasons

      If the Manager satisfies the Issuer and the Class A-1 Note Trustee
      immediately prior to giving the notice referred to below that by virtue of
      a change in law of the Commonwealth of Australia or any of its political
      subdivisions or any of its authorities or any other jurisdiction to which
      the Issuer becomes subject (or the application or official interpretation
      thereof) (a "Relevant Jurisdiction") from that in effect on the Closing
      Date, either:

      (a)    on the next Distribution Date the Issuer will be required to deduct
             or withhold from any payment of principal or interest in respect of
             the Class A-1 Notes or any other class of the Securities 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 a Relevant Jurisdiction;
             or

      (b)    the total amount payable in respect of interest in relation to any
             of the Mortgage Loans (as defined in the Series Supplement) for a
             Collection Period ceases to be receivable (whether or not actually
             received) by the Issuer during such Collection Period by reason of
             any present or future taxes, duties, assessments or governmental
             charges of whatever nature imposed, levied, collected, withheld or
             assessed by a Relevant Jurisdiction,

      and, in each case, such obligation cannot be avoided by the Issuer taking
      reasonable measures available to it, the Issuer must, when so directed by
      the Manager (at the Manager's option), redeem all, but not some only, of
      the Securities on any subsequent Distribution Date at their then Invested
      Amount, subject to the following, together with accrued but unpaid
      interest in respect of the Securities to (but excluding) the date of
      redemption.  Notwithstanding the foregoing, the Issuer may redeem the
      Securities at their Stated Amount, instead of at their Invested Amount,
      together with accrued but unpaid interest in respect of the Securities to
      (but excluding) the date of redemption, if so approved by an Extraordinary
      Resolution (as defined in Condition 9.1) of the Securityholders together.

      The Manager will not direct the Issuer to, and the Issuer will not, so
      redeem the Securities unless the Issuer is in a position on such
      Distribution Date to repay in respect of the Securities their then
      Invested Amount or Stated Amount, as required, together with all accrued
      but unpaid interest to (but excluding) the date of redemption and to
      discharge all its liabilities in respect of amounts which are required
      under the Security Trust Deed to be paid in priority to or equally with
      the Securities of all classes if the Charge were enforced.

      The Issuer will give not more than 60 nor less than 45 days' notice (which
      will be irrevocable) of the Distribution Date on which a proposed
      redemption under this Condition 7.4 will occur to the Class A-1 Note
      Trustee, the Seller, the Principal Paying Agent, the Class A-1 Note
      Registrar, the Agent Bank and the Class A-1 Noteholders in accordance with
      Condition 11.1.

      If an event referred to in paragraph (a) of this Condition 7.4 occurs in
      respect of only the Class A-1 Notes (and not any other Securities) and as
      a result thereof the Issuer gives notice in accordance with this Condition
      7.4 that it proposes to redeem all of the Securities on the Distribution
      Date referred to in that notice, the Class A-1 Noteholders may by a
      Special Majority (as defined in Condition 10.3) in accordance with the
      Class A-1 Note Trust Deed elect that they do not require the Issuer to
      redeem the Class A-1 Notes.  If the Class A-1 Noteholders make such an
      election they (or the Class A-1 Note Trustee on their behalf) must notify
      the Issuer and the Manager not less than 21 days before the proposed
      Distribution Date for the redemption of the Class A-1 Notes.  Upon receipt
      of such a notice, the Issuer must not so redeem the Securities.

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7.5   Certification

      For the purpose of any redemption made under Condition 7.3 or 7.4, the
      Issuer and the Class A-1 Note Trustee may rely on any certificate of an
      Authorised Officer (as defined in the Master Trust Deed) of the Manager
      that the Issuer will be in a position to repay in respect of the
      Securities their then Invested Amount or Stated Amount, as applicable,
      together with all accrued but unpaid interest to (but excluding) the date
      of redemption and to discharge all its liabilities in respect of amounts
      required under the Security Trust Deed to be paid in priority to or
      equally with the Securities if the Charge were enforced.

7.6   Redemption on Final Payment

      Upon a final distribution being made in respect of the Class A-1 Notes
      under clause 26.12 of the Series Supplement or clause 13.1 of the Security
      Trust Deed, the Class A-1 Notes will thereupon be deemed to be redeemed
      and discharged in full and any obligation to pay any accrued but then
      unpaid Class A-1 Interest Amount or any Class A-1 Unpaid Interest Amount
      or any then unpaid Invested Amount, Stated Amount or other amounts in
      relation to the Class A-1 Notes will be extinguished in full.

7.7   Cancellation

      All Class A-1 Notes redeemed in full (or deemed to be redeemed in full)
      pursuant to the above Conditions will be cancelled and may not be resold
      or reissued.

7.8   No Payment in excess of Stated Amount

      Subject to Conditions 7.3 and 7.4, no amount of principal will be repaid
      in respect of a Class A-1 Note in excess of the Stated Amount of the Class
      A-1 Note.

7.9   Application of Principal Charge-offs

      If on a Determination Date (as hereinafter defined) any Principal Charge-
      off is allocated to the Class A-1 Notes in accordance with the Series
      Supplement, it will reduce the Stated Amount of the Class A-1 Notes
      (equally and rateably according to their Stated Amount) by an amount equal
      to the US$ Equivalent of the amount so allocated until the Stated Amount
      of the Class A-1 Notes is reduced to zero.  A reduction in the Stated
      Amount of a Class A-1 Note in accordance with the foregoing will take
      effect on the next Distribution Date.

      "Determination Date" and "Principal Charge-off" have the same respective
      meanings as in the Series Supplement.

7.10  Principal Charge-offs Reimbursement

      If on a Determination Date any Principal Charge-off Reimbursement is
      allocated to the Class A-1 Notes in accordance with the Series Supplement,
      it will reduce the Unreimbursed Principal Charge-offs of the Class A-1
      Notes (rateably according to their amount of Unreimbursed Principal
      Charge-offs) by an amount equal to the US$ Equivalent of the amount so
      allocated until the Unreimbursed Principal Charge-offs in respect of the
      Class A-1 Notes are reduced to zero.  A reduction in the Unreimbursed
      Principal Charge-offs in respect of the Class A-1 Notes in accordance with
      the foregoing, and the resultant increase in the Stated Amount of the
      Class A-1 Notes, will take effect on the next Distribution Date.

      "Principal Charge-off Reimbursement" has the same meaning as in the Series
      Supplement.

      "Unreimbursed Principal Charge-offs" in relation to a Class A-1 Note at
      any time means the aggregate of the US$ Equivalent of the Principal
      Charge-offs up to and including that time allocated to the Class A-1 Note
      in accordance with Condition 7.9 less the aggregate of the US$ Equivalent
      of the Principal Charge-off Reimbursements prior to that time allocated to
      the Class A-1 Note in accordance with this Condition 7.10.

7.11  Calculation of Class A-1 Principal Amounts, Stated Amounts and other
      amounts

      (a)    No later than two Business Days prior to each Distribution Date,
             the Manager will determine: (i) the amount of any Class A-1
             Principal Amount payable in respect of each Class A-1 Note on the
             Distribution Date; (ii) the Stated Amount and Invested Amount of

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             each Class A-1 Note as at the first day of the Accrual Period
             commencing on the Distribution Date (after deducting any Class A-1
             Principal Amounts due to be paid in respect of such Class A-1 Note
             on that Distribution Date and after making any other adjustments to
             the Stated Amount or the Invested Amount (as the case may be) of
             the Class A-1 Note in accordance with these Conditions on or with
             effect from that Distribution Date); (iii) the Class A-1 Note
             Factor (as defined below) as at that Distribution Date; and (iv)
             the amount of the Class A-1 Interest Payment to be made on the
             Distribution Date applicable to each Class A-1 Note.

      (b)    The Manager will notify the Issuer, the Class A-1 Note Trustee, the
             Principal Paying Agent, the Agent Bank, the Class A-1 Note
             Registrar and the UKLA (for so long as the Class A-1 Notes are
             listed on the Official List of the UKLA) as soon as practical (and
             in any event by not later than two Business Days prior to the
             Distribution Date or on such earlier date as the UKLA may require
             (for so long as the Class A-1 Notes are listed on the Official List
             of the UKLA)) of each determination of an amount or percentage
             referred to in Condition 7.11(a) and will cause details of each of
             those determinations to be published in accordance with Condition
             11.2 as soon as practical after that notification.  If no Class A-1
             Principal Amount is due to be paid on the Class A-1 Notes on any
             Distribution Date the Manager will cause a notice to be given in
             accordance with Condition 11.2 as soon as practicable (and in any
             event by no later than the relevant Distribution Date).

      (c)    If the Manager does not at any time for any reason make one or more
             of the determinations referred to in Condition 7.11(a), the Agent
             Bank (or, failing the Agent Bank, the Class A-1 Note Trustee) must
             make such determinations in accordance with this Condition (but
             based on the information in its possession) and each such
             determination will be deemed to have been made by the Manager.

      "Class A-1 Note Factor" at a given time means the percentage calculated as
      follows:

                                    CA1NF = A
                                            -
                                            B

      where:

      CA1NF =  the Class A-1 Note Factor;

      A =      the aggregate Invested Amount of the Class A-1 Notes on the last
               day of the just ended Accrual Period; and

      B =      the aggregate Initial Invested Amount of the Class A-1 Notes.

8.    Payments

8.1   Method of Payment

      Any instalment on account of interest or principal payable on any Class A-
      1 Note which is punctually paid or duly provided for by or on behalf of or
      at the direction of the Issuer to the Principal Paying Agent on the
      applicable Distribution Date shall be paid to the person in whose name
      such Class A-1 Note is registered on the relevant Record Date (as defined
      below), by wire transfer in immediately available funds to the account
      designated by such person or, if such person so requests in writing, by
      cheque mailed first-class, postage prepaid, to such person's address as it
      appears on the Class A-1 Note Register on such Record Date.

      "Record Date" in relation to a Distribution Date or any other date for any
      payment to be made in respect of a Class A-1 Note means the day which is
      the last day of the prior calendar month.

8.2   Surrender on Final Payment

      Prior to a final distribution being made in respect of the Class A-1 Notes
      under clause 26.12 of the Series Supplement or clause 13.1 of the Security
      Trust Deed the Class A-1 Note Trustee must notify the persons in whose
      names the Class A-1 Notes are registered on the relevant Record Date of
      the date upon which the Class A-1 Note Trustee expects that final
      distribution to be made and specify if that such final distribution will
      be payable only upon surrender of the relevant Class A-1 Note to a Paying
      Agent at its

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      specified office. No such final distribution will be made other than upon
      the surrender of the relevant Class A-1 Notes and none of the Issuer, the
      Class A-1 Note Trustee, the Security Trustee or any Paying Agent will be
      liable to pay any additional amount to any Class A-1 Noteholder as a
      result of any delay in payment due to a Class A-1 Note not having been
      surrendered in accordance with this Condition 8.2.

8.3   Paying Agents

      The initial Paying Agents and their respective specified offices are set
      out at the end of these Conditions.

      The Issuer, at the direction of the Manager, may with the prior written
      approval of the Class A-1 Note Trustee terminate the appointment of the
      Principal Paying Agent and appoint additional or other Paying Agents,
      provided that it will at all times maintain a Paying Agent having a
      specified office in London and New York City.  Notice of any such
      termination or appointment and of any change in the office through which
      any Paying Agent will act will be given in accordance with Condition 11.1.

8.4   Taxation

      All payments in respect of the Class A-1 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 any applicable law to make such a withholding
      or deduction.  In that event the Issuer or that Paying Agent (as the case
      may be) will, after making such withholding or deduction, account to the
      relevant authorities for the amount so required to be withheld or
      deducted.  Neither the Issuer nor any Paying Agent nor the Class A-1 Note
      Trustee will be obliged to make any additional payments in respect of the
      relevant Class A-1 Notes in relation to that withholding or deduction.
      Immediately after becoming aware that such a withholding or deduction is
      or will be required, the Issuer will notify the Class A-1 Note Trustee,
      the Principal Paying Agent and the Class A-1 Noteholders in accordance
      with Condition 11.1, thereof.

8.5   Prescription

      A Class A-1 Note will become void in its entirety unless surrendered for
      payment within a period of 10 years from the Relevant Date in respect of
      any payment thereon the effect of which would be to reduce the Stated
      Amount of, and all accrued but unpaid interest on, that Class A-1 Note to
      zero.  After the date on which a Class A-1 Note becomes void in its
      entirety, no claim can be made in respect of it.

      "Relevant Date" in respect of a Class A-1 Note means the date on which a
      payment in respect thereof first becomes due or (if the full amount of the
      moneys payable in respect of the Class A-1 Notes due on or before that
      date has not been duly received by the Principal Paying Agent or the Class
      A-1 Note Trustee on or prior to such date) the date on which, the full
      amount of such moneys having been so received and notice to that effect is
      duly given to the Class A-1 Noteholders in accordance with Condition 11.1.

8.6   Notify Late Payments

      In the event of the unconditional payment to the Principal Paying Agent or
      the Class A-1 Note Trustee of any sum due in respect of the Class A-1
      Notes or any of them being made after the due date for payment thereof,
      the Issuer will forthwith give or procure to be given notice to the Class
      A-1 Noteholders in accordance with Condition 11.1 that such payment has
      been made.

8.7   Rounding of Payments

      All payments in respect of the Class A-1 Notes will be rounded down to the
      nearest cent.

9.    Enforcement following occurrence of Event of Default

9.1   Enforcement

      The Security Trust Deed provides that at any time after the Security
      Trustee becomes actually aware of the occurrence of an Event of Default,
      the Security Trustee will (subject to Condition 10.4 and subject to being
      appropriately indemnified), if so directed by an Extraordinary Resolution
      of the Voting Secured Creditors, declare the Securities immediately due
      and payable (in which case, subject to Condition 12, the Stated Amount of,
      and all accrued but unpaid interest in relation to, the Class A-1 Notes
      will become immediately due and payable) and enforce the Charge.

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      Subject to being indemnified in accordance with the Security Trust Deed
      and to the provisions of Condition 9.2, the Security Trustee will take all
      action necessary to give effect to any direction in accordance with the
      foregoing and will comply with all such directions.

      "Event of Default", "Extraordinary Resolution" and "Voting Secured
      Creditors" have the same respective meanings as in the Security Trust
      Deed.

9.2   Security Trustee May Enforce Charge Without Direction

      After the Security Trustee becomes actually aware of the occurrence of an
      Event of Default, provided that it has been indemnified to its
      satisfaction in accordance with the Security Trust Deed, the Security
      Trustee must enforce the Security Trust Deed without an Extraordinary
      Resolution of the Voting Secured Creditors if in its opinion, the delay
      required to obtain the consent of the Voting Secured Creditors would be
      prejudicial to the interests of the Secured Creditors as a class.

9.3   Priority of Payments from Proceeds from the enforcement of the Charge

      Following the enforcement of the Charge, all moneys received in connection
      with the Security Trust Deed by the Security Trustee or by any receiver
      appointed in relation to the Charged Property pursuant to the provisions
      of the Security Trust Deed are to be applied, subject to the Security
      Trust Deed, in accordance with the order of priority contained in the
      Security Trust Deed

9.4   Security Trustee and Class A-1 Note Trustee Not Liable for Loss on
      enforcement

      Except in the case of fraud, negligence or wilful default (in the case of
      the Security Trustee) and, subject to the mandatory provisions of the
      Trust Indenture Act, fraud, negligence (except as specifically provided in
      the Trust Indenture Act), wilful default or breach of trust (in the case
      of the Class A-1 Note Trustee), neither the Class A-1 Note Trustee nor the
      Security Trustee is liable for any decline in the value, nor any loss
      realised upon any sale or other disposition made under the Security Trust
      Deed of any Charged Property or any other property which is charged to the
      Security Trustee by any other person in respect of or relating to the
      obligations of the Issuer or any third party in respect of the Issuer or
      the Class A-1 Notes or relating in any way to the Charged Property.
      Without limitation, neither the Class A-1 Note Trustee nor the Security
      Trustee will 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 based on advice received by it in accordance with the
      applicable requirements of the Class A-1 Note Trust Deed (and the Trust
      Indenture Act) or the Security Trust Deed, as the case may be.

      "Trust Indenture Act" means the Trust Indenture Act 1939 of the United
      States of America as in force at the date of the Class A-1 Note Trust
      Deed.

9.5   Directions from Class A-1 Noteholders to Class A-1 Note Trustee following
      Event of Default

      If an Event of Default or Potential Event of Default has occurred and is
      known to the Class A-1 Note Trustee, the Class A-1 Note Trustee must: (a)
      notify each Class A-1 Noteholder of the Event of Default or Potential
      Event of Default, as the case may be, within 10 days (or such shorter
      period as may be required by the rules of the UKLA, if the Class A-1 Notes
      are listed on the Official List of the UKLA, or the rules of any other
      stock exchange on which the Class A-1 Notes are listed) after becoming
      aware of the Event of Default or Potential Event of Default, provided that
      except in the case of a default in payment of principal or interest on any
      Class A-1 Note, the Class A-1 Note Trustee may withhold such notice if and
      so long as the board of directors, the executive committee or a trust
      committee of its directors and/or its authorised officers under the Class
      A-1 Note Trust Deed in good faith determine that withholding the notice is
      in the interest of Class A-1 Noteholders; (b) if a meeting of Voting
      Secured Creditors is to be held under the Security Trust Deed, determine
      whether it proposes to seek directions from Class A-1 Noteholders as to
      how to vote at that meeting and, if so, whether it proposes to instruct
      the Security Trustee to delay the holding of that meeting while it obtains
      such directions from the Class A-1 Noteholders; and (c) vote at any
      meeting of Voting Secured Creditors held under the Security Trust Deed in
      accordance, where applicable, with the directions of the Class A-1
      Noteholders (whether or not solicited and whether or not all Class A-1
      Noteholders have provided such directions) and otherwise in its absolute
      discretion. In acting in accordance with the directions of Class A-1
      Noteholders the Class A-1 Note Trustee must exercise its votes for or
      against any proposal to be put to a meeting of Voting Secured Creditors
      under the Security Trust Deed in the same proportion as that of the
      aggregate Invested Amounts of the Class A-1 Notes held by Class A-1
      Noteholders who have directed the Class A-1 Note Trustee to vote for or
      against such a proposal.

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      If any of the Class A-1 Notes remain outstanding and are due and payable
      otherwise than by reason of a default in payment of any amount due on the
      Class A-1 Notes, the Class A-1 Note Trustee must not vote at a meeting of
      Voting Secured Creditors under the Security Trust Deed, or otherwise
      direct the Security Trustee, to dispose of the Charged Property unless:
      (a) a sufficient amount would be realised to discharge in full all amounts
      owing to the Class A-1 Noteholders in respect of the Class A-1 Notes and
      any other amounts owing by the Issuer to any other person ranking in
      priority to or with the Class A-1 Notes; (b) the Class A-1 Note Trustee is
      of the opinion, reached after considering at any time and from time to
      time the advice of an investment bank or other financial adviser selected
      by the Class A-1 Note Trustee, that the cash flow receivable by the Issuer
      (or the Security Trustee under the Security Trust Deed) will not (or that
      there is a significant risk that it will not) be sufficient, having regard
      to any other relevant actual, contingent or prospective liabilities of the
      Issuer, to discharge in full in due course all the amounts referred to in
      paragraph (a); or (c) the Class A-1 Note Trustee is so directed by a
      Special Majority (as defined in Condition 10.3) of Class A-1 Noteholders.

      Subject to the mandatory provisions of the Trust Indenture Act and
      provisions in the Class A-1 Note Trust Deed relating to the deemed receipt
      of notices, the Class A-1 Note Trustee will only be considered to have
      knowledge or awareness of, or notice of, an Event of Default or Potential
      Event of Default by virtue of the officers of the Class A-1 Note Trustee
      (or any related body corporate of the Class A-1 Note Trustee) which have
      the day to day responsibility for the administration or management of the
      Class A-1 Note Trustee's (or a related body corporate of the Class A-1
      Note Trustee's) obligations in relation to the Series Trust, the trust
      created under the Class A-1 Note Trust Deed or the Class A-1 Note Trust
      Deed, having actual knowledge, actual awareness or actual notice of the
      occurrence of the events or circumstances constituting an Event of Default
      or Potential Event of Default, as the case may be, or grounds or reason to
      believe that such events or circumstances have occurred.

      "Potential Event of Default" means an event which, with the giving of
      notice or the lapse of time or both, would constitute an Event of Default.

9.6   Only Security Trustee May Enforce Charge

      Only the Security Trustee may enforce the Charge and neither the Class A-1
      Note Trustee nor any Class A-1 Noteholder (nor any other Secured Creditor)
      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-1 Note Trust Deed, the Class A-1 Notes or any other applicable
      Transaction Document, except as provided for in the Security Trust Deed,
      the Class A-1 Note Trust Deed, the Master Trust Deed and the Series
      Supplement.  The Security Trustee is not required to act in relation to
      the enforcement of the Charge unless its liability is limited in a manner
      reasonably satisfactory to it or, if required by the Security Trustee (in
      its absolute discretion), it is adequately indemnified from the Charged
      Property or the Security Trustee receives from the Voting Secured
      Creditors an indemnity in a form reasonably satisfactory to the Security
      Trustee (which may be by way of an Extraordinary Resolution of the Voting
      Secured Creditors) and is put in funds to the extent necessary.

9.7   Exercise of Class A-1 Noteholder Rights by Class A-1 Note Trustee

      The rights, remedies and discretions of the Class A-1 Noteholders under
      the Security Trust Deed including all rights to vote or to give an
      instruction or consent can only be exercised by the Class A-1 Note Trustee
      on behalf of the Class A-1 Noteholders in accordance with the Security
      Trust Deed.  The Security Trustee may rely on any instructions or
      directions given to it by the Class A-1 Note Trustee as being given on
      behalf of the Class A-1 Noteholders from time to time and need not inquire
      whether any such instructions or directions are in accordance with the
      Class A-1 Note Trust Deed, whether the Class A-1 Note Trustee or the Class
      A-1 Noteholders from time to time have complied with any requirements
      under the Class A-1 Note Trust Deed or as to the reasonableness or
      otherwise of the Class A-1 Note Trustee.

10.   Meetings of Voting Secured Creditors, directions of Class A-1 Noteholders,
      modifications, consents, waivers and indemnities

10.1  Meetings of Voting Secured Creditors

      The Security Trust Deed contains provisions for convening meetings of the
      Voting Secured Creditors to, among other things, enable the Voting Secured
      Creditors to direct or consent to the Security Trustee taking or not
      taking certain actions under the Security Trust Deed; for example to
      enable the Voting Secured Creditors, following the occurrence of an Event
      of Default, to direct the Security Trustee to

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      declare the Securities immediately due and payable and/or to enforce the
      Charge.

10.2  Directions of Class A-1 Noteholders

      Under the Class A-1 Note Trust Deed the Class A-1 Note Trustee may seek
      directions from the Class A-1 Noteholders from time to time including
      following the occurrence of an Event of Default. The Class A-1 Note
      Trustee will not be responsible for acting in good faith upon a direction
      given, or purporting to be given, by Class A-1 Noteholders holding Class
      A-1 Notes with an Invested Amount of greater than 50% of the aggregate
      Invested Amount of all the Class A-1 Notes.

      If the Class A-1 Note Trustee is entitled under the Master Trust Deed or
      the Security Trust Deed to vote at any meeting on behalf of Class A-1
      Noteholders the Class A-1 Note Trustee must vote in accordance with the
      directions of the Class A-1 Noteholders and otherwise in its absolute
      discretion. In acting in accordance with the directions of Class A-1
      Noteholders the Class A-1 Note Trustee must exercise its votes for or
      against any proposal to be put to a meeting in the same proportion as that
      of the aggregate Invested Amounts of the Class A-1 Notes held by Class A-1
      Noteholders who have directed the Class A-1 Note Trustee to vote for or
      against that proposal.

      For the purposes of seeking any consent, direction or authorisation from
      Class A-1 Noteholders the Class A-1 Note Trustee may by notice to the
      Class A-1 Noteholders specify a date, not earlier than the date of the
      notice, upon which the persons who are the Class A-1 Noteholders and the
      Invested Amount of the Class A-1 Notes held by them will be determined
      based upon the details recorded in the Class A-1 Note Register as at 5.30
      pm on that date.

10.3  Amendments to Class A-1 Note Trust Deed and the Class A-1 Notes

      Pursuant, and subject, to the Class A-1 Note Trust Deed and subject to any
      approval required by law, the Class A-1 Note Trustee, the Manager and the
      Issuer may together agree, without the consent or sanction of any Class A-
      1 Noteholder, by way of supplemental deed to alter, add to or revoke (each
      a "modification") any provision of the Class A-1 Note Trust Deed or the
      Class A-1 Notes (including these Conditions) so long as such modification
      is not a Payment Modification (as defined below) and such modification in
      the opinion of the Class A-1 Note Trustee:

      (a)    is necessary or expedient to comply with the provisions of any
             statute or regulation or with the requirements of any governmental
             agency;

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

      (c)    is appropriate or expedient as a consequence of an amendment to any
             statute or regulation or altered requirements of any governmental
             agency or any decision of any court (including, without limitation,
             a modification which is in the opinion of the Class A-1 Note
             Trustee appropriate or expedient as a consequence of the enactment
             of a statute or regulation or an amendment to any statute or
             regulation or ruling by the Australian Commissioner or Deputy
             Commissioner of Taxation or any governmental announcement or
             statement or any decision of any court, 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 Series Trust or the
             trust constituted under the Class A-1 Note Trust Deed); or

      (d)    and the Issuer is otherwise desirable for any reason and:

             (i)    is not in the opinion of the Class A-1 Note Trustee likely,
                    upon coming into effect, to be materially prejudicial to the
                    interests of Class A-1 Noteholders; or

             (ii)   if it is in the opinion of the Class A-1 Note Trustee
                    likely, upon coming into effect, to be materially
                    prejudicial to the interests of Class A-1 Noteholders the
                    consent of a Special Majority (as hereinafter defined) of
                    Class A-1 Noteholders is obtained.

      For the purpose of determining whether a Special Majority of Class A-1
      Noteholders has consented to a modification, Class A-1 Notes which are
      beneficially owned by the Issuer or the Manager or by any person directly
      or indirectly controlling or controlled by or under direct or indirect
      common control with the Issuer or the Manager, will be disregarded.  The
      Manager must give the Rating Agencies 5 Business

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      Days' prior notice of any such modification. The Class A-1 Note Trustee
      will be entitled to assume that any proposed modification, other than a
      Payment Modification, will not be materially prejudicial to the interest
      of Class A-1 Noteholders if each of the Rating Agencies confirms in
      writing that if the modification is effected this will not lead to a
      reduction, qualification or withdrawal of the then rating given to the
      Class A-1 Notes by that Rating Agency.

      Pursuant to the Class A-1 Note Trust Deed, the Class A-1 Note Trustee may
      concur with the Issuer and the Manager in making or effecting any Payment
      Modification if and only if the consent has first been obtained of each
      Class A-1 Noteholder to such Payment Modification.

      Any supplemental deed that effects any such modifications must conform to
      the requirements of the Trust Indenture Act and copies of any such
      supplemental deed must be distributed by the Issuer to the Class A-1
      Noteholders in accordance with Condition 11.1 as soon as reasonably
      practicable after the modifications have been made.

      "Payment Modification" means any alteration, addition or revocation of any
      provision of the Class A-1 Note Trust Deed or the Class A-1 Notes
      (including the Conditions) which modifies:  (a) the amount, timing, place,
      currency or manner of payment of principal or interest in respect of the
      Class A-1 Notes including, without limitation, any modification to the
      Stated Amount, Invested Amount, Interest Rate or Scheduled Maturity Date
      in respect of the Class A-1 Notes or to Conditions 6.9 and 7.2, clause 10
      of the Series Supplement or clause 13 of the Security Trust Deed or which
      would impair the rights of Class A-1 Noteholders to institute suit for
      enforcement of such payment on or after the due date for such payment; (b)
      the definition of the term "Special Majority", clause 21.4 of the Class A-
      1 Note Trust Deed or the circumstances in which the consent or direction
      of a Special Majority of Class A-1 Noteholders is required; (c) clause
      6.1(a) of the Security Trust Deed; or (d) the requirements for altering,
      adding to or revoking any provision of the Class A-1 Note Trust Deed or
      the Class A-1 Notes (including the Conditions).

      "Rating Agency" has the same meaning as in the Series Supplement.

      "Special Majority" in relation to the Class A-1 Noteholders means Class A-
      1 Noteholders holding Class A-1 Notes with an aggregate Invested Amount of
      no less than 75% of the aggregate Invested Amount of all the Class A-1
      Notes.

10.4  Waivers etc

      The Security Trustee may, in accordance with the Security Trust Deed and
      without the consent or sanction of the Voting Secured Creditors (but not
      in contravention of an Extraordinary Resolution of the Voting Secured
      Creditors), waive or authorise any breach or proposed breach or determine
      that any event that would otherwise be an Event of Default will not be
      treated as such if and in so far as in its opinion the interests of the
      Secured Creditors will not be materially prejudiced.  Any such waiver,
      authorisation or determination shall be binding on the Secured Creditors
      and, if, but only if, the Security Trustee so requires, any such waiver,
      authorisation or determination will be notified to the Secured Creditors
      by the Manager in accordance with the Security Trust Deed.

      The Class A-1 Note Trustee may, and if directed to do so by a Majority of
      Class A1 Noteholders must, on such terms and conditions as it may deem
      reasonable, without the consent of any of the Class A-1 Noteholders, and
      without prejudice to its rights in respect of any subsequent breach, agree
      to any waiver or authorisation of any breach or proposed breach of any of
      the terms and conditions of the Transaction Documents by the Issuer, the
      Manager or any other person which, unless the Class A-1 Note Trustee is
      acting on the direction of a Majority of Class A-1 Noteholders, is not, in
      the opinion of the Class A-1 Note Trustee, materially prejudicial to the
      interests of the Class A-1 Noteholders as a class.  No such waiver,
      authorisation or determination may be made in contravention of any prior
      directions by a Majority (as hereinafter defined) of the Class A-1
      Noteholders.  Any such waiver, authorisation or determination will, if the
      Class A-1 Note Trustee so requires, be notified to the Class A-1
      Noteholders in accordance with Condition 11.1 by the Issuer as soon as
      practicable after it is made.

      "Majority" in relation to the Class A-1 Noteholders means Class A-1
      Noteholders holding Class A-1 Notes with an aggregate Invested Amount of
      greater than 50% of the aggregate Invested Amount of all the Class A-1
      Notes.

10.5  Indemnification and Exoneration of the Class A-1 Note Trustee and the
      Security Trustee

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      The Class A-1 Note Trust Deed and the Security Trust Deed contain
      provisions for the indemnification of the Class A-1 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 Securities unless indemnified to
      their satisfaction.  Each of the Class A-1 Note Trustee and the Security
      Trustee is entitled, subject in the case of the Class A-1 Note Trustee to
      the mandatory provisions of the Trust Indenture Act, 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.

      Subject to the mandatory provisions of the Trust Indenture Act, the Class
      A-1 Note Trustee shall not be responsible for any loss, expense or
      liability occasioned to the Charged Property or any other property or in
      respect of all or any of the moneys which may stand to the credit of the
      Collections Account (as defined in the Series Supplement) from time to
      time however caused (including, without limitation, where caused by an act
      or omission of the Security Trustee) unless that loss is occasioned by the
      fraud, negligence, wilful default or breach of trust of the Class A-1 Note
      Trustee.  The Security Trustee is not, nor is any receiver appointed in
      relation to the Charged Property pursuant to the provisions of the
      Security Trust Deed, liable or otherwise accountable for any omission,
      delay or mistake or any loss or irregularity in or about the exercise,
      attempted exercise, non-exercise or purported exercise of any of the
      powers of the Security Trustee or of the receiver under the Security Trust
      Deed except for fraud, negligence or wilful default.

      Except in the case of fraud, negligence (except as specifically provided
      in the Trust Indenture Act), wilful default or breach of trust, and
      subject to the mandatory provisions of the Trust Indenture Act, the Class
      A-1 Note Trustee may act on the opinion or advice of, or information
      obtained from, any lawyer, valuer, banker, broker, accountant or other
      expert appointed by the Class A-1 Note Trustee, or by a person other than
      Class A-1 Note Trustee, where that opinion, advice or information is
      addressed to the Class A-1 Note Trustee or by its terms is expressed to be
      capable of being relied upon by the Class A-1 Note Trustee. Except as
      provided above, the Class A-1 Note Trustee will not be responsible to any
      Class A-1 Noteholder, amongst others, for any loss occasioned by so acting
      in reliance on such advice.  Any such opinion, advice or information may
      be sent or obtained by letter, telex or facsimile transmission and the
      Class A-1 Note Trustee will not be liable to any Class A-1 Noteholder,
      amongst others, for acting on any opinion, advice or information
      conforming with any applicable requirements of the Class A-1 Note Trust
      Deed or the Trust Indenture Act and purporting to be conveyed by such
      means even though it contains some error which is not a manifest error or
      is not authentic.

11.   Notices

11.1  General

      All notices, other than notices given in accordance with the following
      paragraph and Condition 11.2, to Class A-1 Noteholders will be deemed
      given if in writing and mailed, first-class, postage prepaid to each Class
      A-1 Noteholder, at his or her address as it appears on the Class A-1 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-1 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-1 Noteholder will affect the sufficiency of such notice
      with respect to other Class A-1 Noteholders, and any notice that is mailed
      in the manner herein provided will conclusively be presumed to have been
      duly given.

      A notice may be waived in writing by the relevant Class A-1 Noteholder,
      either before or after the event, and such waiver will be the equivalent
      of such notice.  Waivers of notice by Class A-1 Noteholders will be filed
      with the Class A-1 Note Trustee but such filing will not be a condition
      precedent to the validity of any action taken in reliance upon such a
      waiver.

      Any such notice will 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 is impractical to mail
      notice of any event to Class A-1 Noteholders when such notice is required
      to be given, then any manner of giving such notice as the Issuer directs
      the Class A-1 Note Trustee will be deemed to be a sufficient giving of
      such notice.

11.2  Class A-1 Note Information

      Any notice specifying a Distribution Date, a Interest Rate in relation to
      the Class A-1 Notes, a Class A-1

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<PAGE>

      Interest Amount, a Class A-1 Principal Amount (or the absence of a Class
      A-1 Principal Amount), an Invested Amount, a Stated Amount, a Class A-1
      Note Factor in relation to the Class A-1 Notes, or any other matter
      permitted to be given in accordance with this Condition 11.2, will be
      deemed to have been duly given if the information contained in the notice
      appears on the relevant page of the Reuters Screen or the electronic
      information system made available to its subscribers by Bloomberg, L.P. or
      another similar electronic reporting service approved by the Class A-1
      Note Trustee in writing and notified to Class A-1 Noteholders pursuant to
      Condition 11.1 (the "Relevant Screen"). Any such notice will 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 will be given in accordance with Condition 11.1.

11.3  Quarterly Servicing and Other Reports

      The Manager must deliver a Quarterly Servicing Report for each Accrual
      Period to the Class A-1 Note Trustee, the Principal Paying Agent, the
      Issuer and each Class A-1 Noteholder on the Business Day preceding the
      Distribution Date on the last day of the Accrual Period in accordance with
      Condition 11.1 and, for so long as the Class A-1 Notes are listed on the
      Official List of the UKLA file each Quarterly Servicing Report with the
      UKLA as and when required by the rules of the UKLA.

      The Issuer and the Manager must, to the extent required by the rules and
      regulation of the Securities and Exchange Commission, forward to Class A-1
      Noteholders, and such other persons as are required by the Trust Indenture
      Act, such summaries of any information, documents and reports required to
      be filed by the Issuer or the Manager in accordance with the Securities
      and Exchange Act 1934 of the United States of America or the rules and
      regulations of the Securities and Exchange Commission.

      "Quarterly Servicing Report" in relation to an Accrual Period and the
      Distribution Date at the end of that Accrual Period means a report which
      contains the following information:

      .   the aggregate Invested Amounts and the aggregate Stated Amounts of
          each class of Securities on the first day of the Accrual Period;

      .   the amounts to be applied towards payment of interest and principal on
          each class of Securities on the Distribution Date;

      .   the Available Income Amount (as defined in the Series Supplement) on
          the Distribution Date;

      .   the aggregate of all Seller Advances made during the preceding
          Collection Period;

      .   the Redraw Shortfall (as defined in the Standby Redraw Facility
          Agreement) in relation to the preceding Determination Date;

      .   the Income Shortfall (as defined in the Series Supplement) in relation
          to the preceding Determination Date;

      .   the Liquidity Facility Advance (as defined in the Series Supplement)
          in relation to that Distribution Date and the Liquidity Facility
          Principal (as defined in the Series Supplement) in relation to the
          preceding Determination Date;

      .   the Available Principal Amount (as defined in the Series Supplement)
          in relation to that Distribution Date;

      .   the Principal Collections in relation to that Distribution Date;

      .   the Standby Redraw Facility Advance in relation to that Distribution
          Date;

      .   the Redraw Bond Amount (as defined in the Series Supplement) in
          relation to the preceding Determination Date;

      .   the Principal Charge-Off in relation to the preceding Determination
          Date;

      .   the Other Principal Amounts (as defined in the Series Supplement) in
          relation to the preceding Determination Date;

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<PAGE>

      .      the Principal Charge-Off Reimbursement in relation to the preceding
             Determination Date;

      .      the Principal Charge-offs allocated to each class of Securities and
             the Standby Redraw Facility Principal with effect from that
             Distribution Date;

      .      the Principal Charge-off Reimbursement allocated to each class of
             Securities and the Standby Redraw Facility Principal with effect
             from that Distribution Date;

      .      the Class A-1 Note Factor and the Note Factor (as defined below)
             for each other class of Securities

      .      if the Basis Swap (as defined in the Series Supplement) has
             terminated, the Threshold Rate (as defined in the Series
             Supplement) on the preceding Determination Date;

      .      the Interest Rate (as defined in the Series Supplement with respect
             to the Class A-2 Notes, the Class B Notes and the Redraw Bonds)
             applying to each class of Securities for that Accrual Period;

      .      scheduled payments of principal and prepayments of principal
             received on the Mortgage Loans forming part of the Assets of the
             Series Trust during the preceding Collections Period;

      .      aggregate outstanding principal balance of the Mortgage Loans
             forming part of the Assets of the Series Trust being charged a
             fixed rate of interest and the aggregate outstanding principal
             balance of the Mortgage Loans forming part of the Assets of the
             Series Trust being charged a variable rate of interest as at
             opening of business on the preceding Determination Date;

      .      delinquency, mortgagee in possession and loss statistics, as
             determined by the Manager, with respect to the Mortgage Loans
             forming part of the Assets of the Series Trust as at opening of
             business on the preceding Determination Date.

      "Note Factor" in relation to a class of Securities and a Distribution
      Date, means the aggregate of the Invested Amount of the class of
      Securities less all principal payments on that class of Securities to be
      made on that Distribution Date, divided by the aggregate initial Invested
      Amount of that class of Securities.

11.4  Consents in Writing

      All consents and approvals in these Conditions must be given in writing.

12.   Limitation of liability of the Issuer

      (a)    The Issuer enters into the Transaction Documents, and issues the
             Class A-1 Notes, only in its capacity as trustee of the Series
             Trust and in no other capacity (except where the Transaction
             Documents provide otherwise). A liability arising under or in
             connection with the Class A-1 Notes, the Transaction Documents or
             the Series Trust is limited to and can be enforced against the
             Issuer only to the extent to which it can be satisfied out of the
             assets and property of the Series Trust out of which the Issuer is
             actually indemnified for the liability. This limitation of the
             Issuer's liability applies despite any other provision of the
             Transaction Documents (other than paragraph (c) below) and extends
             to all liabilities and obligations of the Issuer in any way
             connected with any representation, warranty, conduct, omission,
             agreement or transaction related to the Transaction Documents, the
             Class A-1 Notes or the Series Trust.

      (b)    No person may sue the Issuer in respect of liabilities incurred by
             the Issuer in its capacity as trustee of the Series Trust other
             than as trustee of the Series Trust or seek the appointment of a
             receiver (except under the Security Trust Deed), a liquidator, an
             administrator or any similar person to the Issuer or prove in any
             liquidation, administration or similar arrangements of or affecting
             the Issuer (except in relation to the assets or property of the
             Series Trust).

      (c)    The provisions of this Condition 12 will not apply to any
             obligation or liability of the Issuer

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             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 or
             property of the Series Trust as a result of the Issuer's fraud,
             negligence or wilful default.

      (d)    The Relevant Parties are responsible under the Transaction
             Documents for performing a variety of obligations relating to the
             Series Trust.  No act or omission of the Issuer (including any
             related failure to satisfy its obligations under the Transaction
             Documents or the Class A-1 Notes) will be considered fraud,
             negligence or wilful default of the Issuer for the purpose of
             paragraph (c) to the extent to which the act or omission was caused
             or contributed to by any failure by any Relevant Party or any other
             person appointed by the Issuer under any Transaction Document
             (other than a person whose acts or omissions the Issuer is liable
             for in accordance with any Transaction Document) to fulfil its
             obligations relating to the Series Trust or by any other act or
             omission of a Relevant Party or any other such person.

      (e)    In exercising their powers under the Transaction Documents, each of
             the Security Trustee, the Class A-1 Note Trustee and the Class A-1
             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 wilful default of the Issuer for the purpose of
             paragraph (c).

      (f)    The Issuer is not obliged to enter into any commitment or
             obligation under these Conditions or any other Transaction Document
             (including incur any further liability) unless the Issuer's
             liability is limited in a manner which is consistent with this
             Condition 12 or otherwise

      in a manner satisfactory to the Issuer in its absolute discretion.
      "Relevant Parties" means each of the Manager, the Seller, the Servicer,
      the Agent Bank, each Paying Agent, the Class A-1 Note Trustee and the
      Hedge Providers (as those parties, which are not defined in these
      Conditions, are defined in the Series Supplement).

      The expression "fraud, negligence or wilful default" is to be construed in
      accordance with the Security Trust Deed.

13.   Governing law

      The Class A-1 Notes and the Transaction Documents are governed by, and
      will be construed in accordance with, the laws of the State of New South
      Wales of the Commonwealth of Australia, except for the Underwriting
      Agreement and each credit support annex to the Currency Swap Agreements
      which are governed by, and will be construed in accordance with, New York
      law.  Each of the Issuer and the Manager has in the Class A-1 Note Trust
      Deed irrevocably agreed for the benefit of the Class A-1 Note Trustee and
      the Class A-1 Noteholders that the courts of the State of New South Wales
      are to have non-exclusive jurisdiction to settle any disputes which may
      arise out of or in connection with the Class A-1 Note Trust Deed and the
      Class A-1 Notes.

                                                                              75
<PAGE>

                                            Agents

Principal Paying Agent:       The Bank of New York, New York Branch
                              101 Barclay Street, 21W
                              New York, New York, 10286

Class A-1 Note Registrar:     The Bank of New York, New York Branch
                              101 Barclay Street, 21W
                              New York, New York, 10286

                              or

                              c/- The Bank of New York, London Branch
                              48th Floor
                              One Canada Square
                              London  E14  5AL

Agent Bank:                   The Bank of New York, New York Branch
                              101 Barclay Street, 21W
                              New York, New York, 10286

Paying Agent:                 The Bank of New York, London Branch
                              48th Floor
                              One Canada Square
                              London  E14  5AL

                                                                              76<PAGE>

                                                                     Exhibit 4.5

                                                           Draft: 18 August 2000

                        Series 2000-2G Medallion Trust
                               Agency Agreement

                                     Date:

                       Perpetual Trustee Company Limited

                                    Issuer

                 Securitisation Advisory Services Pty. Limited

                                    Manager

                     The Bank of New York, New York Branch

                            Class A-1 Note Trustee

                           Class A-1 Note Registrar

                            Principal Paying Agent

                                  Agent Bank

                      The Bank of New York, London Branch

                                 Paying Agent

                                  CLAYTON UTZ
                                    Lawyers
                                 Levels 27-35
                             No.1 O'Connell Street
                               SYDNEY  NSW  2000
                                   AUSTRALIA

                           (C) Copyright Clayton Utz

Liability is limited by the Solicitors Scheme under the Professional Standards
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
Clause                                                                      Page
<S>                                                                         <C>
1.   DEFINITIONS AND INTERPRETATION                                            1

1.1  Definitions                                                               1
1.2  Series Supplement and Master Trust Deed Definitions                       3
1.3  Interpretation                                                            3
1.4  Issuer Capacity                                                           5
1.5  Transaction Document                                                      5
1.6  Incorporated Definitions and other Transaction Documents and provisions   5

2.   APPOINTMENT OF PAYING AGENTS                                              5

2.1  Appointment                                                               5
2.2  Several Obligations of Paying Agents                                      5

3.   PAYMENTS                                                                  5

3.1  Payment by Issuer                                                         5
3.2  Payments by Paying Agents                                                 6
3.3  Method of Payment for Class A-1 Book-Entry Notes                          6
3.4  Method of Payment for Class A-1 Definitive Notes                          6
3.5  Non-Payment                                                               6
3.6  Late Payment                                                              6
3.7  Reimbursement                                                             7
3.8  Payment under Currency Swap                                               7
3.9  Principal Paying Agent holds funds on trust                               7
3.10 Principal Paying Agent may deal with funds                                7
3.11 No Set-Off                                                                7
3.12 Holders of Class A-1 Notes                                                7
3.13 Repayment of Moneys                                                       8
3.14 Paying Agents to Record, Notify Payments and Deliver Surrendered Notes    8

4.   APPOINTMENT AND DUTIES OF THE AGENT BANK                                  8

4.1  Appointment                                                               8
4.2  Determinations by Agent Bank                                              8
4.3  Notification by Agent Bank                                                9
4.4  Class A-1 Note Trustee to Perform Agent Bank's Function                   9
4.5  Documents to Agent Bank                                                   9

5.   APPOINTMENT AND DUTIES OF THE CLASS A-1 NOTE REGISTRAR                    9

5.1  Class A-1 Note Registrar                                                  9
5.2  Class A-1 Note Register to be Kept                                        9
5.3  Transfer or Exchange of Class A-1 Notes                                  10
5.4  Replacement of Lost or Mutilated Class A-1 Notes                         10
5.5  Obligations upon Transfer, Exchange or Replacement of Class A-1 Notes    10
5.6  No Charge for Transfer or Exchange                                       11
5.7  Restricted Period                                                        11
5.8  Cancellation of Class A-1 Notes                                          11
5.9  Provision of Information                                                 11
5.10 Correctness of Register and Information                                  11
5.11 Non-recognition of Equitable Interests                                   12
5.12 Rectification of Class A-1 Note Register                                 12
</TABLE>

                                                                             (i)
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
Clause                                                                      Page
<S>                                                                         <C>
6.   CLASS A-1 NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS                   12

6.1  Following Enforcement of the Charge or issue of Definitive Notes         12
6.2  Good Discharge to Issuer                                                 13
6.3  Change of Authorised Officers                                            13

7.   REDEMPTION OF CLASS A-1 NOTES                                            13

7.1  Part Redemption of Class A-1 Notes on Distribution Dates                 13
7.2  Early Redemption                                                         14

8.   GENERAL PAYING AGENT MATTERS                                             14

8.1  Notices to Class A-1 Noteholders                                         14
8.2  Copies of Documents for Inspection                                       14
8.3  Notice of any Withholding or Deduction                                   14

9.   INDEMNITY                                                                15

9.1  Indemnity by Issuer                                                      15
9.2  Indemnity by Agent                                                       15

10.  CHANGES IN AGENTS                                                        15

10.1 Appointment and Removal                                                  15
10.2 Resignation                                                              16
10.3 Limitation of Appointment and Termination                                16
10.4 Payment of amounts held by the Principal Paying Agent                    16
10.5 Records held by Class A-1 Note Registrar                                 17
10.6 Successor to Principal Paying Agent, Agent Bank, Class A-1 Note
     Registrar                                                                17
10.7 Notice to Class A-1 Noteholders                                          17
10.8 Change in Specified Office                                               18

11.  MISCELLANEOUS DUTIES AND PROTECTION                                      18

11.1 Agents are agents of the Issuer                                          18
11.2 Agency                                                                   18
11.3 Reliance                                                                 18
11.4 Entitled to Deal                                                         18
11.5 Consultation                                                             19
11.6 Duties and Obligations                                                   19
11.7 Income Tax Returns                                                       19
11.8 Representation by each Agent                                             19

12.  FEES AND EXPENSES                                                        19

12.1 Payment of Fee                                                           19
12.2 Payment of Expenses                                                      19
12.3 No Other Fees                                                            19
12.4 Payment of Fees                                                          19
12.5 No Commission                                                            20
12.6 Issuer Personally Liable for Fees                                        20
12.7 Timing of Payments                                                       20

13.   NOTICES                                                                 20

13.1  Method of Delivery                                                      20
13.2  Deemed Receipt                                                          20
</TABLE>

                                                                            (ii)
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
Clause                                                                      Page
<S>                                                                         <C>
13.3  Communications through Principal Paying Agent                           21

14.   ISSUER'S LIMITATION OF LIABILITY                                        21

14.1  Limitation on Issuer's Liability                                        21
14.2  Claims against Issuer                                                   21
14.3  Breach of Trust                                                         21
14.4  Acts or omissions                                                       21
14.5  No Authority                                                            22
14.6  No obligation                                                           22

15.   GENERAL                                                                 22

15.1  Waiver                                                                  22
15.2  Written Waiver, Consent and Approval                                    22
15.3  Severability                                                            22
15.4  Survival of Indemnities                                                 22
15.5  Assignments                                                             22
15.6  Successors and Assigns                                                  23
15.7  Moratorium Legislation                                                  23
15.8  Amendments                                                              23
15.9  Governing Law                                                           23
15.10 Jurisdiction                                                            23
15.11 Counterparts                                                            23
15.12 Limitation of Class A-1 Note Trustee's Liability                        23
</TABLE>

                                                                           (iii)
<PAGE>

THIS AGENCY AGREEMENT is made on                                            2000

BETWEEN        PERPETUAL TRUSTEE COMPANY LIMITED, ACN 000 001 007, a company
               incorporated in the State of New South Wales and having an office
               at Level 3, 39 Hunter Street, Sydney, Australia, in its capacity
               as trustee of the Series Trust (as hereinafter defined)
               (hereinafter included in the expression the "Issuer")

AND            SECURITISATION ADVISORY SERVICES PTY. LIMITED, ACN 064 133 946, a
               company incorporated in the State of New South Wales and having
               an office at Level 8, 48 Martin Place, Sydney, Australia
               (hereinafter included by incorporation in the expression the
               "Manager")

AND            THE BANK OF NEW YORK, NEW YORK BRANCH a New York banking
               corporation acting through its New York branch at 101 Barclay
               Street, 21W, New York, New York, 10286 as trustee of the Class A-
               1 Trust (as hereinafter defined) (hereinafter included by
               incorporation in the expression the "Class A-1 Note Trustee")

AND            THE BANK OF NEW YORK, NEW YORK BRANCH a New York banking
               corporation acting through its New York branch at 101 Barclay
               Street, 21W, New York, New York 10286 (hereinafter included in
               the expression the "Class A-1 Note Registrar")

AND            THE BANK OF NEW YORK, NEW YORK BRANCH a New York banking
               corporation acting through its New York branch at 101 Barclay
               Street, 21W, New York, New York 10286 (hereinafter included in
               the expression the "Principal Paying Agent")

AND            THE BANK OF NEW YORK, NEW YORK BRANCH a New York banking
               corporation acting through its New York branch at 101 Barclay
               Street, 21W, New York, New York 10286 (hereinafter included in
               the expression the "Agent Bank")

AND            THE BANK OF NEW YORK, LONDON BRANCH a New York banking
               corporation acting through its London branch at 48th Floor, One
               Canada Square, London E14 5AL (hereinafter included in the
               expression the "Paying Agent").

RECITALS

A.   The Issuer, in its capacity as trustee of the Series Trust, proposes to
     issue US$[] Class A-1 Mortgage Backed Floating Rate Notes due December 2031
     (the "Class A-1 Notes").

B.   The Class A-1 Notes will be constituted pursuant to the Class A-1 Note
     Trust Deed.

C.   The Issuer wishes to appoint The Bank of New York, New York Branch as the
     initial Principal Paying Agent, the initial Class A-1 Note Registrar and
     the initial Agent Bank in respect of the Class A-1 Notes and The Bank of
     New York, New York Branch has accepted these appointments on the terms and
     conditions of this Agreement.

D.   The Issuer wishes to appoint The Bank of New York, London Branch as an
     initial Paying Agent in respect of the Class A-1 Notes and The Bank of New
     York, London Branch has accepted that appointment on the terms and
     conditions of this Agreement.

THE PARTIES AGREE as follows:

1.   DEFINITIONS AND INTERPRETATION

     1.1  Definitions

     In this Agreement, unless the contrary intention appears:

                                                                               1
<PAGE>

     "Agent" means a several reference to each Paying Agent, the Class A-1 Note
     Registrar, and the Agent Bank.

     "Agent Bank" means initially The Bank of New York, New York Branch or, if
     The Bank of New York, New York Branch resigns or its appointment is
     terminated as the Issuer's reference agent in respect of the Class A-1
     Notes, the person from time to time appointed in its place to perform the
     functions of such reference agent under this Agreement.

     "Authorised Officer" in relation to:

     (a)  the Issuer and the Manager, has the same meaning as in the Master
          Trust Deed;

     (b)  the Class A-1 Note Trustee, and the Class A-1 Note Registrar, the
          Agent Bank and the Principal Paying Agent while these are the same
          person as the Class A-1 Note Trustee, has the same meaning as the term
          "Authorised Officer" in relation to the Class A-1 Note Trustee has in
          the Class A-1 Note Trust Deed;

     (c)  The Bank of New York, London Branch as Paying Agent means a
          responsible officer of the Corporate Trust Administration department
          of the Paying Agent; and

     (d)  any other Agent, means the persons appointed from time to time by that
          Agent to act as its Authorised Officers for the purposes of this
          Agreement as certified in writing by 2 directors or a director and
          secretary of that Agent to the other parties to this Agreement.

     "Class A-1 Book Entry Note" has the same meaning as in the Class A-1 Note
     Trust Deed.

     "Class A-1 Definitive Note" has the same meaning as in the Class A-1 Note
     Trust Deed.

     "Class A-1 Noteholders" has the same meaning as in the Class A-1 Note Trust
     Deed.

     "Class A-1 Note Register" means the register established in accordance with
     clause 5.2.

     "Class A-1 Note Registrar" means The Bank of New York, New York Branch or
     if The Bank of New York, New York Branch resigns or its appointment is
     terminated as note registrar in respect of the Class A-1 Notes, the person
     from time to time appointed in its place to perform the functions of such
     note registrar under this Agreement.

     "Class A-1 Trust" means the trust of that name constituted by the Class A-1
     Note Trust Deed.

     "Issuer" means initially Perpetual Trustee Company Limited or, if Perpetual
     Trustee Company Limited retires or is removed as trustee of the Series
     Trust under the Master Trust Deed, the then Substitute Trustee and includes
     the Manager when acting as the trustee of the Series Trust in accordance
     with the Master Trust Deed.

     "Master Trust Deed" means the Master Trust Deed dated 8 October 1997
     between the Issuer and the Manager, as amended from time to time.

     "Paying Agent" means The Bank of New York, London Branch until it resigns
     or its appointment is terminated as paying agent and each other person from
     time to time appointed hereunder to perform the functions of a paying agent
     and, except where the context otherwise requires, includes the Principal
     Paying Agent.

     "Principal Paying Agent" means The Bank of New York, New York Branch, or,
     if The Bank of New York, New York Branch resigns or its appointment is
     terminated as principal paying agent, the person from time to time
     appointed in its place to perform the functions of the principal paying
     agent under this Agreement.

     "Quarterly Servicing Report" has the same meaning as in the Class A-1 Note
     Conditions.

     "Series Supplement" means a Series Supplement dated 31 August 2000 between
     Commonwealth Bank

                                                                               2
<PAGE>

     of Australia, ACN 123 123 124 (as Seller and initial Servicer), the Manager
     and the Issuer.

     "Series Trust" means the trust known as the Series 2000-2G Medallion Trust
     established pursuant to the Master Trust Deed and the Series Supplement.

     "Specified Office" in relation to:

     (a)  the Class A-1 Note Registrar, means the offices of the Class A-1 Note
          Registrar as specified in the Class A-1 Note Conditions or otherwise
          under this Agreement as the offices of the Class A-1 Note Registrar
          where surrenders of Class A-1 Notes for transfer, exchange,
          replacement or redemption will occur and where, in respect of one of
          such offices, the Class A-1 Note Register will be kept, as varied from
          time to time in accordance with this Agreement;

     (b)  a Paying Agent, means the office of the Paying Agent specified in the
          Class A-1 Note Conditions or otherwise under this Agreement as the
          office at which payments in respect of the Class A-1 Notes will be
          made, as varied from time to time in accordance with this Agreement;
          and

     (c)  the Agent Bank, means the office of the Agent Bank specified in the
          Class A-1 Note Conditions or otherwise under this Agreement as the
          office at which the Agent Bank will carry out its duties under this
          Agreement, as varied from time to time in accordance with this
          Agreement.

     "STAMP" means the Securities Transfer Agents Medallion Program.

     "Standby Swap Provider" means each Standby Swap Provider from time to time
     as defined in the Currency Swap Agreements.

     "UCC" means the Uniform Commercial Code of New York.

     1.2  Series Supplement and Master Trust Deed Definitions

     Subject to clause 1.6, unless defined in this Agreement, words and phrases
     defined in either or both of the Master Trust Deed and the Series
     Supplement have the same meaning in this Agreement. Where there is any
     inconsistency in a definition between this Agreement (on the one hand) and
     the Master Trust Deed or the Series Supplement (on the other hand), this
     Agreement prevails. Where there is any inconsistency in a definition
     between the Master Trust Deed and the Series Supplement, the Series
     Supplement prevails over the Master Trust Deed in respect of this
     Agreement. Subject to clause 1.6, where words or phrases used but not
     defined in this Agreement are defined in the Master Trust Deed in relation
     to a Series Trust (as defined in the Master Trust Deed) and/or an Other
     Trust such words or phrases are to be construed in this Agreement, where
     necessary, as being used only in relation to the Series Trust (as defined
     in this Agreement) and/or the CBA Trust, as the context requires.

     1.3  Interpretation

     In this Agreement, unless the contrary intention appears:

          (a)  headings are for convenience only and do not affect the
               interpretation of this Agreement;

          (b)  a reference to this "Agreement" includes the Recitals;

          (c)  the expression "person" includes an individual, the estate of an
               individual, a body politic, a corporation and a statutory or
               other authority or association (incorporated or unincorporated);

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

                                                                               3
<PAGE>

     (e)  subject to clause 1.6, a reference to any document or agreement is to
          such document or agreement as amended, novated, supplemented, varied
          or replaced from time to time;

     (f)  a reference to any legislation or to any section or provision of any
          legislation includes any statutory modification or re-enactment or any
          statutory provision substituted for that legislation and all
          ordinances, by-laws, regulations and other statutory instruments
          issued under that legislation, section or provision;

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

     (h)  a reference to a clause is a reference to a clause of this Agreement;

     (i)  a reference to "wilful default" in relation to a party means, subject
          to clause 1.3(j), any wilful failure by that party to comply with, or
          wilful breach by that party of, any of its obligations under any
          Transaction Document, other than a failure or breach which:

          (i)   A.  arises as a result of a breach of a Transaction Document by
                    a person other than:

                (1) that party; or
                (2) any other person referred to in clause 1.3(j); and

          B.    the performance of the action (the non-performance of which gave
                rise to such breach) is a pre-condition to that party performing
                the said obligation; or

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

          (iii) is in accordance with a proper instruction or direction of
                Investors given at a meeting convened under any Transaction
                Document;

     (j)  a reference to the "fraud", "negligence" or "wilful default" of a
          party means the fraud, negligence or wilful default of the that party
          and of its officers, employees, agents and any other person where that
          party is liable for the acts or omissions of such other person under
          the terms of any Transaction Document;

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

     (l)  where any day on which a payment is due to be made or a thing is due
          to be done under this Agreement is not a Business Day, that payment
          must be made or that thing must be done on the immediately succeeding
          Business Day;

     (m)  a reference to the "close of business" on any day is a reference to
          5.00 pm on that day;

     (n)  a reference to time is to local time in Sydney;

     (o)  subject to clause 13.2, each party will only be considered to have
          knowledge or awareness of, or notice of, a thing or grounds to believe
          anything by virtue of the officers of that party (or any Related Body
          Corporate of that party) having day to day responsibility for the
          administration or management of that party's (or a Related Body

                                                                               4
<PAGE>

               Corporate of that party's) obligations in relation to the Series
               Trust having actual knowledge, actual awareness or actual notice
               of that thing, or grounds or reason to believe that thing (and
               similar references will be interpreted in this way); and

          (p)  a reference to the enforcement of the Charge means that the
               Security Trustee appoints (or the Voting Secured Creditors as
               contemplated by clause 8.4 of the Security Trust Deed appoint) a
               Receiver over any Charged Property, or takes possession of any
               Charged Property, pursuant to the Security Trust Deed
               (expressions used in this clause have the same meanings as in the
               Security Trust Deed).

     1.4  Issuer Capacity

     In this Agreement, except where provided to the contrary:

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

          (b)  (References to assets of the Issuer): a reference to the
               undertaking, assets, business or money of the Issuer is a
               reference to the undertaking, assets, business or money of the
               Issuer in the capacity referred to in paragraph (a).

     1.5  Transaction Document

          For the purposes of the Master Trust Deed and the Series Supplement,
          this Agreement is a Transaction Document.

     1.6  Incorporated Definitions and other Transaction Documents and
          provisions

          Where in this Agreement a word or expression is defined by reference
          to its meaning in another Transaction Document or there is a reference
          to another Transaction Document or to a provision of another
          Transaction Document, any amendment to the meaning of that word or
          expression or to that other Transaction Document or provision (as the
          case may be) will be of no effect for the purposes of this Agreement
          unless and until the amendment is consented to by the parties to this
          Agreement.

2.   APPOINTMENT OF PAYING AGENTS

     2.1  Appointment

     The Issuer, at the direction of the Manager, hereby appoints the Principal
     Paying Agent as its initial principal paying agent, and each other Paying
     Agent from time to time as its paying agent, for making payments in respect
     of the Class A-1 Notes pursuant to the Transaction Documents at their
     respective Specified Offices in accordance with the terms and conditions of
     the Agreement. The Principal Paying Agent, and each other Paying Agent,
     hereby accepts that appointment.

     2.2  Several Obligations of Paying Agents

     While there is more than one Paying Agent, the obligations of the Paying
     Agents under this Agreement are several and not joint.

3.   PAYMENTS

     3.1  Payment by Issuer

     Subject to clause 3.8, the Issuer must not later than 10.00 am (New York
     time) on each Distribution Date, pay to or to the order of the Principal
     Paying Agent to an account specified by the Principal Paying Agent in same
     day funds the amount in US$ as may be required (after taking account of any
     money then held by the Principal Paying Agent and

                                                                               5
<PAGE>

     available for the purpose) to be paid on that Distribution Date in respect
     of the Class A-1 Notes under the Class A-1 Note Conditions.

     3.2  Payments by Paying Agents

     Subject to payment being duly made as provided in clause 3.1 (or the
     Principal Paying Agent otherwise being satisfied that the payment will be
     duly made on the due date), and subject to clause 6, the Paying Agents
     will pay or cause to be paid to the Class A-1 Noteholders on behalf of the
     Issuer on each Distribution Date the relevant amounts of principal and
     interest due in respect of the Class A-1 Notes in accordance with this
     Agreement and the Class A-1 Note Conditions.

     3.3  Method of Payment for Class A-1 Book-Entry Notes

     The Principal Paying Agent will cause all payments of principal or interest
     (as the case may be) due in respect of Class A-1 Book-Entry Notes to be
     made to the Depository or, if applicable, to its nominee in whose name the
     Class A-1 Book-Entry Notes are registered, to the account or accounts
     designated by the Depository or, if applicable, that nominee.

     3.4  Method of Payment for Class A-1 Definitive Notes

     The Paying Agents will cause all payments of principal or interest (as the
     case may be) due in respect of Class A-1 Definitive Notes to be made in
     accordance with Condition 8.1 of the Class A-1 Note Conditions.

     3.5  Non-Payment

          (a)  (No obligation on Paying Agents): If the Issuer fails to make any
               payment, unless and until the full amount of the payment has been
               made under the terms of this Agreement (except as to the time of
               making the payment) or other arrangements satisfactory to the
               Principal Paying Agent have been made, none of the Principal
               Paying Agent nor any of the other Paying Agents is bound to make
               any payment in accordance with this clause 3 (but may, in its
               discretion, make any such payment).

          (b)  (Notice of Non-receipt): The Principal Paying Agent will
               immediately notify by facsimile the other Paying Agents, the
               Class A-1 Note Trustee, the Issuer, the Security Trustee, the
               Standby Swap Providers and the Manager if the full amount of any
               payment of principal or interest in respect of the Class A-1
               Notes required to be made pursuant to the Class A-1 Note
               Conditions is not unconditionally received by it or to its order
               in accordance with this Agreement.

     3.6  Late Payment

          (a)  (Late Payments to be paid in accordance with this Agreement): If
               any payment under clause 3.1 is made late but otherwise in
               accordance with the provisions of this Agreement, each Paying
               Agent will make the payments required to be made by it in respect
               of the Class A-1 Notes as provided in this clause 3.

          (b)  (Notice): If the Principal Paying Agent does not receive on a
               Distribution Date the full amount of principal and interest then
               payable on any Class A-1 Note in accordance with the Class A-1
               Note Conditions, but receives the full amount later, it will:

               (i)  forthwith upon receipt of the full amount notify the other
                    Paying Agents, the Issuer, the Class A-1 Note Trustee, the
                    Security Trustee and the Manager; and

               (ii) as soon as practicable after receipt of the full amount give
                    notice, in accordance with Condition 11.1 of the Class A-1
                    Note Conditions, to the Class A-1 Noteholders that it has

                                                                               6
<PAGE>

                    received the full amount.

     3.7  Reimbursement

     The Principal Paying Agent will (provided that it has been placed in funds
     by the Issuer) on demand promptly reimburse each other Paying Agent for
     payments of principal and interest properly made by that Paying Agent in
     accordance with the Class A-1 Note Conditions and this Agreement. The
     Issuer will not be responsible for the apportionment of any moneys between
     the Principal Paying Agent and the other Paying Agents and a payment to the
     Principal Paying Agent of any moneys due to the Paying Agents will operate
     as a good discharge to the Issuer in respect of such moneys.

     3.8  Payment under Currency Swap

     The payment by the Issuer of its Australian dollar payment obligations
     under the Series Supplement on each Distribution Date to the Currency Swap
     Providers will be a good discharge of its corresponding US dollar
     obligations under clause 3.1 (but will not relieve the Issuer of any
     liability in respect of any default in payment in respect of a Class A-1
     Note under any other Transaction Document).

     3.9  Principal Paying Agent holds funds on trust

     Each Paying Agent will hold in a separate account on trust for the Class A-
     1 Note Trustee and the Class A-1 Noteholders all sums held by such Paying
     Agent for the payment of principal and interest with respect to the Class
     A-1 Notes until such sums are paid to the Class A-1 Note Trustee or the
     Class A-1 Noteholders in accordance with the Class A-1 Note Trust Deed or
     the Class A-1 Note Conditions or repaid under clause 3.13.

     3.10 Principal Paying Agent may deal with funds

     Subject to the terms of this Agreement, the Principal Paying Agent is
     entitled to deal with moneys paid to it under this Agreement in the same
     manner as other moneys paid to it as a banker by its customers. The
     Principal Paying Agent is entitled to retain for its own account any
     interest earned on such moneys, except as required by law.

     3.11 No Set-Off

     No Paying Agent is entitled to exercise any right of set-off, withholding,
     counterclaim or lien against, or make any deduction in any payment to, any
     person entitled to receive amounts of principal or interest on the Class A-
     1 Notes in respect of moneys payable by it under this Agreement.

     3.12 Holders of Class A-1 Notes

     Except as ordered by a court of competent jurisdiction or as required by
     law, each Paying Agent is entitled to treat the person:

          (a)  (Class A-1 Book Entry Notes): who is, while a Class A-1 Book-
               Entry Note remains outstanding, the registered owner of that
               Class A-1 Book-Entry Note as recorded in the Class A-1 Note
               Register as the absolute owner of that Class A-1 Book-Entry Note
               and as the person entitled to receive payments of principal or
               interest (as applicable) and each person shown in the records of
               the Depository as the holder of any Class A-1 Note represented by
               a Class A-1 Book-Entry Note will be entitled to receive from the
               registered owner of that Class A-1 Book-Entry Note any payment so
               made only in accordance with the respective rules and procedures
               of the Depository;

          (b)  (Class A-1 Definitive Notes): who is the registered owner of any
               Class A-1 Definitive Note as recorded in the Class A-1 Note
               Register as the absolute owner or owners of that Class A-1
               Definitive Note (whether or not that Class A-1 Definitive Note is
               overdue and despite any notice of ownership or writing on it

                                                                               7
<PAGE>

               or any notice of previous loss or theft or of any trust or other
               interest in it); and

          (b)  (Class A-1 Note Trustee): who, when a Class A-1 Book-Entry Note
               in respect of any Class A-1 Note is no longer outstanding but
               Class A-1 Definitive Notes in respect of the Class A-1 Notes have
               not been issued, is for the time being the Class A-1 Note
               Trustee, as the person entrusted with the receipt of principal or
               interest, as applicable, on behalf of the relevant Class A-1
               Noteholders,

     in all cases and for all purposes, despite any notice to the contrary, and
     will not be liable for so doing.

     3.13 Repayment of Moneys

          (a)  (Prescription): Immediately on any entitlement to receive
               principal or interest under any Class A-1 Note becoming void
               under the Class A-1 Note Conditions, the Principal Paying Agent
               will repay to the Issuer the amount which would have been due in
               respect of that principal or interest if it had been paid before
               the entitlement became void, together with any fees applicable to
               that payment or entitlement (pro rated as to the amount and time)
               to the extent already paid under clause 12.

          (b)  (No Repayment while outstanding amounts due): Notwithstanding
               clause 3.13(a) the Principal Paying Agent is not obliged to make
               any repayment to the Issuer while any fees and expenses which
               should have been paid to or to the order of the Principal Paying
               Agent or, if applicable, the Class A-1 Note Trustee, by the
               Issuer remain unpaid.

     3.14 Paying Agents to Record, Notify Payments and Deliver Surrendered
          Notes

     Each Paying Agent must:

          (a)  (Notify Class A-1 Note Registrar): promptly notify the Class A-1
               Note Registrar of each payment made by it, or at its direction,
               to Class A-1 Noteholders in respect of the Class A-1 Notes;

          (b)  (Records): keep a full and complete record of each payment made
               by it, or at its direction, to Class A-1 Noteholders and provide
               copies of such records to the Issuer, the Manager, the Class A-1
               Note Trustee or the Class A-1 Note Registrar upon request; and

          (c)  (Deliver): promptly deliver to the Class A-1 Note Registrar any
               Class A-1 Notes surrendered to it pursuant to Condition 8.2 of
               the Class A-1 Note Conditions.

     A record by a Paying Agent under this clause 3.14 is sufficient evidence,
     unless the contrary is proved, of the relevant payments having been made or
     not made.

4.   APPOINTMENT AND DUTIES OF THE AGENT BANK

     4.1  Appointment

     The Issuer, at the direction of the Manager, hereby appoints the Agent Bank
     as its initial reference agent in respect of the Class A-1 Notes upon the
     terms and conditions contained in this Agreement and the Agent Bank hereby
     accepts that appointment.

     4.2  Determinations by Agent Bank

     The Agent Bank must perform such duties, and make such calculations,
     determinations, notifications and publications at its Specified Office as
     are set forth in the Class A-1 Note Conditions and the Currency Swap
     Agreements (in respect of each Class A-1 Currency Swap as defined in the
     Currency Swap Agreements) to be performed or made by it until the Class A-1
     Notes are redeemed (or deemed to be redeemed) in full in accordance with
     the

                                                                               8
<PAGE>

     Class A-1 Note Conditions and must perform any other duties as requested by
     the Issuer, the Manager or the Principal Paying Agent which are reasonably
     incidental to those duties.

     4.3  Notification by Agent Bank

     If the Agent Bank fails to perform any duty or to make any calculation,
     determination, notification or publication as provided in clause 4.2, it
     must forthwith notify the Issuer, the Manager, the Class A-1 Note Trustee,
     the Principal Paying Agent and the Currency Swap Providers thereof.

     4.4  Class A-1 Note Trustee to Perform Agent Bank's Function

     If the Agent Bank at any time for any reason does not determine the
     Interest Rate for the Class A-1 Notes, or calculate a Class A-1 Interest
     Amount (each as defined in the Class A-1 Note Conditions), the Class A-1
     Note Trustee must do so and each such determination or calculation will be
     as if made by the Agent Bank for the purposes of the Class A-1 Note
     Conditions. In doing so, the Class A-1 Note Trustee will apply the
     provisions of Condition 6 of the Class A-1 Note Conditions, with any
     necessary consequential amendments, to the extent that it can and, in all
     other respects it will do so in such a manner as it considers fair and
     reasonable in all the circumstances.

     4.5  Documents to Agent Bank

     The Manager and the Issuer will provide to the Agent Bank such documents
     and other information as the Agent Bank reasonably requires in order for
     the Agent Bank to properly fulfil its duties in respect of the Class A-1
     Notes and the Currency Swap Agreements.

5.   APPOINTMENT AND DUTIES OF THE CLASS A-1 NOTE REGISTRAR

     5.1  Class A-1 Note Registrar

     The Issuer, at the direction of the Manager, hereby appoints the Class A-1
     Note Registrar as its initial note registrar in respect of the Class A-1
     Notes upon the terms and conditions contained in this Agreement and the
     Class A-1 Note Registrar hereby accepts that appointment.

     5.2  Class A-1 Note Register to be Kept

     The Class A-1 Note Registrar must keep a register, at one of its Specified
     Offices, in which, subject to such reasonable regulations as the Class A-1
     Note Registrar may prescribe, the Class A-1 Note Registrar must keep a full
     and complete record of:

          (a)  (Class A-1 Noteholder Details): the name, address and, where
               applicable, taxation, social security or other identifying number
               of each Class A-1 Noteholder, the details of the Class A-1 Notes
               held by that Class A-1 Noteholder and the details of the account
               to which any payments due to the Class A-1 Noteholder are to be
               made in each case as notified by that Class A-1 Noteholder from
               time to time;

          (b)  (Exchange etc. of Class A-1 Notes): the issue and any exchange,
               transfer, replacement, redemption (in whole or part) or
               cancellation of a Class A-1 Note;

          (c)  (Payments): all payments made in respect of the Class A-1 Notes
               (as notified to it by each Paying Agent pursuant to clause
               3.14(a));

          (d)  (Principal): the Invested Amount and the Stated Amount of each
               Class A-1 Note from time to time (as notified to it by the
               Manager pursuant to clause 7.1);

          (e)  (Other Information): such other information as the Manager
               reasonably requires or the Class A-1 Note Registrar considers
               appropriate or desirable.

                                                                               9
<PAGE>

     5.3  Transfer or Exchange of Class A-1 Notes

     Class A-1 Notes held by a Class A-1 Noteholder may be transferred or may be
     exchanged for other Class A-1 Notes in any authorised denominations and a
     like Invested Amount, provided in each case that the requirements of
     Section 8-401(a) of the UCC are met, by that Class A-1 Noteholder upon:

          (a)  (Surrender and Instrument of Transfer or Exchange): the surrender
               of the Class A-1 Notes to be transferred or exchanged duly
               endorsed with, or accompanied by, a written instrument of
               transfer or exchange in the form, in the case of a transfer,
               annexed to the Class A-1 Notes or otherwise in a form
               satisfactory to the Class A-1 Note Registrar duly executed by the
               Class A-1 Noteholder, or its attorney duly authorised in writing,
               with such signature guaranteed by an "eligible guarantor
               institution" meeting the requirements of the Class A-1 Note
               Registrar which requirements include membership of, or
               participation in, STAMP or such other "signature guarantee
               program" as may be determined by the Class A-1 Note Registrar in
               addition to, or in substitution for, STAMP, all in accordance
               with the Exchange Act; and

          (b)  (Other Documents): the provision of such other documents as the
               Class A-1 Note Registrar may reasonably require,

     to the Class A-1 Note Registrar at a Specified Office of the Class A-1 Note
     Registrar.

     5.4  Replacement of Lost or Mutilated Class A-1 Notes

     If any Class A-1 Note is lost, stolen, mutilated, defaced or destroyed it
     may, provided that the requirements of Section 8-405 of the UCC are met, be
     replaced with other Class A-1 Notes in any authorised denominations, and a
     like Invested Amount, upon surrender to the Class A-1 Note Registrar of the
     Class A-1 Notes to be replaced (where the Class A-1 Notes have been
     mutilated or defaced) at a Specified Office of the Class A-1 Note
     Registrar, the provision of such evidence and indemnities as the Class A-1
     Note Registrar or the Issuer may reasonably require and payment of the
     Class A-1 Note Registrar's and the Issuer's expenses incurred, and any tax
     or governmental charge that may be imposed, in connection with such
     replacement.

     5.5  Obligations upon Transfer, Exchange or Replacement of Class A-1 Notes

     Subject to this Deed, upon compliance by the relevant Class A-1 Noteholder
     with the provisions of clauses 5.3 or 5.4, as applicable, in relation to
     the transfer, exchange or replacement of any Class A-1 Notes:

          (a)  (Advise Issuer): the Class A-1 Note Registrar must within 3
               Business Days so advise the Issuer and the Class A-1 Note Trustee
               (if it is not the Class A-1 Note Registrar) in writing and
               provide details of the new Class A-1 Notes to be issued in place
               of those Class A-1 Notes;

          (b)  (Execution and Authentication): the Issuer must, within 3
               Business Days of such advice, execute and deliver to the Class A-
               1 Note Trustee for authentication in the name of the relevant
               Class A-1 Noteholder or the designated transferee or transferees,
               as the case may be, one or more new Class A-1 Notes in any
               authorised denominations, and a like Invested Amount as those
               Class A-1 Notes (in each case as specified by the Class A-1 Note
               Registrar) and the Class A-1 Note Trustee must within 3 Business
               Days of receipt of such executed Class A-1 Notes authenticate
               them and (if it is not the Class A-1 Note Registrar) deliver
               those Class A-1 Notes to the Class A-1 Note Registrar; and

          (c)  (Delivery to Class A-1 Noteholder): the Class A-1 Note Registrar

                                                                              10
<PAGE>

               must, within 3 Business Days of receipt of such new Class A-1
               Notes (or authentication of such Class A-1 Notes if the Class A-1
               Note Registrar is the Class A-1 Note Trustee), forward to the
               relevant Class A-1 Noteholder (being the transferee in the case
               of a transfer of a Class A-1 Note) such new Class A-1 Notes.

     5.6  No Charge for Transfer or Exchange

     No service charge may be made to a Class A-1 Noteholder for any transfer or
     exchange of Class A-1 Notes, but the Class A-1 Note Registrar may require
     payment by the Class A-1 Noteholder of a sum sufficient to cover any tax or
     other governmental charge that may be imposed in connection with any
     transfer or exchange of Class A-1 Notes.

     5.7  Restricted Period

     Notwithstanding the preceding provisions of this clause 5, the Class A-1
     Note Registrar need not register transfers or exchanges of Class A-1 Notes,
     and the Issuer is not required to execute nor the Class A-1 Note Trustee to
     authenticate any Class A-1 Notes, for a period of 30 days preceding the due
     date for any payment with respect to the Class A-1 Notes or for such
     period, not exceeding 30 days, as is specified by the Class A-1 Note
     Trustee prior to any meeting of Relevant Investors, which includes Class A-
     1 Noteholders, under the Master Trust Deed or prior to any meeting of
     Voting Secured Creditors, which includes Class A-1 Noteholders, under the
     Security Trust Deed.

     5.8  Cancellation of Class A-1 Notes

     The Class A-1 Note Registrar must cancel or destroy all Class A-1 Notes
     that have been surrendered to it for transfer, exchange or replacement
     (including any Class A-1 Book Entry Notes surrendered pursuant to clause
     3.4(b) of the Class A-1 Note Trust Deed) or surrendered to a Paying Agent
     for redemption and delivered to the Class A-1 Note Registrar and must, upon
     request, provide a certificate to the Issuer, the Class A-1 Note Trustee or
     the Manager with the details of all such Class A-1 Notes so cancelled or
     destroyed.

     5.9  Provision of Information and Inspection of Register

     The Class A-1 Note Registrar must:

          (a)  (Information): provide to the Issuer, the Manager, the Class A-1
               Note Trustee and each other Agent such information as is
               contained in the Class A-1 Note Register and is required by them
               in order to perform any obligation pursuant to a Transaction
               Documents;

          (b)  (Inspection): make the Class A-1 Note Register:

               (i)  available for inspection or copying by the Issuer, the
                    Manager, the Class A-1 Note Trustee and each other Agent or
                    their agents or delegates; and

               (ii) available for inspection by each Class A-1 Noteholder but
                    only in respect of information relating to that Class A-1
                    Noteholder,

     at one of the Class A-1 Note Registrar's Specified Offices during local
     business hours.

     5.10 Correctness of Register and Information

     The Issuer, the Class A-1 Note Trustee, the Manager and each Agent (other
     than the Class A-1 Note Registrar) may accept the correctness of the Class
     A-1 Note Register and any information provided to it by the Class A-1 Note
     Registrar and is not required to enquire into its authenticity. None of the
     Issuer, the Class A-1 Note Trustee, the Manager or any Agent (including the
     Class A-1 Note Registrar) is liable for any mistake in the Class A-1 Note
     Register or in any purported copy except to the extent that the mistake is
     attributable

                                                                              11
<PAGE>

     to its own fraud, negligence or wilful default.

     5.11 Non-recognition of Equitable Interests

     Except as required by Statute or as ordered by a court of competent
     jurisdiction, no notice of any trust, whether express, implied or
     constructive, is to be entered in the Class A-1 Note Register and except as
     otherwise provided in any Transaction Document, or required by Statute or
     ordered by a court of competent jurisdiction, none of the Class A-1 Note
     Registrar, the Class A-1 Note Trustee, the Issuer, the Manager or any other
     Agent is to be affected by or compelled to recognise (even when having
     notice of it) any right or interest in any Class A-1 Notes other than the
     registered Class A-1 Noteholder's absolute right to the entirety of them
     and the receipt of a registered Class A-1 Noteholder is a good discharge to
     the Issuer, the Manager, the Class A-1 Note Trustee and each Agent.

     5.12 Rectification of Class A-1 Note Register

     If:

          (a)  (Entry Omitted): an entry is omitted from the Class A-1 Note
               Register;

          (b)  (Entry made otherwise than in accordance with this Deed): an
               entry is made in the Class A-1 Note Register otherwise than in
               accordance with this Agreement;

          (c)  (Wrong entry exists): an entry wrongly exists in the Class A-1
               Note Registrar;

          (d)  (Error or defect exists in Register); there is an error or defect
               in any entry in the Class A-1 Note Register; or

          (e)  (Default made): default is made or unnecessary delay takes place
               in entering in the Class A-1 Register that any person has ceased
               to be the holder of Class A-1 Notes,

     then the Class A-1 Note Registrar may rectify the same.

6.   CLASS A-1 NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS

     6.1  Following Enforcement of the Charge or issue of Definitive Notes

     At any time after either an Event of Default (unless waived by the Security
     Trustee pursuant to clause 9.5 of the Security Trust Deed) or the
     enforcement of the Charge or at any time after Class A-1 Definitive Notes
     have not been issued when required in accordance with the Class A-1 Note
     Trust Deed, the Class A-1 Note Trustee may:

          (a)  (Require Agents): by notice in writing to the Issuer, the
               Manager, and each Agent require any one or more of the Agents
               either:

               (i)  A.   to act as the Agent of the Class A-1 Note Trustee on
                         the terms and conditions of this Agreement in relation
                         to payments to be made by or on behalf of the Class A-1
                         Note Trustee under the terms of the Class A-1 Note
                         Trust Deed, except that the Class A-1 Note Trustee's
                         liability under any provision of this Agreement for the
                         indemnification of the Principal Paying Agent, the
                         Paying Agents and the Agent Bank will be limited to any
                         amount for the time being held by the Class A-1 Note
                         Trustee on the trust of the Class A-1 Note Trust Deed
                         and which is available to be applied by the Class A-1
                         Note Trustee for that purpose; and

                                                                              12
<PAGE>

                    B.   hold all Class A-1 Notes, and all amounts, documents
                         and records held by them in respect of the Class A-1
                         Notes, on behalf of the Class A-1 Note Trustee; or

                    (ii) to deliver up all Class A-1 Notes and all amounts,
                         documents and records held by them in respect of the
                         Class A-1 Notes, to the Class A-1 Note Trustee or as
                         the Class A-1 Note Trustee directs in that notice,
                         other than any documents or records which an Agent is
                         obliged not to release by any law; and

               (b)  (Require Issuer): by notice in writing to the Issuer require
                    it to make (or arrange to be made) all subsequent payments
                    in respect of the Class A-1 Notes to the order of the Class
                    A-1 Note Trustee and not to the Principal Paying Agent and,
                    with effect from the issue of that notice to the Issuer and
                    until that notice is withdrawn, clause 6.1(b) of the Class
                    A-1 Note Trust Deed will not apply.

     6.2       Good Discharge to Issuer

     The payment by or on behalf of the Issuer of its payment obligations on
     each Distribution Date under the Series Supplement and the Class A-1 Note
     Conditions to the Class A-1 Note Trustee in accordance with clause 6.1 is
     a good discharge to the Issuer and the Issuer will not be liable for any
     act or omission or default of the Class A-1 Note Trustee during the period
     it is required to make payments to the Class A-1 Note Trustee under clause
     6.1.

     6.3       Change of Authorised Officers

     The Class A-1 Note Trustee will forthwith give notice to the Manager, the
     Issuer, the Security Trustee and each Agent of any change in the Authorised
     Officers of the Class A-1 Note Trustee.

7.   REDEMPTION OF CLASS A-1 NOTES

     7.1       Part Redemption of Class A-1 Notes on Distribution Dates

               (a)  (Manager to Make Determinations etc): Two Business Days
                    prior to each Distribution Date, the Manager will make the
                    determinations referred to in Condition 7.11(a) of the
                    Class A-1 Note Conditions in relation to that Distribution
                    Date and will give to the Issuer, the Class A-1 Note
                    Trustee, the Principal Paying Agent, the Agent Bank, the
                    Class A-1 Note Registrar and the London Stock Exchange the
                    notifications, and will cause to be made to the Class A-1
                    Noteholders the publication, required by Condition 7.11(b)
                    of the Class A-1 Note Conditions. If the Manager does not at
                    any time for any reason make the determinations referred to
                    in Condition 7.11(c) of the Class A-1 Note Conditions it
                    must forthwith advise the Class A-1 Note Trustee and the
                    Agent Bank and such determinations must be made by the Agent
                    Bank, or failing the Agent Bank, by the Class A-1 Note
                    Trustee in accordance with such Condition 7.11(c) of the
                    Class A-1 Note Conditions (but based on the information in
                    its possession) and each such determination will be deemed
                    to have been made by the Manager.

               (b)  (Notify Depository): If any Class A-1 Book-Entry Notes are
                    outstanding, on receipt of a notification under Condition
                    7.11(b) of the Class A-1 Note Conditions, the Principal
                    Paying Agent must notify the Depository of any proposed
                    redemption in accordance with the Depository's applicable
                    procedures, specifying the principal amount of each Class A-
                    1 Book-Entry Note to be redeemed and the date on which the
                    redemption is to occur and must provide a copy to the
                    Depository of the notification received under Condition
                    7.11(b) of

                                                                              13
<PAGE>

               the Class A-1 Note Conditions.

     7.2  Early Redemption

          (a)  (Notice to Paying Agent etc): If the Issuer intends to redeem all
               (but not some only) of the Class A-1 Notes prior to the Scheduled
               Maturity Date (as defined in the Class A-1 Note Conditions)
               pursuant to Conditions 7.3 or 7.4 of the Class A-1 Note
               Conditions, the Manager will direct the Issuer to give the
               requisite notice to the Seller, the Class A-1 Note Trustee, the
               Principal Paying Agent, the Class A-1 Note Registrar, the Agent
               Bank and the Class A-1 Noteholders in accordance with Conditions
               7.3 or 7.4 (as the case may be) of the Class A-1 Note Conditions
               and stating the date on which such Class A-1 Notes are to be
               redeemed.

          (b)  (Notice to Depository): The Principal Paying Agent will, on
               receipt of a notice under clause 7.2(a), and if any Class A-1
               Book Entry Notes are outstanding, notify the Depository of the
               proposed redemption in accordance with the Depository's
               applicable procedures, specifying the Invested Amount and Stated
               Amount of each Class A-1 Book-Entry Note to be redeemed, the
               amount of principal to be repaid in relation to each Class A-1
               Book-Entry Note and the date on which the Class A-1 Book-Entry
               Notes are to be redeemed.

8.   GENERAL PAYING AGENT MATTERS

     8.1  Notices to Class A-1 Noteholders

          (a)  (Notices to be given by Class A-1 Note Registrar): At the request
               of the Issuer, the Class A-1 Note Trustee, the Manager, the
               Security Trustee or any other Agent, and at the expense of the
               Issuer, the Class A-1 Note Registrar will arrange for the
               delivery of all notices and the Quarterly Servicing Report to
               Class A-1 Noteholders in accordance with the Class A-1 Note
               Conditions.

          (b)  (Copy to Class A-1 Note Trustee): The Class A-1 Note Registrar
               will promptly send to the Class A-1 Note Trustee one copy of the
               form of every notice given to Class A-1 Noteholders in accordance
               with the Class A-1 Note Conditions (unless such notice is given
               at the request of the Class A-1 Note Trustee).

     The Class A-1 Note Registrar will not be responsible for, or liable to any
     person in respect of, the contents of any notices or reports delivered by
     it at the request of the Issuer, the Class A-1 Note Trustee, the Manager,
     the Security Trustee or any other Agent pursuant to this clause 8.1.

     8.2  Copies of Documents for Inspection

     The Manager will provide to the Class A-1 Note Registrar sufficient copies
     of all documents required by the Class A-1 Note Conditions or the Class A-1
     Note Trust Deed to be available to Class A-1 Noteholders for issue or
     inspection.

     8.3  Notice of any Withholding or Deduction

     If the Issuer or any Paying Agent is, in respect of any payment in respect
     of the Class A-1 Notes, compelled to withhold or deduct any amount for or
     on account of any taxes, duties or charges as contemplated by Condition
     8.4 of the Class A-1 Note Conditions, the Issuer must give notice to the
     Principal Paying Agent, the Class A-1 Note Trustee and the Class A-1
     Noteholders in accordance with Condition 11.1 of the Class A-1 Note
     Conditions immediately after becoming aware of the requirement to make the
     withholding or deduction and must give to the Principal Paying Agent and
     the Class A-1 Note Trustee such information as they require to enable each
     of them to comply with the requirement.

                                                                              14
<PAGE>

9.   INDEMNITY

     9.1  Indemnity by Issuer

     Subject to clause 14, the Issuer undertakes to indemnify each Agent and
     its directors, officers, employees and controlling persons against all
     losses, liabilities, costs, claims, actions, damages, expenses or demands
     which any of them may incur or which may be made against any of them as a
     result of or in connection with the appointment of or the exercise of the
     powers and duties by the Agent under this Agreement except as may result
     from its fraud, negligence or default or that of its directors, officers,
     employees or controlling persons or any of them, or breach by it of the
     terms of this Agreement and notwithstanding the resignation or removal of
     that Agent pursuant to clause 10.

     9.2  Indemnity by Agent

     Each Agent undertakes to indemnify on a several basis the Issuer, the
     Manager and each of their respective directors, officers, employees and
     controlling persons against all losses, liabilities, costs, claims,
     actions, damages, expenses or demands which any of them may incur or which
     may be made against any of them as a result of (but not including any
     consequential, indirect, punitive or special damages to the extent
     resulting from) its default, negligence or bad faith or that of its
     directors, officers, employees or controlling persons or any of them, or
     breach by it of the terms of this Agreement.

10.  CHANGES IN AGENTS

     10.1 Appointment and Removal

     The Issuer (on the direction of the Manager) may with the prior written
     approval of the Class A-1 Note Trustee (which approval must not be
     unreasonably withheld or delayed):

          (a)  (Appoint new Agents):  appoint:

               (i)  additional or alternative Paying Agents (other than the
                    Principal Paying Agent); or

               (ii) an alternative Agent Bank, Class A-1 Note Registrar or
                    Principal Paying Agent; and

          (b)  (Terminate Appointment of Agents): subject to this clause 10,
               terminate the appointment of any Agent by giving written notice
               to that effect to the Agent whose appointment is to be terminated
               copied to each Rating Agency, the Class A-1 Note Trustee and (if
               it is not the Agent whose appointment is to be terminated) the
               Principal Paying Agent:

               (i)  with effect immediately on the giving of that notice, if any
                    of the following occurs in relation to the Agent (as the
                    case may be):

                    A.   an Insolvency Event;
                    B.   it ceases to conduct business or proposes to cease
                         conduct of its business or a substantial part of that
                         business; or
                    C.   it fails to remedy within five Business Days after
                         prior written notice by the Issuer or Manager any
                         material breach of this Agreement on the part of the
                         Agent (as the case may be); and

               (ii) otherwise, with effect on a date not less than 60 days' from
                    that notice (which date must be not less than 30 days before
                    any due date for payment on any Class A-1 Notes).

                                                                              15
<PAGE>

     10.2 Resignation

     Subject to this clause 10, an Agent may resign its appointment under this
     Agreement at any time by giving to the Issuer, the Manager, each Rating
     Agency and (where the Agent resigning is not the Principal Paying Agent)
     the Principal Paying Agent not less than 90 days' written notice to that
     effect (which notice must expire not less than 30 days before, any due date
     for payment on any Class A-1 Notes).

     10.3 Limitation of Appointment and Termination

     Notwithstanding clauses 10.1 and 10.2:

          (a)  (Principal Paying Agent and Class A-1 Note Registrar): the
               resignation by, or the termination of, the appointment of the
               Principal Paying Agent or the Class A-1 Note Registrar will not
               take effect until a new Principal Paying Agent or Class A-1 Note
               Registrar, as the case may be, approved in writing by the Class
               A-1 Note Trustee has been appointed on terms previously approved
               in writing by the Class A-1 Note Trustee (in each case, the
               approval not to be unreasonably withheld or delayed) and with, in
               the case of the Class A-1 Note Registrar, Specified Offices in
               each of New York and London;

          (b)  (Appointment by Retiring Agent): if any Agent resigns in
               accordance with clause 10.2 but, by the day falling 15 days
               before the expiry of any notice under clause 10.2 the Issuer has
               not appointed a new Agent, then the relevant Agent may appoint in
               its place any reputable bank or trust company of good standing
               approved in writing by the Class A-1 Note Trustee and appointed
               on terms previously approved in writing by the Class A-1 Note
               Trustee (in each case, the approval not to be unreasonably
               withheld or delayed);

          (c)  (Specified Office of Paying Agent in New York and London): the
               resignation by, or the termination of the appointment of, any
               Paying Agent will not take effect if, as a result of the
               resignation or termination, there would not be a Paying Agent
               which has a Specified Office in New York City or there would not
               be a Paying Agent which has a Specified Office in London;

          (d)  (Specified Office of Agent Bank): the resignation by, or the
               termination of the appointment of the Agent Bank will not take
               effect until a new Agent Bank having its Specified Office in
               London or New York has been appointed; and

          (e)  (Terms of Appointment of additional Paying Agents): the
               appointment of any additional Paying Agent will be on the terms
               and the conditions of this Agreement and each of the parties to
               this Agreement must co-operate fully to do all further acts and
               things and execute any further documents as may be necessary or
               desirable to give effect to the appointment of the Paying Agent
               (which will not, except in the case of an appointment under
               clause 10.1(a) or a termination under clause 10.1(b)(ii), be at
               the cost of the Issuer or Manager).

     10.4 Payment of amounts held by the Principal Paying Agent

     If the appointment of the Principal Paying Agent is terminated, the
     Principal Paying Agent must, on the date on which that termination takes
     effect, pay to the successor Principal Paying Agent any amount held by it
     for payment of principal or interest in respect of any Class A-1 Note and
     must deliver to the successor Principal Paying Agent all records maintained
     by it and all documents (including any Class A-1 Notes) held by it pursuant
     to this Agreement.

                                                                              16
<PAGE>

     10.5 Records held by Class A-1 Note Registrar

     If the appointment of the Class A-1 Note Registrar is terminated, the Class
     A-1 Note Registrar must, on the date on which that termination takes
     effect, deliver to the successor Class A-1 Note Registrar the Class A-1
     Note Register and all records maintained by it and all documents (including
     any Class A-1 Notes) held by it pursuant to this Agreement.

     10.6 Successor to Principal Paying Agent, Agent Bank, Class A-1 Note
          Registrar

          (a)  (Appointment and Release): On the execution by the Issuer, the
               Manager and any successor Principal Paying Agent, Agent Bank or
               Class A-1 Note Registrar of an instrument effecting the
               appointment of that successor Principal Paying Agent, Agent Bank
               or Class A-1 Note Registrar that successor Principal Paying
               Agent, Agent Bank or Class A-1 Note Registrar, as the case may
               be, will, without any further act, deed or conveyance, become
               vested with all the authority, rights, powers, trusts,
               immunities, duties and obligations of its predecessor as if
               originally named as Principal Paying Agent, Agent Bank or Class
               A-1 Note Registrar, as the case may be, in this Agreement and
               that predecessor, on payment to it of the pro rata proportion of
               its administration fee and disbursements then unpaid (if any),
               will have no further liabilities under this Agreement, except for
               any accrued liabilities arising from or relating to any act or
               omission occurring prior to the date on which the successor
               Principal Paying Agent, Agent Bank or Class A-1 Note Registrar
               was appointed.

          (b)  (Merger):  Any corporation:

               (i)   into which the Principal Paying Agent, Agent Bank or Class
                     A-1 Note Registrar is merged;
               (ii)  with which the Principal Paying Agent, Agent Bank or Class
                     A-1 Note Registrar is consolidated;
               (iii) resulting from any merger or consolidation to which the
                     Principal Paying Agent, Agent Bank or Class A-1 Note
                     Registrar is a party; or
               (iv)  to which the Principal Paying Agent, Agent Bank or Class A-
                     1 Note Registrar sells or otherwise transfers all or
                     substantially all the assets of its corporate trust
                     business,

          must, on the date when that merger, conversion, consolidation, sale or
          transfer becomes effective and to the extent permitted by applicable
          law, become the successor Principal Paying Agent, Agent Bank or Class
          A-1 Note Registrar, as the case may be, under this Agreement without
          the execution or filing of any agreement or document or any further
          act on the part of the parties to this Agreement, unless otherwise
          required by the Issuer or the Manager, and after that effective date
          all references in this Agreement to the Principal Paying Agent, Agent
          Bank or Class A-1 Note Registrar, as the case may be, will be
          references to that corporation.

     10.7 Notice to Class A-1 Noteholders

     The Manager on behalf of the Issuer will, within 5 days of:

          (a)  (Termination): the termination of the appointment of any Agent;

          (b)  (Resignation):  the resignation of any Agent; or

          (c)  (Appointment):  the appointment of a new Agent,

     give to the Class A-1 Noteholders notice of the termination, appointment or
     resignation in accordance with Condition 11.1 of the Class A-1 Note
     Conditions (in the case of a termination under clause 10.1(b)(i) or 10.2
     at the cost of the outgoing Agent). Notwithstanding clauses 10.1 and 10.2,
     neither the termination of the appointment of an

                                                                              17
<PAGE>

     Agent, nor the resignation of an Agent, will take effect until notice
     thereof is given to the Class A-1 Noteholders in accordance with this
     clause 10.7.

     10.8 Change in Specified Office

          (a)  (Agents Change): If any Agent proposes to change its Specified
               Office (which must be within the same city as its previous
               Specified Office), it must give to the Issuer the Manager, the
               Class A-1 Note Trustee and the other Agents not less than 30
               days' prior written notice of that change, giving the address of
               the new Specified Office and stating the date on which the change
               is to take effect. No change of a Specified Office may occur in
               the period 30 days before any due date for payment on any Class
               A-1 Notes.

          (b)  (Notice to Class A-1 Noteholders): The Manager must, within 14
               days of receipt of a notice under clause 10.8(a) (unless the
               appointment is to terminate pursuant to clause 10.1 or 10.2 on
               or prior to the date of that change) give to the Class A-1
               Noteholders notice in accordance with Condition 11.1 of the
               Class A-1 Note Conditions of that change and of the address of
               the new Specified Office, but the cost of giving that notice must
               be borne by the Agent which is changing its Specified Office and
               not by the Issuer or the Manager.

11.  MISCELLANEOUS DUTIES AND PROTECTION

     11.1 Agents are agents of the Issuer

          (a)  (Agent of the Series Trust): Subject to clause 6.1, each Agent
               is the agent of the Issuer in its capacity as trustee of the
               Series Trust only.

          (b)  (Issuer not responsible for Agents): Notwithstanding any other
               provision contained in this Agreement, any other Transaction
               Document or at law, the Issuer in its personal capacity is not
               responsible for any act or omission of any Agent.

     11.2 Agency

     Subject to any other provision of this Agreement, each Agent acts solely
     for and as agent of the Issuer and does not have any obligations towards or
     relationship of agency or trust with any person entitled to receive
     payments of principal and/or interest on the Class A-1 Notes and is
     responsible only for the performance of the duties and obligations imposed
     on it pursuant to clause 11.6.

     11.3 Reliance

     Each Agent is protected and will incur no liability for or in respect of
     any action taken, omitted or suffered by it in reliance upon any
     instruction, request or order from the Issuer or the Manager or in reliance
     upon any Class A-1 Note or upon any notice, resolution, direction, consent,
     certificate, affidavit, statement or other paper or document reasonably
     believed by it to be genuine and to have been delivered, signed or sent by
     the proper party or parties.

     11.4 Entitled to Deal

     An Agent is not precluded from acquiring, holding or dealing in any Class
     A-1 Notes or from engaging or being interested in any contract or other
     financial or other transaction with the Issuer or the Manager as freely as
     if it were not an agent of the Issuer under this Agreement and in no event
     whatsoever (other than fraud, wilful misconduct, negligence or bad faith)
     will any Agent be liable to account to the Issuer or any person entitled to
     receive amounts of principal or interest on the Class A-1 Notes for any
     profit made or fees or commissions received in connection with this
     agreement or any Class A-1 Notes.

                                                                              18
<PAGE>

     11.5 Consultation

     Each Agent may, after 5 days prior notice to the Issuer and the Manager,
     consult as to legal matters with lawyers selected by it, who may be
     employees of or lawyers to the Issuer, the Manager or the relevant Agent.

     11.6 Duties and Obligations

     Each Agent will perform the duties and obligations, and only the duties and
     obligations, contained in or reasonably incidental to this Agreement and
     the Class A-1 Note Conditions and no implied duties or obligations (other
     than general laws as to agency) will be read into this Agreement or the
     Class A-1 Note Conditions against any Agent. An Agent is not required to
     take any action under this Agreement which would require it to incur any
     expense or liability for which (in its reasonable opinion) either it would
     not be reimbursed within a reasonable time or in respect of which it has
     not been indemnified to its satisfaction.

     11.7 Income Tax Returns

     The Principal Paying Agent will deliver to each Class A-1 Noteholder such
     information as may be reasonably required to enable such Class A-1
     Noteholder to prepare its federal and state income tax returns.

     11.8 Representation by each Agent

     Each Agent represents and warrants that it is duly qualified to assume its
     obligations under this Agreement and has obtained all necessary approvals
     required to execute, deliver and perform its obligations under this
     Agreement.

12.  FEES AND EXPENSES

     12.1 Payment of Fee

     The Issuer will pay to each Agent during the period that any of the Class
     A-1 Notes remain outstanding the administration fee separately agreed by
     that Agent and the Issuer. If the appointment of an Agent is terminated
     under this Agreement, the Agent must refund to the Issuer that proportion
     of the fee (if any) which relates to the period during which the Agent's
     appointment is terminated.

     12.2 Payment of Expenses

     The Issuer must pay or reimburse to each Agent all reasonable costs,
     expenses, charges, stamp duties and other Taxes and liabilities properly
     incurred by that Agent in the performance of the obligations of that Agent
     under this Agreement including, without limitation, all costs and expenses
     (including legal costs and expenses) incurred by that Agent in the
     enforcement of any obligations under this Agreement. Nothing in this clause
     12.2 entitles or permits an Agent to be reimbursed or indemnified for
     general overhead costs and expenses (including, without limitation, rents
     and any amounts payable by that Agent to its employees in connection with
     their employment) incurred directly or indirectly in connection with the
     business activities of that Agent or in the exercise of its rights, powers
     and discretions or the performance of its duties and obligations under this
     Agreement.

     12.3 No Other Fees

     Except as provided in clauses 12.1 and 12.2, or as expressly provided
     elsewhere in this Agreement, neither the Issuer nor the Manager has any
     liability in respect of any fees or expenses of any Agent in connection
     with this Agreement.

     12.4 Payment of Fees

     The above fees, payments and expenses will be paid in United States
     dollars. The Issuer will in addition pay any value added tax which may be
     applicable. The Principal Paying Agent will arrange for payment of
     commissions to the other Paying Agents and arrange for

                                                                              19
<PAGE>

     the reimbursement of their expenses promptly upon demand, supported by
     evidence of that expenditure, and provided that payment is made as required
     by clause 12.1 the Issuer will not be concerned with or liable in respect
     of that payment.

     12.5 No Commission

     Subject to this clause 12, no Paying Agent may charge any commission or
     fee in relation to any payment by it under this Agreement.

     12.6 Issuer Personally Liable for Fees

     Notwithstanding any other provision of this Agreement, the Issuer must pay
     to each Agent the fees referred to in clause 12.1, and any value added tax
     on such fees, from its own personal funds and will not be entitled to
     indemnified from the Assets of the Series Trust with respect to such fees
     or value added taxes provided that if The Bank of New York, New York Branch
     or The Bank of New York, London Branch resigns or is removed as an Agent
     the Issuer will only be liable to pay the fees referred to in clause 12.1,
     and any value added tax on such fees, from its own personal funds to the
     extent that such fees and value added tax do not exceed the amount that
     would have been payable to The Bank of New York, New York Branch or the
     Bank of New York, London Branch, as the case may be, if it had remained as
     that Agent. The balance of such fees and value added tax, if any, will be
     an Expense for which the Issuer is entitled to be indemnified from the
     Assets of the Series Trust in accordance with the Series Supplement.

     12.7 Timing of Payments

     Except as referred to in clause 12.6, all payments by the Issuer to an
     Agent under this clause 12 are payable on the first Distribution Date
     following demand by that Agent from funds available for this purpose in
     accordance with the Series Supplement.

13.  NOTICES

     13.1 Method of Delivery

     Subject to clause 13.3, any notice, request, certificate, approval,
     demand, consent or other communication to be given under this Agreement
     (other than notices to the Class A-1 Noteholders):

          (a)  (Execution): must be signed by an Authorised Officer of the party
               giving the same;

          (b)  (In writing):  must be in writing; and

          (c)  (Delivery):  must be:

               (i)   left at the address of the addressee;
               (ii)  sent by prepaid ordinary post to the address of the
                     addressee; or
               (iii) sent by facsimile to the facsimile number of the addressee,

     as notified by that addressee from time to time to the other parties to
     this Agreement as its address for service pursuant to this Agreement.

     13.2 Deemed Receipt

     A notice, request, certificate, demand, consent or other communication
     under this Agreement is deemed to have been received:

          (a)  (Delivery):  where delivered in person, upon receipt;

          (b)  (Post): where sent by post, on the 3rd (7th if outside Australia)
               day after posting; and

                                                                              20
<PAGE>

          (c)  (Fax): where sent by facsimile, on production by the dispatching
               facsimile machine of a transmission report which indicates that
               the facsimile was sent in its entirety to the facsimile number of
               the recipient.

     However, if the time of deemed receipt of any notice is not before 5.30 pm
     local time on a Business Day at the address of the recipient it is deemed
     to have been received at the commencement of business on the next Business
     Day.

     13.3 Communications through Principal Paying Agent

     All communications relating to this Agreement between the Issuer and the
     Agent Bank and any of the other Paying Agents or between the Paying Agents
     themselves will, except as otherwise provided in this Agreement, be made
     through the Principal Paying Agent.

14.  ISSUER'S LIMITATION OF LIABILITY

     14.1 Limitation on Issuer's Liability

     The Issuer enters into this Agreement only in its capacity as trustee of
     the Series Trust and in no other capacity. A liability incurred by the
     Issuer acting in its capacity as trustee of the Series Trust arising under
     or in connection with this Agreement is limited to and can be enforced
     against the Issuer only to the extent to which it can be satisfied out of
     the Assets of the Series Trust out of which the Issuer is actually
     indemnified for the liability. This limitation of the Issuer's liability
     applies despite any other provision of this Agreement (other than clauses
     12.6 and 14.3) and extends to all liabilities and obligations of the
     Issuer in any way connected with any representation, warranty, conduct,
     omission, agreement or transaction related to this Agreement.

     14.2 Claims against Issuer

     The parties other than the Issuer may not sue the Issuer in respect of any
     liabilities incurred by the Issuer acting in its capacity as trustee of the
     Series Trust in any capacity other than as trustee of the Series Trust
     including seeking the appointment of a receiver (except in relation to the
     Assets of the Series Trust) a liquidator, an administrator or any similar
     person to the Issuer or prove in any liquidation, administration or similar
     arrangements of or affecting the Issuer (except in relation to the Assets
     of the Series Trust).

     14.3 Breach of Trust

     The provisions of this clause 14 will not apply to any obligation or
     liability of the Issuer to the extent that it is not satisfied because
     under the Master Trust Deed, the Series Supplement or any other Transaction
     Document or by operation of law there is a reduction in the extent of the
     Issuer's indemnification out of the Assets of the Series Trust as a result
     of the Issuer's fraud, negligence or wilful default and will not apply to
     any obligation or liability of the Issuer to pay amounts from its personal
     funds pursuant to clause 12.6.

     14.4 Acts or omissions

     It is acknowledged that the Relevant Parties are responsible under the
     Transaction Documents for performing a variety of obligations relating to
     the Series Trust. No act or omission of the Issuer (including any related
     failure to satisfy its obligations or any breach or representation or
     warranty under this Agreement) will be considered fraudulent, negligent or
     a wilful default for the purposes of clause 14.3 to the extent to which
     the act or omission was caused or contributed to by any failure by any
     Relevant Party or any other person appointed by the Issuer under any
     Transaction Document (other than a person whose acts or omissions the
     Issuer is liable for in accordance with any Transaction Document) to fulfil
     its obligations relating to the Series Trust or by any other act or
     omission of a Relevant Party or any other such person.

                                                                              21
<PAGE>

     14.5 No Authority

     No Agent appointed in accordance with this Agreement 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
     fraudulent, negligent or wilful default of the Issuer for the purposes of
     clause 14.3.

     14.6 No obligation

          (a)  The Issuer is not obliged to enter into any commitment or
               obligation under this Agreement or any Transaction Document
               unless the Issuer's liability is limited in a manner which is
               consistent with this clause 14. For the avoidance of doubt, the
               Issuer agrees and acknowledges that its liability for any
               commitment or obligation it has entered into under this Agreement
               is limited in a manner which is consistent with this clause 14 or
               otherwise in a manner satisfactory to the Issuer in its absolute
               discretion.

          (b)  (Obligations not contained in this Agreement or any Transaction
               Document): The Issuer is not obliged to enter into any commitment
               or obligation contemplated by but not contained in this Agreement
               or any Transaction Document unless the Issuer's liability in
               relation to that commitment or obligation is limited in a manner
               satisfactory to the Issuer in its absolute discretion.

15.  GENERAL

     15.1 Waiver

     A failure to exercise or enforce or a delay in exercising or enforcing or
     the partial exercise or enforcement of any right, remedy, power or
     privilege under this Agreement by a party will not in any way preclude or
     operate as a waiver of any further exercise or enforcement of such right,
     remedy, power or privilege of the exercise or enforcement of any other
     right, remedy, power or privilege under this Agreement or provided by law.

     15.2 Written Waiver, Consent and Approval

     Any waiver, consent or approval given by a party under this Agreement will
     only be effective and will only bind that party if it is given in writing,
     or given verbally and subsequently confirmed in writing, and executed by
     that party or on its behalf by two Authorised Officers of that party.

     15.3 Severability

     Any provision of this Agreement which is illegal, void or unenforceable in
     any jurisdiction is ineffective in such jurisdiction to the extent only of
     such illegality, voidness or unenforceability without invalidating the
     remaining provisions of this Agreement.

     15.4 Survival of Indemnities

     The indemnities contained in this Agreement are continuing, and survive the
     termination of this Agreement.

     15.5 Assignments

     No party may assign or transfer any of its rights or obligations under this
     Agreement without the prior written consent of the other parties and
     confirmation from the Rating Agencies that such assignment will not lead to
     a reduction, qualification or reduction of its then rating of the Class A-1
     Notes.

                                                                              22
<PAGE>

     15.6  Successors and Assigns

     This Agreement is binding upon and ensures to the benefit of the parties to
     this Agreement and their respective successors and permitted assigns.

     15.7  Moratorium Legislation

     To the fullest extent permitted by law, the provisions of all statutes
     whether existing now or in the future operating directly or indirectly:

           (a) (To affect obligations): to lessen or otherwise to vary or affect
               in favour of any party any obligation under this Agreement; or

           (b) (To affect rights): to delay or otherwise prevent or
               prejudicially affect the exercise of any rights or remedies
               conferred on a party under this Agreement,

     are hereby expressly waived, negatived and excluded.

     15.8  Amendments

     No amendments to this Agreement will be effective unless in writing and
     executed by each of the parties to this Agreement. The Manager must give
     each Rating Agency 10 Business Days' prior notice of any amendment to this
     Agreement.

     15.9  Governing Law

     This Agreement is governed by and must be construed in accordance with the
     laws of the State of New South Wales.

     15.10 Jurisdiction

     Each party irrevocably and unconditionally:

           (a) (Submissions to jurisdiction): submits to the non-exclusive
               jurisdiction of the courts of the State of New South Wales;

           (b) (Waiver of inconvenient forum): waives any objection it may now
               or in the future have to the bringing of proceedings in those
               courts and any claim that any proceedings have been brought in an
               inconvenient forum; and

           (c) (Service of notice): agrees, without preventing any other mode of
               service permitted by law, that any document required to be served
               in any proceedings may be served in the manner in which notices
               and other written communications may be given under clause 13.

     15.11 Counterparts

     This Agreement may be executed in a number of counterparts and all such
     counterparts taken together will constitute one and the same instrument.

     15.12 Limitation of Class A-1 Note Trustee's Liability

     The Class A-1 Note Trustee is a party to this Agreement in its capacity as
     trustee of the Class A-1 Trust. The liability of the Class A-1 Note Trustee
     under this Agreement is limited in the manner and to the same extent as
     under the Class A-1 Note Trust Deed.

EXECUTED as an agreement

                                                                              23
<PAGE>

SIGNED for and on behalf of                )
PERPETUAL TRUSTEE COMPANY                  )    ................................
LIMITED, ACN 000 001 007, by               )    (Signature of Attorney)
                                           )
its Attorney under a Power of Attorney     )
dated                       and who        )
declares that he or she has not received   )
any notice of the revocation of such Power )
of Attorney in the presence of:            )     ...............................
                                                 Name of Attorney in full

 .......................................
(Signature of Witness)

 .......................................
(Name of Witness in Full)

SIGNED for and on behalf of                )
SECURITISATION ADVISORY                    )    ................................
SERVICES PTY. LIMITED, ACN 064             )    (Signature of Attorney)
133 946, by                                )
                                           )
its Attorney under a Power of Attorney     )
dated                       and who        )
declares that he or she has not received   )
any notice of the revocation of such Power )
of Attorney in the presence of:            )

 .......................................
(Signature of Witness)

 .......................................
(Name of Witness in Full)

                                                                              24
<PAGE>

THE COMMON SEAL of THE BANK OF NEW       )
YORK, NEW YORK BRANCH was affixed to     )
this Agreement in the presence of:       )

 ....................................
(Signature of Witness)

 ....................................
(Name of Witness in Full)

THE COMMON SEAL of THE BANK OF NEW       )
YORK, LONDON BRANCH was affixed to       )
this Agreement in the presence of:       )

 ....................................
(Signature of Witness)

 ....................................
(Name of Witness in Full)

                                                                              25

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