Document:

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                                                                   EXHIBIT 10.47

CLAYTON UTZ

Deed of Floating Charge

Australia Southern Railroad Pty Limited
Chargor

ANZ Capel Court Limited
Security Agent

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TABLE OF CONTENTS

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<S>                                                                                        <C>
1.    DEFINITIONS AND INTERPRETATION.................................................       1

      1.1         Definitions........................................................       1
      1.2         Interpretation.....................................................       2
      1.3         Document or agreement..............................................       3
      1.4         Capacity of Security Agent.........................................       3

2.    FEATHERWEIGHT FLOATING CHARGE..................................................       3

      2.1         Floating Charge....................................................       3
      2.2         Conversion.........................................................       5

3.    COVENANT TO PAY................................................................       5

4.    ENFORCEMENT....................................................................       5

5.    APPOINTMENT OF RECEIVER........................................................       6

      5.1         Appointment........................................................       6
      5.2         Agent of Chargor...................................................       6
      5.3         Receiver's powers..................................................       6
      5.4         Receiver appointed after commencement of winding up................       8
      5.5         Powers exercisable by the Security Agent...........................       8
      5.6         Withdrawal.........................................................       8
      5.7         Indemnity for Enforcement Costs....................................       9

6.    DISCHARGE......................................................................       9

7.    APPLICATION OF MONEYS RECEIVED.................................................       9

      7.1         Order..............................................................       9
      7.2         Only actual receipts credited......................................       9
      7.3         Priorities.........................................................       9

8.    OTHER SECURITY OVER CHARGED PROPERTY...........................................      10

9.    PROTECTION OF FINANCIERS AND RECEIVER..........................................      10

10.   PROTECTION OF THIRD PARTIES....................................................      10

      10.1        No enquiry.........................................................      10
      10.2        Receipt............................................................      11

11.   CONTINUING SECURITY............................................................      11

12.   OTHER SECURITIES...............................................................      11

13.   SEVERABILITY OF PROVISIONS.....................................................      11

14.   LIMIT ON ENFORCEMENT...........................................................      11

15.   ASSIGNMENTS....................................................................      11

      15.1        Assignment by Chargor..............................................      11
      15.2        Assignment by Security Agent.......................................      12

16.   GOVERNING LAW AND JURISDICTION.................................................      12
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DEED OF CHARGE MADE ON 7 NOVEMBER 1997 AS ASSIGNED ON OR ABOUT 18 AUGUST 1999
AND ON OR ABOUT 17 DECEMBER 2000 AND AMENDED ON 5 DECEMBER 2003

PARTIES           AUSTRALIA SOUTHERN RAILROAD PTY LIMITED ACN 079 444 296
                  ("CHARGOR")

                  ANZ CAPEL COURT LIMITED ABN 30 004 768 807 as trustee of the
                  Australian Railroad Group Security Trust ("SECURITY AGENT")

RECITALS

A.       The Financiers may from time to time extend financial accommodation to
         or for the account of the Borrower or another person on the security of
         this Deed.

B.       This Deed is given to the Security Agent as trustee of the Australian
         Railroad Group Security Trust.

THIS DEED PROVIDES

1.       DEFINITIONS AND INTERPRETATION

1.1      DEFINITIONS

         Terms defined in the Common Provisions or the Security Trust Deed have
         the same meanings in this Deed (and in the event of any inconsistency
         between those two documents the definitions in the Common Provisions
         will apply). In addition, the following definitions apply in this
         document:

         "BELOW TRACK PROPERTY" means any track infrastructure, such as railway
         track, ballast, sleepers, stations or platforms owned by the Chargor.

         "CHARGE" means the charge created by clause 2.1.

         "CHARGED PROPERTY" means all the Chargor's property anywhere (real or
         personal) including its Unpaid Capital.

         "CHARGE ENFORCEMENT EVENT" means any of the following:

         (a)      a Default Notice has been issued notifying that a default has
                  occurred under the Lease which default, if not rectified, will
                  entitle the Lessor to terminate the Lease and the notified
                  default has not been rectified during the cure period, if any,
                  provided to the Chargor under the Lease; or

         (b)      an administrator has been appointed to the Chargor pursuant to
                  section 436A, 436B or 436C of the Corporations Act.

         "CHARGE ENFORCEMENT PERIOD" means, with reference to any Charge
         Enforcement Event, the period commencing on the occurrence of that
         Charge Enforcement Event and ending on:

         (c)      where the Charge Enforcement Event is of the type referred to
                  in paragraph (a) of the definition of that term in this clause
                  1.1, the date on which the event referred to in the Default
                  Notice is rectified or waived in accordance with the
                  provisions of the Lease;

         (d)      where the Charge Enforcement Event is of the type referred to
                  in paragraph (b) of the definition of that term in this clause
                  1.1, the date on which the administration ceases, other than
                  under the provisions of section 435C(2)(c) or 435C(3)(g) of
                  the Corporations Act, provided that as at that date no Default
                  Notice has been issued in respect of that Charge Enforcement
                  Event under the Lease or, if issued, has been subsequently
                  retracted or the relevant event has been rectified or waived
                  in

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                  accordance with the provisions of the Lease.

         "COMMON PROVISIONS" means the deed entitled "Common Terms Deed" dated
         on or about 1 December 2003 between Australian Railroad Group Pty
         Limited, the companies listed in Part I of Schedule 1 of that deed as
         original guarantors, the financial institutions listed in Part II of
         Schedule 1 of that deed as original lenders and ANZ Capel Court
         Limited, as Security Agent.

         "CORPORATIONS ACT" means the Corporations Act 2001 (Commonwealth).

         "DEFAULT NOTICE" means a notice issued to the Security Agent on the
         terms contemplated by clause 3.3(b) of the Tripartite Deed.

         "LEASE" means the deed entitled "Deed of Agreement to Lease and Charge"
         dated 7 November 1997 between the Lessor, SA Rail Pty Limited and the
         Chargor.

         "LESSOR" means the Minister for Transport and Urban Planning, a body
         corporate under the Administrative Arrangements Act 1994 (South
         Australia).

         "POWER" means a power, right, authority, discretion or remedy which is
         conferred on the Security Agent or a Receiver by this Deed or by law in
         relation to this Deed.

         "RECEIVER" means a receiver or receiver and manager appointed under
         this Deed.

         "RESTRICTED PROPERTY" means:

         (a)      any rights or interests of the Chargor under or in connection
                  with the Lease; and

         (b)      the Below Track Property.

         "SECURED MONEY" means any money which the Borrower or a Chargor is
         obliged (whether that obligation is present or future, actual or
         contingent) to pay to the Security Agent or the Financiers or another
         Beneficiary under this Deed or another Finance Document.

         "SECURITY TRUST DEED" means the deed entitled "Security Trust Deed"
         dated 12 December 2000 and as amended and novated on or about 5
         December 2003 between the Borrower and the Security Agent.

         "TRIPARTITE DEED" means the deed entitled "Tripartite Deed" dated on or
         about 13 December 2000 between the Lessor, the Chargor and the Security
         Agent.

         "UNPAID CAPITAL" means any uncalled or unpaid share capital or premiums
         of the Chargor.

1.2      INTERPRETATION

         Headings are for convenience only and do not affect interpretation. The
         following rules apply unless the context requires otherwise:

         (a)      the singular includes the plural and the converse;

         (b)      a gender includes all genders;

         (c)      where a word or phrase is defined, its other grammatical forms
                  have a corresponding meaning;

         (d)      a reference to a person, corporation, trust, partnership,
                  unincorporated body or other entity includes any of them;

         (e)      a reference to a clause, annexure or schedule is a reference
                  to a clause of, or annexure or schedule to, this Deed;

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         (f)      a reference to a party to this Deed or another agreement or
                  document includes the party's successors and permitted
                  substitutes or assigns;

         (g)      a reference to legislation or to a provision of legislation
                  includes a modification or re-enactment of it, a legislative
                  provision substituted for it and a regulation or statutory
                  instrument issued under it;

         (h)      a reference to "writing" includes a facsimile transmission and
                  any means of reproducing words in a tangible and permanently
                  visible form;

         (i)      a reference to "conduct" includes an omission, statement or
                  undertaking, whether or not in writing;

         (j)      mentioning anything after "include", "includes" or "including"
                  does not limit what else might be included;

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

         (l)      a reference to a consent, approval or agreement not being
                  unreasonably withheld includes it not being unreasonably
                  delayed.

1.3      DOCUMENT OR AGREEMENT

         A reference to:

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

         (b)      a "document" includes an agreement (as so defined) in writing
                  or a certificate, notice, instrument or document; and

         (c)      a specific agreement or document includes it as amended,
                  novated, supplemented or replaced from time to time.

1.4      CAPACITY OF SECURITY AGENT

         (a)      The Security Agent enters into this Deed in its capacity as
                  trustee under the Security Trust Deed and, notwithstanding
                  anything in this Deed, the Chargor acknowledges that any
                  rights which it may have against the Security Agent under or
                  in respect of this Deed shall not be against the Security
                  Agent personally but against the Security Agent solely in its
                  capacity as trustee under the Security Trust Deed.
                  Accordingly, the Security Agent may not be called on or be
                  liable to satisfy any such rights out of any of its personal
                  assets, and recourse (if any) against the Security Agent shall
                  be limited to the assets held by it in its capacity as trustee
                  under the Security Trust Deed.

         (b)      However, despite anything in clause 1.4(a), the Security Agent
                  is personally liable to the extent that a liability under this
                  document arises out of the Security Agent's own fraud, wilful
                  misconduct, gross negligence or breach of trust which
                  disentitles it from an indemnity out of the assets of the
                  Australian Railroad Group Security Trust in relation to the
                  relevant liability.

2.       FEATHERWEIGHT FLOATING CHARGE

2.1      FLOATING CHARGE

         (a)      The Chargor charges by way of floating charge to the Security
                  Agent the Charged

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                  Property as continuing security for the payment of the Secured
                  Money.

         (b)      The Security Agent and the Chargor agree:

                  (i)      subject to clauses 5.3 and 5.4 of the Common
                           Provisions and clause 2.1(b)(ii) of this Deed, the
                           Chargor may, without the consent of the Security
                           Agent or of any other person:

                           A.       create or permit to subsist any Security
                                    which affects the Charged Property or any
                                    part of it or enter into any sale, transfer
                                    or other disposal of the type referred to in
                                    clause 5.3(b) of the Common Provisions of or
                                    in respect of the Charged Property or any
                                    part of it; and/or

                           B.       enter into a single transaction or a series
                                    of transactions (whether related or not) and
                                    whether voluntary or involuntary to sell,
                                    lease, transfer or otherwise dispose of the
                                    Charged Property or any part of it;

                  (ii)     notwithstanding any other provision of any Finance
                           Document, the Chargor may not, except with the
                           consent of all Lenders or in accordance with clause
                           2.1(b)(iii):

                           A.       create or permit to subsist any Security
                                    which affects the Restricted Property or any
                                    part of it or enter into any sale, transfer
                                    or other disposal of the type referred to in
                                    clause 5.3(b) of the Common Provisions of or
                                    in respect of the Restricted Property or any
                                    part of it; or

                           B.       enter into a single transaction or a series
                                    of transactions (whether related or not) and
                                    whether voluntary or involuntary to sell,
                                    lease, transfer or otherwise dispose of the
                                    Restricted Property or any part of it;

                  (iii)    the Chargor may, without the consent of the Security
                           Agent or any Beneficiary, enter into any transaction
                           of the nature referred to in clause 2.1(b)(ii) in
                           respect of or in relation to the Below Track
                           Property, or any part of it, which constitutes
                           non-essential track infrastructure (each a
                           "TRANSACTION"), provided the Transaction would
                           otherwise be permitted in accordance with clause 5.3
                           or 5.4 of the Common Provisions, in connection with
                           any proposal by the Chargor for use of any part of
                           the Below Track Property which is non-essential track
                           infrastructure for purposes other than the carriage
                           of freight or associated uses (for example, but
                           without limiting the generality of this clause, use
                           for retail purposes), where that use does not impair
                           the ability of the Chargor to carry out its business,
                           as carried out as at the date of the Common
                           Provisions;

                  (iv)     subject to this clause 2.1(b) and clause 5.3 of the
                           Common Provisions, if the Chargor creates or allows
                           to exist a Security over the Charged Property, then
                           any such Security ranks ahead of the Charge. In such
                           circumstances and as soon as practicable after a
                           request by the Chargor, the Security Agent agrees to
                           enter into a priority agreement with respect to that
                           Security in order to give effect to this clause, in a
                           form reasonably acceptable to the Chargor;

                  (v)      if a Charge Enforcement Event occurs, unless the
                           Security Agent agrees otherwise, the Charge
                           immediately and without the Security Agent

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                           having to give notice to the Chargor takes effect as
                           a fixed charge over the Charged Property. Despite any
                           applicable rule of law to the contrary the Charge
                           does not otherwise take effect as a fixed charge in
                           any circumstances; and

                  (vi)     notwithstanding any other provision of this Deed or
                           any other Finance Document, at the expiration of the
                           Charge Enforcement Period for any Charge Enforcement
                           Event:

                           A.       the fixed charge over the Charged Property
                                    immediately takes effect as a floating
                                    charge over that Charged Property;

                           B.       the Security Agent will direct any Receiver
                                    which it has appointed to the Chargor or the
                                    assets of the Chargor to vacate office; and

                           C.       until another Charge Enforcement Event
                                    occurs:

                                    1)       the Chargor may deal with the
                                             Charged Property as if it had
                                             always been charged by way of a
                                             floating charge under the Charge;
                                             and

                                    2)       a person dealing with the Chargor
                                             in relation to the Charged Property
                                             may rely on a certificate from the
                                             Security Agent as conclusive
                                             evidence that, as from the expiry
                                             of the Charge Enforcement Period,
                                             the Charged Property is charged by
                                             way of floating charge. The
                                             Security Agent agrees that it will,
                                             at the request of the Chargor,
                                             issue certificates on the terms
                                             contemplated by this clause
                                             2.1(b)(vi)C.2) provided that the
                                             Chargor provides to the Security
                                             Agent evidence satisfactory to the
                                             Security Agent, acting reasonably,
                                             that the relevant Charge
                                             Enforcement Period has expired.

2.2      CONVERSION

         The Security Agent may, at any time by notice in writing to the
         Chargor, reconvert its security under the Charge from a fixed charge to
         a floating charge in respect of any asset or class of asset specified
         in that notice. Any such conversion will be effective from the moment
         of receipt by the Chargor of such notice.

3.       COVENANT TO PAY

         The Chargor shall duly and punctually pay the Secured Money when it
         become payable in accordance with the terms of any Finance Document or,
         in the absence of any agreement, on demand by the Security Agent.

4.       ENFORCEMENT

         If a Charge Enforcement Event occurs then, during the Charge
         Enforcement Period for that Charge Enforcement Event, this Deed will
         become immediately enforceable against the Chargor.

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5.       APPOINTMENT OF RECEIVER

5.1      APPOINTMENT

         To the extent permitted by law, if this Deed has become enforceable
         against the Chargor under clause 4 (whether or not the Security Agent
         has entered into possession of all or any of the Charged Property), the
         Security Agent may during the relevant Charge Enforcement Period:

         (a)      appoint any person or any two or more persons jointly or
                  severally or both to be a receiver or receiver and manager of
                  all or any of the Charged Property for the duration of the
                  relevant Charge Enforcement Period;

         (b)      remove any Receiver;

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

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

5.2      AGENT OF CHARGOR

         Subject to clause 5.4, every Receiver is the agent of the Chargor and
         the Chargor alone is responsible for his or her acts and defaults.

5.3      RECEIVER'S POWERS

         The Receiver will have full power to do all or any of the following, in
         each case (except in the case of clause 5.3(h)), only to the extent
         necessary for the purposes of rectifying the relevant Charge
         Enforcement Event or to ensure that the Lease is not terminated:

         (a)      (TO TAKE POSSESSION AND MANAGE) to take possession of, get in
                  and manage the Charged Property;

         (b)      (TO LEASE) to lease any of the Charged Property for any term
                  (whether or not the Receiver has taken possession);

         (c)      (TO CARRY ON BUSINESS) to carry on or concur in carrying on
                  any business;

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

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

         (f)      (BORROW FROM SECURITY AGENT): borrow from the Security Agent
                  any money that may be required for any of the purposes
                  mentioned in clause 5.3(c) or 5.3(e) provided that any money
                  borrowed may not be secured by mortgage, charge or any other
                  Security over the Charged Property (or any part of it),
                  without the Security Agent being bound to enquire whether the
                  borrowing is necessary or proper or responsible for the
                  misapplication or non-application of any money borrowed;

         (g)      (TO LEND) to lend money or provide financial accommodation;

         (h)      (TO SELL):

                  (i)      to sell any of the Charged Property (whether or not
                           the Receiver has taken possession);

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                  (ii)     without limitation any sale may be made:

                           A.       by public auction, private treaty or tender;

                           B.       for cash or on credit;

                           C.       in one lot or in parcels;

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

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

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

         (i)      (TO SEVER FIXTURES) to sever fixtures;

         (j)      (TO EMPLOY) to employ or discharge any person as employee,
                  contractor, agent, professional adviser, consultant or
                  auctioneer for any purpose;

         (k)      (TO COMPROMISE) to make or accept any arrangement or
                  compromise;

         (l)      (TO GIVE RECEIPTS) to give receipts for money and other
                  assets;

         (m)      (TO PERFORM AND ENFORCE AGREEMENTS):

                  (i)      to perform or enforce;

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

                  (iii)    to obtain the benefit in other ways of,

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

         (n)      (TO VARY AND TERMINATE AGREEMENTS) to vary, rescind or
                  terminate any document or agreement (including surrender or
                  accept the surrender of leases);

         (o)      (TO TAKE INSOLVENCY PROCEEDINGS) to make debtors bankrupt,
                  wind up companies and do any thing in relation to any actual
                  or contemplated liquidation (including attend and vote at
                  meetings of creditors and appoint proxies);

         (p)      (TO TAKE PROCEEDINGS) to commence, defend, conduct, settle,
                  discontinue or compromise proceedings in the name of the
                  Chargor or otherwise;

         (q)      (TO EXECUTE DOCUMENTS) to enter into and execute documents or
                  agreements on behalf of the Receiver or the Chargor. This
                  includes using the Chargor's seal and signing, accepting and
                  endorsing cheques, promissory notes and bills of exchange;

         (r)      (TO OPERATE BANK ACCOUNTS) to operate any bank account
                  comprising part of the Charged Property and open and operate
                  any further bank account;

         (s)      (TO SURRENDER CHARGED PROPERTY) to surrender, release or
                  transfer any of the Charged Property;

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         (t)      (TO EXCHANGE CHARGED PROPERTY) to exchange with any person any
                  of the Charged Property for other property;

         (u)      (TO PROMOTE COMPANIES) to promote the formation of companies
                  with a view to purchasing any of the Charged Property or
                  assuming the obligations of the Chargor or otherwise;

         (v)      (TO DELEGATE) to delegate to any person approved by the
                  Security Agent any Powers (including delegation);

         (w)      (TO HAVE ACCESS) to have access to and make use of the
                  premises, plant, equipment and records and accounting and
                  other services of the Chargor and the services of its staff
                  insofar as they relate to the Charged Property;

         (x)      (TO VOTE) to exercise any voting or other rights or powers in
                  respect of any of the Charged Property;

         (y)      (OTHER OUTGOINGS) to pay any outgoings or indebtedness of the
                  Chargor or any other person;

         (z)      (SECURITY) to redeem any Security or acquire it and any debt
                  secured by it;

         (aa)     (MAKE CALLS) to make calls on the members of the Chargor in
                  respect of any Unpaid Capital;

         (bb)     (TO INSURE) to take out insurance; and

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

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

5.4      RECEIVER APPOINTED AFTER COMMENCEMENT OF WINDING UP

         The power to appoint a Receiver may be exercised despite the fact that:

         (a)      an order may have been made or a resolution may have been
                  passed to wind up the Chargor; and

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

5.5      POWERS EXERCISABLE BY THE SECURITY AGENT

         Whether or not a Receiver has been appointed, to the extent permitted
         by law the Security Agent may exercise any Power of a Receiver at any
         time during the relevant Charge Enforcement Period without giving
         notice. It may exercise its Powers without taking possession or being
         liable as chargee in possession. Without limitation, it may exercise
         its Powers directly or through one or more agents. In the latter event,
         anything done or incurred by such an agent will be taken to be done or
         incurred by the Security Agent.

5.6      WITHDRAWAL

         The Security Agent may at any time give up possession of the Charged
         Property and may at any time withdraw any receivership.

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5.7      INDEMNITY FOR ENFORCEMENT COSTS

         The Chargor on demand will indemnify the Security Agent for all
         expenses, including legal fees, costs and disbursements incurred by the
         Security Agent or a Receiver in or incidental to the exercise or
         attempted exercise of any power under this Deed.

6.       DISCHARGE

         As soon as reasonably practicable after the Secured Moneys have been
         fully and finally repaid the Security Agent must execute a release and
         discharge of this Deed and deliver it to the Chargor. The Security
         Agent is not obliged to discharge this Deed except in the circumstances
         specified in this clause 6.

7.       APPLICATION OF MONEYS RECEIVED

7.1      ORDER

         (a)      Subject in all circumstances to clause 14, money that the
                  Security Agent or a Receiver receives under or because of this
                  Deed is to be applied in the following order:

                  (i)      (EXPENSES) first in payment of all expenses that the
                           Security Agent or a Receiver incurs in or incidental
                           to the exercise or attempted exercise of a power
                           under this Deed;

                  (ii)     (OUTGOINGS) then in payment of any other outgoings
                           that the Receiver or the Security Agent thinks it
                           appropriate to pay;

                  (iii)    (RECEIVER) then in payment to the Receiver of any
                           remuneration (whether by way of commission or
                           otherwise);

                  (iv)     (INDEMNITIES) then in payment to the Security Agent
                           or a Receiver of any amount necessary to give effect
                           to any indemnity contained in this Deed; and

                  (v)      (SECURED MONEY) then in payment to the Security Agent
                           of the Secured Money recoverable under this Charge
                           and the Security Agent agrees that it will distribute
                           any such amount to the Beneficiaries rateably in
                           proportion to the Secured Money owed to each of them.

         (b)      Any surplus will belong to the Chargor or other persons
                  entitled to it and:

                  (i)      the surplus shall accrue interest at the Security
                           Agent's standard deposit rate for amounts equal to
                           the amount of that surplus; and

                  (ii)     the Security Agent must pay the surplus together with
                           the interest accrued thereon to the Chargor or other
                           persons entitled to it and is then under no further
                           liability in respect of it.

7.2      ONLY ACTUAL RECEIPTS CREDITED

         In applying any money towards the Secured Money, the Chargor's account
         will be credited only with the amount of the money that the Security
         Agent actually receives for that purpose. The credit will date from the
         time of receipt.

7.3      PRIORITIES

         For the purposes of fixing priorities between the Security created by
         this Deed and any

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         subsequent Security registered under the Corporations Act and for no
         other purposes, the Security created by this Deed secures a prospective
         liability up to a maximum amount of $10.00.

8.       OTHER SECURITY OVER CHARGED PROPERTY

         Any Financier and any Receiver may rely on the certificate of a holder
         of another Security affecting or purporting to affect the Charged
         Property as to the amount and property secured by the Security.

9.       PROTECTION OF FINANCIERS AND RECEIVER

         Subject to any law which applies despite an agreement to the contrary,
         neither the Security Agent nor any Receiver will be liable:

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

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

         except where it arises from fraud or wilful misconduct on the part of
         the Security Agent or Receiver.

10.      PROTECTION OF THIRD PARTIES

10.1     NO ENQUIRY

         No party (other than the Security Agent, a Financier or Receiver) to
         any Dealing (as defined below) and no person asked to register a
         Dealing:

         (a)      is bound to enquire:

                  (i)      whether a Charge Enforcement Event has occurred or
                           whether this Deed has become enforceable;

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

                  (iii)    the amount of the Secured Money and whether the
                           Secured Money is due and payable; or

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

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

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

         In this clause a "Dealing" is:

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

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

         the Security Agent or any Receiver.

                                                                              10
<PAGE>

10.2     RECEIPT

         The receipt of the Security Agent or any Receiver for any moneys or
         assets payable to, or receivable or received by, it exonerates the
         person paying those moneys or handing over that asset from being
         concerned as to their application, or from being liable or accountable
         for their loss or misapplication.

11.      CONTINUING SECURITY

         This Deed is a continuing security despite any settlement of account,
         intervening payment or anything else until a final discharge of this
         Deed has been given to the Chargor.

12.      OTHER SECURITIES

         No Power and nothing in this Deed merges in, or in any other way
         prejudicially affects or is prejudicially affected by:

         (a)      any other Security; or

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

         which the Security Agent or any person claiming through the Security
         Agent may have at any time.

13.      SEVERABILITY OF PROVISIONS

         (a)      Any provision of this Deed which is prohibited of
                  unenforceable in any jurisdiction is ineffective as to that
                  jurisdiction to the extent of the prohibition or
                  unenforceability. That does not invalidate the remaining
                  provisions of this Deed nor affect the validity or
                  enforceability of that provision in any other jurisdiction.

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

                  (i)      the definition of Secured Money does not include any
                           liability so long as and to the extent that the
                           inclusion of that liability would avoid, invalidate
                           or render ineffective clause 2 or the Security
                           constituted by this Deed; and

                  (ii)     the definition of the Charged Property does not
                           include any asset so long as and to the extent that
                           the inclusion of that asset would invalidate, avoid
                           or render ineffective clause 2 or the Security
                           constituted by this Deed.

14.      LIMIT ON ENFORCEMENT

         Despite any other provision of this Deed or any other Finance Document,
         the amount recoverable by the Security Agent under this Deed is limited
         to an aggregate amount of $10.00.

15.      ASSIGNMENTS

15.1     ASSIGNMENT BY CHARGOR

         The Chargor may not assign or transfer any of its rights or obligations
         under this Deed without the prior written consent of the Security
         Agent.

                                                                              11
<PAGE>

15.2     ASSIGNMENT BY SECURITY AGENT

         Subject to the other Finance Documents, the Security Agent may assign
         its rights under this Deed in accordance with the Common Provisions and
         in no other manner whatsoever.

16.      GOVERNING LAW AND JURISDICTION

         (a)      This Deed is governed by New South Wales law.

         (b)      The courts having jurisdiction in New South Wales have
                  non-exclusive jurisdiction to settle any dispute arising out
                  of or in connection with this Deed (including a dispute
                  regarding the existence, validity or termination of this
                  Deed).

         (c)      Each party irrevocably waives any objection it may now or in
                  the future have to the venue of any proceedings, and any claim
                  it may now or in the future have that any proceedings have
                  been brought in any inconvenient forum, where that venue falls
                  within clause 16(b).

         EXECUTED as a deed.

                                                                              12<PAGE>
                                                                   Exhibit 10.48
(Multicurrency- Cross Border)

                                   [ISDA LOGO]

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                           dated as of 3 DECEMBER 2003

Australia and New Zealand Banking      and    Australian Railroad Group Pty Ltd,
Group Limited,                                ABN 68 080 579 308 ("Party B")
ABN 11 005 357 522 ("Party A")

         have entered and/or anticipate entering into one or more transactions
         (each a "Transaction") that are or will be governed by this Master
         Agreement, which includes the schedule (the "Schedule"), and the
         documents and other confirming evidence (each a "Confirmation")
         exchanged between the parties confirming those Transactions.

         Accordingly, the parties agree as follows: --

         1.       INTERPRETATION

         (a)      DEFINITIONS. The terms defined in Section 14 and in the
         Schedule will have the meanings therein specified for the purpose of
         this Master Agreement.

         (b)      INCONSISTENCY. In the event of any inconsistency between the
         provisions of the Schedule and the other provisions of this Master
         Agreement, the Schedule will prevail. In the event of any inconsistency
         between the provisions of any Confirmation and this Master Agreement
         (including the Schedule), such Confirmation will prevail for the
         purpose of the relevant Transaction.

         (c)      SINGLE AGREEMENT. All Transactions are entered into in
         reliance on the fact that this Master Agreement and all Confirmations
         form a single agreement between the parties (collectively referred to
         as this "Agreement"), and the parties would not otherwise enter into
         any Transactions.

         2.       OBLIGATIONS

         (a)      GENERAL CONDITIONS.

                  (i)      Each party will make each payment or delivery
                  specified in each Confirmation to be made by it, subject to
                  the other provisions of this Agreement.

                  (ii)     Payments under this Agreement will be made on the due
                  date for value on that date in the place of the account
                  specified in the relevant Confirmation or otherwise pursuant
                  to this Agreement, in freely transferable funds and in the
                  manner customary for payments in the required currency. Where
                  settlement is by delivery (that is, other than by payment),
                  such delivery will be made for receipt on the due date in the
                  manner customary for the relevant obligation unless otherwise
                  specified in the relevant Confirmation or elsewhere in this
                  Agreement.

                  (iii)    Each obligation of each party under Section 2(a)(1)
                  is subject to (1) the condition precedent that no Event of
                  Default or Potential Event of Default with respect to the
                  other party has occurred and is continuing, (2) the condition
                  precedent that no Early Termination Date in respect of the
                  relevant Transaction has occurred or been effectively
                  designated and (3) each other applicable condition precedent
                  specified in this Agreement.

       Copyright (C) 1992 by International Swap Dealers Association, Inc.

<PAGE>

         (b)      CHANGE OF ACCOUNT. Either party may change its account for
         receiving a payment or delivery by giving notice to the other party at
         least five Local Business Days prior to the scheduled date for the
         payment or delivery to which such change applies unless such other
         party gives timely notice of a reasonable objection to such change.

         (c)      NETTING. If on any date amounts would otherwise be payable:--

                  (i)      in the same currency; and

                  (ii)     in respect of the same Transaction,

         by each party to the other, then, on such date, each party's obligation
         to make payment of any such amount will be automatically satisfied and
         discharged and, if the aggregate amount that would otherwise have been
         payable by one party exceeds the aggregate amount that would otherwise
         have been payable by the other party, replaced by an obligation upon
         the party by whom the larger aggregate amount would have been payable
         to pay to the other party the excess of the larger aggregate amount
         over the smaller aggregate amount.

         The parties may elect in respect of two or more Transactions that a net
         amount will be determined in respect of all amounts payable on the same
         date in the same currency in respect of such Transactions, regardless
         of whether such amounts are payable in respect of the same Transaction.
         The election may be made in the Schedule or a Confirmation by
         specifying that subparagraph (ii) above will not apply to the
         Transactions identified as being subject to the election, together with
         the starting date (in which case subparagraph (ii) above will not, or
         will cease to, apply to such Transactions from such date). This
         election may be made separately for different groups of Transactions
         and will apply separately to each pairing of Offices through which the
         parties make and receive payments or deliveries.

         (d)      DEDUCTION OR WITHHOLDING FOR TAX.

                  (i)      GROSS-UP. All payments under this Agreement will be
                  made without any deduction or withholding for or on account of
                  any Tax unless such deduction or withholding is required by
                  any applicable law, as modified by the practice of any
                  relevant governmental revenue authority, then in effect. If a
                  party is so required to deduct or withhold, then that party
                  ("X") will:--

                           (1)      promptly notify the other party ("Y") of
                           such requirement;

                           (2)      pay to the relevant authorities the full
                           amount required to be deducted or withheld (including
                           the full amount required to be deducted or withheld
                           from any additional amount paid by X to Y under this
                           Section 2(d)) promptly upon the earlier of
                           determining that such deduction or withholding is
                           required or receiving notice that such amount has
                           been assessed against Y;

                           (3)      promptly forward to Y an official receipt
                           (or a certified copy), or other documentation
                           reasonably acceptable to Y, evidencing such payment
                           to such authorities; and

                           (4)      if such Tax is an Indemnifiable Tax, pay to
                           Y, in addition to the payment to which Y is otherwise
                           entitled under this Agreement, such additional amount
                           as is necessary to ensure that the net amount
                           actually received by Y (free and clear of
                           Indemnifiable Taxes, whether assessed against X or Y)
                           will equal the full amount Y would have received had
                           no such deduction or withholding been required.
                           However, X will not be required to pay any additional
                           amount to Y to the extent that it would not be
                           required to be paid but for. --

                                    (A)      the failure by Y to comply with or
                                    perform any agreement contained in Section
                                    4(a)(i), 4(a)(iii) or 4(d); or

                                    (B)      the failure of a representation
                                    made by Y pursuant to Section 3(f) to be
                                    accurate and true unless such failure would
                                    not have occurred but for (I) any action
                                    taken by a taxing authority, or brought in a
                                    court of competent jurisdiction, on or after
                                    the date on which a Transaction is entered
                                    into (regardless of whether such action is
                                    taken or brought with respect to a party to
                                    this Agreement) or (II) a Change in Tax Law.

                                       2                           ISDA (R) 1992
<PAGE>

                  (ii)     Liability, If:--

                           (1)      X is required by any applicable law, as
                           modified by the practice of any relevant governmental
                           revenue authority, to make any deduction or
                           withholding in respect of which X would not be
                           required to pay an additional amount to Y under
                           Section 2(d)(i)(4);

                           (2)      X does not so deduct or withhold; and

                           (3)      a liability resulting from such Tax is
                                    assessed directly against X,

                  then, except to the extent Y has satisfied or then satisfies
                  the liability resulting from such Tax, Y will promptly pay to
                  X 'the amount of such liability (including any related
                  liability for interest, but including any related liability
                  for penalties only if Y has failed to comply with or perform
                  any agreement contained in Section 4(a)(i), 4(a)(iii) or
                  4(d)).

         (e)      DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or
         effective designation of an Early Termination Date in respect of the
         relevant Transaction, a party that defaults in the performance of any
         payment obligation will, to the extent permitted by law and subject to
         Section 6(c), be required to pay interest (before as well as after
         judgment) on the overdue amount to the other party on demand in the
         same currency as such overdue amount, for the period from (and
         including) the original due date for payment to (but excluding) the
         date of actual payment, at the Default Rate. Such interest will be
         calculated on the basis of daily compounding and the actual number of
         days elapsed. If, prior to the occurrence or effective designation of
         an Early Termination Date in respect of the relevant Transaction, a
         parry defaults in the performance of any obligation required to be
         settled by delivery, it will compensate the other party on demand if
         and to the extent provided for in the relevant Confirmation or
         elsewhere in this Agreement.

         3.       REPRESENTATIONS

         Each party represents to the other party (which representations will be
         deemed to be repeated by each party on each date on which a Transaction
         is entered into and, in the case of the representations in Section
         3(f), at all times until the termination of this Agreement) that. --

         (a)      BASIC REPRESENTATIONS.

                  (i)      STATUS. It is duly organised and validly existing
                  under the laws of the jurisdiction of its organisation or
                  incorporation and, if relevant under such laws, in good
                  standing;

                  (ii)     POWERS. It has the power to execute this Agreement
                  and any other documentation relating to this Agreement to
                  which it is a party, to deliver this Agreement and any other
                  documentation relating to this Agreement that it is required
                  by this Agreement to deliver and to perform its obligations
                  under this Agreement and any obligations it has under any
                  Credit Support Document to which it is a party and has taken
                  all necessary action to authorise such execution, delivery and
                  performance;

                  (iii)    NO VIOLATION OR CONFLICT. Such execution, delivery
                  and performance do not violate or conflict with any law
                  applicable to it, any provision of its constitutional
                  documents, any order or judgment of any court or other agency
                  of government applicable to it or any of its assets or any
                  contractual restriction binding on or affecting it or any of
                  its assets;

                  (iv)     CONSENTS. All governmental and other consents that
                  are required to have been obtained by it with respect to this
                  Agreement or any Credit Support Document to which it is a
                  party have been obtained and are in full force and effect and
                  all conditions of any such consents have been complied with;
                  and

                  (v)      OBLIGATIONS BINDING. Its obligations under this
                  Agreement and any Credit Support Document to which it is a
                  party constitute its legal, valid and binding obligations,
                  enforceable in accordance with their respective terms (subject
                  to applicable bankruptcy, reorganisation, insolvency,
                  moratorium or similar laws affecting creditors' rights
                  generally and subject, as to enforceability, to equitable
                  principles of general application (regardless of whether
                  enforcement is sought in a proceeding in equity or at law)).

                                       3                            ISDA(R) 1992
<PAGE>

         (b)      ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential
         Event of Default or, to its knowledge, Termination Event with respect
         to it has occurred and is continuing and no such event or circumstance
         would occur as a result of its entering into or performing its
         obligations under this Agreement or any Credit Support Document to
         which it is a party.

         (c)      ABSENCE OF LITIGATION. There is not pending or, to its
         knowledge, threatened against it or any of its Affiliates any action,
         suit or proceeding at law or in equity or before any court, tribunal,
         governmental body, agency or official or any arbitrator that is likely
         to affect the legality, validity or enforceability against it of this
         Agreement or any Credit Support Document to which it is a party or its
         ability to perform its obligations under this Agreement or such Credit
         Support Document.

         (d)      ACCURACY OF SPECIFIED INFORMATION. All applicable information
         that is furnished in writing by or on behalf of it to the other party
         and is identified for the purpose of this Section 3(d) in the Schedule
         is, as of the date of the information, true, accurate and complete in
         every material respect.

         (e)      PAPER TAX REPRESENTATION. Each representation specified in the
         Schedule as being made by it for the purpose of this Section 3(e) is
         accurate and true.

         (f)      PAYEE TAX REPRESENTATIONS. Each representation specified in
         the Schedule as being made by it for the purpose of this Section 3(f)
         is accurate and true.

         4.       AGREEMENTS

         Each party agrees with the other that, so long as either party has or
         may have any obligation under this Agreement or under any Credit
         Support Document to which it is a party:--

         (a)      FURNISH SPECIFIED INFORMATION. It will deliver to the other
         party or, in certain cases under subparagraph (iii) below, to such
         government or taxing authority as the other party reasonably directs:--

                  (i)      any forms, documents or certificates relating to
                  taxation specified in the Schedule or any Confirmation;

                  (ii)     any other documents specified in the Schedule or any
                  Confirmation; and

                  (iii)    upon reasonable demand by such other party, any form
                  or document that may be required or reasonably requested in
                  writing in order to allow such other party or its Credit
                  Support Provider to make a payment under this Agreement or any
                  applicable Credit Support Document without any deduction or
                  withholding for or on account of any Tax or with such
                  deduction or withholding at a reduced rate (so long as the
                  completion, execution or submission of such form or document
                  would not materially prejudice the legal or commercial
                  position of the party in receipt of such demand), with any
                  such form or document to be accurate and completed in a manner
                  reasonably satisfactory to such other party and to be executed
                  and to be delivered with any reasonably required
                  certification,

         in each case by the date specified in the Schedule or such Confirmation
         or, if none is specified, as soon as reasonably practicable.

         (b)      MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to
         maintain in full force and effect all consents of any governmental or
         other authority that are required to be obtained by it with respect to
         this Agreement or any Credit Support Document to which it is a party
         and will use all reasonable efforts to obtain any that may become
         necessary in the future.

         (c)      COMPLY WITH LAWS. It will comply in all material respects with
         all applicable laws and orders to which it may be subject if failure so
         to comply would materially impair its ability to perform its
         obligations under this Agreement or any Credit Support Document to
         which it is a party.

         (d)      TAX AGREEMENT. It will give notice of any failure of a
         representation made by it under Section 3(f) to be accurate and true
         promptly upon learning of such failure.

         (e)      PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any
         Stamp Tax levied or imposed upon it or in respect of its execution or
         performance of this Agreement by a jurisdiction in which it is
         incorporated,

                                       4                            ISDA(R) 1992
<PAGE>

         organised, managed and controlled, or considered to have its seat, or
         in which a branch or office through which it is acting for the purpose
         of this Agreement is located ("Stamp Tax Jurisdiction") and will
         indemnify the other party against any Stamp Tax levied or imposed upon
         the other party or in respect of the other party's execution or
         performance of this Agreement by any such Stamp Tax Jurisdiction which
         is not also a Stamp Tax Jurisdiction with respect to the other party.

         5.       EVENTS OF DEFAULT AND TERMINATION EVENTS

         (a)      EVENTS OF DEFAULT. The occurrence at any time with respect to
         a party or, if applicable, any Credit Support Provider of such party or
         any Specified Entity of such party of any of the following events
         constitutes an event of default (an "Event of Default") with respect to
         such party:--

                  (i)      FAILURE TO PAY OR DELIVER. Failure by the party to
                  make, when due, any payment under this Agreement or delivery
                  under Section 2(a)(i) or 2(e) required to be made by it if
                  such failure is not remedied on or before the third Local
                  Business Day after notice of such failure is given to the
                  party;

                  (ii)     BREACH OF AGREEMENT. Failure by the party to comply
                  with or perform any agreement or obligation (other than an
                  obligation to make any payment under this Agreement or
                  delivery under Section 2(a)(i) or 2(e) or to give notice of a
                  Termination Event or any agreement or obligation under Section
                  4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed
                  by the party in accordance with this Agreement if such failure
                  is not remedied on or before the thirtieth day after notice of
                  such failure is given to the party;

                  (iii)    CREDIT SUPPORT DEFAULT.

                           (1)      Failure by the party or any Credit Support
                           Provider of such party to comply with or perform any
                           agreement or obligation to be complied with or
                           performed by it in accordance with any Credit Support
                           Document if such failure is continuing after any
                           applicable grace period has elapsed;

                           (2)      the expiration or termination of such Credit
                           Support Document or the failing or ceasing of such
                           Credit Support Document to be in full force and
                           effect for the purpose of this Agreement (in either
                           case other than in accordance with its terms) prior
                           to the satisfaction of all obligations of such party
                           under each Transaction to which such Credit Support
                           Document relates without the written consent of the
                           other party; or

                           (3)      the party or such Credit Support Provider
                           disaffirms, disclaims, repudiates or rejects, in
                           whole or in part, or challenges the validity of, such
                           Credit Support Document;

                  (iv)     MISREPRESENTATION. A representation (other than a
                  representation under Section 3(e) or (f)) made or repeated or
                  deemed to have been made or repeated by the party or any
                  Credit Support Provider of such party in this Agreement or any
                  Credit Support Document proves to have been incorrect or
                  misleading in any material respect when made or repeated or
                  deemed to have been made or repeated;

                  (v)      DEFAULT UNDER SPECIFIED TRANSACTION. The party, any
                  Credit Support Provider of such party or any applicable
                  Specified Entity of such party (1) defaults under a Specified
                  Transaction and, after giving effect to any applicable notice
                  requirement or grace period, there occurs a liquidation of, an
                  acceleration of obligations under, or an early termination of,
                  that Specified Transaction, (2) defaults, after giving effect
                  to any applicable notice requirement or grace period, in
                  making any payment or delivery due on the last payment,
                  delivery or exchange date of, or any payment on early
                  termination of, a Specified Transaction (or such default
                  continues for at least three Local Business Days if there is
                  no applicable notice requirement or grace period) or (3)
                  disaffirms, disclaims, repudiates or rejects, in whole or in
                  part, a Specified Transaction (or such action is taken by any
                  person or entity appointed or empowered to operate it or act
                  on its behalf);

                  (vi)     CROSS DEFAULT. If "Cross Default" is specified in the
                  Schedule as applying to the party, the occurrence or existence
                  of (1) a default, event of default or other similar condition
                  or event (however

                                       5                            ISDA(R) 1992
<PAGE>

                  described) in respect of such party, any Credit Support
                  Provider of such parry or any applicable Specified Entity of
                  such party under one or more agreements or instruments
                  relating to Specified Indebtedness of any of them
                  (individually or collectively) in an aggregate amount of not
                  less than the applicable Threshold Amount (as specified in the
                  Schedule) which has resulted in such Specified Indebtedness
                  becoming, or becoming capable at such time of being declared,
                  due and payable under such agreements or instruments, before
                  it would otherwise have been due and payable or (2) a default
                  by such party, such Credit Support Provider or such Specified
                  Entity (individually or collectively) in making one or more
                  payments on the due date thereof in an aggregate amount of not
                  less than the applicable Threshold Amount under such
                  agreements or instruments (after giving effect to any
                  applicable notice requirement or grace period);

                  (vii)    BANKRUPTCY. The party, any Credit Support Provider of
                  such party or any applicable Specified Entity of such party:--

                           (1)      is dissolved (other than pursuant to a
                           consolidation, amalgamation or merger); (2) becomes
                           insolvent or is unable to pay its debts or fails or
                           admits in writing its inability generally to pay its
                           debts as they become due; (3) makes a general
                           assignment, arrangement or composition with or for
                           the benefit of its creditors; (4) institutes or has
                           instituted against it a proceeding seeking a judgment
                           of insolvency or bankruptcy or any other relief under
                           any bankruptcy or insolvency law or other similar law
                           affecting creditors' rights, or a petition is
                           presented for its winding-up or liquidation, and, in
                           the case of any such proceeding or petition
                           instituted or presented against it, such proceeding
                           or petition (A) results in a judgment of insolvency
                           or bankruptcy or the entry of an order for relief or
                           the making of an order for its winding-up or
                           liquidation or (B) is not dismissed, discharged,
                           stayed or restrained in each case within 30 days of
                           the institution or presentation thereof; (5) has a
                           resolution passed for its winding-up, official
                           management or liquidation (other than pursuant to a
                           consolidation, amalgamation or merger); (6) seeks or
                           becomes subject to the appointment of an
                           administrator, provisional liquidator, conservator,
                           receiver, trustee, custodian or other similar
                           official for it or for all or substantially all its
                           assets; (7) has a secured party take possession of
                           all or substantially all its assets or has a
                           distress, execution, attachment, sequestration or
                           other legal process levied, enforced or sued on or
                           against all or substantially all its assets and such
                           secured parry maintains possession, or any such
                           process is not dismissed, discharged, stayed or
                           restrained, in each case within 30 days thereafter;
                           (8) causes or is subject to any event with respect to
                           it which, under the applicable laws of any
                           jurisdiction, has an analogous effect to any of the
                           events specified in clauses (i) to (7) (inclusive);
                           or (9) takes any action in furtherance of, or
                           indicating its consent to, approval of, or
                           acquiescence in, any of the foregoing acts; or

                  (viii)   MERGER WITHOUT ASSUMPTION. The party or any Credit
                  Support Provider of such party consolidates or amalgamates
                  with, or merges with or into, or transfers all or
                  substantially all its assets to, another entity and, at the
                  time of such consolidation, amalgamation, merger or transfer--

                           (1)      the resulting, surviving or transferee
                           entity fails to assume all the obligations of such
                           party or such Credit Support Provider under this
                           Agreement or any Credit Support Document to which it
                           or its predecessor was a party by operation of law or
                           pursuant to an agreement reasonably satisfactory to
                           the other party to this Agreement; or

                           (2)      the benefits of any Credit Support Document
                           fail to extend (without the consent of the other
                           party) to the performance by such resulting,
                           surviving or transferee entity of its obligations
                           under this Agreement.

         (b)      TERMINATION EVENTS. The occurrence at any time with respect to
         a party or, if applicable, any Credit Support Provider of such party or
         any Specified Entity of such party of any event specified below
         constitutes an Illegality if the event is specified in (i) below, a Tax
         Event if the event is specified in (ii) below or a Tax Event Upon
         Merger if the event is specified in (iii) below, and, if specified to
         be applicable, a Credit Event

                                       6                            ISDA(R) 1992
<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

         (i)      ILLEGALITY. Due to the adoption of, or any change in, any
         applicable law after the date on which a Transaction is entered into,
         or due to the promulgation of, or any change in, the interpretation by
         any court, tribunal or regulatory authority with competent jurisdiction
         of any applicable law after such date, it becomes unlawful (other than
         as a result of a breach by the party of Section 4(b)) for such party
         (which will be the Affected Party):--

                  (1)      to perform any absolute or contingent obligation to
                  make a payment or delivery or to receive a payment or delivery
                  in respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such
                  Transaction; or

                  (2)      to perform, or for any Credit Support Provider of
                  such party to perform, any contingent or other obligation
                  which the party (or such Credit Support Provider) has under
                  any Credit Support Document relating to such Transaction;

         (ii)     TAX EVENT. Due to (x) any action taken by a taxing authority,
         or brought in a court of competent jurisdiction, on or after the date
         on which a Transaction is entered into (regardless of whether such
         action is taken or brought with respect to a party to this Agreement)
         or (y) a Change in Tax Law, the party (which will be the Affected
         Party) will, or there it a substantial likelihood that it will, on the
         next succeeding Scheduled Payment Date (1) be required to pay to the
         other party an additional amount in respect of an Indemnifiable Tax
         under Section 2(d)(i)(4) (except in respect of interest under Section
         2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount
         is required to be deducted or withheld for or on account of a Tax
         (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e))
         and no additional amount is required to be paid in respect of such Tax
         under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A)
         or (B));

         (iii)    TAX EVENT UPON MERGER. The party (the "Burdened Party") on the
         next succeeding Scheduled Payment Date will either (1) be required to
         pay an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2)receive a payment from which an amount has been
         deducted or withheld for or on account of any Indemnifiable Tax in
         respect of which the other party is not required to pay an additional
         amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
         either case as a result of a party consolidating or amalgamating with,
         or merging with or into, or transferring all or substantially all its
         assets to, another entity (which will be the Affected Party) where such
         action does not constitute an event described in Section 5(a)(viii);

         (iv)     CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or any applicable Specified Entity of
         X consolidates or amalgamates with, or merges with or into, or
         transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the resulting, surviving or
         transferee entity is materially weaker than that of X, such Credit
         Support Provider or such Specified Entity, as the case may be,
         immediately prior to such action (and, in such event, X or its
         successor or transferee, as appropriate, will be the Affected Party);
         or

         (v)      ADDITIONAL TERMINATION EVENT. If any "Additional Termination
         Event" is specified in the Schedule or any Confirmation as applying,
         the occurrence of such event (and, in such event, the Affected Party or
         Affected Parties shall be as specified for such Additional Termination
         Event in the Schedule or such Confirmation).

(c)      EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which
would otherwise constitute or give rise to an Event of Default also constitutes
an Illegality, it will be treated as an Illegality and will not constitute an
Event of Default,

                                       7
<PAGE>

6.       EARLY TERMINATION

(a)      RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event
of Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(I), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)      RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

         (i)      NOTICE. If a Termination Event occurs, an Affected Party will,
         promptly upon becoming aware of it, notify the other party, specifying
         the nature of that Termination Event and each Affected Transaction and
         will also give such other information about that Termination Event as
         the other party may reasonably require.

         (ii)     TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality
         under Section 5(b)(i)(l) or a Tax Event occurs and there is only one
         Affected Party, or if a Tax Event Upon Merger occurs and the Burdened
         Party is the Affected Party, the Affected Party will, as a condition to
         its right to designate an Early Termination Date under Section
         6(b)(iv), use all reasonable efforts (which will not require such party
         to incur a loss, excluding immaterial, incidental expenses) to transfer
         within 20 days after it gives notice under Section 6(b)(i) all its
         rights and obligations under this Agreement in respect of the Affected
         Transactions to another of its Offices or Affiliates so that such
         Termination Event ceases to exist.

         If the Affected Party is not able to make such a transfer it will give
         notice to the other party to that effect within such 20 day period,
         whereupon the other party may effect such a transfer within 30 days
         after the notice is given under Section 6(b)(i).

         Any such transfer by a party under this Section 6(b)(ii) will be
         subject to and conditional upon the prior written consent of the other
         party, which consent will not be withheld if such other party's
         policies in effect at such time would permit it to enter into
         transactions with the transferee on the terms proposed.

         (iii)    TWO AFFECTED PARTIES. If an Illegality under Section
         5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties,
         each party will use all reasonable efforts to reach agreement within 30
         days after notice thereof is given under Section 6(b)(i) on action to
         avoid that Termination Event.

         (iv)     RIGHT TO TERMINATE. If:--

                  (1)      a transfer under Section 6(b)(ii) or an agreement
                  under Section 6(b)(iii), as the case may be, has not been
                  effected with respect to all Affected Transactions within 30
                  days after an Affected Party gives notice under Section
                  6(b)(i); or

                  (2)      an Illegality under Section 5(b)(i)(2), a Credit
                  Event Upon Merger or an Additional Termination Event occurs,
                  or a Tax Event Upon Merger occurs and the Burdened Party is
                  not the Affected Party,

         either party in the case of an Illegality, the Burdened Party in the
         case of a Tax Event Upon Merger, any Affected Party in the case of a
         Tax Event or an Additional Termination Event if there is more than one
         Affected Party, or the party which is not the Affected Party in the
         case of a Credit Event Upon Merger or an Additional Termination Event
         if there is only one Affected Party may, by not more than 20 days
         notice to the other party and provided that the relevant Termination
         Event is then

                                       8
<PAGE>

         continuing, designate a day not earlier than the day such notice is
         effective as an Early Termination Date in respect of all Affected
         Transactions.

(c)      EFFECT OF DESIGNATION.

         (i)      If notice designating an Early Termination Date is given under
         Section 6(a) or (b), the Early Termination Date will occur on the date
         so designated, whether or not the relevant Event of Default or
         Termination Event is then continuing.

         (ii)     Upon the occurrence or effective designation of an Early
         Termination Date, no further payments or deliveries under Section
         2(a)(i) or 2(e) in respect of the Terminated Transactions will be
         required to be made, but without prejudice to the other provisions of
         this Agreement. The amount, if any, payable in respect of an Early
         Termination Date shall be determined pursuant to Section 6(e).

(d)      CALCULATIONS.

         (i)      STATEMENT. On or as soon as reasonably practicable following
         the occurrence of as Early Termination Date, each party will make the
         calculations on its part, if any, contemplated by Section 6(e) and will
         provide to the other party a statement (1) showing, in reasonable
         detail, such calculations (including all relevant quotations and
         specifying any amount payable under Section 6(e)) and (2) giving
         details of the relevant account to which any amount payable to it is to
         be paid. In the absence of written confirmation from the source of a
         quotation obtained in determining a Market Quotation, the records of
         the party obtaining such quotation will be conclusive evidence of the
         existence and accuracy of such quotation.

         (ii)     PAYMENT DATE. An amount calculated as being due in respect of
         any Early Termination Date under Section 6(e) will be payable on the
         day that notice of the amount payable is effective (in the case of an
         Early Termination Date which is designated or occurs as a result of an
         Event of Default) and on the day which is two Local Business Days after
         the day on which notice of the amount payable is effective (in the case
         of an Early Termination Date which is designated as a result of a
         Termination Event). Such amount will be paid together with (to the
         extent permitted under applicable law) interest thereon (before as well
         as after judgment) in the Termination Currency, from (and including)
         the relevant Early Termination Date to (but excluding) the date such
         amount is paid, at the Applicable Rate. Such interest will be
         calculated on the basis of daily compounding and the actual number of
         days elapsed.

(e)      PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

         (i)      EVENTS OF DEFAULT. If the Early Termination Date results from
         an Event of Default:--

                  (1)      FIRST METHOD AND MARKET QUOTATION. If the First
                  Method and Market Quotation apply, the Defaulting Party will
                  pay to the Non-defaulting Party the excess, if a positive
                  number, of (A) the sum of the Settlement Amount (determined by
                  the Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party over (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party.

                  (2)      FIRST METHOD AND LOSS. If the First Method and Loss
                  apply, the Defaulting Party will pay to the Non-defaulting
                  Party, if a positive number, the Non-defaulting Party's Loss
                  in respect of this Agreement.

                  (3)      SECOND METHOD AND MARKET QUOTATION. If the Second
                  Method and Market Quotation apply, an amount will be payable
                  equal to (A) the sum of the Settlement Amount (determined by
                  the

                                       9
<PAGE>

                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party less (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party. If that amount is a positive number, the
                  Defaulting Party will pay it to the Non-defaulting Party; if
                  it is a negative number, the Non-defaulting Party will pay the
                  absolute value of that amount to the Defaulting Party.

                  (4)      SECOND METHOD AND LOSS. If the Second Method and Loss
                  apply, an amount will be payable equal to the Non-defaulting
                  Party's Loss in respect of this Agreement. If that amount is a
                  positive number, the Defaulting Party will pay it to the
                  Non-defaulting Party; if it is a negative number, the
                  Non-defaulting Party will pay the absolute value of that
                  amount to the Defaulting Party.

         (ii)     TERMINATION EVENTS. If the Early Termination Date results from
                  a Termination Event:--

                  (1)      ONE AFFECTED PARTY. If there is one Affected Party,
                  the amount payable will be determined in accordance with
                  Section 6(e)(i)(3), if Market Quotation applies, or Section
                  6(e)(i)(4), if Loss applies, except that, in either case,
                  references to the Defaulting Party and to the Non-defaulting
                  Party will be deemed to be references to the Affected Party
                  and the party which is not the Affected party, respectively,
                  and, if Loss applies and fewer than all the Transactions are
                  being terminated, Loss shall be calculated in respect of all
                  Terminated Transactions.

                  (2)      TWO AFFECTED PARTIES. If there are two Affected
                  Parties: --

                  (A)      If Market Quotation applies, each party will
                  determine a Settlement Amount in respect of the Terminated
                  Transactions, and an amount will be payable equal to (I) the
                  sum of (a) one-half of the difference between the Settlement
                  Amount of the party with the higher Settlement Amount ("X")
                  and the Settlement Amount of the party with the lower
                  Settlement Amount ("Y") and (b) the Termination Currency
                  Equivalent of the Unpaid Amounts owing to X less (II) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  Y; and

                  (B)      if Loss applies, each party will determine its Loss
                  in respect of this Agreement (or, if fewer than all the
                  Transactions are being terminated, in respect of all
                  Terminated Transactions) and an amount will be payable equal
                  to one-half of the difference between the Loss of the party
                  with the higher Loss ("X") and the Loss of the party with the
                  lower Loss ("Y").

         If the amount payable is a positive number, Y will pay it to X; if it
         is a negative number, X will pay the absolute value of that amount to
         Y.

         (iii)    ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
                  Termination Date occurs because "Automatic Early Termination"
                  applies in respect of a party, the amount determined under
                  this Section 6(e) will be subject to such adjustments as are
                  appropriate and permitted by law to reflect any payments or
                  deliveries made by one party to the other under this Agreement
                  (and retained by such other party) during the period from the
                  relevant Early Termination Date to the date for payment
                  determined under Section 6(d)(ii).

         (iv)     PRE-ESTIMATE. The parties agree that if Market Quotation
                  applies an amount recoverable under this Section 6(e) is a
                  reasonable pre-estimate of loss and not a penalty. Such amount
                  is payable for the loss of bargain and the loss of protection
                  against future risks and except as otherwise provided in this
                  Agreement neither party will be entitled to recover any
                  additional damages as a consequence of such losses.

                                       10
<PAGE>

7.       TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a)      a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b)      a party may make such a transfer of all or any part of its interest in
any amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.       CONTRACTUAL CURRENCY

(a)      PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement
will be made in the relevant currency specified in this Agreement for that
payment (the "Contractual Currency"). To the extent permitted by applicable law,
any obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for me
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b)      JUDGMENTS. To the extent permitted by applicable law, if any judgment
or order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c)      SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the parry
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d)      EVIDENCE OF LOSS. For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had an
actual exchange or purchase been made.

                                       11
<PAGE>

9.       MISCELLANEOUS

(a)      ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)      AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c)      SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)      REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e)      COUNTERPARTS AND CONFIRMATIONS.

         (i)      This Agreement (and each amendment, modification and waiver in
         respect of it) may be executed and delivered in counterparts (including
         by facsimile transmission), each of which will be deemed an original.

         (ii)     The parties intend that they are legally bound by the terms of
         each Transaction from the moment they agree to those terms (whether
         orally or otherwise). A Confirmation shall be entered into as soon as
         practicable and may be executed and delivered in counterparts
         (including by facsimile transmission) or be created by an exchange of
         telexes or by an exchange of electronic messages on an electronic
         messaging system, which in each case will be sufficient for all
         purposes to evidence a binding supplement to this Agreement. The
         parties will specify therein or through another effective means that
         any such counterpart, telex or electronic message constitutes a
         Confirmation.

(f)      NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power
or privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g)      HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.      OFFICES; MULTIBRANCH PARTIES

(a)      If Section 10(a) is specified in the Schedule as applying, each party
that enters into a Transaction through an Office other than its head or home
office represents to the other party that, notwithstanding the place of booking
office or jurisdiction of incorporation or organisation of such party, the
obligations of such party are the same as if it had entered into the Transaction
through its head or home office. This representation will be deemed to be
repeated by such party on each date on which a Transaction is entered into.

(b)      Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)      If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.      EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                       12
<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.      NOTICES

(a)      EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:

         (i)      if in writing and delivered in person or by courier, on the
         date it is delivered;

         (ii)     if sent by telex, on the date the recipient's answerback is
         received;

         (iii)    if sent by facsimile transmission, on the date that
         transmission is received by a responsible employee of the recipient in
         legible form (it being agreed that the burden of proving receipt will
         be on the sender and will not be met by a transmission report generated
         by the sender's facsimile machine);

         (iv)     if sent by certified or registered mail (airmail, if overseas)
         or the equivalent (return receipt requested), on the date that mail is
         delivered or its delivery is attempted; or

         (v)      if sent by electronic messaging system, on the date that
         electronic message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)      CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.      GOVERNING LAW AND JURISDICTION

(a)      GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)      JURISDICTION. With respect to any suit, action or proceedings relating
         to this Agreement ("Proceedings"), each party irrevocably:

         (i)      submits to the jurisdiction of the English courts, if this
         Agreement is expressed to be governed by English law, or to the
         non-exclusive jurisdiction of the courts of the State of New York and
         the United States District Court located in the Borough of Manhattan in
         New York City, if this Agreement is expressed to be governed by the
         laws of the State of New York; and

         (ii)     waives any objection which it may have at any time to the
         laying of venue of any Proceedings brought in any such court, waives
         any claim that such Proceedings have been brought in an inconvenient
         forum and further waives the right to object, with respect to such
         Proceedings, that such court does not have any jurisdiction over such
         party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)      SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent
(if any) specified opposite its name in the Schedule to receive, for it and on
its behalf, service of process in any Proceedings. If for any

                                                                    ISDA(C) 1992

                                       13

<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d)      WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues and
assets (irrespective of their use or intended use), all immunity on the grounds
of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the counts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.      DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a)      in respect of obligations payable or deliverable (or which would have
been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)      in respect of an obligation to pay an amount under Section 6(e) of
either party from and after the date (determined in accordance with
Section 6(d)(ii)) on which that amount is payable, the Default Rate;

(c)      in respect of all other obligations payable or deliverable (or which
would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate; and

(d)      in all other cases, the Termination Rate.

*BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                                                    ISDA(C) 1992

                                       14
<PAGE>

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated Under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS " means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(I) or (3)
or 6(e)(ii)(2)(A) applies, Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                                                    ISDA(C) 1992

                                       15
<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"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.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of:--

(a)      the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b)      such party's Loss (whether positive or negative and without reference
to any Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meanings specified in the Schedule.

                                                                    ISDA(C) 1992

                                       16
<PAGE>

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign, exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION  EVENT" means an  Illegality, a Tax Event or a Tax Event Upon
Merger or, if  specified to be applicable,  a Credit Event Upon Merger or an
Additional Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                                                    ISDA(C) 1992

                                       17
<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

Australian and New Zealand Banking Group      Australian Railroad Group Pty Ltd
Limited  -------------------------------      ---------------------------------
         (Name of Party)                                 (Name of Party)

By: /s/ Cameron Dare Knight Whalley               By: /s/ Angela Flannery
    ------------------------------------         -------------------------------
    Name: Cameron Dare Knight Whalley             Name: Angela Flannery
    Title: Associate Director                 Title: Attorney
    Date: 3/12/03                                   Date: 3 December 2003

                                                                    ISDA(C) 1992

                                       18
<PAGE>

                                    SCHEDULE

                                     to the

                              ISDA Master Agreement

                          dated as of 3 December 2003

                                     between

 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, ABN 11 005 357 522 ("PARTY A")

                                       and

        AUSTRALIAN RAILROAD GROUP PTY LTD, ABN 68 080 579 308 ("PARTY B")

PART 1:  TERMINATION PROVISIONS

         (a)      "SPECIFIED ENTITY" will not apply to Party A or to Party B.

         (b)      "SPECIFIED TRANSACTION" will have the meaning specified in
                  Section 14 of this Agreement.

         (c)      The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply
                  to Party A and to Party B.

                  "SPECIFIED INDEBTEDNESS" means any obligation (whether present
                  or future, contingent or otherwise, as principal or surety or
                  otherwise) in respect of money borrowed or raised or under or
                  in respect of any finance lease, redeemable preference share,
                  letter of credit, bond, futures contract or a transaction of a
                  type described in the last 6 lines of the definition of
                  Specified Transaction or facility or arrangement for the
                  provision of any financial accommodation or financial or
                  banking services.

                  "THRESHOLD AMOUNT" means, in the case of Party A and Party B,
                  A$25,000,000 or its equivalent in any other currency or
                  currencies.

         (d)      The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv)
                  will apply to Party A and to Party B.

         (e)      The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a)
                  will not apply to Party A or Party B.

         (f)      PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e)
                  of this Agreement:

                  (i)      Market Quotation will apply; and

                  (ii)     the Second Method will apply.

         (g)      "TERMINATION CURRENCY" means Australian dollars.

         (h)      Additional Termination Event will not apply.

                                                                               1
<PAGE>

PART 2:  TAX REPRESENTATIONS

         (a)      PAYER TAX REPRESENTATIONS

                  For the purpose of Section 3(e) of this Agreement, each of
                  Party A and Party B represent that it is not required by any
                  applicable law, as modified by the practice of any relevant
                  governmental revenue authority, of any Relevant Jurisdiction
                  to make any deduction or withholding for or on account of any
                  Tax from any payment (other than interest under Section 2(e),
                  6(d)(ii) or 6(e) of this Agreement) to be made by it to the
                  other party under this Agreement. In making this
                  representation, it may rely on:

                  (i)      the accuracy of any representations made by the other
                           party under Section 3(f) of this Agreement;

                  (ii)     the satisfaction of the agreement contained in
                           Section 4(a)(i) or 4(a)(iii) of this Agreement and
                           the accuracy and effectiveness of any document
                           provided by the other party pursuant to Section
                           4(a)(i) or 4(a)(iii) of this Agreement; and

                  (iii)    the satisfaction of the agreement of the other party
                           contained in Section 4(d) of this Agreement.

                  However, it will not be a breach of this representation where
                  reliance is placed on clause (ii) and the other party does not
                  deliver a form or document under Section 4(a)(iii) of this
                  Agreement because of material prejudice to its legal or
                  commercial position.

         (b)      PAYEE TAX REPRESENTATIONS

                  For the purposes of Section 3(f) of this Agreement, Party A
                  and Party B make the following representation:

                           It is an Australian resident and does not derive the
                           payments under this Agreement in part or in whole in
                           carrying on a business in a country outside Australia
                           at or through a permanent establishment of itself in
                           such other countries.

PART 3:  AGREEMENT TO DELIVER DOCUMENTS

         For the purpose of Sections 4(a)(i) and 4(a)(ii) of this Agreement,
         each party will deliver the following documents, as applicable, to the
         other party or as directed:

         (a)      TAX FORMS, DOCUMENTS OR CERTIFICATES TO BE DELIVERED ARE: Any
                  form, document or certificate requested pursuant to Section
                  4(a)(iii) of this Agreement.

                  PARTY REQUIRED TO DELIVER: Party A and Party B

                  DATE BY WHICH TO BE DELIVERED: On the earlier of (i) learning
                  that such form, document or certificate is required and (ii)
                  promptly following a reasonable demand by the other party.

         (b)      OTHER DOCUMENTS TO BE DELIVERED ARE: A list of authorised
                  signatories, including specimen signatures, for the party and
                  evidence reasonably satisfactory to the other party of the due
                  authorisation of the signatories to this Agreement and each
                  Confirmation and any other notice or communication in relation
                  to this Agreement on behalf of the party.

                                                                               2
<PAGE>

                  PARTY REQUIRED TO DELIVER: Party A and Party B.

                  DATE BY WHICH TO BE DELIVERED: On execution of this Agreement,
                  when the list of signatories is updated and at any other time
                  on the reasonable request of the other party.

         Each of the foregoing documents is covered by the representation
         contained in Section 3(d) of this Agreement.

PART 4:  MISCELLANEOUS

         (a)      (ADDRESS FOR NOTICES) For the purpose of Section 12(a) the
                  notice details of the parties are as follows:

                  Party A

                  Address:                   ANZ Investment Bank Markets
                                             Operations Level 12, 530 Collins
                                             Street Melbourne Victoria 3000

                  Attention:                 Manager, Derivative Operations
                  Facsimile:                 (613) 9273 1983

                  Telex No.:                 AA151018
                  Telephone No.:             (613) 9273 1629
                  SWIFT Code:                ANZBAU3M
                  Answerback:                ANZAT

                  PARTY B

                  Address:                   2-10 Adams Drive
                                             WELSHPOOL WA 6106

                  Attention:                 John Cleland
                  Facsimile:                 (61 8) 9212 2730
                  Electronic Messaging System: JCleland@arg.net.au

         (b)      PROCESS AGENT. For the purpose of Section 13(c) of this
                  Agreement:

                  Party A appoints as its Process Agent: Not applicable.

                  Party B appoints as its Process Agent: Not applicable.

         (c)      OFFICES. The provisions of Section 10(a) will not apply to
                  this Agreement.

         (d)      MULTIBRANCH PARTY. For the purpose of Section 10(c) of this
                  Agreement:

                  (i)      Party A is not a Multibranch Party.

                  (ii)     Party B is not a Multibranch Party.

         (e)      CALCULATION AGENT. The Calculation Agent is Party A unless
                  otherwise specified in a Confirmation in relation to the
                  relevant Transaction.

         (f)      CREDIT SUPPORT DOCUMENT. Details of any Credit Support
                  Document.

                  Party A: Not applicable.

                                                                               3
<PAGE>

                  Party B: The Common Terms Deed.

         (g)      CREDIT SUPPORT PROVIDER

                  Credit Support Provider means in relation to Party A: Not
                  applicable.

                  Credit Support Provider means in relation to Party B:

                  (i)      ARG Financing Pty Ltd ACN 094 806 078, Australia
                           Southern Railroad Pty Limited, ACN 079 444 296, AWR
                           Holdings WA Pty Ltd, ACN 094 693 562, Australia
                           Western Railroad Pty Ltd, ACN 094 792 275, WestNet
                           Rail Pty Ltd, ACN 094 721 301, Australian Railroad
                           Group Employment Pty Ltd, ACN 087 891 601, WestNet
                           NarrowGauge Pty Ltd, ACN 094 736, 900 and WestNet
                           StandardGauge Pty Ltd, ACN 094 819 360, in each case
                           during the period that person is a "Guarantor" under
                           the Common Terms Deed,; and

                  (ii)     any other entity agreed in writing by the parties to
                           be a Credit Support Provider for the purposes of this
                           Agreement.

         (h)      GOVERNING LAW. This Agreement will be governed by and
                  construed in accordance with the laws of New South Wales.
                  Section 13(b)(i) is deleted and replaced with:

                           "submits to the non-exclusive jurisdiction of the
                           courts of New South Wales."

         (i)      NETTING OF PAYMENTS. Section 2(c)(ii) of this Agreement will
                  not apply to the following Transactions or groups of
                  Transactions (in each case starting from the date of this
                  Agreement):

                  All Transactions being of the same product type.

         (j)      "AFFILIATE" has the meaning given in Section 14 of this
                  Agreement.

                  Party A will be deemed to have no Affiliates for the purposes
                  of Section 3(c).

                  Party B's Affiliates for the purposes of Section 3(c) are
                  deemed to be ARG Financing Pty Ltd ACN 094 806 078, Australia
                  Southern Railroad Pty Limited, ACN 079 444 296, AWR Holdings
                  WA Pty Ltd, ACN 094 693 562, Australia Western Railroad Pty
                  Ltd, ACN 094 792 275, WestNet Rail Pty Ltd, ACN 094 721 301,
                  Australian Railroad Group Employment Pty Ltd, ACN 087 891 601,
                  WestNet NarrowGauge Pty Ltd, ACN 094 736, 900 and WestNet
                  StandardGauge Pty Ltd, ACN 094 819 360 , in each case during
                  the period that person is a "Guarantor" under the Common Terms
                  Deed, together with any other entity agreed in writing by the
                  parties to be an Affiliate for the purposes of this Agreement.

         (k)      TRANSACTION DOCUMENTS. Party A and Party B irrevocably agree
                  that this Agreement and each Confirmation is a "Hedging
                  Agreement" for the purposes of the Common Terms Deed.

PART 5:  OTHER PROVISIONS

5.1      DEFINITIONS AND INTERPRETATION:

         (a)      (Definitions)

                  (i)      Insert the following definition in Section 14:

                                                                               4
<PAGE>

                           "COMMON TERMS DEED" means the deed so entitled dated
                           on or about 1 December 2003 between Party B, Party A
                           and others."

                  (ii)     Unless otherwise defined in this Agreement, or the
                           context otherwise requires, expressions defined in
                           the Common Terms Deed have the same meaning when used
                           in this Agreement and will continue to apply
                           notwithstanding any termination or avoidance of the
                           Common Terms Deed.

                  (iii)    ISDA DEFINITIONS. The definitions and provisions
                           contained in the respective ISDA Definitions
                           specified below are incorporated into each
                           Confirmation of a Transaction between the parties
                           which is, or is described in its Confirmation as
                           being, of the type specified below. If there is an
                           inconsistency between those definitions and
                           provisions and any such Confirmation, the
                           Confirmation prevails.

<TABLE>
<CAPTION>
TYPES OF TRANSACTIONS                 ISDA DEFINITIONS
---------------------                 ----------------
<S>                                   <C>
Currency option transaction or FX     1998 FX and Currency Option Definitions
transaction                           as published by International Swaps and
                                      Derivatives Association, Inc., the
                                      Emerging Markets Traders Association and
                                      the Foreign Exchange Committee.

Forward rate agreement                2000 ISDA Definitions and Annex to the
                                      2000 ISDA Definitions as published by
                                      International Swaps and Derivatives
                                      Association Inc. (the "2000 ISDA
                                      DEFINITIONS").

Forward commodity transaction; spot   1993 ISDA Commodity Derivative
commodity transaction;                Definitions as published by
commodity option transaction;         International Swaps and Derivatives
commodity swap transaction;           Association, Inc. as supplemented by the
commodity cap, collar or floor        2000 Supplement.
transaction

Bullion spot transaction;             1997 ISDA Bullion Definitions as
bullion forward transaction;          published by International Swaps and
bullion swap transaction or           Derivatives Association, Inc.
bullion option transaction
</TABLE>

                           In the event of any inconsistency between the
                           provisions of this Agreement and any of the above
                           definitions, this Agreement will prevail.

         (b)      (INTERPRETATION)

                  Any reference to a:

                  (i)      "SWAP TRANSACTION" in the 2000 ISDA Definitions is
                           deemed to be a reference to a "Transaction" for the
                           purpose of interpreting this Agreement or any
                           Confirmation; and

                                                                               5
<PAGE>

                  (ii)     "TRANSACTION" in this Agreement or any Confirmation
                           will be taken to be a reference to a "Swap
                           Transaction" for the purpose of interpreting the 2000
                           ISDA Definitions.

5.2      PAYMENTS

         (a)      In Section 2(a)(i), add the following sentence:

                           "Each payment will be by way of exchange for the
                           corresponding payment or payments payable by the
                           other party."

         (b)      In Section 2(a)(ii), the first sentence is deleted and
                  replaced with the following sentence:

                           "Unless specified otherwise in this Agreement,
                           payments under this Agreement will be made on the due
                           date for value on that date in the place of the
                           account specified in the relevant Confirmation or
                           otherwise pursuant to this Agreement, in freely
                           transferable funds, free of any set-off,
                           counterclaim, deduction or withholding (except as
                           expressly provided in this Agreement) and in the
                           manner customary for payment in the required
                           currency."

5.3      GENERAL CONDITIONS

         A new Section 2(a)(iv) is inserted as follows:

                  "(iv)    The condition precedent in section 2(a)(iii)(1) does
                           not apply to a payment or delivery due to be made to
                           a party if it has satisfied all its payment and
                           delivery obligations under section 2(a)(i) of this
                           Agreement and has no future payment or delivery
                           obligations, whether absolute or contingent, under
                           Section 2(a)(i)."

         Add the following new sentence to Section 2(b):

                  "Each new account so designated must be in the same tax
                  jurisdiction as the original account."

5.4      REPRESENTATIONS

         (a)      Section 3(a)(v) is amended by inserting immediately after the
                  words "creditors' rights generally" the following:

                           "(including in the case of a party being a bank
                           authorised to carry on banking business in the
                           Commonwealth of Australia, Section 16 or (as
                           applicable) Section 13A(3) of the Banking Act 1959
                           (Commonwealth) and Section 86 of the Reserve Bank Act
                           1959 (Commonwealth)".

         (b)      In Section 3(a) add the following:

                  "(vi)    CAPACITY. It is entering into this Agreement and
                           performing its obligations under this Agreement
                           solely as principal on its own behalf and not as
                           agent on behalf of any third party.".

         (c)      Section 3 is amended by adding the following paragraph (g) at
                  the end of it:

                  "(g)     RELATIONSHIP BETWEEN PARTIES:

                                                                               6
<PAGE>

                           (i)      NON-RELIANCE. It is acting as principal, and
                                    it has made its own independent decisions to
                                    enter into that Transaction and as to
                                    whether that Transaction is appropriate or
                                    proper for it based upon its own judgment
                                    and upon advice from such advisors as it has
                                    deemed necessary. It is not relying on any
                                    communication (written or oral) of the other
                                    party as investment advice or as a
                                    recommendation to enter into that
                                    Transaction. Information and explanations
                                    related to the terms and conditions of a
                                    Transaction shall not be considered
                                    investment advice or a recommendation to
                                    enter into that Transaction. It has not
                                    received from the other party any written or
                                    oral assurance or guarantee as to the
                                    expected results of that Transaction, and no
                                    communication (written or oral) received
                                    from the other party shall be deemed to be
                                    an assurance or guarantee as to the expected
                                    results of that Transaction.

                           (ii)     ASSESSMENT AND UNDERSTANDING. It is capable
                                    of assessing the merits of and understanding
                                    (on its own behalf or through independent
                                    professional advice), and understands and
                                    accepts the terms, conditions and risks of
                                    that Transaction. It is also capable of
                                    assuming, and assumes, the financial and
                                    other risks of that Transaction.

                           (iii)    STATUS OF PARTIES. The other party is not
                                    acting as a fiduciary or an advisor for it
                                    in respect of that Transaction."

5.5      SET-OFF

         A new Section 6(f) is inserted as follows:

         "(f)(i)  Any amount payable under this Agreement ("PAYER'S AMOUNT") by
                  one party ("PAYER") to the other party ("PAYEE") after an
                  Early Termination Date has occurred will, at the option of the
                  Payer (and without prior notice to the Payee), be set-off
                  against any amounts (excluding amounts which would become
                  payable upon the occurrence of a contingency) ("SET-OFF
                  AMOUNT") payable or owing but not currently payable by the
                  Payee to the Payer (irrespective of the currency, place of
                  payment or booking office of the obligation) under any other
                  contract between the Payee and the Payer or under Sections 8
                  or 11.

         (ii)     To effect a set-off the Payer may convert the Payer's Amount
                  or the Set-Off Amount into the currency in which the other is
                  denominated ("OTHER CURRENCY"). The conversion is to be at the
                  rate equal to the spot exchange rate of the foreign exchange
                  agent (selected as provided below) for the purchase of the
                  Other Currency with the currency of the Payer's Amount or
                  Set-off Amount as the case may be at or about 11.00 am (in
                  Sydney) on such date as would be customary for the
                  determination of such a rate for the purchase of such Other
                  Currency for value on the date the set-off is effected. The
                  foreign exchange agent will be as agreed by the parties or
                  failing agreement, selected by the Non-defaulting Party or
                  Non-affected Party (or if there are two Affected Parties, by
                  Party B).

         (iii)    The Payer must notify the Payee of any set-off effected under
                  this Section 6(f).

         (iv)     Nothing in this Section 6(f) creates a charge or other
                  security interest. This Section is without prejudice and in
                  addition to any right of set-off, combination of accounts,

                                                                               7
<PAGE>

                  lien or other right to which any party is at any time
                  otherwise entitled (whether by operation of law, contract or
                  otherwise)."

5.6      NOTICES

         (a)      Section 12(a)(iii) is replaced with:

                  "(iii)   if sent by facsimile transmission, at the local time
                           (in the place of receipt of that facsimile) which
                           then equates to the time at which that facsimile was
                           sent as shown on the transmission report which is
                           produced by the machine from which that facsimile is
                           sent and which confirms transmission of that
                           facsimile in its entirety;"

         (b)      Insert an additional Section 12(a)(vi) as follows:

                  "(vi)    if sent by prepaid post, on the second day after
                           posting."

5.8      THIRD PARTY PAYMENT INSTRUCTIONS

         In Section 12(a) add after "Section 5 or 6":

                  "and instructions to make payment to an entity other than the
                  original party".

5.8      RECORDED CONVERSATIONS

         Each party:

         (a)      consents to the electronic recording of the telephone
                  conversations of trading and marketing personnel of that party
                  and its Affiliates in connection with this Agreement or any
                  potential Transaction;

         (b)      agrees to obtain any necessary consent of, and give notice of
                  such recording to, such personnel of it and its Affiliates;
                  and

         (c)      consents to such recording being used as evidence in court
                  proceedings or arbitration.

5.9      POTENTIAL EVENT OF DEFAULT

         The references to "Potential Event of Default" in Sections 2(a)(iii)
         and 3(b) of this Agreement shall be disregarded.

5.10     FRA BASIS

         Unless expressly agreed otherwise in respect of a particular
         Transaction, the following provisions apply to any Transaction which
         is, or is described in its Confirmation to be, an AUD or NZD forward
         rate agreement ("FRA"), or an AUD or NZD rate cap transaction, rate
         collar transaction or rate floor transaction.

         For the purpose of the following provisions, the rate cap part of a
         rate collar transaction is to be treated as a rate cap transaction and
         the rate floor part of a rate collar transaction is to be treated as a
         rate floor transaction.

         Despite sections 6 and 8.4(b) of the 2000 ISDA Definitions, on each
         Payment Date:

         (a)      in the case of an FRA:

                                                                               8
<PAGE>

                  (i)      if the Floating Rate exceeds the Fixed Rate, then the
                           Floating Rate Payer must pay the absolute value of
                           the FRA Amount to the Fixed Rate Payer; and

                  (ii)     if the Fixed Rate exceeds the Floating Rate, then the
                           Fixed Rate Payer must pay the FRA Amount to the
                           Floating Rate Payer;

         (b)      in the case of a rate cap transaction, if the Floating Rate
                  exceeds the Fixed Rate, then the Floating Rate Payer (Seller)
                  must pay the absolute value of the FRA Amount to the Fixed
                  Rate Payer (Buyer). (No corresponding payment is due from the
                  Fixed Rate Payer to the Floating Rate Payer);

         (c)      in the case of a rate floor transaction, if the Fixed Rate
                  exceeds the Floating Rate, then the Floating Rate Payer
                  (Seller) must pay the FRA Amount to the Fixed Rate Payer
                  (Buyer). (No corresponding payment is due from the Fixed Rate
                  Payer to the Floating Rate Payer).

         The "FRA AMOUNT" is calculated in accordance with the following
         formula:

         CA X 36500 X [1/36500 + (R(1) X ND) - 1/36500 + (R(2) X ND)]

         where:

         CA       =        Calculation Amount

         R1       =        in the case of an FRA, the Floating Rate on the
                           Payment Date (expressed as a number and not a
                           percentage, eg 8.1875 not 8.1875%), or in the case of
                           a rate cap transaction or a rate floor transaction,
                           the Floating Rate (plus or minus the Spread, if any)
                           calculated disregarding section 6.2(a)(i) and section
                           6.2(a)(ii) of the 2000 ISDA Definitions.

         R2       =        in the case of an FRA, the Fixed Rate (expressed as a
                           number and not a percentage), or in the case of a
                           rate cap transaction or a rate floor transaction, the
                           cap rate or the floor rate respectively.

         ND       =        the actual number of days in the Calculation Period.

         Unless otherwise agreed, the Relevant Rate:

         (a)      in the case of A$ FRAs is "AUD-BBR-BBSW"; and

         (b)      in the case of NZD FRAs is "NZD-BBR-FRA".

5.11     SPOT RATE

         The time for determining a Spot Rate for the purpose of Section 1.16(e)
         of the 1998 FX and Currency Option Definitions published by
         International Swaps and Derivatives Association Inc is to be
         determined, for a European option, as at the Expiration Time, and for
         an American option or a Bermuda option, as at the time when the Notice
         of Exercise is given.

5.12     FRA DICTIONARY

         In respect of each AUD FRA confirmed by the parties through the FRTRADE
         - Forward Rate Agreement entry function of the "FINTRACS" electronic
         system offered by Austraclear Limited (the "AUSTRACLEAR FUNCTION") the
         parties agree that terms used on the Austraclear function will
         correspond to terms in the 2000 ISDA Definitions as set out below:

                                                                               9
<PAGE>

         (a)      if "Y" has been selected at the "Use BBSW (Y/N)" item on the
                  Austraclear function, the parties will be deemed to have
                  selected "AUD-BBR-BBSW" as the Floating Rate Option (as
                  defined under the 2000 ISDA Definitions);

         (b)      the party nominated as "B" at the "Side of Trade" item on the
                  Austraclear function it will be the "Fixed Rate Payer" for the
                  purposes of the 2000 ISDA Definitions;

         (c)      the "Amount" entered on the Austraclear function will be the
                  "Calculation Amount" for the purposes of the 2000 ISDA
                  Definitions;

         (d)      the "Rate" entered on the Austraclear function will be the
                  "Fixed Rate" for the purposes of the 2000 ISDA Definitions;

         (e)      the "Deal Date" entered on the Austraclear function will be
                  the "Trade Date" for the purposes of the 2000 ISDA
                  Definitions;

         (f)      "FRA" on the Austraclear function has no equivalent under the
                  2000 ISDA Definitions;

         (g)      the party nominated as "L" at the "Side of Trade" item on the
                  Austraclear function will be the "Floating Rate Payer" for the
                  purposes of the 2000 ISDA Definitions;

         (h)      the "Maturity Date" entered on the Austraclear function will
                  be the "Termination Date" for the purposes of the 2000 ISDA
                  Definitions;

         (i)      the "Settlement Date" entered on the Austraclear function will
                  be the "Payment Date" for the purposes of the 2000 ISDA
                  Definitions; and

         (j)      the "Cash Element" (being the difference between the
                  Settlement Value and the Specified Value) on the Austraclear
                  function will be the "FRA Amount" for the purposes of the 2000
                  ISDA Definitions.

5.13     CURRENCY OPTION TRANSACTIONS

         Terms defined in the 1998 FX and Currency Option Definitions will have
         the same meanings in this clause, except as otherwise specifically
         provided for in this clause or in a Confirmation.

         (a)      PREMIUM PAYMENT DATE: Unless otherwise agreed in writing by
                  the parties, the Premium related to a Currency Option
                  Transaction will be paid on its Premium Payment Date.

         (b)      FAILURE TO PAY PREMIUM: Unless otherwise agreed in writing by
                  the parties, if any Premium is not received on the Premium
                  Payment Date, the Seller may elect either to:

                  (i)      accept a late payment of the Premium;

                  (ii)     give written notice of non-payment and, if the
                           Premium is not received within two (2) business days
                           (in the jurisdiction of the Buyer) of that notice,
                           treat:

                           A.       the related Currency Option Transaction as
                                    void, or

                           B.       treat the non-payment as an Event of Default
                                    under Section 5(a)(i) of this Agreement.

                  If the Seller elects to act under either clause (b)(i) or
                  (b)(ii)A of the preceding sentence, the Buyer must pay all
                  out-of-pocket costs and actual damages incurred in

                                                                              10
<PAGE>

                  connection with the unpaid or late Premium or void Currency
                  Option Transaction including, without limitation, interest on
                  the Premium in the same currency as the Premium at the then
                  prevailing market rate and any other costs or expenses
                  incurred by the Seller in covering its obligations (including,
                  without limitation, a delta hedge) with respect to the
                  Currency Option Transaction.

5.14     PRIVACY PROVISIONS

         If Party B supplies Party A with personal information about an
         individual who is an officer, employee, agent, contractor or external
         adviser of Party B, Party B agrees to tell that person that:

         (a)      Party A is holding personal information about that person;

         (b)      this personal information has been collected by Party A for
                  the purpose of this Agreement and any Transaction entered into
                  under it;

         (c)      this personal information may be used to enter into any
                  Transaction under this Agreement and to conduct Party A's
                  business operations (such as risk management, systems
                  development and testing, credit scoring, staff training and
                  market or customer satisfaction research) in relation to this
                  Agreement and Transactions;

         (d)      this personal information may also be used in relation to:

                  (i)      compliance with any relevant laws, regulations, Codes
                           and external payment systems;

                  (ii)     prevention and investigation of any crime or fraud
                           (or suspected crime or fraud);

         (e)      without this personal information, Party A may not be able to
                  enter into or conduct its business operations in relation to
                  Transactions under this Agreement;

         (f)      subject to any duty of confidentiality to Party B, this
                  personal information may be disclosed to the following third
                  party organisations for the following purposes:

                  (i)      Party A's agents, contractors and external advisers
                           who Party A may engage to carry out or assist Party A
                           in carrying out its functions and activities under
                           this Agreement and the Transactions;

                  (ii)     regulatory bodies, government agencies and law
                           enforcement bodies and other parties Party A is
                           authorised or required by law to disclose information
                           to;

         (g)      subject to the Privacy Act 1988, the person has the right to
                  access and correct personal information Party A holds about
                  him or her. Party A may charge a reasonable fee for this
                  access;

         (h)      Party A may be contacted through any of its branches.

5.15     ANTI-TERRORISM/MONEY LAUNDERING

         (a)      Party B acknowledges that Party A is subject to anti money
                  laundering laws in Australia and certain other countries which
                  may prohibit Party A from entering into or conducting
                  transactions involving a certain person or entities. Party B
                  agrees that Party A may, and will incur no liability from any
                  action Party A takes to, comply with such laws or regulations.

                                                                              11
<PAGE>

         (b)      Party B acknowledges that money laundering includes dealing
                  with the proceeds of or assets used in criminal activity
                  (wherever committed) and any dealing with funds or assets of,
                  or the provision of finance to, any person or entity involved
                  or suspected of involvement in terrorism or any terrorist act.

         (c)      Party B agrees that Party A may delay, block or refuse to make
                  any payment if Party A believes on reasonable grounds that
                  making the payment may breach any law in Australia or any
                  other country, and Party A will incur no liability to Party B
                  if Party A does so.

         (d)      Party B agrees to provide all information to Party A which
                  Party A reasonably requires to comply with any law in
                  Australia or, if applicable to it, any other country. Party B
                  agrees that Party A may disclose information which Party B
                  provides to Party A where required by any law in Australia or
                  applicable law of any other country.

         (e)      Unless Party B has disclosed that it is acting in a trustee
                  capacity or on behalf of another party, Party B warrants that
                  it is acting on its own behalf in entering into this
                  Agreement.

         (f)      Party B declares and undertakes to Party A that the payment of
                  moneys by Party A in accordance with any instructions given by
                  Party B will not breach any law in Australia or any other
                  country.

5.16     FRAUD AND SECURITY

         (a)      Party B is responsible for the accuracy and authorisation of
                  all its instructions.

         (b)      Any credit limit for Party B is imposed for Party A's benefit.
                  Party B must not rely upon it as a security feature. Party A
                  may, in its absolute discretion, process, or decline to
                  process, a Transaction(s) in excess of the credit limit,
                  without further reference to Party B. Party A may, in its
                  absolute discretion, disapprove a Transaction(s) in excess of
                  the credit limit despite Party A having previously approved a
                  Transaction(s) in excess of the credit limit.

Signed for and on behalf of AUSTRALIA            Signed for and on behalf of
AND NEW ZEALAND BANKING GROUP LIMITED,           AUSTRALIAN RAILROAD GROUP PTY
ABN 11 005 357 522                               LTD, ABN 68 080 579 308

By: /s/ Cameron Dare Knight Whalley              By: /s/ Angela Flannery
    ----------------------------------               ---------------------------
Name:   Cameron Dare Knight Whalley              Name:    Angela Flannery
Title:                                           Title:   Attorney
                   3/12/03

                                                                              12

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