Document:

Note Trust Deed

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                                                             [*]
                                                                  (Note Trustee)

                                                                             [*]
                                                        (Principal Paying Agent)

                                                                             [*]
                                                             (Calculation Agent)

                                                                    P.T. LIMITED
                                                              (Security Trustee)

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

                                       (C) Copyright Allens Arthur Robinson 2006

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

CROSS REFERENCE TABLE(1)

TRUST INDENTURE ACT SECTION   CLAUSE
---------------------------   ------
310   (a)(1)                  23.6
      (a)(2)                  23.6(b)
      (a)(3)                  23.6
      (a)(4)                  22.2(b)
      (a)(5)                  NA(2)
      (b)                     23.6
      (c)                     NA

311   (a)                     13.1
      (b)                     13.1
      (c)                     NA

312   (a)                     35.1, 35.2(a)
      (b)                     35.2(b)
      (c)                     35.2(c)

313   (a)                     35.3
      (b)(1)                  35.3
      (b)(2)                  NA
      (c)                     35.4
      (d)                     35.3

314   (a)(1)                  35.5
      (a)(2)                  35.5
      (a)(3)                  35.5
      (a)(4)                  11(j)
      (b)                     11(l)
      (c)                     36.1(a)
      (d)                     36.1(b)
      (e)                     36.1(c)
      (f)                     36.1(a)

315   (a)                     13.2(b)
      (b)                     13.4
      (c)                     13.2(a)
      (d)                     13.2(c), (d)
      (e)                     36.2

316   (a)(1)                  36.3
      (a)(2)                  37.2(b)
      (b)                     36.4, 37.2(a)

317   (a)(1)                  6.1
      (a)(2)                  NA

                                                                        Page (i)

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

      (b)                     2.5

318   (a)                     36.5

NOTES:

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

2.   NA means not applicable.

                                                                       Page (ii)

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

TABLE OF CONTENTS

1.    DEFINITIONS AND INTERPRETATION                                           2
      1.1     Definitions and Interpretation                                   2
      1.2     Definitions in Master Trust Deed, Supplementary Terms Notice
              and Conditions                                                   3
      1.3     Incorporation by reference                                       4
      1.4     Interpretation                                                   4
      1.5     Determination, statement and certificate sufficient evidence     5
      1.6     Document or agreement                                            5
      1.7     Transaction Document                                             5
      1.8     Trustee as trustee                                               5
      1.9     Knowledge of Trustee                                             5
      1.10    Knowledge of the Note Trustee                                    5
      1.11    Appointment of the Note Trustee                                  5
      1.12    Obligations of the Trustee                                       6
      1.13    Opinion of Counsel                                               6

2.    PAYMENTS ON NOTES                                                        6
      2.1     Principal amount                                                 6
      2.2     Covenant to repay                                                6
      2.3     Deemed payment                                                   7
      2.4     Following Event of Default                                       7
      2.5     Requirements for Paying Agents                                   8
      2.6     Certification                                                    8

3.    FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES                         9
      3.1     Issue of Book-Entry Notes                                        9
      3.2     Form of Book-Entry Notes                                         9
      3.3     Definitive Notes                                                10
      3.4     Notice of Exchange Events                                       11
      3.5     Stamp and Other Taxes                                           11
      3.6     Indemnity for non-issue                                         12
      3.7     Note Register and Note Registrar                                12

4.    COVENANT OF COMPLIANCE                                                  13

5.    CANCELLATION OF CLASS A-1 NOTES                                         13
      5.1     Cancellation of Class A-1 Notes                                 13
      5.2     Records
                                                                              13
6.    ENFORCEMENT                                                             14
      6.1     Actions following Event of Default                              14
      6.2     Evidence of default                                             14
      6.3     Overdue interest                                                14
      6.4     Restrictions on enforcement                                     14
      6.5     Action by Class A-1 Noteholders                                 15

7.    PROCEEDINGS                                                             15
      7.1     Acting only on direction                                        15

                                                                        Page (i)

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

      7.2     Security Trustee acting                                         16
      7.3     Note Trustee alone entitled to act                              16
      7.4     Available amounts                                               16
      7.5     No liability                                                    17

8.    NOTICE OF PAYMENT                                                       17

9.    INVESTMENT BY NOTE TRUSTEE                                              17

10.   PARTIAL PAYMENTS                                                        17

11.   COVENANTS BY THE TRUSTEE AND MANAGER                                    18

12.   REMUNERATION OF NOTE TRUSTEE                                            20
      12.1    Fee                                                             20
      12.2    Additional Remuneration                                         20
      12.3    Costs, expenses                                                 21
      12.4    Overdue rate                                                    21
      12.5    Continuing obligation                                           21

13.   NOTE TRUSTEE                                                            22
      13.1    Preferential Collection of Claims Against Trustee               22
      13.2    Duties of Note Trustee                                          22
      13.3    Rights and limited responsibilities of Note Trustee             22
      13.4    Notice of Defaults                                              30

14.   NOTE TRUSTEE'S LIABILITY                                                30

15.   DELEGATION BY NOTE TRUSTEE                                              30

16.   EMPLOYMENT OF AGENT BY NOTE TRUSTEE                                     31

17.   NOTE TRUSTEE CONTRACTING WITH TRUSTEE                                   31

18.   WAIVER                                                                  32

19.   AMENDMENT                                                               32
      19.1    Approval                                                        32
      19.2    Extraordinary Resolution of Class A-1 Noteholders               33
      19.3    Distribution of amendments                                      33
      19.4    Amendments binding                                              33
      19.5    Conformity with TIA                                             33

20.   CLASS A-1 NOTEHOLDERS                                                   34
      20.1    Absolute Owner                                                  34
      20.2    Clearing Agency Certificate                                     35

21.   CURRENCY INDEMNITY                                                      35

22.   NEW NOTE TRUSTEES                                                       36
      22.1    Appointment by Trustee                                          36
      22.2    Appointment by Note Trustee                                     36
      22.3    Notice                                                          37

23.   NOTE TRUSTEE'S RETIREMENT AND REMOVAL                                   37
      23.1    Removal by Trustee                                              37

                                                                       Page (ii)

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

      23.2    Removal by Class A-1 Noteholders                                38
      23.3    Resignation                                                     38
      23.4    Trust Corporation                                               38
      23.5    Successor to Note Trustee                                       38
      23.6    Eligibility; Disqualification                                   39

24.   NOTE TRUSTEE'S POWERS ADDITIONAL                                        39

25.   SEVERABILITY OF PROVISIONS                                              39

26.   NOTICES                                                                 40
      26.1    General                                                         40
      26.2    Details                                                         40

27.   GOVERNING LAW AND JURISDICTION                                          42

28.   COUNTERPARTS                                                            42

29.   LIMITED RECOURSE                                                        42
      29.1    General                                                         42
      29.2    Liability of Trustee limited to its right to indemnity          42
      29.3    Unrestricted remedies                                           43
      29.4    Restricted remedies                                             43

30.   SUCCESSOR TRUSTEE                                                       44

31.   REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE                        44

32.   NO LIABILITY                                                            44

33.   INFORMATION MEMORANDUM                                                  44

34.   NOTE TRUSTEE'S LIMITED LIABILITY                                        45
      34.1    Reliance on certificate                                         45
      34.2    Note Trustee's reliance on Manager, Security Trustee, Trustee
                 or Servicer                                                  45
      34.3    Compliance with laws                                            46
      34.4    Reliance on experts                                             46
      34.5    Oversights of others                                            46
      34.6    Powers, authorities and discretions                             46
      34.7    Impossibility or impracticability                               46
      34.8    Legal and other proceedings                                     47
      34.9    No liability except for negligence etc.                         47
      34.10   Further limitations on Note Trustee's liability                 48
      34.11   Conflicts                                                       49
      34.12   Information                                                     50
      34.13   Investigation by Note Trustee                                   50

35.   NOTEHOLDERS' LISTS AND REPORTS                                          50
      35.1    Provision of information                                        50
      35.2    Preservation of Information; Communications to Noteholders      50
      35.3    Reports by Note Trustee                                         51
      35.4    Notices to Class A-1 Noteholders; Waiver                        51
      35.5    Reports by Trustee                                              51

                                                                      Page (iii)

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

36.   TRUST INDENTURE ACT - MISCELLANEOUS                                     52
      36.1    Compliance Certificates and Opinions, etc                       52
      36.2    Undertaking for Costs                                           53
      36.3    Exclusion of section 316                                        54
      36.4    Unconditional Rights of Class A-1 Noteholders to Receive
              Principal and Interest                                          54
      36.5    Conflict with Trust Indenture Act                               54

37.   CONSENT OF CLASS A-1 NOTEHOLDERS                                        55
      37.1    General                                                         55
      37.2    Special Written Approvals                                       55
      37.3    Requirement for writing                                         56

38.   DOCUMENTS                                                               56

SCHEDULE 1                                                                    61
      Form of Book-Entry Note                                                 61
      Assignment                                                              65

SCHEDULE 2                                                                    66
      Information to be contained in Noteholder's Report                      66

SCHEDULE 3                                                                    68
      Terms and Conditions of the Class A-1 Notes                             68

                                                                       Page (iv)

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

DATE                                        [*]

PARTIES

      1.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)
           incorporated in Australia and registered in Victoria of Level 7, 9
           Castlereagh Street, Sydney, New South Wales 2000 in its capacity as
           trustee of the Crusade Global Trust No.[*] of [*] (the TRUSTEE);

      2.   CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in
           Australia and registered in New South Wales of 4-16 Montgomery
           Street, Kogarah, New South Wales 2217 as Manager of the Crusade
           Global Trust No.[*] of [*] (the MANAGER);

      3.   [*] acting through its office at [*] (the NOTE TRUSTEE), which
           expression shall, wherever the context requires, include any other
           person or company for the time being a trustee under this deed or
           trustees of this deed;

      4.   [*] acting through its office at [*] as principal paying agent for
           the Class A-1 Notes described below (the PRINCIPAL PAYING AGENT),
           which expression shall wherever the context requires, include any
           successor principal paying agent from time to time appointed under
           the Agency Agreement;

      5.   [*] acting through its office at [*] (the CALCULATION AGENT), which
           expression shall wherever the context requires, include any successor
           calculation agent from time to time appointed under the Agency
           Agreement;

      6.   P.T. LIMITED (ABN 67 004 454 666) incorporated in Australia and
           registered in Victoria of Level 7, 9 Castlereagh Street, Sydney, NSW
           2000 in its capacity as security trustee (the SECURITY TRUSTEE)

RECITALS

       A   The Trustee has resolved at the direction of the Manager to issue
           US$[*] of Class A-1 Notes due [*] (the CLASS A-1 NOTES), A$[*] of
           Class A-2 Notes due [*], A$[*] of Class B Notes due [*] and A$[*] of
           Class C Notes due [*] (together those A$ denominated Notes being the
           A$ NOTES). The Class A-1 Notes are to be constituted and secured in
           the manner provided in this deed and the other Transaction Documents.

       B   The Note Trustee has agreed to act as trustee for the Class A-1
           Noteholders under this deed.

                                                                          Page 1

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

IT IS AGREED as follows.

1.   DEFINITIONS AND INTERPRETATION

1.1  DEFINITIONS AND INTERPRETATION

     The following definitions apply unless the context requires otherwise.

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

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

     CORPORATE TRUST OFFICE means the office of the Note Trustee at which at any
     particular time its corporate trust business is administered, which at the
     date of the execution of this deed is [*], or at such other address as the
     Note Trustee may designate by notice to the Manager, the Class A-1
     Noteholders and the Trustee or the principal corporate trust office of any
     successor Note Trustee.

     EVENT OF DEFAULT means, in respect of a Class A-1 Note, any of the events
     described in Condition 9.

     EXTRAORDINARY RESOLUTION has the meaning given in clause 19.2.

     INDEPENDENT means, in relation to a person, that the person:

     (a)  is independent of the Trustee, the Manager, the Servicer, any Approved
          Seller and any of their Associates;

     (b)  does not have any direct financial interest or any material indirect
          financial interest (other than less than 5% of the outstanding amount
          of any publicly traded security) in any person referred to in
          paragraph (a); and

     (c)  is not an officer, employee, promoter, underwriter, trustee, partner,
          director or person performing similar functions of any person referred
          to in paragraph (a).

     INDEPENDENT CERTIFICATE means, in relation to any person, a certificate or
     opinion from that person where that person must be Independent, which
     opinion or certificate states that the signer has read the definition of
     INDEPENDENT in this deed and that the signer is Independent within the
     meaning of that definition.

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

     NOTE DEPOSITORY AGREEMENT means the agreement among the Trustee, the
     Principal Paying Agent and The Depository Trust Company, as the initial
     Clearing Agency, dated as of the Closing Date, relating to the Class A-1
     Notes, as the same may be amended or supplemented from time to time.

     NOTEHOLDERS REPORT means the report to be delivered by the Manager, on
     behalf of the Trustee, in accordance with clause 11(n)(i) containing the
     information set out in Schedule 2.

                                                                          Page 2

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     OFFICER'S CERTIFICATE means a certificate signed by any Authorised
     Signatory of the Trustee or the Manager on behalf of the Trustee, under the
     circumstances described in, and otherwise complying with, the applicable
     requirements of section 314 of the TIA.

     OPINION OF COUNSEL means one or more written opinions of legal counsel who
     may, except as otherwise expressly provided in this deed, be employees of
     or counsel to the Trustee or the Manager on behalf of the Trustee and who
     shall be satisfactory to the Trustee or the Note Trustee, as applicable,
     and which opinion or opinions shall be addressed to the Trustee or the Note
     Trustee, as applicable, and shall be in form and substance satisfactory to
     the Trustee and the Note Trustee, as applicable.

     PAYING AGENT means any institution appointed as a Paying Agent by the
     Trustee under the Agency Agreement.

     RESPONSIBLE OFFICER means, with respect to the Note Trustee, any of its
     officers, including any Vice President, Assistant Vice President or any
     other of its officers customarily performing functions similar to those
     performed by any of them and, with respect to a particular matter, any
     other officer in the Corporate Trust Department to whom such matter is
     referred because of such officer's knowledge of, and familiarity with, the
     particular subject.

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

     SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice dated on or
     about the date of this deed between the Trustee, the Manager, the Note
     Trustee, the Security Trustee, St.George and the Custodian.

     TIA means the United States Trust Indenture Act of 1939, as amended.

     TRUST ACCOUNT means the Collection Account, the US$ Account or any other
     account maintained by or on behalf of the Trustee in relation to the Trust.

     TRUST CORPORATION means:

     (a)  a corporation with the power and authority to act as a trustee in
          relation to the Note Trust at law or pursuant to legislation
          applicable to trustees in any relevant jurisdiction; and

     (b)  any person eligible for appointment as a trustee under an indenture to
          be qualified pursuant to the TIA, as set forth in Section 310 of the
          TIA,

     which shall include [*] for so long as it complies with such legislation.

1.2  DEFINITIONS IN MASTER TRUST DEED, SUPPLEMENTARY TERMS NOTICE AND CONDITIONS

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

                                                                          Page 3

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (b)  If a definition in any of the documents in paragraph (a) above is
          inconsistent with any of the other documents in paragraph (a), the
          definitions will prevail in the following order:

          (i)    definitions in this deed;

          (ii)   definitions in the Supplementary Terms Notice;

          (iii)  definitions in the Master Trust Deed;

          (iv)   definitions in the Conditions.

     (c)  No change to the Master Trust Deed or any other document (including
          the order of payment set out in the Supplementary Terms Notice) after
          the date of this deed will change the meaning of terms used in this
          deed or adversely affect the rights of the Note Trustee or any Class
          A-1 Noteholder under this deed unless the Note Trustee (or the Class
          A-1 Noteholders acting under clause 6.5, as the case may be) has
          agreed in writing to the changes under this deed.

1.3  INCORPORATION BY REFERENCE

     Where this deed refers to a provision of the TIA, the provision is
     incorporated by reference in and made part of this deed. The following
     terms used in the TIA have the following meaning in this deed.

     INDENTURE SECURITIES means the Class A-1 Notes.

     INDENTURE SECURITY HOLDER means a Class A-1 Noteholder.

     INDENTURE TO BE QUALIFIED means the Note Trust Deed.

     INDENTURE TRUSTEE or INSTITUTIONAL TRUSTEE means the Note Trustee.

     OBLIGOR on the indenture securities means the Trustee.

     Any other term which is used in this deed in respect of a section or
     provision of the TIA and which is defined in the TIA by reference to
     another statute or defined by or in any rule of or issued by the
     Commission, will have the meaning assigned to them by such definitions.

1.4  INTERPRETATION

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

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

     (b)  an Event of Default SUBSISTS until it has been waived in writing by
          the Note Trustee;

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

     (d)  all references to costs or charges or expenses include any GST, value
          added tax or similar tax charged or chargeable in respect of the
          charge or expense.

                                                                          Page 4

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

1.5  DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

     Except where otherwise provided in this deed any determination, statement
     or certificate by the Note Trustee or an Authorised Signatory of the Note
     Trustee provided for in this deed is sufficient evidence of each thing
     determined, stated or certified until proven wrong.

1.6  DOCUMENT OR AGREEMENT

     A reference to:

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

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

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

1.7  TRANSACTION DOCUMENT

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

1.8  TRUSTEE AS TRUSTEE

     In this deed, except where provided to the contrary:

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

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

1.9  KNOWLEDGE OF TRUSTEE

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

1.10 KNOWLEDGE OF THE NOTE TRUSTEE

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

1.11 APPOINTMENT OF THE NOTE TRUSTEE

     The Note Trustee:

     (a)  is appointed to act as trustee on behalf of the Class A-1 Noteholders
          on the terms and conditions of this deed; and

                                                                          Page 5

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (b)  acknowledges and declares that it:

          (i)    holds the sum of US$10.00 received on the date of this deed;

          (ii)   will hold the benefit of the obligations of the Trustee under
                 this deed; and

          (iii)  will hold the benefit of the covenant in clause 2.2, the
                 covenants in clause 11 and all other rights of the Class A-1
                 Noteholders under the Class A-1 Notes,

     in each case, on trust for each Class A-1 Noteholder in accordance with the
     terms and conditions of this deed.

1.12 OBLIGATIONS OF THE TRUSTEE

     (a)  Where the Manager may act on behalf of the Trustee, failing action by
          the Manager in accordance with the relevant clause (including any
          requirement to take such action within a specified time) the reference
          to the Manager acting on behalf of the Trustee shall be construed as a
          reference to the Trustee.

     (b)  Without limiting the Trustee's obligations under paragraph (a), the
          Trustee shall not be liable for any act or omission by the Manager
          where it is acting or fails to act (as the case may be) on behalf of
          the Trustee under this deed.

     (c)  Where the Manager is empowered to act on behalf of the Trustee, the
          Manager undertakes to the Trustee that it will duly and punctually
          perform, on behalf of the Trustee, those obligations imposed on the
          Trustee in accordance with the terms of the relevant clause.

1.13 OPINION OF COUNSEL

     For the purposes of this deed, the Trustee and the Note Trustee may where
     necessary seek, and rely conclusively on, any Opinion of Counsel on any
     matters relating to or connected with the TIA. Where the Trustee or the
     Note Trustee elects to seek and has sought the Opinion of Counsel it shall
     not be required to take any action under this deed unless and until it has
     received such an Opinion of Counsel. The cost of any such Opinion of
     Counsel will be an Expense of the Trustee in relation to the Trust.

2.   PAYMENTS ON NOTES

2.1  PRINCIPAL AMOUNT

     The aggregate initial principal amount of the Class A-1 Notes is limited to
     US$[*].

2.2  COVENANT TO REPAY

     (a)  The Trustee covenants with the Note Trustee that the Trustee will, in
          accordance with the terms of the Class A-1 Notes (including the
          Conditions) and the Transaction Documents (and subject to the terms of
          the Transaction Documents and the Conditions, including clause 29 of
          this deed and Condition 6) at the direction of the Manager on:

          (i)  the Final Maturity Date; or

          (ii) each earlier date as the Class A-1 Notes, or any of them, may
               become repayable (whether in full or in part),

                                                                          Page 6

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          pay or procure to be paid unconditionally in accordance with this deed
          to or to the order of the Note Trustee in US$ in [New York] for
          immediate value the principal amount of those Class A-1 Notes
          repayable, or in the case of a partial payment of those Class A-1
          Notes, the principal amount payable, subject to and in accordance with
          the terms of those Class A-1 Notes (including the Conditions).

     (b)  Subject to clause 2.3 and to the terms of the Class A-1 Notes
          (including the Conditions and in particular Condition 6) and the
          Transaction Documents (including clause 29 of this deed), until any
          payment both before as well as after any judgment or other order of a
          court of competent jurisdiction, the Trustee shall, at the direction
          of the Manager, pay or procure to be paid unconditionally in
          accordance with this deed to or to the order of the Note Trustee:

          (i)  any interest on the Class A-1 Notes, at the respective rates
               calculated from time to time, in accordance with and on the dates
               provided for in the Conditions; and

          (ii) principal payable on the Class A-1 Notes at the times and in the
               amounts provided for in accordance with the Conditions.

2.3  DEEMED PAYMENT

     Any payment of principal or interest in respect of any Class A-1 Notes made
     to or to the account of the Principal Paying Agent in the manner provided
     in clause 3 of the Agency Agreement or by the Currency Swap Provider to the
     credit of the US$ Account in the manner provided in Part 5, Section 1 of
     the Currency Swap, shall satisfy the covenant in relation to those Class
     A-1 Notes by the Trustee in this clause 2 to the extent of that payment,
     except to the extent that the Principal Paying Agent subsequently fails to
     pay that amount under those Class A-1 Notes in accordance with the terms of
     those Class A-1 Notes (including the Conditions).

2.4  FOLLOWING EVENT OF DEFAULT

     At any time after an Event of Default in respect of the Class A-1 Notes has
     occurred, or at any time after Definitive Notes have not been issued when
     so required in accordance with the Conditions, the Note Trustee may:

     (a)  by notice in writing to the Trustee, the Manager, the Principal Paying
          Agent, the other Paying Agents (if any) and the Calculation Agent and
          until such notice is withdrawn, require the Principal Paying Agent,
          the other Paying Agents and the Calculation Agent under the Agency
          Agreement either:

          (i)  (A)  to act as Principal Paying Agent and Paying Agents and
                    Calculation Agent respectively of the Note Trustee in
                    relation to payments to be made by or on behalf of the Note
                    Trustee under the provisions of this deed on the terms of
                    the Agency Agreement except that the Note Trustee's
                    liability under any provisions of the Agency Agreement for
                    the indemnification of the Paying Agents and Calculation
                    Agent shall be limited to any amount for the time being held
                    by the Note Trustee under the Note Trust and which is
                    available to be applied by the Note Trustee under this deed;
                    and

                                                                          Page 7

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               (B)  hold all Definitive Notes and all amounts, documents and
                    records held by them in respect of the Class A-1 Notes on
                    behalf of the Note Trustee; or

          (ii) to deliver up all Definitive Notes and all amounts, documents and
               records held by them in respect of the Class A-1 Notes to the
               Note Trustee or as the Note Trustee shall direct in that notice,
               other than any documents or records which the relevant Paying
               Agent or Calculation Agent is obliged not to release by any law
               or regulation; or

     (b)  by notice in writing to the Trustee require it to make all subsequent
          payments in respect of the Class A-1 Notes to the order of the Note
          Trustee and not to the Principal Paying Agent and, with effect from
          the issue of that notice to the Trustee and until that notice is
          withdrawn, clause 2.3 shall not apply.

     The satisfaction by the Trustee of its payment obligations on each Payment
     Date under the Supplementary Terms Notice and the Conditions to the Note
     Trustee in accordance with this paragraph (b) shall be a good discharge to
     the Note Trustee, to the extent of such payment.

     The Trustee shall not be liable for any act or omission or default of the
     Note Trustee during the period it is required to make payments in respect
     of the Class A-1 Notes to the Note Trustee under paragraph (b).

2.5  REQUIREMENTS FOR PAYING AGENTS

     The Manager on behalf of the Trustee will cause each Paying Agent to
     execute and deliver to the Note Trustee an instrument in which that Paying
     Agent shall agree with the Note Trustee, subject to the provisions of this
     clause, that such Paying Agent shall:

     (a)  hold on trust for the Note Trustee and the Class A-1 Noteholders all
          sums held by that Paying Agent for the payment of principal and
          interest with respect to the Class A-1 Notes until all relevant sums
          are paid to the Note Trustee or the Class A-1 Noteholders or otherwise
          disposed of as provided in this deed; and

     (b)  immediately notify by telex or facsimile the Note Trustee, the
          Trustee, the Security Trustee and the Manager if the full amount of
          any payment of principal or interest required to be made by the
          Supplementary Terms Notice and the Conditions in respect of the Class
          A-1 Notes is not unconditionally received by it or to its order in
          accordance with the Agency Agreement.

2.6  CERTIFICATION

     For the purposes of any redemption of Class A-1 Notes under Condition 5 the
     Note Trustee may rely upon an Officer's Certificate from the Manager on
     behalf of the Trustee certifying or stating, the opinion of each person
     signing that Officer's Certificate as to the following matters:

     (a)  the fair value (within 90 days of such release) of the property or
          securities to be released from the Security Trust Deed;

     (b)  that the proposed release will not impair the security under the
          Security Trust Deed in contravention of the provisions of the Security
          Trust Deed or this deed; and

                                                                          Page 8

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (c)  that the Trustee will be in a position to discharge all its
          liabilities in respect of the Class A-1 Notes and any amounts required
          under the Security Trust Deed to be paid in priority to or pari passu
          with the Class A-1 Notes,

     and that Officer's Certificate shall be conclusive and binding on the
     Trustee, the Note Trustee and the holders of those Class A-1 Notes. The
     Note Trustee shall not incur any liability as a result of relying on such
     certificate or such certificate subsequently being considered invalid.

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

3.1  ISSUE OF BOOK-ENTRY NOTES

     (a)  Each Class A-1 Note shall, on initial issue be represented by one or
          more Book-Entry Notes.

     (b)  Each Book-Entry Note must be signed manually or by facsimile by an
          Authorised Signatory of the Trustee on behalf of the Trustee and must
          be manually authenticated by the Principal Paying Agent.

3.2  FORM OF BOOK-ENTRY NOTES

     (a)  The Book-Entry Notes shall be typed in the form or substantially in
          the form set out in Schedule 1.

     (b)  The procedures relating to the exchange, authentication, delivery,
          surrender, cancellation, presentation, marking up or down of any of a
          Book-Entry Note (or part of a Book-Entry Note) and any other matters
          to be carried out by the relevant parties upon exchange (in whole or
          part) of any Book-Entry Note shall be made in accordance with the
          provisions of the relevant terms of the Book-Entry Notes and the
          normal practice of the relevant Common Depository, the Principal
          Paying Agent and the rules and procedures of the relevant Clearing
          Agency from time to time.

     (c)  The Book-Entry Notes shall be in an aggregate principal amount of
          US$[*].

     (d)  The Manager on behalf of the Trustee shall procure by written
          direction to the Principal Paying Agent that, prior to the issue and
          delivery of any Book-Entry Note, that Book-Entry Note will be
          authenticated manually by an Authorised Signatory of the Principal
          Paying Agent and no Book-Entry Note shall be valid for any purpose
          unless and until so authenticated. A Book-Entry Note so executed and
          authenticated shall be a binding and valid obligation of the Trustee.
          Until a Book-Entry Note (or part of a Book-Entry Note) has been
          exchanged pursuant to this deed, it (or that part) shall in all
          respects be entitled to the same benefits as a Definitive Note. Each
          Book-Entry Note shall be subject to this deed except that the
          registered owner of a Book-Entry Note shall be the only person
          entitled to receive payments from the Principal Paying Agent of
          principal or interest in relation to it.

     (e)  The Class A-1 Notes upon original issue will be issued in the form of
          typewritten Notes representing the Book-Entry Notes. The Manager on
          behalf of the Trustee shall, on the date of this deed, deliver or
          arrange the delivery on its behalf to the Principal Paying Agent, as
          agent for the Clearing Agency, of the Book-Entry Notes. The Book-Entry
          Notes shall initially be registered on the Note Register in the name
          of the nominee of the Clearing

                                                                          Page 9

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          Agency. No Class A-1 Note Owner will receive a Definitive Note
          representing such Class A-1 Note Owner's interest in such Note, except
          as provided in clause 3.3.

     (f)  Whenever a notice or other communication to the Class A-1 Noteholders
          is required under this deed, unless and until Definitive Notes shall
          have been issued to Class A-1 Note Owners pursuant to clause 3.3, the
          Note Trustee shall give all such notices and communications specified
          herein to be given to Class A-1 Noteholders to the registered holders
          of the Book-Entry Notes, and shall have no obligation to the Class A-1
          Note Owners.

     (g)  Unless and until the Definitive Notes have been issued to the Class
          A-1 Note Owners pursuant to clause 3.3:

          (i)    the provisions of this clause shall be in full force and
                 effect;

          (ii)   the Note Registrar, the Trustee, the Manager, each Paying Agent
                 and the Note Trustee shall be entitled to deal with the
                 registered holders of the Book-Entry Notes for all purposes of
                 this deed (including the payment of principal and interest on
                 the Class A-1 Notes and the giving of instructions or
                 directions hereunder) as the sole holder of the Class A-1
                 Notes, and shall have no obligation to any Class A-1 Note
                 Owners;

          (iii)  to the extent that the provisions of this clause conflict with
                 any other provisions of this deed, the provisions of this
                 clause shall prevail;

          (iv)   the rights of Class A-1 Note Owners shall be exercised only
                 through the relevant Clearing Agency and shall be limited to
                 those established by law and agreements between such Class A-1
                 Note Owners and the Clearing Agency and/or the Clearing Agency
                 Participants. In respect of Class A-1 Notes, pursuant to the
                 Note Depository Agreement, unless and until Definitive Notes
                 are issued pursuant to clause 3.3, the relevant Clearing Agency
                 will make book-entry transfers among the Clearing Agency
                 Participants and receive and transmit payments of principal and
                 interest on the Class A-1 Notes to such Clearing Agency
                 Participants; and

          (v)    whenever this deed requires or permits actions to be taken
                 based upon instructions or directions of the Class A-1 Note
                 Owners evidencing a specific percentage of all Invested Amounts
                 of all Class A-1 Notes, the relevant Clearing Agency shall be
                 deemed to represent such percentage only to the extent that it
                 has received instructions to such effect from Class A-1 Note
                 Owners and/or Clearing Agency Participants owning or
                 representing, respectively, such required percentage of the
                 beneficial interest in the Class A-1 Notes and has delivered
                 such instructions to the Principal Paying Agent.

3.3  DEFINITIVE NOTES

     (a)  If:

          (i)  the Principal Paying Agent advises the Manager in writing that
               the relevant Clearing Agency is no longer willing or able
               properly to discharge its responsibilities with respect to the
               Class A-1 Notes or that Clearing Agency or its successor and the
               Manager is unable to locate a qualified successor; or

                                                                         Page 10

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (ii) after the occurrence of an Event of Default, the Note Trustee, at
               the written direction of Class A-1 Note Owners representing
               beneficial interests aggregating to at least a majority of the
               aggregate Invested Amount of the Class A-1 Notes, advises both
               the Principal Paying Agent and the Trustee in writing that the
               continuation of a book-entry system through the Clearing Agency
               for the Class A-1 Notes is no longer in the best interests of the
               Class A-1 Note Owners,

          then the Principal Paying Agent shall notify all of the appropriate
          Class A-1 Note Owners and the Trustee of the occurrence of any such
          event and of the availability of Definitive Notes to such Class A-1
          Note Owners. Upon the surrender of the Book-Entry Notes to the Trustee
          by the Clearing Agency, and the delivery by the Clearing Agency of the
          relevant registration instructions to the Trustee, the Trustee (with
          the assistance of the Manager) shall execute and procure the Principal
          Paying Agent to authenticate the Definitive Notes in accordance with
          the instructions of that Clearing Agency.

     (b)  The Definitive Notes will be serially numbered and shall be
          typewritten, printed, lithographed or engraved or produced by any
          combination of these methods (with or without steel engraved borders),
          all as determined by the Authorised Signatories executing such
          Definitive Notes, as evidenced by their execution of such Definitive
          Notes.

     (c)  Neither the Note Registrar nor the Trustee shall be liable for any
          delay in delivery of such instructions and may conclusively rely on,
          and shall be protected in relying on, such instructions.

3.4  NOTICE OF EXCHANGE EVENTS

     (a)  The Trustee or the Manager shall notify the Note Trustee in writing
          forthwith if the Trustee or the Manager (as the case may be) becomes
          actually aware of any of the events referred to in clause 3.3(a) and
          shall, unless the Note Trustee agrees otherwise, promptly give notice
          of the event and of the Trustee's obligation to issue Definitive Notes
          to the Class A-1 Noteholders in accordance with Condition 12.

     (b)  The Note Trustee shall notify the Trustee and the Manager in writing
          forthwith if the Note Trustee becomes actually aware of any of the
          events referred to in clause 3.3(a) and (where relevant) actually
          aware that the relevant event has the effect specified in that clause.

3.5  STAMP AND OTHER TAXES

     The Trustee will pay any stamp and other duties and Taxes payable in
     Australia, the United Kingdom, Belgium, Luxembourg or the United States on
     or in connection with:

     (a)  the execution of the Transaction Documents;

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

     (c)  any action taken by the Note Trustee or (where permitted under this
          deed so to do), the relevant Clearing Agency or a Class A-1 Noteholder
          to enforce the provisions of the Class A-1 Notes or the Transaction
          Documents; and

     (d)  the creation of the security constituted under the Security Trust
          Deed.

                                                                         Page 11

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

3.6  INDEMNITY FOR NON-ISSUE

     If the Trustee is required to issue, or procure the issue of, Definitive
     Notes following an event specified in clause 3.3(a) but fails to do so
     within 30 days of the Trustee or the Manager becoming actually aware of the
     occurrence of the relevant event then the Trustee shall (subject to clause
     29) indemnify the Note Trustee, the Class A-1 Noteholders, and the Class
     A-1 Note Owners and keep them indemnified, against any loss or damage
     incurred by any of them if the amount received by the Note Trustee, the
     Class A-1 Noteholders or the Class A-1 Note Owners is less than the amount
     that would have been received had Definitive Notes been issued within the
     30 days referred to above. If and for so long as the Trustee discharges its
     obligations under this indemnity, the breach by the Trustee of the
     provisions of clause 3.3(a) shall be deemed to be cured. The Manager must
     promptly advise the Trustee if it becomes actually aware of the occurrence
     of the relevant event and the Trustee shall promptly notify the Note
     Trustee of the relevant event.

3.7  NOTE REGISTER AND NOTE REGISTRAR

     (a)  The Manager, on behalf of the Trustee, shall keep or cause to be kept
          the Note Register in which, subject to such reasonable regulations as
          it may prescribe, the Manager shall provide for the registration of
          the Class A-1 Notes and the registration of transfers of Class A-1
          Notes. The Note Registrar will be responsible for registering Class
          A-1 Notes and transfers of Class A-1 Notes as herein provided. The
          Trustee may, with the consent of the Note Trustee, appoint another
          person as Note Registrar. Upon any resignation or removal of any Note
          Registrar under the Agency Agreement, the Trustee with the assistance
          of and at the direction of, the Manager shall promptly appoint a
          successor or, if it elects not to make such an appointment, assume the
          duties of the Note Registrar.

     (b)  Upon surrender for registration of transfer of any Class A-1 Note at
          the office or agency of the Trustee to be maintained as provided in
          clause 11(e), (and, if the requirements of Section 8-401(a) of the
          Uniform Commercial Code of New York (the UCC) are met), the Trustee
          shall, at the direction of the Manager, execute and upon its written
          direction the Principal Paying Agent shall authenticate and the Class
          A-1 Noteholder shall obtain from the Note Trustee, in the name of the
          designated transferee or transferees, one or more new Class A-1 Notes,
          in any authorised denominations, of the same class and a like
          aggregate principal amount.

     (c)  At the option of the Class A-1 Noteholder, Class A-1 Notes may be
          exchanged for other Class A-1 Notes in any authorised denominations
          and a like aggregate principal amount, upon surrender of the Class A-1
          Notes to be exchanged at such office or agency. Whenever any Class A-1
          Notes are so surrendered for exchange (and, if the requirements of
          Section 8-401(a) of the UCC are met), the Trustee shall, at the
          direction of the Manager, execute and upon its written request the
          Principal Paying Agent shall authenticate and the Class A-1 Noteholder
          shall obtain from the Note Trustee, the Class A-1 Notes which the
          Class A-1 Noteholder making the exchange is entitled to receive.

     (d)  Every Class A-1 Note presented or surrendered for registration of
          transfer or exchange shall be (i) duly endorsed by, or be accompanied
          by a written instrument of transfer in a form satisfactory to the Note
          Registrar duly executed by, the Class A-1 Noteholder thereof or such
          Class A-1 Noteholder's attorney duly authorised in

                                                                         Page 12

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          writing, with such signature guaranteed by an "eligible guarantor
          institution" meeting the requirements of the Note Registrar which
          requirements include membership or participation of Securities
          Transfer Agents Medallion Program (STAMP) or such other "signature
          guarantee program" as may be determined by the Note Registrar in
          addition to, or in substitution for, Stamp, all in accordance with the
          Exchange Act, and (ii) accompanied by such other documents as the Note
          Registrar may require.

     (e)  No service charge shall be made to a Class A-1 Noteholder for any
          registration of transfer or exchange of Class A-1 Notes, but the
          Trustee may require payment of a sum sufficient to cover any tax or
          other governmental charge that may be imposed in connection with any
          registration of transfer or exchange of Class A-1 Notes.

     (f)  The preceding provisions of this section notwithstanding, the Trustee
          shall not be required to make and the Note Registrar need not register
          transfers or exchanges of Class A-1 Notes selected for redemption or
          of any Class A-1 Note for a period of 30 days preceding the due date
          for any payment with respect to the Class A-1 Note.

4.   COVENANT OF COMPLIANCE

          Each of the Manager and the Trustee covenants with the Note Trustee
          that it will comply with and perform and observe all provisions of the
          Transaction Documents which are expressed to be binding on it for the
          benefit of the Note Trustee or any Class A-1 Noteholder. The
          Transaction Documents to which the Trustee and the Note Trustee are a
          party and the Conditions shall be binding on the Trustee, the Note
          Trustee and the Class A-1 Noteholders). The Note Trustee (or the Class
          A-1 Noteholders, under clause 6.5, as the case may be) is entitled to
          enforce the obligations of the Trustee under the Class A-1 Notes and
          the Conditions as if the same were set out and contained in this deed
          (which shall be read and construed as one document with the Notes).
          The provisions contained in Schedule 3 shall have effect as if set out
          in this deed.

5.   CANCELLATION OF CLASS A-1 NOTES

5.1  CANCELLATION OF CLASS A-1 NOTES

     The Trustee shall procure that all Class A-1 Notes:

     (a)  which have been surrendered for payment, registration of transfer,
          exchange or redemption; or

     (b)  in the case of any Definitive Note, which, being mutilated or defaced,
          has been surrendered and replaced under Condition 11,

     shall be cancelled by or on behalf of the Trustee.

5.2  RECORDS

     The Trustee shall procure that:

     (a)  the Principal Paying Agent keeps a full and complete record of all
          Class A-1 Notes and of their redemption, payment, exchange or
          cancellation (as the case may be) and of all

                                                                         Page 13

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          replacement Class A-1 Notes issued in substitution for lost, stolen,
          mutilated, defaced or destroyed Definitive Notes; and

     (b)  such records referred to in paragraph (a) above shall be made
          available to the Note Trustee on reasonable notice and during business
          hours promptly following the Note Trustee's request for the same.

6.   ENFORCEMENT

6.1  ACTIONS FOLLOWING EVENT OF DEFAULT

     (a)  At any time while an Event of Default is subsisting the Note Trustee
          may (subject to the Security Trust Deed, to clauses 6.4 and 7, and to
          Conditions 9 and 10) at its discretion, and must, if so directed or
          requested under clause 7.1, without further notice take any action
          available to it to direct the Security Trustee to:

          (i)    institute any proceedings against the Trustee and/or the
                 Manager which are permitted under the Transaction Documents;

          (ii)   enforce the security created under the Security Trust Deed
                 (including anything set out in clause 8.2 of the Security Trust
                 Deed); and

          (iii)  enforce repayment of the Class A-1 Notes together with accrued
                 interest and any other moneys payable to the Note Trustee, the
                 Class A-1 Noteholders under the Transaction Documents.

6.2  EVIDENCE OF DEFAULT

     If the Security Trustee or the Note Trustee takes any action against the
     Trustee to enforce any of the provisions of any Class A-1 Notes or this
     deed, proof that as regards any Class A-1 Note, the Trustee has not paid
     any principal or interest due in respect of that Class A-1 Note shall
     (unless the contrary is proved) be sufficient evidence that the Trustee has
     not paid that principal or interest on all other Class A-1 Notes in respect
     of which the relevant payment is then due.

6.3  OVERDUE INTEREST

     The rates of interest payable in respect of any Class A-1 Note which has
     become due and repayable in full and which has not been repaid shall be
     calculated at three-monthly intervals, commencing on the expiry of the
     Interest Period during which the Class A-1 Note became due and repayable in
     accordance with the provisions of Condition 4 except that no notices need
     be given to Class A-1 Noteholders, in relation to that interest.

6.4  RESTRICTIONS ON ENFORCEMENT

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

          (i)  the Note Trustee is of the opinion, reached after considering at
               any time the advice of a merchant bank or other financial adviser
               selected by the Note Trustee in its

                                                                         Page 14

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               sole and absolute discretion (the cost of such advice shall be an
               Expense payable to the Note Trustee), that a sufficient amount
               would be realised to discharge in full all amounts owing to the
               Class A-1 Noteholders and any other amounts payable by the
               Trustee ranking in priority to or pari passu with the Class A-1
               Notes; or

          (ii) the Note Trustee is of the opinion, reached after considering at
               any time and from time to time the advice of a merchant bank or
               other financial adviser selected by the Note Trustee in its sole
               and absolute discretion (the cost of such advice shall be an
               Expense payable to the Note Trustee), that the cash flow
               receivable by the Trustee (or the Security Trustee under the
               Security Trust Deed) will not (or that there is a significant
               risk that it will not) be sufficient, having regard to any other
               relevant actual, contingent or prospective liabilities of the
               Trustee, to discharge in full in due course all the amounts
               referred to in paragraph (i) relating to the Trust.

     (b)  Neither the Note Trustee (except in the case of negligence, fraud or
          wilful default by it) nor the Security Trustee (except in the case of
          negligence, fraud or breach of trust by it) will be liable for any
          decline in the value, nor any loss realised upon any sale or other
          dispositions made under the Security Trust Deed, of any Mortgaged
          Property or any other property which is charged to the Security
          Trustee by any other person in respect of or relating to the
          obligations of the Trustee or any third party in respect of the
          Trustee or the Class A-1 Notes or relating in any way to the Mortgaged
          Property. Without limitation, neither the Note Trustee nor the
          Security Trustee shall be liable for any such decline or loss directly
          or indirectly arising from its acting, or failing to act, as a
          consequence of an opinion reached by it in good faith based on advice
          received by it in accordance with paragraph (a).

6.5  ACTION BY CLASS A-1 NOTEHOLDERS

     Notwithstanding any other provision of this deed, if the Note Trustee,
     having become bound to take steps and/or proceed under clause 6.1 and/or
     the Security Trust Deed, fails to do so within a reasonable time and such
     failure is continuing, the Class A-1 Noteholders may proceed directly
     against the Trustee but then only if and to the extent the Class A-1
     Noteholders are able to do so under the Transaction Documents and
     Australian law.

7.   PROCEEDINGS

7.1  ACTING ONLY ON DIRECTION

     (a)  The Note Trustee may vote under the Security Trust Deed, or otherwise
          direct the Security Trustee under the Security Trust Deed, or take any
          proceedings, actions or steps under, or any other proceedings pursuant
          to or in connection with, the Security Trust Deed, this deed or any
          Class A-1 Notes.

     (b)  Subject to the Note Trustee being indemnified to its satisfaction
          against all actions, proceedings, claims and demands to which it may
          render itself liable and all costs, charges, damages and expenses
          which it may incur, the Note Trustee:

          (i)  shall only be bound to undertake any of the acts contemplated in
               paragraph (a) if it is directed to do so in writing by the
               holders of at least 75% of the aggregate

                                                                         Page 15

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               Invested Amount (or such higher percentage as may be required by
               the TIA) of all the Class A-1 Notes; and

          (ii) shall, if an Extraordinary Resolution of Voting Mortgagees elects
               not to direct the Security Trustee to enforce the Security Trust
               Deed in circumstances where the Security Trustee could enforce
               the Security Trust Deed, at the direction of the Class A-1
               Noteholders in accordance with paragraph (b)(i), direct the
               Security Trustee to enforce the Security Trust Deed on behalf of
               the Class A-1 Noteholders.

     (c)  The Note Trustee shall be protected with respect to any action taken
          or omitted to be taken by it in good faith in accordance with the
          direction of the holders of the required aggregate Invested Amount of
          the Class A-1 Notes in accordance with this deed relating to the time,
          method and place of conducting any proceeding for any remedy available
          to, or exercising any trust or power conferred upon it, under this
          deed.

7.2  SECURITY TRUSTEE ACTING

     Only the Security Trustee may enforce the provisions of the Security Trust
     Deed and neither the Note Trustee nor any Class A-1 Noteholder is entitled
     to proceed directly against the Trustee to enforce the performance of any
     of the provisions of the Security Trust Deed, the Class A-1 Notes
     (including the Conditions), provided that if the Security Trustee having
     become bound to take steps and/or to proceed under the Security Trust Deed,
     fails to do so within a reasonable time and such failure is continuing, the
     Note Trustee and/or Class A-1 Noteholders may proceed directly against the
     Trustee but then only if and to the extent the Note Trustee and/or the
     Class A-1 Noteholders are able to do so under the Transaction Documents and
     Australian law. The Security Trustee shall comply with all directions given
     to it by the Note Trustee pursuant to any power to give directions granted
     to the Note Trustee pursuant to this deed or to the Security Trust Deed
     provided that the Security Trustee has the power under the Security Trust
     Deed to take the action contemplated by the direction, and the Security
     Trustee shall not be liable for any direct and indirect costs, expenses,
     losses, damages, liabilities or actions arising or resulting from any
     action or conduct undertaken or not taken by the Security Trustee or its
     officers, employees or agents including as a consequence of following those
     directions.

7.3  NOTE TRUSTEE ALONE ENTITLED TO ACT

     Subject to clauses 6.5 and 7.2, only the Note Trustee may:

     (a)  direct the Security Trustee to enforce or not to enforce the Security
          Trust Deed; or

     (b)  enforce the provisions of this deed, the Class A-1 Notes (including
          the Conditions),

     and no Class A-1 Noteholder is entitled to take any of the above actions or
     to proceed directly against the Trustee to enforce the performance of any
     of the provisions of this deed or the Class A-1 Notes (including the
     Conditions).

7.4  AVAILABLE AMOUNTS

     For the purpose of Condition 5 of the Class A-1 Notes, the Note Trustee
     shall not be satisfied that the Trustee will be in a position to discharge
     the liabilities referred to in those Conditions unless, either:

                                                                         Page 16

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (a)  the Trustee will have available to it sufficient cash in the
          Collection Account and sufficient Authorised Investments which will
          mature on or before the relevant Payment Date after making any other
          payments or provisions having priority in order of application under
          the applicable provisions of the Security Trust Deed; or

     (b)  the Trustee has entered into a legally binding contract with an entity
          either whose long term unsecured and unguaranteed debt is rated [AA-
          by S&P, Aa3 by Moody's or AA- by Fitch Ratings or whose short term
          unsecured and unguaranteed debt securities are rated A-1+ by S&P, P-1
          by Moody's or F1+ by Fitch Ratings], to provide sufficient cash on or
          before the relevant Payment Date to enable the Trustee to discharge
          the relevant liabilities,

     and in each circumstance the Manager or the Trustee has certified to the
     Note Trustee that the requirements of clause 7.4(a) or (b) have been met
     and the Note Trustee shall be entitled to rely on such certification.

7.5  NO LIABILITY

     In giving any direction to the Security Trustee under this deed or the
     Security Trust Deed, the Note Trustee shall not be obliged to ensure that
     the Security Trustee complies with such direction and will not be liable
     for failure by the Security Trustee so to comply.

8.   NOTICE OF PAYMENT

     The Principal Paying Agent shall give notice to the Class A-1 Noteholders
     in accordance with Condition 12 of the day fixed for any payment to them of
     amounts received by the Note Trustee under clause 16 of the Security Trust
     Deed. Those payments may be made in accordance with Condition 6 as
     appropriate (in the case of Definitive Notes) or to an account designated
     by the nominee of the relevant Clearing Agency in the name of such nominee
     by wire transfer in immediately available funds or to the order of the
     Class A-1 Noteholder (in the case of any Book-Entry Note), and payment of
     those amounts by the Note Trustee to the Principal Paying Agent for that
     purpose shall be a good discharge by the Note Trustee.

9.   INVESTMENT BY NOTE TRUSTEE

     At the direction of the Manager, the Note Trustee must invest any moneys
     held by the Note Trustee under the Note Trust in such Authorised
     Investments as the Manager may specify from time to time and the Note
     Trustee shall not be responsible for any loss due to depreciation in value
     or otherwise resulting from any Authorised Investments made by it in
     compliance with any such direction. The Note Trustee need only account for
     interest on money held on deposit with itself equal to the highest rate
     payable by it to an independent depositor in respect of comparable
     deposits.

10.  PARTIAL PAYMENTS

     In the case of Definitive Notes, on any payment of amounts received by the
     Note Trustee in accordance with the Supplementary Terms Notice, the
     Conditions or under clause 16 of the Security Trust Deed (other than the
     payment in full against surrender of a Definitive Note) the Definitive Note
     in respect of which such payment is made shall be produced to the Note
     Trustee or a Paying

                                                                         Page 17

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     Agent by or through whom such payment is made and the Note Trustee shall,
     or shall cause that Paying Agent to, enface on the Definitive Note a
     memorandum of the amount and the date of payment, but the Note Trustee may
     in any particular case dispense with that production and enfacement upon
     the Trustee certifying to the Note Trustee that an indemnity has been given
     to the Trustee by the recipient of the payment as the Trustee considers
     sufficient and the Note Trustee shall be entitled to rely on such
     certification.

11.  COVENANTS BY THE TRUSTEE AND MANAGER

     Each of the Trustee and the Manager undertakes to the Note Trustee, on
     behalf of the Class A-1 Noteholders, as follows in relation to the Trust
     for so long as any of the Class A-1 Notes remain outstanding (except to the
     extent that the Note Trustee otherwise consents in accordance with this
     deed).

     (a)  (MASTER TRUST DEED COVENANTS) It will comply with its covenants in the
          Master Trust Deed.

     (b)  (TRANSACTION DOCUMENTS)

          (i)  It will comply with its material obligations under the
               Transaction Documents.

          (ii) It will use reasonable endeavours (to the extent that it is able
               to do so under the Master Trust Deed) to procure that each other
               party to a Transaction Document complies with and performs its
               obligations under that Transaction Document.

     (c)  (INFORMATION) It will give to the Note Trustee a copy of any
          information in its possession relating to the Trust as soon as
          reasonably practicable in connection with the exercise and performance
          of its powers and obligations under this deed and which the Trustee or
          the Manager (as the case may be) reasonably considers has a material
          bearing on the interest of the Class A-1 Noteholders.

     (d)  (NOTIFY EVENTS OF DEFAULT)

          (i)  It will promptly notify the Note Trustee in writing if it has
               knowledge or notice of or is aware of the occurrence of an Event
               of Default, Trustee's Default, Servicer Transfer Event, Title
               Perfection Event or Manager's Default including full details (to
               the extent known, without making any enquiry) of that Event of
               Default, Trustee's Default, Servicer Transfer Event, Title
               Perfection Event or Manager's Default (as the case may be).

          (ii) In addition to its obligations under sub-clause item (d)(i) of
               this clause 11, the Manager, on behalf of the Trustee, will
               confirm to the Note Trustee in writing, on each anniversary of
               this deed:

               (A)  whether or not the Manager or the Trustee is aware that any
                    Event of Default has occurred; and

               (B)  any other matter which is required to be notified to the
                    Note Trustee under the Transaction Documents and which has
                    not previously been so notified.

     (e)  (MAINTENANCE OF OFFICE OR AGENCY) The Manager on behalf of the Trustee
          will maintain in the [*] an office or agency where Class A-1 Notes may
          be surrendered for registration of

                                                                         Page 18

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          transfer or exchange, and where notices and demands to or upon the
          Trustee in respect of the Class A-1 Notes and this deed may be served
          and the Trustee initially appoints the Principal Paying Agent acting
          through its office at [*] for this purpose.

          The Trustee hereby initially appoints the Principal Paying Agent to
          serve as its agent for the purposes of the surrender of Class A-1
          Notes for registration of transfer or exchange. The Manager will give
          prompt written notice to the Note Trustee of the location, and of any
          change in the location, of any such office or agency. If at any time
          the Manager on behalf of the Trustee shall fail to maintain any such
          office or agency or shall fail to furnish the Note Trustee with the
          address thereof, such notices and demands may be made or served at the
          Corporate Trust Office. The Trustee hereby appoints the Note Trustee
          as its agent to receive all such notices and demands to be served at
          the Corporate Trust Office. Each of the Principal Paying Agent and the
          Note Trustee shall, in respect of its appointment under this
          sub-paragraph (e), act solely for, and as agent of, the Trustee and
          shall not have any obligations towards or relationship or agency or
          trust with any other person.

     (f)  (CALCULATION AGENT) It will procure that, so long as any of the Class
          A-1 Notes remain outstanding, there will at all times be a Calculation
          Agent.

     (g)  (PRINCIPAL PAYING AGENT) It will procure that, so long as any of the
          Class A-1 Notes remain outstanding, there will at all times be a
          Principal Paying Agent.

     (h)  (CHANGE TO PAYING AGENTS OR CALCULATION AGENT) It will give notice to
          the Class A-1 Noteholders in accordance with the Agency Agreement and
          Condition 12 of:

          (i)    any appointment, resignation or removal of any Paying Agent
                 (other than the appointment of the initial Principal Paying
                 Agent) or Calculation Agent;

          (ii)   any change to any Paying Agent's Paying Office (as defined in
                 the Agency Agreement); or

          (iii)  any change to the Calculation Agent's Specified Office (as
                 defined in the Agency Agreement).

     (i)  (NOTICES) It will promptly give to the Note Trustee, or ensure that
          the Note Trustee receives for approval by the Note Trustee, two copies
          of the form of every notice prior to the notice being given to the
          Class A-1 Noteholders in accordance with Condition 12.

     (j)  (ANNUAL STATEMENT AS TO COMPLIANCE) The Trustee (or the Manager on its
          behalf) will deliver to the Note Trustee, within 90 days after the end
          of each fiscal year of the Trust (commencing on 30 September [*]), and
          otherwise in compliance with the requirements of section 314(a)(4) of
          the TIA, an Officer's Certificate stating that:

          (i)  a review of the activities of the Trustee in respect of the Trust
               during such year and of performance under this deed has been made
               under supervision of the person signing the Officer's Certificate
               (the SIGNATORY); and

          (ii) to the best of the knowledge of the Signatory, based on the
               review referred to in sub-paragraph (i), the Trustee has complied
               with all conditions and covenants under this deed throughout the
               relevant year, or, if there has been a default in the

                                                                         Page 19

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

               compliance of any such condition or covenant, specifying each
               such default known to the Signatory of the nature and status of
               the default.

          For the purposes of this clause 11(j) compliance shall be determined
          without regard to any period of grace or requirement of notice under
          the Transaction Documents.

     (k)  (OPINIONS AS TO TRUST ESTATE) On the Closing Date, the Trustee (or the
          Manager on its behalf) shall furnish to the Note Trustee an Opinion of
          Counsel (who may be the counsel for the Trustee) either stating that
          in the opinion of such counsel the Security Trust Deed and any other
          requisite documents has been properly recorded and filed so as to make
          effective the Security Interest intended to be created by the Security
          Trust Deed, and reciting the details of such action, or stating that
          in the opinion of such counsel no such action is necessary to make
          such Security Interest effective.

          Within 90 days after the end of each fiscal year commencing on 30
          September [*] the Trustee (or the Manager on its behalf) shall furnish
          to the Note Trustee an Opinion of Counsel (who may be the counsel for
          the Trustee) either stating that in the opinion of such counsel such
          action has been taken with respect to the recording, filing,
          re-recording, and refiling of the Security Trust Deed and any other
          requisite documents as is necessary to maintain the Security Interest
          created by the Security Trust Deed, and reciting the details of such
          action, or stating that in the opinion of such counsel no such action
          is necessary to maintain such Security Interest.

     (l)  (NOTEHOLDER REPORT)

          (i)  The Trustee (or the Manager on its behalf) shall deliver to the
               Principal Paying Agent and the Note Trustee on each Determination
               Date the Noteholders Report for the related Collection Period,
               with written instructions for the Note Trustee and the Principal
               Paying Agent to forward the Noteholder Report to each Class A-1
               Noteholder.

          (ii) Each Noteholder Report shall contain the information set out in
               Schedule 2.

12.  REMUNERATION OF NOTE TRUSTEE

12.1 FEE

     The Trustee shall pay to the Note Trustee a fee agreed between the Note
     Trustee and the Manager from time to time and at the times specified in the
     Supplementary Terms Notice.

12.2 ADDITIONAL REMUNERATION

     If the Note Trustee undertakes any of the acts contemplated in clause 7.1
     or it undertakes duties which it considers expedient or necessary under
     this deed, or which the Trustee or the Manager requests it to undertake and
     which duties the Note Trustee and the Manager agree to be of an exceptional
     nature or otherwise outside the scope of the normal duties of the Note
     Trustee under this deed, the Trustee shall pay to the Note Trustee any
     additional remuneration as they agree.

     In the event that the Note Trustee and the Manager fail to agree on such
     additional remuneration, such remuneration shall be determined by a
     merchant or investment bank (acting as an expert and not

                                                                         Page 20

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     as an arbitrator) selected by the Note Trustee and approved by the Manager
     or, failing such approval, nominated (on the application of the Note
     Trustee or the Manager) by the President for the time being of The Law
     Society of New South Wales (the expenses involved in such nomination and
     the fees of such merchant or investment bank being shared equally by the
     Trustee and the Note Trustee) and the determination of any such merchant or
     investment bank shall be final and binding upon the Note Trustee and the
     Trustee and shall be payable by the Trustee to the Note Trustee.

12.3 COSTS, EXPENSES

     (a)  Subject to clause 34.8, the Trustee shall also reimburse, pay or
          discharge all costs, charges, liabilities and expenses and any stamp
          and other Taxes or duties properly incurred or paid by the Note
          Trustee (or the Class A-1 Noteholders acting under clause 6.5 (as the
          case may be)) in connection with properly undertaking its duties under
          the Transaction Documents (including the fees and expenses of its
          counsel) and in connection with any legal proceedings brought by the
          Note Trustee (or the Class A-1 Noteholders acting under clause 6.5 (as
          the case may be)) to enforce any obligation under this deed the Class
          A-1 Notes.

     (b)  Without prejudice to the right of indemnity by law given to trustees,
          to the extent the Trustee is itself entitled to be indemnified, and
          subject to clause 29, the Trustee indemnifies the Note Trustee (or the
          Class A-1 Noteholders acting under clause 6.5 (as the case may be))
          and every other person properly appointed by it or any of them under
          this deed from and against all liabilities, losses, damages, costs,
          expenses, actions, proceedings, claims and demands incurred by or made
          against it or him in the execution of the Note Trust or of their
          powers or in respect of any matter or thing done or omitted in any way
          relating to this deed (other than arising from any fraud, negligence
          or wilful default by the Note Trustee or that person).

12.4 OVERDUE RATE

     All sums payable by the Trustee under clauses 12 and 34.8 shall survive
     termination of this deed and the resignation or removal of the Note Trustee
     and shall be payable by the Trustee on the next Payment Date in the order
     set out in the Supplementary Terms Notice or (if applicable) the Security
     Trust Deed and shall carry interest at the rate of LIBOR (in the case of
     sums payable in US$) and the Three Month Bank Bill Rate (in the case of
     sums payable in A$) (as applicable) plus [*]% from the due date. Any amount
     payable shall carry interest at that rate from the due date to the date of
     actual payment.

12.5 CONTINUING OBLIGATION

     Unless otherwise specifically stated in any discharge relating to this deed
     the provisions of this clause shall continue in full force and effect
     notwithstanding such discharge and even if the Note Trustee has ceased to
     be the Note Trustee for any reason including but not limited to those
     contemplated in clause 23 it will be entitled to all rights arising to it
     prior to it ceasing to be the Note Trustee.

                                                                         Page 21

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

13.  NOTE TRUSTEE

13.1 PREFERENTIAL COLLECTION OF CLAIMS AGAINST TRUSTEE

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

13.2 DUTIES OF NOTE TRUSTEE

     (a)  If an Event of Default has occurred and is subsisting, and a
          Responsible Officer of the Note Trustee has received written notice of
          such from the Trustee and the Manager, the Note Trustee shall exercise
          the rights and powers vested in it by this deed and use the same
          degree of care and skill in their exercise as a prudent person would
          exercise or use under the circumstances in the conduct of such
          person's own affairs.

     (b)  Except while an Event of Default subsists:

          (i)  the Note Trustee undertakes to perform such duties and only such
               duties as are specifically set forth in this deed and no implied
               covenants or obligations shall be read into this deed against the
               Note Trustee; and

          (ii) in the absence of bad faith on its part, the Note Trustee may
               conclusively rely, as to the truth of the statements and the
               correctness of the opinions expressed therein, upon certificates
               or opinions furnished to the Note Trustee and conforming to the
               requirements of this deed; however, the Note Trustee shall
               examine the certificates and opinions to determine whether or not
               they conform to the requirements of this deed.

     (c)  The Note Trustee may not be relieved from liability for its own
          negligent action, its own negligent failure to act or its own wilful
          misconduct, except that:

          (i)  this paragraph does not limit the effect of paragraph (a) of this
               clause; and

          (ii) the Note Trustee shall not be liable for any error of judgment
               made in good faith by a Responsible Officer unless it is proved
               that the Note Trustee was negligent in ascertaining the pertinent
               facts.

     (d)  Section 315(d)(3) of the TIA is expressly excluded by this deed.

13.3 RIGHTS AND LIMITED RESPONSIBILITIES OF NOTE TRUSTEE

     By way of supplement to any Statute regulating the Note Trust and in
     addition to the powers and protections which may from time to time be
     vested or available to the Note Trustee by general law, and subject to
     clause 14, it is expressly declared as follows.

     (a)  The Note Trustee may conclusively rely on any document believed by it
          to be genuine and to have been signed or presented by the proper
          person. The Note Trustee need not investigate any fact or matter
          stated in the document.

     (b)  Before the Note Trustee acts or refrains from acting, it may require
          an Officer's Certificate or an Opinion of Counsel. The Note Trustee
          shall not be liable for any action it takes,

                                                                         Page 22

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          suffers or omits to take in good faith in reliance on the Officer's
          Certificate or Opinion of Counsel.

     (c)  No provision of this deed shall require the Note Trustee to expend or
          risk its own funds or otherwise incur financial liability in the
          performance of any of its duties hereunder or in the exercise of any
          of its rights or powers, if it shall have reasonable grounds to
          believe that repayment of such funds or indemnity satisfactory to it
          against such risk or liability is not assured to it.

     (d)  The Note Trustee shall not be responsible for and makes no
          representations as to the validity or adequacy of this deed (other
          than in relation to its own execution of this deed) or the Class A-1
          Notes, shall not be accountable for the Trustee's use of the proceeds
          from the Class A-1 Notes, and shall not be responsible for any
          statement of the Trustee in this deed or in any document issued in
          connection with the sale of the Class A-1 Notes or in the Class A-1
          Notes.

     (e)  The Note Trustee may, in relation to this deed, act on the advice or
          opinion of or any information obtained from any lawyer, valuer,
          accountant, banker, broker, credit-rating agency, lead manager or
          other expert whether obtained by the Trustee, the Note Trustee, the
          Manager, the Servicer or otherwise.

     (f)  Any advice, opinion or information obtained by the Note Trustee under
          paragraph (e) may be sent or obtained by letter, telegram, telex,
          facsimile transmission, email or cable and may be conclusively relied
          on by the Note Trustee without further investigation and the Note
          Trustee shall not be liable for acting on any such advice, opinion or
          information purporting to be conveyed by any such letter, telegram,
          telex, facsimile transmission, email or cable although the same shall
          contain some error or shall not be authentic.

     (g)  The Note Trustee may call for and shall be at liberty to accept as
          sufficient evidence of any fact or matter or the expediency of any
          transaction or thing a certificate signed by two Authorised
          Signatories of the Trustee or the Manager (as the case may be) and the
          Note Trustee shall not be bound in any such case to call for further
          evidence or be responsible for any loss that may be occasioned by the
          Note Trustee acting on that certificate.

     (h)  The Note Trustee is at liberty to hold or to place this deed and any
          other documents relating to this deed in any part of the world with
          any banker or banking company or company whose business includes
          undertaking the safe custody of documents or lawyer or firm of lawyers
          reasonably considered by the Note Trustee to be of good repute, and,
          except in the case of fraud, negligence or breach of trust (in the
          case of the Security Trustee) or fraud, negligence or wilful default
          (in the case of the Note Trustee), neither the Note Trustee nor the
          Security Trustee shall be responsible for any loss, expense or
          liability which may be suffered as a result of any assets secured by
          the Security Trust Deed, Mortgaged Property or any deed or documents
          of title thereto, being uninsured or inadequately insured or being
          held by or to the order of the Servicer or any of its affiliates or by
          any clearing organisations or their operators or by any person on
          behalf of the Note Trustee if prudently chosen in accordance with the
          Transaction Documents.

     (i)  The Note Trustee shall not be responsible for the application of the
          proceeds of the issue of any of the Class A-1 Notes by the Trustee or
          any moneys borrowed by the Trustee under

                                                                         Page 23

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          any Transaction Document or the exchange of any Book-Entry Note for
          any other Book-Entry Note or Definitive Note, as the case may be.

     (j)  Except as otherwise provided in this deed or any other Transaction
          Documents to which it is a party, the Note Trustee shall not be bound
          to give notice to any person of the execution of this deed or any of
          the Transaction Documents or any transaction contemplated hereby or
          thereby or to take any steps to ascertain whether any Event of Default
          has happened and, until it has actual knowledge or express notice to
          the contrary, the Note Trustee is entitled to assume that no Event of
          Default has happened and that the Trustee and each other party to any
          Relevant Document is observing and performing all the obligations on
          its part contained in the Class A-1 Notes and under this deed or, as
          the case may be, the Security Trust Deed or any other Transaction
          Document to which it is a party.

     (k)  Save as expressly otherwise provided in this deed or the Transaction
          Documents:

          (i)  the Note Trustee shall have absolute and uncontrolled discretion
               as to the exercise of the discretions vested in the Note Trustee
               by this deed and the Transaction Documents (the exercise of which
               as between the Note Trustee and the Class A-1 Noteholders shall
               be conclusive and binding on the Class A-1 Noteholders) but
               whenever the Note Trustee is under the provisions of this deed or
               the Transaction Documents bound to act at the request or
               direction of the Class A-1 Noteholders, or any of them, the Note
               Trustee shall nevertheless not be so bound unless it is first
               indemnified or accepts security to its satisfaction against all
               actions, proceedings, claims and demands to which it may render
               itself liable and all costs, charges, damages, expenses and
               liabilities which it may incur by so doing; and

          (ii) in the absence of fraud, negligence or wilful default, the Note
               Trustee shall not be in any way responsible for any loss (whether
               consequential or otherwise), costs, damages or inconvenience that
               may result from the exercise or non-exercise of any powers,
               authorities and discretions vested in it.

     (l)  The Note Trustee shall not be liable for acting upon any resolution
          purporting to have been passed at any meeting of the Class A-1
          Noteholders in respect of which minutes have been made and signed even
          though subsequently it may be found that there was some defect in the
          constitution of the meeting or the passing of the resolution or that
          for any reason the resolution was not valid or binding upon the Class
          A-1 Noteholders.

     (m)  The Note Trustee shall not be liable to the Trustee or any Class A-1
          Noteholder by reason of having accepted as valid or not having
          rejected any Definitive Note purporting to be such and subsequently
          found to be forged or not authentic and the Note Trustee may call for
          and shall be at liberty to accept and place full reliance on as
          sufficient evidence of the facts stated therein a certificate or
          letter of confirmation certified as true and accurate and signed on
          behalf of a Clearing Agency, the Note Registrar or any Common
          Depository for any of them or any person as the Note Trustee
          reasonably considers appropriate, or any form of record made by any of
          them to the effect that at any particular time or through any
          particular period any particular person is, was, or will be, shown in
          its records as entitled to a particular number of Class A-1 Notes.

                                                                         Page 24

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (n)  Any consent or approval given by the Note Trustee for the purpose of
          this deed, the Conditions and any Transaction Document may be given on
          any terms and subject to any conditions as the Note Trustee thinks fit
          and despite anything to the contrary contained in this deed, any
          Transaction Document or the Conditions may be given retrospectively.

     (o)  Save to the extent provided in this deed, the Note Trustee shall not
          (unless and to the extent ordered so to do by a court of competent
          jurisdiction) be required to disclose to any Class A-1 Noteholder or
          any Mortgagee, any information made available to the Note Trustee by
          the Trustee or any other person in connection with the Note Trust and
          no Class A-1 Noteholder shall be entitled to take any action to obtain
          from the Note Trustee any such information.

     (p)  Where it is necessary or desirable for any purpose in connection with
          this deed to convert any sum from one currency to another it shall
          (unless otherwise provided by this deed, any other Transaction
          Document or required by law) be converted at the rate or rates, in
          accordance with the method and as at the date for the determination of
          the rate of exchange, as may be agreed by the Note Trustee in
          consultation with the Trustee and the Manager as relevant and any
          rate, method and date so agreed shall be binding on the Trustee and
          the Class A-1 Noteholders.

     (q)  Subject to clauses 6.5 and 7.4, the Note Trustee may certify in good
          faith whether or not any of the events set out in Condition 9 or any
          breach under clause 8 of the Security Trust Deed is in its opinion
          materially prejudicial to the interests of the Class A-1 Noteholders
          and may certify, in relation to the event set out in paragraph (a) of
          Condition 9 in relation to any payment of interest on the Class A-1
          Notes that the Trustee had, on the due date for payment of the amount
          of interest in question, sufficient cash to pay, in accordance with
          the provisions of the Supplementary Terms Notice or the Security Trust
          Deed, all interest (after payment of all sums which are permitted
          under the Supplementary Terms Notice or the Security Trust Deed to be
          paid in priority to or pari passu with them) and that certificate
          shall be conclusive and binding upon the Trustee and the Class A-1
          Noteholders. The Note Trustee shall have no liability to the Trustee,
          any Class A-1 Noteholder or any other person in relation to any such
          certificate or in relation to any delay or omission in providing such
          certificate. In giving any certificate relating to paragraph (a) of
          Condition 9, the Note Trustee may rely on any determination made by
          any independent accountants of recognised standing in Australia and
          any such determination shall be conclusive and binding on the Trustee
          and the Class A-1 Noteholders. The Trustee shall pay the Note Trustee
          all proper costs and expenses of providing the certificate at the
          times specified in the Supplementary Terms Notice.

     (r)  The Note Trustee shall not be bound to take any steps to ascertain
          whether any event, condition or act, the happening of which would
          cause a right or remedy to become exercisable by the Note Trustee
          under this deed or by the Trustee under any of the Transaction
          Documents has happened or to monitor or supervise the observance and
          performance by the Trustee or any of the other parties thereto of
          their respective obligations thereunder and, until it shall have
          actual knowledge or express notice to the contrary the Note Trustee
          shall be entitled to assume that no such event, condition or act has
          happened

                                                                         Page 25

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          and that the Trustee and each of the other parties thereto are
          observing and performing all their respective obligations thereunder.

     (s)  The Note Trustee shall not be responsible for recitals, statements,
          warranties or representations of any party (other than itself)
          contained in any Transaction Document or other document entered into
          in connection with it and shall assume its accuracy and correctness
          and (except with respect to itself) the execution, legality,
          effectiveness, adequacy, genuineness, validity or enforceability or
          admissibility in evidence of that agreement or other document or any
          security constituted by them, and the Note Trustee may accept without
          enquiry, requisition or objection all title as the Trustee may have to
          any of the Mortgaged Property or as any other person may have to any
          other security charged from time to time to the Note Trustee and shall
          not be bound to investigate or make any enquiry in the title of the
          Trustee to any of the Mortgaged Property or the title of any other
          person to any other security charged from time to time to the Note
          Trustee whether or not any defect or failure might be, or might have
          been, discovered upon examination inquiry or investigation and whether
          or not capable of remedy. Notwithstanding the generality of the
          foregoing, each Class A-1 Noteholder is solely responsible for making
          its own independent appraisal of and investigation into the Trust and
          the Class A-1 Notes and the Note Trustee shall not at any time have
          any responsibility for the same and no Class A-1 Noteholder shall rely
          on the Note Trustee in that respect.

     (t)  The Note Trustee shall not be liable for any failure, omission or
          defect in or filing or procuring registration or filing of or
          otherwise protecting or perfecting the Security Trust Deed or the
          Mortgaged Property or any other security or failure to call for
          delivery of documents of title to the Mortgaged Property or any other
          security or to require any further assurances in relation to any
          property or assets comprised in the Mortgaged Property or any other
          security.

     (u)  The Note Trustee shall not be obliged (whether or not directed to do
          so by the Class A-1 Noteholders) to direct the Security Trustee to
          perfect legal title to any Purchased Receivable if, in the opinion of
          the Note Trustee, that perfection would or might result in the Note
          Trustee becoming liable to or incurring any obligation to any Obligor
          under a Purchased Receivable and, in its opinion, there is or would be
          insufficient cash to discharge, in accordance with the provisions of
          the Security Trust Deed, that liability or obligations as and when
          they arise. Notwithstanding the generality of the foregoing, the Note
          Trustee shall have no responsibility or liability for the payment of
          any fees for the registration of the relevant Mortgages in Australia
          or for any related legal, administrative or other fees, costs and
          expenses (including, but not limited to, any proper disbursements and
          any goods and services tax or analogous value added tax). The Manager
          will provide to the Note Trustee such information and the Trustee will
          pay to the Note Trustee such costs as the Note Trustee reasonably
          considers necessary to make these determinations and, subject to
          clause 29, the Trustee indemnifies the Note Trustee against any loss
          or damage suffered as a result of the Note Trustee incurring such an
          obligation.

     (v)  The Note Trustee shall, as regards all the powers, trusts,
          authorities, duties and discretions vested in it by this deed, the
          Transaction Documents or the Class A-1 Notes (including the

                                                                         Page 26

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          Conditions), except where expressly provided otherwise, have regard to
          the interests of the Class A-1 Noteholders.

     (w)  Without prejudice to the provisions of any Transaction Document, the
          Note Trustee shall not be under any obligation to insure any of the
          Mortgaged Property (or any other property) or any deeds or documents
          of title or other evidence relating to that property or to require any
          other person to maintain any such insurance or monitor the adequacy of
          any such insurance and shall not be responsible for any loss, expense
          or liability which may be suffered by any person as a result of the
          lack of or inadequacy of any insurance.

     (x)  The Note Trustee shall not be responsible for any loss, expense or
          liability (including, without limitation, any decline in the value or
          loss realised upon any sale or disposition made under the Security
          Trust Deed) occasioned to the Mortgaged Property or any other property
          or in respect of all or any of the moneys which may stand to the
          credit of the Collection Accounts, from time to time however caused
          (including any bank, broker, depository, warehouseman or other
          intermediary or any clearing system or its operator acting in
          accordance with or contrary to the terms of any of the Transaction
          Documents or otherwise), unless that loss is occasioned by the fraud,
          negligence or wilful default of the Note Trustee.

     (y)  The Note Trustee has no responsibility whatsoever to the Trustee or
          any Class A-1 Noteholder as regards any deficiency or additional
          payment, as the case may be, which might arise because the Note
          Trustee or the Trustee is subject to any Tax in respect of the
          Mortgaged Property, the Security Trust Deed or any other security or
          any income or any proceeds from them.

     (z)  No provision of this deed requires the Note Trustee to do anything
          which may be illegal or contrary to applicable law or regulation or
          expend or risk its own funds or otherwise incur any financial
          liability in the performance of any of its duties, or in the exercise
          of any of its rights or powers, if it has grounds to believe that
          repayment of those funds or adequate indemnity against that risk or
          liability is not assured to it. Without limitation nothing contained
          in this deed imposes any obligation on the Note Trustee to make any
          further advance to an Obligor or to borrow any moneys under a
          Transaction Document or to maintain, protect or preserve any moneys
          standing to the credit of the Collection Account.

     (aa) The Note Trustee is not responsible (except as to itself) for the
          genuineness, validity, effectiveness or suitability of any of the
          Transaction Documents or any of the Mortgages, Security Interests or
          other documents entered into in connection with them or any Mortgage
          Insurance Policy or any other document or any obligation or rights
          created or purported to be created by them or under them or any
          Security Interest or the priority constituted by or purported to be
          constituted by or pursuant to that Security Interest, nor shall it
          (except as to itself) be responsible or liable to any person because
          of any invalidity of any provision of those documents or the
          unenforceability of those documents, whether arising from statute, law
          or decision of any court and (without limitation) the Note Trustee
          shall not be responsible for or have any duty to make any
          investigation in respect of or in any way be liable whatsoever for:

                                                                         Page 27

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (i)     the nature, status, creditworthiness or solvency of any
                  Obligor or any other person or entity who has at any time
                  provided any security or support whether by way of guarantee,
                  Security Interest or otherwise in respect of any advance made
                  to any Obligor;

          (ii)    the execution, legality, validity, adequacy, admissibility in
                  evidence or enforceability of any Mortgage or Loan or any
                  other document entered into in connection with them;

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

          (iv)    the registration, filing, protection or perfection of any
                  Mortgage or the priority of the security created under a
                  Mortgage whether in respect of any initial advance or any
                  subsequent advance or any other sums or liabilities;

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

          (vi)    the performance or observance by any Obligor or any other
                  person of any provisions of any Mortgage or Loan or in any
                  document entered into in connection with them or the
                  fulfilment or satisfaction of any conditions contained in them
                  or relating to them or as to the existence or occurrence at
                  any time of any default, event of default or similar event
                  contained in them or any waiver or consent which has at any
                  time been granted in relation to any of the above;

          (vii)   the existence, accuracy or sufficiency of any legal or other
                  opinions, searches, reports, certificates, valuations or
                  investigations delivered or obtained or required to be
                  delivered or obtained at any time in connection with any
                  Mortgage or Loan;

          (viii)  the title of the Trustee to any Mortgage, Loan or other
                  Mortgaged Property;

          (ix)    the suitability, adequacy or sufficiency of any guidelines
                  under which Loans are entered into or compliance with those
                  guidelines or compliance with any applicable criteria for any
                  further advances or the legality or ability or enforceability
                  of the advances or the priority of the Mortgages in relation
                  to the advances;

          (x)     the compliance of any person with the provisions and contents
                  of and the manner and formalities applicable to the execution
                  of the Mortgages and Loans and any documents connected with
                  them or the making of any advance intended to be secured by
                  them or with any applicable laws or regulations (including
                  Consumer Credit Legislation);

          (xi)    the failure of the Approved Seller, the Trustee, the Servicer
                  or the Manager to obtain or comply with the Transaction
                  Documents or any Authorisation in connection with the
                  origination, sale, purchase or administration of any of the
                  Mortgages or Loans or the making of any advances in connection
                  with them or the failure to effect or procure registration of
                  or to give notice to any person in relation to or otherwise
                  protect the security created or purported to be created by or

                                                                         Page 28

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

                  pursuant to any of the Mortgages or Loans or other documents
                  entered into in connection with them;

          (xii)   the failure to call for delivery of documents of title to or
                  require any transfers, legal mortgages, charges or other
                  further assurances in relation to any of the assets the
                  subject matter of any of the Transaction Documents or any
                  other document;

          (xiii)  any accounts, books, records or files maintained by the
                  Approved Seller, the Servicer, the Trustee, the Manager or any
                  other person in respect of any of the Mortgages or Loans; or

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

     (bb) The Note Trustee is not liable or responsible for any loss, cost,
          damages, expenses, liabilities or inconvenience which may result from
          anything done or omitted to be done by it in accordance with the
          provisions of this deed, any other Transaction Document or any other
          document or as a consequence of or in connection with it being held or
          treated as, or being deemed to be, a creditor, for the purposes of the
          Consumer Credit Legislation, in respect of any of the Mortgages.

     (cc) The Note Trustee shall be entitled to call for and rely on a
          certificate or any letter of confirmation or explanation reasonably
          believed by it to be genuine, of the Approved Seller, the Servicer,
          the Trustee, the Manager, any Paying Agent, the Calculation Agent, any
          Designated Rating Agency or any other credit-rating agency in respect
          of every manner and circumstance for which a certificate or any letter
          of confirmation or explanation is expressly provided for under this
          deed or in respect of the rating of the Class A-1 Notes or the
          Conditions and the Note Trustee is not bound in any such case to call
          for further evidence or be responsible for any loss, liability, costs,
          damages, expenses or inconvenience that may be occasioned by its
          failing so to do.

     (dd) In connection with any proposed modification, waiver, authorisation or
          determination permitted by this deed, the Note Trustee shall not have
          regard to the consequences thereof for individual Class A-1
          Noteholders resulting from their being for any purpose domiciled or
          resident in, or otherwise connected with, or subject to, the
          jurisdiction of any particular territory.

     (ee) Except as otherwise provided in this deed or any other Transaction
          Document, the Note Trustee shall have no responsibility for the
          maintenance of any rating of the Class A-1 Notes by a Designated
          Rating Agency or any other credit-rating agency or any other person.

     (ff) The Note Trustee shall be under no obligation to monitor or supervise
          the functions of the Servicer from time to time under the terms of the
          Servicing Agreement or any other person under any other Transaction
          Document, and is entitled, in the absence of actual knowledge of a
          breach of duty or obligation, to assume that the Servicer is properly
          performing its obligations in accordance with the provisions of the
          Servicing Agreement or that any other person is properly performing
          its obligations in accordance with each other Transaction Document, as
          the case may be.

                                                                         Page 29

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (gg) The Note Trustee acknowledges that the Manager is responsible, under
          the Supplementary Terms Notice, for calculating all amounts referred
          to in clause 5 of the Supplementary Terms Notice (other than
          calculations required to be made by the Calculation Agent under the
          Agency Agreement) and the Note Trustee has no liability in respect of
          these calculations other than as a result of the fraud, negligence or
          wilful default of the Note Trustee.

     (hh) Subject to clause 36.5, where there are any inconsistencies between
          any Statute regulating the Note Trust and the provisions of this deed,
          the provisions of this deed shall, to the extent allowed by law,
          prevail.

     (ii) Subject to clause 36.5 and to the maximum extent permitted by law, any
          duty imposed on the Note Trustee under any Statute shall not apply to
          the Note Trustee unless and only to the extent that the relevant duty
          is expressly stated as applying to the Note Trustee in this deed.

13.4 NOTICE OF DEFAULTS

     (a)  If an Event of Default occurs and is subsisting and the Note Trustee
          has received notice of that Event of Default from the Trustee and the
          Manager, the Note Trustee shall mail to each Class A-1 Noteholder
          notice of the Event of Default within 90 days after receipt of such
          notice.

     (b)  Except in the case of a default in payment of principal of or interest
          on any Class A-1 Note (including payments pursuant to the mandatory
          redemption provisions of that Class A-1 Note), the Note Trustee may
          withhold the notice referred to in paragraph (a) if and so long as the
          board of directors, the executive committee or a trust committee in
          good faith determines that withholding the notice is in the interest
          of the Class A-1 Noteholders.

14.  NOTE TRUSTEE'S LIABILITY

     (a)  Subject to paragraph (b), the Note Trustee will have no liability
          under or in connection with this deed or any other Transaction
          Document (whether to the Class A-1 Noteholders, the Trustee, the
          Manager or any other person) other than to the extent to which the
          liability is able to be satisfied out of the assets of the Note Trust
          from which the Note Trustee is actually indemnified for the liability.

     (b)  The limitation in paragraph (a) will not apply to a liability of the
          Note Trustee to the extent that it is not satisfied because, under
          this deed or by operation of law, there is a reduction in the extent
          of the Note Trustee's indemnification as a result of the Note
          Trustee's fraud, negligence or wilful default. Nothing in this clause
          or any similar provision in any other Transaction Document limits or
          adversely affects the rights of the Note Trustee.

15.  DELEGATION BY NOTE TRUSTEE

     (a)  The Note Trustee may whenever it thinks fit delegate by power of
          attorney or otherwise to any person or persons for any period (whether
          exceeding one year or not) or indefinitely all or any of the trusts,
          powers and authorities vested in the Note Trustee by this deed and
          that delegation may be made upon any terms and subject to any
          conditions (including power to

                                                                         Page 30

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          sub-delegate) and subject to any regulations as the Note Trustee may
          in the interests of the Class A-1 Noteholders think fit.

     (b)  If the Note Trustee exercises reasonable care in the selection of a
          delegate under paragraph (a), the Note Trustee shall not be required
          to supervise the actions of the delegate and shall, providing the Note
          Trustee and the delegate are not Related Bodies Corporate, not in any
          way be responsible for any loss incurred by reason of any fraud,
          negligence, misconduct or default on the part of any delegate or
          sub-delegate. The Note Trustee must within a reasonable time prior to
          any delegation or any renewal, extension or termination of any
          delegation give notice of it to the Trustee and the Designated Rating
          Agencies.

16.  EMPLOYMENT OF AGENT BY NOTE TRUSTEE

     The Note Trustee may in the conduct of the Note Trust, instead of acting
     personally employ and pay an agent, whether being a lawyer or other
     professional person, to transact or concur in transacting any business and
     to do or concur in doing all acts required to be done in connection with
     the Note Trust. If the Note Trustee exercises reasonable care in the
     selection of that agent, the Note Trustee shall not be required to
     supervise the actions of the agent and shall not in any way be responsible
     for any loss incurred by reason of any fraud, negligence, misconduct or
     default on the part of that agent.

     Any Note Trustee or the agent of the Note Trustee which is a banker,
     lawyer, accountant, broker or other person engaged in any profession or
     business is entitled to charge and be paid all usual professional and other
     charges for business transacted and acts done by him or his firm in
     connection with the Note Trust and also his reasonable charges in addition
     to disbursements for all other work and business done and all time spent by
     him or his firm in connection with matters arising in connection with this
     deed including matters which might or should have been attended to in
     person by a trustee not being a banker, lawyer, accountant, broker or other
     professional. Those charges will be for the account of the Note Trustee
     unless agreed otherwise, who shall be reimbursed by the Trustee under
     clause 12.

17.  NOTE TRUSTEE CONTRACTING WITH TRUSTEE

     Neither the Note Trustee nor any director or officer of a corporation
     acting as Note Trustee is by reason of its or their fiduciary position in
     any way precluded from entering into or being interested in any contract or
     financial or other transaction or arrangement with the Trustee or any other
     party to any of the Transaction Documents or any person or body corporate
     associated with the Trustee including any contract, transaction or
     arrangement of a banking or insurance nature or any contract, transaction
     or arrangement in relation to the making of loans or the provision of
     financial facilities to or the purchase, placing or underwriting of or
     subscribing or procuring subscriptions for or otherwise acquiring holding
     or dealing with the Class A-1 Notes or any of them, or any other bonds,
     stocks, shares, debenture stock, debentures, notes or other securities of
     the Trustee or any other party to any of the Transaction Documents or any
     related person or body corporate or from accepting or holding the
     trusteeship of any other trust deed constituting or securing any other
     securities issued by or relating to the Trustee or any other party to any
     of the Transaction Documents or any related person or body corporate or any
     other office of profit under the Trustee or any other party to any of the
     Transaction Documents or any related person or body corporate and shall be
     entitled to retain and

                                                                         Page 31

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     shall not be in any way liable to account for any profit made or share of
     brokerage or commission or remuneration or other benefit received by them
     or in connection with any of those arrangements.

18.  WAIVER

     (a)  The Note Trustee may, without prejudice to its rights in respect of
          any subsequent breach, condition, event or act from time to time and
          at any time (but only if, and in so far as, in its opinion the
          interests of any of the Class A-1 Noteholders are not materially
          prejudiced), waive or authorise on any terms and subject to any
          conditions as it sees fit and proper:

          (i)    any breach or proposed breach by the Trustee or Manager of any
                 of the covenants or provisions contained in this deed or in the
                 Class A-1 Notes (including the Conditions) or any other
                 Transaction Document (as to which evidence of a breach of one
                 Class A-1 Note shall be deemed evidence of a breach of all
                 Class A-1 Notes in the Class to which that Class A-1 Note
                 belongs); or

          (ii)   determine that any condition, event or act which constitutes,
                 or which with the giving of notice, the lapse of time or the
                 issue of a certificate would constitute, but for that
                 determination, an Event of Default shall not, or shall not
                 subject to specified conditions, be so treated for the purposes
                 of this deed,

          but the Note Trustee shall not exercise any powers conferred on it by
          this clause in contravention of:

          (iii)  any express direction given in writing by holders of Class A-1
                 Notes representing at least 75% of the aggregate Invested
                 Amount of the Class A-1 Notes;

          (iv)   a request made by the Class A-1 Noteholders in accordance with
                 Condition 10; or

          (v)    clauses 36.4 or 37.2 of this deed,

          and shall at all times act in accordance with the requirements of the
          TIA.

          No direction or request shall affect any waiver, authorisation or
          determination previously given or made.

     (b)  Any waiver, authorisation or determination under this clause is
          binding on the Class A-1 Noteholders and if, but only if, the Note
          Trustee so requires, shall be notified by the Trustee to the Class A-1
          Noteholders in accordance with Condition 12 as soon as practicable.

19.  AMENDMENT

19.1 APPROVAL

     The Note Trustee, the Manager and the Trustee may, following giving notice
     to each Designated Rating Agency, by way of supplemental deed alter, add to
     or modify this deed (including this clause 19), the Conditions (subject to
     Condition 13) and this clause or any Transaction Document so long as that
     alteration, addition or modification is:

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

                                                                         Page 32

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

     (d)  in the opinion of the Note Trustee not materially prejudicial to the
          interests of the Class A-1 Noteholders as a whole,

     and in the manner, and to the extent, permitted by the Transaction
     Documents.

     For the avoidance of doubt, the Note Trustee shall be entitled to rely
     conclusively on, and shall not be liable to any person for such reliance
     on, an Opinion of Counsel in connection with any alteration, addition or
     modification under sub-paragraphs (a) to (d) (inclusive) above.

19.2 EXTRAORDINARY RESOLUTION OF CLASS A-1 NOTEHOLDERS

     Subject to clause 37.2, where in the opinion of the Note Trustee a proposed
     alteration, addition or modification to this deed, other than an
     alteration, addition or modification referred to in clause 19.1, is
     materially prejudicial or likely to be materially prejudicial to the
     interest of Class A-1 Noteholders as a whole, the Note Trustee, the Manager
     and the Trustee may make that alteration, addition or modification (subject
     to the TIA (if applicable)) only if sanctioned in writing by holders of at
     least 75% of the aggregate Invested Amount of the Class A-1 Notes (an
     EXTRAORDINARY RESOLUTION).

19.3 DISTRIBUTION OF AMENDMENTS

     The Manager shall distribute to all Class A-1 Noteholders and each
     Designated Rating Agency a copy of any amendments made under clause 19.1 or
     19.2 under Condition 12 as soon as reasonably practicable after the
     amendment has been made.

19.4 AMENDMENTS BINDING

     Any amendment under this clause is binding on the Class A-1 Noteholders.

19.5 CONFORMITY WITH TIA

     Every amendment of this deed executed pursuant to this clause 19 which
     affects the Class A-1 Notes or the Class A-1 Noteholders shall conform to
     the requirements of the TIA as then in effect so long as this deed shall
     then be qualified under the TIA.

                                                                         Page 33

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

20.  CLASS A-1 NOTEHOLDERS

20.1 ABSOLUTE OWNER

     (a)  The Trustee, the Manager, the Security Trustee, the Note Trustee and
          any Paying Agent may treat the registered holders of any Definitive
          Note as the absolute owner of that Definitive Note (whether or not
          that Definitive Note is overdue and despite any notation or notice to
          the contrary or writing on it or any notice of previous loss or theft
          of it or trust or other interest in it) for the purpose of making
          payment and for all purposes and none of the Trustee, the Manager, the
          Security Trustee, the Note Trustee or the Paying Agents is affected by
          any notice to the contrary.

     (b)  So long as the Class A-1 Notes, or any of them, are represented by a
          Book-Entry Note, the Trustee, the Manager, the Note Trustee and any
          Paying Agent may treat the person for the time being shown in the
          records of the relevant Clearing Agency as the holder of any Class A-1
          Note as the absolute owner of that Class A-1 Note and the Trustee, the
          Manager, the Note Trustee and the Paying Agents are not affected by
          any notice to the contrary, but without prejudice to the entitlement
          of the registered holder of the Book-Entry Note to be paid principal
          and interest on the Book-Entry Note in accordance with its terms.
          Without limitation, notices to Class A-1 Noteholders may be given by
          delivery of the relevant notice to the relevant Clearing Agency for
          the Class A-1 Notes as the holder of the Class A-1 Notes for
          communication by them to entitled account holders in substitution for
          publication as required by the Conditions.

     (c)  Provided the Trustee pays the relevant Class A-1 Noteholder in
          accordance with the Transaction Documents, such Class A-1 Noteholder
          shall have no claim directly against the Trustee, the Note Trustee or
          the Principal Paying Agent in respect of payment due on the Class A-1
          Notes for so long as the Class A-1 Notes are represented by a Book
          Entry Note and the relevant obligations of the Trustee will be
          discharged by payment to the registered holder of the Book Entry Note
          in respect of each amount so paid.

     (d)  All payments made to any person treated as the owner of a Class A-1
          Note under this clause (or, in the case of a Book-Entry Note, to or to
          the order of the registered holder of that Book-Entry Note) shall be
          valid and, to the extent of the sums so paid, effective to satisfy and
          discharge the liability for the moneys payable upon that Class A-1
          Note.

     (e)  Any instalment of interest or principal, payable on any Class A-1 Note
          which is punctually paid or duly provided for by the Trustee to the
          Paying Agent on the applicable Payment Date or Maturity Date shall be
          paid to the person in whose name such Class A-1 Note is registered on
          the Record Date, by cheque mailed first-class, postage prepaid, to
          such person's address as it appears on the Note Register on such
          Record Date, except that, unless Definitive Notes have been issued
          pursuant to clause 3.3, with respect to Class A-1 Notes registered on
          the Record Date in the name of the nominee of the Clearing Agency
          (initially, such nominee to be the Common Depository), payment will be
          made by wire transfer in immediately available funds to the account
          designated by such nominee and except for the final instalment of
          principal payable with respect to such Class A-1 Note on a Payment
          Date

                                                                         Page 34

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          or Maturity Date (and except for the redemption for any Class A-1 Note
          called for redemption pursuant to Condition 5 which shall be payable
          as provided in paragraph (f).

     (f)  The principal of each Class A-1 Note shall be payable on each Payment
          Date and the Final Maturity Date as set forth in the Conditions. The
          Principal Paying Agent shall notify the person in whose name a Class
          A-1 Note is registered at the close of business on the Record Date
          preceding the Payment Date, of the date on which the Trustee expects
          that the final instalment of principal and interest on such Class A-1
          Note will be paid. Such notice shall be mailed or transmitted by
          facsimile prior to such Final Maturity Date and shall specify that
          such final instalment will be payable only upon presentation and
          surrender of such Class A-1 Note and shall specify the place where
          such Class A-1 Note may be presented and surrendered for payment of
          such instalment. Notices in connection with redemptions of Class A-1
          Notes shall be mailed to Class A-1 Noteholders as provided in clause
          26.1.

20.2 CLEARING AGENCY CERTIFICATE

     The Trustee, the Manager, the Security Trustee and the Note Trustee may
     call for and shall be at liberty to accept and place full reliance on as
     sufficient evidence a certificate or letter or confirmation signed on
     behalf of any Clearing Agency or any form of record made by either of them
     to the effect that at any particular time or throughout any particular
     period any particular person is, was, or will be, shown in its records as
     entitled to a particular interest in a Book-Entry Note.

21.  CURRENCY INDEMNITY

     Subject to this deed including clause 29, the Trustee indemnifies the Note
     Trustee, the Class A-1 Noteholders and keeps them indemnified against:

     (a)  any loss or damage incurred by any of them arising from the
          non-payment by the Trustee of any US$ amount due to the Note Trustee
          or the Class A-1 Noteholders under this deed or the Class A-1 Notes by
          reason of any variation in the rates of exchange between those used
          for the purposes of calculating the amount due under a judgment or
          order in respect of that payment, which amount is expressed in a
          currency other than US$, and under which the Note Trustee or the Class
          A-1 Noteholders do not have an option to have that judgment or order
          expressed in US$, and those prevailing at the date of actual payment
          by the Trustee; and

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

          (i)  the date (if any) as of which the non-US$ currency equivalent of
               the US$ amounts due or contingently due under this deed (other
               than this clause) or in respect of the Class A-1 Notes is
               calculated for the purposes of any bankruptcy, insolvency or
               liquidation of the Trustee; and

          (ii) the final date for ascertaining the amount of claims in that
               bankruptcy, insolvency or liquidation provided that in that
               bankruptcy, insolvency or liquidation claims are required to be
               made in a currency other than US$.

                                                                         Page 35

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          The amount of that deficiency shall not be reduced by any variation in
          rates of exchange occurring between that final date and the date of
          any distribution of assets in connection with that bankruptcy,
          insolvency or liquidation.

     (c)  The indemnities in this clause are obligations of the Trustee separate
          and independent from its obligations under the Class A-1 Notes and
          apply irrespective of any time or indulgence granted by the Note
          Trustee or the Class A-1 Noteholders from time to time and shall
          continue in full force and effect despite the judgment or filing of
          any proof or proofs in any bankruptcy, insolvency or liquidation of
          the Trustee for a liquidated sum or sums in respect of amounts due
          under this deed (other than this clause) or the Class A-1 Notes. Any
          deficiency will constitute a loss suffered by the Class A-1
          Noteholders and no proof or evidence of any actual loss shall be
          required by the Trustee or its liquidator.

22.  NEW NOTE TRUSTEES

22.1 APPOINTMENT BY TRUSTEE

     The Trustee may, at the direction of the Manager, at any time appoint a new
     Note Trustee of this deed who has previously been approved by an
     Extraordinary Resolution of the Class A-1 Noteholders. One or more persons
     may hold office as Note Trustee or Note Trustees but that Note Trustee or
     those Note Trustees must be or include a Trust Corporation. Whenever there
     are more than two Note Trustees the majority of those Note Trustees are
     competent to execute and exercise all the duties, powers, trusts,
     authorities and discretions vested in the Note Trustee by this deed if a
     Trust Corporation is included in that majority.

22.2 APPOINTMENT BY NOTE TRUSTEE

     (a)  The Note Trustee may, on 30 days prior written notice to the Trustee
          and Manager, appoint any person established or resident in any
          jurisdiction (whether a Trust Corporation or not) to act either as a
          separate Note Trustee or as a co-Note Trustee jointly with the Note
          Trustee:

          (i)    if the Note Trustee considers that appointment to be in the
                 interests of the Class A-1 Noteholders;

          (ii)   for the purposes of conforming to any legal requirements,
                 restrictions or conditions in any jurisdiction in which any
                 particular act or acts is or are to be performed; or

          (iii)  for the purposes of obtaining a judgment in any jurisdiction or
                 the enforcement in any jurisdiction of either a judgment
                 already obtained or any of the provisions of this deed against
                 the Trustee.

     (b)  Subject to the provisions of this deed, a person appointed under
          paragraph (a) has all trusts, rights, powers, authorities and
          discretions (not exceeding those conferred on the Note Trustee by this
          deed) and all duties and obligations conferred or imposed by the
          instrument of appointment.

     (c)  Subject to this deed, all trusts, rights, powers, authorities,
          discretions, duties and obligations conferred or imposed upon the Note
          Trustee shall be conferred or imposed upon and exercised or performed
          by the Note Trustee and a person appointed under paragraph (a)

                                                                         Page 36

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          jointly (it being understood that such separate Note Trustee or
          co-Note Trustee is not authorised to act separately without the Note
          Trustee joining in such act), except to the extent that under any law
          of any jurisdiction in which any particular act or acts are to be
          performed the Note Trustee shall be incompetent or unqualified to
          perform such act or acts, in which event such trusts, rights, powers,
          authorities, discretions, duties and obligations shall be exercised
          and performed solely by such separate Note Trustee or co-Note Trustee,
          but solely at the direction of the Note Trustee.

     (d)  The Note Trustee may remove or accept the resignation or retirement of
          any person appointed under this clause. The reasonable remuneration of
          any person appointed under this clause together with any costs,
          charges and expenses properly incurred by it in performing its
          function as Note Trustee or co-Note Trustee will be costs, charges and
          expenses incurred by the Note Trustee under this deed, which shall be
          reimbursed by the Trustee under clause 12.

22.3 NOTICE

     (a)  The Trustee shall notify the Principal Paying Agent of any appointment
          of a new Note Trustee or any retirement or resignation or removal of
          an existing Note Trustee of this deed as soon as practicable after
          becoming aware of that appointment, retirement or removal in
          accordance with Condition 12.

     (b)  The Note Trustee shall notify each Designated Rating Agency and the
          Class A-1 Noteholders of any appointment of a new Note Trustee or its
          retirement or removal as soon as practicable.

23.  NOTE TRUSTEE'S RETIREMENT AND REMOVAL

23.1 REMOVAL BY TRUSTEE

     The Trustee (or the Manager on its behalf after informing the Trustee of
     its intention to do so) may at any time terminate the appointment of the
     Note Trustee by giving written notice to that effect to each Designated
     Rating Agency and the Note Trustee with effect immediately on that notice,
     if any of the following occurs in relation to the Note Trustee:

     (a)  an Insolvency Event has occurred in relation to the Note Trustee;

     (b)  the Note Trustee has ceased its business;

     (c)  the Note Trustee fails to comply with any of its obligations under any
          Transaction Document and such failure has had or, if continued, will
          have, a Material Adverse Effect (as determined by the Trustee), and,
          if capable of remedy, the Note Trustee does not remedy that failure
          within 14 days after the earlier of:

          (i)  the Note Trustee becoming aware of that failure; and

          (ii) receipt by the Note Trustee of a written notice with respect
               thereto from either the Trustee or the Manager; or

     (d)  the Note Trustee fails to satisfy any obligation imposed on it under
          the TIA with respect to the Trust or this deed or comply with clause
          23.7.

                                                                         Page 37

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

23.2 REMOVAL BY CLASS A-1 NOTEHOLDERS

     The Class A-1 Noteholders may resolve by written consent of the holders of
     at least 75% of the aggregate Invested Amount of all the Class A-1 Notes to
     require the Trustee to remove the Note Trustee or Note Trustees for the
     time being of this deed.

23.3 RESIGNATION

     (a)  Subject to this clause 23, the Note Trustee may resign its appointment
          under this deed at any time by giving to the Trustee, the Manager, the
          Security Trustee and each Designated Rating Agency not less than 3
          months written notice to that effect which notice shall expire not
          less than 30 days before any due date for payment of the Class A-1
          Notes.

     (b)  Notwithstanding paragraph (a), the Note Trustee shall not resign its
          appointment under this deed until a successor Note Trustee meeting the
          requirements set forth in clause 23.4 has been appointed and has
          accepted its appointment as Note Trustee under this deed as provided
          in clause 23.5.

     (c)  Subject to this deed, if a successor Note Trustee has not accepted its
          appointment within 30 days after:

          (i)  the Note Trustee has given notice of its resignation in
               accordance with paragraph (a); or

          (ii) the removal of the Note Trustee under clause 23.1 or 23.2,

          the Note Trustee may petition (the cost of which shall be an Expense
          of the Trust except in the case of a removal under clause 23.1, in
          which case it will be for the account of the Note Trustee) any court
          of competent jurisdiction for the appointment of a successor Note
          Trustee.

     (d)  The costs of the resignation of the Note Trustee under this clause
          23.3, or of the removal of the Note Trustee under clause 23.2, will be
          an Expense of the Trust. The costs of removal of the Note Trustee
          under clause 23.1 shall be for the account of the Note Trustee.

23.4 TRUST CORPORATION

     Each of the Trustee and the Manager undertakes that if the only Note
     Trustee which is a Trust Corporation retires, resigns or is removed it will
     use its reasonable endeavours to appoint a new Note Trustee which is a
     Trust Corporation as soon as reasonably practicable. The retirement,
     resignation or removal of any Note Trustee shall not become effective until
     a successor Note Trustee which is a Trust Corporation is appointed. The
     Manager must assist the Trustee to appoint a new Note Trustee of this deed.
     If the Trustee fails to appoint a new Note Trustee within three months from
     such retirement, resignation or removal, the Note Trustee shall be entitled
     to appoint a new Note Trustee which is a Trust Corporation and such
     appointment shall be deemed to have been made under clause 22.2 of this
     deed.

23.5 SUCCESSOR TO NOTE TRUSTEE

     (a)  On the execution by the Trustee, the Manager and any successor Note
          Trustee of an instrument effecting the appointment of that successor
          Note Trustee, that successor Note Trustee shall, without any further
          act, deed or conveyance, become vested with all the

                                                                         Page 38

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          authority, rights, powers, trusts, immunities, duties and obligations
          of the predecessor Note Trustee with effect as if originally named as
          Note Trustee in this deed and the Transaction Documents and that
          predecessor Note Trustee, on payment to it of the pro rata proportion
          of its fee and disbursements then unpaid (if any), shall have no
          further liabilities under this deed, except for any accrued
          liabilities arising from or relating to any act or omission occurring
          prior to the date on which the successor Note Trustee is appointed.

     (b)  Any corporation:

          (i)    into which the Note Trustee is merged;

          (ii)   with which the Note Trustee is consolidated;

          (iii)  resulting from any merger or consolidation to which the Note
                 Trustee is a party;

          (iv)   to which the Note Trustee sells or otherwise transfers all or
                 substantially all the assets of its corporate trust business,

          shall, on the date when that merger, conversion, consolidation, sale
          or transfer becomes effective and to the extent permitted by
          applicable law, become the successor Note Trustee under this deed
          without the execution or filing of any agreement or document or any
          further act on the part of the parties to this deed, unless otherwise
          required by the Trustee or the Manager, and after that effective date
          all references in this deed to the Note Trustee shall be references to
          that corporation.

     (c)  If no other person can be found to act as Note Trustee, the Class A-1
          Noteholders may elect a Note Trustee from among the holders of the
          Class A-1 Notes.

23.6 ELIGIBILITY; DISQUALIFICATION

     (a)  The Note Trustee shall at all times satisfy the requirements of
          section 310(a) of the TIA.

     (b)  The Note Trustee shall have a combined capital and surplus (as those
          terms are used in the TIA) of at least US$50,000,000 as set forth in
          its most recent published annual report of condition.

     (c)  The Note Trustee shall comply with section 310(b) of the TIA, provided
          that any indenture or indentures under which other securities of the
          Trustee are outstanding shall be excluded from the operation of
          section 310(b)(1) of the TIA for the purposes of paragraph (b) if the
          requirements for such exclusion set out in section 310(b)(1) of the
          TIA are met.

24.  NOTE TRUSTEE'S POWERS ADDITIONAL

     The powers conferred upon the Note Trustee by this deed shall be in
     addition to any powers which may from time to time be vested in the Note
     Trustee by the general law or as a holder of any of the Class A-1 Notes.

25.  SEVERABILITY OF PROVISIONS

     Any provision of this deed which is prohibited or unenforceable in any
     jurisdiction is ineffective as to that jurisdiction to the extent of the
     prohibition or unenforceability. That does not invalidate the

                                                                         Page 39

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     remaining provisions of this deed nor affect the validity or enforceability
     of that provision in any other jurisdiction.

26.  NOTICES

26.1 GENERAL

     All notices, requests, demands, consents, approvals, agreements or other
     communications to or by a party to this deed:

     (a)  must be in writing;

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

     (c)  subject to paragraph (d), will be taken to be duly given or made:

          (i)    (in the case of delivery in person or by post) when delivered,
                 received or left at the address of the recipient shown in
                 clause 26.2 or to any other address which may have been
                 notified to the sender under this clause 26; and

          (ii)   (in the case of facsimile transmission) on receipt of a
                 transmission report confirming successful transmission to the
                 number shown in clause 26.2 or any other number notified by the
                 recipient to the sender under this clause 26; and

          (iii)  (in the case of a telex) on receipt by the sender of the
                 answerback code of the recipient at the end of transmission to
                 the number shown in clause 26.2 or any other number notified by
                 the recipient to the sender under this clause 26,

          but if delivery or receipt is on a day on which business is not
          generally carried on in the place to which the communication is sent
          or is later than 5.00 pm (local time), it will be taken to have been
          duly given or made at the commencement of business on the next day on
          which business is generally carried on in that place. Any party may by
          notice to each party change its address, facsimile and telex under
          this clause 26.1.

     (d)  For the purposes of paragraph (c), all notices, requests, demands,
          consents, approvals, agreements or other communications to the Note
          Trustee, Principal Paying Agent, Note Registrar or the Calculation
          Agent must be given or made by facsimile transmission.

26.2 DETAILS

     The address, facsimile and telex of each person to whom notices may be sent
     at the date of this deed are as follows:

     THE TRUSTEE

     PERPETUAL TRUSTEES CONSOLIDATED LIMITED

     Level 7, 9 Castlereagh Street,
     Sydney, New South Wales 2000

     Tel: 612 9229 9000
     Fax: 612 9221 7870

                                                                         Page 40

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     Attention: Manager, Securitisation

     THE MANAGER

     CRUSADE MANAGEMENT LIMITED

     Level 11
     55 Market Street
     SYDNEY NSW 2000
     AUSTRALIA

     Tel: 612 9320 5605
     Fax: 612 9320 5785

     Attention: Executive Manager, Securitisation

     THE PRINCIPAL PAYING AGENT

     [*]

     Tel:         [*]
     Fax:         [*]
     Attention:   [*]

     THE CALCULATION AGENT

     [*]

     Tel:         [*]
     Fax:         [*]
     Attention:   [*]

     THE NOTE TRUSTEE

     [*]

     Tel:         [*]
     Fax:         [*]
     Attention:   [*]

     THE SECURITY TRUSTEE

     P.T. LIMITED

     Level 7
     9 Castlereagh Street,
     SYDNEY, NSW 2000

     Tel: 612 9229 9000
     Fax: 612 9221 7870

                                                                         Page 41

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

      Attention: Manager, Securitisation

27.   GOVERNING LAW AND JURISDICTION

      This deed and the Note Trust are governed by the law of New South Wales,
      Australia. The parties submit to the non-exclusive jurisdiction of courts
      exercising jurisdiction there. The administration of the Note Trust,
      including the exercise of the Note Trustee's powers under clause 13 of
      this deed, is governed by the law of the State of New York and in the
      event of any inconsistency between the operation of the law of New South
      Wales, Australia and the law of the State of New York in respect of the
      application of those powers, the law of the State of New York will prevail
      to the extent of the inconsistency.

28.   COUNTERPARTS

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

29.   LIMITED RECOURSE

29.1  GENERAL

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

29.2  LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

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

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

      (c)  The provisions of this clause 29.2 shall not apply to any obligation
           or liability of the Trustee to the extent that it is not satisfied
           because under a Transaction Document or by operation of law there is
           a reduction in the extent of the Trustee's indemnification or
           exoneration out of the Assets of the Trust as a result of the
           Trustee's fraud, negligence, or Default.

                                                                         Page 42

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

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

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

29.3  UNRESTRICTED REMEDIES

      Nothing in clause 29.2 or 29.4 limits any party in:

      (a)  obtaining an injunction or other order to restrain any breach of this
           deed by any party;

      (b)  obtaining declaratory relief; or

      (c)  relation to its rights under the Security Trust Deed or this deed.

29.4  RESTRICTED REMEDIES

      Except as provided in clause 29.3, no party shall:

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

      (b)  (STATUTORY DEMAND) issue any demand under section 459E(1) of the
           Corporations Act 2001 (Cth) (or any analogous provision under any
           other law) against the Trustee;

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

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

      (e)  (COURT APPOINTED RECEIVER) apply for the appointment by a court of a
           receiver to any of the assets of the Trustee;

      (f)  (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any set-off or
           counterclaim against the Trustee; or

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

                                                                         Page 43

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

30.   SUCCESSOR TRUSTEE

      The Note Trustee shall do all things reasonably necessary to enable any
      successor Trustee appointed under clause 20 of the Master Trust Deed to
      become the Trustee under this deed.

31.   REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE

      Where the Note Trustee is required to express an opinion or make a
      determination or calculation under this deed or the other Transaction
      Documents, the Note Trustee may appoint or engage such independent
      advisors including any of the persons referred to in clause 13(a) as the
      Note Trustee reasonably requires to assist in the giving of that opinion
      or the making of that determination or calculation and any costs and
      expenses properly incurred by and payable to those advisors will be
      reimbursed to the Note Trustee by the Trustee or if another person is
      expressly stated in the relevant provision in a Transaction Document, that
      person.

32.   NO LIABILITY

      Without limitation the Note Trustee shall not be liable (subject to the
      mandatory requirements of the TIA) for:

      (a)  any decline in the value or loss realised upon any sale or other
           dispositions made under the Security Trust Deed of any Mortgaged
           Property or any other property charged to the Security Trustee by any
           other person in respect of or relating to the obligations of any
           person in respect of the Trustee or the Secured Moneys (as defined in
           the Security Trust Deed) or relating in any way to the Mortgaged
           Property;

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

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

      except for the fraud, negligence, or wilful default of the Note Trustee.

33.   INFORMATION MEMORANDUM

      The Note Trustee has no responsibility for any statement or information in
      or omission from any information memorandum, prospectus, offering
      circular, advertisement, circular or other document issued by or on behalf
      of the Trustee or Manager, including in connection with the issue of Class
      A-1 Notes. Neither the Trustee nor the Manager may publish or permit to be
      published any such document in connection with the offer of Class A-1
      Notes or an invitation for subscriptions for Class

                                                                         Page 44

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

      A-1 Notes containing any statement which makes reference to the Note
      Trustee without the prior written consent of the Note Trustee, which
      consent must not be unreasonably withheld. In considering whether to give
      its consent, the Note Trustee is not required to take into account the
      interests of the Noteholders.

34.   NOTE TRUSTEE'S LIMITED LIABILITY

      Without prejudice to any indemnity allowed by law or elsewhere in this
      deed given to the Note Trustee, it is expressly declared as follows:

34.1  RELIANCE ON CERTIFICATE

      (a)  The Note Trustee shall be entitled to call for and rely on a
           certificate or any letter of confirmation or explanation reasonably
           believed by it to be genuine, of the Trustee, the Manager, any Paying
           Agent, the Calculation Agent or any Designated Rating Agency in
           respect of every manner and circumstance for which a certificate or
           any letter of confirmation or explanation is expressly provided for
           under this deed or in respect of the rating of any of the Class A-1
           Notes or the Conditions and the Note Trustee is not bound in any such
           case to call for further evidence.

      (b)  The Note Trustee shall not incur any liability as a result of relying
           upon the authority, validity, due authorisation of, or the accuracy
           of any information contained in any notice, resolution, direction,
           consent, certificate, receipt, affidavit, statement, valuation report
           or other document or communication (including any of the above
           submitted or provided by the Manager, by the Trustee or by a Class
           A-1 Noteholder) if the Note Trustee is entitled, under clause 34.2 to
           assume such authenticity, validity, due authorisation or accuracy.

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

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

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

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

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

           in either case unless the officers of the Note Trustee responsible
           for the administration of the Note Trust are actually aware to the
           contrary.

      (b)  (NOTE TRUSTEE NOT LIABLE FOR LOSS) The Note Trustee shall not be
           responsible for any loss arising from any forgery or lack of
           authenticity or any act, neglect, mistake or discrepancy

                                                                         Page 45

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

           of the Manager, the Security Trustee, Trustee or the Servicer or any
           officer, employee, agent or delegate of the Manager, the Security
           Trustee, the Trustee or the Servicer in preparing any such document
           or in compiling, verifying or calculating any matter or information
           contained in any such document, if the officers of the Note Trustee
           responsible for the administration of the Note Trust are not actually
           aware of such forgery, lack of authenticity or validity, act,
           neglect, mistake or discrepancy.

34.3  COMPLIANCE WITH LAWS

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

34.4  RELIANCE ON EXPERTS

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

34.5  OVERSIGHTS OF OTHERS

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

34.6  POWERS, AUTHORITIES AND DISCRETIONS

      Except as otherwise provided in this deed and in the absence of fraud,
      negligence, or wilful default, the Note Trustee shall not be in any way
      responsible for any loss (whether consequential or otherwise), costs,
      damages or inconvenience that may result from the exercise or non-exercise
      of any powers, authorities and discretions vested in it.

34.7  IMPOSSIBILITY OR IMPRACTICABILITY

      If for any reason whatsoever it becomes impossible or impracticable for
      the Note Trustee to carry out any or all of the provisions of this deed or
      any other Transaction Document, the Note Trustee shall

                                                                         Page 46

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

      not be under any liability and, except to the extent of its own fraud,
      negligence or wilful default, nor shall it incur any liability by reason
      of any error of law or any matter or thing done or suffered or omitted to
      be done in good faith by it or its officers, employees, agents or
      delegates.

34.8  LEGAL AND OTHER PROCEEDINGS

      (a)  (INDEMNITY FOR LEGAL COSTS) The Note Trustee or the Class A-1
           Noteholders acting under clause 6.5 (as the case may be) (each an
           INDEMNIFIED PARTY) shall be indemnified by the Trustee (subject to
           clause 29) for all legal costs and disbursements on a full indemnity
           basis and all other costs, disbursements, outgoings and expenses
           incurred by the Indemnified Party in connection with:

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

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

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

           this deed or any other Transaction Document or otherwise under or in
           respect of the Note Trust Deed provided that in relation to the
           matters referred to in paragraph (i) or (ii) only, the Indemnified
           Party shall only be so indemnified by the Trustee if:

           (iv)    the basis upon which any of those costs, disbursements,
                   outgoings and expenses will be incurred has been approved in
                   advance by the written consent of the holders of at least 75%
                   of the aggregate Invested Amount of the Class A-1 Notes; or

           (v)     the Indemnified Party reasonably considers the incurring of
                   those costs, disbursements, outgoings and expenses to be
                   necessary.

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

34.9  NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

      Except to the extent caused by the fraud, negligence or wilful default on
      the Note Trustee's part or on the part of any of its officers or
      employees, or any agents or delegate, sub-agent, sub-delegate employed by
      the Note Trustee in accordance with this deed (and where this deed
      provides that the Note Trustee is liable for the acts or omissions of any
      such person) to carry out any transactions contemplated by this deed, the
      Note Trustee shall not be liable for any losses, costs, liabilities or
      claims arising from the failure to pay moneys on the due date for payment
      to any Class A-1 Noteholder or any other person or for any loss howsoever
      caused in respect of any of the Trust or to any Class A-1 Noteholder or
      other person.

                                                                         Page 47

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

      The Note Trustee is not obliged to take any action under this deed unless
      it is indemnified to its satisfaction against all actions, proceedings,
      claims and demands to which it may render itself liable and all costs,
      charges, damages and expenses it may incur in doing so, to the extent
      permitted by law.

34.10 FURTHER LIMITATIONS ON NOTE TRUSTEE'S LIABILITY

      Subject to clause 34.2, the Note Trustee shall not be liable:

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

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

           (i)     any Class A-1 Noteholder under this deed, any other
                   Transaction Document or any other document;

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

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

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

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

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

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

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

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

                                                                         Page 48

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

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

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

      Nothing in this clause 34.10 alone (but without limiting the operation of
      any other clause of this deed) shall imply a duty on the Note Trustee to
      supervise the Manager or the Security Trustee in the performance of the
      Manager's or the Security Trustee's functions and duties, and the exercise
      by the Manager or the Security Trustee of its discretions.

34.11 CONFLICTS

      (a)  (NO CONFLICT) Nothing in this deed shall prevent the Note Trustee
           (subject to clause 13.1 and section 311 of the TIA), the Trustee, the
           Manager, the Security Trustee or any Related Corporation or Associate
           of any of them or their directors or other officers (each a RELEVANT
           PERSON) from:

           (i)     subscribing for purchase, holding, dealing in or disposing of
                   any Class A-1 Notes;

           (ii)    entering into any financial, banking, development, insurance,
                   agency, broking or other transaction with, or providing any
                   advice or services for the Trust and receiving compensation
                   for such services; or

           (iii)   being interested in any such contract or transaction or
                   otherwise at any time contracting or acting in any capacity
                   as representative or agent.

           provided that notwithstanding anything else in this deed to the
           contrary, the Note Trustee agrees that it shall not offer or provide
           credit enhancement to the Trust.

      (b)  (NOT LIABLE TO ACCOUNT) A Relevant Person shall not be in any way
           liable to account to any Class A-1 Noteholder or any other person for
           any profits or benefits (including any profit, bank charges,
           commission, exchange, brokerage and fees) made or derived under or in
           connection with any transaction or contract specified in paragraph
           (a) above.

      (c)  (FIDUCIARY RELATIONSHIP) A Relevant Person shall not by reason of any
           fiduciary relationship be in any way precluded from making any
           contracts or entering into any transactions with any such person in
           the ordinary course of its business or from undertaking any banking,
           financial, development, agency or other services including any
           contract or transaction in relation to the placing of or dealing with
           any investment and the acceptance of any office or profit or any
           contract of loan or deposits or other contract or transaction which
           any person or company not being a party to this deed could or might
           have lawfully entered into if not a party to this deed. A Relevant
           Person shall not be accountable to any Class A-1 Noteholder or any
           other person for any profits arising from any such contracts,
           transactions or offices.

                                                                         Page 49

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

34.12 INFORMATION

      Except for notices and other documents and information (if any) expressed
      to be required to be furnished to any person by the Note Trustee under
      this deed or any other Transaction Document, the Note Trustee shall not
      have any duty or responsibility to provide any person (including any Class
      A-1 Noteholder) with any credit or other information concerning the
      affairs, financial condition or business of the Trust.

34.13 INVESTIGATION BY NOTE TRUSTEE

      Each Noteholder acknowledges that:

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

      (b)  in making any determination, the Note Trustee may seek and rely on
           advice given to it by its advisors in a manner contemplated by this
           deed.

35.   NOTEHOLDERS' LISTS AND REPORTS

35.1  PROVISION OF INFORMATION

      The Trustee (or the Manager on its behalf) will furnish or cause to be
      furnished to the Note Trustee:

      (a)  every six months (with the first six month period commencing on the
           Closing Date) (each such date being a NOTICE DATE), a list, in such
           form as the Note Trustee may reasonably require, of the names and
           addresses of the Class A-1 Noteholders as of the Record Date
           immediately preceding that Notice Date; and

      (b)  at such other times as the Note Trustee may request in writing,
           within 30 days after receipt by the Manager with a copy provided to
           the Trustee of any such request, a list of similar form and content
           as of a date not more than 10 days prior to the time such list is
           furnished,

      provided that so long as:

      (c)  the Note Trustee is the Note Registrar; or

      (d)  the Class A-1 Notes are Book-Entry Notes,

      no such list shall be required to be furnished.

35.2  PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS

      (a)  The Note Trustee shall preserve, in as current a form as is
           reasonably practicable, the names and addresses of the Class A-1
           Noteholders contained in the most recent list (if any) furnished to
           the Note Trustee as provided in clause 35.1 and if it acts as Note
           Registrar, the names and addresses of Class A-1 Noteholders received
           by the Note Trustee in its capacity as Note Registrar. The Trustee
           may destroy any list furnished to it as provided in such clause 35.1
           upon receipt of a new list so furnished.

                                                                         Page 50

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

      (b)  Class A-1 Noteholders may communicate pursuant to section 312(b) of
           the TIA with other Class A-1 Noteholders with respect to their rights
           under this deed or under the Class A-1 Notes.

      (c)  The Trustee, Note Trustee and Note Registrar shall have the
           protection of section 312(c) of the TIA.

35.3  REPORTS BY NOTE TRUSTEE

      If required by section 313(a) of the TIA, within 60 days after each 30
      September, beginning with 30 September [*], the Note Trustee shall mail to
      each Class A-1 Noteholder, the Trustee and the Manager as required by
      section 313(c) of the TIA a brief report dated as of such date that
      complies with section 313(a) of the TIA. The Note Trustee also shall
      comply with section 313(b) of the TIA. A copy of each report at the time
      of its mailing to Class A-1 Noteholders shall be filed by the Note Trustee
      with the Commission and each stock exchange, if any, on or by which the
      Class A-1 Notes are then listed. The Manager on behalf of the Trustee
      shall notify the Note Trustee in writing if and when the Class A-1 Notes
      are listed on or by any stock exchange.

35.4  NOTICES TO CLASS A-1 NOTEHOLDERS; WAIVER

      Where this deed provides for notice to Class A-1 Noteholders of any event,
      such notice shall be sufficiently given (unless otherwise herein expressly
      provided) if in writing and mailed, first-class, postage prepaid to each
      Class A-1 Noteholder affected by such event, at his or her address as it
      appears on the Note Register, not later than the latest date, and not
      earlier than the earliest date, prescribed for the giving of such notice.
      In any case where notice to Class A-1 Noteholders is given by mail,
      neither the failure to mail such notice nor any defect in any notice so
      mailed to any particular Class A-1 Noteholder shall affect the sufficiency
      of such notice with respect to other Class A-1 Noteholders, and any notice
      that is mailed in the manner herein provided shall conclusively be
      presumed to have been duly given.

      Where this deed provides for notice in any manner, such notice may be
      waived in writing by any person entitled to receive such notice, either
      before or after the event, and such waiver shall be the equivalent of such
      notice. Waivers of notice by Class A-1 Noteholders shall be filed with the
      Note Trustee but such filing shall not be a condition precedent to the
      validity of any action taken in reliance upon such a waiver.

      In case, by reason of the suspension of regular mail services as a result
      of a strike, work stoppage or similar activity, it shall be impractical to
      mail notice of any event to Class A-1 Noteholders when such notice is
      required to be given pursuant to any provision of this deed, then any
      manner of giving such notice as the Manager on behalf of the Trustee shall
      direct the Note Trustee shall be deemed to be a sufficient giving of such
      notice.

35.5  REPORTS BY TRUSTEE

      The Trustee (or the Manager on its behalf) shall:

      (a)  file with the Note Trustee, within 15 days after the Trustee is
           required to file the same with the Commission, copies of the annual
           reports and of the information, documents and other reports (or
           copies of such portions of any of the foregoing as the Commission may
           from

                                                                         Page 51

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

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

      (b)  file with the Note Trustee and the Commission in accordance with
           rules and regulations prescribed from time to time by the Commission
           such additional information, documents and reports with respect to
           compliance by the Trustee with the conditions and covenants of this
           deed as may be required from time to time by such rules and
           regulations; and

      (c)  supply to the Note Trustee (and the Note Trustee shall transmit by
           mail to all Class A-1 Noteholders described in section 313(c) of the
           TIA) such summaries of any information, documents and reports
           required to be filed by the Trustee pursuant to clauses (a) and (b)
           of this clause 35.5 as may be required by rules and regulations
           prescribed from time to time by the Commission.

36.   TRUST INDENTURE ACT - MISCELLANEOUS

36.1  COMPLIANCE CERTIFICATES AND OPINIONS, ETC

      (a)  Upon any application or request by the Trustee or the Manager to the
           Note Trustee to take any action under any provision of this deed, the
           Trustee (or the Manager on its behalf) shall furnish to the Note
           Trustee:

           (i)     an Officer's Certificate stating that all conditions
                   precedent, if any, provided for in this deed relating to the
                   proposed action have been complied with;

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

           (iii)   (if required by the TIA) an Independent Certificate from a
                   firm of certified public accountants meeting the applicable
                   requirements of section 314(c)(3) of the TIA, except that, in
                   the case of any such application or request as to which the
                   furnishing of such documents is specifically required by any
                   provision of this deed, no additional certificate or opinion
                   need be furnished.

      (b)  (i)     Prior to the deposit of any property or securities with the
                   Trustee that is to be made the basis for the release of any
                   property or securities subject to the Security Interest
                   created by the Security Trust Deed, the Trustee (or the
                   Manager on its behalf) shall, in addition to any obligation
                   imposed in clause 36.1(a) or elsewhere in this deed, furnish
                   to the Note Trustee an Officer's Certificate certifying or
                   stating the opinion of each person signing such certificate
                   as to the fair value (within 90 days of such deposit) of the
                   property or securities to be so deposited.

           (ii)    Whenever any property or securities are to be released from
                   the Security Interest created by the Security Trust Deed, the
                   Trustee shall also furnish to the Note Trustee an Officer's
                   Certificate certifying or stating the opinion of each person
                   signing such certificate as to the fair value (within 90 days
                   of such release) of the property or securities proposed to be
                   released and stating that in the opinion of such person the
                   proposed release will not impair the security under the
                   Security

                                                                         Page 52

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

                   Trust Deed in contravention of the provisions of the Security
                   Trust Deed or this deed.

           (iii)   Whenever the Trustee is required to furnish to the Note
                   Trustee an Officer's Certificate certifying or stating the
                   opinion of any signer thereof as to the matters described in
                   paragraphs (i) and (ii), the Trustee (or the Manager on its
                   behalf) shall also furnish to the Note Trustee an Independent
                   Certificate as to the same matters if the fair value of the
                   property or securities and of all other property or
                   securities deposited or released from the Security Interest
                   created by the Security Trust Deed since the commencement of
                   the then current calendar year, as set forth in the
                   certificate required by clause (ii) and this clause (iii),
                   equals 10% or more of the Total Invested Amount of the Notes,
                   but such certificate need not be furnished in the case of any
                   release of property or securities if the fair value thereof
                   as set forth in the related Officer's Certificate is less
                   than US$25,000 or less than one percent of the then Total
                   Invested Amount of the Notes.

                   Notwithstanding any other provision of this clause, the
                   Trustee may:

                   (A)  collect, liquidate, sell or otherwise dispose of
                        Receivables or other Assets of the Trust as and to the
                        extent permitted or required by the Transaction
                        Documents; and

                   (B)  make or permit to be made cash payments out of the
                        Collection Account or the US$ Account as and to the
                        extent permitted or required by the Transaction
                        Documents.

      (c)  Every Officer's Certificate or opinion with respect to compliance
           with a condition or covenant provided for in this deed shall include:

           (i)     a statement that each signatory of such certificate or
                   opinion has read or has caused to be read such covenant or
                   condition and the definitions herein relating thereto;

           (ii)    a brief statement as to the nature and scope of the
                   examination or investigation upon which the statements or
                   opinions contained in such certificate or opinion are based;

           (iii)   a statement that, in the opinion of each such signatory, such
                   signatory has made such examination or investigation as is
                   necessary to enable such signatory to express an informed
                   opinion as to whether or not such covenant or condition has
                   been complied with; and

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

36.2  UNDERTAKING FOR COSTS

      (a)  Subject to paragraph (b), all parties to this deed agree, and each
           Class A-1 Noteholder by such Class A-1 Noteholder's acceptance
           thereof shall be deemed to have agreed, that any court may in its
           discretion require, in any suit for the enforcement of any right or
           remedy under this deed, or in any suit against the Note Trustee for
           any action taken, suffered or omitted by it as the Note Trustee, the
           filing by any party litigant in such suit of an

                                                                         Page 53

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

           undertaking to pay the costs of such suit, and that such court may in
           its discretion assess reasonable costs, including reasonable
           attorneys' fees, against any party litigant in such suit, having due
           regard to the merits and good faith of the claims or defences made by
           such party litigant.

      (b)  The provisions of this clause shall not apply to:

           (i)     any suit instituted by the Note Trustee;

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

           (iii)   any suit instituted by any Class A-1 Noteholder for the
                   enforcement of the payment of principal or interest on any
                   Class A-1 Note on or after the respective due dates expressed
                   in such Class A-1 Note and in this deed (or, in the case of
                   final redemption of a Class A-1 Note, on or after the Final
                   Maturity Date).

36.3  EXCLUSION OF SECTION 316

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

      (b)  For the purposes of section 316(a)(2) of the TIA in determining
           whether any Class A-1 Noteholders have concurred in any relevant
           direction or consent, Notes owned by the Trustee or by any Associate
           of the Trustee, shall be disregarded, except that for the purposes of
           determining whether the Note Trustee shall be protected in relying on
           any such direction or consent, only Class A-1 Notes which the Note
           Trustee knows are so owned shall be so disregarded.

36.4  UNCONDITIONAL RIGHTS OF CLASS A-1 NOTEHOLDERS TO RECEIVE PRINCIPAL AND
      INTEREST

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

36.5  CONFLICT WITH TRUST INDENTURE ACT

      If any provision hereof limits, qualifies or conflicts with another
      provision hereof that is required to be included in this deed by any of
      the provisions of the TIA, such TIA required provision shall prevail.

      The provisions of section 310 to 317 (inclusive) of the TIA that impose
      duties on any person (including the provisions automatically deemed
      included herein unless expressly excluded by this deed) are a part of and
      govern this deed, whether or not contained herein.

                                                                         Page 54

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

37.   CONSENT OF CLASS A-1 NOTEHOLDERS

37.1  GENERAL

      Except as expressly provided in elsewhere in this deed or in clause 37.2
      below, any action that may be taken by the Class A-1 Noteholders under
      this deed may be taken by the holders of not less than a majority of the
      aggregate Invested Amount of the Class A-1 Notes.

37.2  SPECIAL WRITTEN APPROVALS

      (a)  The following matters are only capable of being effected by the
           approval in writing of all holders of the Class A-1 Notes, namely:

           (i)     modification of the date fixed for final maturity of the
                   Class A-1 Notes;

           (ii)    reduction or cancellation of the principal payable on the
                   Class A-1 Notes or any alteration of the date or priority of
                   redemption of the Class A-1 Notes;

           (iii)   alteration of the amount of interest payable on the Class A-1
                   Notes or modification of the method of calculating the amount
                   of interest payable on the Class A-1 Notes or modification of
                   the date of payment of or interest payable on the Class A-1
                   Notes;

           (iv)    alteration of the currency in which payments under the Class
                   A-1 Notes are to be made;

           (v)     altering the required percentage of the aggregate Invested
                   Amount of the Class A-1 Notes required to consent or take any
                   action;

           (vi)    an election to receive the Stated Amount of the Class A-1
                   Notes instead of the Invested Amount in the event of a call
                   under clause 7.1 of the Supplementary Terms Notice; and

           (vii)   alteration of this sub-paragraph.

      (b)  The Class A-1 Noteholders shall in addition to the powers given under
           this deed, have the following powers if approval is given by an
           Extraordinary Resolution of the Class A-1 Noteholders (or such higher
           percentage as may be required by the TIA):

           (i)     power to sanction any compromise or arrangement proposed to
                   be made between the Trustee and the Class A-1 Noteholders;

           (ii)    power to sanction any abrogation, modification, compromise or
                   arrangement in respect of the rights of the Class A-1
                   Noteholders against the Trustee or against any of its
                   property or against any other person whether such rights
                   shall arise under these presents, any of the Class A-1 Notes
                   or otherwise;

           (iii)   power to assent to any modification of the provisions
                   contained in these presents, the Class A-1 Notes (including
                   the Conditions) or the provisions of any of the Relevant
                   Documents which shall be proposed by the Trustee or the Note
                   Trustee;

           (iv)    power to give any authority or sanction which under the
                   provisions of these presents or the Class A-1 Notes
                   (including the Conditions) is required to be given

                                                                         Page 55

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

                   by, in writing by the holders of at least 75% of the
                   aggregate Invested Amount of the Class A-1 Notes;

           (v)     power to approve a person to be appointed a trustee and power
                   to remove any trustee or trustees for the time being under
                   this deed;

           (vi)    power to discharge or exonerate the Note Trustee from all
                   liability in respect of any act or omission for which the
                   Note Trustee may have become responsible under this deed or
                   under the Class A-1 Notes;

           (vii)   power to authorise the Note Trustee to concur in and execute
                   and do all such deeds, instruments, acts and things as may be
                   necessary to carry out and give effect to the approval in
                   writing by holders of at least 75% of the aggregate Invested
                   Amount of the Class A-1 Notes;

           (viii)  power to sanction any scheme or proposal for the exchange or
                   sale of the Class A-1 Notes, as the case may be, for, or the
                   conversion of the Class A-1 Notes, into, or the cancellation
                   of the Class A-1 Notes, in consideration of shares, stock,
                   notes, bonds' debentures, debenture stock and/or other
                   obligations and/or securities of the Trustee or of any other
                   company formed or to be formed, or for or into or in
                   consideration of cash, or partly for or into or in
                   consideration of such shares, stock, notes, bonds, debenture
                   stock and/or other obligations and/or securities as aforesaid
                   and partly for or into or in consideration of cash.

37.3  REQUIREMENT FOR WRITING

      Except as expressly provided elsewhere in this deed, all notices and
      consents from Class A-1 Noteholders and any Class A-1 Note Owners (as the
      case may be) shall be delivered in writing. Any solicitation of such
      notices or consent shall be in writing and be delivered by the Trustee,
      Manager or Note Trustee, as applicable, seeking such notice or consent
      from the Class A-1 Noteholders or Class A-1 Note Owners (as the case may
      be) to the Principal Paying Agent, who shall deliver the foregoing to the
      appropriate Class A-1 Noteholders or Class A-1 Note Owners. With respect
      to any solicitation of approval of Class A-1 Noteholders, the record date
      for determining Class A-1 Noteholders with respect to such solicitation
      shall be the date upon which the Principal Paying Agent distributes such
      notices or solicitation to the Class A-1 Noteholders.

38.   DOCUMENTS

      The Manager and the Trustee shall provide to the Note Trustee sufficient
      copies of all documents required by the Conditions, this deed or the
      Prospectus to be made available by the Note Trustee to Class A-1
      Noteholders for issue or inspection but only to the extent that such
      documents are in the Manager's or the Trustee's possession or are
      otherwise available to the Manager or the Trustee.

39.   COMPLIANCE WITH REGULATION AB

      The Note Trustee acknowledges and agrees that to the extent it aggress
      with the Manager that the Note Trustee is "participating in the servicing
      function" in relation to the Trust within the meaning of Item 1122 of
      Regulation AB, clause [18.[*]] of the Supplementary Terms Notice will
      apply to this

                                                                         Page 56

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

      agreement as if references to the Servicer in those clauses were
      references to the Note Trustee and the definition of Subcontractor in
      clause 2.1 of the Supplementary Terms Notice will be construed
      accordingly.

EXECUTED as a deed.

Each attorney executing this deed states that he or she has no notice of,
alteration to, or revocation or suspension of, his or her power of attorney.

                                                                         Page 57

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

TRUSTEE

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

-------------------------------------   ----------------------------------------
Witness Signature                       Attorney Signature

_____________________________________   ________________________________________
Print Name                              Print Name

MANAGER

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

-------------------------------------   ----------------------------------------
Witness Signature                       Attorney Signature

_____________________________________   ________________________________________
Print Name                              Print Name

                                                                         Page 58

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

NOTE TRUSTEE

EXECUTED for and on behalf of [*] by:

-------------------------------------
Authorised Signatory

_____________________________________
Print Name

PRINCIPAL PAYING AGENT

EXECUTED for and on behalf of [*] by:

-------------------------------------
Authorised Signatory

_____________________________________
Print Name

                                                                         Page 59

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

CALCULATION AGENT

EXECUTED for and on behalf of [*] by:

-------------------------------------
Authorised Signatory

_____________________________________
Print Name

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for P.T.
LIMITED by its attorney in the presence
of:

-------------------------------------   ----------------------------------------
Witness Signature                       Attorney Signature

_____________________________________   ________________________________________
Print Name                              Print Name

                                                                         Page 60

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

SCHEDULE 1

FORM OF BOOK-ENTRY NOTE

REGISTERED   CUSIP No.     [*]
No. R-       ISIN No.      [*]
             Common Code   [*]

Unless this Note is presented by an authorised representative of The Depository
Trust Company, a New York corporation (DTC), to the Issuer or its agent for
registration of transfer, exchange or payment, and any Note issued is registered
in the name of Cede & Co. or in such other name as is requested by an authorised
representative of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorised representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

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

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                     PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                              (ABN 81 004 029 841)

             (a limited liability company incorporated in Australia)

      in its capacity as trustee of the Crusade Global Trust No.[*] of [*]

                                 BOOK-ENTRY NOTE

                                  representing

                                     US$[*]

  Class A-1 Mortgage Backed Floating Rate Notes Due on the Final Maturity Date
                                 falling in [*]

This Note is a Book-Entry Note without principal or interest in respect of a
duly authorised issue of Notes of Perpetual Trustees Consolidated Limited in its
capacity as trustee of the Crusade Global Trust No.[*] of [*] (the "TRUST") (the
"ISSUER"), designated as specified in the title above (the "NOTES"), in an
initial aggregate principal amount of

                                     US$[*]

and (a) constituted by a Master Trust Deed (the "MASTER TRUST DEED") dated 14
March 1998 between the Issuer, St.George Bank Limited and Crusade Management
Limited (the "MANAGER"), by a Supplementary Terms Notice (the "SUPPLEMENTARY
TERMS NOTICE") dated on or about [*] between (among others) the Issuer, the
Security Trustee (as defined herein), St.George Custodial Pty Limited, [*] (the
note trustee for the time being referred to as the "NOTE TRUSTEE") as trustee
for the holders for the time being of the Class A-1 Notes (the "CLASS A-1
NOTEHOLDERS") and the Manager, and by the Conditions; (b) issued subject to a
Note

                                                                         Page 61

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

Trust Deed dated [*] (the "NOTE TRUST DEED") between (among others) the Issuer,
the Manager and the Note Trustee; and (c) secured by a Security Trust Deed (the
"SECURITY TRUST DEED") dated [*] between the Issuer, the Manager, P.T. Limited
(ABN 67 004 454 666) (the "SECURITY TRUSTEE") which expression shall include its
successor for the time being as security trustee under the Security Trust Deed)
and the Note Trustee. References to the Conditions (or to any particular
numbered Condition) shall be to the Terms and Conditions of the Class A-1 Notes
set out in Schedule 3 to the Note Trust Deed but with the deletion of those
provisions which are applicable only to Class A-1 Notes in definitive form.
Terms and expressions defined in the Note Trust Deed and the Conditions shall,
save as expressly stated otherwise, bear the same meanings when used herein.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed this Book-Entry Note will be exchangeable in whole at the offices of
the Principal Paying Agent at [*] (or such other place outside Australia and any
of its respective territories and possessions and other areas subject to
jurisdictions as the Note Trustee may agree) for Definitive Notes and the Issuer
shall execute and procure that the Principal Paying Agent authenticates and
delivers in full exchange for this Book-Entry Note, Definitive Notes in
aggregate principal amount equal to the principal amount of all Class A-1 Notes
represented by this Book-Entry Note. The Issuer is not obliged to issue
Definitive Notes until 30 days after the occurrence of an event set out in
clause 3.3 of the Note Trust Deed.

The Issuer, in its capacity as trustee of the Trust, subject to this US$
Book-Entry Note and subject to and in accordance with the Conditions and the
Note Trust Deed promises to pay to Cede & Co., or registered assigns of this
Book-Entry Note the principal sum of US$[*] (one billion dollars) or such lesser
amount as may from time to time be represented by this Book-Entry Note (or such
part of that amount as may become repayable under the Conditions, the
Supplementary Terms Notice and the Note Trust Deed) on such date(s) that
principal sum (or any part of it) becomes repayable in accordance with the
Conditions, the Supplementary Terms Notice and the Note Trust Deed and to pay
interest in arrears on each Quarterly Payment Date (as defined in Condition 4)
on the Invested Amount (as defined in Condition 5(a)) of this Book-Entry Note at
rates determined in accordance with Condition 4 and all subject to and in
accordance with the certification requirements described in this Book-Entry
Note, the Conditions, the Supplementary Terms Notice and the Note Trust Deed,
which shall be binding on the registered holder of this Book-Entry Note (as if
references in the Conditions to the Notes and the Noteholders were references to
this Book-Entry Note and the registered holder of this Book-Entry Note
respectively and as if the same had been set out in this Book-Entry Note in full
with all necessary changes, except as otherwise provided in this Book-Entry
Note).

Payments of interest on this Class A-1 Note due and payable on each Quarterly
Payment Date, together with the instalment of principal, if any, shall be
payable to the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.). No payment of interest or principal may be made by the Issuer or
any Paying Agent in the Commonwealth of Australia or its possessions or into a
bank account or to an address in the Commonwealth of Australia. Each of the
persons appearing from time to time in the records of DTC, as the holder of a
beneficial interest in a Class A-1 Note will be entitled to receive any payment
so made in respect of that Class A-1 Note in accordance with the respective
rules and procedures of DTC. Such persons will have no claim directly against
the Issuer in respect of payments due on the Class A-1 Notes which must be made
by the registered holder of this Book-Entry Note, for so long as this Book-Entry
Note is outstanding.

On any payment of principal and/or interest on the Class A-1 Notes as set out
above details of that payment shall be endorsed by or on behalf of the Issuer in
the Note Register and, in the case of payments of principal, the Invested Amount
of the Class A-1 Notes shall be reduced for all purposes by the amount so paid
and

                                                                         Page 62

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

endorsed in the Note Register. Any such record shall be prima facie evidence
that the payment in question has been made.

If the Issuer is obliged to issue Definitive Notes under clause 3.3 of the Note
Trust Deed, the Book-Entry Notes will be surrendered to the Trustee by the
Clearing Agency and the Clearing Agency will deliver the relevant registration
instructions to the Trustee. Definitive Notes shall be executed by the Trustee
and authenticated by the Principal Paying Agent and delivered as per the
instructions of the Clearing Agency.

The Definitive Notes to be issued on that exchange will be in registered form
each in the denomination of US$100,000 and multiples of US$1 in excess thereof.
If the Issuer fails to meet its obligations to issue Definitive Notes, this
shall be without prejudice to the Issuer's obligations with respect to the Notes
under the Note Trust Deed, the Master Trust Deed, the Supplementary Terms Notice
and this Book-Entry Note.

On an exchange of this Book-Entry Note, this Book-Entry Note shall be
surrendered to the Principal Paying Agent.

This Book-Entry Note shall not become valid for any purpose unless and until the
Certificate of Authentication attached has been signed by an Authorised
Signatory of the Principal Paying Agent (as defined in the Supplementary Terms
Notice).

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

IN WITNESS the Issuer has caused this Book-Entry Note to be signed manually or
in facsimile by a person duly authorised on its behalf.

Perpetual Trustees Consolidated Limited in its capacity as trustee of the
Crusade Global Trust No.[*] of [*]

By:
    ---------------------------------
    Authorised Signatory

IMPORTANT NOTICE:

(a)  The Class A-1 Notes do not represent deposits or other liabilities of
     St.George Bank Limited, ABN 92 055 513 070 ("ST.GEORGE") or associates of
     St.George.

(b)  The holding of Class A-1 Notes is subject to investment risk, including
     possible delays in repayment and loss of income and principal invested.

(c)  None of St.George, any associate of St.George, Perpetual Trustees
     Consolidated Limited, the Security Trustee, the Note Trustee, the Principal
     Paying Agent, the Note Registrar, the Calculation Agent, any Paying Agent
     nor any Note Manager in any way stands behind the capital value and/or
     performance of the Class A-1 Notes or the assets of the Trust except to the
     limited extent provided in the Transaction Documents for the Trust (which,
     for the avoidance of doubt, does not apply to the Note Trustee, the
     Principal Paying Agent, the Note Registrar, any Paying Agent nor the
     Calculation Agent).

(d)  None of St.George, Perpetual Trustees Consolidated Limited, the Custodian
     (as defined in the Supplementary Terms Notice), the Servicer (as defined in
     the Supplementary Terms Notice), the Manager, the Security Trustee, the
     Note Trustee, the Principal Paying Agent, the Note Registrar, any Paying
     Agent, the Calculation Agent, the Currency Swap Provider (as defined in the
     Supplementary Terms Notice) or any of the Note Managers (as defined in the
     Supplementary Terms Notice) guarantees the payment of interest or the
     repayment of principal due on the Class A-1 Notes.

                                                                         Page 63

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

(e)  None of the obligations of the Issuer or the Manager are guaranteed in any
     way by St.George or any associate of St.George or associate of Perpetual
     Trustees Consolidated Limited.

(f)  Without limiting the Conditions, the Issuer's liability to make payments in
     respect of the Class A-1 Notes is limited to its right of indemnity from
     the assets of the Trust from time to time available to make such payments
     under the Master Trust Deed and Supplementary Terms Notice. All claims
     against the Issuer in relation to the Class A-1 Notes can be enforced
     against the Issuer only to the extent to which it can be satisfied out of
     the assets of the Trust out of which the Issuer is actually indemnified for
     the liability except in the case of (and to the extent of) any fraud,
     negligence or Default (as defined in the Master Trust Deed) on the part of
     the Issuer.

(g)  The Noteholder is required to accept any distribution of moneys under the
     Security Trust Deed in full and final satisfaction of all moneys owing to
     it, and any debt represented by any shortfall that exists after any such
     final distribution is extinguished.

                          CERTIFICATE OF AUTHENTICATION

This Book-Entry Note is to be authenticated by [*] and until so authenticated
shall not be valid for any purpose.

[*] as Principal Paying Agent

                                                                         Page 64

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

ASSIGNMENT
________________________________________________________________________________
Social Security or taxpayer I.D. or other identifying number of assignee
________________________________________________________________________________
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
________________________________________________________________________________
                         (name and address of assignee)

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

Dated:
       ------------------------------   ----------------------------------------
                                        Signature Guaranteed:

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

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

                                                                         Page 65

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

SCHEDULE 2

INFORMATION TO BE CONTAINED IN NOTEHOLDER'S REPORT

The following information is to be included in each Noteholder's Report with
respect to a Collection Period:

     (a)  the applicable Record Date, Determination Date and Payment Date;

     (b)  the aggregate amount of payments received with respect to the
          Purchased Receivables, including prepayment amounts;

     (c)  the Available Income;

     (d)  the Total Available Funds;

     (e)  the aggregate of all Redraws and Further Advances made during that
          Collection Period;

     (f)  the Redraw Shortfall, if any;

     (g)  the Payment Shortfall, if any;

     (h)  the Principal Draw, if any, for that Collection Period, together with
          all Principal Draws made before the start of that Collection Period
          and not repaid;

     (i)  the Bond Factor for each Class of Notes;

     (j)  the Principal Charge Offs, if any, and Charge Offs for each Class of
          Notes and Redraw Charge Offs, if any;

     (k)  all Carryover Charge Offs, if any;

     (l)  if required, the Threshold Rate at the applicable Determination Date;

     (m)  the relevant Interest Rate, as of the first day of the related
          Interest Period;

     (n)  the Servicing Fee payable to the Servicer and, if any, any
          Subservicer;

     (o)  the amount of any other fees or Expenses paid, and the identity of the
          party receiving such fees or Expenses, in relation to the Trust;

     (p)  the amount, if any, of the payment allocable to principal on each
          Class of Notes;

     (q)  the amount, if any, of the payment allocable to Interest and the
          amount, if any, of any shortfall in the amount of Interest and
          principal on each Class of Notes;

     (r)  the outstanding Principal Amount and Stated Amount of each Class of
          Notes before and after giving effect to the payment of principal on
          the applicable Payment Date;

     (s)  updated pool composition information, including weighted average
          interest rate and weighted average remaining term in respect of the
          Purchased Receivable;

     (t)  [the balance of any reserve funds, if any, at the opening of business
          and the close of business on that payment date;]

     (u)  the percentage of the outstanding Principal Amounts of the then most
          senior Class of Notes, if applicable, after giving effect to the
          payments on the applicable Payment Date;

                                                                         Page 66

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (v)  [in the case of Notes benefiting from [alternative credit enhancement
          arrangements], the amount of coverage under alternative arrangements
          as of the close of business on the applicable Determination Date and a
          description of any credit enhancement substituted therefore;]

     (w)  the aggregate unpaid principal balance of the Purchased Receivables,
          both Fixed Rate Loans and variable rate Purchases Receivables, after
          giving effect to the payment of principal on the applicable Payment
          Date, and the number of Purchased Receivables at the beginning and end
          of the applicable Collection Period;

     (x)  delinquency and loss information relating to the Purchased
          Receivables, including the number and aggregate principal balance of
          Purchased Receivables that are delinquent (a) 31-60 days, (b) 61-90
          days (c) 91-120 days, (d) 121-150 days, (e) 151-180 days and (f) 181
          or more days, and that are in foreclosure;

     (y)  the amount of any losses on the Purchased Receivables during the
          Collection Period;

     (z)  information about the amount, terms and general purpose of any
          [advances] made or reimbursed during the applicable Collection Period;

     (aa) any material modifications, extensions or waivers to the terms, fees,
          penalties or payments of the Purchased Receivables during the
          applicable Collection Period or that have cumulatively become material
          over time; and

     (bb) any material breaches of representations, warranties or covenants in
          the Supplementary Terms Notice relating to the Purchased Receivables.

                                                                         Page 67

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

SCHEDULE 3

TERMS AND CONDITIONS OF THE CLASS A-1 NOTES

The following, subject to amendments, are the terms and conditions of the Class
A-1 Notes, substantially as they will appear on the reverse of the Class A-1
Notes in definitive form. Class A-1 Notes in definitive form will only be issued
in certain circumstances. While the Class A-1 Notes remain in book-entry form,
the same terms and conditions govern them, except to the extent that they are
appropriate only to the Class A-1 Notes in definitive form. For a summary of the
provisions relating to the Class A-1 Notes in book-entry form, see the summary
at the end of this section.

Paragraphs in italics are included by way of explanation only, and do not
constitute part of the terms and conditions of the Class A-1 Notes.

The issue of US$[*] Mortgage Backed Pass Through Floating Rate Class A-1 Notes
due [*] (the CLASS A-1 NOTES) was authorised by a resolution of the Board of
Directors of the Issuer passed on or about [*], and are issued in conjunction
with A$[*] Mortgage Backed Pass Through Floating Rate Class A-2 Notes due [*]
(the CLASS A-2 NOTES, and together with the Class A-1 Notes, the CLASS A NOTES)
and A$[*] Mortgage Backed Pass Through Floating Rate Class B Notes due [*] (the
CLASS B NOTES) and A$[*] Mortgaged Backed Pass Through Floating Rate Class C
Notes due [*] (the CLASS C NOTES) (the Class B Notes, the Class C Notes and the
Class A-2 Notes, together, are the A$ NOTES and the $A Notes and the Class A-1
Notes, together, are the NOTES) by Perpetual Trustees Consolidated Limited, in
its capacity as trustee of the Crusade Global Trust No.[*] of [*] (the TRUST)
(in such capacity, the ISSUER). These Notes are (a) issued subject to a Master
Trust Deed (the MASTER TRUST DEED) dated 14 March 1998 between the Issuer,
Crusade Management Limited (in such capacity, the MANAGER and, in the capacity
of residual income beneficiary under the Trust, the RESIDUAL INCOME BENEFICIARY)
and St.George Bank Limited (ST.GEORGE), a Supplementary Terms Notice (the
SUPPLEMENTARY TERMS NOTICE) dated on or about [*] between (among others) the
Issuer and [*] (the note trustee for the time being referred to as the NOTE
TRUSTEE) as trustee for the holders for the time being of the Class A-1 Notes
(the CLASS A-1 NOTEHOLDERS) (the holders for the time being of the A$ Notes
being the A$ NOTEHOLDERS and, together with the Class A-1 Noteholders, the
NOTEHOLDERS)) and the Manager, and these terms and conditions (the CONDITIONS);
(b) in the case of the Class A-1 Notes, issued subject to a Note Trust Deed
dated on or about [*] (the NOTE TRUST DEED) between the Issuer, the Manager and
the Note Trustee; and (c) secured by a Security Trust Deed (the SECURITY TRUST
DEED) dated [*] between the Issuer, the Manager, the Note Trustee and P.T.
Limited (ABN 67 004 454 666) (the security trustee for the time being referred
to as the SECURITY TRUSTEE).

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Supplementary Terms Notice,
the Security Trust Deed and the Note Trust Deed. Certain words and expressions
used herein have the meanings defined in those documents. In accordance with an
agency agreement (the AGENCY AGREEMENT) dated on or about [*] between the
Issuer, the Manager, the Note Trustee and [*] acting through its office
designated from time to time under the Agency Agreement as Principal Paying
Agent (the PRINCIPAL PAYING AGENT, which expression includes its successors as
Principal Paying Agent under the Agency Agreement) and [*], as calculation agent
(the CALCULATION AGENT, which

                                                                         Page 68

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

expression includes its successors as Calculation Agent under the Agency
Agreement), and under which further paying agents may be appointed (together
with the Principal Paying Agent, the PAYING AGENTS, which expression includes
the successors of each paying agent as such under the Agency Agreement and any
additional paying agents appointed), payments in respect of the Class A-1 Notes
will be made by the Paying Agents and the Calculation Agent will make the
determinations specified in the Agency Agreement. The Class A-1 Noteholders will
be entitled (directly or indirectly) to the benefit of, will be bound by, and
will be deemed to have notice of, all the provisions of the Master Trust Deed,
the Supplementary Terms Notice, the Security Trust Deed, the Note Trust Deed,
the Agency Agreement, the Servicing Agreement dated 19 March 1998 and made
between the Issuer, the Manager and St.George as servicer (together with any
substitute or successor, the SERVICER), the Custodian Agreement (the CUSTODIAN
AGREEMENT) dated 19 March 1998 and made between the Issuer, the Manager and
St.George Custodial Pty Ltd as custodian (together with any substitute or
successor, the CUSTODIAN) and the Indemnity (the INDEMNITY) dated 19 March 1998
between St.George as indemnifier (in such capacity, the INDEMNIFIER), the
Manager, the Custodian and the Issuer (together with the agreements with respect
to the Basis Swap, the Fixed-Floating Rate Swap and the Currency Swap (as each
such term is defined below), those documents the RELEVANT DOCUMENTS and certain
other transaction documents defined as such in the Supplementary Terms Notice,
the TRANSACTION DOCUMENTS). Copies of the Transaction Documents are available
for inspection at the principal office of the Note Trustee, being at the date
hereof [*] and at the specified offices for the time being of the Paying Agents.

In connection with the issue of the Class A-1 Notes, the Issuer has entered into
an ISDA (defined below) master interest rate exchange agreement dated on or
about [*] with [*] (the BASIS SWAP PROVIDER) and [*] (as standby swap provider)
together with a confirmation relating thereto dated on or about [*] (the BASIS
SWAP). The Issuer has also entered into an ISDA master interest rate exchange
agreement dated on or about [*] with [*] (the FIXED-FLOATING RATE SWAP PROVIDER)
and [*] (as standby swap provider) together with a confirmation relating thereto
dated on or about [*] (the FIXED-FLOATING RATE SWAP). The Issuer has also
entered into an ISDA master currency exchange agreement (including schedule and
credit support annex) dated on or about [*] with [*] (the CURRENCY SWAP
PROVIDER) (the Currency Swap Provider together with the Basis Swap Provider and
the Fixed-Floating Rate Swap Provider, the SWAP PROVIDERS) together with a
confirmation relating thereto dated on or about [*] in respect of a swap
transaction relating to the Class A-1 Notes the CURRENCY SWAP).

Book-Entry Notes will also bear the following legend: "This book-entry note is a
global bond for the purposes of section 128F(10) of the Income Tax Assessment
Act 1936 of the Commonwealth of Australia".

2.   FORM, DENOMINATION AND TITLE

     The Class A-1 Notes will be issued in registered form without interest
     coupons in minimum denominations of US$100,000 and multiples of US$1 in
     excess thereof.

     Each Class of Notes will be represented by one or more typewritten fully
     registered book-entry notes (each, a BOOK-ENTRY NOTE and collectively, the
     BOOK-ENTRY NOTES) registered in the name of Cede & Co. as nominee of The
     Depository Trust Company (DTC). Beneficial interests in the Book-Entry
     Notes will be shown on, and transfers thereof will be effected only
     through, records maintained by DTC and its participants. Euroclear Bank,
     S.A./N.V, as operator of the Euroclear System (EUROCLEAR) and Clearstream
     Banking, societe anonyme (CLEARSTREAM, LUXEMBOURG), may hold

                                                                         Page 69

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     interests in the Book-Entry Notes on behalf of persons who have accounts
     with Euroclear and Clearstream, Luxembourg through accounts maintained in
     the names of Euroclear or Clearstream, Luxembourg, or in the names of their
     respective depositories, with DTC.

     If the Issuer is obliged to issue Definitive Notes under clause 3.3 of the
     Note Trust Deed, interests in the applicable Book-Entry Note will be
     transferred to the beneficial owners thereof in the form of Definitive
     Notes, without interest coupons, in the denominations set forth above. A
     Definitive Note will be issued to each Noteholder in respect of its
     registered holding or holdings of Class A-1 Notes against delivery by such
     Noteholders of a written order containing instructions and such other
     information as the Issuer and [*], acting as note registrar (the NOTE
     REGISTRAR) may require to complete, execute and deliver such Definitive
     Notes. In such circumstances, the Issuer will cause sufficient Definitive
     Notes to be executed and delivered to the Note Registrar for completion,
     authentication and dispatch to the relevant Noteholders.

3.   STATUS, SECURITY AND RELATIONSHIP BETWEEN THE CLASS A-1 NOTES AND THE A$
     NOTES

     The Class A-1 Notes are secured by a first ranking floating charge over all
     of the assets of the Trust (which include, among other things, the Loans
     (as defined below) and the Mortgages (as defined below) and related
     securities) (as more particularly described in the Security Trust Deed) and
     will rank, together with the Class A-2 Notes, pari passu and rateably
     without any preference or priority among themselves.

     The Class A-1 Notes are issued subject to the Master Trust Deed and the
     Supplementary Terms Notice and are secured by the same security as secures
     the A$ Notes. The Class A-1 Notes and the Class A-2 Notes, will rank in
     priority to the Class B Notes and Class C Notes in the event of the
     security being enforced and in respect of principal and interest (as set
     out in Conditions 4 and 5).

     The proceeds of the issue of the Class A-1 Notes and the A$ Notes are to be
     used by the Issuer to purchase an equitable interest in certain housing
     loans (the LOANS) and certain related mortgages (the MORTGAGES) from
     St.George as an approved seller (the APPROVED SELLER), establish the
     Liquidity Reserve and to invest in such Authorised Investments as the
     Manager may specify from time to time.

     In the event that the security for the Class A-1 Notes is enforced and the
     proceeds of such enforcement are insufficient, after payment of all other
     claims ranking in priority to or pari passu with the Class A-1 Notes under
     the Security Trust Deed, to pay in full all principal and interest and
     other amounts whatsoever due in respect of the Class A-1 Notes, then the
     Class A-1 Noteholders shall have no further claim against the Issuer in
     respect of any such unpaid amounts.

     The net proceeds of realisation of the assets of the Trust (including
     following enforcement of the Security Trust Deed) may be insufficient to
     pay all amounts due to the Noteholders. Save in certain limited
     circumstances the other assets of the Issuer will not be available for
     payment of any shortfall arising and all claims in respect of such
     shortfall shall be extinguished (see further Condition 15). None of the
     Servicer, the Manager, St.George, the Note Trustee, the Security Trustee,
     the Swap Providers, the Paying Agents, the Calculation Agent or the Note
     Managers (as defined in the Supplementary Terms Notice) has any obligation
     to any Noteholder for payment of any amount by the Issuer in respect of the
     Notes.

                                                                         Page 70

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     The Note Trust Deed contains provisions requiring the Note Trustee to have
     regard to the interests of Class A-1 Noteholders as regards all the powers,
     trusts, authorities, duties and discretions of the Note Trustee (except
     where expressly provided otherwise).

     The Security Trust Deed contains provisions requiring the Security Trustee,
     subject to the other provisions of the Security Trust Deed, to give
     priority to the interests of the Class A Noteholders, if there is a
     conflict between the interest of such Noteholders and any other Voting
     Mortgagee (as defined below).

4.   COVENANTS OF THE ISSUER

     So long as any of the Class A-1 Notes remains outstanding, the Issuer has
     made certain covenants for the benefit of the Class A-1 Noteholders which
     are set out in the Master Trust Deed.

     These covenants include the following.

(a)  The Issuer shall act continuously as trustee of the Trust until the Trust
     is terminated as provided by the Master Trust Deed or the Issuer has
     retired or been removed from office in the manner provided under the Master
     Trust Deed.

(b)  The Issuer shall:

     (i)     act honestly and in good faith and comply with all relevant
             material laws in the performance of its duties and in the exercise
             of its discretions under the Master Trust Deed;

     (ii)    subject to the Master Trust Deed, exercise such diligence and
             prudence as a prudent person of business would exercise in
             performing its express functions and in exercising its discretions
             under the Master Trust Deed, having regard to the interests of the
             Class A Noteholders, the Class B Noteholders, the Class C
             Noteholders, the Beneficiaries and the other Creditors of the Trust
             in accordance with its obligations under the relevant Transaction
             Documents;

     (iii)   use its best endeavours to carry on and conduct its business in so
             far as it relates to the Master Trust Deed in a proper and
             efficient manner;

     (iv)    keep, or ensure that the Manager keeps, accounting records which
             correctly record and explain all amounts paid and received by the
             Issuer;

     (v)     keep the Trust separate from each other trust which is constituted
             under the Master Trust Deed and from its own assets and account for
             assets and liabilities of the Trust separately from those of other
             trusts constituted under the Master Trust Deed and from its own
             assets and liabilities;

     (vi)    do everything and take all such actions which are necessary
             (including obtaining all appropriate Authorisations which relate to
             it as trustee of the Trust and taking all actions necessary to
             assist the Manager to obtain all other appropriate Authorisations)
             to ensure that it is able to exercise all its powers and remedies
             and perform all its obligations under the Master Trust Deed, the
             Transaction Documents and all other deeds, agreements and other
             arrangements entered into by the Issuer under the Master Trust
             Deed;

     (vii)   not, as Issuer, engage in any business or activity in respect of
             the Trust except as contemplated or required by the Transaction
             Documents;

                                                                         Page 71

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (viii)  except as contemplated or required by the Transaction Documents,
             maintain an independent and arm's length relationship with its
             related bodies corporate in relation to dealings affecting the
             Trust;

     (ix)    except as contemplated or required by the Transaction Documents,
             not, in respect of the Trust, guarantee or become obligated for the
             debts of any other entity or hold out its credit as being available
             to settle the obligations of others;

     (x)     comply with the rules and regulations of any stock exchange on
             which any Note is listed from time to time (the STOCK EXCHANGE);
             and

     (xi)    within 45 days of notice from the Manager to do so, remove any of
             its agents or delegates that breaches any obligation imposed on the
             Issuer under the Master Trust Deed or any other Transaction
             Document where the Manager believes it will have a Material Adverse
             Effect.

(c)  Except as provided in any Transaction Document (and other than the charge
     given to the Security Trustee), the Issuer shall not, nor shall it permit
     any of its officers to, sell, mortgage, charge or otherwise encumber or
     part with possession of any assets of the Trust (the TRUST ASSETS).

(d)  The Issuer shall duly observe and perform the covenants and obligations of
     the Master Trust Deed and will be personally liable to the Servicers, the
     Noteholders, the Beneficiaries, the Note Manager or any other Creditors
     only if it is guilty of negligence, fraud or Default (as defined in
     Condition 15). The Issuer is not responsible for the acts or omissions of
     its agents or delegates (including persons referred to in clause 17.6 of
     the Master Trust Deed) selected by the Issuer in good faith using
     reasonable care except where the Trustee expressly instructs the agent or
     delegate to do or omit to do the relevant act, if the Trustee is aware of
     the default and does not take the action available to it under the
     Transaction Documents to address the act or omission or where the
     Transaction Documents expressly provide that the Trustee is so liable.

(e)  The Issuer will open and operate certain bank accounts in accordance with
     the Master Trust Deed and the Supplementary Terms Notice.

(f)  Subject to the Master Trust Deed and any Transaction Document to which it
     is a party, the Issuer shall act on all directions given to it by the
     Manager in accordance with the terms of the Master Trust Deed.

(g)  The Issuer shall properly perform the functions which are necessary for it
     to perform under all Transaction Documents in respect of the Trust.

5.   INTEREST

(A)  PAYMENT DATES

     Each Class A-1 Note bears interest on its Invested Amount (as defined
     below) from and including [*] or such later date as may be agreed between
     the Issuer and the Underwriters for the issue of the Class A-1 Notes (the
     CLOSING DATE). Interest in respect of the Class A-1 Notes will be payable
     quarterly in arrears on [*] in respect of the period from (and including)
     the Closing Date and ending on (but excluding) [*] (the FIRST QUARTERLY
     PAYMENT DATE) and thereafter on [*], [*], [*] and [*] in each year (each
     such date a QUARTERLY PAYMENT DATE). If any Payment Date would otherwise
     fall on a day

                                                                         Page 72

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     which is not a Business Day (as defined below), it shall be postponed to
     the next day which is a Business Day, unless it would thereby fall into the
     next calendar month, in which case the due date shall be brought forward to
     the immediately the preceding Business Day. The final Quarterly Payment
     Date will be the earlier of the Final Maturity Date and the Payment Date on
     which the Notes are redeemed in full.

     BUSINESS DAY in these Conditions means any day, other than a Saturday,
     Sunday or public holiday, on which Banks are open for business in [London,
     ]New York and Sydney.

     The period beginning on (and including) the Closing Date and ending on (but
     excluding) the First Quarterly Payment Date, and each successive period
     beginning on (and including) a Quarterly Payment Date and ending on (but
     excluding) the next Quarterly Payment Date is called an INTEREST PERIOD.
     Interest payable on a Class A-1 Note in respect of any Interest Period or
     any other period will be calculated on the basis of the actual number of
     days in that Interest Period and a 360 day year.

     Interest shall cease to accrue on any Class A-1 Note for the period from
     (and including):

     (i)  the date on which the Stated Amount (as defined in Condition 5(a)) of
          that Class A-1 Note is reduced to zero (provided that interest shall
          thereafter begin to accrue from (and including) any date on which the
          Stated Amount of the Class A-1 Note becomes greater than zero); or

     (ii) if the Stated Amount of the Class A-1 Note on the due date for
          redemption is not zero, the due date for redemption of the Class A-1
          Note, unless, after the due date for redemption payment of principal
          due is improperly withheld or refused, following which interest shall
          continue to accrue on the Invested Amount of the Class A-1 Note at the
          rate from time to time applicable to the Class A-1 Notes until the
          later of:

          (A)  the date on which the moneys in respect of that Class A-1 Note
               have been received by the Note Trustee or the Principal Paying
               Agent and notice to that effect is given in accordance with
               Condition 12; and

          (B)  the Stated Amount of that Class A-1 Note has been reduced to
               zero, providing that interest shall thereafter begin to accrue
               from (and including) any date on which the Stated Amount of that
               Class A-1 Note becomes greater than zero.

(B)  INTEREST RATE

     The rate of interest applicable from time to time to a Class of Notes (the
     INTEREST RATE) will be determined by the Calculation Agent on the basis of
     the following paragraphs.

     On the second LIBOR Business Day before the beginning of each Interest
     Period (each an INTEREST DETERMINATION DATE), the Calculation Agent will
     determine LIBOR as described in the definition of LIBOR set out in clause
     2.1 of the Supplementary Terms Notice.

     For the purposes of the foregoing paragraph, LIBOR Business Day means any
     day on which commercial banks are open for business (including dealings in
     foreign exchange and foreign currency deposits) in London.

                                                                         Page 73

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     The Interest Rate applicable to the Class A-1 Notes for such Interest
     Period shall be determined by the Calculation Agent in the manner set out
     in the definition of Interest Rate set out in clause 2.1 of the
     Supplementary Terms Notice.

     The applicable Margin on the Class A-1 Notes is as set out in clause 4.2 of
     the Supplementary Terms Notice.

     There is no maximum or minimum Interest Rate.

(C)  DETERMINATION OF INTEREST RATE AND CALCULATION OF INTEREST

     The Calculation Agent will, as soon as practicable after 11:00 am (London
     time) on each Interest Determination Date, determine the Interest Rate
     applicable to, and calculate the amount of interest payable (the INTEREST)
     for the immediately succeeding Interest Period. The Interest is calculated
     in accordance with clause 4.8 of the Supplementary Terms Notice. The
     determination of the Interest Rate and the Interest by the Calculation
     Agent shall (in the absence of manifest error) be final and binding upon
     all parties.

(D)  NOTIFICATION AND PUBLICATION OF INTEREST RATE AND INTEREST

     The Calculation Agent will cause the Interest Rate and the Interest
     applicable to each Class A-1 Note for each Interest Period and the relevant
     Quarterly Payment Date to be notified to the Issuer, the Manager, the Note
     Trustee and the Paying Agents.

     The Interest, Interest Rate and the relevant Quarterly Payment Date may
     subsequently be amended (or appropriate alternative arrangements made by
     way of adjustment) without notice in the event of a shortening of the
     Interest Period.

(E)  DETERMINATION OR CALCULATION BY THE MANAGER

     If the Calculation Agent at any time for any reason does not determine the
     relevant Interest Rate or calculate the Interest for a Class A-1 Note, the
     Manager shall do so and each such determination or calculation shall be
     deemed to have been made by the Calculation Agent. In doing so, the Manager
     shall apply the foregoing provisions of this Condition, with any necessary
     consequential amendments, to the extent that in its opinion, it can do so,
     and, in all other respects it shall do so in such a manner as it reasonably
     considers to be fair and reasonable in all the circumstances.

(F)  CALCULATION AGENT

     The Issuer will procure that, so long as any of the Class A-1 Notes remains
     outstanding, there will, at all times, be a Calculation Agent. The Issuer,
     or the Manager with the consent of the Issuer (such consent not to be
     unreasonably withheld) reserves the right at any time to terminate the
     appointment of the Calculation Agent immediately on the occurrence of
     certain specified events or, otherwise, with the prior written approval of
     the Note Trustee, by giving not less than 60 days written notice to, inter
     alia, the Calculation Agent. Notice of that termination will be given to
     the Class A-1 Noteholders. If any person is unable or unwilling to continue
     to act as the Calculation Agent, or if the appointment of the Calculation
     Agent is terminated, the Issuer will, with the approval of the Note
     Trustee, appoint a successor Calculation Agent to act as such in its place,
     provided that neither the resignation nor removal of the Calculation Agent
     shall take effect until a successor approved by the Note Trustee has been
     appointed.

(G)  INCOME DISTRIBUTION

                                                                         Page 74

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     On each Quarterly Payment Date, and based on the calculations, instructions
     and directions provided to it by the Manager, the Issuer must pay or cause
     to be paid out of Total Available Funds, in relation to the Quarterly
     Collection Period (defined below) ending immediately before that Quarterly
     Payment Date, the amounts specified in clause 5.1(c) of the Supplementary
     Terms Notice in the order of priority specified in that clause.

     The Issuer shall only make a payment under any of the sub-paragraphs of
     clause 5.1(c) of the Supplementary Terms Notice if it is directed in
     writing by the Manager to do so and only to the extent that any Total
     Available Funds remain from which to make the payment after amounts with
     priority to that payment have been distributed.

     The Issuer is also required to make certain payments out of Total Available
     Funds on each Monthly Payment Date (as defined below) as more fully
     described in the Supplementary Terms Notice.

     Capitalised terms in this paragraph (g) have the same meaning given in the
     Supplementary Terms Notice unless otherwise defined in this document.

6.   REDEMPTION AND PURCHASE

     Capitalised terms in this Condition 5 have the same meaning given in the
     Supplementary Terms Notice unless otherwise defined in this document.

     (A)  MANDATORY REDEMPTION IN PART FROM PRINCIPAL COLLECTIONS AND
          APPORTIONMENT OF PRINCIPAL COLLECTIONS BETWEEN THE CLASS A-1 NOTES AND
          THE A$ NOTES

          The Class A-1 Notes shall be subject to mandatory redemption in part
          on any Quarterly Payment Date if on that date there are any Principal
          Collections available to be distributed in relation to such Class A-1
          Notes. The principal amount so redeemable in respect of each Class A-1
          Note prior to enforcement of the Security Trust Deed (each a PRINCIPAL
          PAYMENT) on any Quarterly Payment Date shall be the amount available
          for payment in respect of the Class A-1 Notes as set out in Condition
          5(b) on the day which is two Business Days prior to the Quarterly
          Payment Date (the QUARTERLY DETERMINATION DATE) divided by the
          aggregate Invested Amount of all Class A-1 Notes, multiplied by the
          Invested Amount of that Note, provided always that no Principal
          Payment on a Class A-1 Note on any date may exceed the amount equal to
          the Invested Amount of that Class A-1 Note at that date less amounts
          charged off as at that date and not to be reinstated on the next
          Quarterly Payment Date, or to be charged off on the Quarterly Payment
          Date, as described in Condition 5(c) (that reduced amount being the
          STATED AMOUNT of that Class A-1 Note).

          Notice of amounts to be redeemed will be provided by the Manager to
          the Issuer, the Calculation Agent, the Principal Paying Agent and the
          Note Trustee.

          Following notification of the amount to be redeemed for each Quarterly
          Payment Date, the Manager will determine the Bond Factor for the Class
          A-1 Notes as of such Quarterly Payment Date and will notify the
          Issuer, the Calculation Agent, the Principal Paying Agent and the Note
          Trustee of this amount and shall cause the Bond Factor to be published
          pursuant to Condition 12.

                                                                         Page 75

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (B)  PRINCIPAL DISTRIBUTIONS ON NOTES

          On each Quarterly Payment Date, and based on the calculations,
          instructions and directions provided to it by the Manager, the Issuer
          must distribute or cause to be distributed out of Principal
          Collections, in relation to the Quarterly Collection Period ending
          immediately before that Quarterly Payment Date, the following amounts
          in the following order of priority:

          (i)  first, in the manner and order of priority set out in clause
               5.4(c) of the Supplementary Terms Notice;

          (ii) then:

               (A)  prior to the Stepdown Date, or at any time if a Trigger
                    Event is subsisting, in the manner and order of priority set
                    out in clause 5.5 of the Supplementary Terms Notice; and

               (B)  on and after the Stepdown Date, provided that no Trigger
                    Event is subsisting, in the manner and order of priority set
                    out in clause 5.6 of the Supplementary Terms Notice.

          The Issuer shall only make a payment under any of sub-paragraphs of
          clause 5.4(c), 5.5 and 5.6 (as applicable) if it is directed in
          writing to do so by the Manager and only to the extent that any
          Principal Collections remain from which to make the payment after
          amounts with priority to that payment have been distributed.

          The Issuer is also required to make certain payments out of Principal
          Collections (including allocating Principal Draws to Total Available
          Funds) on each Monthly Payment Date in accordance with the
          Supplementary Terms Notice.

     (C)  GENERAL

          No amount of principal will be paid to a Noteholder in excess of the
          Invested Amount applicable to the Notes held by that Noteholder.

     (D)  EXCESS AVAILABLE INCOME - REIMBURSEMENT OF CHARGE OFFS, PRINCIPAL
          DRAWS AND LIQUIDITY DRAWS

          (i)  General

               On each Quarterly Determination Date, the Manager must determine,
               for a Quarterly Collection Period, the amount (if any) by which
               the Total Available Funds for the Quarterly Collection Period
               exceeds the Total Payments for the Quarterly Collection Period
               (EXCESS AVAILABLE INCOME).

          (ii) Distribution of Excess Available Income

               Subject to clause 5.2(b) of the Supplementary Terms Notice, on
               each Quarterly Determination Date, the Manager must apply any
               Excess Available Income for the Quarterly Collection Period
               relating to that Quarterly Determination Date in the order of
               priority specified in clause 5.2(a) of the Supplementary Terms
               Notice.

                                                                         Page 76

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (E)  EXCESS DISTRIBUTION

          The Issuer must at the written direction of the Manager pay any Excess
          Distribution for a Quarterly Collection Period to the Residual Income
          Beneficiary on the relevant Quarterly Payment Date. Once paid to the
          Residual Income Beneficiary, the Issuer may not recover any Excess
          Distributions from the Residual Income Beneficiary other than in the
          circumstances specified in clause 5.3 of the Supplementary Terms
          Notice.

     (F)  US$ ACCOUNT

          The Issuer shall direct the Currency Swap Provider to pay all amounts
          denominated in US$ payable to the Issuer by the Currency Swap Provider
          under the Currency Swap into the US$ Account or to the Principal
          Paying Agent under the Agency Agreement on behalf of the Issuer.

          If any of the Issuer, the Manager or the Servicer receive any amount
          denominated in US$ from the Currency Swap Provider under the Currency
          Swap, they will promptly pay that amount to the credit of the US$
          Account.

          The Issuer shall, on the direction of the Manager, or shall require
          that the Paying Agent on its behalf, pay all amounts credited to the
          US$ Account by the Currency Swap Provider as specified in clause 5.16
          of the Supplementary Terms Notice, and in accordance with the Note
          Trust Deed and the Agency Agreement.

     (G)  CHARGE OFFS

          If the Principal Charge Offs for any Quarterly Collection Period
          exceed the Excess Available Income calculated on the Quarterly
          Determination Date for that Quarterly Collection Period, the Manager
          must, on and with effect from the Quarterly Payment Date immediately
          following the end of the Quarterly Collection Period comply with
          clause 5.14 of the Supplementary Terms Notice.

     (H)  CALCULATION OF PRINCIPAL PAYMENTS AND STATED AMOUNT

          On (or as soon as practicable after) each Determination Date, the
          Manager shall calculate the amount of principal to be repaid in
          respect of each Class A-1 Note, due on the next Payment Date following
          that Determination Date; (B) the Stated Amount and Invested Amount of
          each Note on the first day of the next following Interest Period
          (after deducting any principal due to be made on the next Payment
          Date); and (C) the Bond Factor for each Class of Note on each
          Quarterly Determination Date in respect of the Collection Period
          ending before that Quarterly Determination Date.

          The Manager will notify the Issuer, the Note Trustee, the Principal
          Paying Agent and the Calculation Agent by not later than (or as soon
          as practicable after) the Quarterly Determination Date immediately
          preceding the relevant Quarterly Payment Date of each such
          determination and will immediately cause details of each of those
          determinations to be published in accordance with Condition 12 by one
          Business Day before the relevant Payment Date. If no Principal Payment
          is due to be made on the Class A-1 Notes on any Payment Date a notice
          to this effect will be given to the Class A-1 Noteholders in
          accordance with Condition 12.

                                                                         Page 77

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (I)  CALL

          The Issuer must, when so directed by the Manager (at the Manager's
          option), purchase or redeem all, but not some only, of the Class A-1
          Notes in accordance with, and in the circumstances specified in clause
          7.1 of the Supplementary Terms Notice.

          Section 7.1 of the Supplementary Terms Notice requires the Issuer to
          give not more than 60 nor less than 45 days' notice to the Class A-1
          Noteholders of a repurchase under that section 7.1.

     (J)  REDEMPTION FOR TAXATION OR OTHER REASONS

          If the Manager satisfies the Issuer and the Note Trustee immediately
          prior to giving the notice referred to below that either (i) on the
          next Quarterly Payment Date the Issuer would be required to deduct or
          withhold from any payment of principal or interest in respect of the
          Class A-1 Notes or the Currency Swap any amount for or on account of
          any present or future taxes, duties, assessments or governmental
          charges of whatever nature imposed, levied, collected, withheld or
          assessed by the Commonwealth of Australia or any of its political
          sub-divisions or any of its authorities or (ii) the total amount
          payable in respect of interest in relation to any of the Loans for a
          Collection Period ceases to be receivable (whether or not actually
          received) by the Issuer during such Collection Period (but, for the
          avoidance of doubt, this paragraph (ii) does not apply to the failure
          by the Issuer to receive any interest on any Purchased Receivable
          merely by reason of the failure by the relevant Obligors to pay that
          interest in breach of the relevant Receivable Agreement), the Issuer
          must, when so directed by the Manager, at the Manager's option
          (subject to the provisos specified in clause 7.1 of the Supplementary
          Terms Notice) redeem all, but not some only, of the Class A-1 Notes in
          accordance with clause 7.1 of the Supplementary Terms Notice.

     (K)  REDEMPTION ON FINAL MATURITY

          If not otherwise redeemed, the Class A-1 Notes will be redeemed at
          their Stated Amount on the Quarterly Payment Date falling in [*].

     (L)  CANCELLATION

          All Class A-1 Notes redeemed in full pursuant to the above provisions
          will be cancelled forthwith, and may not be resold or reissued.

     (M)  CERTIFICATION

          For the purposes of any redemption made pursuant to this Condition 5,
          the Note Trustee may rely upon an Officer's Certificate under the Note
          Trust Deed from the Manager on behalf of the Issuer certifying or
          stating the opinion of each person signing such certificate as:

          (i)   to the fair value (within 90 days of such release) of the
                property or securities proposed to be released from the Security
                Trust Deed;

          (ii)  that in the opinion of such person the proposed release will not
                impair the security under the Security Trust Deed in
                contravention of the provisions of the Security Trust Deed or
                the Note Trust Deed; and

                                                                         Page 78

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (iii) that the Issuer will be in a position to discharge all its
                liabilities in respect of the Class A-1 Notes and any amounts
                required under the Security Trust Deed to be paid in priority to
                or pari passu with the Class A-1 Notes,

          and such Officer's Certificate shall be conclusive and binding on the
          Trustee, the Note Trustee and the holders of the Class A-1 Notes.

7.   PAYMENTS

     (A)  METHOD OF PAYMENT

          Any instalment of interest or principal, payable on any Class A-1 Note
          which is punctually paid or duly provided for by the Trustee to the
          Paying Agent on the applicable Payment Date or Maturity Date shall be
          paid to the person in whose name such Class A-1 Note is registered on
          the Record Date, by cheque mailed first-class, postage prepaid, to
          such person's address as it appears on the Note Register on such
          Record Date, except that, unless Definitive Notes have been issued
          pursuant to clause 3.3 of the Note Trust Deed, with respect to Class
          A-1 Notes registered on the Record Date in the name of the nominee of
          the Clearing Agency (initially such Clearing Agency to be DTC and such
          nominee to be Cede & Co.), payment will be made by wire transfer in
          immediately available funds to the account designated by such nominee
          and except for the final instalment of principal payable with respect
          to such Class A-1 Note on a Payment Date or Maturity Date.

     (B)  INITIAL PRINCIPAL PAYING AGENT

          The initial Principal Paying Agent is [*] at its office at [*] or such
          other office as designated from time to time under the Agency
          Agreement.

     (C)  PAYING AGENTS

          The Issuer (or the Manager on its behalf with the consent of the
          Issuer, such consent not to be unreasonably withheld), may at any time
          (with the previous written approval of the Note Trustee) vary or
          terminate the appointment of any Paying Agent and appoint additional
          or other Paying Agents, provided that it will at all times maintain a
          Paying Agent having a paying office in [*], or such other jurisdiction
          as the Paying Agent, the Manager and the Trustee may agree from time
          to time. Notice of any such termination or appointment and of any
          change in the office through which any Paying Agent will act will be
          given in accordance with Condition 12.

     (D)  PAYMENT ON BUSINESS DAYS

          Payments in respect of any amount of principal or Interest in respect
          of any Class A-1 Note shall be made on a Business Day. If the due date
          for payment of any amount of principal or Interest in respect of any
          Class A-1 Note is not a Business Day then payment will not be made
          until the next succeeding Business Day unless that day falls in the
          next calendar month, in which case the due date will be the preceding
          Business Day and the holder of that Class A-1 Note shall not be
          entitled to any further interest or other payment in respect of that
          delay.

                                                                         Page 79

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (E)  INTEREST

          If Interest is not paid in respect of a Class A-1 Note on the date
          when due and payable (other than because the due date is not a
          Business Day), that unpaid Interest shall itself bear interest at the
          Interest Rate applicable from time to time to the Class A-1 Notes
          until the unpaid Interest, and interest on it, is available for
          payment and notice of that availability has been duly given in
          accordance with Condition 12.

8.   TAXATION

     All payments in respect of the Class A-1 Notes will be made without
     withholding or deduction for, or on account of, any present or future
     taxes, duties or charges of whatsoever nature unless the Issuer or any
     Paying Agent is required by applicable law to make any such payment in
     respect of the Class A-1 Notes subject to any withholding or deduction for,
     or on account of, any present or future taxes, duties or charges of
     whatever nature. In that event the Issuer or that Paying Agent (as the case
     may be) shall make such payment after such withholding or deduction has
     been made and shall account to the relevant authorities for the amount so
     required to be withheld or deducted. Neither the Issuer nor any Paying
     Agent will be obliged to make any additional payments to Class A-1
     Noteholders in respect of that withholding or deduction.

9.   PRESCRIPTION

     A Class A-1 Note shall become void in its entirety unless surrendered for
     payment within ten years of the Relevant Date in respect of any payment on
     it the effect of which would be to reduce the Stated Amount (in the case of
     final maturity, if applicable) or the Invested Amount of that Class A-1
     Note to zero. After the date on which a Class A-1 Note becomes void in its
     entirety, no claim may be made in respect of it.

     As used in these Conditions, the RELEVANT DATE means the date on which a
     payment first becomes due but, if the full amount of the money payable has
     not been received by the Principal Paying Agent or the Note Trustee on or
     prior to that date, it means the date on which, the full amount of such
     money having been so received, notice to that effect is duly given by the
     Principal Paying Agent in accordance with Condition 12.

10.  EVENTS OF DEFAULT

     Clause 8.1 of the Security Trust Deed sets out which events constitute an
     Event of Default (whether or not it is within the control of the Issuer)
     for the purpose of these Conditions and the Security Trust Deed.

     In the event that the security constituted by the Security Trust Deed
     becomes enforceable following an event of default under the Notes any funds
     resulting from the realisation of such security shall be applied in
     accordance with the order of priority of payments as stated in the Security
     Trust Deed.

                                                                         Page 80

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

11.  ENFORCEMENT

     At any time after an Event of Default occurs, the Security Trustee shall
     (subject to being appropriately indemnified), if so directed by (a) the
     Noteholder Mortgagees (as defined in the Security Trust Deed) alone, where
     the Noteholder Mortgagees are the only Voting Mortgagees, or otherwise (b)
     an "Extraordinary Resolution of the Voting Mortgagees" (being 75% of votes
     capable of being cast by Voting Mortgagees present in person or by proxy of
     the relevant meeting or a written resolution signed by all Voting
     Mortgagees - which includes the Note Trustee on behalf of Class A-1
     Noteholders, but not, unless the Note Trustee has become bound to take
     steps and/or proceed under the Security Trust Deed and fails to do so
     within a reasonable period of time and such failure is continuing, the
     Class A-1 Noteholders themselves), declare the Class A-1 Notes immediately
     due and payable and declare the security to be enforceable. If an
     Extraordinary Resolution of Voting Mortgagees referred to above elects not
     to direct the Security Trustee to enforce the Security Trust Deed, in
     circumstances where the Security Trustee could enforce, the Noteholder
     Mortgagees (in the case of the Class A-1 Noteholders, as represented by the
     Note Trustee acting at the direction of the Class A-1 Noteholders) may
     nevertheless direct the Security Trustee to enforce the Security Trust Deed
     on behalf of the Noteholders.

     VOTING MORTGAGEE has the meaning given to it in the Supplementary Terms
     Notice.

     Any reference to the Noteholder Mortgagees while they are the only Voting
     Mortgagees or where their consent is required under the Security Trust Deed
     in relation to a direction or act of the Security Trustee, means Noteholder
     Mortgagees representing more than 50% of the aggregate Invested Amount of
     the Class A-1 Notes and the A$ Notes.

     Subject to being indemnified in accordance with the Security Trust Deed,
     the Security Trustee shall take all action necessary to give effect to any
     direction by the Noteholder Mortgagees where they are the only Voting
     Mortgagees or to any Extraordinary Resolution of the Voting Mortgagees and
     shall comply with all directions given by the Note Trustee where it is the
     only Voting Mortgagee or contained in or given pursuant to any
     Extraordinary Resolution of the Voting Mortgagees in accordance with the
     Security Trust Deed.

     No Class A-1 Noteholder is entitled to enforce the Security Trust Deed or
     to appoint or cause to be appointed a receiver to any of the assets secured
     by the Security Trust Deed or otherwise to exercise any power conferred by
     the terms of any applicable law on chargees except as provided in the
     Security Trust Deed.

     If any of the Class A-1 Notes remains outstanding and is due and payable
     otherwise than by reason of a default in payment of any amount due on the
     Class A-1 Notes, the Note Trustee must not vote under the Security Trust
     Deed to, or otherwise direct the Security Trustee to, dispose of the
     Mortgaged Property unless either:

     (a)  the Note Trustee is of the opinion, reached after considering at any
          time the advice of a merchant bank or other financial adviser selected
          by the Note Trustee in its sole and absolute discretion (the cost of
          such advice shall be an Expense payable to the Note Trustee), that a
          sufficient amount would be realised to discharge in full all amounts
          owing to the Class A-1 Noteholders and any other amounts payable by
          the Issuer ranking in priority to or pari passu with the Class A-1
          Notes; or

                                                                         Page 81

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (b)  the Note Trustee is of the opinion, reached after considering at any
          time and from time to time the advice of a merchant bank or other
          financial adviser selected by the Note Trustee in its sole and
          absolute discretion (the cost of such advice shall be an Expense
          payable to the Note Trustee), that the cash flow receivable by the
          Issuer (or the Security Trustee under the Security Trust Deed) will
          not (or that there is a significant risk that it will not) be
          sufficient, having regard to any other relevant actual, contingent or
          prospective liabilities of the Issuer, to discharge in full in due
          course all the amounts referred to in paragraph (a) above.

     Except in the case of negligence, fraud or breach of trust (in the case of
     the Security Trustee) or negligence, fraud or wilful default (in the case
     of the Note Trustee), neither the Note Trustee nor the Security Trustee
     will be liable for any decline in the value, nor any loss realised upon any
     sale or other dispositions made under the Security Trust Deed, of any
     Mortgaged Property or any other property which is charged to the Security
     Trustee by any other person in respect of or relating to the obligations of
     the Issuer or any third party in respect of the Issuer or the Class A-1
     Notes or relating in any way to the Mortgaged Property. Without limitation,
     neither the Note Trustee nor the Security Trustee shall be liable for any
     such decline or loss directly or indirectly arising from its acting, or
     failing to act, as a consequence of an opinion reached by it in good faith
     based on advice received by it in accordance with the Note Trust deed or
     the Security Trust Deed, as the case may be.

     Subject to the provisions of the Note Trust Deed (including clause 37.2),
     the Note Trustee shall not be bound to vote under the Security Trust Deed,
     or otherwise direct the Security Trustee under the Security Trust Deed or
     to take any proceedings, actions or steps under, or any other proceedings
     pursuant to or in connection with the Security Trust Deed, the Note Trust
     Deed or any Class A-1 Notes on behalf of the Class A-1 Noteholders unless
     directed or requested to do so by an Extraordinary Resolution of the Class
     A-1 Noteholders at the time (or such higher percentage as may be required
     by the TIA); and then only if the Note Trustee is indemnified to its
     satisfaction against all action, proceedings, claims and demands to which
     it may render itself liable and all costs, charges, damages and expenses
     which it may incur by so doing.

     Only the Security Trustee may enforce the provisions of the Security Trust
     Deed and neither the Note Trustee nor any Class A-1 Noteholder is entitled
     to proceed directly against the Issuer to enforce the performance of any of
     the provisions of the Security Trust Deed or the Class A-1 Notes (including
     these Conditions) except as provided for in the Security Trust Deed and the
     Note Trust Deed.

     The rights, remedies and discretions of the Class A-1 Noteholders under the
     Security Trust Deed including all rights to vote or give instructions or
     consent can only be exercised by the Note Trustee on behalf of the Class
     A-1 Noteholders in accordance with the Security Trust Deed. The Security
     Trustee may rely on any instructions or directions given to it by the Note
     Trustee as being given on behalf of the Class A-1 Noteholders from time to
     time and need not enquire whether the Note Trustee or the Noteholders from
     time to time have complied with any requirements under the Note Trust Deed
     or as to the reasonableness or otherwise of the Note Trustee. The Security
     Trustee is not obliged to take any action, give any consent or waiver or
     make any determination under the Security Trust Deed without being directed
     to do so by the Note Trustee or the Voting Mortgagees in accordance with
     the Security Trust Deed.

     Prior to the Security Trustee becoming actually aware of the occurrence of
     an Event of Default and provided that it has been indemnified in accordance
     with the Security Trust Deed, the Security

                                                                         Page 82

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     Trustee may enforce the Security Trust Deed without an Extraordinary
     Resolution of the Voting Mortgagees if it believes (in its absolute
     discretion) that it is necessary to do so to protect the interests of the
     Mortgagees (provided that it shall enforce the Security Trust Deed if so
     directed by an Extraordinary Resolution of the Voting Mortgagees).

     Upon enforcement of the security created by the Security Trust Deed, the
     net proceeds thereof may be insufficient to pay all amounts due on
     redemption to the Noteholders. The proceeds from enforcement (which will
     not include amounts required by law to be paid to the holder of any prior
     ranking security interest or the proceeds of cash collateral lodged with
     and payable to a Swap Provider or other provider of a Support Facility (as
     defined in the Master Trust Deed)) will be applied in the order of priority
     as set out in the Security Trust Deed. Any claims of Noteholders remaining
     after realization of the security and application of the proceeds as
     aforesaid shall, except in certain limited circumstances, be extinguished.

12.  REPLACEMENTS OF CLASS A-1 NOTES

     If any Class A-1 Note is lost, stolen, mutilated, defaced or destroyed, it
     may be replaced at the specified office of the Principal Paying Agent
     located at [*] or such other office as may be designated from time to time
     under the Agency Agreement, upon payment by the claimant of the expenses
     incurred in connection with that replacement and on such terms as to
     evidence and indemnity as the Issuer may reasonably require. Mutilated or
     defaced Class A-1 Notes must be surrendered before replacements will be
     issued.

13.  NOTICES

     All notices, other than notices given in accordance with the following
     paragraph, to Class A-1 Noteholders shall be deemed given if in writing and
     mailed, first-class, postage prepaid to each Class A-1 Noteholder, at his
     or her address as it appears on the Note Register, not later than the
     latest date, and not earlier than the earliest date, prescribed for the
     giving of such notice. In any case where notice to Class A-1 Noteholders is
     given by mail, neither the failure to mail such notice nor any defect in
     any notice so mailed to any particular Class A-1 Noteholder shall affect
     the sufficiency of such notice with respect to other Class A-1 Noteholders,
     and any notice that is mailed in the manner herein provided shall
     conclusively be presumed to have been duly given.

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

     Any such notice shall be deemed to have been given on the date such notice
     is deposited in the mail.

     In case, by reason of the suspension of regular mail services as a result
     of a strike, work stoppage or similar activity, it shall be impractical to
     mail notice of any event to Class A-1 Noteholders when such notice is
     required to be given, then any manner of giving such notice as the Trustee
     shall direct (on the instructions of the Trust Manager) the Note Trustee
     shall be deemed to be a sufficient giving of such notice.

                                                                         Page 83

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     Any notice required to be given by the Principal Paying Agent at any time
     shall be deemed to have been duly given if the information contained in
     such notice appears on the relevant page of the Reuters Screen, on the
     Website (as defined below) or such other similar electronic reporting
     service as may be approved by the Note Trustee and notified to Class A-1
     Noteholders (the RELEVANT SCREEN). Any such notice shall be deemed to have
     been given on the first date on which such information appeared on the
     Relevant Screen. If it is impossible or impracticable to give notice in
     accordance with this paragraph then notice of the matters referred to in
     this Condition shall be given in accordance with the preceding paragraph.

     WEBSITE means the website at the following address:

                     [HTTPS://WWW.BNYINVESTORREPORTING.COM]

     or such other website as the Principal Paying Agent shall notify the Note
     Trustee, the Trustee, the Manager and the Class A-1 Noteholders, in
     accordance with this Condition, from time to time.

     All consents and approvals in these Conditions are to be given in writing.

14.  MEETINGS OF VOTING MORTGAGEES AND MEETINGS OF CLASS A-1 NOTEHOLDERS;
     MODIFICATIONS; CONSENTS; WAIVER

     The Security Trust Deed contains provisions for convening meetings of the
     Voting Mortgagees to, among other things, enable the Voting Mortgagees to
     direct or consent to the Security Trustee taking or not taking certain
     actions under the Security Trust Deed, for example to enable the Voting
     Mortgagees to direct the Security Trustee to enforce the Security Trust
     Deed.

     The Note Trust Deed contains provisions permitting Class A-1 Noteholders to
     act in relation to any matter affecting their interests, including the
     directing of the Note Trustee to direct the Security Trustee to enforce the
     security under the Security Trust Deed, or the sanctioning by Extraordinary
     Resolution of the Class A-1 Noteholders of a modification of the Class A-1
     Notes (including these Conditions) or the provisions of any of the
     Transaction Documents, provided that no modification of certain terms
     including, among other things, the date of maturity of the Class A-1 Notes,
     or a modification which would have the effect of altering the amount of
     interest payable in respect of a Class A-1 Note or modification of the
     method of calculation of the interest payable or of the date for payment of
     or interest payable in respect of any Class A-1 Notes, reducing or
     cancelling the amount of principal payable in respect of any Class A-1
     Notes or altering the currency of payment of any Class A-1 Notes or an
     alteration of the date or priority of redemption of, the Class A-1 Notes or
     altering the required percentage of the aggregate Invested Amount of the
     Class A-1 Notes required to consent or take any action, or an election to
     receive the Stated Amount of the Notes instead of the Invested Amount in
     the event of a call under Condition 5(i) or 5(j), or any other matter
     referred to in clause 37.2 of the Note Trust Deed needing the approval of
     all holders of Class A-1 Notes (any such modification being referred to
     below as a BASIC TERMS MODIFICATION) shall be effective unless sanctioned
     by all of the Class A-1 Noteholders. The quorum at any meeting of Class A-1
     Noteholders for passing an Extraordinary Resolution shall be two or more
     persons holding or representing over 50% of the aggregate Invested Amount
     of the Class A-1 Notes then outstanding or, at any adjourned meeting, two
     or more persons being or representing Class A-1 Noteholders whatever the
     aggregate Invested Amount of the Class A-1 Notes so held or represented,
     except that, at any meeting the business of which includes the sanctioning
     of a Basic Terms Modification, the

                                                                         Page 84

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     necessary quorum for passing any such resolution shall be all of the Class
     A-1 Noteholders. The Note Trust Deed contains provisions limiting the
     powers of the Class A-1 Noteholders, among other things, to request or
     direct the Note Trustee to take any action or to pass an effective
     Extraordinary Resolution or a resolution passed under clause 37.2,
     according to the effect thereof on the interests of the Class A-1
     Noteholders. Except in certain circumstances, the Note Trust Deed imposes
     no such limitations on the powers of the Class A-1 Noteholders, the
     exercise of which will be binding on the Class A-1 Noteholders,
     irrespective of the effect on their interests. An Extraordinary Resolution
     or resolution effecting a Basic Terms Modification passed at any meeting of
     Class A-1 Noteholders shall be binding on all Class A-1 Noteholders,
     whether or not they are present at the meeting. The majority required for
     an Extraordinary Resolution shall be 75% of the votes cast in respect of
     that Extraordinary Resolution.

     The Note Trust Deed permits the Note Trustee, the Manager and the Trustee
     to, following the giving of notice to each Designated Rating Agency, alter,
     add to or modify, by way of supplemental deed, the Note Trust Deed
     (including the meeting and amendment provisions), the Conditions (subject
     to the proviso more fully described in clause 37.2 of the Note Trust Deed
     or any other terms of that deed or the Conditions to which it refers) or
     any Transaction Document so long as that alteration, addition or
     modification is:

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

     o    in the opinion of the Note Trustee necessary to comply with the
          provisions of any law or regulation or with the requirements of any
          Government Agency;

     o    in the opinion of the Note Trustee appropriate or expedient as a
          consequence of a change to any law or regulation or a change in the
          requirements of any Government Agency (including, but not limited to,
          an alteration, addition or modification which is in the opinion of the
          Note Trustee appropriate or expedient as a consequence of the
          enactment of a law or regulation or an amendment to any law or
          regulation or ruling by the Commissioner or Deputy Commissioner of
          Taxation or any governmental announcement or statement, in any case
          which has or may have the effect of altering the manner or basis of
          taxation of trusts generally or of trusts similar to the Trust); or

     o    in the opinion of the Note Trustee not materially prejudicial to the
          interests of the Class A-1 Noteholders as a whole,

     and is undertaken in a manner and to the extent, permitted by the
     Transaction Documents.

     Subject to clause 37.2 of the Note Trust Deed, where, in the opinion of the
     Note Trustee, a proposed alteration, addition or modification to this deed,
     other than an alteration, addition or modification referred to above, is
     materially prejudicial or likely to be materially prejudicial to the
     interests of Class A-1 Noteholders as a whole, the Note Trustee, the
     Manager and the Trustee may make that alteration, addition or modification
     (subject to the TIA, if applicable) only if sanctioned in writing by
     holders of at least 75% of the aggregate Invested Amount of the Class A-1
     Notes.

     The Note Trustee may also, in accordance with the Note Trust Deed and
     without the consent of the Class A-1 Noteholders (but not in contravention
     of an Extraordinary Resolution or a resolution passed in accordance with
     clause 37.2 of the Note Trust Deed), waive or authorise any breach or

                                                                         Page 85

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     proposed breach of the Class A-1 Notes (including these Conditions) or any
     Transaction Document or determine that any Event of Default or any
     condition, event or act which with the giving of notice and/or lapse of
     time and/or the issue of a certificate would constitute an Event of Default
     shall not, or shall not subject to specified conditions, be treated as
     such. Any such modification, waiver, authorisation or determination shall
     be binding on the Class A-1 Noteholders and, if, but only if, the Note
     Trustee so requires, any such modification shall be notified to the Class
     A-1 Noteholders in accordance with Condition 12 as soon as practicable.

     The Manager shall distribute to all Class A-1 Noteholders and the
     Designated Rating Agencies a copy of any amendments made in accordance with
     the procedure described in that clause 19 of the Note Trust Deed and under
     Condition 12 as soon as reasonably practicable after the amendment has been
     made.

     Any amendment made will be binding on the Class A-1 Noteholders and shall
     conform to the requirements of the TIA as then in effect so long as the
     Note Trust Deed shall be qualified under the TIA.

15.  INDEMNIFICATION AND EXONERATION OF THE NOTE TRUSTEE AND THE SECURITY
     TRUSTEE

     (a)  The Note Trust Deed and the Security Trust Deed contain provisions for
          the indemnification of the Note Trustee and the Security Trustee
          (respectively) and for their relief from responsibility, including
          provisions relieving them from taking proceedings to realise the
          security and to obtain repayment of the Class A-1 Notes unless
          indemnified to their satisfaction. Each of the Note Trustee and the
          Security Trustee is entitled to enter into business transactions with
          the Issuer and/or any other party to the Transaction Documents without
          accounting for any profit resulting from such transactions. Except in
          the case of negligence, fraud or breach of trust (in the case of the
          Security Trustee) or negligence, fraud, or wilful default (in the case
          of the Note Trustee), neither the Security Trustee nor the Note
          Trustee will be responsible for any loss, expense or liability which
          may be suffered as a result of any assets secured by the Security
          Trust Deed, Mortgaged Property or any deeds or documents of title
          thereto, being uninsured or inadequately insured or being held by or
          to the order of the Servicer or any of its affiliates or by clearing
          organisations or their operators or by any person on behalf of the
          Note Trustee if prudently chosen in accordance with the Transaction
          Documents.

     (b)  Where the Note Trustee is required to express an opinion or make a
          determination or calculation under the Transaction Documents, the Note
          Trustee may appoint or engage such independent advisers as the Note
          Trustee reasonably requires to assist in the giving of that opinion or
          the making of that determination or calculation and any properly
          incurred costs and expenses payable to those advisers will be
          reimbursed to the Note Trustee by the Issuer or if another person is
          expressly stated in the relevant provision in a Transaction Document,
          that person.

                                                                         Page 86

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

16.  LIMITATION OF LIABILITY OF THE ISSUER

     (A)  GENERAL

          Clause 30 of the Master Trust Deed applies to the obligations and
          liabilities of the Issuer in relation to the Class A-1 Notes.

     (B)  LIABILITY OF ISSUER LIMITED TO ITS RIGHT OF INDEMNITY

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

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

          (iii)   The provisions of this Condition 15 shall not apply to any
                  obligation or liability of the Issuer to the extent that it is
                  not satisfied because under a Transaction Document or by
                  operation of law there is a reduction in the extent of the
                  Issuer's indemnification or exoneration out of the assets of
                  the Trust as a result of the Issuer's fraud, negligence or
                  Default.

          (iv)    It is acknowledged that the Relevant Parties are responsible
                  under the Transaction Documents for performing a variety of
                  obligations relating to the Trust. No act or omission of the
                  Issuer (including any related failure to satisfy its
                  obligations under the Transaction Documents) will be
                  considered fraud, negligence or Default of the Issuer for the
                  purpose of paragraph (iii) of this Condition 15 to the extent
                  to which the act or omission was caused or contributed to by
                  any failure by any Relevant Party or any person who has been
                  delegated or appointed by the Issuer in accordance with the
                  Transaction Documents to fulfil its obligations relating to
                  the Trust or by any other act or omission of a Relevant Party
                  or any such person.

          (v)     In exercising their powers under the Transaction Documents,
                  each of the Issuer, the Security Trustee and the Noteholders
                  must ensure that no attorney, agent, delegate, receiver or
                  receiver and manager appointed by it in accordance with a
                  Transaction Document has authority to act on behalf of the
                  Issuer in a way which exposes the Issuer to any personal
                  liability and no act or omission of any such person will be

                                                                         Page 87

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

                  considered fraud, negligence or Default of the Issuer for the
                  purpose of paragraph (iii).

          (vi)    In this Condition 15, RELEVANT PARTIES means each of the
                  Manager, the Servicer, the Calculation Agent, each Paying
                  Agent, the Note Registrar, the Note Trustee, the Custodian,
                  the Basis Swap Provider, the Fixed-Floating Rate Swap Provider
                  and the Currency Swap Provider and any other provider of a
                  Support Facility.

          (vii)   In this Condition 15, DEFAULT means a failure by the Issuer to
                  comply with an obligation which is expressly imposed on it by
                  the terms of a Transaction Document or a written direction
                  given by the Manager in accordance with a Transaction Document
                  (and in terms which are consistent with the requirements of
                  the Transaction Documents) in circumstances where the
                  Transaction Documents require or contemplate that the Issuer
                  will comply with that direction; in each case within any
                  period of time specified in, or contemplated by, the relevant
                  Transaction Document for such compliance. However, it will not
                  be the Default of the Issuer if the Issuer does not comply
                  with an obligation or direction where the Note Trustee or the
                  Security Trustee directs the Issuer not to comply with that
                  obligation or direction.

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

17.  GOVERNING LAW

     Except for:

     (a)  the Currency Swap and the Credit Support Annex to the Currency Swap
          which are governed by the laws of [*];

     (b)  the Underwriting Agreement (as defined in the Supplementary Terms
          Notice) which is governed by the laws of New York; and

     (c)  the administration of the Note Trust (as defined in the Note Trust
          Deed), including the exercise of the Note Trustee's powers under
          clause 13 of the Note Trust Deed, which are both governed by the law
          of the State of New York and in the event of any inconsistency between
          the operation of the law of New South Wales, Australia and the Law of
          the State of New York in respect of the application of those powers,
          the law of the State of New York will prevail to the extent of the
          inconsistency,

     the Class A-1 Notes and the Relevant Documents are governed by, and shall
     be construed in accordance with, the laws of New South Wales, Australia.

                                                                         Page 88

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

              SUMMARY OF PROVISIONS RELATING TO THE CLASS A-1 NOTES
                            WHILE IN BOOK-ENTRY FORM

Each Class A-1 Note will initially be represented by typewritten book-entry
notes (the BOOK-ENTRY NOTES), without coupons, in the principal amount of
US$[*]. The Book-Entry Notes will be deposited with the Common Depositary for
DTC on or about the Closing Date. Upon deposit of the Book-Entry Notes with the
Common Depositary, DTC will credit each investor in the Class A-1 Notes with a
principal amount of Class A-1 Notes for which it has subscribed and paid.

The Book-Entry Note will be exchangeable for Definitive Notes in certain
circumstances described below.

Each person who is shown in the Note Register as the holder of a particular
principal amount of Class A-1 Notes will be entitled to be treated by the Issuer
and the Note Trustee as a holder of such principal amount of Class A-1 Notes and
the expression Class A-1 Noteholder shall be construed accordingly, but without
prejudice to the entitlement of the holder of the Book-Entry Note to be paid
principal and interest thereon in accordance with its terms. Such persons shall
have no claim directly against the Issuer in respect of payment due on the Class
A-1 Notes for so long as the Class A-1 Notes are represented by a Book-Entry
Note and the relevant obligations of the Issuer will be discharged by payment to
the registered holder of the Book-Entry Note in respect of each amount so paid.

(A)  PAYMENTS

Interest and principal on each Book-Entry Note will be payable by the Principal
Paying Agent to the Common Depositary.

Each of the persons appearing from time to time as the beneficial owner of a
Class A-1 Note will be entitled to receive any payment so made in respect of
that Class A-1 Note in accordance with the respective rules and procedures of
DTC. Such persons will have no claim directly against the Issuer in respect of
payments due on the Class A-1 Notes which must be made by the holder of the
relevant Book-Entry Note, for so long as such Book-Entry Note is outstanding.

A record of each payment made on a Book-Entry Note, distinguishing between any
payment of principal and any payment of interest, will be recorded in the Note
Register by the Principal Paying Agent and such record shall be prima facie
evidence that the payment in question has been made.

(B)  EXCHANGE

The Book-Entry Note will be exchangeable for Definitive Notes only if:

(i)  the Trust Manager advises the Principal Paying Agent in writing that the
     Clearing Agency is no longer willing or able properly to discharge its
     responsibilities with respect to the Class A-1 Notes or the Clearing Agency
     ceases to carry on business, and the Trust Manager is unable to located a
     qualified successor; or

(ii) after the occurrence of an Event, of Default the Class A-1 Note Owner's
     representing beneficial interests aggregating to at least a majority of the
     aggregate Invested Amount of the Class A-1 Notes advise the Principal
     Paying Agent and Issuer through the Clearing Agency in writing that the
     continuation of a book-entry system through the Clearing Agency is no
     longer in the best interest of the Note Owners,

                                                                         Page 89

Note Trust Deed                                    [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

then the Principal Paying Agent shall notify all Class A-1 Note Owners and the
Issuer of the occurrence of any such event and of the availability of Definitive
Notes to Class A-1 Note Owners requesting the same. Upon the surrender of the
Book-Entry Notes to the Issuer by the Clearing Agency, and the delivery by the
Clearing Agency of the relevant registration instructions to the Issuer, the
Issuer shall execute and procure the Principal Paying Agent to authenticate the
Definitive Notes in accordance with the instructions of the Clearing Agency.

(C)  NOTICES

So long as the Notes are represented by the Book-Entry Note and the same is/are
held on behalf of the Clearing Agency, notices to Class A-1 Noteholders may be
given by delivery of the relevant notice to the Clearing Agency for
communication by them to entitled account holders in substitution for delivery
to each Class A-1 Noteholder as required by the Conditions.

(D)  CANCELLATION

Cancellation of any Class A-1 Note required by the Conditions will be effected
by reduction in the principal amount of the relevant Book-Entry Note.

                                                                         Page 90Agency Agreement

                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)

                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)

                                                                             [*]
                                                        (Principal Paying Agent)

                                                                             [*]
                                                                  (Note Trustee)

                                                                             [*]
                                                             (Calculation Agent)

                                                                             [*]
                                                                (Note Registrar)

                                             Crusade Global Trust No. [*] of [*]

                                                          ALLENS ARTHUR ROBINSON
                                                               The Chifley Tower
                                                                2 Chifley Square
                                                                 Sydney NSW 2000
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333
                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2005

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

TABLE OF CONTENTS

1.    DEFINITIONS AND INTERPRETATION                                           2
      1.1    Definitions                                                       2
      1.2    Definitions in Master Trust Deed, Supplementary Terms Notice,
             Note Trust Deed and Conditions                                    3
      1.3    Interpretation                                                    3
      1.4    Document or agreement                                             3
      1.5    Transaction Document                                              3
      1.6    Trustee as trustee                                                4
      1.7    Note Trustee as note trustee                                      4

2.    APPOINTMENT OF PAYING AGENTS                                             4

3.    PAYMENT                                                                  4
      3.1    Payment by Trustee                                                4
      3.2    Confirmation                                                      5
      3.3    Payments by Paying Agents                                         5
      3.4    Method of Payment - Book-Entry Notes                              5
      3.5    Method of payment - Definitive Notes                              5
      3.6    Late payment                                                      5
      3.7    Notice of non-receipt                                             6
      3.8    Reimbursement                                                     6
      3.9    Method of payment                                                 6
      3.10   No fee                                                            7
      3.11   Trust                                                             7
      3.12   Forms and information                                             7

4.    REPAYMENT                                                                7

5.    APPOINTMENT OF THE CALCULATION AGENT                                     8

6.    DUTIES OF THE CALCULATION AGENT                                          8

7.    NOTE TRUSTEE                                                             9

8.    EARLY REDEMPTION OF [CLASS A-1] NOTES                                   10

9.    PRO RATA REDEMPTION AND CANCELLATION OF NOTES                           10

10.   CANCELLATION, DESTRUCTION AND RECORDS WHERE [CLASS A-1] NOTES IN
      DEFINITIVE FORM HAVE BEEN ISSUED                                        11

11.   ISSUE OF REPLACEMENT DEFINITIVE NOTES WHERE DEFINITIVE NOTES HAVE
      BEEN ISSUED                                                             12

12.   NOTICES TO NOTEHOLDERS                                                  13

13.   DOCUMENTS AND FORMS                                                     13

14.   AUTHENTICATION                                                          14

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

15.   INDEMNITY                                                               14

16.   THE NOTE REGISTER                                                       15
      16.1   Appointment of Note Registrar                                    15
      16.2   Details to be kept on the Note Register                          15
      16.3   Payments of Principal and Interest                               16
      16.4   Place of keeping Register, copies and access                     16
      16.5   Details on Note Register conclusive                              17
      16.6   Alteration of details on Note Register                           17
      16.7   Rectification of Note Register                                   17
      16.8   Correctness of Note Register                                     17

17.   CHANGES OF NOTE REGISTRAR                                               18
      17.1   Removal                                                          18
      17.2   Resignation                                                      18
      17.3   Limitation                                                       18

18.   GENERAL                                                                 18
      18.1   Communications to [Class A-1] Noteholders                        18
      18.2   Agency                                                           18
      18.3   Identity                                                         19
      18.4   No set-off                                                       19
      18.5   Reliance                                                         19
      18.6   Entitled to deal                                                 19
      18.7   Consultation                                                     20
      18.8   Duties                                                           20
      18.9   Income Tax Returns                                               20
      18.10  Taxes                                                            20
      18.11  Written instructions                                             20
      18.12  No representations                                               20

19.   CHANGES IN PAYING AGENTS AND CALCULATION AGENT                          21
      19.1   Removal                                                          21
      19.2   Resignation                                                      21
      19.3   Limitation                                                       22
      19.4   Delivery of amounts                                              22
      19.5   Successor to Paying Agents                                       23
      19.6   Successor to Calculation Agent                                   23
      19.7   Successor to Note Registrar                                      24
      19.8   Notice to [Class A-1] Noteholders                                24
      19.9   Change in Paying Office or Specified Office                      25

20.   FEES AND EXPENSES                                                       25

21.   WAIVERS, REMEDIES CUMULATIVE                                            26

22.   SEVERABILITY OF PROVISIONS                                              26

23.   ASSIGNMENTS                                                             27

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

24.   NOTICES                                                                 27
      24.1   General                                                          27
      24.2   Details                                                          27
      24.3   Communication through Principal Paying Agent                     29

25.   LIMITED RECOURSE                                                        29
      25.1   General                                                          29
      25.2   Liability of Trustee limited to its right to indemnity           30
      25.3   Unrestricted remedies                                            31
      25.4   Restricted remedies                                              31

26.   COUNTERPARTS                                                            31

27.   GOVERNING LAW                                                           31

28.   SUCCESSOR TRUSTEE                                                       31

29.   COMPLIANCE WITH REGULATION AB                                           31

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

DATE     [*]

PARTIES

1.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) incorporated
     in Australia and registered in Victoria of Level 7, 9 Castlereagh Street,
     Sydney, New South Wales 2000 in its capacity as trustee of the Crusade
     Global Trust No. [*] of [*] (the TRUSTEE);

2.   CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in Australia
     and registered in New South Wales of 4-16 Montgomery Street, Kogarah, New
     South Wales 2217, as Manager in relation to the Crusade Global Trust No.
     [*] of [*] (the MANAGER);

3.   [*] acting through its office at [*] as principal paying agent for the
     [Class A-1] Notes described below (the PRINCIPAL PAYING AGENT, which
     expression shall, wherever the context requires, include any successor
     principal paying agent from time to time under this agreement and, except
     where the context otherwise requires, the Principal Paying Agent and any
     additional paying agent or paying agents appointed under this agreement are
     PAYING AGENTS and each of them is a PAYING AGENT); as note registrar in
     relation to the [Class A-1] Notes described below (the NOTE REGISTRAR,
     which expression shall, whenever the context requires, include any
     successor note registrar from time to time under this agreement); and as
     trustee for the [Class A-1] Noteholders (the NOTE TRUSTEE, which expression
     shall, wherever the context requires, include any other trustee or trustees
     from time to time under the Note Trust Deed); and

4.   [*] of [*] as calculation agent in relation to the [Class A-1] Notes
     described below (the CALCULATION AGENT, which expression shall, wherever
     the context requires, include any successor calculation agent from time to
     time);

RECITALS

A    The Trustee proposes to issue US$[*] of [Class A-1] mortgage backed pass
     through floating rate Notes (the [CLASS A-1] NOTES) and A$[*] of mortgage
     backed pass through floating rate Notes comprising A$[*] [Class A-2] Notes,
     A$[*] [Class B] Notes and A$[*] [Class C] Notes (together the A$ NOTES)
     each with a Final Maturity Date falling in [*].

B    The [Class A-1] Notes, upon original issue, will be issued in the form of
     typewritten Book-Entry Notes representing the Book-Entry Notes. The Trustee
     shall, on the date of this deed, deliver or arrange the delivery on its
     behalf of the Book-Entry Notes to the Common Depository, as agent for the
     Clearing Agency. The Book-Entry Notes shall initially be registered on the
     Note Register in the name of the Common Depository, as nominee of the
     Clearing Agency, and no [Class A-1] Note Owner will receive a Definitive
     Note representing such [Class A-1] Note Owner's interest in

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     such [Class A-1] Note, except as provided in the Note Trust Deed.

C    The [Class A-1] Notes will be constituted by the Note Trust Deed, the
     Supplementary Terms Notice and the Master Trust Deed.

D    The [Class A-1] Notes will be secured on the terms of the Security Trust
     Deed.

E    The Trustee wishes to appoint the Principal Paying Agent as principal
     paying agent in respect of the [Class A-1] Notes only and has entered into
     this agreement to provide for the terms and conditions of that appointment.

F    The Trustee wishes to appoint the Calculation Agent as its reference agent
     in respect of the [Class A-1] Notes only and has entered into this
     agreement to provide for the terms and conditions of that appointment.

G    The Trustee wishes to appoint the Note Registrar in respect of the [Class
     A-1] Notes only and has entered into this agreement to provide for the
     terms and conditions of that appointment.

IT IS AGREED as follows.

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

1.1  DEFINITIONS

     The following definitions apply unless the context requires otherwise.

     MASTER TRUST DEED means the Master Trust Deed for the Crusade Trusts dated
     14 March 1998 between the Trustee as trustee, St.George Bank Limited and
     the Manager.

     NOTE PARTY has the meaning given to that term in clause 18.2.

     NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated [*]
     issued under the Master Trust Deed in relation to the Trust.

     PAYING OFFICE means, in relation to a Paying Agent and any [Class A-1]
     Notes, the office of the Paying Agent specified in the relevant [Class A-1]
     Notes or otherwise under this agreement or the Note Trust Deed as the
     office at which payments in respect of the [Class A-1] Notes will be made
     as changed from time to time in accordance with this agreement.

     SPECIFIED OFFICE means, in relation to the Calculation Agent, the office of
     the Calculation Agent specified under this agreement as the office at which
     the Calculation Agent will carry out its duties under this agreement, and
     initially means its office at [*].

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

     TRUST means the trust known as the Crusade Global Trust No. [*] of [*]
     established under the Notice of Creation of Trust, the Master Trust Deed
     and the Supplementary Terms Notice.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

1.2  DEFINITIONS IN MASTER TRUST DEED, SUPPLEMENTARY TERMS NOTICE, NOTE TRUST
     DEED AND CONDITIONS

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

     (b)  If a definition in any of the documents in paragraph (a) above is
          inconsistent, the definitions will prevail in the following order:

          (i)  definition in this agreement;

          (ii) definition in the Supplementary Terms Notice;

          (iii) definition in the Master Trust Deed;

          (iv) definition in the Note Trust Deed;

          (v)  definition in the relevant Conditions.

1.3  INTERPRETATION

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

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

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

     (c)  all references to costs or charges or expenses include GST, any value
          added tax or similar tax charged or chargeable in respect of the
          charge or expense.

1.4  DOCUMENT OR AGREEMENT

     A reference to:

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

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

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

1.5  TRANSACTION DOCUMENT

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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

1.6  TRUSTEE AS TRUSTEE

     (a)  In this agreement, except where provided to the contrary:

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

          (ii) a reference to the assets, business, property or undertaking of
               the Trustee is a reference to the assets, business, property or
               undertaking of the Trustee only in the capacity described in
               sub-paragraph (i) above.

     (b)  The rights and obligations of the parties under this agreement relate
          only to the Trust, and do not relate to any other Trust (as defined in
          the Master Trust Deed).

1.7  NOTE TRUSTEE AS NOTE TRUSTEE

     The Note Trustee enters into this agreement for itself and for and as
     trustee for and on behalf of the [Class A-1] Noteholders from time to time
     under and subject to the terms of the Note Trust Deed.

2.   APPOINTMENT OF PAYING AGENTS
--------------------------------------------------------------------------------

     (a)  Subject to the terms of this agreement, the Trustee (acting on the
          direction of the Manager) appoints the Principal Paying Agent as its
          principal paying agent and each other Paying Agent as its paying
          agent, for making payments in respect of the [Class A-1] Notes in
          accordance with the Transaction Documents and the relevant Conditions
          at their respective Paying Offices. The Principal Paying Agent accepts
          its appointment under this agreement.

     (b)  Except in clause 19 and as the context otherwise requires, references
          to the Principal Paying Agent are to it acting solely through its
          Paying Office.

     (c)  If at any time there is more than one Paying Agent, the obligations of
          the Paying Agents under this agreement shall be several and not joint.

     It is acknowledged and agreed that:

          (i)  subject to clause 7, the Principal Paying Agent is the agent of
               the Trustee in its capacity as trustee of the Trust only; and

          (ii) despite anything else in this agreement, any other Transaction
               Document or at law, the Trustee in its personal capacity is not
               responsible for any act or omission of the Principal Paying Agent
               or any other Paying Agent except to the extent of losses, costs,
               claims or damages caused by the fraud, negligence or Default of
               the Trustee.

3.   PAYMENT
--------------------------------------------------------------------------------

3.1  PAYMENT BY TRUSTEE

     The Trustee shall, with the assistance of and, at the direction of the
     Manager, not later than 10.00 am (New York time) on each Payment Date, pay
     to or to the order of, or procure payment to or to the order of, the
     Principal Paying Agent (including where relevant in clause 3.9) the amount
     in US$ as may be

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     required (after taking account of any cash then held by the Principal
     Paying Agent and available for the purpose) to be made on each Payment Date
     under the Supplementary Terms Notice in respect of the [Class A-1] Notes
     and the relevant Conditions.

3.2  CONFIRMATION

     Not later than 4.00 pm (Sydney time) on each Determination Date, the
     Manager on behalf of the Trustee shall notify, or procure notification to,
     the Principal Paying Agent and the Note Trustee of the amount of interest
     or principal payable in respect of the [Class A-1] Notes on the Payment
     Date following that Determination Date. The Trustee or if required by the
     Trustee, the Manager on its behalf shall also forward to the Principal
     Paying Agent at that time confirmation that the payments provided for in
     clause 3.1 will be made unconditionally.

3.3  PAYMENTS BY PAYING AGENTS

     Subject to payment being duly made as provided in clause 3.1 (or to the
     Principal Paying Agent otherwise being satisfied that the payment will be
     duly made on the due date), and subject to clause 7, the Paying Agents
     shall pay or cause to be paid on behalf of the Trustee on each Payment Date
     the relevant amounts of principal and interest due in respect of the [Class
     A-1] Notes in accordance with the Supplementary Terms Notice and the
     relevant Conditions.

3.4  METHOD OF PAYMENT - BOOK-ENTRY NOTES

     The Principal Paying Agent shall cause all payments of principal or
     interest (as the case may be) due in respect of [Class A-1] Notes
     represented by one or more Book-Entry Notes to be made to the relevant
     Common Depository for credit to the account of the persons appearing from
     time to time in the records of the relevant Common Depository as account
     holder with respect to that Book-Entry Note.

3.5  METHOD OF PAYMENT - DEFINITIVE NOTES

     (a)  Payments of principal or interest on the Definitive Notes (if any)
          shall be made in accordance with the relevant Conditions and the
          Supplementary Terms Notice.

     (b)  If a Definitive Note is issued and the amount of the principal or
          interest (as the case may be) then due for payment on that [Class A-1]
          Note is not paid in full (including by reason of a deduction or
          withholding), the Paying Agent to whom that [Class A-1] Note is
          presented shall enface that [Class A-1] Note with a memorandum of the
          amount paid and the date of that payment.

3.6  LATE PAYMENT

     (a)  If any payment under clause 3.1 is made late but otherwise in
          accordance with the provisions of this agreement, each Paying Agent
          shall:

          (i)  in the case of any payment in respect of the [Class A-1] Notes
               made on or prior to 1.00 pm (New York time) on a Payment Date,
               make payments required to be made by it in respect of the [Class
               A-1] Notes as provided in this clause 3 (other than clause
               3.6(a)(ii)); and

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (ii) in the case of any payment in respect of the [Class A-1] Notes
               made after 1.00pm (New York time) on a Payment Date, make
               payments required to be made by it in respect of the [Class A-1]
               Notes on the next Business Day occurring after that Payment Date
               and otherwise as provided in this clause 3.

          However, unless and until the full amount of any payment in respect of
          the [Class A-1] Notes required to be made under the Transaction
          Documents has been made under clause 3.1 to or to the order of the
          Principal Paying Agent, no Paying Agents shall be bound to make a
          payment under clause 3.

     (b)  If the Principal Paying Agent has not received on a Payment Date the
          full amount of principal and interest then payable on any [Class A-1]
          Note in accordance with the Supplementary Terms Notice and the
          relevant Conditions, but receives the full amount later, it shall:

          (i)  forthwith upon full receipt notify the other Paying Agents (if
               any), the Trustee, the Note Trustee, the Security Trustee and the
               Manager; and

          (ii) as soon as practicable after such full receipt give due notice,
               in accordance with the relevant Condition 12 (unless the Note
               Trustee agrees otherwise), to the relevant [Class A-1]
               Noteholders that it has received the full amount.

3.7  NOTICE OF NON-RECEIPT

     The Principal Paying Agent shall immediately notify by facsimile (if
     appropriate) the other Paying Agents (if any), the Note Trustee, the
     Trustee, the Security Trustee, the Currency Swap Provider and the Manager
     if the full amount of any payment of principal or interest required to be
     made by the Supplementary Terms Notice and the relevant Conditions in
     respect of the [Class A-1] Notes is not unconditionally received by it or
     to its order in accordance with this agreement.

3.8  REIMBURSEMENT

     The Principal Paying Agent shall (provided that it has been placed in funds
     by the Trustee) on demand promptly reimburse the other Paying Agents (if
     any) for payments of principal and interest properly made by that Paying
     Agent in accordance with the Supplementary Terms Notice, the relevant
     Conditions and this agreement. The Trustee shall not be concerned with the
     apportionment of any moneys between the Principal Paying Agent and the
     other Paying Agents (if any) and payment to the Principal Paying Agent of
     any moneys due to the Paying Agents shall operate as a good discharge to
     the Trustee in respect of such moneys.

3.9  METHOD OF PAYMENT

     (a)  All sums payable by the Trustee to the Principal Paying Agent under
          this agreement shall, unless otherwise provided by and subject to the
          Currency Swap, be paid by the Currency Swap Provider on behalf of the
          Trustee in US$ to such bank accounts as the Principal Paying Agent may
          from time to time notify to the Trustee and the Note Trustee. Those
          sums shall be held in an account for payment to the [Class A-1]
          Noteholders and:

          (i)  failing that payment within the designated periods of
               prescription specified in the relevant Condition 8; or

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (ii) upon the bankruptcy, insolvency, winding up or liquidation of the
               Principal Paying Agent or on default being made by the Principal
               Paying Agent in the payment of any amounts in respect of
               principal or interest in accordance with this agreement,

          for repayment to the Trustee (subject to clause 4). On repayment in
          accordance with clause 4 to the Trustee, all liabilities of the
          Principal Paying Agent with respect to those moneys shall cease. The
          Principal Paying Agent shall, promptly after each Payment Date,
          confirm to the Trustee, in accordance with clause 24, that the
          Principal Paying Agent has paid the relevant amount to the relevant
          Common Depository. The Principal Paying Agent will countersign and
          promptly return any such confirmation requested by the Trustee.

     (b)  Subject to the terms of this agreement, the Principal Paying Agent
          shall be entitled to deal with moneys paid to it under this agreement
          in the same manner as other moneys paid to it as a banker by its
          customers. The Principal Paying Agent shall be entitled to retain for
          its own account any interest earned on the sums from time to time
          credited to the account referred to in paragraph (a) and it need not
          segregate such sums from other amounts held by it, except as required
          by law.

3.10 NO FEE

     Subject to clause 20, no Paying Agent will charge any commission or fee in
     relation to any payment under this agreement to the person receiving or
     entitled to receive the payment or make the exchange.

3.11 TRUST

     The Principal Paying Agent shall hold on trust for the Note Trustee and the
     [Class A-1] Noteholders all sums held by it for the payment of principal
     and interest with respect to the [Class A-1] Notes until all relevant sums
     are paid to the Note Trustee or the [Class A-1] Noteholders or otherwise
     disposed of in accordance with the Note Trust Deed.

3.12 FORMS AND INFORMATION

     The Manager shall provide each Paying Agent with any forms and such other
     information reasonably required by that Paying Agent in connection with any
     withholding Tax imposed on any payment under the [Class A-1] Notes.

4.   REPAYMENT
--------------------------------------------------------------------------------

     (a)  Immediately on any entitlement to receive principal or interest under
          any [Class A-1] Note becoming void under the relevant Conditions, the
          Principal Paying Agent shall repay to the Trustee the amount which
          would have been due in respect of that principal or interest if it had
          been paid before the entitlement became void, together with any fees
          applicable to that payment or entitlement (pro rata as to the amount
          and time) to the extent already paid under clause 20.

     (b)  Despite paragraph (a), the Principal Paying Agent shall not be obliged
          to make any repayment to the Trustee so long as any amounts which
          should have been paid to or to the order of the Principal Paying Agent
          or, if applicable, the Note Trustee by the Trustee remain unpaid.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

5.   APPOINTMENT OF THE CALCULATION AGENT
--------------------------------------------------------------------------------

     (a)  The Trustee (acting on the direction of the Manager) appoints the
          Calculation Agent as its reference agent in respect of the [Class A-1]
          Notes upon the terms and conditions set forth in this agreement and
          the Calculation Agent accepts that appointment.

     (b)  It is acknowledged and agreed that:

          (i)  the Calculation Agent is the agent of the Trustee in its capacity
               as trustee of the Trust only; and

          (ii) despite anything else in this agreement, any other Transaction
               Document or at law, the Trustee in its personal capacity is not
               responsible for any act or omission of the Calculation Agent
               except to the extent of losses, costs, claims or damages caused
               by the fraud, negligence or Default of the Trustee.

6.   DUTIES OF THE CALCULATION AGENT
--------------------------------------------------------------------------------

     (a)  The Calculation Agent shall, in relation to the [Class A-1] Notes,
          until their final maturity or such earlier date on which the [Class
          A-1] Notes are due and payable in full and in either case until the
          Trustee has paid all amounts in relation to the [Class A-1] Notes to
          the Principal Paying Agent or, if applicable, the Note Trustee:

          (i)  perform such duties at its Specified Office as are set forth in
               this agreement and in the relevant Conditions and any other
               duties which are reasonably incidental at the request of the
               Trustee, the Manager, the Note Trustee or the Principal Paying
               Agent;

          (ii) determine LIBOR for each Interest Period, and calculate the
               relevant Interest and Interest Rate on the [Class A-1] Notes, in
               the manner set out in Condition 4 and confirm with the Currency
               Swap Provider (using the contact details notified by that
               Currency Swap Provider to the Calculation Agent) that the LIBOR
               determined under this agreement is the same as the LIBOR
               determined by the Currency Swap Provider under the Currency Swap;

          (iii) notify the Trustee, the Manager, the Note Trustee, the Paying
               Agents and the Currency Swap Provider by telex or facsimile
               transmission on or as soon as possible after the first day of
               each Interest Period, of the Interest Rates and the Interest so
               determined by it in relation to that Interest Period, specifying
               to those parties the rates upon which they are based and (where
               relevant) the names of the banks quoting those rates.

     (b)  The Manager shall on behalf of the Trustee cause the Interest and
          Interest Rates applicable to the [Class A-1] Notes for each Interest
          Period, together with the relevant Payment Date, to be published
          (subject to clause 20, at the expense of the Trustee) in accordance
          with the provisions of the relevant Conditions 4 and 12, on or as soon
          as possible after the commencement of the relevant Interest Period
          unless the Note Trustee otherwise agrees, provided that the Trustee,
          the Calculation Agent and the Note Trustee shall co-operate with the
          Manager in order to effect that publication.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (c)  The Interest, Interest Rate and relevant Payment Date published under
          paragraph (b) may subsequently be amended (or appropriate alternative
          arrangements made by way of adjustment) without notice to [Class A-1]
          Noteholders in the event of an amendment to the Interest Period.

     (d)  If the Calculation Agent at any time and for any reason does not
          determine the Interest Rate for or calculate the Interest payable on a
          [Class A-1] Note, the Manager shall do so and each such determination
          or calculation shall be deemed to have been made by the Calculation
          Agent. In doing so, the Manager shall apply the provisions of this
          clause 6, with any necessary consequential amendments, to the extent
          that, in its opinion, it can do so, and, in all other respects it
          shall do so in such a manner as it shall deem fair and reasonable in
          all the circumstances.

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

     (a)  At any time after:

          (i)  an Event of Default has occurred in relation to a [Class A-1]
               Note; or

          (ii) Definitive Notes have not been issued when required in accordance
               with the provisions of the Transaction Documents,

          the Note Trustee may:

          (iii) by notice in writing to the Trustee, the Manager, the
               Calculation Agent, the Principal Paying Agent and the other
               Paying Agents (if any) require the Principal Paying Agent, the
               other Paying Agents and the Calculation Agent either:

               (A)  to act as Principal Paying Agent, Paying Agent and
                    Calculation Agent respectively, of the Note Trustee on the
                    terms of this agreement in relation to payments to be made
                    by or on behalf of the Trustee under the terms of the Note
                    Trust Deed, except that the Note Trustee's liability under
                    any provisions of this agreement for the indemnification of
                    the Calculation Agent and the Paying Agents shall be limited
                    to any amount for the time being held by the Note Trustee on
                    the trusts of the Note Trust Deed and which is available to
                    be applied by the Note Trustee for that purpose; and

               (B)  to hold all Definitive Notes and all amounts, documents and
                    records held by them in respect of the [Class A-1] Notes on
                    behalf of the Note Trustee; or

               (C)  to deliver up all Definitive Notes, and all amounts,
                    documents and records held by them in respect of the [Class
                    A-1] Notes, to the Note Trustee or as the Note Trustee
                    directs in that notice, other than any documents or records
                    which the Calculation Agent or Paying Agent (as the case may
                    be) is obliged not to release by any law or regulation; and

               (D)  by notice in writing to the Trustee require it to make (or
                    arrange to be made) all subsequent payments in respect of
                    the [Class A-1] Notes to the order of the Note Trustee and
                    not to the Principal Paying Agent and, with effect

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

                    from the issue of that notice to the Trustee and until that
                    notice is withdrawn clause 2.3 of the Note Trust Deed shall
                    not apply.

          A payment by the Trustee of its payment obligations on each Payment
          Date under the Supplementary Terms Notice and the relevant Conditions
          to the Note Trustee in accordance with paragraph (a)(iii)(D) shall be
          a good discharge to the Note Trustee to the extent of such payment.

     (b)  The Note Trustee shall promptly upon request give notice to the
          Manager, the Trustee, the Security Trustee, the Calculation Agent and
          the Principal Paying Agent of any change in the Authorised Signatories
          of the Note Trustee.

8.   EARLY REDEMPTION OF [CLASS A-1] NOTES
--------------------------------------------------------------------------------

     (a)  If the Trustee intends to redeem the [Class A-1] Notes prior to their
          Final Maturity Date pursuant to Condition 5 (which it may only do at
          the direction of the Manager), the Manager shall give not less than 5
          days' prior written notice to the Principal Paying Agent and the Note
          Trustee before giving the requisite period of notice to the [Class
          A-1] Noteholders in accordance with the relevant Condition 5 and
          stating the Payment Date on which such [Class A-1] Notes are to be
          redeemed.

     (b)  The Principal Paying Agent shall, on receipt of a notice under
          paragraph (a):

          (i)  notify the relevant Common Depository of the proposed redemption,
               specifying:

               (A)  the aggregate Invested Amount or Stated Amount (as the case
                    may be) of the [Class A-1] Notes to be redeemed;

               (B)  the amount of principal to be repaid in relation to the
                    [Class A-1] Notes; and

               (C)  the date on which the [Class A-1] Notes are to be redeemed;
                    and

          (ii) promptly and in accordance with the Conditions, on behalf of and
               at the expense of the Trustee, publish the notices required in
               connection with that redemption.

9.   PRO RATA REDEMPTION AND CANCELLATION OF NOTES
--------------------------------------------------------------------------------

     (a)  If the Trustee is required to redeem some (but not all) of the [Class
          A-1] Notes prior to their Final Maturity Date pursuant to Condition 5
          the Manager shall on each Determination Date give prior notice to the
          Calculation Agent, the Principal Paying Agent and the Note Trustee, as
          provided in Condition 5.

     (b)  On receipt of a notice under paragraph (a), the Principal Paying Agent
          shall notify the relevant Common Depository of the proposed
          redemption, specifying in each case the aggregate Invested Amount of
          the [Class A-1] Notes to be redeemed and the date on which such [Class
          A-1] Notes are to be redeemed.

     (c)  The Manager shall, on (or as soon as practicable after) each Quarterly
          Determination Date calculate:

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (i)  the amount of principal to be repaid in respect of each [Class
               A-1] Note due on the Payment Date next following that
               Determination Date;

          (ii) the Stated Amount and Invested Amount of each [Class A-1] Note on
               the first day of the next following Interest Period for the
               [Class A-1] Notes (after deducting any principal due to be made
               on the next Payment Date); and

          (iii) the [Class A] Bond Factor on each Quarterly Determination Date
               in respect of the Collection Period ending before that Quarterly
               Determination Date,

          and shall forthwith notify or cause to be notified to the Trustee, the
          Calculation Agent, the Note Trustee, the Principal Paying Agent and
          the Currency Swap Provider of each of those determinations in
          accordance with the Supplementary Terms Notice. On receipt of that
          notice, the Principal Paying Agent shall give a copy of that notice to
          the Common Depository.

     (d)  The Manager will immediately cause details of each determination under
          paragraph (c) to be published in accordance with Condition 12 at least
          one Business Day before the relevant Payment Date.

     (e)  If no principal is due to be repaid on the [Class A-1] Notes on any
          Payment Date, the Manager shall give notice or shall cause a notice to
          this effect to be given to the relevant [Class A-1] Noteholders in
          accordance with Condition 12.

     (f)  If any [Class A-1] Notes are redeemed in whole or in part in
          accordance with the Conditions and the Transaction Documents, the
          Principal Paying Agent will, if any Book-Entry Notes are still
          outstanding, cause the Note Registrar to record all relevant details
          in the Note Register. The Principal Paying Agent shall as soon as
          possible, and in any event within three months after the date of any
          redemption or purchase, furnish to each of the Trustee and, if the
          Principal Paying Agent is not also the Note Trustee, the Note Trustee
          a certificate setting out the aggregate Invested Amount and Stated
          Amount of [Class A-1] Notes which have been redeemed or the aggregate
          Invested Amount and Stated Amount of [Class A-1] Notes which have been
          purchased. If the Invested Amount of a Book-Entry Note is reduced to
          nil, the Principal Paying Agent shall destroy the relevant Book-Entry
          Note and issue a destruction certificate forthwith to the Note Trustee
          and shall send a copy of that certificate to the Trustee, the Manager
          and the Note Trustee.

10.  CANCELLATION, DESTRUCTION AND RECORDS WHERE [CLASS A-1] NOTES IN DEFINITIVE
     FORM HAVE BEEN ISSUED
--------------------------------------------------------------------------------

     (a)  All Definitive Notes which are redeemed in their entirety (but not
          partial redemptions of Definitive Notes in accordance with Condition
          5), shall be forthwith cancelled by perforation by the Paying Agent by
          or through which they are redeemed, paid or exchanged. If that Paying
          Agent is not the Principal Paying Agent, that Paying Agent shall
          promptly give all relevant details and forward the cancelled
          Definitive Notes to the Principal Paying Agent.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (b)  The Principal Paying Agent shall as soon as possible, and in any event
          within 70 days after the date of any redemption, presentation or
          payment of Definitive Notes, furnish to each of the Trustee, the
          Manager and the Note Trustee a certificate stating:

          (i)  the aggregate Invested Amount of Definitive Notes which have been
               redeemed in full or, as the case may require, the aggregate
               amounts of principal and interest paid in respect of the
               Book-Entry Notes;

          (ii) the serial numbers of those Definitive Notes; and

          (iii) the aggregate Invested Amounts of Definitive Notes which have
               been surrendered and replaced and the serial numbers of those
               Definitive Notes.

     (c)  Unless otherwise previously instructed by the Trustee or the Manager,
          the Principal Paying Agent shall destroy any cancelled Definitive
          Notes in its possession and furnish each of the Trustee, the Manager
          and the Note Trustee with a destruction certificate which lists the
          Class and serial numbers of those Definitive Notes in numerical
          sequence.

     (d)  The Principal Paying Agent shall:

          (i)  keep a full and complete record of:

               (A)  all Definitive Notes issued;

               (B)  the redemption, purchase, cancellation, payment, exchange,
                    surrender for replacement or destruction of the Definitive
                    Notes; and

               (C)  all replacement Definitive Notes issued in substitution for
                    lost, stolen, mutilated, defaced or destroyed Definitive
                    Notes; and

          (ii) make those records available at all reasonable times to the
               Trustee, the Manager and the Note Trustee.

11.  ISSUE OF REPLACEMENT DEFINITIVE NOTES WHERE DEFINITIVE NOTES HAVE BEEN
     ISSUED
--------------------------------------------------------------------------------

     (a)  The Manager shall, where Definitive Notes have been issued, cause a
          sufficient quantity of additional Definitive Notes to be made
          available, upon request by the Principal Paying Agent, for the purpose
          of issuing replacement Definitive Notes as provided below.

     (b)  The Principal Paying Agent shall, subject to and in accordance with
          the Conditions, the Transaction Documents and this clause, issue any
          replacement Definitive Notes, in place of Definitive Notes which have
          been lost, stolen, mutilated, defaced or destroyed.

     (c)  The Principal Paying Agent shall not issue any replacement Definitive
          Note unless and until the relevant applicant has:

          (i)  paid all costs (including the fees and costs of the Principal
               Paying Agent and of any Paying Agent through which the
               replacement Definitive Note is issued) as may be incurred in
               connection with that replacement;

--------------------------------------------------------------------------------
                                                                         Page 12

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (ii) in the case of a lost, stolen, defaced or destroyed Definitive
               Note, furnished the Principal Paying Agent with any evidence
               (including evidence as to the Class and serial number of the
               Definitive Note in question) and indemnity in respect of that
               loss, theft, defacement or destructions as the Trustee or the
               Manager and the Principal Paying Agent may reasonably require;
               and

          (iii) in the case of a mutilated or defaced Definitive Note,
               surrendered to the Principal Paying Agent the mutilated or
               defaced Definitive Note which is to be replaced.

     (d)  The Principal Paying Agent shall cancel any mutilated or defaced
          Definitive Note replaced under this clause and shall furnish the
          Trustee, the Manager and the Note Trustee, on the first day of each
          month, with a certificate stating the Class and serial numbers of
          Definitive Notes cancelled during that month. Unless otherwise
          previously instructed by the Trustee or the Manager, the Principal
          Paying Agent shall destroy any cancelled Definitive Notes and furnish
          the Trustee, the Manager and the Note Trustee with a destruction
          certificate containing the information specified in clause 10(b).

     (e)  The Principal Paying Agent shall, on issuing any replacement
          Definitive Note, forthwith inform each of the other Paying Agents, the
          Trustee, the Manager and the Note Trustee of the Invested Amount and
          the Class and serial number of that replacement Definitive Note issued
          and the Class and serial number of the Definitive Note in place of
          which the replacement Definitive Note has been issued.

     (f)  Whenever any Definitive Note which is alleged to have been lost,
          stolen or destroyed (and in replacement for which a new Definitive
          Note has been issued) is presented to any Paying Agent for payment,
          the Paying Agent to which that Definitive Note is presented shall
          immediately notify the Trustee, the Manager, the Note Trustee and (if
          presentation is not made to the Principal Paying Agent) the Principal
          Paying Agent. The Principal Paying Agent shall, on receipt of that
          notice or (as the case may be) on presentation of the Definitive Note
          to it and after consultation with the Trustee, take appropriate steps
          (subject to being indemnified to its reasonable satisfaction as to
          cost) to recover the amount covered by the indemnity with respect to
          the allegedly lost, stolen or destroyed Definitive Note. The Principal
          Paying Agent shall account to the Trustee for any amount so collected.

12.  NOTICES TO NOTEHOLDERS
--------------------------------------------------------------------------------

     (a)  At the request and expense of the Trustee, the Principal Paying Agent
          shall arrange for the publication of all notices to [Class A-1]
          Noteholders in accordance with the relevant Conditions.

     (b)  The Principal Paying Agent shall promptly send to the Note Trustee one
          copy of the form of every notice given to [Class A-1] Noteholders in
          accordance with the relevant Conditions.

13.  DOCUMENTS AND FORMS
--------------------------------------------------------------------------------

     (a)  The Manager shall provide to the Principal Paying Agent for
          distribution to each Paying Agent:

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (i)  sufficient copies of all documents required by the relevant
               Conditions, the Prospectus or the Note Trust Deed to be available
               to [Class A-1] Noteholders for issue or inspection (including the
               Note Trust Deed, the Master Trust Deed and the Supplementary
               Terms Notice);

          (ii) in the event of a meeting of [Class A-1] Noteholders being
               called, forms of voting certificates and block voting
               instructions, together with instructions from the Trustee (those
               instructions having previously been approved by the Note Trustee)
               as to the manner of completing, dealing with and recording the
               issue of such forms; and

          (iii) if Definitive Notes are issued, specimens of those Definitive
               Notes.

     (b)  The Manager and the Trustee shall provide to the Calculation Agent
          such documents as the Calculation Agent may reasonably require from
          the Manager or the Trustee (and in the case of the Trustee only those
          documents that are in the Trustee's possession or power) in order for
          the Calculation Agent properly to fulfil its duties in respect of the
          [Class A-1] Notes.

14.  AUTHENTICATION
--------------------------------------------------------------------------------

     The Principal Paying Agent upon written direction of the Manager shall
     authenticate or cause to be authenticated the Book-Entry Notes and (if
     required) the Definitive Notes (whether on initial issue or on
     replacement). The Principal Paying Agent shall not be required to
     authenticate or cause to be authenticated any Book-Entry Notes or
     Definitive Notes unless directed to do so in writing by the Manager, or the
     Trustee at the direction of the Manager.

15.  INDEMNITY
--------------------------------------------------------------------------------

     (a)  Subject to paragraph (b) and clause 25, the Trustee shall indemnify
          each Paying Agent, the Note Registrar and the Calculation Agent
          against any loss, damages, proceeding, liability, cost, claim, action,
          demand or expense (in this clause 15, each, an EXPENSE) which that
          Paying Agent, the Note Registrar or the Calculation Agent, as the case
          may be, may incur or which may be made against that Paying Agent, the
          Note Registrar or the Calculation Agent (as the case may be), as a
          result of or in connection with that Paying Agent's, the Note
          Registrar's or the Calculation Agent's, as the case may be,
          appointment or the exercise of that Paying Agent's, the Note
          Registrar's or the Calculation Agent's, as the case may be, powers and
          performance of the Paying Agent's, the Note Registrar's or the
          Calculation Agent's, as the case may be, duties under this agreement,
          notwithstanding the resignation or removal of that Paying Agent, the
          Note Registrar or the Calculation Agent in accordance with clause 19
          (including any liability in respect of payment of a cheque drawn by
          that Paying Agent or the Calculation Agent (as the case may be) where
          the cheque is collected or sued upon or an attempt at collection is
          made after the amount in respect of which it is paid has been returned
          to the Trustee under clause 4).

     (b)  The indemnity in paragraph (a) applies to any Expense of a Paying
          Agent, the Note Registrar or the Calculation Agent (as the case may
          be) only:

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (i)  to the extent the Expense does not result from the breach by the
               Paying Agent, the Note Registrar or the Calculation Agent (as the
               case may be) of the terms of this agreement or which breach
               arises out of the Paying Agent's, the Note Registrar's or the
               Calculation Agent's (as the case may be) own fraud, wilful
               default or negligence or that of its directors, officers or
               employees or servants; and

          (ii) if and whenever the Trustee or the Manager so requires, the
               Paying Agent, the Note Registrar or the Calculation Agent (as the
               case may be) takes any actions or proceedings under the control
               and at the expense of the Trustee as the Trustee may reasonably
               require to avoid, resist or compromise that Expense.

     (c)  Subject to paragraph (d), each of the Calculation Agent, the Note
          Registrar and the Paying Agents severally indemnifies the Trustee and
          the Manager against all losses, liabilities, costs, claims, actions,
          damages, expenses or demands which the Trustee or the Manager (as the
          case may be) may incur or which may be made against it as a result of
          a breach by the Calculation Agent, the Note Registrar or the Paying
          Agent (as the case may be) of any term of this agreement or its own
          fraud, wilful default or negligence or that of its directors,
          officers, employees or servants including any failure to obtain and
          maintain in existence any Authorisation required by it for the
          assumption, exercise and performance of its powers and duties under
          this agreement.

     (d)  Notwithstanding any other provision in this agreement, each of the
          Calculation Agent, the Note Registrar and the Paying Agents shall:

          (i)  not be liable to indemnify the Trustee or the Manager (as the
               case may be) for any loss caused by events beyond its reasonable
               control including, any malfunction, interruption or error in the
               transmission of information caused by any machine or systems or
               interception of communication facilities, abnormal operating
               conditions or acts of God; and

          (ii) have no liability whatsoever for any consequential, special,
               indirect or speculative loss or damages (including, but not
               limited to, loss of profits, whether or not foreseeable) suffered
               by the Trustee or the Manager in connection with the transactions
               contemplated by and the relationship established by this
               agreement even if the Calculation Agent, the Note Registrar or
               the relevant Paying Agent (as the case may be) has been advised
               as to the possibility of the same.

16.  THE NOTE REGISTER
--------------------------------------------------------------------------------

16.1 APPOINTMENT OF NOTE REGISTRAR

     The Trustee appoints [*] to be the initial Note Registrar. [*] accepts that
     appointment.

16.2 DETAILS TO BE KEPT ON THE NOTE REGISTER

     The Note Registrar shall keep the Note Register with respect to the Trust
     in accordance with the terms of this agreement and Note Trust Deed, on
     which shall be entered the following information relating to the Trust:

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (a)  (NAME) the name of the Trust;

     (b)  (CREATION) the date of the creation of the Trust;

     (c)  (ISSUE DATES) the Issue Dates for [Class A-1] Notes issued in relation
          to the Trust;

     (d)  (INITIAL INVESTED AMOUNT) the total Initial Invested Amount of [Class
          A-1] Notes issued on each such Issue Date;

     (e)  (INVESTED AMOUNT) the Invested Amount of each [Class A-1] Note from
          time to time;

     (f)  (STATED AMOUNT) the Stated Amount of each [Class A-1] Note from time
          to time;

     (g)  (SERIES) details of relevant Classes of [Class A-1] Notes;

     (h)  (DETAILS OF NOTEHOLDERS) the name and address of each [Class A-1]
          Noteholder;

     (i)  (NUMBER OF NOTES) the number of [Class A-1] Notes held by each [Class
          A-1] Noteholder;

     (j)  (DATE OF ENTRY) the date on which a person was entered as the holder
          of [Class A-1] Notes;

     (k)  (DATE OF CESSATION) the date on which a person ceased to be a [Class
          A-1] Noteholder;

     (l)  (ACCOUNT) the account to which any payments due to a [Class A-1]
          Noteholder are to be made (if applicable);

     (m)  (PAYMENTS) a record of each payment in respect of the [Class A-1]
          Notes; and

     (n)  (ADDITIONAL INFORMATION) such other information as:

          (i)  is required by the Supplementary Terms Notice;

          (ii) the Note Registrar considers necessary or desirable; or

          (iii) the Manager or the Trustee reasonably requires in writing with
               respect to [Class A-1] Notes.

16.3 PAYMENTS OF PRINCIPAL AND INTEREST

     (a)  Any payment of principal or interest on any [Class A-1] Note shall be
          endorsed by the Note Registrar on the Note Register. In the case of
          payments of principal, the Invested Amount of the [Class A-1] Notes
          shall be reduced for all purposes by the amount so paid and endorsed
          on the Note Register. Any such record shall be prima facie evidence
          that the payment in question has been made.

     (b)  If the amount of principal or interest (as the case may be) due for
          payment on any [Class A-1] Note is not paid in full (including
          Carryover Charge Offs and by reason of a deduction or withholding) the
          Note Registrar shall endorse a record of that shortfall on the Note
          Register.

16.4 PLACE OF KEEPING REGISTER, COPIES AND ACCESS

     The Note Register shall be:

     (a)  (PLACE KEPT) kept at the office of the Note Registrar at [*] or at
          such place as the Trustee, the Manager and the Note Registrar may
          agree;

     (b)  (ACCESS TO MANAGER AND AUDITOR) open to the Trustee, the Manager, the
          Note Trustee and the Auditor of the Trust to inspect during normal
          business hours;

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     (c)  (INSPECTION BY [CLASS A-1] NOTEHOLDERS) open for inspection by the
          Note Trustee or a [Class A-1] Noteholder during normal business hours
          but, in the case of a [Class A-1] Noteholder, only in respect of
          information relating to that [Class A-1] Noteholder; and

     (d)  (NOT FOR COPYING) not available to be copied by any person (other than
          the Trustee, the Manager or the Note Trustee) except in compliance
          with such terms and conditions (if any) as the Manager, the Trustee
          and the Note Registrar in their absolute discretion nominate from time
          to time.

16.5 DETAILS ON NOTE REGISTER CONCLUSIVE

     (a)  (RELIANCE ON REGISTER) The Trustee shall be entitled to rely on the
          Note Register as being a correct, complete and conclusive record of
          the matters set out in it at any time and whether or not the
          information shown in the Note Register is inconsistent with any other
          document, matter or thing. The Trustee is not liable to any person in
          any circumstances whatsoever for any inaccuracy in, or omission from,
          the Note Register.

     (b)  (NO TRUSTS ETC) The Note Registrar shall not be obliged to enter on
          the Note Register notice of any trust, Security Interest or other
          interest whatsoever in respect of any [Class A-1] Notes and the
          Trustee shall be entitled to recognise a [Class A-1] Noteholder as the
          absolute owner of [Class A-1] Notes and the Trustee shall not be bound
          or affected by any trust affecting the ownership of any [Class A-1]
          Notes unless ordered by a court or required by statute.

16.6 ALTERATION OF DETAILS ON NOTE REGISTER

     On the Note Registrar being notified of any change of name or address or
     payment or other details of a [Class A-1] Noteholder by the [Class A-1]
     Noteholder, the Note Registrar shall alter the Note Register accordingly.

16.7 RECTIFICATION OF NOTE REGISTER

     If:

     (a)  an entry is omitted from the Note Register;

     (b)  an entry is made in the Note Register otherwise than in accordance
          with this agreement;

     (c)  an entry wrongly exists in the Note Register;

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

     (e)  default is made or unnecessary delay takes place in entering in the
          Note Register that any person has ceased to be the holder of [Class
          A-1] Notes,

     the Note Registrar may rectify the same.

16.8 CORRECTNESS OF NOTE REGISTER

     The Note Registrar shall not be liable for any mistake, error or omission
     on the Note Register or in any purported copy except to the extent that the
     mistake, error or omission is attributable to its fraud, negligence or
     wilful default or that of its directors, officers or employees who have day
     to day responsibility for the administration of the Note Trust or Note
     Register.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

17.  CHANGES OF NOTE REGISTRAR
--------------------------------------------------------------------------------

17.1 REMOVAL

     The Trustee (or the Manager on its behalf after advising the Trustee) may
     terminate the appointment of the Note Registrar with the prior written
     approval of the Note Trustee (which approval must not be unreasonably
     withheld or delayed), with effect not less than 60 days from that notice.

17.2 RESIGNATION

     Subject to this clause 17 the Note Registrar may resign its appointment at
     any time by giving to the Trustee, the Manager and the Note Registrar not
     less than 60 days prior written notice to that effect.

17.3 LIMITATION

     Despite clauses 17.1 and 17.2:

     (a)  no resignation by or termination of the appointment of the Note
          Registrar shall take effect until a new Note Registrar approved in
          writing by the Note Trustee has been appointed on terms previously
          approved in writing by the Note Trustee (in each case, that approval
          not to be unreasonably withheld or delayed); and

     (b)  the appointment of a new Note Registrar shall be on the terms and
          subject to the conditions of this agreement and the outgoing Note
          Registrar shall co-operate fully to do all further acts and things and
          execute any further documents as may be necessary or desirable to give
          effect to the appointment of the new Note Registrar.

18.  GENERAL
--------------------------------------------------------------------------------

18.1 COMMUNICATIONS TO [CLASS A-1] NOTEHOLDERS

     The Principal Paying Agent shall, upon receipt from the Trustee, Manager,
     Security Trustee or Note Trustee of any communication to be delivered to
     [Class A-1] Noteholders or [Class A] Note Owners (as the case may be)
     including any communications pursuant to clauses 3.3, 3.4, 7.1, 11(n)(i),
     18(a), 22.3 or 23.2 of the Note Trust Deed or any other solicitation of
     notice from or consent of the [Class A-1] Noteholders or [Class A] Note
     Owners pursuant to or relating to the Note Trust Deed or this agreement,
     forward such communications to the [Class A-1] Noteholders or [Class A]
     Note Owners, along with instructions that the responses relating to such
     communications be returned to the Principal Paying Agent. Such
     communication shall include the date upon which the response to such
     solicitation shall be delivered (the RESPONSE DATE). The Principal Paying
     Agent shall treat any [Class A-1] Noteholder or [Class A] Note Owner who
     has not delivered its response as of the Response Date as having withheld
     its consent to the proposed action. The Principal Paying Agent shall notify
     the Trustee, Manager and Note Trustee of the results of any such
     solicitations of consent.

18.2 AGENCY

     Subject to any other provision of this agreement including clause 7, each
     of the Paying Agents, the Calculation Agent and the Note Registrar (each a
     NOTE PARTY) shall act solely for and as agent of the

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     Trustee and shall not have any obligations towards or relationship of
     agency or trust with any person entitled to receive payments of principal
     and/or interest on the [Class A-1] Notes and shall be responsible only for
     performance of the duties and obligations expressly imposed upon it in this
     agreement.

18.3 IDENTITY

     Each Paying Agent shall (except as ordered by a court of competent
     jurisdiction or as required by law) be entitled to treat the person:

     (a)  who is, while a Book-Entry Note remains outstanding, the registered
          owner of that Book-Entry Note as the person entitled to receive
          payments of principal or interest (as applicable) and each person
          shown in the records of the relevant Common Depository as the holder
          of any [Class A-1] Note represented by a Book-Entry Note shall be
          entitled to receive from the registered owner of that Book-Entry Note
          any payment so made in accordance with the respective rules and
          procedures of that Common Depository and on the terms and subject to
          the conditions of that Book-Entry Note;

     (b)  who is the registered owner of any relevant Definitive Note, as the
          absolute owner or owners of that Definitive Note, (whether or not that
          Definitive Note, is overdue and despite any notice of ownership or
          writing on it or any notice of previous loss or theft or of any trust
          or other interest in it); or

     (c)  who, when a Book-Entry Note in respect of any [Class A-1] Note is no
          longer outstanding but Definitive Notes in respect of the [Class A-1]
          Notes have not been issued, is for the time being the Note Trustee, as
          the person entrusted with the receipt of principal or interest, as
          applicable, on behalf of the [Class A-1] Noteholders,

     and in all cases and for all purposes despite any notice to the contrary
     and shall not be liable for so doing.

18.4 NO SET-OFF

     No Paying Agent shall exercise any right of set-off, withholding,
     counterclaim or lien against, or make any deduction in any payment to, any
     person entitled to receive amounts of principal or interest on the [Class
     A-1] Notes in respect of moneys payable by it under this agreement.

18.5 RELIANCE

     Each of the Calculation Agent, the Note Registrar and the Paying Agent(s)
     shall be protected and shall incur no liability for or in respect of any
     action taken, omitted or suffered by it in reliance upon any instruction,
     request or order from the Trustee or the Manager or in reliance upon any
     [Class A-1] Note or upon any notice, resolution, direction, consent,
     certificate, affidavit, statement or other paper or document reasonably
     believed by it to be genuine and to have been delivered, signed or sent by
     the proper party or parties.

18.6 ENTITLED TO DEAL

     A Note Party or any of its directors or officers shall not be precluded
     from acquiring, holding or dealing in any [Class A-1] Notes or from
     engaging or being interested in any contract or other financial or other
     transaction or arrangement with the Trustee, the Manager or the Servicer as
     freely as if it were not an agent of the Trustee under this agreement and
     in no event whatsoever (other than fraud, wilful default

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     or negligence) shall any Note Party be liable to account to the Trustee or
     any person entitled to receive amounts of principal or interest on the
     [Class A-1] Notes for any profit made or fees or commissions received in
     connection with this agreement or any [Class A-1] Notes.

18.7 CONSULTATION

     Each Note Party may properly consult as to legal matters with lawyers
     selected by it, who may be employees of or lawyers to the Trustee, the
     Manager or the relevant Paying Agent or the Calculation Agent. The Note
     Party must promptly notify the Trustee and the Manager of any such
     appointment or consultation.

18.8 DUTIES

     Each Note Party shall perform the duties, and only the duties, contained in
     or reasonably incidental to this agreement and the Conditions and in the
     [Class A-1] Notes, and no implied duties or obligations (other than general
     laws as to agency) shall be read into this agreement or the [Class A-1]
     Notes against any Note Party. A Note Party shall not be required to take
     any action under this agreement which would require it to incur any expense
     or liability, for which (in its reasonable opinion) either it would not be
     reimbursed within a reasonable time or in respect of which it has not been
     indemnified to its satisfaction.

18.9 INCOME TAX RETURNS

     The Principal Paying Agent shall, subject always to compliance with
     mandatory provisions of law, upon request from any [Class A-1] Noteholder,
     deliver to such [Class A-1] Noteholder such information as may be
     reasonably required to enable such [Class A-1] Noteholder to prepare all
     applicable income tax returns.

18.10 TAXES

     Each Paying Agent shall file such returns concerning payments under this
     agreement as shall be required of it by applicable law, but shall not be
     responsible for the collection or withholding of Taxes due on such payments
     except, and only to the extent, required of it as Paying Agent by
     applicable law.

18.11 WRITTEN INSTRUCTIONS

     Each Paying Agent may, at any time, apply to the Trustee for written
     instructions with respect to any matter arising under this agreement and
     shall be fully protected in acting in accordance with such instructions.

18.12 NO REPRESENTATIONS

     No Paying Agent makes any representation with respect to the validity or
     sufficiency of the [Class A-1] Notes, or the use or application of the
     proceeds of sale or distribution of the [Class A-1] Notes, and shall incur
     no liability with respect to the foregoing.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

19.  CHANGES IN PAYING AGENTS AND CALCULATION AGENT
--------------------------------------------------------------------------------

19.1 REMOVAL

     The Trustee (or the Manager with the consent of the Trustee (such consent
     not to be unreasonably withheld)) may at any time:

     (a)  with the prior written approval of the Note Trustee appoint:

          (i)  additional or alternative Paying Agents; or

          (ii) an alternative Calculation Agent;

     (b)  subject to this clause 19, terminate the appointment of any Paying
          Agent or the Calculation Agent by giving written notice to that effect
          to each Designated Rating Agency, the Note Trustee, the Calculation
          Agent (if its appointment is to be terminated), the Principal Paying
          Agent and (if different) the Paying Agent whose appointment is to be
          terminated:

          (i)  with effect immediately on that notice, if any of the following
               occurs in relation to the Paying Agent or Calculation Agent (as
               the case may be):

               (A)  an Insolvency Event has occurred in relation to the Paying
                    Agent or Calculation Agent;

               (B)  the Paying Agent or Calculation Agent has ceased its
                    business;

               (C)  the Paying Agent or Calculation Agent fails to comply with
                    any of its obligations under this agreement and, if capable
                    of remedy, such failure is not remedied within five days
                    after the earlier of (1) the Paying Agent or the Calculation
                    Agent, as the case may be, having become aware of that
                    failure and (2) the receipt by the Paying Agent or the
                    Calculation Agent, as the case may be, of written notice
                    with respect thereto from the Trustee or Manager; or

          (ii) otherwise, with the prior written approval of the Note Trustee
               (which approval must not be unreasonably withheld or delayed)
               with effect not less than 60 days' from that notice, which date
               shall be not less than 30 days before nor 30 days after any due
               date for payment of any [Class A-1] Notes.

19.2 RESIGNATION

     Subject to this clause 19, a Paying Agent or the Calculation Agent may
     resign its appointment under this agreement at any time by giving to the
     Trustee, the Manager, each Designated Rating Agency and (where a Paying
     Agent is resigning and the Paying Agent is not the Principal Paying Agent)
     the Principal Paying Agent not less than 60 days' written notice to that
     effect, which notice shall expire not less than 30 days before or 30 days
     after any due date for payment of any [Class A-1] Notes.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

19.3 LIMITATION

     Despite clauses 19.1 and 19.2:

     (a)  no resignation by or termination of the appointment of the Principal
          Paying Agent shall take effect until a new Principal Paying Agent
          approved in writing by the Note Trustee has been appointed on terms
          previously approved in writing by the Note Trustee (in each case, that
          approval not to be unreasonably withheld or delayed);

     (b)  subject to clause 19.3(a), if any Paying Agent or the Calculation
          Agent resigns in accordance with clause 19.2, but by the day falling
          15 days before the expiry of any notice under clause 19.2 the Trustee
          or the Manager has not appointed a new Paying Agent or Calculation
          Agent then the relevant Paying Agent or Calculation Agent (as the case
          may be) may appoint in its place any reputable bank or trust company
          of good standing approved in writing by the Note Trustee and provided
          that the appointment is made on terms previously approved in writing
          by the Note Trustee (in each case, that approval not to be
          unreasonably withheld or delayed);

     (c)  no resignation by or termination of the appointment of any Paying
          Agent shall take effect if as a result of that resignation or
          termination there would cease to be a Paying Agent which has a Paying
          Office in the City of New York;

     (d)  no appointment or termination of the appointment of any Paying Agent
          or the Calculation Agent (as the case may be) shall take effect unless
          and until notice has been given to the [Class A-1] Noteholders in
          accordance with the relevant Conditions; and

     (e)  the appointment of any additional Paying Agent shall be on the terms
          and subject to the conditions of this agreement and each of the
          parties to this agreement shall co-operate fully to do all further
          acts and things and execute any further documents as may be necessary
          or desirable to give effect to the appointment of the Paying Agent
          (which shall not, except in the case of an appointment under clause
          19.1(a) or a termination under clause 19.1(b)(ii) or a resignation
          under clause 19.2, be at the cost of the Trustee).

     In addition, the Trustee at the direction of the Manager shall forthwith
     appoint a Paying Agent with a Paying Office in the City of New York in the
     circumstances described in the relevant Condition 6 (if there is no such
     Paying Agent at the time) and while such circumstances subsist maintain
     such a Paying Agent. Notice of any such termination or appointment and of
     any change in the office through which any Paying Agent will act will be
     given by the Manager on behalf of the Trustee in accordance with Condition
     12.

19.4 DELIVERY OF AMOUNTS

     If the appointment of the Principal Paying Agent terminates, the Principal
     Paying Agent shall, on the date on which that termination takes effect, pay
     to the successor Principal Paying Agent any amount held by it for payment
     of principal or interest in respect of any [Class A-1] Note and shall
     deliver to the successor Principal Paying Agent all records maintained by
     it pursuant to this agreement and all documents (including any Definitive
     Notes) held by it under this agreement.

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

19.5 SUCCESSOR TO PAYING AGENTS

     (a)  On the execution by the Trustee, the Manager and any successor Paying
          Agent of an instrument effecting the appointment of that successor
          Paying Agent, that successor Paying Agent shall, without any further
          act, deed or conveyance, become vested with all the authority, rights,
          powers, trusts, immunities, duties and obligations of its predecessor
          with effect as if originally named as Paying Agent (or, in the case of
          a successor Principal Paying Agent, as if originally named as
          Principal Paying Agent) in this agreement and that predecessor, on
          payment to it of the pro rata proportion of its administration fee and
          disbursements then unpaid (if any), shall have no further liabilities
          under this agreement, except for any accrued liabilities arising from
          or relating to any act or omission occurring prior to the date on
          which the successor Paying Agent is appointed.

     (b)  Any corporation:

          (i)  into which a Paying Agent is merged;

          (ii) with which a Paying Agent is consolidated;

          (iii) resulting from any merger or consolidation to which a Paying
               Agent is a party; or

          (iv) to which a Paying Agent sells or otherwise transfers all or
               substantially all the assets of its corporate trust business,

          shall, on the date when that merger, conversion, consolidation, sale
          or transfer becomes effective and to the extent permitted by
          applicable law, become a successor Paying Agent under this agreement
          without the execution or filing of any agreement or document or any
          further act on the part of the parties to this agreement, unless
          otherwise required by the Trustee or the Manager, and after that
          effective date all references in this agreement to a Paying Agent (or
          in the case of a successor Principal Paying Agent, to the Principal
          Paying Agent) shall be references to that corporation.

19.6 SUCCESSOR TO CALCULATION AGENT

     (a)  On the execution by the Trustee, the Manager and any successor
          Calculation Agent of an instrument effecting the appointment of that
          successor Calculation Agent, that successor Calculation Agent shall,
          without any further act, deed or conveyance, become vested with all
          the authority, rights, powers, trusts, immunities, duties and
          obligations of its predecessor with effect as if originally named as
          Calculation Agent in this agreement and that predecessor, on payment
          to it of the pro rata proportion of its administration fee and
          disbursements then unpaid (if any), shall have no further liabilities
          under this agreement, except for any accrued liabilities arising from
          or relating to any act or omission occurring prior to the date on
          which the successor Calculation Agent is appointed.

     (b)  Any corporation:

          (i)  into which the Calculation Agent is merged;

          (ii) with which the Calculation Agent is consolidated;

          (iii) resulting from any merger or consolidation to which the
               Calculation Agent is a party;

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          (iv) to which the Calculation Agent sells or otherwise transfers all
               or substantially all the assets of its corporate trust business,

          shall, on the date when that merger, conversion, consolidation, sale
          or transfer becomes effective and to the extent permitted by
          applicable law, become the successor Calculation Agent under this
          agreement without the execution or filing of any agreement or document
          or any further act on the part of the parties to this agreement,
          unless otherwise required by the Trustee or the Manager, and after
          that effective date all references in this agreement to the
          Calculation Agent shall be references to that corporation.

19.7 SUCCESSOR TO NOTE REGISTRAR

     (a)  On the execution by the Trustee, the Manager and any successor Note
          Registrar of an instrument effecting the appointment of that successor
          Note Registrar, that successor Note Registrar shall, without any
          further act, deed or conveyance, become vested with all the authority,
          rights, powers, trusts, immunities, duties and obligations of its
          predecessor with effect as if originally named as Note Registrar in
          this agreement and that predecessor, on payment to it of the pro rata
          proportion of its administration fee and disbursements then unpaid (if
          any), shall have no further liabilities under this agreement, except
          for any accrued liabilities arising from or relating to any act or
          omission occurring prior to the date on which the successor Note
          Registrar is appointed.

     (b)  Any corporation:

          (i)  into which the Note Registrar is merged;

          (ii) with which the Note Registrar is consolidated;

          (iii) resulting from any merger or consolidation to which the Note
               Registrar is a party; or

          (iv) to which the Note Registrar sells or otherwise transfers all or
               substantially all the assets of its corporate trust business,

          shall, on the date when that merger, conversion, consolidation, sale
          or transfer becomes effective and to the extent permitted by
          applicable law, become the successor Note Registrar under this
          agreement without the execution or filing of any agreement or document
          or any further act on the part of the parties to this agreement,
          unless otherwise required by the Trustee or the Manager, and after
          that effective date all references in this agreement to the Note
          Registrar shall be references to that corporation.

19.8 NOTICE TO [CLASS A-1] NOTEHOLDERS

     The Manager on behalf of the Trustee shall, within 14 days of:

     (a)  the termination of the appointment of any Paying Agent, the Note
          Registrar or the Calculation Agent;

     (b)  the appointment of a new Paying Agent, the Note Registrar or
          Calculation Agent; or

     (c)  the resignation of any Paying Agent or Calculation Agent,

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     give to the [Class A-1] Noteholders notice of the termination, appointment
     or resignation in accordance with Condition 12 (in the case of a
     termination under clause 19.1(b)(i) or 19.2 at the cost of the outgoing
     Paying Agent or the Calculation Agent, as the case may be).

19.9 CHANGE IN PAYING OFFICE OR SPECIFIED OFFICE

     (a)  If any Paying Agent proposes to change its Paying Office or to
          nominate a further Paying Office (which must be within the same city
          as its previous Paying Office), it must give to the Trustee, the
          Manager, the Note Trustee, the [Class A-1] Noteholders (which notice,
          in the case of the [Class A-1] Noteholders, must be given in
          accordance with Condition 12) and, in the case of a change in the
          Paying Office of a Paying Agent other than the Principal Paying Agent,
          the Principal Paying Agent, not less than 30 days' prior written
          notice of that change, giving the address of the new Paying Office and
          stating the date on which the change is to take effect.

     (b)  If the Calculation Agent proposes to change its Specified Office
          (which must be in London or such other jurisdiction as the Calculation
          Agent, the Manager and the Trustee agree from time to time), or to
          nominate a further Specified Office, it must give to the Trustee, the
          Manager, the [Class A-1] Noteholders (which notice, in the case of the
          [Class A-1] Noteholders, must be given in accordance with Condition
          12) and the Note Trustee, not less than 30 days' prior written notice
          of that change, giving the address of the new Specified Office and
          stating the date on which the change is to take effect.

     (c)  The Manager, on behalf of the Trustee, must, within 14 days of receipt
          of a notice under paragraph (a) (unless the appointment is to
          terminate pursuant to clause 19.1 or 19.2 on or prior to the date of
          that change) give to the [Class A-1] Noteholders notice in accordance
          with the relevant Conditions of that change and of the address of the
          new Paying Office or Specified Office (as the case may be) but the
          costs of giving that notice shall be borne by the Paying Agent or the
          Calculation Agent (as the case may be) which is changing its Paying
          Office and not by the Trustee or the Manager.

20.  FEES AND EXPENSES
--------------------------------------------------------------------------------

     (a)  The Trustee shall pay to the Principal Paying Agent during the period
          when any of the [Class A-1] Notes remain outstanding the
          administration fee separately agreed by the Principal Paying Agent and
          the Manager (on behalf of the Trustee), together with any
          out-of-pocket expenses properly incurred (including any legal fees and
          expenses). If the appointment of the Principal Paying Agent is
          terminated under this agreement, the Principal Paying Agent must
          refund to the Trustee that proportion of the fee (if any) which
          relates to the period during which the Principal Paying Agent will not
          be the Principal Paying Agent.

     (b)  The Trustee shall pay to the Calculation Agent during the period when
          any of the [Class A-1] Notes remain outstanding the fee separately
          agreed by the Calculation Agent, the Manager and the Trustee, together
          with any out-of-pocket expenses properly incurred (including any legal
          fees and expenses). If the appointment of the Calculation Agent is
          terminated under this agreement, the Calculation Agent must refund to
          the Trustee that proportion of the fee (if

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

          any) which relates to the period during which the Calculation Agent
          will not be the Calculation Agent.

     (c)  The Trustee shall pay to the Note Registrar during the period when any
          of the [Class A-1] Notes remain outstanding the fee separately agreed
          by the Note Registrar and the Trustee, together with any out-of-pocket
          expenses properly incurred (including any legal fees and expenses). If
          the appointment of the Note Registrar is terminated under this
          agreement, the Note Registrar must refund to the Trustee that
          proportion of the fee (if any) which relates to the period during
          which the Note Registrar will not be the Note Registrar.

     (d)  Save as provided in paragraphs (a), (b) and (c), or as expressly
          provided elsewhere in this agreement, neither the Trustee nor the
          Manager shall have any liability in respect of any fees or expenses of
          the Calculation Agent, Principal Paying Agent, any other Paying Agent
          or the Note Registrar in connection with this agreement.

     (e)  The above fees, payments and expenses shall be paid in US$ or A$ (as
          separately agreed between each of the Trustee, the Manager and the
          Principal Paying Agent (in the case of the fees, payments and expenses
          referred to in paragraph (a)), each of the Trustee, the Manager and
          the Calculation Agent (in the case of the fees, payments and expenses
          referred to in paragraph (b)) and each of the Trustee, the Manager and
          the Note Registrar (in the case of the fees, payments and expenses
          referred to in paragraph (c)) and the Trustee shall in addition pay
          any Value Added Tax and GST which may be applicable. The Principal
          Paying Agent shall arrange for payment of commissions to the other
          Paying Agents and arrange for the reimbursement of their expenses
          promptly upon demand, supported by evidence of that expenditure, and
          provided that payment is made as required by paragraph (a) the Trustee
          shall not be concerned with or liable in respect of that payment.

21.  WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------

     (a)  No failure to exercise and no delay in exercising any right, power or
          remedy under this agreement operates as a waiver. Nor does any single
          or partial exercise of any right, power or remedy preclude any other
          or further exercise of that or any other right, power or remedy.

     (b)  The rights, powers and remedies provided to a party in this agreement
          are in addition to, and do not exclude or limit, any right, power or
          remedy provided by law.

22.  SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------

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

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

23.  ASSIGNMENTS
--------------------------------------------------------------------------------

     Subject to the other provisions of this agreement, no party may assign or
     transfer any of its rights or obligations under this agreement without the
     prior written consent of the other parties, or if the rating of any [Class
     A-1] Notes would be withdrawn or reduced as a result of the assignment,
     except for the creation of a charge by the Trustee under the Security Trust
     Deed. A party who assigns or transfers any of its rights or obligations
     under this agreement must promptly notify each Designated Rating Agency of
     that assignment or transfer.

24.  NOTICES
--------------------------------------------------------------------------------

24.1 GENERAL

     All notices, requests, demands, consents, approvals, agreements or other
     communications to or by a party to this agreement:

     (a)  must be in writing;

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

     (c)  subject to paragraph (d), will be taken to be duly given or made:

          (i)  (in the case of delivery in person or by post) when delivered,
               received or left at the address of the recipient shown in clause
               24.2 or to any other address which may have been notified by the
               recipient to the sender under this clause 24;

          (ii) (in the case of facsimile transmission) on receipt of a
               transmission report confirming successful transmission to the
               number shown in clause 24.2 or any other number notified by the
               recipient to the sender under this clause 24; and

          (iii) (in the case of a telex) on receipt by the sender of the
               answerback code of the recipient at the end of transmission to
               the number shown in clause 24.2 or any other number notified by
               the recipient to the sender under this clause 24,

          but if delivery or receipt is on a day on which business is not
          generally carried on in the place to which the communication is sent
          or is later than 5.00 pm (local time), it will be taken to have been
          duly given or made at the commencement of business on the next day on
          which business is generally carried on in that place.

     (d)  For the purposes of paragraph (c), all notices, requests, demands,
          consents, approvals, agreements or other communications to the Note
          Trustee, Principal Paying Agent, the Note Registrar or the Calculation
          Agent must be given or made by facsimile transmission.

     Any party may by notice to each party change its address, facsimile, telex
     or telephone number under this clause 24.1.

24.2 DETAILS

     The address, telephone and facsimile of each party at the date of this
     agreement are as follows:

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     THE TRUSTEE

     PERPETUAL TRUSTEES CONSOLIDATED LIMITED

     Level 7, 9 Castlereagh Street
     Sydney, New South Wales 2000

     Tel: 612 9229 9000

     Fax: 612 9221 7870

     Attention: Manager Securitisation

     THE MANAGER

     CRUSADE MANAGEMENT LIMITED

     4-16 Montgomery Street
     Kogarah, New South Wales 2217

     Tel: 612 9320 5605

     Fax: 612 9320 5785

     Attention: Executive Manager, Securitisation

     THE PRINCIPAL PAYING AGENT

     [*]

     Telex:     [*]

     Fax:       [*]

     Attention: [*]

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

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

     THE CALCULATION AGENT

     [*]

     Telex:     [*]

     Fax:       [*]

     Attention: [*]

     THE NOTE TRUSTEE

     [*]

     Telex:     [*]

     Fax:       [*]

     Attention: [*]

     THE NOTE REGISTRAR

     [*]

     Telex:     [*]

     Fax:       [*]

     Attention: [*]

     Solely for the purposes of transfer of any [Class A-1] Note, the Note
     Registrar shall act through its office at [*].

24.3 COMMUNICATION THROUGH PRINCIPAL PAYING AGENT

     All communications relating to this agreement between the Trustee or the
     Manager, Note Registrar and the Calculation Agent and any of the Paying
     Agents or between the Paying Agents themselves shall, save as otherwise
     provided in this agreement, be made through the Principal Paying Agent.

25.  LIMITED RECOURSE
--------------------------------------------------------------------------------

25.1 GENERAL

     Clause 30 of the Master Trust Deed (as amended by the Supplementary Terms
     Notice) applies to the obligations and liabilities of the Trustee and the
     Manager under this agreement.

--------------------------------------------------------------------------------
                                                                         Page 29

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

25.2 LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

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

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

     (c)  The provisions of this clause 25.2 shall not apply to any obligation
          or liability of the Trustee to the extent that it is not satisfied
          because under a Transaction Document or by operation of law there is a
          reduction in the extent of the Trustee's indemnification or
          exoneration out of the Assets of the Trust as a result of the
          Trustee's fraud, negligence, or Default.

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

     (e)  In exercising their powers under the Transaction Documents, each of
          the Trustee, the Security Trustee and the [Class A-1] Noteholders must
          ensure that no attorney, agent, delegate, receiver or receiver and
          manager appointed by it in accordance with this agreement or any other
          Transaction Documents has authority to act on behalf of the Trustee in
          a way which exposes the Trustee to any personal liability and no act
          or omission of any such person will be considered fraud, negligence,
          or Default of the Trustee for the purpose of paragraph (c) above.

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

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

--------------------------------------------------------------------------------
                                                                         Page 30

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

25.3 UNRESTRICTED REMEDIES

     Nothing in clause 25.2 or 25.4 limits a Paying Agent or the Calculation
     Agent in:

     (a)  obtaining an injunction or other order to restrain any breach of this
          agreement by any party;

     (b)  obtaining declaratory relief; or

     (c)  in relation to its rights under the Security Trust Deed.

25.4 RESTRICTED REMEDIES

     Except as provided in clauses 25.3 and 25.2(c) neither any Paying Agent nor
     the Calculation Agent shall:

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

     (b)  (STATUTORY DEMAND) issue any demand under section 459E(1) of the
          Corporations Act 2001 (Cth) (or any analogous provision under any
          other law) against the Trustee;

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

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

     (e)  (COURT APPOINTED RECEIVER) apply for the appointment by a court of a
          receiver to any of the assets of the Trustee;

     (f)  (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any set-off or
          counterclaim against the Trustee; or

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

     or take proceedings for any of the above and each Paying Agent and the
     Calculation Agent waives its rights to make those applications and take
     those proceedings.

26.  COUNTERPARTS
--------------------------------------------------------------------------------

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

27.  GOVERNING LAW
--------------------------------------------------------------------------------

     This agreement is governed by the laws of New South Wales. Each party
     submits to the non-exclusive jurisdiction of the courts exercising
     jurisdiction there.

28.  SUCCESSOR TRUSTEE
--------------------------------------------------------------------------------

     Each Paying Agent and the Calculation Agent shall do all things reasonably
     necessary to enable any successor Trustee appointed under clause 20 of the
     Master Trust Deed to become the Trustee under this agreement.

29.  COMPLIANCE WITH REGULATION AB
--------------------------------------------------------------------------------

     Each party acting in a certain capacity under this agreement acknowledges
     and agrees with the Manager that to the extent that party agrees with the
     Manager that it is "participating in the servicing function" in relation to
     the Trust within the meaning of Item 1122 of Regulation AB, clauses [___]
     [(b) and (d)] of the Supplementary Terms Notice will apply to this
     agreement as if references to "the Servicer" in those clauses were
     references to the relevant party acting in that capacity and the definition
     of "Subcontractor" in clause 2.1 of the Supplementary Terms Notice will be
     construed accordingly.

--------------------------------------------------------------------------------
                                                                         Page 31

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

EXECUTED as an agreement.

Each attorney executing this agreement states that he or she has no notice of
revocation or suspension of his or her power of attorney.

TRUSTEE

SIGNED for PERPETUAL TRUSTEES CONSOLIDATED
LIMITED by its attorney under power of attorney in
the presence of:

----------------------------------------   -------------------------------------
Witness Signature                          Attorney Signature

----------------------------------------   -------------------------------------
Print Name                                 Print Name

MANAGER

SIGNED for CRUSADE MANAGEMENT LIMITED by its
attorney under power of attorney in the presence
of:

----------------------------------------   -------------------------------------
Witness Signature                          Attorney Signature

----------------------------------------   -------------------------------------
Print Name                                 Print Name

--------------------------------------------------------------------------------
                                                                         Page 32

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

PRINCIPAL PAYING AGENT

SIGNED on behalf of [*] in the presence of:

----------------------------------------
Authorised Signatory

----------------------------------------
Print Name

NOTE TRUSTEE

SIGNED on behalf of [*] in the presence of:

----------------------------------------
Authorised Signatory

----------------------------------------
Print Name

--------------------------------------------------------------------------------
                                                                         Page 33

Agency Agreement                                   [Allens Arthur Robinson LOGO]
--------------------------------------------------------------------------------

CALCULATION AGENT

SIGNED on behalf of [*] in the presence of:

----------------------------------------
Authorised Signatory

----------------------------------------
Print Name

NOTE REGISTRAR

SIGNED on behalf of [*] in the presence of:

----------------------------------------
Authorised Signatory

----------------------------------------
Print Name

--------------------------------------------------------------------------------
                                                                         Page 34

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]