Document:

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                                   Exhibit 4.4

                                 Note Trust Deed

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                                                                     EXHIBIT 4.4

                                                     [LETTERHEAD OF CLAYTON UTZ]

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The Bank of New York, New York Branch
US Dollar Note Trustee

Securitisation Advisory Services Pty. Limited
ABN 88 064 133 946
Manager

Perpetual Trustee Company Limited
ABN 42 000 001 007
Issuer

Series 2002-1G Medallion Trust
US Dollar Note Trust Deed

                       [LETTERHEAD OF CLAYTON UTZ]

          Levels 23-35 No.1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                Our ref - 801/784/21697903 Contact - Ben Sandstad

              Sydney o Melbourne o Brisbane o Perth o Canberra o Darwin

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

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Table of Contents

<TABLE>
<S>                                                                                                          <C>
1.    Definitions and Interpretation.......................................................................   1

      1.1         Definitions..............................................................................   1
      1.2         Series Supplement and Master Trust Deed definitions......................................   4
      1.3         Interpretation...........................................................................   4
      1.4         Issuer's capacity........................................................................   6
      1.5         Benefit of Covenants under this Deed.....................................................   7
      1.6         Obligations Several......................................................................   7
      1.7         Incorporated Definitions and other Provisions............................................   7
      1.8         Interpretation of Provisions Incorporated from TIA.......................................   7

2.    The US Dollar Note Trust.............................................................................   8

      2.1         Appointment of US Dollar Note Trustee....................................................   8
      2.2         Declaration of US Dollar Note Trust......................................................   8
      2.3         Duration of US Dollar Note Trust.........................................................   8
      2.4         Benefit of US Dollar Note Trust..........................................................   8
      2.5         Interested persons bound.................................................................   8

3.    Amount, form and issue of Class A-1 Notes............................................................   8

      3.1         Aggregate amount and denomination........................................................   8
      3.2         Description and Form of Class A-1 Notes..................................................   8
      3.3         Initial Issue as Book-Entry Notes........................................................   9
      3.4         Issue of Class A-1 Definitive Notes......................................................  10
      3.5         Indemnity for non-issue of Class A-1 Definitive Notes....................................  11

4.    US Dollar Note Register..............................................................................  11

      4.1         Maintenance of US Dollar Note Registrar..................................................  11
      4.2         Provision of Class A-1 Noteholder Information............................................  11
      4.3         US Dollar Note Register conclusive.......................................................  11

5.    Representations and warranties.......................................................................  12

      5.1         By the Issuer............................................................................  12
      5.2         By the Manager...........................................................................  12
      5.3         By the US Dollar Note Trustee............................................................  13

6.    Covenants by Issuer and Manager......................................................................  14

      6.1         Covenant to Pay..........................................................................  14
      6.2         Covenant of Compliance...................................................................  14
      6.3         Other covenants..........................................................................  15
      6.4         Covenants between Issuer and Manager.....................................................  16

7.    Enforcement..........................................................................................  17

      7.1         Notice Following an Event of Default or Potential Event of Default.......................  17
      7.2         Restrictions on enforcement..............................................................  17
      7.3         US Dollar Note Trustee may enforce.......................................................  18
      7.4         US Dollar Note Trustee alone may enforce.................................................  18

8.    US Dollar Note Trustee's powers, protections etc.....................................................  19

      8.1         US Dollar Note Trustee's additional powers, protections, etc.............................  19
      8.2         Waivers..................................................................................  24
      8.3         US Dollar Note Trustee's liability.......................................................  24
      8.4         Dealings with Series Trust...............................................................  25
      8.5         Delegation of duties of US Dollar Note Trustee...........................................  25
      8.6         Related Body Corporate of the US Dollar Note Trustee.....................................  26
</TABLE>

                                                                              i.

<PAGE>

<TABLE>
<S>                                                                                                          <C>
9.    Duties of the US Dollar Note Trustee.................................................................  26

      9.1         US Dollar Note Trustee's general duties..................................................  26
      9.2         Duties of the US Dollar Note Trustee prior to Event of Default...........................  26
      9.3         Duties of the US Dollar Note Trustee following an Event of Default.......................  26
      9.4         Certain limitations of liability where acting in good faith..............................  26
      9.5         US Dollar Note Trustee not relieved of liability for negligence etc......................  27
      9.6         Preferred collection of claims against Issuer............................................  27
      9.7         Compliance with Section 310 of TIA.......................................................  27
      9.8         Voting at meetings under Master Trust Deed or Security Trust Deed........................  27
      9.9         Transaction Documents....................................................................  27

10.   Application of moneys................................................................................  27

      10.1        Moneys received..........................................................................  27
      10.2        Investment of moneys held................................................................  28

11.   Continuing security and releases.....................................................................  28

      11.1        Issuer's liability not affected..........................................................  28
      11.2        Waiver by Issuer.........................................................................  28

12.   Remuneration and expenses of US Dollar Note Trustee..................................................  29

      12.1        Payment of fee...........................................................................  29
      12.2        Payment of expenses......................................................................  29
      12.3        Additional duties........................................................................  29
      12.4        Dispute as to additional duties..........................................................  29
      12.5        Currency and VAT.........................................................................  30
      12.6        No other fees or expenses................................................................  30
      12.7        Issuer personally liable for fees........................................................  30
      12.8        Timing of payments.......................................................................  30
      12.9        Non-discharge............................................................................  30

13.   Additional US Dollar Note Trustees...................................................................  30

      13.1        Appointment and removal..................................................................  30
      13.2        Joint exercise of powers.................................................................  31
      13.3        Notice...................................................................................  31

14.   Retirement or removal of US Dollar Note Trustee......................................................  31

      14.1        Retirement of US Dollar Note Trustee.....................................................  31
      14.2        Removal by Manager.......................................................................  32
      14.3        US Dollar Note Trustee may retire........................................................  32
      14.4        Appointment of Substitute US Dollar Note Trustee by Class A-1
                  Noteholders..............................................................................  32
      14.5        Release of US Dollar Note Trustee........................................................  32
      14.6        Vesting of US Dollar Trust Fund in Substitute US Dollar Note Trustee.....................  33
      14.7        Substitute US Dollar Note Trustee to Execute Deed........................................  33
      14.8        Rating Agencies Advised..................................................................  33
      14.9        Retention of Lien........................................................................  33
      14.10       Issuer and Manager Cannot be Appointed...................................................  33
      14.11       No Limitation of TIA.....................................................................  33

15.   Amendment............................................................................................  34

      15.1        Amendment by US Dollar Note Trustee......................................................  34
      15.2        Amendments Requiring Consent of all Class A-1 Noteholders................................  34
      15.3        Compliance with TIA......................................................................  35
</TABLE>

                                                                             ii.

<PAGE>

<TABLE>
<S>                                                                                                          <C>
      15.4        No Rating Agency downgrade...............................................................  35
      15.5        Distribution of amendments...............................................................  35
      15.6        Amendments binding on Class A-1 Noteholders..............................................  35

16.   Reports..............................................................................................  35

      16.1        Reports by US Dollar Note Trustee........................................................  35
      16.2        Reports by Issuer........................................................................  35
      16.3        Restricted securities....................................................................  36

17.   Currency indemnity...................................................................................  36

      17.1        Improper currency receipts...............................................................  36
      17.2        Currency indemnity.......................................................................  36
      17.3        Failure to pay proper currency...........................................................  37

18.   Expenses and stamp duties............................................................................  37

      18.1        Expenses.................................................................................  37
      18.2        Stamp duties and other taxes.............................................................  37

19.   Trust Indenture Act..................................................................................  38

      19.1        Certificates and opinions................................................................  38
      19.2        Undertaking for costs....................................................................  39
      19.3        Exclusion of section 316(a)(1)...........................................................  39
      19.4        Unconditional rights of Class A-1 Noteholders to receive principal and
                  interest.................................................................................  39
      19.5        Conflict with Trust Indenture Act........................................................  39

20.   Governing law and jurisdiction.......................................................................  40

      20.1        Governing law............................................................................  40
      20.2        Jurisdiction.............................................................................  40

21.   Notices..............................................................................................  40

      21.1        Method of delivery.......................................................................  40
      21.2        Deemed receipt...........................................................................  40
      21.3        Notices to Class A-1 Noteholders.........................................................  41
      21.4        Notices from Class A-1 Noteholders.......................................................  41
      21.5        Issuer and Manager.......................................................................  41

22.   Issuer's limited liability...........................................................................  42

      22.1        Limitation on Issuer's Liability.........................................................  42
      22.2        Claims against Issuer....................................................................  42
      22.3        Breach of trust..........................................................................  42
      22.4        Acts or omissions........................................................................  42
      22.5        No authority.............................................................................  42
      22.6        No obligation............................................................................  42

23.   Miscellaneous........................................................................................  43

      23.1        Assignment by Issuer.....................................................................  43
      23.2        Assignment by Manager....................................................................  43
      23.3        Assignment by US Dollar Note Trustee.....................................................  43
      23.4        Certificate of US Dollar Note Trustee....................................................  43
      23.5        Continuing obligation....................................................................  43
      23.6        Settlement conditional...................................................................  43
      23.7        Interest on judgment.....................................................................  43
      23.8        Severability of provisions...............................................................  44
      23.9        Remedies cumulative......................................................................  44
      23.10       Waiver...................................................................................  44
      23.11       Written waiver, consent and approval.....................................................  44
      23.12       Time of essence..........................................................................  44
</TABLE>

                                                                            iii.

<PAGE>

<TABLE>
<S>   <C>                                                                                                    <C>
      23.13       Moratorium legislation...................................................................  44
      23.14       Binding on each signatory................................................................  44
      23.15       Counterparts.............................................................................  44

Schedule 1  Form of Class A-1 Note.........................................................................  46

Schedule 2  Form of US Dollar Note Conditions..............................................................  51
</TABLE>

                                                                             iv.

<PAGE>

Trust Indenture Act - Cross Reference Table

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

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

                                                                              i.

<PAGE>

This US Dollar Note Trust Deed made at Sydney on 14 February 2002

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

               Securitisation Advisory Services Pty. Limited, ABN 88 064 133
               946, a company incorporated in the State of New South Wales and
               having an office at Level 6, 48 Martin Place, Sydney, Australia
               (hereinafter included by incorporation in the expression the
               "Manager")

               Perpetual Trustee Company Limited, ABN 42 000 001 007, a company
               incorporated in the State of New South Wales and having an office
               at Level 3, 39 Hunter Street, Sydney, Australia in its capacity
               as trustee of the Series Trust (as hereinafter defined)
               (hereinafter included in the expression the "Issuer")

Recitals

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

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

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

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

This deed provides

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1.   Definitions and Interpretation

1.1  Definitions

     In this Deed, unless the contrary intention appears:

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

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

     "Authorised Officer" means:

     (a)  (a) in relation to the US Dollar Note Trustee, a responsible officer
          of the Corporate Trust Administration department of the US Dollar Note
          Trustee;

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

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

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

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

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

                                                                              1.

<PAGE>

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

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

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

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

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

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

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

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

     (a)  are addressed to the US Dollar Note Trustee (and which may also be
          addressed to other persons);

     (b)  are in a form satisfactory to, and are subject to such qualifications
          and assumptions as are acceptable to, the US Dollar Note Trustee; and

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

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

     "DTC Letter of Representations" means the DTC Letter of Representations
     dated on or prior to 21 February 2002 between the Issuer, the Principal
     Paying Agent and The Depository Trust Company, as the initial Depository,
     as amended from time to time.

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

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

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

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

                                                                              2.

<PAGE>

     "Issuer" means Perpetual Trustee Company Limited, ABN 42 000 001 007 or if
     Perpetual Trustee Company Limited retires or is removed as trustee of the
     Series Trusts (as defined in the Master Trust Deed), any then Substitute
     Trustee and includes the Manager when acting as the Trustee in accordance
     with the terms of the Master Trust Deed.

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

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

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

     (a)  the amount, timing, place, currency or manner of payment of principal
          or interest in respect of the Class A-1 Notes including, without
          limitation, any modification to the Stated Amount, Invested Amount,
          interest rate or maturity date of the Class A-1 Notes or to clause 10
          of the Series Supplement, conditions 5.4, 6.9 and 7.2 of the US Dollar
          Note Conditions or clause 13 of the Security Trust Deed or which would
          impair the rights of Class A-1 Noteholders to institute suit for
          enforcement of such payment on or after the due date for such payment;

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

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

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

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

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

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

     "Series Supplement" means the Series Supplement dated 7 February 2002
     between the Commonwealth Bank of Australia, ABN 48 123 123 124, Homepath
     Pty Limited, ABN 35 081 986 530, the Manager and the Issuer.

     "Series Trust" means the trust known as the Series 2002-1G Medallion Trust
     established pursuant to the Master Trust Deed and the Series Supplement.

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

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

     "Substitute US Dollar Note Trustee" means at any given time means the
     entity then appointed as US Dollar Note Trustee under clause 14.

                                                                              3.

<PAGE>

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

     "US Dollar Note Register" has the same meaning as in the Agency Agreement.

     "US Dollar Note Registrar" has the same meaning as in the Agency Agreement.

     "US Dollar Note Trustee" means The Bank of New York, New York Branch or if
     The Bank of New York, New York Branch retires or is removed as US Dollar
     Note Trustee, any then Substitute US Dollar Note Trustee.

     "US Dollar Note Trust" means the trust established under clause 2.2 of this
     Deed.

     "US Dollar Trust Fund" means:

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

     (e)  the US Dollar Note Trustee's right, title and interest as beneficiary
          of the Security Trust; and

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

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

1.2  Series Supplement and Master Trust Deed definitions

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

1.3  Interpretation

     In this Deed unless the contrary intention appears:

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

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

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

                                                                              4.

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    1)   the Issuer, the US Dollar Note Trustee or the Manager
                         (as the case may be); or

                                                                              5.

<PAGE>

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

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

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

          (iii) is:

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

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

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

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

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

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

1.4  Issuer's capacity

     In this Deed, unless expressly specified otherwise:

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

                                                                              6.

<PAGE>

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

1.5  Benefit of Covenants under this Deed

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

1.6  Obligations Several

     The obligations of the parties under this Deed are several.

1.7  Incorporated Definitions and other Provisions

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

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

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

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

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

1.8  Interpretation of Provisions Incorporated from TIA

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

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

     "default" means an Event of Default.

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

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

     "indenture to be qualified" means this Deed.

     "indenture trustee" or "institutional trustee" means the US Dollar Note
     Trustee.

     "obligor upon the indenture securities" means the Issuer.

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

                                                                              7.

<PAGE>

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

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

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2.   The US Dollar Note Trust

2.1  Appointment of US Dollar Note Trustee

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

2.2  Declaration of US Dollar Note Trust

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

2.3  Duration of US Dollar Note Trust

     The US Dollar Note Trust commences on the date of this Deed and terminates
     on the first to occur of:

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

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

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

2.4  Benefit of US Dollar Note Trust

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

2.5  Interested persons bound

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

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

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

3.1  Aggregate amount and denomination

     The aggregate principal amount of the Class A-1 Notes will be
     $US1,000,000,000 and, in the case of the Class A-1 Definitive Notes, will
     be issued in minimum denominations of US$100,000 or integral multiples of
     US$10,000.

3.2  Description and Form of Class A-1 Notes

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

                                                                              8.

<PAGE>

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

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

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

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

3.3  Initial Issue as Book-Entry Notes

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

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

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

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

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

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

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

                                                                              9.

<PAGE>

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

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

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

3.4  Issue of Class A-1 Definitive Notes

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

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

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

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

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

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

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

                                                                             10.

<PAGE>

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

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

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

4.   US Dollar Note Register

4.1  Maintenance of US Dollar Note Registrar

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

4.2  Provision of Class A-1 Noteholder Information

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

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

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

4.3  US Dollar Note Register conclusive

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

                                                                             11.

<PAGE>

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5.   Representations and warranties

5.1  By the Issuer

     The Issuer represents and warrants to the US Dollar Note Trustee that:

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

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

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

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

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

     (f)  (Execution, delivery and performance): its execution, delivery and
          performance of this Deed does not violate any existing law or
          regulation in any applicable jurisdiction or any document or agreement
          to which it is a party or which is binding upon it or any of its
          assets; (g) (Authorisation): all consents, licences, approvals and
          authorisations of every Governmental Agency required to be obtained by
          it in connection with the execution, delivery and performance of this
          Deed in its personal capacity have been obtained and are valid and
          subsisting;

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

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

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

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

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

5.2  By the Manager

     The Manager represents and warrants to the US Dollar Note Trustee that:

                                                                             12.

<PAGE>

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

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

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

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

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

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

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

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

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

5.3  By the US Dollar Note Trustee

     The US Dollar Note Trustee represents and warrants to the Issuer and the
     Manager that:

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

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

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

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

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

                                                                             13.

<PAGE>

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

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

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

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

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

6.   Covenants by Issuer and Manager

6.1  Covenant to Pay

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

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

6.2  Covenant of Compliance

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

     (b)  (Transaction Documents): The Issuer and the Manager each severally
          covenants in favour of the US Dollar Note Trustee that it will:

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

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

                                                                             14.

<PAGE>

6.3  Other covenants

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

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

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

     (c)  (Certificate as to Compliance): provide to the US Dollar Note Trustee
          within 120 days after the end of each fiscal year of the Series Trust
          (commencing on the fiscal year ending in June 2003):

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

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

     (d)  (Copy Notices to Class A-1 Noteholders): provide, or procure that
          there is provided, to the US Dollar Note Trustee a copy of each notice
          given to Class A-1 Noteholders by the Issuer (at the same time as such
          notice is given);

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

                                                                             15.

<PAGE>

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

     (g)  (Opinion as to Filing): procure that there is provided to the US
          Dollar Note Trustee in accordance with section 314(b) of the TIA:

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

          (ii) within 120 days after the end of each fiscal year of the Series
               Trust (commencing on the fiscal year ending in June 2003),
               Counsel's Opinion either stating that such action has been taken
               with respect to the recording, filing, re-recording and re-filing
               of the Security Trust Deed as is necessary to maintain the
               Security Interest created by the Security Trust Deed and reciting
               the details of such action or stating that no such action is
               necessary to maintain such Security Interest;

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

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

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

6.4  Covenants between Issuer and Manager

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

     (b)  (Obligation of Issuer): Subject to compliance by the Manager with
          clause 6.4(a), the Issuer covenants in favour of the Manager to sign
          all documents and do all

                                                                             16.

<PAGE>

          things reasonably requested by the Manager in relation to the
          compliance by the Issuer or the Manager of its obligations under the
          TIA or the Exchange Act in relation to the Class A-1 Notes, the Series
          Trust or this Deed.

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7.   Enforcement

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

     If an Event of Default or Potential Event of Default has occurred and is
     known to the US Dollar Note Trustee, the US Dollar Note Trustee must:

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

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

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

7.2  Restrictions on enforcement

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

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

          (ii) the US Dollar Note Trustee is of the opinion, reached after
               considering at any time and from time to time the advice of an
               investment bank or other financial adviser selected by the US
               Dollar Note Trustee, that the cash flow receivable by the Issuer
               (or the Security Trustee under the Security Trust Deed) will not
               (or that there is a significant risk that it will not) be
               sufficient, having regard to any other relevant actual,
               contingent or prospective liabilities of the Issuer, to discharge
               in full in due course all the amounts referred to in clause
               7.2(a)(i); or

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

                                                                             17.

<PAGE>

     (b)  (Liability for Enforcement): Subject to clauses 8.3, 9.3 and 9.5 and
          the mandatory provisions of the TIA, the US Dollar Note Trustee will
          not be liable for any decline in the value, nor any loss realised upon
          any sale or other dispositions made under the Security Trust Deed, of
          any Charged Property. Without limiting the foregoing, the US Dollar
          Note Trustee will not be liable for any such decline or loss directly
          or indirectly arising from its acting, or failing to act, as a
          consequence of an opinion reached by it in good faith based on advice
          received by it in accordance with clause 7.2(a).

7.3  US Dollar Note Trustee may enforce

     The US Dollar Note Trustee has the power, subject to clause 22:

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

     (b)  (File Proofs): to file such proofs of claim and other payments or
          documents as may be necessary or advisable in order to have the claims
          of the US Dollar Note Trustee and the Class A-1 Noteholders allowed in
          any judicial proceedings in relation to the Issuer upon the Class A-1
          Notes, the Creditors in relation to the Series Trust or the Assets of
          the Series Trust;

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

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

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

7.4  US Dollar Note Trustee alone may enforce

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

                                                                             18.

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8.   US Dollar Note Trustee's powers, protections etc.

8.1  US Dollar Note Trustee's additional powers, protections, etc.

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

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

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

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

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

                                                                             19.

<PAGE>

          Trustee's right to make such inquiries, in its discretion, and to
          exercise its powers under this Deed so to do).

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

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

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

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

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

          (iv)  all accounts supplied to the US Dollar Note Trustee pursuant to
                this Deed and all reports of the Auditor supplied to the US
                Dollar Note Trustee pursuant to this Deed; and

          (v)   notices and other information supplied to the US Dollar Note
                Trustee under this Deed,

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

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

                                                                             20.

<PAGE>

          evidence of compliance with conditions precedent where such reliance
          is not permitted by section 314 of the TIA).

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

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

     (j)  (Discretion): The US Dollar Note Trustee, as regards all the powers,
          trusts, authorities and discretions vested in it pursuant to this
          Deed, any other Transaction Document or otherwise, has, subject to any
          express provision to the contrary contained in this Deed or any other
          Transaction Document to which it is a party, absolute and uncontrolled
          discretion as to the exercise of such powers, authorities, trusts and
          discretions and will be in no way responsible to any Interested Person
          or any other person for any loss, costs, damages, expenses or
          inconvenience which may result from the exercise or non-exercise of
          such powers, authorities, trusts and discretions. Without limiting the
          foregoing, any consent or approval given by the US Dollar Note Trustee
          for the purposes of this Deed or any other Transaction Document may be
          given on such terms and subject to such conditions (if any) as the US
          Dollar Note Trustee thinks fit and, notwithstanding anything to the
          contrary in this Deed, may be given retrospectively.

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

                                                                             21.

<PAGE>

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

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

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

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

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

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

     (r)  (Validity of Transaction Documents): The US Dollar Note Trustee is not
          responsible for the execution, delivery, legality, effectiveness,
          adequacy,

                                                                             22.

<PAGE>

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

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

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

     (u)  (Limit on Obligations): No provision of this Deed or any other
          Transaction Document requires the US Dollar Note Trustee to do
          anything which may be contrary to any applicable law or regulation or
          to expend or risk its own funds or otherwise incur any financial
          liability in the performance of any of its duties, or in the exercise
          of any of its rights or powers, if it shall have reasonable grounds
          for believing that repayment of such funds or full indemnity against
          such risk or liability is not assured to it. Except for the
          obligations imposed on it under this Deed, the Class A-1 Notes or any
          other Transaction Document, the US Dollar Note Trustee is not obliged
          to do or omit to do any thing, including entering into any transaction
          or incurring any liability unless the US Dollar Note Trustee's
          liability, is limited in a manner satisfactory to the US Dollar Note
          Trustee in its absolute discretion.

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

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

                                                                             23.

<PAGE>

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

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

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

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

     (bb) (No liability for tax on payments): The US Dollar Note Trustee has no
          responsibility whatsoever to any Class A-1 Noteholder or any other
          person in relation to any deficiency in a payment by the US Dollar
          Note Trustee to any Class A-1 Noteholders if that deficiency arises as
          a result of the US Dollar Note Trustee or the Issuer being subject to
          any Tax in respect of that payment, the Charged Property, the Security
          Trust Deed, this Deed or any income or proceeds from them.

8.2  Waivers

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

8.3  US Dollar Note Trustee's liability

     Nothing in this Deed or any other Transaction Document will in any case in
     which the US Dollar Note Trustee has failed to show the degree of care and
     diligence required of it as trustee having regard to the provisions of this
     Deed and the mandatory provisions of the TIA conferring on it any trusts,
     powers, authorities or discretions exempt the US Dollar Note

                                                                             24.

<PAGE>

     Trustee from or indemnify it against any liability for breach of trust or
     any liability which by virtue of any rule of law would otherwise attach to
     it in respect of fraud or wilful default of which it may be guilty in
     relation to its duties under this Deed.

8.4  Dealings with Series Trust

     Subject to clause 9.7, none of the:

     (a)  (US Dollar Note Trustee): US Dollar Note Trustee in its personal or
          any other capacity;

     (b)  (Related Bodies Corporate): Related Bodies Corporate of the US Dollar
          Note Trustee;

     (c)  (Directors etc.): directors or officers of the US Dollar Note Trustee
          or its Related Bodies Corporate; or

     (d)  (Shareholders): shareholders of the US Dollar Note Trustee or its
          Related Bodies Corporate,

     is   prohibited from:

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

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

          (i)   contracting with;

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

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

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

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

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

8.5  Delegation of duties of US Dollar Note Trustee

     The US Dollar Note Trustee must not delegate to any person any of its
     trusts, duties, powers, authorities or discretions under this Deed except:

     (a)  (Related Body Corporate): to a Related Body Corporate of the US Dollar
          Note Trustee; or

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

                                                                             25.

<PAGE>

8.6  Related Body Corporate of the US Dollar Note Trustee

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

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9.   Duties of the US Dollar Note Trustee

9.1  US Dollar Note Trustee's general duties

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

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

     (b)  (Have regard to the Interests of Class A-1 Noteholders): in the
          exercise of all discretions vested in it by this Deed and all other
          Transaction Documents, except where expressly provided otherwise, have
          regard to the interest of the Class A-1 Noteholders as a class.

9.2  Duties of the US Dollar Note Trustee prior to Event of Default

     Prior to an Event of Default:

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

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

9.3  Duties of the US Dollar Note Trustee following an Event of Default

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

9.4  Certain limitations of liability where acting in good faith

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

                                                                             26.

<PAGE>

9.5  US Dollar Note Trustee not relieved of liability for negligence etc.

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

9.6  Preferred collection of claims against Issuer

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

9.7  Compliance with Section 310 of TIA

     (a)  (Section 310(a) of TIA): The US Dollar Note Trustee must ensure that
          it at all times satisfies the requirements of section 310(a) of the
          TIA.

     (b)  (Capital): Without limiting the foregoing, the US Dollar Note Trustee
          must ensure that it all times has a combined capital and surplus (as
          those terms are used in the TIA) of at least US$50,000,000 as set
          forth in its most recent published annual report of condition.

     (c)  (Section 310(b) of TIA): The US Dollar Note Trustee must at all times
          comply with section 310(b) of the TIA, provided that any indenture or
          indentures under which other securities of the Issuer are outstanding
          will be excluded from the operation of section 310(b)(1) of the TIA if
          the requirements for such exclusion set out in section 310(b)(1) of
          the TIA are met.

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

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

9.9  Transaction Documents

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

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10.  Application of moneys

10.1 Moneys received

     The US Dollar Note Trustee must hold all moneys received by it under this
     Deed or any other Transaction Document upon trust to apply them:

                                                                             27.

<PAGE>

     (a)  (Fees and Expenses): first, towards all amounts owing to the US Dollar
          Note Trustee under this Deed (other than under clause 6.1); and

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

10.2 Investment of moneys held

     An amount which under this Deed ought to or may be invested by the US
     Dollar Note Trustee may be invested in the name or control of the US Dollar
     Note Trustee in:

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

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

     and the US Dollar Note Trustee may at any time vary any such investments
     and is not responsible for any loss resulting from such investments whether
     due to depreciation in value, fluctuations in exchange rates or otherwise.

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11.  Continuing security and releases

11.1 Issuer's liability not affected

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

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

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

     (c)  (Laches): any other laches, acquiescence, delay, act, omission or
          mistake on the part of the US Dollar Note Trustee or any other person;
          or

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

11.2 Waiver by Issuer

     The  Issuer waives in favour of the US Dollar Note Trustee:

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

     (b)  (All rights inconsistent with Deed): all rights inconsistent with the
          provisions of this Deed.

                                                                             28.

<PAGE>

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12.  Remuneration and expenses of US Dollar Note Trustee

12.1 Payment of fee

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

12.2 Payment of expenses

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

12.3 Additional duties

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

12.4 Dispute as to additional duties

     In the event of the Manager and the US Dollar Note Trustee failing to
     agree:

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

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

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

                                                                             29.

<PAGE>

12.5 Currency and VAT

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

12.6 No other fees or expenses

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

12.7 Issuer personally liable for fees

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

12.8 Timing of payments

     Except as referred to in clause 12.7, all payments by the Issuer to the US
     Dollar Note Trustee under this clause 12 are payable on the first
     Distribution Date following demand by the US Dollar Note Trustee from funds
     available for this purpose in accordance with the Series Supplement.

12.9 Non-discharge

     Unless otherwise specifically stated in any discharge of the US Dollar Note
     Trust the provisions of this clause 12 will continue in full force and
     effect despite such discharge.

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13.  Additional US Dollar Note Trustees

13.1 Appointment and removal

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

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

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

     (c)  (Obtaining Judgment): for the purposes of obtaining a judgment in any
          jurisdiction or the enforcement in any jurisdiction of either a
          judgment already obtained or any of this Deed or any other Transaction
          Document.

                                                                             30.

<PAGE>

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

13.2 Joint exercise of powers

     All rights, powers, duties and obligations conferred or imposed upon an
     Additional Note Trustee are conferred or imposed upon and exercised or
     performed by the US Dollar Note Trustee and the Additional Note Trustee
     jointly (it being understood that an Additional Note Trustee is not
     authorised to act separately without the US Dollar 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 US Dollar Note
     Trustee shall be incompetent or unqualified to perform such act or acts, in
     which event such rights, powers, duties and obligations shall be exercised
     and performed singly by such Additional Note Trustee (but subject to the
     direction of the US Dollar Note Trustee).

13.3 Notice

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

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14.  Retirement or removal of US Dollar Note Trustee

14.1 Retirement of US Dollar Note Trustee

     The US Dollar Note Trustee covenants that it will retire as US Dollar Note
     Trustee if:

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

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

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

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

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

     (f)  (Change in ownership): there is a change in ownership of 50% or more
          of the issued equity share capital of the US Dollar Note Trustee from
          the position as at the

                                                                             31.

<PAGE>

     date of this Deed or effective control of the US Dollar Note Trustee alters
     from the position as at the date of this Deed unless in either case
     approved by the Manager (whose approval must not be unreasonably withheld).

14.2 Removal by Manager

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

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

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

14.3 US Dollar Note Trustee may retire

     The US Dollar Note Trustee may retire at any time as trustee under this
     Deed upon giving 3 months (or such lesser time as the Manager, the Issuer
     and the US Dollar Note Trustee agree) notice in writing to the Issuer, the
     Manager and the Rating Agencies, without giving any reason and without
     being responsible for any liabilities incurred by reason of such retirement
     provided that such retirement is in accordance with this Deed, provided
     that no such period of notice of retirement may expire within the period of
     30 days preceding each Distribution Date. Upon such retirement the US
     Dollar Note Trustee, subject to any approval required by law, may appoint
     in writing any other Eligible Trust Corporation that is approved by the
     Rating Agencies and the Manager, which approval must not be unreasonably
     withheld by the Manager, as US Dollar Note Trustee in its stead. If the US
     Dollar Note Trustee does not propose a replacement by the date which is 1
     month prior to the date of its proposed retirement, the Manager is entitled
     to appoint a Substitute US Dollar Note Trustee, which must be an Eligible
     Trust Corporation that is approved by the Rating Agencies, as of the date
     of the proposed retirement.

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

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

14.5 Release of US Dollar Note Trustee

     Upon retirement or removal of the US Dollar Note Trustee as trustee of the
     US Dollar Note Trust, the US Dollar Note Trustee is released from all
     obligations under this Deed arising after the date of the retirement or
     removal except for its obligation to vest the US Dollar Trust Fund in the
     Substitute US Dollar Note Trustee and to deliver all books and records
     relating to the US Dollar Note Trust to the Substitute US Dollar Note
     Trustee. The Manager and the Issuer may settle with the US Dollar Note
     Trustee the amount of any sums payable by the US Dollar Note Trustee to the
     Manager or the Issuer or by the Manager or the Issuer to the US Dollar Note
     Trustee and may give to or accept from the US Dollar Note Trustee a
     discharge in respect of those sums which will be conclusive and binding as
     between the Manager, the Issuer and the

                                                                             32.

<PAGE>

     US Dollar Note Trustee but not as between the US Dollar Note Trustee and
     the Class A-1 Noteholders.

14.6  Vesting of US Dollar Trust Fund in Substitute US Dollar Note Trustee

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

14.7  Substitute US Dollar Note Trustee to Execute Deed

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

14.8  Rating Agencies Advised

      The Manager must promptly:

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

      (b)  (Change of ownership): notify the Rating Agencies of it becoming
           aware of a change in ownership of 50% or more of the issued equity
           share capital of the US Dollar Note Trustee from the position as at
           the date of this Deed or effective control of the US Dollar Note
           Trustee altering from the date of this Deed; and

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

14.9  Retention of Lien

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

14.10 Issuer and Manager Cannot be Appointed

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

14.11 No Limitation of TIA

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

                                                                             33.

<PAGE>

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15.  Amendment

15.1 Amendment by US Dollar Note Trustee

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

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

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

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

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

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

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

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

15.2 Amendments Requiring Consent of all Class A-1 Noteholders

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

                                                                             34.

<PAGE>

15.3 Compliance with TIA

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

15.4 No Rating Agency downgrade

     The US Dollar Note Trustee will be entitled to assume that any proposed
     alteration, addition or revocation, other than a Payment Modification, will
     not be materially prejudicial to the interests of Class A-1 Noteholders if
     each Rating Agency issues a Rating Affirmative Notice in relation to the
     alteration, addition or revocation.

15.5 Distribution of amendments

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

15.6 Amendments binding on Class A-1 Noteholders

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

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16.  Reports

16.1 Reports by US Dollar Note Trustee

     If so required by section 313(a) of the TIA, the US Dollar Note Trustee
     shall provide to each Class A-1 Noteholder, and such other persons as the
     US Dollar Note Trustee is required by section 313(c) of the TIA to provide
     reports to, at intervals of not more than 12 months (commencing as from the
     Closing Date) a brief report of the events referred to in section 313(a) of
     the TIA that have occurred within the preceding 12 months and shall provide
     such additional reports to Class A-1 Noteholders, and such other persons as
     the US Dollar Note Trustee is required by section 313(c) of the TIA to
     provide reports to, as are required by section 313(b) of the TIA at the
     times specified in that section. A copy of each such report at the time of
     its provision to Class A-1 Noteholders must be copied to the Issuer and the
     Manager and must be filed by the US Dollar Note Trustee with the Commission
     and each stock exchange, if any, on which the Class A-1 Notes are listed.

16.2 Reports by Issuer

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

     (a)  (Copy Securities Exchange Act Reports to US Dollar Note Trustee):
          file:

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

          (ii) with the US Dollar Note Trustee, within 15 days after it is
               required to file the same with the Commission,

          copies of the annual reports and of the information, documents and
          other reports (or copies of such portions of any of the foregoing as
          the Commission may from time to time by rules and regulations
          prescribe), if any, which it may be required to file with the
          Commission pursuant to section 13 or 15(d) of the Exchange Act or, if
          it is not required to file information, documents or reports pursuant
          to either of such sections, then to file with the US Dollar Note
          Trustee and the Commission, in

                                                                             35.

<PAGE>

          accordance with the rules and regulations prescribed by the
          Commission, such of the supplementary and periodic information,
          documents and reports which may be required pursuant to section 13 of
          the Exchange Act, in respect of a security listed and registered on a
          national securities exchange as may be prescribed in such rules and
          regulations;

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

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

16.3 Restricted securities

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

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

17.  Currency indemnity

17.1 Improper currency receipts

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

17.2 Currency indemnity

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

                                                                             36.

<PAGE>

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

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

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

17.3 Failure to pay proper currency

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

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18.  Expenses and stamp duties

18.1 Expenses

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

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

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

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

18.2 Stamp duties and other taxes

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

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

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

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

                                                                             37.

<PAGE>

          The Issuer must indemnify and keep indemnified the US Dollar Note
          Trustee against any loss or liability incurred or suffered by it as a
          result of the delay or failure by the Issuer to pay any such stamp and
          other duties and Taxes.

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19.  Trust Indenture Act

19.1 Certificates and opinions

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

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

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

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

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

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

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

          (ii)  to the Issuer of any securities the deposit of which with the
                Issuer is to be made the basis for the release of any property
                or securities subject to the Security Interest created by the
                Security Trust Deed, where this is required by section 314(d)(2)
                of the TIA; and

          (iii) to the Issuer of any property the subjection of which to the
                Security Interest created by the Security Trust Deed is to be
                made the basis for the release of any property or securities
                subject to the Security Interest created by the Security Trust
                Deed, where this is required by section 314(d)(3) of the TIA,

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

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

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

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

                                                                             38.

<PAGE>

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

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

19.2 Undertaking for costs

     (a)  (Undertaking): Subject to clause 19.2(b), all parties to this deed
          agree, and each Class A-1 Noteholder by such Class A-1 Noteholder's
          acceptance of the Class A-1 Notes are deemed to have agreed, that any
          court may in its discretion require, in any suit for the enforcement
          of any right or remedy under this Deed, or in any suit against the US
          Dollar Note Trustee for any action taken, suffered or omitted by it as
          the US Dollar Note Trustee, the filing by any party litigant in such
          suit of an undertaking to pay the costs of such suit, and that such
          court may in its discretion assess reasonable costs, including
          reasonable attorneys' fees, against any party litigant in such suit,
          having due regard to the merits and good faith of the claims or
          defences made by such party litigant.

     (b)  (Exceptions): The provisions of clause 19.2(a) shall not apply to:

          (i)   any suit instituted by the US Dollar Note Trustee;

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

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

19.3 Exclusion of section 316(a)(1)

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

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

19.5 Conflict with Trust Indenture Act

     The provisions of section 310 to 317 (inclusive) of the TIA are
     incorporated into, are a part of and govern this deed, whether or not
     contained in this Deed, unless expressly excluded by this Deed in
     accordance with the TIA. If any provision of this Deed limits, qualifies or
     conflicts

                                                                             39.

<PAGE>

     with any provision that is deemed to be included in this Deed by virtue of
     any of the provisions of the TIA, such provision deemed to be included in
     this Deed will prevail.

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20.  Governing law and jurisdiction

20.1 Governing law

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

20.2 Jurisdiction

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

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

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21.  Notices

21.1 Method of delivery

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

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

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

     (c)  (Delivery): be:

          (i)   left at the address of the addressee;

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

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

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

21.2 Deemed receipt

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

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

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

                                                                             40.

<PAGE>

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

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

21.3 Notices to Class A-1 Noteholders

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

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

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

21.4 Notices from Class A-1 Noteholders

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

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

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

     (c)  (Delivery): be:

          (i)   left at the address of the addressee;

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

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

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

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

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

21.5 Issuer and Manager

     Each of the Issuer and the Manager must maintain an office or an agency in
     New York where any legal proceedings in respect of this Deed or the Class
     A-1 Notes may be served on it. The Issuer initially appoints C.T.
     Corporation, 111 8th Avenue, New York, New York 10011, as its agent for
     these purposes. The Manager initially appoints Commonwealth Bank of
     Australia,

                                                                             41.

<PAGE>

     New York Branch, 599 Lexington Avenue, New York, New York 10022 as its
     agent for these purposes.

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22.  Issuer's limited liability

22.1 Limitation on Issuer's Liability

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

22.2 Claims against Issuer

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

22.3 Breach of trust

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

22.4 Acts or omissions

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

22.5 No authority

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

22.6 No obligation

     The Issuer is not obliged to enter into any commitment or obligation under
     this Deed or any Transaction Document (including incur any further
     liability) unless the Issuer's liability is

                                                                             42.

<PAGE>

     limited in a manner which is consistent with this clause 22 or otherwise in
     a manner satisfactory to the Issuer in its absolute discretion.

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23.  Miscellaneous

23.1 Assignment by Issuer

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

23.2 Assignment by Manager

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

23.3 Assignment by US Dollar Note Trustee

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

23.4 Certificate of US Dollar Note Trustee

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

23.5 Continuing obligation

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

23.6 Settlement conditional

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

23.7 Interest on judgment

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

                                                                             43.

<PAGE>

23.8  Severability of provisions

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

23.9  Remedies cumulative

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

23.10 Waiver

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

23.11 Written waiver, consent and approval

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

23.12 Time of essence

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

23.13 Moratorium legislation

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

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

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

      are expressly waived negatived and excluded.

23.14 Binding on each signatory

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

23.15 Counterparts

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

                                                                             44.

<PAGE>

Executed as a deed.

Signed, sealed and delivered for The Bank of New York, New York Branch by its
Authorised Signatory in the presence of:

                                               /s/ Janie K. Choi
                                               ---------------------------------
                                               Signature of Authorised Signatory

/s/ Laura M. Shields
-----------------------------------------

Signature of Witness

Laura M. Shields
-----------------------------------------

Name of Witness in full

Signed sealed and delivered for and on behalf of Securitisation Advisory
Services Pty. Limited, ABN 88 064 133 946 by Timothy John See

its Attorney under a Power of Attorney dated 6/2/02 and registered Book 4337 No.
465 and who declares that he or she has not received any notice of the
revocation of such Power of Attorney in the presence of:

                                               /s/ Timothy John See
                                               ---------------------------------
                                               Signature of Attorney

/s/ Benjamin John Sandstad
----------------------------------------
Signature of Witness

Benjamin John Sandstad
----------------------------------------
Name of Witness in full

Signed sealed and delivered for and on behalf of Perpetual Trustee Company
Limited, ABN 42 000 001 007, by

its Attorney under a Power of Attorney dated 6/2/02 and registered Book 4337 No.
468 and who declares that he or she has not received any notice of the
revocation of such Power of Attorney in the presence of:

                                               /s/ Stacey Gray
                                               ---------------------------------
                                               Signature of Attorney

/s/ Benjamin John Sandstad
----------------------------------------
Signature of Witness

Benjamin John Sandstad
----------------------------------------
Name of Witness in full

                                                                             45.

<PAGE>

Schedule 1
Form of Class A-1 Note

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

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

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

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

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

              PERPETUAL TRUSTEE COMPANY LIMITED, ABN 42 000 001 007
 (a limited liability company incorporated under the law of
                          New South Wales, Australia)
      in its capacity as trustee of the Series 2002-1G Medallion Trust (the
                                "Series Trust")
                                 (the "Issuer")

                                 Class A-1 Note

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

(a)  constituted by a US Dollar Note Trust Deed (the "US Dollar Note Trust
     Deed") dated [--] made between the Issuer, Securitisation Advisory Services
     Pty Limited, ABN 88 064 133 946, (the "Manager") and The Bank of New York,
     New York Branch (the "US Dollar Note Trustee"); and

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

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

     (ii) a Series Supplement (the "Series Supplement") dated [ ] made between
          Commonwealth Bank of Australia, ABN 48 123 123 124, Homepath Pty
          Limited, ABN 35 081 986 530, the Manager and the Issuer;

                                                                             46.

<PAGE>

     (iii) a Security Trust Deed (the "Security Trust Deed") dated [ ] made
           between the Issuer, the Manager, the US Dollar Note Trustee and P.T.
           Limited, ABN 67 004 454 666;

     (iv)  the Agency Agreement (the "Agency Agreement") dated [ ] made between
           the Issuer, the US Dollar Note Trustee, the Manager, The Bank of New
           York, New York Branch as Principal Paying Agent, Agent Bank and US
           Dollar Note Registrar and The Bank of New York, London Branch as
           Paying Agent;

     (v)   the US Dollar Note Trust Deed; and

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

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

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

The Issuer, in its capacity as trustee of the Series Trust, subject to and in
accordance with this Class A-1 Note, the US Dollar Note Conditions, the Agency
Agreement the Series Supplement and the US Dollar Note Trust Deed, promises to
pay to Cede & Co. as the registered holder of this Class A-1 Note, or to
registered assigns of this Class A-1 Note, the principal sum of US$ [ ] (or such
part of that amount as may become repayable under the US Dollar Note Conditions,
the Series Supplement and the US Dollar Note Trust Deed) on such date(s) as that
principal sum (or any part of it) becomes repayable in accordance with the US
Dollar Note Conditions, the Series Supplement and the US Dollar Note Trust Deed
and to pay interest in arrears on each Distribution Date on the Invested Amount
of this Class A-1 Note at rates determined in accordance with Condition 6 of the
US Dollar Note Conditions. The Class A-1 Definitive Notes to be issued on that
exchange will be in registered form each in the denomination of US$100,000 or
integral multiples of US$10,000. If the Issuer fails to meet its obligations to
issue Class A-1 Definitive Notes, this shall be without prejudice to the
Issuer's obligations with respect to the Class A-1 Notes under the US Dollar
Note Trust Deed, the Master Trust Deed, the Series Supplement, the Agency
Agreement and this Class A-1 Note.

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

On any payment of principal and/or interest on the Class A-1 Notes details of
that payment shall be endorsed by or on behalf of the Issuer in the US Dollar
Note Register and, in the case of payments of principal, the Invested Amount and
the Stated Amount of the Class A-1 Notes shall be reduced for all

                                                                             47.

<PAGE>

purposes by the amount so paid and endorsed in the US Dollar Note Register. Any
such record shall be prima facie evidence that the payment in question has been
made.

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

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

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

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

PERPETUAL TRUSTEE COMPANY LIMITED by:

------------------------------------------------
Authorised Officer/duly appointed representative

IMPORTANT NOTES:

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

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

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

Transfers of the US Dollar Notes must be pursuant to the annexed form of
assignment and otherwise in accordance with clause 5 of the Agency Agreement.

None of the Manager or the Commonwealth Bank of Australia, ABN 48 123 123 124
(the "Bank") as a Seller and the Servicer, or any other member of the
Commonwealth Bank group or the Issuer in its personal capacity or as trustee of
any other trust guarantees the payment or repayment of any principal, interest
or other amounts owing in respect of the Class A-1 Notes.

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

                                                                             48.

<PAGE>

Certificate of Authentication

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

The Bank of New York, New York Branch by:

------------------------------------------------
Authorised Officer/duly appointed representative

                                                                             49.

<PAGE>

Assignment

Social Security or taxpayer I.D., or other identifying number of assignee:

For value received, the undersigned hereby sells, assigns and transfers unto

--------------------------------------------------------------------------------
                         (name and address of assignee)

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

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

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

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

                                                                             50.

<PAGE>

Schedule 2
Form of US Dollar Note Conditions

1.   General

     The issue of the US$1,000,000,000 Class A-1 Mortgage Backed Floating Rate
     Notes due April 17, 2033 (the "Class A-1 Notes"), the A$507,000,000 Class
     A-2 Mortgage Backed Floating Rate Notes due April 17, 2033 (comprised of
     the A$182,000,000 Class A-2 Tranche 1 Notes and the A$325,000,000 Class A-2
     Tranche 2 Notes) (the "Class A-2 Notes" and together with the Class A-1
     Notes, the "Class A Notes") and the A$40,000,000 Class B Mortgage Backed
     Floating Rate Notes due April 17, 2033 (the "Class B Notes") (together the
     "Notes") by Perpetual Trustee Company Limited, ABN 42 000 001 007,
     ("Perpetual") in its capacity as trustee of the Series 2002-1G Medallion
     Trust (the "Series Trust") (Perpetual in such capacity, the "Issuer") was
     authorised by a resolution of the board of directors of Perpetual passed on
     February 14, 2002.

     The Class A-1 Notes: (a) are constituted by a US Dollar Note Trust Deed
     (the "US Dollar Note Trust Deed") dated on or about February 14, 2002 made
     between the Issuer, Securitisation Advisory Services Pty Limited, ABN 88
     064 133 946, (the "Manager") and The Bank of New York, New York Branch (the
     "US Dollar Note Trustee") as trustee for the several persons who are for
     the time being registered holders of the Class A-1 Notes (each a "Class A-1
     Noteholder" and together the "Class A-1 Noteholders"); and (b) are issued
     subject to, and with the direct or indirect benefit of, amongst other
     things (i) a Master Trust Deed (the "Master Trust Deed") dated 8 October
     1997 made between the Manager and Perpetual, as amended from time to time;
     (ii) a Series Supplement (the "Series Supplement") dated on or about
     February 7, 2002 made between Commonwealth Bank of Australia, ABN 88 123
     123 124 (generally the "Bank" and in its respective capacities under the
     Series Supplement a "Seller" and the initial "Servicer"), Homepath Pty
     Limited, ABN 35 081 986 530 (a "Seller"), the Manager and the Issuer; (iii)
     a Security Trust Deed (the "Security Trust Deed") dated on or about
     February 7, 2002 made between the Issuer, the Manager, the US Dollar Note
     Trustee and P.T. Limited, ABN 67 004 454 666 (the "Security Trustee"); (iv)
     the US Dollar Note Trust Deed; (v) these terms and conditions (the
     "Conditions"); and (vi) the Agency Agreement (as defined below).

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

     Payments of interest and principal, and the calculation of certain amounts
     and rates, under these Conditions in respect of the Class A-1 Notes will be
     made pursuant to an Agency Agreement (the "Agency Agreement") dated on or
     about February 14, 2002 made between the Issuer, the US Dollar Note
     Trustee, the Manager, The Bank of New York, New York Branch, as the initial
     principal paying agent (the "Principal Paying Agent") (together with any
     other paying agent appointed from time to time under the Agency Agreement,
     the "Paying Agents"), as the initial agent bank (the "Agent Bank") and as
     the initial US Dollar note registrar (the "US Dollar Note Registrar") and
     The Bank of New York, London Branch as an initial paying agent.

     The Issuer has entered into ISDA Master Agreements (each a "Currency Swap
     Agreement") with Deutsche Bank AG, New York Branch and the Bank (each a
     "Currency Swap Provider" and together, the "Currency Swap Providers") and
     the Manager, each together with a schedule and a credit support annex and a
     confirmation relating thereto in respect of the Class A-1 Notes (each such
     confirmation documenting a "Class A-1 Currency Swap").

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

     "Class A-2 Tranche 1 Notes", "Class A-2 Tranche 2 Notes", "Dealer
     Agreement", "PMI Mortgage Insurance Policy", "Interest Rate Swap
     Agreement", "Liquidity Facility Agreement", "Standby Redraw Facility
     Agreement" and "Underwriting Agreement" have the same respective meanings
     as in the Series Supplement.

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

                                                                             51.

<PAGE>

     the lawful currency for the time being of the Commonwealth of Australia.

2.   Definitions and interpretation

2.1  Incorporated Definitions and other Provisions

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

2.2  Interpretation

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

2.3  Calculations

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

3.   Class A-1 Noteholders bound

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

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

4.1  Form and Denomination

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

4.2  Title

     Title to the Class A-1 Notes will only be shown on, and will only pass by
     registration in, the register (the "US Dollar Note Register") maintained by
     the US Dollar Note Registrar in accordance with the Agency Agreement. Class
     A-1 Notes may be transferred, or may be exchanged for other Class A-1 Notes
     in any authorised denominations and a like Invested Amount (as defined in
     Condition 6.4), upon the surrender of the Class A-1 Notes to be transferred
     or exchanged duly endorsed with or accompanied by a written instrument of
     transfer and exchange duly executed (with such execution guaranteed by an
     eligible guarantor institution) and the provision of such other documents
     as the US Dollar Note Registrar may reasonably require, to a specified
     office of the US Dollar Note Registrar (as set out at the end of these
     Conditions or otherwise notified to Class A-1 Noteholders) subject to and
     in accordance with the

                                                                             52.

<PAGE>

     Agency Agreement. No service charge may be made for any transfer or
     exchange, but the US Dollar Note Registrar may require payment by the Class
     A-1 Noteholder of a sum sufficient to cover any tax or other governmental
     charge that may be imposed in connection with any transfer or exchange of
     Class A-1 Notes. The US Dollar Note Registrar need not register transfers
     or exchanges of Class A-1 Notes for a period of 30 days preceding the due
     date for any payment with respect to the Class A-1 Notes or for a period,
     not exceeding 30 days, specified by the US Dollar Note Trustee prior to any
     meeting, which includes Class A-1 Noteholders, under the Master Trust Deed
     or the Security Trust Deed. The Issuer, the US Dollar Note Trustee, the
     Manager, the Agent Bank and each Paying Agent may accept the correctness of
     the US Dollar Note Register and any information provided to it by the US
     Dollar Note Registrar and is not required to enquire into its authenticity.
     None of the Issuer, the US Dollar Note Trustee, the Manager, the Agent
     Bank, any Paying Agent or the US Dollar Note Registrar is liable for any
     mistake in the US Dollar Note Register or in any purported copy except to
     the extent that the mistake is attributable to its own fraud, negligence or
     wilful default.

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

5.1  Status of the Securities

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

5.2  Security

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

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

     "Invested Amount" in relation to a Class A-1 Note is defined in Condition
     6.4 and in relation to a Class A-2 Note, Class B Note or Redraw Bond (as
     defined in Condition 5.6) means A$100,000 less the aggregate of all amounts
     previously paid in relation to that Note or Redraw Bond on account of
     principal pursuant to clause 10.5 of the Series Supplement.

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

     "Secured Creditors" means the US Dollar Note Trustee (in its personal
     capacity and as trustee of the US Dollar Note Trust established under the
     US Dollar Note Trust Deed), each Agent, each Securityholder, each Hedge
     Provider (as defined in the Series Supplement), the Liquidity Facility
     Provider (as defined in the Series Supplement), the Standby Redraw Facility
     Provider (as defined in the Series Supplement), the Servicer and each
     Seller.

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

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

                                                                             53.

<PAGE>

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

     (c)  the Secured Moneys do not include any fees or value added tax payable
          to the US Dollar Note Trustee or an Agent referred to in clause 12.7
          of the US Dollar Note Trust Deed or Clause 12.6 of the Agency
          Agreement.

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

     "Standby Redraw Facility Principal" has the same meaning as in the Series
     Supplement.

5.3  Limited Recourse

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

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

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

5.4  No Preference within the Class A-1 Notes

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

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

     Prior to the enforcement of the Charge, under the Series Supplement the
     Class A-1 Notes and Class A-2 Notes will rank equally and rateably in
     relation to the payment of interest and the repayment of principal (the
     amounts payable by the Issuer under the Series Supplement in relation to
     the Class A-1 Notes will be calculated by reference to the applicable
     Australian dollar amounts payable by the Issuer to the Currency Swap
     Providers, which rank equally and rateably with amounts payable in respect
     of the Class A-2 Notes, which in turn will be applied to meet the payment
     of interest and the repayment of principal (as applicable) on the Class A-1
     Notes as explained, respectively, in Conditions 6.9 and 7.2). Following
     enforcement of the Charge, under the Security Trust Deed the payment of
     amounts owing in relation to the Class A-1 Notes and the Class A-2 Notes
     will rank rateably (the amounts owing in respect of the Class A-1 Notes
     will, for the purposes of determining distributions to, and allocations
     between, the Class A-1 Noteholders, the Class A-2 Noteholders and the other
     Secured Creditors, be converted into A$ in accordance with the Security
     Trust Deed).

5.6  Issue of Redraw Bonds

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

     (a)  the Principal Collections, the Principal Draw Reimbursement, the
          Principal Charge-Off

                                                                             54.

<PAGE>

          Reimbursements (as defined in Condition 7.10) and the Other Principal
          Amounts for the Collection Period ending on the Determination Date;
          and

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

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

     (c)  the Seller Advances; and

     (d)  the Standby Redraw Facility Principal,

     that the Manager estimates will be outstanding on the Determination Date,
     the Manager may direct the Issuer to issue Redraw Bonds for a principal
     amount specified in the direction. The maximum Stated Amount (as
     hereinafter defined) of the Redraw Bonds outstanding on any Distribution
     Date (as defined in Condition 6.2) (after taking into account any expected
     repayment of principal on the Redraw Bonds on that Distribution Date) must
     not exceed the Redraw Bond Principal Limit.

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

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

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

5.7  Subordination of Class B Notes

     Prior to the enforcement of the Charge, the payment of interest in relation
     to the Class B Notes is subordinated to, amongst other things, the payment
     of interest on the Class A Notes and the Redraw Bonds in accordance with
     the Series Supplement; and the repayment of the principal on the Class B
     Notes is, to a certain extent, subordinated to, amongst other things, the
     repayment of the principal on the Class A Notes and the Redraw Bonds in
     accordance with the calculations to be made of the amounts to be paid by
     the Issuer under the Series Supplement (in the case of the Class A-1 Notes,
     the subordination of the Class B Notes is in respect of the relevant A$
     amounts payable by the Issuer to the Currency Swap Providers which in turn
     will be applied to meet the payment of interest and the repayment of
     principal on the Class A-1 Notes as explained, respectively, in Conditions
     6.9 and 7.2.).

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

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

                                                                             55.

<PAGE>

     the other hand). In determining the interests of the Class A-1 Noteholders,
     the Security Trustee may rely on a determination of the US Dollar Note
     Trustee.

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

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

6.   Interest

6.1  Period of Accrual

     Each Class A-1 Note accrues interest from (and including) February 21, 2002
     (the "Closing Date") and ceases to accrue interest on (but excluding) the
     earliest of:

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

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

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

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

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

     "Stated Amount" in relation to:

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

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

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

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

          (i)   the aggregate of all amounts previously paid in relation to that
                A$ Security (as defined in the Series Supplement) on account of
                principal pursuant to clause 10.3 of the Series Supplement; and

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

6.2  Accrual Periods

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

                                                                             56.

<PAGE>

     pursuant to Condition 6.1.

     "Distribution Date" means the 17th day of April, July, October and January
     in each year (or, if such a day is not a Business Day, the next Business
     Day). The first Distribution Date is April 17, 2002 (or, if that day is not
     a Business Day, the next Business Day).

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

6.3  Interest Rate for the Class A-1 Notes

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

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

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

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

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

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

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

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

                                                                             57.

<PAGE>

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

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

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

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

6.4  Calculation of Interest on the Class A-1 Notes

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

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

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

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

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

     The Agent Bank will cause the Interest Rate and the Class A-1 Interest
     Amount for each Accrual Period, and the date of the next Distribution Date,
     to be notified to the Issuer, the Manager, the US Dollar Note Trustee, the
     Currency Swap Providers and the Paying Agents on or as soon as practical
     after the Agent Bank has determined the Interest Rate and calculated the
     Class A-1 Interest Amount and will cause the same to be published in
     accordance with Condition 11.2 as soon as practical after that
     notification. The Class A-1 Interest Amount and the Distribution Date may
     subsequently be amended (or appropriate alternative arrangements made by
     way of adjustment) without notice in the event of an extension or
     shortening of the Accrual Period. If following the occurrence of an Event
     of Default (as defined in Condition 9.1), the Security Trustee declares in
     accordance with the Security Trust Deed that the Class A-1 Notes are
     immediately due and payable, the Class A-1 Interest Amount and the Interest
     Rate in respect of the Class A-1 Notes will nevertheless continue to be
     calculated by the Agent Bank in accordance with this Condition, but no
     publication of the Class A-1 Interest Amount or the Interest Rate so
     calculated or the Distribution Dates needs to be made unless, in the case
     of the Class A-1 Interest Amount or the Interest Rate, the US Dollar Note
     Trustee otherwise requires.

6.7  Determination or Calculation by the US Dollar Note Trustee

     If the Agent Bank at any time for any reason does not determine the
     Interest Rate in respect of the Class A-1 Notes, or calculate the Class A-1
     Interest Amount, in accordance with this Condition 6, the US Dollar Note

                                                                             58.

<PAGE>

     Trustee will do so and each such determination or calculation by the US
     Dollar Note Trustee will be as if made by the Agent Bank. In doing so, the
     US Dollar Note Trustee will apply the foregoing provisions of this
     Condition 6, with any necessary consequential amendments, to the extent
     that it can and in all other respects it will do so in such a manner as it
     considers to be fair and reasonable in all the circumstances.

6.8  Agent Bank

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

6.9  Payment of the Class A-1 Interest Amount

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

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

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

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

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

6.10 Interest on Unpaid Interest Amounts

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

7.   Redemption of the Class A-1 Notes

7.1  Final redemption of the Class A-1 Notes

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

                                                                             59.

<PAGE>

     Date occurring in April 2033 (the "Scheduled Maturity Date").

7.2  Part Redemption of Class A-1 Notes

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

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

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

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

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

7.3  Call Option

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

     (a)  the date on which the aggregate Mortgage Loan Principal (as defined in
          the Series Supplement) expressed as a percentage of the aggregate
          Mortgage Loan Principal at the beginning of business (Sydney time) on
          February 7, 2002 falls below 10%; and

     (b)  the Distribution Date falling in April 2009 (the "Call Date").

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

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

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

                                                                             60.

<PAGE>

7.4  Redemption for Taxation or Other Reasons

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

     (a)  on the next Distribution Date the Issuer will be required to deduct or
          withhold from any payment of principal or interest in respect of the
          Class A-1 Notes or any other class of the Securities any amount for or
          on account of any present or future taxes, duties, assessments or
          governmental charges of whatever nature imposed, levied, collected,
          withheld or assessed by a Relevant Jurisdiction; or

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

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

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

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

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

7.5  Certification

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

                                                                             61.

<PAGE>

7.6  Redemption on Final Payment

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

7.7  Cancellation

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

7.8  No Payment in excess of Stated Amount

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

7.9  Application of Principal Charge-offs

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

     "Determination Date" and "Principal Chargeoff" have the same respective
     meanings as in the Series Supplement.

7.10 Principal Chargeoffs Reimbursement

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

     "Determination Date" and "Principal Chargeoff Reimbursement" have the same
     meaning as in the Series Supplement.

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

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

     (a)  No later than two Business Days prior to each Distribution Date, the
          Manager will determine: (i) the amount of any Class A-1 Principal
          Amount payable in respect of each Class A-1 Note on the Distribution
          Date; (ii) the Stated Amount and Invested Amount of each Class A-1
          Note as at the first day of the Accrual Period commencing on the
          Distribution Date (after deducting any Class A-1 Principal Amounts due
          to be paid in respect of such Class A-1 Note on that Distribution Date
          and after making any other adjustments to the Stated Amount or the
          Invested Amount (as the case may be) of the Class A-1 Note in
          accordance with these Conditions on or with effect from that
          Distribution Date); (iii) the Class A-1 Note Factor (as defined below)
          as at that Distribution Date; and (iv) the amount of the Class A-1
          Interest Payment to be made on the Distribution Date applicable to
          each Class A-1 Note.

                                                                             62.

<PAGE>

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

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

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

                                  CAINF = A/B

     where:

     CA1NF = the Class A-1 Note Factor;

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

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

8.   Payments

8.1  Method of Payment

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

     "Record Date" in relation to a Distribution Date or any other date for any
     payment to be made in respect of a Class A-1 Note means:

     (a)  if the Class A-1 Note is issued in book entry form, 1 day prior to
          that Distribution Date; and

     (b)  if the Class A-1 Note is issued in definitive form, the day which is
          the last day of the prior calendar month.

8.2  Surrender on Final Payment

     Prior to a final distribution being made in respect of the Class A-1 Notes
     under clause 26.12 of the Series Supplement or clause 13.1 of the Security
     Trust Deed the US Dollar Note Trustee must notify the persons in whose
     names the Class A-1 Notes are registered on the relevant Record Date of the
     date upon which the US Dollar Note Trustee expects that final distribution
     to be made and specify if that such final distribution will be payable only
     upon surrender of the relevant Class A-1 Note to a Paying Agent at its
     specified office. No such final distribution will be made other than upon
     the surrender of the relevant Class A-1 Notes and none of the Issuer, the
     US Dollar Note Trustee, the Security Trustee or any Paying Agent will be
     liable to pay any additional amount to any Class A-1 Noteholder as a result
     of any delay in payment due to a Class A-1 Note not having been surrendered
     in accordance with this Condition 8.2.

                                                                             63.

<PAGE>

8.3  Paying Agents

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

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

8.4  Taxation

     All payments in respect of the Class A-1 Notes will be made without
     withholding or deduction for, or on account of, any present or future
     taxes, duties or charges of whatsoever nature unless the Issuer or any
     Paying Agent is required by any applicable law to make such a withholding
     or deduction. In that event the Issuer or that Paying Agent (as the case
     may be) will, after making such withholding or deduction, account to the
     relevant authorities for the amount so required to be withheld or deducted.
     Neither the Issuer nor any Paying Agent nor the US Dollar Note Trustee will
     be obliged to make any additional payments in respect of the relevant Class
     A-1 Notes in relation to that withholding or deduction. Immediately after
     becoming aware that such a withholding or deduction is or will be required,
     the Issuer will notify the US Dollar Note Trustee, the Principal Paying
     Agent and the Class A-1 Noteholders in accordance with Condition 11.1,
     thereof.

8.5  Prescription

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

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

8.6  Notify Late Payments

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

8.7  Rounding of Payments

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

9.   Enforcement following occurrence of Event of Default

9.1  Enforcement

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

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

                                                                             64.

<PAGE>

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

9.2  Security Trustee May Enforce Charge Without Direction

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

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

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

9.4  Security Trustee and US Dollar Note Trustee Not Liable for Loss on
     enforcement

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

     "Trust Indenture Act" means the Trust Indenture Act 1939 of the United
     States of America as in force at the date of the US Dollar Note Trust Deed.

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

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

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

                                                                             65.

<PAGE>

     discharge in full all amounts owing to the Class A-1 Noteholders in respect
     of the Class A-1 Notes and any other amounts owing by the Issuer to any
     other person ranking in priority to or with the Class A-1 Notes; (b) the US
     Dollar Note Trustee is of the opinion, reached after considering at any
     time and from time to time the advice of an investment bank or other
     financial adviser selected by the US Dollar Note Trustee, that the cash
     flow receivable by the Issuer (or the Security Trustee under the Security
     Trust Deed) will not (or that there is a significant risk that it will not)
     be sufficient, having regard to any other relevant actual, contingent or
     prospective liabilities of the Issuer, to discharge in full in due course
     all the amounts referred to in paragraph (a); or (c) the US Dollar Note
     Trustee is so directed by a Special Majority (as defined in Condition 10.3)
     of Class A-1 Noteholders.

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

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

9.6  Only Security Trustee May Enforce Charge

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

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

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

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

10.1 Meetings of Voting Secured Creditors

     The Security Trust Deed contains provisions for convening meetings of the
     Voting Secured Creditors to, among other things, enable the Voting Secured
     Creditors to direct or consent to the Security Trustee taking or not taking
     certain actions under the Security Trust Deed; for example to enable the
     Voting Secured Creditors, following the occurrence of an Event of Default,
     to direct the Security Trustee to declare the Securities immediately due
     and payable and/or to enforce the Charge.

                                                                             66.

<PAGE>

10.2 Directions of Class A-1 Noteholders

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

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

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

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

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

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

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

     (c)  is appropriate or expedient as a consequence of an amendment to any
          statute or regulation or altered requirements of any governmental
          agency or any decision of any court (including, without limitation, a
          modification which is in the opinion of the US Dollar Note Trustee
          appropriate or expedient as a consequence of the enactment of a
          statute or regulation or an amendment to any statute or regulation or
          ruling by the Australian Commissioner or Deputy Commissioner of
          Taxation or any governmental announcement or statement or any decision
          of any court, in any case which has or may have the effect of altering
          the manner or basis of taxation of trusts generally or of trusts
          similar to the Series Trust or the trust constituted under the US
          Dollar Note Trust Deed); or

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

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

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

     For the purpose of determining whether a Special Majority of Class A-1
     Noteholders has consented to a modification, Class A-1 Notes which are
     beneficially owned by the Issuer or the Manager or by any person directly
     or indirectly controlling or controlled by or under direct or indirect
     common control with the Issuer or the Manager, will be disregarded. The
     Manager must give the Rating Agencies 5 Business Days' prior notice of any
     such modification. The US Dollar Note Trustee will be entitled to assume
     that any proposed modification, other than a Payment Modification, will not
     be materially prejudicial to the

                                                                             67.

<PAGE>

     interest of Class A-1 Noteholders if each of the Rating Agencies confirms
     in writing that if the modification is effected this will not lead to a
     reduction, qualification or withdrawal of the then rating given to the
     Class A-1 Notes by that Rating Agency.

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

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

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

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

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

10.4 Waivers etc

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

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

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

10.5 Indemnification and Exoneration of the US Dollar Note Trustee and the
     Security Trustee

     The US Dollar Note Trust Deed and the Security Trust Deed contain
     provisions for the indemnification of the US Dollar Note Trustee and the
     Security Trustee (respectively) and for their relief from

                                                                             68.

<PAGE>

     responsibility, including provisions relieving them from taking proceedings
     to realise the security and to obtain repayment of the Securities unless
     indemnified to their satisfaction. Each of the US Dollar Note Trustee and
     the Security Trustee is entitled, subject in the case of the US Dollar Note
     Trustee to the mandatory provisions of the Trust Indenture Act, to enter
     into business transactions with the Issuer and/or any other party to the
     Transaction Documents without accounting for any profit resulting from such
     transactions.

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

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

11.  Notices

11.1 General

     All notices, other than notices given in accordance with the following
     paragraph and Condition 11.2, to Class A-1 Noteholders will be deemed given
     if in writing and mailed, first-class, postage prepaid to each Class A-1
     Noteholder, at his or her address as it appears on the US Dollar Note
     Register, not later than the latest date, and not earlier than the earliest
     date, prescribed for the giving of such notice. In any case where notice to
     Class A-1 Noteholders is given by mail, neither the failure to mail such
     notice nor any defect in any notice so mailed to any particular Class A-1
     Noteholder will affect the sufficiency of such notice with respect to other
     Class A-1 Noteholders, and any notice that is mailed in the manner herein
     provided will conclusively be presumed to have been duly given.

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

     Any such notice will be deemed to have been given on the date such notice
     is deposited in the mail.

     In case, by reason of the suspension of regular mail services as a result
     of a strike, work stoppage or similar activity, it is impractical to mail
     notice of any event to Class A-1 Noteholders when such notice is required
     to be given, then any manner of giving such notice as the Issuer directs
     the US Dollar Note Trustee will be deemed to be a sufficient giving of such
     notice.

11.2 Class A-1 Note Information

     Any notice specifying a Distribution Date, an Interest Rate in relation to
     the Class A-1 Notes, a Class A-1 Interest Amount, a Class A-1 Principal
     Amount (or the absence of a Class A-1 Principal Amount), an Invested
     Amount, a Stated Amount, a Class A-1 Note Factor in relation to the Class
     A-1 Notes, or

                                                                             69.

<PAGE>

     any other matter permitted to be given in accordance with this Condition
     11.2, will be deemed to have been duly given if the information contained
     in the notice appears on the relevant page of the Reuters Screen or the
     electronic information system made available to its subscribers by
     Bloomberg, L.P. or another similar electronic reporting service approved by
     the US Dollar Note Trustee in writing and notified to Class A-1 Noteholders
     pursuant to Condition 11.1 (the "Relevant Screen"). Any such notice will be
     deemed to have been given on the first date on which such information
     appeared on the Relevant Screen. If it is impossible or impracticable to
     give notice in accordance with this paragraph then notice of the matters
     referred to in this Condition will be given in accordance with Condition
     11.1.

11.3 Quarterly Servicing and Other Reports

     The Manager must deliver a Quarterly Servicing Report for each Accrual
     Period to the US Dollar Note Trustee, the Principal Paying Agent, the
     Issuer and each Class A-1 Noteholder on the Business Day preceding the
     Distribution Date on the last day of the Accrual Period in accordance with
     Condition 11.1.

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

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

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

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

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

     .    the aggregate of all Seller Advances made during the preceding
          Collection Period (as defined in the Series Supplement);

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

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

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

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

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

     .    the Principal Collections in relation to that Distribution Date;

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

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

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

     .    the Other Principal Amounts (as defined in the Series Supplement) in
          relation to the

                                                                             70.

<PAGE>

          preceding Determination Date;

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

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

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

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

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

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

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

     .    scheduled payments of principal and prepayments of principal received
          on the Mortgage Loans forming part of the Assets of the Series Trust
          (as defined in the Master Trust Deed) during the preceding Collections
          Period;

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

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

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

11.4 Consents in Writing

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

12.  Limitation of liability of the Issuer

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

     (b)  No person may sue the Issuer in respect of liabilities incurred by the
          Issuer in its capacity as trustee of the Series Trust other than as
          trustee of the Series Trust or seek the appointment of a receiver
          (except under the Security Trust Deed), a liquidator, an administrator
          or any

                                                                             71.

<PAGE>

          similar person to the Issuer or prove in any liquidation,
          administration or similar arrangements of or affecting the Issuer
          (except in relation to the assets or property of the Series Trust).

     (c)  The provisions of this Condition 12 will not apply to any obligation
          or liability of the Issuer to the extent that it is not satisfied
          because under a Transaction Document or by operation of law there is a
          reduction in the extent of the Issuer's indemnification or exoneration
          out of the assets or property of the Series Trust as a result of the
          Issuer's fraud, negligence or wilful default.

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

     (e)  In exercising their powers under the Transaction Documents, each of
          the Security Trustee, the US Dollar Note Trustee and the Class A-1
          Noteholders must ensure that no attorney, agent, delegate, receiver or
          receiver and manager appointed by it in accordance with a Transaction
          Document has authority to act on behalf of the Issuer in a way which
          exposes the Issuer to any personal liability and no act or omission of
          any such person will be considered fraud, negligence or wilful default
          of the Issuer for the purpose of paragraph (c).

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

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

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

13.  Governing law

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

                                                                             72.

<PAGE>

                                      Agents

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

US Dollar Note Registrar:    The Bank of New York, New York Branch
                             Global Structured Finance
                             101 Barclay Street, 21W
                             New York, New York, 10286

                             or

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

Agent Bank:                  The Bank of New York, New York Branch
                             Corporate Trust - Global Structured Finance
                             101 Barclay Street, 21W
                             New York, New York, 10286

Paying Agent:                The Bank of New York, London Branch
                             Corporate Trust - Global Structured Finance
                             48th Floor
                             One Canada Square
                             London  E14  5AL

                                                                             73.<PAGE>

                                   Exhibit 4.5

                                Agency Agreement

<PAGE>

                                                                     EXHIBIT 4.5

                                                     [LETTERHEAD OF CLAYTON UTZ]

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

Perpetual Trustee Company Limited
ABN 42 000 001 007
Issuer

Securitisation Advisory Services Pty Limited
ABN 88 064 133 946
Manager

The Bank of New York, New York Branch
US Dollar Note Trustee

The Bank of New York, New York Branch
US Dollar Note Registrar

The Bank of New York, New York Branch
Principal Paying Agent

The Bank of New York, New York Branch
Agent Bank

The Bank of New York, London Branch
Paying Agent

Series 2002-1G Medallion Trust
Agency Agreement

                           [LETTERHEAD OF CLAYTON UTZ]

                                     Lawyers
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                               www.claytonutz.com
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                 Our ref - 801/784/21697903 Contact Ben Sandstad

            Sydney o Melbourne o Brisbane o Perth o Canberra o Darwin

       Liability limited by the Solicitors' Limitation of Liability Scheme
            approved under the Professional Standards Act 1994 (NSW)

<PAGE>

Table of Contents

<TABLE>
<S>                                                                                                       <C>
1.     Definitions and interpretation...................................................................   2

       1.1     Definitions..............................................................................   2
       1.2     Series Supplement and Master Trust Deed Definitions......................................   3
       1.3     Interpretation...........................................................................   4
       1.4     Issuer Capacity..........................................................................   5
       1.5     Transaction Document.....................................................................   5
       1.6     Incorporated Definitions and other Transaction Documents and
               provisions...............................................................................   5

2.     Appointment of Paying Agents.....................................................................   6

       2.1     Appointment..............................................................................   6
       2.2     Several Obligations of Paying Agents.....................................................   6

3.     Payments.........................................................................................   6

       3.1     Payment by Issuer........................................................................   6
       3.2     Payments by Paying Agents................................................................   6
       3.3     Method of Payment for Class A-1 Book-Entry Notes.........................................   6
       3.4     Method of Payment for Class A-1 Definitive Notes.........................................   6
       3.5     Non-Payment..............................................................................   6
       3.6     Late Payment.............................................................................   7
       3.7     Reimbursement............................................................................   7
       3.8     Payment under Currency Swaps.............................................................   7
       3.9     Principal Paying Agent holds funds on trust..............................................   7
       3.10    Principal Paying Agent may deal with funds...............................................   8
       3.11    No Set-Off...............................................................................   8
       3.12    Holders of Class A-1 Notes...............................................................   8
       3.13    Repayment of Moneys......................................................................   8
       3.14    Paying Agents to Record, Notify Payments and Deliver Surrendered
               Notes....................................................................................   9

4.     Appointment and duties of the Agent Bank.................. ......................................   9

       4.1     Appointment..............................................................................   9
       4.2     Determinations by Agent Bank.............................................................   9
       4.3     Notification by Agent Bank...............................................................   9
       4.4     US Dollar Note Trustee to Perform Agent Bank's Function..................................   9
       4.5     Documents to Agent Bank..................................................................  10

5.     Appointment and duties of the US Dollar Note Registrar...........................................  10

       5.1     US Dollar Note Registrar.................................................................  10
       5.2     US Dollar Note Register to be Kept.......................................................  10
       5.3     Transfer or Exchange of Class A-1 Notes..................................................  10
       5.4     Replacement of Lost or Mutilated Class A-1 Notes.........................................  11
       5.5     Obligations upon Transfer, Exchange or Replacement of Class A-1
               Notes....................................................................................  11
       5.6     No Charge for Transfer or Exchange.......................................................  11
       5.7     Restricted Period........................................................................  11
       5.8     Cancellation of Class A-1 Notes..........................................................  12
       5.9     Provision of Information and Inspection of Register......................................  12
       5.10    Correctness of Register and Information..................................................  12
       5.11    Non-recognition of Equitable Interests...................................................  12
       5.12    Rectification of US Dollar Note Register.................................................  13

6.     US Dollar Note Trustee's Requirements regarding Agents...........................................  13

       6.1     Following Enforcement of the Charge or issue of Definitive
</TABLE>

                                                                              i.

<PAGE>

<TABLE>
<S>                                                                                                       <C>
               Notes....................................................................................  13
       6.2     Good Discharge to Issuer.................................................................  14
       6.3     Change of Authorised Officers............................................................  14

7.     Redemption of Class A-1 Notes....................................................................  14

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

8.     General Paying Agent Matters.....................................................................  15

       8.1     Notices to Class A-1 Noteholders.........................................................  15
       8.2     Copies of Documents for Inspection.......................................................  15
       8.3     Notice of any Withholding or Deduction...................................................  15

9.     Indemnity........................................................................................  15

       9.1     Indemnity by Issuer......................................................................  15
       9.2     Indemnity by Agent.......................................................................  16

10.    Changes in Agents................................................................................  16

       10.1    Appointment and Removal..................................................................  16
       10.2    Resignation..............................................................................  16
       10.3    Limitation of Appointment and Termination................................................  17
       10.4    Payment of amounts held by the Principal Paying Agent....................................  17
       10.5    Records held by US Dollar Note Registrar.................................................  17
       10.6    Successor to Principal Paying Agent, Agent Bank, US Dollar Note
               Registrar................................................................................  18
       10.7    Notice to Class A-1 Noteholders..........................................................  18
       10.8    Change in Specified Office...............................................................  19

11.    Miscellaneous duties and protection..............................................................  19

       11.1    Agents are agents of the Issuer..........................................................  19
       11.2    Agency...................................................................................  19
       11.3    Reliance.................................................................................  19
       11.4    Entitled to Deal.........................................................................  19
       11.5    Consultation.............................................................................  20
       11.6    Duties and Obligations...................................................................  20
       11.7    Income Tax Returns.......................................................................  20
       11.8    Representation by each Agent.............................................................  20

12.    Fees and expenses................................................................................  20

       12.1    Payment of Fee...........................................................................  20
       12.2    Payment of Expenses......................................................................  20
       12.3    No Other Fees............................................................................  20
       12.4    Payment of Fees..........................................................................  21
       12.5    No Commission............................................................................  21
       12.6    Issuer Personally Liable for Fees........................................................  21
       12.7    Timing of Payments.......................................................................  21

13.    Notices..........................................................................................  21

       13.1    Method of Delivery.......................................................................  21
       13.2    Deemed Receipt...........................................................................  22
       13.3    Communications through Principal Paying Agent............................................  22

14.    Issuer's limitation of liability.................................................................  22

       14.1    Limitation on Issuer's Liability.........................................................  22
       14.2    Claims against Issuer....................................................................  22
       14.3    Breach of Trust..........................................................................  22
       14.4    Acts or omissions........................................................................  23
       14.5    No Authority.............................................................................  23
</TABLE>

                                                                             ii.

<PAGE>

<TABLE>
<S>                                                                                                       <C>
       14.6    No obligation............................................................................  23

15.    General..........................................................................................  23

       15.1    Waiver...................................................................................  23
       15.2    Written Waiver, Consent and Approval.....................................................  23
       15.3    Severability.............................................................................  23
       15.4    Survival of Indemnities..................................................................  23
       15.5    Assignments..............................................................................  24
       15.6    Successors and Assigns...................................................................  24
       15.7    Moratorium Legislation...................................................................  24
       15.8    Amendments...............................................................................  24
       15.9    Governing Law............................................................................  24
       15.10   Jurisdiction.............................................................................  24
       15.11   Counterparts.............................................................................  24
       15.12   Limitation of US Dollar Note Trustee's Liability.........................................  25
</TABLE>

                                                                            iii.

<PAGE>

This Agency Agreement made at Sydney on 14 February 2002

Parties   Perpetual Trustee Company Limited, ABN 42 000 001 007, a company duly
          incorporated in the State of New South Wales and having an office at
          Level 3, 39 Hunter Street, Sydney, Australia, in its capacity as
          trustee of the Series Trust (as hereinafter defined) (hereinafter
          included in the expression the "Issuer")

          Securitisation Advisory Services Pty Limited, ABN 88 064 133 946, a
          company duly incorporated in the State of New South Wales and having
          an office at Level 6, 48 Martin Place, Sydney, Australia (hereinafter
          included by incorporation in the expression the "Manager")

          The Bank of New York, New York Branch a New York banking corporation
          acting through its New York branch at 101 Barclay Street, 21W, New
          York, New York 10286 as trustee of the US Dollar Note Trust (as
          hereinafter defined) (hereinafter included by incorporation in the
          expression the "US Dollar Note Trustee")

          The Bank of New York, New York Branch a New York banking corporation
          acting through its New York branch at 101 Barclay Street, 21W, New
          York, New York 10286 (hereinafter included in the expression the "US
          Dollar Note Registrar")

          The Bank of New York, New York Branch a New York banking corporation
          acting through its New York branch at 101 Barclay Street, 21W, New
          York, New York 10286 (hereinafter included in the expression the
          "Principal Paying Agent")

          The Bank of New York, New York Branch a New York banking corporation
          acting through its New York branch at 101 Barclay Street, 21W, New
          York, New York 10286 as trustee of the US Dollar Note Trust
          (hereinafter included in the expression the "Agent Bank")

          The Bank of New York, London Branch a New York banking corporation
          acting through its London branch of 48th floor, One Canada Square,
          London E14 5AL (hereinafter included in the expression the "Paying
          Agent")

Recitals

A.   The Issuer, in its capacity as trustee of the Series Trust, proposes to
     issue US$1,000,000,000 Class A-1 Mortgage Backed Floating Rate Notes due 17
     April 2033 (the "Class A-1 Notes").

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

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

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

                                                                              1.

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The parties agree

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1.   Definitions and interpretation

1.1  Definitions

     In this Agreement, unless the contrary intention appears:

     "Agent" means a several reference to each Paying Agent, the US Dollar Note
     Registrar, and the Agent Bank.

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

     "Authorised Officer" in relation to:

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

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

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

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

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

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

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

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

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

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

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

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

                                                                              2.

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     principal paying agent under this Agreement.

     "Quarterly Servicing Report" has the same meaning as in the US Dollar Note
     Conditions.

     "Series Supplement" means a Series Supplement dated 7 February 2002 between
     Commonwealth Bank of Australia, ABN 48 123 123 124, Homepath Pty Limited,
     ABN 35 081 986 530, the Manager and the Issuer.

     "Series Trust" means the trust known as the Series 2002-1G Medallion Trust
     established pursuant to the Master Trust Deed and the Series Supplement.

     "Specified Office" in relation to:

     (a)  the US Dollar Note Registrar, means the offices of the US Dollar Note
          Registrar as specified in the US Dollar Note Conditions or otherwise
          under this Agreement as the offices of the US Dollar Note Registrar
          where surrenders of Class A-1 Notes for transfer, exchange,
          replacement or redemption will occur and where, in respect of one of
          such offices, the US Dollar Note Register will be kept, as varied from
          time to time in accordance with this Agreement;

     (b)  a Paying Agent, means the office of the Paying Agent specified in the
          US Dollar Note Conditions or otherwise under this Agreement as the
          office at which payments in respect of the Class A-1 Notes will be
          made, as varied from time to time in accordance with this Agreement;
          and

     (c)  the Agent Bank, means the office of the Agent Bank specified in the US
          Dollar Note Conditions or otherwise under this Agreement as the office
          at which the Agent Bank will carry out its duties under this
          Agreement, as varied from time to time in accordance with this
          Agreement.

     "STAMP" means the Securities Transfer Agents Medallion Program.

     "Standby Swap Provider" means each Standby Swap Provider from time to time
     as defined in the Currency Swap Agreement.

     "UCC" means the Uniform Commercial Code of New York.

     "US Dollar Note Register" means the register established in accordance with
     clause 5.2.

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

     "US Dollar Note Trust" means the trust of that name constituted by the US
     Dollar Note Trust Deed.

1.2  Series Supplement and Master Trust Deed Definitions

     Subject to clause 1.6, unless defined in this Agreement, words and phrases
     defined in either or both of the Master Trust Deed and the Series
     Supplement have the same meaning in this Agreement. Where there is any
     inconsistency in a definition between this Agreement (on the one hand) and
     the Master Trust Deed or the Series Supplement (on the other hand), this
     Agreement prevails. Where there is any inconsistency in a definition
     between the Master Trust Deed and the Series Supplement, the Series
     Supplement prevails over the Master Trust Deed in respect of this
     Agreement. Subject to clause 1.6, where words or phrases used but not
     defined in this Agreement are defined in the Master Trust Deed in relation
     to a Series Trust (as defined

                                                                              3.

<PAGE>

     in the Master Trust Deed) and/or an Other Trust such words or phrases are
     to be construed in this Agreement, where necessary, as being used only in
     relation to the Series Trust (as defined in this Agreement) and/or the CBA
     Trust, as the context requires.

1.3  Interpretation

     In this Agreement, unless the contrary intention appears:

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

     (b)  a reference to this "Agreement" includes the Recitals;

     (c)  the expression "person" includes an individual, the estate of an
          individual, a body politic, a corporation and a statutory or other
          authority or association (incorporated or unincorporated);

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

     (e)  subject to clause 1.6, a reference to any document or agreement is to
          such document or agreement as amended, novated, supplemented, varied
          or replaced from time to time;

     (f)  a reference to any legislation or to any section or provision of any
          legislation includes any statutory modification or re-enactment or any
          statutory provision substituted for that legislation and all
          ordinances, by-laws, regulations and other statutory instruments
          issued under that legislation, section or provision;

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

     (h)  a reference to a clause is a reference to a clause of this Agreement;

     (i)  a reference to "wilful default" in relation to a party means, subject
          to clause 1.3(j), any wilful failure by that party to comply with, or
          wilful breach by that party of, any of its obligations under any
          Transaction Document, other than a failure or breach which:

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

                    (1)  that party; or

                    (2)  any other person referred to in clause 1.3(j); and

               B.   the performance of the action (the non-performance of which
                    gave rise to such breach) is a pre-condition to that party
                    performing the said obligation; or

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

          (iii) is in accordance with a proper instruction or direction of
               Investors given at a meeting convened under any Transaction
               Document;

     (j)  a reference to the "fraud", "negligence" or "wilful default" of a
          party means the fraud, negligence or wilful default of that party and
          of its officers, employees,

                                                                              4.

<PAGE>

          agents and any other person where that party is liable for the acts or
          omissions of such other person under the terms of any Transaction
          Document;

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

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

     (m)  a reference to the "close of business" on any day is a reference to
          5.00 pm on that day;

     (n)  a reference to time is to local time in Sydney;

     (o)  subject to clause 13.2, each party will only be considered to have
          knowledge or awareness of, or notice of, a thing or grounds to believe
          anything by virtue of the officers of that party (or any Related Body
          Corporate of that party) having day to day responsibility for the
          administration or management of that party's (or a Related Body
          Corporate of that party's) obligations in relation to the Series Trust
          having actual knowledge, actual awareness or actual notice of that
          thing, or grounds or reason to believe that thing (and similar
          references will be interpreted in this way); and

     (p)  a reference to the enforcement of the Charge means that the Security
          Trustee appoints (or the Voting Secured Creditors as contemplated by
          clause 8.4 of the Security Trust Deed appoint) a Receiver over any
          Charged Property, or takes possession of any Charged Property,
          pursuant to the Security Trust Deed (expressions used in this clause
          have the same meanings as in the Security Trust Deed).

1.4  Issuer Capacity

     In this Agreement, except where provided to the contrary:

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

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

1.5  Transaction Document

     For the purposes of the Master Trust Deed and the Series Supplement, this
     Agreement is a Transaction Document.

1.6  Incorporated Definitions and other Transaction Documents and provisions

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

                                                                              5.

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2.   Appointment of Paying Agents

2.1  Appointment

     The Issuer, at the direction of the Manager, hereby appoints the Principal
     Paying Agent as its initial principal paying agent, and each other Paying
     Agent from time to time as its paying agent, for making payments in respect
     of the Class A-1 Notes pursuant to the Transaction Documents at their
     respective Specified Offices in accordance with the terms and conditions of
     the Agreement. The Principal Paying Agent, and each other Paying Agent,
     hereby accepts that appointment.

2.2  Several Obligations of Paying Agents

     While there is more than one Paying Agent, the obligations of the Paying
     Agents under this Agreement are several and not joint.

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3.   Payments

3.1  Payment by Issuer

     Subject to clause 3.8, the Issuer must not later than 10.00 am (New York
     time) on each Distribution Date, pay to or to the order of the Principal
     Paying Agent to an account specified by the Principal Paying Agent in same
     day funds the amount in US$ as may be required (after taking account of any
     money then held by the Principal Paying Agent and available for the
     purpose) to be paid on that Distribution Date in respect of the Class A-1
     Notes under the US Dollar Note Conditions.

3.2  Payments by Paying Agents

     Subject to payment being duly made as provided in clause 3.1 (or the
     Principal Paying Agent otherwise being satisfied that the payment will be
     duly made on the due date), and subject to clause 6, the Paying Agents will
     pay or cause to be paid to the Class A-1 Noteholders on behalf of the
     Issuer on each Distribution Date the relevant amounts of principal and
     interest due in respect of the Class A-1 Notes in accordance with this
     Agreement and the US Dollar Note Conditions.

3.3  Method of Payment for Class A-1 Book-Entry Notes

     The Principal Paying Agent will cause all payments of principal or interest
     (as the case may be) due in respect of Class A-1 Book-Entry Notes to be
     made to the Depository or, if applicable, to its nominee in whose name the
     Class A-1 Book-Entry Notes are registered, to the account or accounts
     designated by the Depository or, if applicable, that nominee and otherwise
     in accordance with Condition 8.1 of the US Dollar Note Conditions.

3.4  Method of Payment for Class A-1 Definitive Notes

     The Paying Agents will cause all payments of principal or interest (as the
     case may be) due in respect of Class A-1 Definitive Notes to be made in
     accordance with Condition 8.1 of the US Dollar Note Conditions.

3.5  Non-Payment

     (a)  (No obligation on Paying Agents): If the Issuer fails to make any
          payment, unless and until the full amount of the payment has been made
          under the terms of this Agreement (except as to the time of making the
          payment) or other arrangements satisfactory to the Principal Paying
          Agent have been made, none of the Principal

                                                                              6.

<PAGE>

          Paying Agent nor any of the other Paying Agents is bound to make any
          payment in accordance with this clause 3 (but may, in its discretion,
          make any such payment).

     (b)  (Notice of Non-receipt): The Principal Paying Agent will immediately
          notify by facsimile the other Paying Agents, the US Dollar Note
          Trustee, the Issuer, the Security Trustee, the Standby Swap Provider
          and the Manager if the full amount of any payment of principal or
          interest in respect of the Class A-1 Notes required to be made
          pursuant to the US Dollar Note Conditions is not unconditionally
          received by it or to its order in accordance with this Agreement.

3.6  Late Payment

     (a)  (Late Payments to be paid in accordance with this Agreement): If any
          payment under clause 3.1 is made late but otherwise in accordance with
          the provisions of this Agreement, each Paying Agent will make the
          payments required to be made by it in respect of the Class A-1 Notes
          as provided in this clause 3.

     (b)  (Notice): If the Principal Paying Agent does not receive on a
          Distribution Date the full amount of principal and interest then
          payable on any Class A-1 Note in accordance with the US Dollar Note
          Conditions, but receives the full amount later, it will:

          (i)  forthwith upon receipt of the full amount notify the other Paying
               Agents, the Issuer, the US Dollar Note Trustee, the Security
               Trustee and the Manager; and

          (ii) as soon as practicable after receipt of the full amount give
               notice, in accordance with Condition 11.1 of the US Dollar Note
               Conditions, to the Class A-1 Noteholders that it has received the
               full amount.

3.7  Reimbursement

     The Principal Paying Agent will (provided that it has been placed in funds
     by the Issuer) on demand promptly reimburse each other Paying Agent for
     payments of principal and interest properly made by that Paying Agent in
     accordance with the US Dollar Note Conditions and this Agreement. The
     Issuer will not be responsible for the apportionment of any moneys between
     the Principal Paying Agent and the other Paying Agents and a payment to the
     Principal Paying Agent of any moneys due to the Paying Agents will operate
     as a good discharge to the Issuer in respect of such moneys.

3.8  Payment under Currency Swaps

     The payment by the Issuer of its Australian dollar payment obligations
     under the Series Supplement on each Distribution Date to each Currency Swap
     Provider will be a good discharge of its corresponding US Dollar
     obligations under clause 3.1 (but will not relieve the Issuer of any
     liability in respect of any default in payment in respect of a Class A-1
     Note under any other Transaction Document).

3.9  Principal Paying Agent holds funds on trust

     Each Paying Agent will hold in a separate account on trust for the US
     Dollar Note Trustee and the Class A-1 Noteholders all sums held by such
     Paying Agent for the payment of principal and interest with respect to the
     Class A-1 Notes until such sums are paid to the US Dollar Note Trustee or
     the Class A-1 Noteholders in accordance with the US Dollar Note Trust Deed
     or the US Dollar Note Conditions or repaid under clause 3.13.

                                                                              7.

<PAGE>

3.10 Principal Paying Agent may deal with funds

     Subject to the terms of this Agreement, the Principal Paying Agent is
     entitled to deal with moneys paid to it under this Agreement in the same
     manner as other moneys paid to it as a banker by its customers. The
     Principal Paying Agent is entitled to retain for its own account any
     interest earned on such moneys, except as required by law.

3.11 No Set-Off

     No Paying Agent is entitled to exercise any right of set-off, withholding,
     counterclaim or lien against, or make any deduction in any payment to, any
     person entitled to receive amounts of principal or interest on the Class
     A-1 Notes in respect of moneys payable by it under this Agreement.

3.12 Holders of Class A-1 Notes

     Except as ordered by a court of competent jurisdiction or as required by
     law, each Paying Agent is entitled to treat the person:

     (a)  (Class A-1 Book Entry Notes): who is, while a Class A-1 Book-Entry
          Note remains outstanding, the registered owner of that Class A-1
          Book-Entry Note as recorded in the US Dollar Note Register as the
          absolute owner of that Class A-1 Book-Entry Note and as the person
          entitled to receive payments of principal or interest (as applicable)
          and each person shown in the records of the Depository as the holder
          of any Class A-1 Note represented by a Class A-1 Book-Entry Note will
          be entitled to receive from the registered owner of that Class A-1
          Book-Entry Note any payment so made only in accordance with the
          respective rules and procedures of the Depository;

     (b)  (Class A-1 Definitive Notes): who is the registered owner of any Class
          A-1 Definitive Note as recorded in the US Dollar Note Register as the
          absolute owner or owners of that Class A-1 Definitive Note (whether or
          not that Class A-1 Definitive Note is overdue and despite any notice
          of ownership or writing on it or any notice of previous loss or theft
          or of any trust or other interest in it); and

     (c)  (US Dollar Note Trustee): who, when a Class A-1 Book-Entry Note in
          respect of any Class A-1 Note is no longer outstanding but Class A-1
          Definitive Notes in respect of the Class A-1 Notes have not been
          issued, is for the time being the US Dollar Note Trustee, as the
          person entrusted with the receipt of principal or interest, as
          applicable, on behalf of the relevant Class A-1 Noteholders,

     in all cases and for all purposes, despite any notice to the contrary, and
     will not be liable for so doing.

3.13 Repayment of Moneys

     (a)  (Prescription): Immediately on any entitlement to receive principal or
          interest under any Class A-1 Note becoming void under the US Dollar
          Note Conditions, the Principal Paying Agent will repay to the Issuer
          the amount which would have been due in respect of that principal or
          interest if it had been paid before the entitlement became void,
          together with any fees applicable to that payment or entitlement (pro
          rated as to the amount and time) to the extent already paid under
          clause 12.

     (b)  (No Repayment while outstanding amounts due): Notwithstanding clause
          3.13(a) the Principal Paying Agent is not obliged to make any
          repayment to the Issuer while any fees and expenses which should have
          been paid to or to the order of the Principal Paying Agent or, if
          applicable, the US Dollar Note Trustee, by the Issuer

                                                                              8.

<PAGE>

          remain unpaid.

3.14 Paying Agents to Record, Notify Payments and Deliver Surrendered Notes

     Each Paying Agent must:

     (a)  (Notify US Dollar Note Registrar): promptly notify the US Dollar Note
          Registrar of each payment made by it, or at its direction, to Class
          A-1 Noteholders in respect of the Class A-1 Notes;

     (b)  (Records): keep a full and complete record of each payment made by it,
          or at its direction, to Class A-1 Noteholders and provide copies of
          such records to the Issuer, the Manager, the US Dollar Note Trustee or
          the US Dollar Note Registrar upon request; and

     (c)  (Deliver): promptly deliver to the US Dollar Note Registrar any Class
          A-1 Notes surrendered to it pursuant to Condition 8.2 of the US Dollar
          Note Conditions.

     A record by a Paying Agent under this clause 3.14 is sufficient evidence,
     unless the contrary is proved, of the relevant payments having been made or
     not made.

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4.   Appointment and duties of the Agent Bank

4.1  Appointment

     The Issuer, at the direction of the Manager, hereby appoints the Agent Bank
     as its initial reference agent in respect of the Class A-1 Notes upon the
     terms and conditions contained in this Agreement and the Agent Bank hereby
     accepts that appointment.

4.2  Determinations by Agent Bank

     The Agent Bank must perform such duties, and make such calculations,
     determinations, notifications and publications at its Specified Office as
     are set forth in the US Dollar Note Conditions and the Currency Swap
     Agreement (in respect of each Class A-1 Currency Swap as defined in the
     Currency Swap Agreement) to be performed or made by it until the Class A-1
     Notes are redeemed (or deemed to be redeemed) in full in accordance with
     the US Dollar Note Conditions and must perform any other duties as
     requested by the Issuer, the Manager or the Principal Paying Agent which
     are reasonably incidental to those duties.

4.3  Notification by Agent Bank

     If the Agent Bank fails to perform any duty or to make any calculation,
     determination, notification or publication as provided in clause 4.2, it
     must forthwith notify the Issuer, the Manager, the US Dollar Note Trustee,
     the Principal Paying Agent and the Currency Swap Providers thereof.

4.4  US Dollar Note Trustee to Perform Agent Bank's Function

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

                                                                              9.

<PAGE>

     reasonable in all the circumstances.

4.5  Documents to Agent Bank

     The Manager and the Issuer will provide to the Agent Bank such documents
     and other information as the Agent Bank reasonably requires in order for
     the Agent Bank to properly fulfil its duties in respect of the Class A-1
     Notes and the Currency Swap Agreement.

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5.   Appointment and duties of the US Dollar Note Registrar

5.1  US Dollar Note Registrar

     The Issuer, at the direction of the Manager, hereby appoints the US Dollar
     Note Registrar as its initial note registrar in respect of the Class A-1
     Notes upon the terms and conditions contained in this Agreement and the US
     Dollar Note Registrar hereby accepts that appointment.

5.2  US Dollar Note Register to be Kept

     The US Dollar Note Registrar must keep a register, at one of its Specified
     Offices, in which, subject to such reasonable regulations as the US Dollar
     Note Registrar may prescribe, the US Dollar Note Registrar must keep a full
     and complete record of:

     (a)  (Class A-1 Noteholder Details): the name, address and, where
          applicable, taxation, social security or other identifying number of
          each Class A-1 Noteholder, the details of the Class A-1 Notes held by
          that Class A-1 Noteholder and the details of the account to which any
          payments due to the Class A-1 Noteholder are to be made in each case
          as notified by that Class A-1 Noteholder from time to time;

     (b)  (Exchange etc. of Class A-1 Notes): the issue and any exchange,
          transfer, replacement, redemption (in whole or part) or cancellation
          of a Class A-1 Note;

     (c)  (Payments): all payments made in respect of the Class A-1 Notes (as
          notified to it by each Paying Agent pursuant to clause 3.14(a));

     (d)  (Principal): the Invested Amount and the Stated Amount of each Class
          A-1 Note from time to time (as notified to it by the Manager pursuant
          to clause 7.1);

     (e)  (Other Information): such other information as the Manager reasonably
          requires or the US Dollar Note Registrar considers appropriate or
          desirable.

5.3  Transfer or Exchange of Class A-1 Notes

     Class A-1 Notes held by a Class A-1 Noteholder may be transferred or may be
     exchanged for other Class A-1 Notes in any authorised denominations and a
     like Invested Amount, provided in each case that the requirements of
     Section 8-401(a) of the UCC are met, by that Class A-1 Noteholder upon:

     (a)  (Surrender and Instrument of Transfer or Exchange): the surrender of
          the Class A-1 Notes to be transferred or exchanged duly endorsed with,
          or accompanied by, a written instrument of transfer or exchange in the
          form, in the case of a transfer, annexed to the Class A-1 Notes or
          otherwise in a form satisfactory to the US Dollar Note Registrar duly
          executed by the Class A-1 Noteholder, or its attorney duly authorised
          in writing, with such signature guaranteed by an "eligible guarantor
          institution" meeting the requirements of the US Dollar Note Registrar
          which requirements include membership of, or participation in, STAMP
          or such other "signature guarantee program" as may be determined by
          the US Dollar Note Registrar in addition to, or in substitution for,
          STAMP, all in accordance with the

                                                                             10.

<PAGE>

          Exchange Act; and

     (b)  (Other Documents): the provision of such other documents as the US
          Dollar Note Registrar may reasonably require,

     to the US Dollar Note Registrar at a Specified Office of the US Dollar Note
     Registrar.

5.4  Replacement of Lost or Mutilated Class A-1 Notes

     If any Class A-1 Note is lost, stolen, mutilated, defaced or destroyed it
     may, provided that the requirements of Section 8-405 of the UCC are met, be
     replaced with other Class A-1 Notes in any authorised denominations, and a
     like Invested Amount, upon surrender to the US Dollar Note Registrar of the
     Class A-1 Notes to be replaced (where the Class A-1 Notes have been
     mutilated or defaced) at a Specified Office of the US Dollar Note
     Registrar, the provision of such evidence and indemnities as the US Dollar
     Note Registrar or the Issuer may reasonably require and payment of the US
     Dollar Note Registrar's and the Issuer's expenses incurred, and any tax or
     governmental charge that may be imposed, in connection with such
     replacement.

5.5  Obligations upon Transfer, Exchange or Replacement of Class A-1 Notes

     Subject to this Deed, upon compliance by the relevant Class A-1 Noteholder
     with the provisions of clauses 5.3 or 5.4, as applicable, in relation to
     the transfer, exchange or replacement of any Class A-1 Notes:

     (a)  (Advise Issuer): the US Dollar Note Registrar must within 3 Business
          Days so advise the Issuer and the US Dollar Note Trustee (if it is not
          the US Dollar Note Registrar) in writing and provide details of the
          new Class A-1 Notes to be issued in place of those Class A-1 Notes;

     (b)  (Execution and Authentication): the Issuer must, within 3 Business
          Days of such advice, execute and deliver to the US Dollar Note Trustee
          for authentication in the name of the relevant Class A-1 Noteholder or
          the designated transferee or transferees, as the case may be, one or
          more new Class A-1 Notes in any authorised denominations, and a like
          Invested Amount as those Class A-1 Notes (in each case as specified by
          the US Dollar Note Registrar) and the US Dollar Note Trustee must
          within 3 Business Days of receipt of such executed Class A-1 Notes
          authenticate them and (if it is not the US Dollar Note Registrar)
          deliver those Class A-1 Notes to the US Dollar Note Registrar; and

     (c)  (Delivery to Class A-1 Noteholder): the US Dollar Note Registrar must,
          within 3 Business Days of receipt of such new Class A-1 Notes (or
          authentication of such Class A-1 Notes if the US Dollar Note Registrar
          is the US Dollar Note Trustee), forward to the relevant Class A-1
          Noteholder (being the transferee in the case of a transfer of a Class
          A-1 Note) such new Class A-1 Notes.

5.6  No Charge for Transfer or Exchange

     No service charge may be made to a Class A-1 Noteholder for any transfer or
     exchange of Class A-1 Notes, but the US Dollar Note Registrar may require
     payment by the Class A-1 Noteholder of a sum sufficient to cover any tax or
     other governmental charge that may be imposed in connection with any
     transfer or exchange of Class A-1 Notes.

5.7  Restricted Period

     Notwithstanding the preceding provisions of this clause 5, the US Dollar
     Note Registrar need not register transfers or exchanges of Class A-1 Notes,
     and the Issuer is not required to execute nor the US Dollar Note Trustee to
     authenticate any Class A-1 Notes, for a period of 30 days

                                                                             11.

<PAGE>

     preceding the due date for any payment with respect to the Class A-1 Notes
     or for such period, not exceeding 30 days, as is specified by the US Dollar
     Note Trustee prior to any meeting of Relevant Investors, which includes
     Class A-1 Noteholders, under the Master Trust Deed or prior to any meeting
     of Voting Secured Creditors, which includes Class A-1 Noteholders, under
     the Security Trust Deed.

5.8  Cancellation of Class A-1 Notes

     The US Dollar Note Registrar must cancel or destroy all Class A-1 Notes
     that have been surrendered to it for transfer, exchange or replacement
     (including any Class A-1 Book Entry Notes surrendered pursuant to clause
     3.4(b) of the US Dollar Note Trust Deed) or surrendered to a Paying Agent
     for redemption and delivered to the US Dollar Note Registrar and must, upon
     request, provide a certificate to the Issuer, the US Dollar Note Trustee or
     the Manager with the details of all such Class A-1 Notes.

5.9  Provision of Information and Inspection of Register

     The US Dollar Note Registrar must:

     (a)  (Information): provide to the Issuer, the Manager, the US Dollar Note
          Trustee and each other Agent such information as is contained in the
          US Dollar Note Register and is required by them in order to perform
          any obligation pursuant to a Transaction Documents;

     (b)  (Inspection): make the US Dollar Note Register:

          (i)  available for inspection or copying by the Issuer, the Manager,
               the US Dollar Note Trustee and each other Agent or their agents
               or delegates; and

          (ii) available for inspection by each Class A-1 Noteholder but only in
               respect of information relating to that Class A-1 Noteholder,

     at one of the US Dollar Note Registrar's Specified Offices during local
     business hours.

5.10 Correctness of Register and Information

     The Issuer, the US Dollar Note Trustee, the Manager and each Agent (other
     than the US Dollar Note Registrar) may accept the correctness of the US
     Dollar Note Register and any information provided to it by the US Dollar
     Note Registrar and is not required to enquire into its authenticity. None
     of the Issuer, the US Dollar Note Trustee, the Manager or any Agent
     (including the US Dollar Note Registrar) is liable for any mistake in the
     US Dollar Note Register or in any purported copy except to the extent that
     the mistake is attributable to its own fraud, negligence or wilful default.

5.11 Non-recognition of Equitable Interests

     Except as required by Statute or as ordered by a court of competent
     jurisdiction, no notice of any trust, whether express, implied or
     constructive, is to be entered in the US Dollar Note Register and except as
     otherwise provided in any Transaction Document, or required by Statute or
     ordered by a court of competent jurisdiction, none of the US Dollar Note
     Registrar, the US Dollar Note Trustee, the Issuer, the Manager or any other
     Agent is to be affected by or compelled to recognise (even when having
     notice of it) any right or interest in any Class A-1 Notes other than the
     registered Class A-1 Noteholder's absolute right to the entirety of them
     and the receipt of a registered Class A-1 Noteholder is a good discharge to
     the Issuer, the Manager, the US Dollar Note Trustee and each Agent.

                                                                             12.

<PAGE>

5.12 Rectification of US Dollar Note Register

     If:

     (a)  (Entry Omitted): an entry is omitted from the US Dollar Note Register;

     (b)  (Entry made otherwise than in accordance with this Deed): an entry is
          made in the US Dollar Note Register otherwise than in accordance with
          this Agreement;

     (c)  (Wrong entry exists): an entry wrongly exists in the US Dollar Note
          Registrar;

     (d)  (Error or defect exists in Register); there is an error or defect in
          any entry in the US Dollar Note Register; or

     (e)  (Default made): default is made or unnecessary delay takes place in
          entering in the US Dollar Register that any person has ceased to be
          the holder of Class A-1 Notes,

     then the US Dollar Note Registrar may rectify the same.

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6.   US Dollar Note Trustee's Requirements regarding Agents

6.1  Following Enforcement of the Charge or issue of Definitive Notes

     At any time after either an Event of Default (unless waived by the Security
     Trustee pursuant to clause 9.5 of the Security Trust Deed) or the
     enforcement of the Charge or at any time after Class A-1 Definitive Notes
     have not been issued when required in accordance with the US Dollar Note
     Trust Deed, the US Dollar Note Trustee may:

     (a)  (Require Agents): by notice in writing to the Issuer, the Manager, and
          each Agent require any one or more of the Agents either:

          (i)  A.   to act as the Agent of the US Dollar Note Trustee on the
                    terms and conditions of this Agreement in relation to
                    payments to be made by or on behalf of the US Dollar Note
                    Trustee under the terms of the US Dollar Note Trust Deed,
                    except that the US Dollar Note Trustee's liability under any
                    provision of this Agreement for the indemnification of the
                    Principal Paying Agent, the Paying Agents and the Agent Bank
                    will be limited to any amount for the time being held by the
                    US Dollar Note Trustee on the trust of the US Dollar Note
                    Trust Deed and which is available to be applied by the US
                    Dollar Note Trustee for that purpose; and

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

          (ii) to deliver up all Class A-1 Notes and all amounts, documents and
               records held by them in respect of the Class A-1 Notes, to the US
               Dollar Note Trustee or as the US Dollar Note Trustee directs in
               that notice, other than any documents or records which an Agent
               is obliged not to release by any law; and

     (b)  (Require Issuer): by notice in writing to the Issuer require it to
          make (or arrange to be made) all subsequent payments in respect of the
          Class A-1 Notes to the order of the US Dollar Note Trustee and not to
          the Principal Paying Agent and, with effect from the issue of that
          notice to the Issuer and until that notice is withdrawn, clause

                                                                             13.

<PAGE>

          6.1(b) of the US Dollar Note Trust Deed will not apply.

6.2  Good Discharge to Issuer

     The payment by or on behalf of the Issuer of its payment obligations on
     each Distribution Date under the Series Supplement and the US Dollar Note
     Conditions to the US Dollar Note Trustee in accordance with clause 6.1 is a
     good discharge to the Issuer and the Issuer will not be liable for any act
     or omission or default of the US Dollar Note Trustee during the period it
     is required to make payments to the US Dollar Note Trustee under clause
     6.1.

6.3  Change of Authorised Officers

     The US Dollar Note Trustee will forthwith give notice to the Manager, the
     Issuer, the Security Trustee and each Agent of any change in the Authorised
     Officers of the US Dollar Note Trustee.

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7.   Redemption of Class A-1 Notes

7.1  Part Redemption of Class A-1 Notes on Distribution Dates

     (a)  (Manager to Make Determinations etc): Two Business Days prior to each
          Distribution Date, the Manager will make the determinations referred
          to in Condition 7.11(a) of the US Dollar Note Conditions in relation
          to that Distribution Date and will give to the Issuer, the US Dollar
          Note Trustee, the Principal Paying Agent, the Agent Bank and the US
          Dollar Note Registrar the notifications, and will cause to be made to
          the Class A-1 Noteholders the publication, required by Condition
          7.11(b) of the US Dollar Note Conditions. If the Manager does not at
          any time for any reason make the determinations referred to in
          Condition 7.11(c) of the US Dollar Note Conditions it must forthwith
          advise the US Dollar Note Trustee and the Agent Bank and such
          determinations must be made by the Agent Bank, or failing the Agent
          Bank, by the US Dollar Note Trustee in accordance with such Condition
          7.11(c) of the US Dollar Note Conditions (but based on the information
          in its possession) and each such determination will be deemed to have
          been made by the Manager.

     (b)  (Notify Depository): If any Class A-1 Book-Entry Notes are
          outstanding, on receipt of a notification under Condition 7.11(b) of
          the US Dollar Note Conditions, the Principal Paying Agent must notify
          the Depository of any proposed redemption in accordance with the
          Depository's applicable procedures, specifying the principal amount of
          each Class A-1 Book-Entry Note to be redeemed and the date on which
          the redemption is to occur and must provide a copy to the Depository
          of the notification received under Condition 7.11(b) of the US Dollar
          Note Conditions.

7.2  Early Redemption

     (a)  (Notice to Paying Agent etc): If the Issuer intends to redeem all (but
          not some only) of the Class A-1 Notes prior to the Scheduled Maturity
          Date (as defined in the US Dollar Note Conditions) pursuant to
          Conditions 7.3 or 7.4 of the US Dollar Note Conditions, the Manager
          will direct the Issuer to give the requisite notice to the Sellers,
          the US Dollar Note Trustee, the Principal Paying Agent, the US Dollar
          Note Registrar, the Agent Bank and the Class A-1 Noteholders in
          accordance with Conditions 7.3 or 7.4 (as the case may be) of the US
          Dollar Note Conditions and stating the date on which such Class A-1
          Notes are to be redeemed.

     (b)  (Notice to Depository): The Principal Paying Agent will, on receipt of
          a notice under clause 7.2(a), and if any Class A-1 Book Entry Notes
          are outstanding, notify

                                                                             14.

<PAGE>

          the Depository of the proposed redemption in accordance with the
          Depository's applicable procedures, specifying the Invested Amount and
          Stated Amount of each Class A-1 Book-Entry Note to be redeemed, the
          amount of principal to be repaid in relation to each Class A-1
          Book-Entry Note and the date on which the Class A-1 Book-Entry Notes
          are to be redeemed.

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

8.   General Paying Agent Matters

8.1  Notices to Class A-1 Noteholders

     (a)  (Notices to be given by US Dollar Note Registrar): At the request of
          the Issuer, the US Dollar Note Trustee, the Manager, the Security
          Trustee or any other Agent, and at the expense of the Issuer, the US
          Dollar Note Registrar will arrange for the delivery of all notices and
          the Quarterly Servicing Report to Class A-1 Noteholders in accordance
          with the US Dollar Note Conditions.

     (b)  (Copy to US Dollar Note Trustee): The US Dollar Note Registrar will
          promptly send to the US Dollar Note Trustee one copy of the form of
          every notice given to Class A-1 Noteholders in accordance with the US
          Dollar Note Conditions (unless such notice is given at the request of
          the US Dollar Note Trustee).

     The US Dollar Note Registrar will not be responsible for, or liable to any
     person in respect of, the contents of any notices or reports delivered by
     it at the request of the Issuer, the US Dollar Note Trustee, the Manager,
     the Security Trustee or any other Agent pursuant to this clause 8.1.

8.2  Copies of Documents for Inspection

     The Manager will provide to the US Dollar Note Registrar sufficient copies
     of all documents required by the US Dollar Note Conditions or the US Dollar
     Note Trust Deed to be available to Class A-1 Noteholders for issue or
     inspection.

8.3  Notice of any Withholding or Deduction

     If the Issuer or any Paying Agent is, in respect of any payment in respect
     of the Class A-1 Notes, compelled to withhold or deduct any amount for or
     on account of any taxes, duties or charges as contemplated by Condition 8.4
     of the US Dollar Note Conditions, the Issuer must give notice to the
     Principal Paying Agent, the US Dollar Note Trustee and the Class A-1
     Noteholders in accordance with Condition 11.1 of the US Dollar Note
     Conditions immediately after becoming aware of the requirement to make the
     withholding or deduction and must give to the Principal Paying Agent and
     the US Dollar Note Trustee such information as they require to enable each
     of them to comply with the requirement.

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9.   Indemnity

9.1  Indemnity by Issuer

     Subject to clause 14, the Issuer undertakes to indemnify each Agent and its
     directors, officers, employees and controlling persons against all losses,
     liabilities, costs, claims, actions, damages, expenses or demands which any
     of them may incur or which may be made against any of them as a result of
     or in connection with the appointment of or the exercise of the powers and
     duties by the Agent under this Agreement except as may result from its
     fraud, negligence or default or that of its directors, officers, employees
     or controlling persons or any of them, or breach by it of the terms of this
     Agreement and notwithstanding the resignation or removal of that Agent
     pursuant to clause 10.

                                                                             15.

<PAGE>

9.2  Indemnity by Agent

     Each Agent undertakes to indemnify on a several basis the Issuer, the
     Manager and each of their respective directors, officers, employees and
     controlling persons against all losses, liabilities, costs, claims,
     actions, damages, expenses or demands which any of them may incur or which
     may be made against any of them as a result of (but not including any
     consequential, indirect, punitive or special damages to the extent
     resulting from) its default, negligence or bad faith or that of its
     directors, officers, employees or controlling persons or any of them, or
     breach by it of the terms of this Agreement.

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

10.  Changes in Agents

10.1 Appointment and Removal

     The Issuer (on the direction of the Manager) may with the prior written
     approval of the US Dollar Note Trustee (which approval must not be
     unreasonably withheld or delayed):

     (a)  (Appoint new Agents): appoint:

          (i)  additional or alternative Paying Agents (other than the Principal
               Paying Agent); or

          (ii) an alternative Agent Bank, US Dollar Note Registrar or Principal
               Paying Agent; and

     (b)  (Terminate Appointment of Agents): subject to this clause 10,
          terminate the appointment of any Agent by giving written notice to
          that effect to the Agent whose appointment is to be terminated copied
          to each Rating Agency, the US Dollar Note Trustee and (if it is not
          the Agent whose appointment is to be terminated) the Principal Paying
          Agent:

          (i)  with effect immediately on the giving of that notice, if any of
               the following occurs in relation to the Agent (as the case may
               be):

               A.   an Insolvency Event;

               B.   it ceases to conduct business or proposes to cease conduct
                    of its business or a substantial part of that business; or

               C.   it fails to remedy within five Business Days after prior
                    written notice by the Issuer or Manager any material breach
                    of this Agreement on the part of the Agent (as the case may
                    be); and

          (ii) otherwise, with effect on a date not less than 60 days' from that
               notice (which date must be not less than 30 days before any due
               date for payment on any Class A-1 Notes).

10.2 Resignation

     Subject to this clause 10, an Agent may resign its appointment under this
     Agreement at any time by giving to the Issuer, the Manager, each Rating
     Agency and (where the Agent resigning is not the Principal Paying Agent)
     the Principal Paying Agent not less than 90 days' written notice to that
     effect (which notice must expire not less than 30 days before, any due date
     for payment on any Class A-1 Notes).

                                                                             16.

<PAGE>

10.3 Limitation of Appointment and Termination

     Notwithstanding clauses 10.1 and 10.2:

     (a)  (Principal Paying Agent and US Dollar Note Registrar): the resignation
          by, or the termination of, the appointment of the Principal Paying
          Agent or the US Dollar Note Registrar will not take effect until a new
          Principal Paying Agent or US Dollar Note Registrar, as the case may
          be, approved in writing by the US Dollar Note Trustee has been
          appointed on terms previously approved in writing by the US Dollar
          Note Trustee (in each case, the approval not to be unreasonably
          withheld or delayed) and with, in the case of the US Dollar Note
          Registrar, Specified Offices in each of New York and London;

     (b)  (Appointment by Retiring Agent): if any Agent resigns in accordance
          with clause 10.2 but, by the day falling 15 days before the expiry of
          any notice under clause 10.2 the Issuer has not appointed a new Agent,
          then the relevant Agent may appoint in its place any reputable bank or
          trust company of good standing approved in writing by the US Dollar
          Note Trustee and appointed on terms previously approved in writing by
          the US Dollar Note Trustee (in each case, the approval not to be
          unreasonably withheld or delayed);

     (c)  (Specified Office of Paying Agent in New York and London): the
          resignation by, or the termination of the appointment of, any Paying
          Agent will not take effect if, as a result of the resignation or
          termination, there would not be a Paying Agent which has a Specified
          Office in New York City or there would not be a Paying Agent which has
          a Specified Office in London;

     (d)  (Specified Office of Agent Bank): the resignation by, or the
          termination of the appointment of the Agent Bank will not take effect
          until a new Agent Bank having its Specified Office in London or New
          York has been appointed; and

     (e)  (Terms of Appointment of additional Paying Agents): the appointment of
          any additional Paying Agent will be on the terms and the conditions of
          this Agreement and each of the parties to this Agreement must
          co-operate fully to do all further acts and things and execute any
          further documents as may be necessary or desirable to give effect to
          the appointment of the Paying Agent (which will not, except in the
          case of an appointment under clause 10.1(a) or a termination under
          clause 10.1(b)(ii), be at the cost of the Issuer or Manager).

10.4 Payment of amounts held by the Principal Paying Agent

     If the appointment of the Principal Paying Agent is terminated, the
     Principal Paying Agent must, on the date on which that termination takes
     effect, pay to the successor Principal Paying Agent any amount held by it
     for payment of principal or interest in respect of any Class A-1 Note and
     must deliver to the successor Principal Paying Agent all records maintained
     by it and all documents (including any Class A-1 Notes) held by it pursuant
     to this Agreement.

10.5 Records held by US Dollar Note Registrar

     If the appointment of the US Dollar Note Registrar is terminated, the US
     Dollar Note Registrar must, on the date on which that termination takes
     effect, deliver to the successor US Dollar Note Registrar the US Dollar
     Note Register and all records maintained by it and all documents (including
     any Class A-1 Notes) held by it pursuant to this Agreement.

                                                                             17.

<PAGE>

10.6 Successor to Principal Paying Agent, Agent Bank, US Dollar Note Registrar

     (a)  (Appointment and Release): On the execution by the Issuer, the Manager
          and any successor Principal Paying Agent, Agent Bank or US Dollar Note
          Registrar of an instrument effecting the appointment of that successor
          Principal Paying Agent, Agent Bank or US Dollar Note Registrar that
          successor Principal Paying Agent, Agent Bank or US Dollar Note
          Registrar, as the case may be, will, without any further act, deed or
          conveyance, become vested with all the authority, rights, powers,
          trusts, immunities, duties and obligations of its predecessor as if
          originally named as Principal Paying Agent, Agent Bank or US Dollar
          Note Registrar, as the case may be, in this Agreement and that
          predecessor, on payment to it of the pro rata proportion of its
          administration fee and disbursements then unpaid (if any), will have
          no further liabilities under this Agreement, except for any accrued
          liabilities arising from or relating to any act or omission occurring
          prior to the date on which the successor Principal Paying Agent, Agent
          Bank or US Dollar Note Registrar was appointed.

     (b)  (Merger): Any corporation:

          (i)  into which the Principal Paying Agent, Agent Bank or US Dollar
               Note Registrar is merged;

          (ii) with which the Principal Paying Agent, Agent Bank or US Dollar
               Note Registrar is consolidated;

          (iii)resulting from any merger or consolidation to which the
               Principal Paying Agent, Agent Bank or US Dollar Note Registrar is
               a party; or

          (iv) to which the Principal Paying Agent, Agent Bank or US Dollar Note
               Registrar sells or otherwise transfers all or substantially all
               the assets of its corporate trust business,

          must, on the date when that merger, conversion, consolidation, sale or
          transfer becomes effective and to the extent permitted by applicable
          law, become the successor Principal Paying Agent, Agent Bank or US
          Dollar Note Registrar, as the case may be, under this Agreement
          without the execution or filing of any agreement or document or any
          further act on the part of the parties to this Agreement, unless
          otherwise required by the Issuer or the Manager, and after that
          effective date all references in this Agreement to the Principal
          Paying Agent, Agent Bank or US Dollar Note Registrar, as the case may
          be, will be references to that corporation.

10.7 Notice to Class A-1 Noteholders

     The Manager on behalf of the Issuer will, within 5 days of:

     (a)  (Termination): the termination of the appointment of any Agent;

     (b)  (Resignation): the resignation of any Agent; or

     (c)  (Appointment): the appointment of a new Agent,

     give to the Class A-1 Noteholders notice of the termination, appointment or
     resignation in accordance with Condition 11.1 of the US Dollar Note
     Conditions (in the case of a termination under clause 10.1(b)(i) or 10.2 at
     the cost of the outgoing Agent). Notwithstanding clauses 10.1 and 10.2,
     neither the termination of the appointment of an Agent, nor the resignation
     of an Agent, will take effect until notice thereof is given to the Class
     A-1

                                                                             18.

<PAGE>

     Noteholders in accordance with this clause 10.7.

10.8 Change in Specified Office

     (a)  (Agents Change): If any Agent proposes to change its Specified Office
          (which must be within the same city as its previous Specified Office),
          it must give to the Issuer the Manager, the US Dollar Note Trustee and
          the other Agents not less than 30 days' prior written notice of that
          change, giving the address of the new Specified Office and stating the
          date on which the change is to take effect. No change of a Specified
          Office may occur in the period 30 days before any due date for payment
          on any Class A-1 Notes.

     (b)  (Notice to Class A-1 Noteholders): The Manager must, within 14 days of
          receipt of a notice under clause 10.8(a) (unless the appointment is to
          terminate pursuant to clause 10.1 or 10.2 on or prior to the date of
          that change) give to the Class A-1 Noteholders notice in accordance
          with Condition 11.1 of the US Dollar Note Conditions of that change
          and of the address of the new Specified Office, but the cost of giving
          that notice must be borne by the Agent which is changing its Specified
          Office and not by the Issuer or the Manager.

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11.  Miscellaneous duties and protection

11.1 Agents are agents of the Issuer

     (a)  (Agent of the Series Trust): Subject to clause 6.1, each Agent is the
          agent of the Issuer in its capacity as trustee of the Series Trust
          only.

     (b)  (Issuer not responsible for Agents): Notwithstanding any other
          provision contained in this Agreement, any other Transaction Document
          or at law, the Issuer in its personal capacity is not responsible for
          any act or omission of any Agent.

11.2 Agency

     Subject to any other provision of this Agreement, each Agent acts solely
     for and as agent of the Issuer and does not have any obligations towards or
     relationship of agency or trust with any person entitled to receive
     payments of principal and/or interest on the Class A-1 Notes and is
     responsible only for the performance of the duties and obligations imposed
     on it pursuant to clause 11.6.

11.3 Reliance

     Each Agent is protected and will incur no liability for or in respect of
     any action taken, omitted or suffered by it in reliance upon any
     instruction, request or order from the Issuer or the Manager or in reliance
     upon any Class A-1 Note or upon any notice, resolution, direction, consent,
     certificate, affidavit, statement or other paper or document reasonably
     believed by it to be genuine and to have been delivered, signed or sent by
     the proper party or parties.

11.4 Entitled to Deal

     An Agent is not precluded from acquiring, holding or dealing in any Class
     A-1 Notes or from engaging or being interested in any contract or other
     financial or other transaction with the Issuer or the Manager as freely as
     if it were not an agent of the Issuer under this Agreement and in no event
     whatsoever (other than fraud, wilful misconduct, negligence or bad faith)
     will any Agent be liable to account to the Issuer or any person entitled to
     receive amounts of principal or interest on the Class A-1 Notes for any
     profit made or fees or commissions received in connection with this
     agreement or any Class A-1 Notes.

                                                                             19.

<PAGE>

11.5 Consultation

     Each Agent may, after 5 days' prior notice to the Issuer and the Manager,
     consult as to legal matters with lawyers selected by it, who may be
     employees of or lawyers to the Issuer, the Manager or the relevant Agent.

11.6 Duties and Obligations

     Each Agent will perform the duties and obligations, and only the duties and
     obligations, contained in or reasonably incidental to this Agreement and
     the US Dollar Note Conditions and no implied duties or obligations (other
     than general laws as to agency) will be read into this Agreement or the US
     Dollar Note Conditions against any Agent. An Agent is not required to take
     any action under this Agreement which would require it to incur any expense
     or liability for which (in its reasonable opinion) either it would not be
     reimbursed within a reasonable time or in respect of which it has not been
     indemnified to its satisfaction.

11.7 Income Tax Returns

     The Principal Paying Agent will deliver to each Class A-1 Noteholder such
     information as may be reasonably required to enable such Class A-1
     Noteholder to prepare its federal and state income tax returns.

11.8 Representation by each Agent

     Each Agent represents and warrants that it is duly qualified to assume its
     obligations under this Agreement and has obtained all necessary approvals
     required to execute, deliver and perform its obligations under this
     Agreement.

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12.  Fees and expenses

12.1 Payment of Fee

     The Issuer will pay to each Agent during the period that any of the Class
     A-1 Notes remain outstanding the administration fee separately agreed by
     that Agent and the Issuer. If the appointment of an Agent is terminated
     under this Agreement, the Agent must refund to the Issuer that proportion
     of the fee (if any) which relates to the period during which the Agent's
     appointment is terminated.

12.2 Payment of Expenses

     The Issuer must pay or reimburse to each Agent all reasonable costs,
     expenses, charges, stamp duties and other Taxes and liabilities properly
     incurred by that Agent in the performance of the obligations of that Agent
     under this Agreement including, without limitation, all costs and expenses
     (including legal costs and expenses) incurred by that Agent in the
     enforcement of any obligations under this Agreement. Nothing in this clause
     12.2 entitles or permits an Agent to be reimbursed or indemnified for
     general overhead costs and expenses (including, without limitation, rents
     and any amounts payable by that Agent to its employees in connection with
     their employment) incurred directly or indirectly in connection with the
     business activities of that Agent or in the exercise of its rights, powers
     and discretions or the performance of its duties and obligations under this
     Agreement.

12.3 No Other Fees

     Except as provided in clauses 12.1 and 12.2, or as expressly provided
     elsewhere in this Agreement, neither the Issuer nor the Manager has any
     liability in respect of any fees or expenses of any Agent in connection
     with this Agreement.

                                                                             20.

<PAGE>

12.4 Payment of Fees

     The above fees, payments and expenses will be paid in United States
     dollars. The Issuer will in addition pay any value added tax which may be
     applicable. The Principal Paying Agent will arrange for payment of
     commissions to the other Paying Agents and arrange for the reimbursement of
     their expenses promptly upon demand, supported by evidence of that
     expenditure, and provided that payment is made as required by clause 12.1
     the Issuer will not be concerned with or liable in respect of that payment.

12.5 No Commission

     Subject to this clause 12, no Paying Agent may charge any commission or fee
     in relation to any payment by it under this Agreement.

12.6 Issuer Personally Liable for Fees

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

12.7 Timing of Payments

     Except as referred to in clause 12.6, all payments by the Issuer to an
     Agent under this clause 12 are payable on the first Distribution Date
     following demand by that Agent from funds available for this purpose in
     accordance with the Series Supplement.

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

13.  Notices

13.1 Method of Delivery

     Subject to clause 13.3, any notice, request, certificate, approval, demand,
     consent or other communication to be given under this Agreement (other than
     notices to the Class A-1 Noteholders):

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

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

     (c)  (Delivery): must be:

          (i)   left at the address of the addressee;

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

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

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

                                                                             21.

<PAGE>

13.2 Deemed Receipt

     A notice, request, certificate, demand, consent or other communication
     under this Agreement is deemed to have been received:

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

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

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

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

13.3 Communications through Principal Paying Agent

     All communications relating to this Agreement between the Issuer and the
     Agent Bank and any of the other Paying Agents or between the Paying Agents
     themselves will, except as otherwise provided in this Agreement, be made
     through the Principal Paying Agent.

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

14.  Issuer's limitation of liability

14.1 Limitation on Issuer's Liability

     The Issuer enters into this Agreement only in its capacity as trustee of
     the Series Trust and in no other capacity. A liability incurred by the
     Issuer acting in its capacity as trustee of the Series Trust arising under
     or in connection with this Agreement is limited to and can be enforced
     against the Issuer only to the extent to which it can be satisfied out of
     the Assets of the Series Trust out of which the Issuer is actually
     indemnified for the liability. This limitation of the Issuer's liability
     applies despite any other provision of this Agreement (other than clauses
     12.6 and 14.3) and extends to all liabilities and obligations of the Issuer
     in any way connected with any representation, warranty, conduct, omission,
     agreement or transaction related to this Agreement.

14.2 Claims against Issuer

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

14.3 Breach of Trust

     The provisions of this clause 14 will not apply to any obligation or
     liability of the Issuer to the extent that it is not satisfied because
     under the Master Trust Deed, the Series Supplement or any other Transaction
     Document or by operation of law there is a reduction in the extent of the
     Issuer's indemnification out of the Assets of the Series Trust as a result
     of the Issuer's fraud, negligence or wilful default and will not apply to
     any obligation or liability of the Issuer to pay amounts from its personal
     funds pursuant to clause 12.6.

                                                                             22.

<PAGE>

14.4 Acts or omissions

     It is acknowledged that the Relevant Parties are responsible under the
     Transaction Documents for performing a variety of obligations relating to
     the Series Trust. No act or omission of the Issuer (including any related
     failure to satisfy its obligations or any breach of representations or
     warranties under this Agreement) will be considered fraudulent, negligent
     or a wilful default for the purposes of clause 14.3 to the extent to which
     the act or omission was caused or contributed to by any failure by any
     Relevant Party or any other person appointed by the Issuer under any
     Transaction Document (other than a person whose acts or omissions the
     Issuer is liable for in accordance with any Transaction Document) to fulfil
     its obligations relating to the Series Trust or by any other act or
     omission of a Relevant Party or any other such person.

14.5 No Authority

     No Agent appointed in accordance with this Agreement has authority to act
     on behalf of the Issuer in a way which exposes the Issuer to any personal
     liability and no act or omission of any such person will be considered
     fraudulent, negligent or wilful default of the Issuer for the purposes of
     clause 14.3.

14.6 No obligation

     The Issuer is not obliged to enter into any commitment or obligation under
     or in relation to this Agreement or any Transaction Document (including
     incur any further liability) unless the Issuer's liability is limited in a
     manner which is consistent with this clause 14 or otherwise in a manner
     satisfactory to the Issuer in its absolute discretion.

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

15.  General

15.1 Waiver

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

15.2 Written Waiver, Consent and Approval

     Any waiver, consent or approval given by a party under this Agreement will
     only be effective and will only bind that party if it is given in writing,
     or given verbally and subsequently confirmed in writing, and executed by
     that party or on its behalf by two Authorised Officers of that party.

15.3 Severability

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

15.4 Survival of Indemnities

     The indemnities contained in this Agreement are continuing, and survive the
     termination of this Agreement.

                                                                             23.

<PAGE>

15.5 Assignments

     No party may assign or transfer any of its rights or obligations under this
     Agreement without the prior written consent of the other parties and
     confirmation from the Rating Agencies that such assignment will not lead to
     a reduction, qualification or reduction of its then rating of the Class A-1
     Notes.

15.6 Successors and Assigns

     This Agreement is binding upon and ensures to the benefit of the parties to
     this Agreement and their respective successors and permitted assigns.

15.7 Moratorium Legislation

     To the fullest extent permitted by law, the provisions of all statutes
     whether existing now or in the future operating directly or indirectly:

     (a)  (To affect obligations): to lessen or otherwise to vary or affect in
          favour of any party any obligation under this Agreement; or

     (b)  (To affect rights): to delay or otherwise prevent or prejudicially
          affect the exercise of any rights or remedies conferred on a party
          under this Agreement,

     are hereby expressly waived, negatived and excluded.

15.8 Amendments

     The parties to this Agreement may only amend this Agreement in accordance
     with clause 33.1(b) of the Series Supplement.

15.9 Governing Law

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

15.10 Jurisdiction

     Each party irrevocably and unconditionally:

     (a)  (Submissions to jurisdiction): submits to the non-exclusive
          jurisdiction of the courts of the State of New South Wales;

     (b)  (Waiver of inconvenient forum): waives any objection it may now or in
          the future have to the bringing of proceedings in those courts and any
          claim that any proceedings have been brought in an inconvenient forum;
          and

     (c)  (Service of notice): agrees, without preventing any other mode of
          service permitted by law, that any document required to be served in
          any proceedings may be served in the manner in which notices and other
          written communications may be given under clause 13.

15.11 Counterparts

     This Agreement may be executed in a number of counterparts and all such
     counterparts taken together will constitute one and the same instrument.

                                                                             24.

<PAGE>

15.12 Limitation of US Dollar Note Trustee's Liability

     The US Dollar Note Trustee is a party to this Agreement in its capacity as
     trustee of the US Dollar Note Trust. The liability of the US Dollar Note
     Trustee under this Agreement is limited in the manner and to the same
     extent as under the US Dollar Note Trust Deed.

                                                                             25.

<PAGE>

Executed as an agreement.

Signed for and on behalf of Perpetual Trustee Company Limited, ABN 42 000 001
007, by Stacey Gray its Attorney under a Power of Attorney dated 6/2/02 and who
declares that he or she has not received any notice of the revocation of such
Power of Attorney, in the presence of:

                                             /s/ Stacey Gray
                                             -----------------------------------
                                             Signature of Attorney

/s/ Benjamin John Sandstad                   Stacey Gray
-----------------------------------          -----------------------------------
Signature of Witness                         Name of Attorney in full

Benjamin John Sandstad
-----------------------------------
Name of Witness in full

Signed for and on behalf of Securitisation Advisory Services Pty Limited, ABN 88
064 133 946, by Timothy John See

its Attorney under a Power of Attorney dated 6/2/02 and who declares that he or
she has not received any notice of the revocation of such Power of Attorney, in
the presence of:

                                             /s/ Timothy John See
                                             -----------------------------------
                                             Signature of Attorney

/s/ Benjamin John Sandstad
-----------------------------------
Signature of Witness

Benjamin John Sandstad
-----------------------------------
Name of Witness in full

                                                                             26.

<PAGE>

Signed for The Bank of New York, New York Branch by its Authorised Signatory:

                                             /s/ Janie K. Choi
                                             -----------------------------------
                                             Authorised Signatory

/s/ Laura M. Shields
-----------------------------------
Signature of Witness

Laura M. Shields
-----------------------------------
Name of Witness in full

Signed for The Bank of New York, London Branch by its Authorised Signatory:

                                             /s/ Janie K. Choi
                                             -----------------------------------
                                             Authorised Signatory

/s/ Laura M. Shields
-----------------------------------
Signature of Witness

Laura M. Shields
-----------------------------------
Name of Witness in full

                                                                             27.

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